Welcome to our dedicated page for Hooker Furnishings Corporation news (Ticker: HOFT), a resource for investors and traders seeking the latest updates and insights on Hooker Furnishings Corporation stock.
Hooker Furnishings Corporation (NASDAQ: HOFT), incorporated in 1924 and headquartered in Martinsville, Virginia, is a prominent player in the furniture industry, ranking among the top ten largest publicly traded furniture producers based on shipments to U.S. retailers. The company specializes in designing, importing, manufacturing, and marketing a wide range of residential household furniture, including wood and metal furniture, as well as upholstered furniture. Hooker Furnishings serves wholesale and retail merchandisers primarily located in North America, offering a comprehensive suite of products that cater to both residential and hospitality settings. Their portfolio also extends to contract furniture, lighting, accessories, and home décor.
The company has established a robust network of partnerships and continues to innovate in its product lines to meet the evolving demands of its diverse customer base. Recent achievements include coverage initiation and updates by Stonegate Capital Partners, highlighting Hooker Furnishings' strong market presence and investment potential. Stonegate Capital Partners is renowned for providing investor relations, equity research, and institutional investor outreach services, further enhancing the visibility and credibility of Hooker Furnishings in the capital market.
Financial Health: Hooker Furnishings maintains a solid financial condition, underpinned by a strategic mix of domestic manufacturing and international sourcing. This approach not only ensures quality but also allows the company to be agile in its operations, adapting swiftly to market trends and consumer preferences. The company’s financial strategy is designed to support sustainable growth and shareholder value.
For the latest updates and more detailed information, you can contact Paul A. Huckfeldt, Senior Vice President & Chief Financial Officer at (276) 666-3949.
Hooker Furniture (NASDAQ: HOFT) reported Q3 FY25 results with revenue of $104.4M, operating income of ($7.3M), and adjusted EPS of ($0.39). While revenue slightly exceeded consensus estimates, consolidated revenues decreased 10.7% from 3Q24 due to macro headwinds and a major HMI customer bankruptcy. Despite challenges, the company achieved a consolidated gross profit margin of 23.0%, up 100bps quarter-over-quarter.
The company maintains its goal of reducing fixed costs by 10% (approximately $10.0M) in FY26. HOFT also announced a global licensing agreement with Margaritaville to boost future revenues. The company faces ongoing challenges from varying interest rates, housing shortage, and elevated home prices.
Hooker Furnishings (NASDAQ: HOFT) reported fiscal 2025 third quarter results with significant challenges. The company recorded a consolidated net loss of $4.1 million ($0.39 per diluted share) and net sales of $104.4 million, down 10.7% year-over-year. Results were impacted by $7.5 million in charges, including restructuring costs ($3.1 million), customer bankruptcy-related bad debt ($2.4 million), and trade-name impairment charges ($2.0 million).
Despite challenges, Home Meridian achieved its highest gross margin (20.5%) since 2016. The company expects to exceed its goal of $10 million in annualized cost savings by fiscal 2026. Management noted positive developments in macro-economic conditions, including cooling inflation and recent interest rate cuts, which could boost housing market demand.
Hooker Furnishings (Nasdaq-GS: HOFT) has declared a quarterly cash dividend of $0.23 per share, payable on December 30, 2024, to shareholders of record on December 13, 2024. The announcement was made following the board of directors' meeting on December 2, 2024. The company, celebrating its 100th year in business, specializes in designing, marketing, and importing various furniture categories including casegoods, leather and fabric-upholstered furniture, lighting, and home décor for residential, hospitality, and contract markets.
Hooker Furnishings (Nasdaq-GS: HOFT) has scheduled its fiscal 2025 third quarter financial results presentation for December 5, 2024, at 9:00 AM Eastern Time. The presentation will be accessible via teleconference and live internet webcast on the company's Investor Relations page. The fiscal quarter covered the period from July 29, 2024, to October 27, 2024. The company, celebrating its 100th year, is a designer, marketer, and importer of furniture and home décor products across multiple brands and price points, serving residential, hospitality, and contract markets.
Hooker Furnishings has entered into a global licensing agreement with Margaritaville, the iconic lifestyle brand, to launch an extensive line of home furnishings. The partnership will include indoor and outdoor furnishings for residential, contract, and hospitality markets, spanning various price points and categories.
The agreement covers the Margaritaville brand, Latitude by Margaritaville, and Island Reserve by Margaritaville, aligning with Hooker Furnishings' versatile portfolio. With 75% of Americans familiar with Margaritaville, this partnership represents a significant opportunity for Hooker Furnishings to expand in the home furnishings market.
The complete indoor/outdoor collection is planned to launch in October 2025 at Hooker Furnishings' Showplace showroom in High Point, NC. The companies also plan to explore hospitality and commercial opportunities for Margaritaville's branded real estate properties and communities.
Stonegate Capital Partners has updated its coverage on Hooker Furniture (NASDAQ: HOFT). The key takeaways from the update include:
- Margins remaining above 20%
- A strong dividend yield of 6.0%
- An increase in backlog of approximately 8.4% year-to-date
These factors suggest positive performance indicators for Hooker Furniture , potentially attracting investor interest. The company's ability to maintain high margins and offer a substantial dividend yield may indicate financial stability and shareholder value. The growth in backlog could point to increasing demand for the company's products.
Hooker Furnishings (NASDAQ-GS: HOFT) reported its fiscal 2025 Q2 results for the period April 29 to July 28, 2024. Despite weak market conditions, the company showed improved sequential performance. Sales decreased by 2.8% YoY to $95.1 million, improving from Q1's double-digit decline. Operating and net losses also improved, standing at $3.1 million and $2.0 million, respectively. Cash and cash equivalents increased to $42 million. The company expects to save $10 million in fixed costs by fiscal year-end through operational consolidations and workforce reductions, despite a $3 million severance expense in Q3. The Home Meridian segment saw a 5.6% sales increase, marking its first YoY growth in two years. However, the Hooker Branded and Domestic Upholstery segments experienced sales decreases. The company maintains a strong balance sheet and expects potential interest rate cuts to boost housing activity. The outlook remains cautious but optimistic, focusing on cost-reduction and strategic growth initiatives.
Hooker Furnishings (Nasdaq-GS: HOFT) has declared a quarterly cash dividend of $0.23 per share, payable on September 30, 2024, to shareholders of record on September 13, 2024. The dividend was announced on September 3, 2024, by the company's board of directors.
Hooker Furnishings, celebrating its 100th year in business, is a prominent player in the furniture industry. The company designs, markets, and imports a wide range of furniture products for residential, hospitality, and contract markets. Its portfolio includes well-known brands such as Hooker Furniture, Bradington-Young, HF Custom, and Sunset West, catering to various price points and market segments.
Hooker Furnishings (Nasdaq-GS: HOFT) will present its fiscal 2025 second quarter financial results on September 5, 2024, at 9:00 AM Eastern Time via teleconference and live internet webcast. The fiscal quarter began on April 29, 2024, and ended on July 28, 2024. Hooker Furnishings, celebrating its 100th year in business, is a designer, marketer, and importer of various furniture types for residential, hospitality, and contract markets.
The company operates multiple brands across different price points and market segments, including Hooker Furniture, Bradington-Young, HF Custom, Hooker Upholstery, Shenandoah Furniture, H Contract, Home Meridian, Pulaski Furniture, Samuel Lawrence Furniture, Prime Resources, and Sunset West. Hooker Furnishings has corporate offices and manufacturing facilities in Virginia, North Carolina, and California, with showrooms in various locations and distribution centers in Virginia, Georgia, and Vietnam.
Stonegate Capital Partners has updated its coverage on Hooker Furniture (NASDAQ: HOFT) as of June 7, 2024. Key highlights include the company's strong financial performance with margins remaining above 20% and a robust dividend yield of 5.4%. Additionally, the company reported an 18.4% sequential increase in its backlog.
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