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 Corporation (HOFT) reported consolidated net sales of $162.9 million for Q1 fiscal 2022, marking a 56% increase year-over-year. Net income reached $9.4 million, equivalent to $0.78 per diluted share, both record highs for the company’s fiscal first quarter. The Hooker Branded Segment drove this growth with an 89% sales increase. Despite industry-wide challenges like logistics issues and inflation, incoming order rates are more than double historical norms. The company declared a quarterly cash dividend of $0.18 per share, payable on June 30, 2021.
Hooker Furniture Corporation (HOFT) is set to release its fiscal 2022 first-quarter financial results on June 4, 2021, at 9:00 AM ET via teleconference and web cast. The fiscal period spans February 1 to May 2, 2021. As a leading designer and importer of various furniture types, Hooker Furniture operates in multiple sectors, including residential and hospitality markets. The company maintains a significant presence in the furniture industry, noted for its upscale offerings and extensive distribution network. Investors can access the teleconference using the provided dial-in numbers or view the archived web cast afterward.
Hooker Furniture Corporation (NASDAQ-GS: HOFT) reported a consolidated net sales of $155.3 million for Q4 of fiscal 2021, with net income rising to $8.5 million, a 22% increase year-over-year. Despite a 5.8% drop in sales compared to last year, the Hooker Branded segment saw substantial growth, with sales up 25%. However, the Home Meridian segment faced a significant $20.2 million decline, impacted by global supply chain disruptions. Fiscal year 2021 concluded with a net loss of $10.4 million despite a strong order backlog and improved operational strategies.
Maria Duey has joined the Board of Directors of Hooker Furniture Corporation (NASDAQ: HOFT), bringing over 20 years of experience in mergers and acquisitions and investor relations. Currently the CEO of Leonine Advisory, Duey previously worked at Masco Corp., where she led investor relations and managed multiple acquisitions. Chair Paul B. Toms expressed enthusiasm for her addition, citing her strong skill set and cultural fit. Duey stated her excitement about contributing to the company's growth as it approaches its 100th anniversary.
Hooker Furniture Corporation (HOFT) has scheduled a teleconference to discuss its fiscal 2021 fourth quarter financial results on April 14, 2021, at 9:00 AM ET. The company’s fourth quarter period ran from November 2, 2020, to January 31, 2021. The conference will be available for replay on the company’s website, covering its extensive portfolio of casegoods and upholstered furniture. Hooker is recognized as one of the largest publicly traded furniture sources in the U.S., catering to diverse markets including residential and hospitality sectors.
Hooker Furniture (Nasdaq-GS:HOFT) declared a quarterly cash dividend of $0.18 per share on March 1, 2021, payable on March 31, 2021, to shareholders recorded by March 17, 2021. With 97 years in business, Hooker designs, markets, and imports various furniture types for residential and hospitality markets. It ranks among the largest publicly traded furniture sources in the U.S., focusing on mid-range price points. Hooker’s product lines include brands like Bradington-Young and Sam Moore Furniture.
Hooker Furnishings has promoted Johne Albanese to Chief Marketing Officer and Tod Phelps to Senior Vice President-Operations, expanding their executive roles. Albanese, previously Vice President of Marketing, will oversee marketing for the company's twelve brands. Phelps, who joined the firm in 2017, adds responsibility for all operations to his current role as Chief Information Officer. CEO Jeremy Hoff expressed confidence that these promotions will greatly benefit the company. Hooker Furnishings operates manufacturing facilities in Virginia and North Carolina, with distribution centers in the U.S., China, and Vietnam.
Hooker Furnishings has promoted Anne Smith to Chief Administrative Officer and President of Domestic Upholstery, and Mike Harris to President of Hooker Casegoods. Both leaders report to CEO Jeremy Hoff. Smith, who joined Hooker in 2008, will manage corporate human resources and oversee brands including Sam Moore and Bradington-Young. Harris, with nearly three years at the company, was previously VP of Sales. CEO Hoff expressed confidence in their leadership abilities, stating they provide a strong foundation for success.
Jeremy Hoff has officially been appointed as the new CEO of Hooker Furnishings, effective February 1, 2021, following the retirement of Paul Toms Jr., who held the position for 20 years. Hoff, previously President of several Hooker Legacy companies, aims to build on the legacy of his predecessors while facing industry challenges and opportunities. Hooker Furnishings is one of North America's top five furniture resources, operating 12 divisions globally and known for quality residential furniture.
Hooker Furniture Corporation (HOFT) reported Q3 fiscal 2021 net sales of $149.7 million, down 5.4% year-over-year, but net income surged 157.5% to $10 million ($0.84 per diluted share).
Despite supply chain disruptions from COVID-19, incoming orders rose 33.8%, and backlog increased by 87.5%. Operating income rose 161.1% to $13 million. Though there were challenges due to raw material scarcity and shipping issues, the company anticipates improvements in Q4 and is actively hiring to meet demand.
The board declared a 12.5% dividend increase to $0.18 per share, continuing a trend of annual dividend growth.
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?
