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 (NASDAQ-GS: HOFT) declared a quarterly cash dividend of $0.18 per share on December 2, 2020, representing a 12.5% increase from the previous quarter. The dividend is payable on December 31, 2020, to shareholders of record as of December 16, 2020. This marks the fifth consecutive annual dividend increase for the company, which has been in business for 97 years. Hooker Furniture is a major player in the furniture market, specializing in casegoods and upholstered furniture across various price points.
Hooker Furniture Corporation (Nasdaq-GS:HOFT) will release its fiscal 2021 third quarter financial results on December 10, 2020, at 9:00 AM ET via teleconference and live web cast. The financial period ran from August 3 to November 1, 2020. As a leading designer and importer of various furniture types, Hooker Furniture ranks among the largest publicly traded furniture sources in the U.S. The company operates multiple distribution centers and offers a wide range of products across different price points through various brands.
Home Meridian International (HMI), a division of Hooker Furniture Corporation, will consolidate its East Coast operations in an 800,000-square-foot distribution center in Liberty County, Georgia, near the Port of Savannah. Expected to be operational by Fall 2021, this facility aims to enhance efficiency and support growing demand, handling over 8,000 cargo container units yearly. HMI will vacate older warehouses in North Carolina while maintaining its West Coast operations. CEO Paul B. Toms Jr. emphasizes the move's strategic importance in improving customer service and accommodating robust product demand.
Hooker Furniture Corporation (HOFT) reported consolidated net sales of $130.5 million and net income of $5.8 million for Q2 fiscal 2021, despite a 14.3% decline in sales year-over-year. Earnings per diluted share rose to $0.48, up 37.1%. Orders surged 34% in July, and backlogs increased 35%, indicating strong demand driven by a robust housing market. The operating income increased 30.2% from the previous year, reflecting effective cost-cutting measures. However, first-half net loss reached $29 million due to a significant non-cash impairment charge.
Hooker Furniture Corporation (HOFT) will present its fiscal 2021 second quarter financial results on September 3, 2020, at 9:00 AM ET, via teleconference and web cast. The second quarter spanned from May 4, 2020, to August 2, 2020. Hooker Furniture is a leading designer and marketer of various furniture types, including casegoods and upholstered furniture, with significant operations in Virginia and North Carolina, and additional facilities in Vietnam. The company ranks among the largest publicly traded furniture sources in the U.S., based on its 2019 shipments to retailers.
Hooker Furniture Corporation (NASDAQ-GS: HOFT) reported Q1 fiscal 2021 results, showing a net loss of $34.8 million, including $44.3 million in non-cash impairment charges related to goodwill and tradenames. The COVID-19 crisis significantly impacted performance, with orders down over 70% in March and 65% in April. However, recovery began in May, improving in June and July due to pent-up demand. The company ended the quarter with $51.2 million in cash, despite operating challenges, and expects gradual business improvement through the year.
Hooker Furniture Corporation (NASDAQ-GS:HOFT) has appointed Jeremy Hoff as the new CEO, effective January 31, 2021, succeeding Paul Toms, who will retire but remain as Chairman. Hoff, with the company since 2017 and currently President of Hooker Legacy Brands, will be the fourth CEO in the company's 96-year history. Under Toms' leadership since 2000, the company expanded significantly, generating approximately $611 million in annual sales. Hoff aims to maintain the company culture while strategically positioning Hooker in a competitive market.
Hooker Furniture Corporation (HOFT) reported its preliminary financial results for Q1 fiscal 2021, indicating significant impacts from COVID-19. Consolidated net sales dropped 22.8% to $104.6 million, with a preliminary net loss of $1.1 million or $0.09 per share. Gross profit also fell to $18.7 million, reflecting lower sales and operational inefficiencies. Although the company anticipates additional impairment charges, cash from operations was strong at $18.9 million. Hooker maintains a stable cash position with $51.2 million in cash and equivalents, expecting gradual improvement as the economy reopens.
Hooker Furniture (Nasdaq-GS: HOFT) declared a quarterly cash dividend of $0.16 per share on June 2, 2020, payable on June 30, 2020, to shareholders of record by June 16, 2020. CEO Paul B. Toms, Jr. reported steady improvement in orders and shipments post-fiscal Q1 2021, citing a strong cash position with an additional $26 million available under their revolving credit. However, he noted limited visibility into future economic conditions and emphasized ongoing evaluation of the dividend rate based on performance.
Hooker Furniture (Nasdaq-GS:HOFT) will host a remote telephonic access annual meeting on June 11, 2020, at 1 p.m. due to the COVID-19 pandemic. The company advises shareholders to avoid in-person attendance and utilize this option instead. Attendees will not be able to vote or change votes during the meeting and must submit proxies in advance. Standard agenda items will be discussed, but no questions will be taken from shareholders. The meeting ID is 859 3374 7442. Hooker Furniture, celebrating its 97th year, is a major player in the furniture market.
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