- Hooker Furnishings Corp (NASDAQ:HOFT) reported a first-quarter FY23 sales decline of 9.5% year-on-year to $147.3 million, beating the consensus of $145.35 million.
- Net sales from Hooker Branded segment decreased by 17.7% Y/Y, Home Meridian declined 26.4%, and Domestic Upholstery gained 62.2%.
- The gross profit rose 12.3% Y/Y to $29.5 million, and the margin contracted 60 basis points to 20%.
- The operating margin was 2.7%, and operating income for the quarter declined 67.9% to $3.9 million.
- The company held $10.1 million in cash and equivalents as of May 1, 2022. Inventories at Q1 end stood at $107.7 million.
- EPS of $0.26 missed the consensus of $0.28.
- "We are watching inflationary pressures in the economy and believe those are affecting consumers more at the lower price points than at the upper-medium and upper price points," said CEO Jeremy Hoff.
- The company's quarterly cash dividend of $0.20 per share is payable on June 30, 2022, to shareholders of record on June 17, 2022.
- On June 6, 2022, Hooker Furnishings Board authorized the repurchase of up to $20 million of common shares.
- Price Action: HOFT shares are trading higher by 2.05% at $17.88 on the last check Thursday.
- Photo Via Company
