Business
Hooker Furnishings Reports Second Quarter Sales and Earnings
MARTINSVILLE, Va., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT), a global leader in the design, production, and
About this update from Hooker Furnishings Corporation
[{"type":"text","content":"MARTINSVILLE, Va., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT), a global leader in the design, production, and marketing of home furnishings for nearly a century, today reported operating results for its fiscal 2024 second quarter and first half ended July 30, 2023. Fiscal 2024 Second Quarter overview: Consolidated net sales for the fiscal 2024 second quarter were $97.8 million, a decrease of $55.1 million, or 36% compared to the prior year second quarter, driven by industry-wide decreased demand for home furnishings, and the planned exits of unprofitable operations within the Home Meridian segment.Consolidated operating income for the quarter was $1.3 million or 1.3% of net sales, compared to $7.3 million, or 4.8% of net sales in the prior year period. Consolidated net income was $785,000 or $0.07 per diluted share for the quarter, compared to $5.5 million or $0.46 per diluted share in the prior year period.During the quarter, the Company strengthened its financial position, generating over $51 million in cash from operations and ending the quarter with cash and cash equivalents of $50 million. Additionally, it reduced inventory levels by $70 million from a year ago and completed most of its targeted liquidation sales of the Home Meridian segment’s discontinued inventories.During the quarter, Hooker Furnishings acquired BOBO Intriguing Objects, an Atlanta-based lighting, décor and accents designer and importer offering one-of-a-kind designs based on vintage pieces found around the world. The acquisition enables the company to broaden its product diversity into new furnishings categories of lighting, wall art, textiles, and décor. For the fiscal 2024 six-month period, consolidated net sales were $219.6 million, a decrease of $80.6 million or 26.8%, as compared to a year ago, also driven by industry-wide decreased demand for home furnishings, and the planned exits of unprofitable operations within the Home Meridian segment. Consolidated operating income was $3.2 million or 1.5% of net sales as compared to $11.2 million or 3.7% of net sales in the prior-year first half. Consolidated net income was $2.2 million or $0.20 per diluted share, as compared to $8.7 million or $0.73 per diluted share in the prior-year first half. Management Commentary “Despite a tough business climate and our team’s ...