Hooker Furnishings Corporation (HOFT) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to the Hooker Furnishings Corp First Quarter 2026 Earnings Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. Instructions will be given at that time. As a reminder, this call may be recorded. I would like to turn the call over to Earl Armstrong, Senior Vice President and Chief Financial Officer. Please go ahead. Thank you, Michelle, and good morning, everyone. Welcome to our quarterly conference call to review financial results for the fiscal 2026 first quarter, which ended May 4, 2025. Joining me this morning is our Chief Executive Officer, Jeremy Hoff. We appreciate your participation today. During our call, we may make forward-looking statements which are subject to risks and uncertainties, a discussion of factors that could cause our actual results to differ materially from management's expectations is contained in our press release and SEC filing announcing our fiscal 2026 first quarter results. Any forward-looking statement speaks only as of today and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after today's call. Earlier today, we reported consolidated net sales of 85.3 million for the first quarter, a decrease of 8.3 million, or 8.8%, compared to the same period last year. Despite the decrease in net sales, we reduced our operating loss by 1.6 million, or 31%, to 3.6 million, reflecting the impact of cost reduction initiatives implemented in the second half of the prior fiscal year. Comparing to the prior year first quarter, we reduced operating expenses by 2.2 million. This reduction occurred despite first quarter results, which included 523,000 in restructuring costs, primarily severanc...