UNITED STATES
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CURRENT REPORT
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On December 7, 2023, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
99.1 | Press Release dated December 7, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Hooker Furnishings Corporation | ||
Date: December 7, 2023 | By: | /s/ Paul A. Huckfeldt |
Paul A. Huckfeldt | ||
Chief Financial Officer and Senior Vice-President - Finance and Accounting | ||
EXHIBIT 99.1
Hooker Furnishings Posts Double-Digit Income Gains in Third Quarter
MARTINSVILLE, Va., Dec. 07, 2023 (GLOBE NEWSWIRE) -- Hooker Furnishings Corporation (NASDAQ-GS: HOFT), a global leader in the design, production, and marketing of home furnishings for nearly a century, today reported operating results for its fiscal 2024 third quarter and nine-month period ended October 29, 2023.
Fiscal 2024 Third Quarter overview:
Management Commentary
“Despite a challenging macroeconomic environment for the home furnishings industry, we’re proud of our team for persevering through some difficult decisions and short-term pain to create a more sustainable and profitable business model for Hooker Furnishings,” said Jeremy Hoff, chief executive officer. “After spending considerable time repositioning HMI to focus on its core products and businesses, it is encouraging to see HMI report a quarterly profit for the first time in two years and contribute to our overall profitability. Liquidating excess inventories, rightsizing our overhead and exiting unprofitable businesses have put us in a much stronger overall position,” Hoff said. “Ongoing execution of our strategic growth initiatives is our main focus,’ he continued.
“While the housing market slowdown driven by high interest rates, and a shift in consumer discretionary spending away from home furnishings continue to challenge, we’re encouraged by positive indicators like the normalization of ocean freight rates, eased supply chain constraints, more stable raw material costs and increased labor availability.
“Demand is improving, with consolidated orders up $12.7 million, or 15.7%, for the third quarter versus the prior year period. For the first nine months, consolidated orders increased by $75.8 million or 33.5%,” he said. “Most of the consolidated increase is driven by Home Meridian segment orders which were unusually low in both prior year periods.”
“The recent Fall High Point Market was positive by all measurables across the company,” Hoff added. “Increased visibility is one of our major strategic objectives. Adding two smaller showrooms in Las Vegas and Atlanta, while moving to our largest High Point showroom, has created an exponentially larger audience for our products on the Legacy side of our business, including Sunset West. HMI also had a good market as they focused on strengthening the product assortment for Pulaski (PFC), Samuel Lawrence Furniture (SLF) and Prime Resources International (PRI). The efforts by our team at HMI have reenergized and repositioned the product offerings for growth and have received a lot of positive retail feedback along with new placements,” he said.
“As reported previously, the collective impact of our new showrooms in High Point, Atlanta and Las Vegas has increased our customer contacts from about 3,000 to around 14,000 annually, more than quadrupling the number of existing and potential customers. In the first half of the fiscal year, we opened 1,000 new accounts as visibility and engagement increased. This quarter that pace continued as we added 150 new customers on average per month,” Hoff said.
Segment Reporting: Hooker Branded
Segment Reporting: Home Meridian (HMI)
Segment Reporting: Domestic Upholstery
Cash, Debt, and Inventory
Capital Allocation
“Going into the end of the year, our inventory levels are aligned with current demand and our S&OP process is working well,” said Paul Huckfeldt, chief financial officer. “Our balance sheet gives us the cushion to get through the softer demand we’re seeing in the fourth quarter and continue to fund our internal growth initiatives, as well as maintaining our dividend and funding some capital projects, including further development of our ERP, which is now live at the Hooker Legacy divisions.”
Dividends
On December 5, 2023, our board of directors declared a quarterly cash dividend of $0.23 per share which will be paid on December 29, 2023 to shareholders of record at December 15, 2023. This represents a $0.01 per share or 4.5% increase over the previous quarterly dividend and the eighth consecutive annual dividend increase.
Outlook
“While economic indicators remain mixed and furniture industry retail traffic is down about 15% from January through October 2023, we believe the long-term economic outlook has improved which bodes well for Hooker and the industry,” said Hoff. “Reduced housing activity and high mortgage interest rates are still challenging, but several positives have emerged since last quarter. Core inflation is at the lowest level since 2021, the US economy grew nearly 5% last quarter, unemployment remains at record lows and a recession appears less likely.
“As mentioned earlier, current retail conditions are soft, but consolidated orders are up $12.7 million, or 15.7% for the third quarter. For the first nine months, consolidated orders increased by $75.8 million or 33.5%,” Hoff said.
“As we look to the next quarter, we see flat sales for our higher-priced Hooker Legacy brands as compared to the prior year fourth quarter. We expect that the current downturn in the furniture retail business will temporarily suppress sales growth at HMI through the fourth quarter. However, significant new retail product placements achieved by HMI recently should begin to buoy sales by the first quarter of next fiscal year as the placements generate orders and backlogs.
We believe a lot of our growth initiatives will begin to gain traction in the first half of calendar 2024. We believe that our focus on reducing costs, keeping our balance sheet strong and judiciously deploying capital, along with our investments to promote higher visibility and future growth will continue to put us in the strongest possible position to leverage a return of furniture demand to more typical levels,” Hoff concluded.
Conference Call Details
Hooker Furnishings will present its fiscal 2024 third quarter financial results via teleconference and live internet webcast on Thursday morning, December 7th, 2023 at 9:00 AM Eastern Time. A live webcast of the call will be available on the Investor Relations page of the Company’s website at https://investors.hookerfurnishings.com/events and archived for replay. To access the call by phone, participants should go to this link (registration link) and you will be provided with dial in details. To avoid delays, participants are encouraged to dial into the conference call fifteen minutes ahead of the scheduled start time.
Hooker Furnishings Corporation, in its 99th year of business, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furniture, fabric-upholstered furniture, lighting, accessories, and home décor for the residential, hospitality and contract markets. The Company also domestically manufactures premium residential custom leather and custom fabric-upholstered furniture and outdoor furniture. Major casegoods product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker’s residential upholstered seating product lines include Bradington-Young, a specialist in upscale motion and stationary leather furniture, HF Custom (formerly Sam Moore), a specialist in fashion forward custom upholstery offering a selection of chairs, sofas, sectionals, recliners and a variety of accent upholstery pieces, Hooker Upholstery, imported upholstered furniture targeted at the upper-medium price-range and Shenandoah Furniture, an upscale upholstered furniture company specializing in private label sectionals, modulars, sofas, chairs, ottomans, benches, beds and dining chairs in the upper-medium price points for lifestyle specialty retailers. The H Contract product line supplies upholstered seating and casegoods to upscale senior living facilities. The Home Meridian division addresses more moderate price points and channels of distribution not currently served by other Hooker Furnishings divisions or brands. Home Meridian’s brands include Pulaski Furniture, casegoods covering the complete design spectrum in a wide range of bedroom, dining room, accent and display cabinets at medium price points, Pulaski Upholstery, stationary and motion upholstery collections available in fabric and leather covering the complete design spectrum at medium price points, Samuel Lawrence Furniture, value-conscious offerings in bedroom, dining room, home office and youth furnishings, Prime Resources International, value-conscious imported leather upholstered furniture, and Samuel Lawrence Hospitality, a designer and supplier of hotel furnishings. The Sunset West division is a designer and manufacturer of comfortable, stylish and high-quality outdoor furniture. Hooker Furnishings Corporation’s corporate offices and upholstery manufacturing facilities are located in Virginia, North Carolina and California, with showrooms in High Point, N.C., Las Vegas, N.V., Atlanta, G.A. and Ho Chi Minh City, Vietnam. The company operates distribution centers in Virginia, Georgia, and Vietnam. Please visit our websites hookerfurnishings.com, hookerfurniture.com, bradington-young.com, hfcustomfurniture.com, hcontractfurniture.com, homemeridian.com, pulaskifurniture.com, slh-co.com, bobointriguingobjects.com, and sunsetwestusa.com.
Certain statements made in this release, other than those based on historical facts, may be forward-looking statements. Forward-looking statements reflect our reasonable judgment with respect to future events and typically can be identified by the use of forward-looking terminology such as “believes,” “expects,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “would,” “could” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Those risks and uncertainties include but are not limited to: (1) general economic or business conditions, both domestically and internationally, including the current macro-economic uncertainties and challenges to the retail environment for home furnishings along with instability in the financial and credit markets, in part due to inflation and rising interest rates, including their potential impact on (i) our sales and operating costs and access to financing, (ii) customers, and (iii) suppliers and their ability to obtain financing or generate the cash necessary to conduct their respective businesses; (2) the direct and indirect costs and time spent by our associates associated with the implementation of our Enterprise Resource Planning system (“ERP”), including costs resulting from unanticipated disruptions to our business; (3) the cyclical nature of the furniture industry, which is particularly sensitive to changes in consumer confidence, the amount of consumers’ income available for discretionary purchases, and the availability and terms of consumer credit; (4) difficulties in forecasting demand for our imported products and raw materials used in our domestic operations; (5) risks associated with our reliance on offshore sourcing and the cost of imported goods, including fluctuation in the prices of purchased finished goods, customs issues, freight costs, including the price and availability of shipping containers, ocean vessels, ocean and domestic trucking, and warehousing costs and the risk that a disruption in our offshore suppliers or the transportation and handling industries, including labor stoppages, strikes, or slowdowns, could adversely affect our ability to timely fill customer orders; (6) risks associated with HMI segment restructuring and cost-savings efforts, including our ability to timely dispose of excess inventories, reduce expenses and return the segment to profitability; (7) the impairment of our long-lived assets, which can result in reduced earnings and net worth; (8) adverse political acts or developments in, or affecting, the international markets from which we import products, including duties or tariffs imposed on those products by foreign governments or the U.S. government and possible future U.S. conflict with China; (9) the interruption, inadequacy, security breaches or integration failure of our information systems or information technology infrastructure, related service providers or the internet or other related issues including unauthorized disclosures of confidential information, hacking or other cyber-security threats or inadequate levels of cyber-insurance or risks not covered by cyber- insurance; (10) risks associated with our Georgia warehouse including the inability to realize anticipated cost savings and subleasing excess space on favorable terms; (11) risks associated with domestic manufacturing operations, including fluctuations in capacity utilization and the prices and availability of key raw materials, as well as changes in transportation, warehousing and domestic labor costs, availability of skilled labor, and environmental compliance and remediation costs; (12) the risks related to the Sunset West Acquisition including integration costs, maintaining Sunset West’s existing customer relationships, debt service costs, interest rate volatility, the use of operating cash flows to service debt to the detriment of other corporate initiatives or strategic opportunities, the loss of key employees from Sunset West, the disruption of ongoing businesses or inconsistencies in standards, controls, procedures and policies across the business which could adversely affect our internal control or information systems and the costs of bringing them into compliance and failure to realize benefits anticipated from the Sunset Acquisition; (13) the risks related to the BOBO Intriguing Objects acquisition, including the loss of a key BOBO employee, inconsistencies in standards, controls, procedures and policies across the business which could adversely affect our internal control or information systems and failure to realize benefits anticipated from the BOBO Acquisition; (14) changes in U.S. and foreign government regulations and in the political, social and economic climates of the countries from which we source our products; (15) risks associated with product defects, including higher than expected costs associated with product quality and safety, regulatory compliance costs (such as the costs associated with the US Consumer Product Safety Commission’s new mandatory furniture tip-over standard, STURDY) related to the sale of consumer products and costs related to defective or non-compliant products, product liability claims and costs to recall defective products and the adverse effects of negative media coverage; (16) disruptions and damage (including those due to weather) affecting our Virginia or Georgia warehouses, our Virginia, North Carolina or California administrative facilities, our High Point, Las Vegas, and Atlanta showrooms or our representative offices or warehouses in Vietnam and China; (17) the risks specifically related to the concentrations of a material part of our sales and accounts receivable in only a few customers, including the loss of several large customers through business consolidations, failures or other reasons, or the loss of significant sales programs with major customers; (18) our inability to collect amounts owed to us or significant delays in collecting such amounts; (19) achieving and managing growth and change, and the risks associated with new business lines, acquisitions, including the selection of suitable acquisition targets, restructurings, strategic alliances and international operations; (20) capital requirements and costs; (21) risks associated with distribution through third-party retailers, such as non-binding dealership arrangements; (22) the cost and difficulty of marketing and selling our products in foreign markets; (23) changes in domestic and international monetary policies and fluctuations in foreign currency exchange rates affecting the price of our imported products and raw materials; (24) price competition in the furniture industry; (25) competition from non-traditional outlets, such as internet and catalog retailers; and (26) changes in consumer preferences, including increased demand for lower-priced furniture; and (27) other risks and uncertainties described under Part I, Item 1A. "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2023. Any forward-looking statement that we make speaks only as of the date of that statement, and we undertake no obligation, except as required by law, to update any forward-looking statements whether as a result of new information, future events or otherwise and you should not expect us to do so.
Table I | ||||||||||||||||
HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
October 29, | October 30, | October 29, | October 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net sales | $ | 116,831 | $ | 151,580 | $ | 336,452 | $ | 451,803 | ||||||||
Cost of sales | 83,121 | 119,572 | 251,495 | 359,281 | ||||||||||||
Gross profit | 33,710 | 32,008 | 84,957 | 92,522 | ||||||||||||
Selling and administrative expenses | 24,016 | 24,712 | 70,207 | 72,255 | ||||||||||||
Intangible asset amortization | 924 | 878 | 2,732 | 2,634 | ||||||||||||
Operating income | 8,770 | 6,418 | 12,018 | 17,633 | ||||||||||||
Other income, net | 659 | 191 | 1,071 | 425 | ||||||||||||
Interest expense, net | 364 | 434 | 1,197 | 546 | ||||||||||||
Income before income taxes | 9,065 | 6,175 | 11,892 | 17,512 | ||||||||||||
Income tax expense | 2,027 | 1,334 | 2,620 | 3,946 | ||||||||||||
Net income | $ | 7,038 | $ | 4,841 | $ | 9,272 | $ | 13,566 | ||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.66 | $ | 0.42 | $ | 0.85 | $ | 1.16 | ||||||||
Diluted | $ | 0.65 | $ | 0.42 | $ | 0.85 | $ | 1.14 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 10,536 | 11,465 | 10,748 | 11,736 | ||||||||||||
Diluted | 10,676 | 11,525 | 10,878 | 11,838 | ||||||||||||
Cash dividends declared per share | $ | 0.22 | $ | 0.20 | $ | 0.66 | $ | 0.60 | ||||||||
Table II | ||||||||||||||||
HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
October 29, | October 30, | October 29, | October 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net income | $ | 7,038 | $ | 4,841 | $ | 9,272 | $ | 13,566 | ||||||||
Other comprehensive income: | ||||||||||||||||
Amortization of actuarial (gain)/loss | (70 | ) | 21 | (209 | ) | 62 | ||||||||||
Income tax effect on amortization | 17 | (5 | ) | 50 | (15 | ) | ||||||||||
Adjustments to net periodic benefit cost | (53 | ) | 16 | (159 | ) | 47 | ||||||||||
Total comprehensive income | $ | 6,985 | $ | 4,857 | $ | 9,113 | $ | 13,613 | ||||||||
Table III | ||||||||
HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
As of | October 29, | January 29, | ||||||
2023 | 2023 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 39,795 | $ | 19,002 | ||||
Trade accounts receivable, net | 59,065 | 62,129 | ||||||
Inventories | 65,156 | 96,675 | ||||||
Income tax recoverable | 3,073 | 3,079 | ||||||
Prepaid expenses and other current assets | 5,934 | 6,418 | ||||||
Total current assets | 173,023 | 187,303 | ||||||
Property, plant and equipment, net | 29,079 | 27,010 | ||||||
Cash surrender value of life insurance policies | 28,264 | 27,576 | ||||||
Deferred taxes | 11,959 | 14,484 | ||||||
Operating leases right-of-use assets | 54,202 | 68,949 | ||||||
Intangible assets, net | 29,547 | 31,779 | ||||||
Goodwill | 15,036 | 14,952 | ||||||
Other assets | 13,388 | 9,663 | ||||||
Total non-current assets | 181,475 | 194,413 | ||||||
Total assets | $ | 354,498 | $ | 381,716 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | 1,393 | $ | 1,393 | ||||
Trade accounts payable | 23,294 | 16,090 | ||||||
Accrued salaries, wages and benefits | 6,716 | 9,290 | ||||||
Customer deposits | 5,033 | 8,511 | ||||||
Current portion of lease liabilities | 7,045 | 7,316 | ||||||
Other accrued expenses | 3,135 | 7,438 | ||||||
Total current liabilities | 46,616 | 50,038 | ||||||
Long term debt | 21,829 | 22,874 | ||||||
Deferred compensation | 7,737 | 8,178 | ||||||
Operating lease liabilities | 49,651 | 63,762 | ||||||
Other long-term liabilities | 877 | 843 | ||||||
Total long-term liabilities | 80,094 | 95,657 | ||||||
Total liabilities | 126,710 | 145,695 | ||||||
Shareholders' equity | ||||||||
Common stock, no par value, 20,000 shares authorized, | ||||||||
10,672 and 11,197 shares issued and outstanding on each date | 49,503 | 50,770 | ||||||
Retained earnings | 177,579 | 184,386 | ||||||
Accumulated other comprehensive income | 706 | 865 | ||||||
Total shareholders' equity | 227,788 | 236,021 | ||||||
Total liabilities and shareholders' equity | $ | 354,498 | $ | 381,716 | ||||
Table IV | ||||||||
HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
For the | ||||||||
Thirty-Nine Weeks Ended | ||||||||
October 29, | October 30, | |||||||
2023 | 2022 | |||||||
Operating Activities: | ||||||||
Net income | $ | 9,272 | $ | 13,566 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by/(used in) operating activities: | ||||||||
Depreciation and amortization | 6,626 | 6,578 | ||||||
Deferred income tax expense | 2,575 | 1,650 | ||||||
Noncash restricted stock and performance awards | 1,685 | 1,323 | ||||||
Provision for doubtful accounts and sales allowances | (270 | ) | (3,831 | ) | ||||
Gain on life insurance policies | (784 | ) | (744 | ) | ||||
Loss on sales of assets | 29 | - | ||||||
Changes in assets and liabilities: | ||||||||
Trade accounts receivable | 3,334 | 3,069 | ||||||
Inventories | 33,264 | (56,343 | ) | |||||
Income tax recoverable | 5 | 2,357 | ||||||
Prepaid expenses and other assets | (3,400 | ) | (5,863 | ) | ||||
Trade accounts payable | 7,169 | (1,522 | ) | |||||
Accrued salaries, wages, and benefits | (2,574 | ) | 936 | |||||
Customer deposits | (3,477 | ) | (1,277 | ) | ||||
Operating lease assets and liabilities | 366 | (238 | ) | |||||
Other accrued expenses | (4,400 | ) | (391 | ) | ||||
Deferred compensation | (650 | ) | (419 | ) | ||||
Net cash provided by/(used in) operating activities | $ | 48,770 | $ | (41,149 | ) | |||
Investing Activities: | ||||||||
Acquisitions | (2,373 | ) | (25,912 | ) | ||||
Purchases of property and equipment | (5,718 | ) | (3,469 | ) | ||||
Premiums paid on life insurance policies | (378 | ) | (464 | ) | ||||
Proceeds of life insurance policies | 444 | - | ||||||
Net cash used in investing activities | (8,025 | ) | (29,845 | ) | ||||
Financing Activities: | ||||||||
Purchase and retirement of common stock | (11,674 | ) | (9,359 | ) | ||||
Cash dividends paid | (7,228 | ) | (7,117 | ) | ||||
Payments for long-term loans | (1,050 | ) | (350 | ) | ||||
Proceeds from long-term loans | - | 25,000 | ||||||
Proceeds from revolving credit facility | - | 36,190 | ||||||
Payments for revolving credit facility | - | (36,190 | ) | |||||
Debt issuance cost | - | (38 | ) | |||||
Net cash (used in)/provided by financing activities | (19,952 | ) | 8,136 | |||||
Net increase/(decrease) in cash and cash equivalents | 20,793 | (62,858 | ) | |||||
Cash and cash equivalents - beginning of year | 19,002 | 69,366 | ||||||
Cash and cash equivalents - end of quarter | $ | 39,795 | $ | 6,508 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid/(refund) for income taxes | $ | 74 | $ | (1 | ) | |||
Cash paid for interest, net | 1,375 | 293 | ||||||
Non-cash transactions: | ||||||||
(Decrease)/Increase in lease liabilities arising from changes in right-of-use assets | $ | (8,987 | ) | $ | 7,402 | |||
Increase in property and equipment through accrued purchases | 35 | 112 | ||||||
Table V | ||||||||||||||||||||
HOOKER FURNISHINGS CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
NET SALES AND OPERATING INCOME/(LOSS) BY SEGMENT | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
October 29, 2023 | October 30, 2022 | October 29, 2023 | October 30, 2022 | |||||||||||||||||
% Net | % Net | % Net | % Net | |||||||||||||||||
Net sales | Sales | Sales | Sales | Sales | ||||||||||||||||
Hooker Branded | $ | 39,122 | 33.5% | $ | 56,632 | 37.4% | $ | 118,936 | 35.4% | $ | 154,133 | 34.1% | ||||||||
Home Meridian | 43,692 | 37.4% | 50,588 | 33.4% | 114,524 | 34.0% | 171,721 | 38.0% | ||||||||||||
Domestic Upholstery | 32,559 | 27.9% | 43,436 | 28.7% | 98,555 | 29.3% | 122,982 | 27.2% | ||||||||||||
All Other | 1,458 | 1.2% | 924 | 0.5% | 4,437 | 1.3% | 2,967 | 0.7% | ||||||||||||
Consolidated | $ | 116,831 | 100% | $ | 151,580 | 100% | $ | 336,452 | 100% | $ | 451,803 | 100% | ||||||||
Operating income/(loss) | ||||||||||||||||||||
Hooker Branded | $ | 7,287 | 18.6% | $ | 5,860 | 10.3% | $ | 13,298 | 11.2% | $ | 16,423 | 10.7% | ||||||||
Home Meridian | 923 | 2.1% | (3,205 | ) | -6.3% | (4,532 | ) | -4.0% | (7,290 | ) | -4.2% | |||||||||
Domestic Upholstery | 688 | 2.1% | 3,823 | 8.8% | 2,739 | 2.8% | 8,288 | 6.7% | ||||||||||||
All Other | (128 | ) | -8.8% | (60 | ) | -6.5% | 513 | 11.6% | 212 | 7.1% | ||||||||||
Consolidated | $ | 8,770 | 7.5% | $ | 6,418 | 4.2% | $ | 12,018 | 3.6% | $ | 17,633 | 3.9% | ||||||||
For more information, contact:
Paul A. Huckfeldt, Senior Vice President & Chief Financial Officer, Phone: (276) 666-3949