Latest news with #HomeMeridian
Yahoo
2 days ago
- Business
- Yahoo
Hooker Furnishings Corp (HOFT) Q1 2026 Earnings Call Highlights: Navigating Challenges with ...
Consolidated Net Sales: $85.3 million, a decrease of $8.3 million or 8.8% compared to the same period last year. Operating Loss: Reduced by $1.6 million or 31% to $3.6 million. Operating Expenses: Reduced by $2.2 million despite $523,000 in restructuring costs. Gross Margin Improvement: Increased by 190 basis points. Net Loss: $3.1 million or $0.29 per diluted share, improved from the prior year's net loss of $4.1 million or $0.39 per diluted share. Hooker Branded Segment: Achieved breakeven for the quarter. Domestic Upholstery Segment: Operating losses reduced by 55%. Home Meridian Segment: Operating losses reduced by 17%. Cash and Cash Equivalents: $18 million, an increase of $11.7 million from year-end. Inventory Levels: Decreased from about $71 million at year-end to about $64 million at quarter end. Available Borrowing Capacity: About $40 million under revolving credit facility as of quarter end. Cost Reduction Strategy: Aimed at achieving approximately $25 million in annualized savings by next fiscal year. Vietnam Warehouse: Opened a new facility to enhance supply chain efficiency and reduce lead times from about six months to four to six weeks. Warning! GuruFocus has detected 3 Warning Signs with HOFT. Release Date: June 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Hooker Furnishings Corp (NASDAQ:HOFT) reduced its operating loss by $1.6 million or 31% compared to the previous year, reflecting successful cost reduction initiatives. The company improved gross margins by 190 basis points, driven by better margins at Home Meridian and Domestic Upholstery. Hooker Branded achieved breakeven for the quarter, and Domestic Upholstery and Home Meridian significantly reduced their operating losses by 55% and 17%, respectively. The new Vietnam warehouse is expected to enhance supply chain efficiency, reducing lead times from about six months to four to six weeks, with positive initial customer feedback. The company anticipates achieving approximately $25 million in annualized savings by the next fiscal year through its multipronged cost reduction strategy. Consolidated net sales decreased by $8.3 million or 8.8% compared to the same period last year, primarily due to a double-digit sales decrease at Home Meridian. The home furnishings industry is facing challenges due to persistent softness in the housing market, higher mortgage rates, and declining consumer sentiment. Import tariffs have sharply curtailed demand in the mid-price segment, impacting Home Meridian's sales. The company recorded a net loss of $3.1 million or $0.29 per diluted share, although this was an improvement from the prior year's first quarter. Uncertainties around import tariffs, particularly for products sourced from Vietnam, continue to create significant uncertainty and impact consumer confidence. Q: Can you comment on the cadence of shipments from February through April, particularly after Liberation Day? A: The cadence changed drastically due to tariffs, affecting the HMI customer more than the Hooker Branded and Domestic Upholstery side of our business. - Jeremy Hoff, CEO Q: What drove the higher orders at Hooker Legacy brands in May, and any updates on HMI since April? A: The increase is due to our broadened merchandising strategy with collected living, which is starting to show positive effects. For HMI, there's still significant uncertainty due to tariffs, particularly with the upcoming July 9 date. - Jeremy Hoff, CEO Q: How will the cost savings initiatives progress for the rest of the year? A: We expect about $2.5 million less in costs compared to last year due to Phase 1. Phase 2 initiatives will have a $250,000 positive impact in Q2, with significant savings expected in Q4, around $3.5 million. - Earl Armstrong, CFO Q: What are your capital allocation priorities after dividends and debt? Could there be share buybacks? A: Strengthening the balance sheet is our top priority, followed by dividends. We have no current plans for share buybacks. - Jeremy Hoff, CEO Q: Do you expect the strong May performance to continue throughout the year, and how will seasonality affect revenue? A: Historically, the second half is stronger than the first. While May was strong, it's uncertain if this momentum will continue throughout the year. - Jeremy Hoff, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
03-04-2025
- Business
- Yahoo
Hooker Furnishings to Host Fourth Quarter and Full Year Earnings Call April 17th
MARTINSVILLE, Va., April 03, 2025 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will present its fiscal 2025 fourth quarter and full year financial results via teleconference and live internet web cast on Thursday morning, April 17, 2025 at 9:00 AM Eastern Time. A live webcast of the call will be available on the Investor Relations page of the Company's website at and archived for replay. To access the call by phone, participants should go to this link (registration link) and you will be provided with dial-in details. To avoid delays, participants are encouraged to dial into the conference call fifteen minutes ahead of the scheduled start time. Hooker's 2025 fiscal year began on January 29, 2024 and its fiscal 2025 fourth quarter began on October 28, 2024, which both ended on February 2, 2025. Hooker Furnishings Corporation, in its 101st year of business, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furniture, fabric-upholstered furniture, lighting, accessories, and home décor for the residential, hospitality and contract markets. The Company also domestically manufactures premium residential custom leather, custom fabric-upholstered furniture and outdoor furniture. Major casegoods product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker's residential upholstered seating product lines include Bradington-Young, a specialist in upscale motion and stationary leather furniture, HF Custom (formerly Sam Moore Furniture), a specialist in fashion forward custom upholstery offering a selection of chairs, sofas, sectionals, recliners and a variety of accent upholstery pieces, Hooker Upholstery, imported upholstered furniture targeted at the upper-medium price-range and Shenandoah Furniture, an upscale upholstered furniture company specializing in private label sectionals, modulars, sofas, chairs, ottomans, benches, beds and dining chairs in the upper-medium price points for lifestyle specialty retailers. The H Contract product line supplies upholstered seating and casegoods to upscale senior living facilities. The Home Meridian division addresses more moderate price points and channels of distribution not currently served by other Hooker Furnishings divisions or brands. Home Meridian's brands include Pulaski Furniture, casegoods covering the complete design spectrum in a wide range of bedroom, dining room, accent and display cabinets at medium price points, Samuel Lawrence Furniture, value-conscious offerings in bedroom, dining room, home office and youth furnishings, Prime Resources, value-conscious imported leather upholstered furniture, and Samuel Lawrence Hospitality, a designer and supplier of hotel furnishings. The Sunset West division is a designer and manufacturer of comfortable, stylish and high-quality outdoor furniture. Hooker Furnishings Corporation's corporate offices and upholstery manufacturing facilities are located in Virginia, North Carolina, and California, with showrooms in High Point, NC, Las Vegas, NV, Atlanta, GA, and Ho Chi Minh City, Vietnam. The company operates distribution centers in Virginia, Georgia, and Vietnam. Please visit our websites and For more information, contact:Earl Armstrong, Senior Vice President-Finance and CFOHooker Furnishings Corporation, 276.666.3969Sign in to access your portfolio
Yahoo
05-03-2025
- Business
- Yahoo
Hooker Furnishings Declares Quarterly Dividend
MARTINSVILLE, Va., March 05, 2025 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (Nasdaq-GS: HOFT) announced that on March 5, 2025, its board of directors declared a quarterly cash dividend of $0.23 per share, payable on March 31, 2025, to shareholders of record on March 17, 2025. Hooker Furnishings Corporation, in its 100th year of business, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furniture, fabric-upholstered furniture, lighting, accessories, and home décor for the residential, hospitality and contract markets. The Company also domestically manufactures premium residential custom leather and custom fabric-upholstered furniture and outdoor furniture. Major casegoods product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker's residential upholstered seating product lines include Bradington-Young, a specialist in upscale motion and stationary leather furniture, HF Custom (formerly Sam Moore), a specialist in fashion forward custom upholstery offering a selection of chairs, sofas, sectionals, recliners and a variety of accent upholstery pieces, Hooker Upholstery, imported upholstered furniture targeted at the upper-medium price-range and Shenandoah Furniture, an upscale upholstered furniture company specializing in private label sectionals, modulars, sofas, chairs, ottomans, benches, beds and dining chairs in the upper-medium price points for lifestyle specialty retailers. The H Contract product line supplies upholstered seating and casegoods to upscale senior living facilities. The Home Meridian division addresses more moderate price points and channels of distribution not currently served by other Hooker Furnishings divisions or brands. Home Meridian's brands include Pulaski Furniture, casegoods covering the complete design spectrum in a wide range of bedroom, dining room, accent and display cabinets at medium price points, Samuel Lawrence Furniture, value-conscious offerings in bedroom, dining room, home office and youth furnishings, Prime Resources International, value-conscious imported leather upholstered furniture, and Samuel Lawrence Hospitality, a designer and supplier of hotel furnishings. The Sunset West division is a designer and manufacturer of comfortable, stylish and high-quality outdoor furniture. Hooker Furnishings Corporation's corporate offices and upholstery manufacturing facilities are located in Virginia, North Carolina and California, with showrooms in High Point, NC, Las Vegas, NV, Atlanta, GA and Ho Chi Minh City, Vietnam. The company operates distribution centers in Virginia, Georgia, and Vietnam. Please visit our websites and For more information, contact:C. Earl Armstrong, Senior Vice President-Finance and CFOHooker Furnishings Corporation, 276.666.3969Sign in to access your portfolio
