MARTINSVILLE, Va., March 24, 2025 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT) (the “Company” or “HFC”), a global leader in the design, production, and marketing of home furnishings for 101 years, announced its decision to exit its Savannah, Georgia distribution center (“DC”) and consolidate operations in its existing facilities. “Our decision to exit our Savannah, Georgia distribution facility was not taken lightly,” said Jeremy R. Hoff, Hooker’s Chief Executive Officer. “We deeply ...

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Financial Performance - Consolidated net sales for the third quarter were $104.4 million, a decrease of $12.5 million, or 10.7%, compared to the same quarter of the previous year[113]. - For the nine-month period of fiscal 2025, consolidated net sales were $293.0 million, a decrease of $43.4 million or 12.9% compared to the same period of the previous year[114]. - The company reported a consolidated operating loss of $7.3 million and a net loss of $4.1 million, or ($0.39) per diluted share[113]. - The consolidated operating loss for the nine-month period was $15.4 million, with a net loss of $10.2 million, or ($0.97) per diluted share[114]. - Consolidated net loss for the third quarter was $4,131 million, a 158.7% decrease from a profit of $7,038 million in the same quarter last year[137]. Sales and Orders - The consolidated order backlog decreased by 5.3% compared to the end of the previous year's third quarter and 8.4% compared to the fiscal 2024 year-end[109]. - Hooker Branded incoming orders decreased by 13.3% year-over-year, with a quarter-end order backlog 30% lower than the prior year's third quarter[110]. - Home Meridian incoming orders increased by 8.1% compared to the previous year's third quarter, with a quarter-end backlog 32.2% higher than the prior year's third quarter[110]. - Domestic Upholstery incoming orders decreased by 4.8% during the quarter, with a quarter-end backlog 29.9% lower than the prior year's third quarter[111]. - The Home Meridian segment's net sales increased to $9,316 million, representing a 23.4% growth compared to $7,550 million in the prior year[128]. - Hooker Branded segment reported net sales of $12,098 million for the third quarter of fiscal 2025, a 14.8% increase from $10,535 million in the same period last year[128]. Cost and Expenses - The company incurred $3.1 million in costs related to its cost reduction plan during the third quarter[113]. - Consolidated selling and administrative (S&A) expenses rose by $4,400 million, or 18.3%, due to restructuring costs and bad debt expenses[128]. - The company incurred $3.1 million in restructuring costs and $2.4 million in bad debt during the third quarter, contributing to operating losses[135]. - The Domestic Upholstery segment's S&A expenses increased by $1.8 million, primarily due to bad debt expenses from a major customer's bankruptcy[130]. Profitability and Margins - Consolidated gross profit margin decreased to 23.0% in the third quarter, down from 28.9% in the prior year[122]. - The Home Meridian segment achieved a gross margin of 20.5%, its highest level since the acquisition in 2016[124]. - The Domestic Upholstery segment's gross margin decreased by 300 bps in the nine-month period of fiscal 2025[125]. Economic Conditions - The company is experiencing macro-economic headwinds and challenging conditions impacting the home furnishings industry[113]. - Positive economic indicators suggest a potential 10% increase in home sales for 2025, which may benefit the company's sales outlook[138]. Other Notable Events - The company recorded $2.4 million in bad debt expense due to a large customer's bankruptcy, triggering a tradename impairment of $2.0 million[113]. - Approximately 40% of the Home Meridian segment's sales decrease was due to the loss of a significant customer following its bankruptcy[120]. - All Other recorded approximately $470,000 in restructuring costs due to inventory write-downs and warehouse closure expenses[126]. - The effective tax rate for the third quarter of fiscal 2025 was 40.7%, significantly higher than 22.4% in the prior year, due to the annualization method[136]. - Cash used in operating activities for the nine-month period was $12,334 million, compared to $48,770 million in the previous year[140]. - The backlog for the Home Meridian segment was primarily driven by increased orders from the hospitality business[110].

Hooker Furnishings Corporation (NASDAQ:HOFT) Q3 2025 Earnings Conference Call December 5, 2024 9:00 AM ET Company Participants Paul Huckfeldt - Chief Financial Officer Jeremy Hoff - Chief Executive Officer Conference Call Participants Anthony Lebiedzinski - Sidoti & Company David Storms - Stonegate Capital Markets Operator Good day. Thank you for standing by. Welcome to the Hooker Furnishings Corporation Third Quarter 2024 (sic) [2025] Earnings Webcast. At this time, all participants are in a listen-only mo ...

Group 1: Earnings Performance - Hooker Furniture reported a quarterly loss of $0.20 per share, significantly worse than the Zacks Consensus Estimate of $0.02, marking an earnings surprise of -1,100% [1] - The company posted revenues of $104.35 million for the quarter ended October 2024, exceeding the Zacks Consensus Estimate by 4.46%, but down from $116.83 million a year ago [2] - Over the last four quarters, Hooker Furniture has not surpassed consensus EPS estimates, indicating ongoing challenges in meeting market expectations [2] Group 2: Stock Performance and Outlook - Hooker Furniture shares have declined approximately 31.3% since the beginning of the year, contrasting with the S&P 500's gain of 27.6% [3] - The current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $102.3 million, while for the current fiscal year, it is -$0.37 on revenues of $390.9 million [7] - The estimate revisions trend for Hooker Furniture is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), suggesting expected underperformance in the near future [6] Group 3: Industry Context - The Furniture industry, to which Hooker Furniture belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, highlighting the importance of monitoring these changes [5]

EXHIBIT 99.1 Hooker Furnishings Reports Third Quarter Results Impacted By Multiple Charges MARTINSVILLE, Va., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQGS: HOFT) (the "Company" or "HFC"), a global leader in the design, production, and marketing of home furnishings for 100 years, today reported its fiscal 2025 third quarter operating results for the period beginning July 29 and ending October 27, 2024. Fiscal 2025 Third Quarter Overview Results for the third quarter were driven ...

MARTINSVILLE, Va., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT) (the “Company” or “HFC”), a global leader in the design, production, and marketing of home furnishings for 100 years, today reported its fiscal 2025 third quarter operating results for the period beginning July 29 and ending October 27, 2024. Fiscal 2025 Third Quarter Overview Results for the third quarter were driven by continued macro-economic and industry-wide headwinds which resulted in low demand and $ ...

Hooker Furnishings Corporation (HOFT) is slated to report its third-quarter fiscal 2025 (ended on Oct. 27, 2024) earnings on Dec. 5, before market open.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 46.2% and decreased by more than 370% year over year. Net sales topped the consensus mark by 1.7% but declined 2.8% from the prior-year’s level.HOFT has missed the consensus mark in three of the ...

MARTINSVILLE, Va., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will present its fiscal 2025 third quarter financial results via teleconference and live internet web cast on Thursday morning, December 5, 2024 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 https://investors.hookerfurnishings.com/events and archived for replay. To access the call by phone, participants should go to this link ...

Hooker Furnishings Corporation (HOFT) has collaborated with the global lifestyle brand, Margaritaville, to launch an extensive line of home furnishings. This partnership will help the company leverage the renowned brand position of Margaritaville in the international market and expand its market reach to a new customer base. HOFT stock lost 1.1% during trading hours on Monday post the announcement. HOFT's Partnership in Detail The anticipated product offerings from the announced partnership will include a r ...