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 Furnishings Corporation (NASDAQ: HOFT) has postponed its fiscal 2023 financial results release and conference call that was scheduled for April 13, 2023, due to an announcement made in its Current Report on Form 8-K. The specific date for the future announcement of financial results remains undisclosed.
With nearly a century of experience, Hooker Furnishings designs, markets, and imports a wide array of furniture products, ranging from casegoods to upholstered items. Their diverse portfolio serves multiple markets, including residential and hospitality sectors, through brands like Bradington-Young, Sam Moore Furniture, and Home Meridian.
Hooker Furnishings operates from several locations, including Virginia, North Carolina, California, and Vietnam, and maintains distribution centers to support its extensive product lines.
Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will report its fiscal 2023 fourth quarter and full year financial results on April 13, 2023, at 9:00 AM ET via teleconference and live webcast. The fiscal year 2023 commenced on January 31, 2022, and the fourth quarter ran from October 31, 2022, to January 29, 2023. Hooker Furnishings, now in its 99th operational year, specializes in designing, marketing, and importing various furniture products across residential, hospitality, and contract markets. Key product lines include wooden, metal, leather, and upholstered furniture, targeting upper-medium price points.
Hooker Furnishings Corporation (Nasdaq-GS: HOFT) announced a quarterly cash dividend of $0.22 per share on March 3, 2023, to be paid on March 31, 2023. Shareholders of record by March 17, 2023 will receive this dividend, demonstrating the company's ongoing commitment to returning value to its investors. With nearly a century in the furniture industry, Hooker Furnishings specializes in various furniture markets, including residential and hospitality, encompassing a range of brands and products. The company operates manufacturing facilities and distribution centers across multiple states and countries, ensuring a robust supply chain and product availability.
Hooker Furnishings Corporation (NASDAQ-GS: HOFT) reported a 13.6% increase in net sales for Q3 FY2023, totaling $151.6 million. Growth was driven by the Domestic Upholstery segment's 48% sales rise and recovery in Home Meridian. Consolidated net income reached $4.8 million, a significant turnaround from the prior year's loss. Gross profit and margins improved across all segments, supported by stabilizing supply chains and reduced freight costs. However, year-to-date sales decreased 1.5% compared to last year. The company anticipates ongoing operational improvements despite economic uncertainties.
Hooker Furnishings Corporation (Nasdaq-GS: HOFT) has declared a quarterly cash dividend of $0.22 per share, representing a 10% increase over the previous dividend. This marks the seventh consecutive annual dividend increase. The dividend will be payable on December 30, 2022, to shareholders of record as of December 16, 2022. Founded nearly a century ago, Hooker Furnishings specializes in designing, marketing, and importing various furniture products for residential and commercial markets, with a strong emphasis on quality and customization.
Hooker Furnishings Corporation (Nasdaq-GS: HOFT) will present its fiscal 2023 third quarter financial results on December 8, 2022, at 9:00 AM Eastern Time via teleconference and live webcast. The quarter covers the period from August 1 to October 30, 2022. Hooker Furnishings has a long history in the furniture industry, offering a variety of products including casegoods, upholstered, and outdoor furniture under several brands. Interested participants can access the live webcast on the company’s Investor Relations page.
On October 17, 2022, Chris Henson, a former executive at BB&T Corp, has joined the Board of Directors of Hooker Furnishings Corp (NASDAQ: HOFT). With over 35 years of experience at BB&T, Henson played a key role in its transformation into the 8th largest U.S. bank. His leadership style is recognized for building a values-based culture and fostering employee development. Henson aims to leverage his expertise to drive growth at Hooker Furnishings, a company renowned for high-quality furniture and a strong customer focus, in its nearly century-long history.
Hooker Furnishings Corporation (HOFT) reported consolidated net sales of $152.9 million for Q2 FY2023, down 5.9% year-over-year. Despite a 62% increase in the Domestic Upholstery segment, overall sales decreased due to $28.3 million decline in Home Meridian segment, attributed to inventory rationalization by customers. Net income was $5.5 million ($0.46 per share), down from $7.5 million in the prior year. The company anticipates growth in upcoming quarters, driven by improved inventory and strong demand in the fall season. A quarterly cash dividend of $0.20 per share was also declared.
Hooker Furnishings Corporation (HOFT) will announce its fiscal 2023 second quarter financial results on September 8, 2022, at 9:00 AM ET via teleconference and live webcast. This period, spanning from May 2 to July 31, 2022, marks a significant point in the company's nearly 100-year history in the furniture industry. Hooker Furnishings specializes in various furniture types, including casegoods and upholstered options, catering to residential and contract markets. The results will be accessible through the Investor Relations page on their website.
Hooker Furnishings Corporation (NASDAQ: HOFT) reported a fiscal Q1 2023 net sales of $147.3 million, a 9.5% decline year-over-year. Net income dropped to $3.2 million ($0.26 per diluted share), compared to $9.4 million ($0.78) in the prior period. The decrease was attributed to COVID-related factory shutdowns in Asia and supply chain disruptions. However, sales rose 9% from Q4 2022. The company expects improved conditions as Asian production capacity returns to full strength. A $20 million share repurchase program was authorized, and a quarterly cash dividend of $0.20 was declared.
FAQ
What is the current stock price of Hooker Furnishings Corporation (HOFT)?
What is the market cap of Hooker Furnishings Corporation (HOFT)?
What is Hooker Furnishings Corporation known for?
When was Hooker Furnishings Corporation founded?
Where is Hooker Furnishings Corporation headquartered?
Which markets does Hooker Furnishings Corporation primarily serve?
What types of products does Hooker Furnishings Corporation offer?
What recent coverage has Hooker Furnishings Corporation received?
Who can be contacted for more information about Hooker Furnishings Corporation?
What distinguishes Hooker Furnishings Corporation in the furniture industry?
