Hooker Furniture Corporation Exceeds Pre-Pandemic Growth Pace With Sales, Profitability Gains and Brisk Demand in First Quarter

About this update from Hooker Furnishings Corporation

[{"type":"text","content":"MARTINSVILLE, Va., June 04, 2021 (GLOBE NEWSWIRE) -- Hooker Furniture Corporation (NASDAQ-GS: HOFT) today reported consolidated net sales of $162.9 million for its fiscal 2022 first quarter ended May 2, 2021, a $58.3 million, or 56%, increase compared to the year-ago period. Net income for the first quarter was $9.4 million, or $0.78 per diluted share. Both the quarterly revenues and net income represent record-high sales and earnings for the company’s fiscal first quarter. “We’re pleased to have surpassed our goal to return to the growth trajectory we were on prior to the global pandemic and economic downturn,” said Jeremy Hoff, chief executive officer. “While we expected a sizable sales improvement over last year’s first quarter when the pandemic-driven economic downturn began in mid-to-late-March, our results this quarter also represent a strong improvement over the first quarter of fiscal 2020,” Hoff said. “Compared to the first quarter two years ago, sales are up 20%, profitability has improved significantly in all segments and incoming order rates are more than double our historical norms,” Hoff said. “I’m especially proud of our team in delivering this strong rebound a year after the onset of the pandemic despite current industry-wide logistics challenges including higher ocean and freight transit costs, raw materials shortages and inflation,” Hoff said. The Hooker Branded Segment led the way with an 89% sales increase compared to a year ago, while the Home Meridian and Domestic Upholstery segments both reported 46% sales increases versus the prior year period. Hoff attributes the gains to industry-wide high consumer demand for home products and dramatic improvements and expansions of product lines throughout company divisions over the past 2-3 years. In addition, “Rationalizing our product line over the last year and focusing on our best sellers has helped us maximize our shipping and production capacity,” he said. The High Point Spring Market was officially pushed to June to accommodate travel restrictions in place earlier this year. In its place, the Hooker Branded, Home Meridian and Domestic Upholstery segments participated in a Pre-Market event in late April. Results from the Pre-Market were exceptionally strong in terms of traffic, buying activity, and reception to new product introductions. “We enjoyed record atten...

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