Hooker Furnishings Corp
NASDAQ:HOFT
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Hooker Furnishings Corp
Hooker Furnishings Corp. is a home furnishings marketing and logistics company. The company is headquartered in Martinsville, Virginia and currently employs 1,294 full-time employees. The company went IPO on 2001-04-12. The firm operates through three segments: casegoods furniture, upholstered furniture and all other. The firm's casegoods product categories include accents, home office, dining, bedroom and home entertainment furniture under the Hooker Furniture brand. Its residential upholstered seating companies include Bradington-Young, which is engaged in upscale motion and stationary leather furniture, and Sam Moore Furniture, which is engaged in upscale occasional chairs, settees, sofas and sectional seating with a focus on cover-to-frame customization. The company also markets a line of imported leather upholstery under the Hooker Upholstery trade name. All other segment operates under the H Contract and Homeware brands.
Hooker Furnishings Corp. is a home furnishings marketing and logistics company. The company is headquartered in Martinsville, Virginia and currently employs 1,294 full-time employees. The company went IPO on 2001-04-12. The firm operates through three segments: casegoods furniture, upholstered furniture and all other. The firm's casegoods product categories include accents, home office, dining, bedroom and home entertainment furniture under the Hooker Furniture brand. Its residential upholstered seating companies include Bradington-Young, which is engaged in upscale motion and stationary leather furniture, and Sam Moore Furniture, which is engaged in upscale occasional chairs, settees, sofas and sectional seating with a focus on cover-to-frame customization. The company also markets a line of imported leather upholstery under the Hooker Upholstery trade name. All other segment operates under the H Contract and Homeware brands.
Sales Decline: Net sales from continuing operations fell 14.4% year-over-year to $70.7 million due to lower hospitality shipments.
Margin Expansion: Gross margin improved to 25.6%, up from 24.8% last year, reflecting stronger core segment performance.
Impairment Charges: The quarter included $22.1 million in noncash impairment charges primarily related to goodwill and trade names.
Restructuring Actions: Hooker recorded $600,000 in restructuring costs for cost-reduction initiatives and is divesting low-margin brands Pulaski Furniture and Samuel Lawrence Furniture.
Strategic Focus: The company is shifting toward higher-margin, design-driven brands with significant cost reductions ($25 million annualized savings).
Margaritaville Launch: The new Margaritaville collection generated strong order commitments and is expected to drive meaningful, incremental revenue in the second half of next year.
Capital Allocation: A new $5 million share repurchase program was authorized and the annual dividend was reduced by 50% to $0.46 per share to preserve flexibility.
Order Momentum: Branded segments have seen two consecutive quarters of order growth, but management remains cautious due to a challenging macro environment.
