MARTINSVILLE, Va., May 22, 2024 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will present its fiscal 2025 first quarter financial results via teleconference and live internet web cast on Thursday morning, June 6, 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 (reg ...

MARTINSVILLE, Va., May 22, 2024 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will present its fiscal 2025 first quarter financial results via teleconference and live internet web cast on Thursday morning, June 6, 2024 at 9:00 AM Eastern Time. Hooker's fiscal 2025 first quarter began on January 29, 2024 and ended on April 28, 2024. Hooker Furnishings Corporation, in its 100th year of business, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furn ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended January 28, 2024 Commission file number 000-25349 HOOKER FURNISHINGS CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-0251350 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 440 East Commonwealth Boulevard, Martinsville, VA 24112 (Addre ...

Key PointsFurniture companies are attractive investments for their cash flow and capital returns. The Lovesac Company is still in its growth phase but on track for substantial capital return over time. Hooker Furnishings is a high-yield in the furniture industry on track to pivot back to growth this fiscal year. 5 stocks we like better than LovesacFurniture stocks The Lovesac Company NASDAQ: LOVE and Hooker Furnishings NASDAQ: HOFT are lower following their Q4 reports opening a buy-the-dip opportunity. Near ...

Hooker Furniture (HOFT) came out with quarterly earnings of $0.06 per share, missing the Zacks Consensus Estimate of $0.10 per share. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -40%. A quarter ago, it was expected that this home furnishings company would post earnings of $0.26 per share when it actually produced earnings of $0.65, delivering a surprise of 150%.Over the last four quarters ...

EXHIBIT 99.1 Management Commentary "We're proud of our team's accomplishments and discipline during a challenging year, as we successfully restructured our HMI business model, improved profitability and strengthened our balance sheet," said Jeremy Hoff, chief executive officer. "At the same time, we reinforced belief in our strategic growth initiatives by continuing to make the necessary investments to fuel long-term growth and sustainability." "Fiscal 2024 marked the third full fiscal year since the initia ...

MARTINSVILLE, Va., April 11, 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 operating results for its fiscal 2024 fourth quarter and full year ended January 28, 2024. Fiscal 2024 and the fourth quarter overview: Despite difficult business conditions for the home furnishings industry and a 25.7% consolidated sales decrease, the Company reported operat ...

Hooker Furnishings Corporation (HOFT) is slated to report its fourth-quarter fiscal 2024 (ended on Jan 28, 2024) earnings on Apr 11, before market open.In the last reported quarter, the company’s earnings topped the Zacks Consensus Estimate by 150% and increased 54.8% year over year.Net sales topped the consensus mark by 0.5% but decreased 22.9% from the prior-year’s level.Trend in Estimate RevisionThe Zacks Consensus Estimate for HOFT’s fiscal fourth-quarter earnings has declined to 10 cents per share for ...

Hooker Furniture (HOFT) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended January 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, highlighting a decrease in assets and liabilities, a decline in year-to-date net sales, and strong cash generation from operations [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (In thousands) | | As of October 29, 2023 | As of January 29, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $39,795 | $19,002 | | Inventories | $65,156 | $96,675 | | Total current assets | $173,023 | $187,303 | | Total assets | $354,498 | $381,716 | | **Liabilities and Shareholders' Equity** | | | | Total current liabilities | $46,616 | $50,038 | | Total liabilities | $126,710 | $145,695 | | Total shareholders' equity | $227,788 | $236,021 | | Total liabilities and shareholders' equity | $354,498 | $381,716 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (In thousands, except per share data) | | Thirteen Weeks Ended Oct 29, 2023 | Thirteen Weeks Ended Oct 30, 2022 | Thirty-Nine Weeks Ended Oct 29, 2023 | Thirty-Nine Weeks Ended Oct 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $116,831 | $151,580 | $336,452 | $451,803 | | Gross profit | $33,710 | $32,008 | $84,957 | $92,522 | | Operating income | $8,770 | $6,418 | $12,018 | $17,633 | | Net income | $7,038 | $4,841 | $9,272 | $13,566 | | Diluted EPS | $0.65 | $0.42 | $0.85 | $1.14 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (In thousands) | | For the Thirty-Nine Weeks Ended Oct 29, 2023 | For the Thirty-Nine Weeks Ended Oct 30, 2022 | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | $48,770 | $(41,149) | | Net cash used in investing activities | $(8,025) | $(29,845) | | Net cash (used in)/provided by financing activities | $(19,952) | $8,136 | | Net increase/(decrease) in cash and cash equivalents | $20,793 | $(62,858) | | Cash and cash equivalents - end of quarter | $39,795 | $6,508 | - The significant increase in cash from operating activities was primarily driven by a **$33.3 million reduction in inventories**, a stark contrast to the **$56.3 million increase in inventories** in the prior-year period[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company is implementing a new Enterprise Resource Planning (ERP) system, which went live in the legacy Hooker divisions in September 2023, with capitalized implementation and interest costs totaling **$12.5 million** as of October 29, 2023[29](index=29&type=chunk)[30](index=30&type=chunk) - During the second quarter of fiscal 2024, the company acquired substantially all assets of BOBO Intriguing Objects, which is included in the 'All Other' segment, recording **$84,000 in goodwill**[33](index=33&type=chunk)[56](index=56&type=chunk) - The Sam Moore trade name was rebranded to 'HF Custom' in Q1 fiscal 2024, and its value is now being amortized over a **24-month period**[34](index=34&type=chunk) - The company reduced its Georgia warehouse footprint by **200,000 sq. ft.** in Q2 and has an agreement to reduce it by another **200,000 sq. ft.** by early 2024, resulting in a **~$13 million decrease** in lease right-of-use assets and liabilities[39](index=39&type=chunk) - On December 5, 2023, the board declared a quarterly cash dividend of **$0.23 per share**, a **4.5% increase** and the eighth consecutive annual dividend increase[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, noting increased Q3 net income despite lower sales, driven by improved gross margins and strong operating cash flow, while maintaining a cautious but optimistic outlook for 2024 [Executive Summary & Review](index=23&type=section&id=Executive%20Summary-Results%20of%20Operations) - Despite a challenging macroeconomic environment, Q3 net income increased, driven by normalized ocean freight costs, improved supply chains, and the successful repositioning of the Home Meridian segment, which reported its first quarterly operating income since 2021[81](index=81&type=chunk) - The Hooker Branded segment's Q3 sales fell **30.9%**, but its gross margin increased significantly to **45.6%** due to lower ocean freight costs on shipments that still reflected prior-year price increases[82](index=82&type=chunk) - The Home Meridian segment's Q3 sales decreased **13.6%**, mainly from exiting the Accentrics Home (ACH) line, but gross profit increased by **$3.4 million** due to focusing on more profitable channels and strong performance at Samuel Lawrence Hospitality (SLH)[84](index=84&type=chunk) - The Domestic Upholstery segment's Q3 sales fell **25%** as production was reduced to align with normalized backlog levels, with gross margin declining due to under-absorbed indirect costs from lower sales volume[85](index=85&type=chunk) [Orders and Backlog](index=22&type=section&id=Orders%20and%20Backlog) Consolidated Order Backlog (in thousands) | Reporting Segment | Oct 29, 2023 | Jan 29, 2023 | Oct 30, 2022 | | :--- | :--- | :--- | :--- | | Hooker Branded | $18,646 | $20,568 | $36,747 | | Home Meridian | $27,611 | $43,052 | $56,761 | | Domestic Upholstery | $21,418 | $29,696 | $41,844 | | **Consolidated** | **$69,435** | **$95,386** | **$137,335** | - The order backlog decreased significantly compared to the prior year, attributed to soft demand and the absence of ACH orders in the Home Meridian segment[79](index=79&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Net Sales by Segment (Q3 FY24 vs Q3 FY23, in thousands) | Segment | Q3 FY24 Net Sales | Q3 FY23 Net Sales | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Hooker Branded | $39,122 | $56,632 | $(17,510) | -30.9% | | Home Meridian | $43,692 | $50,588 | $(6,896) | -13.6% | | Domestic Upholstery | $32,559 | $43,436 | $(10,877) | -25.0% | | **Consolidated** | **$116,831** | **$151,580** | **$(34,749)** | **-22.9%** | Gross Profit and Margin by Segment (Q3 FY24 vs Q3 FY23, in thousands) | Segment | Q3 FY24 Gross Profit | Q3 FY24 Gross Margin | Q3 FY23 Gross Profit | Q3 FY23 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Hooker Branded | $17,823 | 45.6% | $16,156 | 28.5% | | Home Meridian | $8,803 | 20.1% | $5,431 | 10.7% | | Domestic Upholstery | $6,485 | 19.9% | $9,918 | 22.8% | | **Consolidated** | **$33,710** | **28.9%** | **$32,008** | **21.1%** | Operating Profit/(Loss) by Segment (Q3 FY24 vs Q3 FY23, in thousands) | Segment | Q3 FY24 Operating Profit/(Loss) | Q3 FY24 Operating Margin | Q3 FY23 Operating Profit/(Loss) | Q3 FY23 Operating Margin | | :--- | :--- | :--- | :--- | :--- | | Hooker Branded | $7,287 | 18.6% | $5,860 | 10.3% | | Home Meridian | $923 | 2.1% | $(3,205) | -6.3% | | Domestic Upholstery | $688 | 2.1% | $3,823 | 8.8% | | **Consolidated** | **$8,770** | **7.5%** | **$6,418** | **4.2%** | [Financial Condition, Liquidity and Capital Resources](index=29&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) - The company generated **$48.8 million** in cash from operations in the first nine months of fiscal 2024, a significant turnaround from a **$41.1 million** use of cash in the same period last year[106](index=106&type=chunk) - Cash and cash equivalents increased by **$20.8 million** since the beginning of the fiscal year to **$39.8 million**, and the company also has **$27.2 million** available under its revolving credit facility[86](index=86&type=chunk)[116](index=116&type=chunk) - The company completed its **$25 million** share repurchase program during Q3, having used **$11.7 million** to repurchase **620,634 shares** in the first nine months of fiscal 2024[117](index=117&type=chunk)[118](index=118&type=chunk) - As of October 29, 2023, the company had **$23.2 million** in outstanding term loans (**$5.2 million Unsecured**, **$18 million Secured**) and was in compliance with all financial covenants[111](index=111&type=chunk)[115](index=115&type=chunk) [Outlook](index=29&type=section&id=Outlook) - Management anticipates flat sales for the higher-priced Hooker Legacy brands in Q4 compared to the prior year[104](index=104&type=chunk) - While the current retail downturn is expected to suppress HMI sales growth through Q4, significant new retail product placements are expected to boost HMI sales starting in Q1 of the next fiscal year[104](index=104&type=chunk) - Despite mixed economic indicators and reduced retail traffic, consolidated orders increased **15.7%** in Q3, and management believes growth initiatives will gain traction in the first half of calendar 2024[103](index=103&type=chunk)[105](index=105&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rate fluctuations, raw material price volatility, and foreign currency exchange rates, particularly impacting borrowing costs and sourcing expenses - **Interest Rate Risk:** With **$23.2 million** in outstanding variable-rate term loans, a **1% increase** in the BSBY rate would increase annual interest expense by approximately **$226,000**[124](index=124&type=chunk) - **Raw Materials Price Risk:** The company is exposed to price volatility in key manufacturing inputs like wood, fabric, and petroleum-based foam products[125](index=125&type=chunk) - **Currency Risk:** Product sourcing is primarily from Vietnam and China, and although transactions are in U.S. Dollars, a decline in the dollar's value, particularly against the Chinese currency, could increase product costs in the future[126](index=126&type=chunk)[127](index=127&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls as of October 29, 2023, while integrating newly acquired businesses into the internal control framework - The principal executive and financial officers concluded that disclosure controls and procedures are effective as of October 29, 2023[128](index=128&type=chunk) - The company is in the process of implementing its internal control structure at the recently acquired Sunset West and BOBO businesses and intends to exclude them from the scope of its Sarbanes-Oxley Section 404 report for fiscal 2023 and 2024, respectively[129](index=129&type=chunk)[130](index=130&type=chunk) PART II. OTHER INFORMATION [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company completed its $25 million share repurchase program during the third quarter of fiscal 2024, repurchasing 147,171 shares Share Repurchases in Q3 FY2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jul 31 - Sep 3, 2023 | 78,471 | $21.00 | | Sep 4 - Oct 1, 2023 | 62,705 | $19.73 | | Oct 2 - Oct 29, 2023 | 5,995 | $19.64 | | **Total** | **147,171** | **$20.41** | - The company's share repurchase program was completed during the third quarter of fiscal 2024[132](index=132&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, terminated, or modified trading arrangements during the third quarter ended October 29, 2023 - No director or officer adopted, terminated, or modified a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three months ended October 29, 2023[133](index=133&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q report, including officer certifications and interactive data files - The exhibits filed with this report include officer certifications as required by the Sarbanes-Oxley Act of 2002 and interactive data files for financial reporting[135](index=135&type=chunk)