Hooker Furniture Corporation (NASDAQ-GS: HOFT) today reported
finalized financial results for its fiscal 2021 first quarter which
ended May 3, 2020. The Company reported preliminary results on June
12, 2020 which did not include expected non-cash impairment charges
on its intangible assets.
“COVID-19 had a material impact on our financial
performance in the fiscal 2021 first quarter and on the market
valuations, discount rates and other inputs used in our intangibles
valuation analysis,” said Paul B. Toms, Jr. Chairman and CEO.
“Consequently, and despite having completed a similar intangible
asset valuation during our fiscal 2020 fourth quarter, we
determined that another intangible asset valuation was appropriate
given our performance and changing market dynamics. Given the
effort and complexity involved in this project, we needed
additional time to complete this analysis,” he concluded.
As a result of the Company’s intangibles asset
valuation analysis, it recorded $44.3 million in non-cash
impairment charges to write down goodwill and certain tradenames in
its Home Meridian segment and goodwill in the Shenandoah division
of its Domestic Upholstery segment. “Our stock price was near a
six-year low at the impairment measurement date at the end of the
fiscal 2021 first quarter which was near the zenith of the COVID-19
crisis to that point. Our deflated quarter-end market valuation was
one of the primary inputs in the valuation analysis and the
analysis indicated these assets were impaired and it was
appropriate to write them down,” said Paul A. Huckfeldt, CFO.
“Unfortunately, we could not consider the 50% rebound in our share
price since quarter-end in the valuation, which contributed to the
magnitude of the charge,” he concluded.
Tables I – V of this release provide revised
condensed consolidated financial statements and selected reportable
segment data and reflect final fiscal 2021 first quarter results.
Additional information and financial disclosures are provided in
the Company’s quarterly report on Form 10-Q expected to be filed
with the SEC on July 27, 2020.
Final quarterly net income and net income per
basic share, including impairment charges, net of tax for the first
quarter of fiscal 2021 were as follows:
|
|
|
Thirteen Weeks Ended |
|
|
(unaudited) |
|
|
May 3, 2020 |
|
May 5, 2019 |
|
|
$ In thousands |
Per Share $ |
|
$ In thousands |
Per Share $ |
|
|
|
|
|
|
|
|
|
Preliminary
net (loss) income |
|
$ |
(1,077 |
) |
|
$ |
(0.09 |
) |
|
$ |
1,987 |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
Goodwill
impairment charges, net of tax |
|
|
(30,126 |
) |
|
|
(2.55 |
) |
|
|
- |
|
|
- |
Trade name impairment
charges, net of tax |
|
(3,616 |
) |
|
|
(0.31 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
Final net
(loss) income |
|
$ |
(34,819 |
) |
|
$ |
(2.95 |
) |
|
$ |
1,987 |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
Cash, Debt and Inventory
Despite disappointing operating results, the
Company generated $18.9 million in cash from operations, received
$673,000 life insurance proceeds and finished the quarter with
$51.2 million in cash and cash equivalents, an increase of $15.2
million compared to the balance at fiscal 2020 year-end. The
Company also paid $2.2 million in principal and interest on its
term loans and $1.9 million in cash dividends to its shareholders.
To address the financial impact of the COVID-19 pandemic, the
Company implemented measures to reduce operating expenses and
preserve cash. Additionally, the Company had access to $25.6
million in cash surrender value of Company-owned life insurance
policies. “Along with an aggregate $25.7 million available under
our existing revolver to fund working capital, we are confident in
our financial condition, and believe we have financial resources to
weather the continued expected short-to-mid-term impacts of
COVID-19,” said Paul Huckfeldt, CFO. The Company has $28.2 million
in acquisition-related debt. Consolidated inventories stood at
$82.1 million, compared to $92.8 million at the end of last year’s
fourth quarter on February 2, 2020. Due in large part to cash
conservation and cost reduction measures as well as changes in
working capital, cash has increased an additional $31 million to
$82 million since the end of the 2021 first quarter as of July 23,
2020.
Outlook
“The COVID-19 crisis drove the most significant
downturn in our business in over 50 years,” said Paul B. Toms Jr.,
chairman and chief executive officer. “However, the disruption has
not been as severe as we initially projected. Based on the
improvement in orders and retail sales we’ve seen since the end of
the fiscal 2021 first quarter, as stores and the economy continue
to reopen, we are cautiously optimistic that the worst is behind us
and that business will steadily improve through the summer and
fall. We believe the Company remains in exceptional financial
condition with a strong balance sheet and barring a second
nationwide or large-scale lock-down, we expect business to improve
each quarter as we go through the year,” he concluded.
After beginning the current fiscal year on an
upturn with an 8.3% year-over-year increase in consolidated
incoming orders in February, orders plummeted over 70%
year-over-year in March and approximately 65% in April, Toms said.
He added that cancellations of stock orders by large customers and
deferred orders from retailers who closed their stores during the
shutdown partially drove the steep declines. Orders declined
significantly during the first few weeks of May but then recovered
resulting in about a 5% overall reduction for the full month
compared to the prior year. Fiscal June and July orders have
continued this positive trend. “What we’ve seen
in June and thus far in July is that orders are actually at a
higher rate than a year ago,” Toms said. “We believe there are
several positive factors in play such as pent-up demand, more focus
on home environments and less competition for discretionary
consumer spending from travel, dining out, sporting events,
concerts and other activities.”
In addition, Hooker’s domestic upholstery
manufacturing facilities for Bradington-Young, Sam Moore and
Shenandoah began ramping up production in early May and “are
currently operating near capacity on a consolidated basis, which is
a significant increase over the fiscal 2021 first quarter, which
will improve efficiencies and cost absorption,” Toms said.
The Company’s ongoing strategy to sell through
multiple distribution channels “proved itself during the crisis,”
Toms said. While most traditional furniture retailers were closed
for two months, “Other channels such as e-commerce, mass merchants
and clubs flourished and provided a source of revenues,” Toms
concluded.
Hooker Furniture Corporation, in its 97th year
of business, is a designer, marketer and importer of casegoods
(wooden and metal furniture), leather furniture and
fabric-upholstered furniture for the residential, hospitality and
contract markets. The Company also domestically manufactures
premium residential custom leather and custom fabric-upholstered
furniture. It is ranked among the nation’s largest publicly traded
furniture sources, based on 2019 shipments to U.S. retailers,
according to a 2020 survey by a leading trade publication. 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, Sam Moore Furniture, a specialist in upscale
occasional chairs, settees, sofas and sectional seating with an
emphasis on cover-to-frame customization, 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 Furniture
divisions or brands. Home Meridian’s brands include Accentrics
Home, home furnishings centered around an eclectic mix of unique
pieces and materials that offer a fresh take on home fashion,
Pulaski Furniture, casegoods covering the complete design spectrum
in a wide range of bedroom, dining room, accent and display
cabinets at medium price points, Samuel Lawrence Furniture,
value-conscious offerings in bedroom, dining room, home office and
youth furnishings, Prime Resources, value-conscious imported
leather upholstered furniture, Samuel Lawrence Hospitality, a
designer and supplier of hotel furnishings and HMidea, a 2019
start-up that provides better-quality, ready-to-assemble furniture
to mass marketers and e-commerce customers. Hooker Furniture
Corporation’s corporate offices and upholstery manufacturing
facilities are located in Virginia and North Carolina, with
showrooms in High Point, N.C. and Ho Chi Minh City, Vietnam. The
company operates eight distribution centers in North Carolina,
Virginia, California and Vietnam. Please visit our websites
hookerfurniture.com, bradington-young.com, sammoore.com,
hcontractfurniture.com, homemeridian.com, pulaskifurniture.com,
accentricshome.com and slh-co.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) The effect and consequences of
the coronavirus (COVID-19) pandemic or future pandemics on a wide
range of matters including U.S. and local economies; our business
operations and continuity; the health and productivity of our
employees; the impact on our supply chain, the retail environment
and our customer base; the impairment of our intangible
assets as a result of adverse economic or other market conditions;
(2) general economic or business conditions, both domestically and
internationally, and instability in the financial and credit
markets, including their potential impact on our (i) sales and
operating costs and access to financing or (ii) customers and
suppliers and their ability to obtain financing or generate the
cash necessary to conduct their respective businesses; (3) 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, such as the current U.S. administration imposing a 25%
tariff on certain goods imported into the United States from China,
including almost all furniture and furniture components
manufactured in China, with the potential for additional or
increased tariffs in the future; (4) sourcing transitions away from
China, including the lack of adequate manufacturing capacity and
skilled labor and longer lead times, due to competition and
increased demand for resources in those countries; (5) risks
associated with our reliance on offshore sourcing and the cost of
imported goods, including fluctuation in the prices of purchased
finished goods, ocean freight costs and warehousing costs and the
risk that a disruption in our offshore suppliers could adversely
affect our ability to timely fill customer orders; (6) 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; (7) disruptions involving our vendors or the
transportation and handling industries, particularly those
affecting imported products from Vietnam and China, including
customs issues, labor stoppages, strikes or slowdowns and the
availability of shipping containers and cargo ships; (8)
difficulties in forecasting demand for our imported products; (9)
risks associated with product defects, including higher than
expected costs associated with product quality and safety, and
regulatory compliance costs related to the sale of consumer
products and costs related to defective or non-compliant products,
including product liability claims and costs to recall defective
products; (10) disruptions and damage (including due to weather)
affecting our Virginia, North Carolina or California warehouses,
our Virginia or North Carolina administrative facilities or our
representative offices or warehouses in Vietnam and China; (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 specifically related to the concentrations of
a material part of our sales and accounts receivable in only a few
customers; (13) our inability to collect amounts owed to us or
significant delays in collecting such amounts; (14) 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 or inadequate levels of cyber-insurance or risks not
covered by cyber insurance; (15) achieving and managing growth and
change, and the risks associated with new business lines,
acquisitions, restructurings, strategic alliances and international
operations; (16) higher than expected employee medical and workers’
compensation costs that may increase the cost of our
high-deductible healthcare and workers compensation plans; (17)
product liability claims; (18) risks related to our other
defined benefit plans; (19) the possible impairment of our
long-lived assets, which can result in reduced earnings and net
worth; (20) capital requirements and costs, including the servicing
of our floating-rate term loans; (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) 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; (25) price competition in the furniture industry; (26)
competition from non-traditional outlets, such as internet and
catalog retailers; (27) changes in consumer preferences, including
increased demand for lower-quality, lower-priced furniture due to,
among other things, fluctuating consumer confidence, amounts of
discretionary income available for furniture purchases and the
availability of consumer credit; and (28) 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
February 2, 2020. 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
FURNITURE CORPORATION AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands,
except per share data) |
(Unaudited) |
|
|
|
|
Thirteen
Weeks Ended |
|
|
|
|
May
3, |
|
May 5, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
Net sales |
|
|
$ |
104,597 |
|
|
$ |
135,518 |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
|
85,944 |
|
|
|
110,001 |
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
18,653 |
|
|
|
25,517 |
|
|
|
|
|
|
|
|
Selling and administrative expenses |
|
|
|
19,177 |
|
|
|
22,016 |
|
Goodwill impairment charges |
|
|
|
39,568 |
|
|
|
- |
|
Trade name impairment charges |
|
|
|
4,750 |
|
|
|
- |
|
Intangible asset amortization |
|
|
|
596 |
|
|
|
596 |
|
|
|
|
|
|
|
|
Operating (loss)/income |
|
|
|
(45,438 |
) |
|
|
2,905 |
|
|
|
|
|
|
|
|
Other expense, net |
|
|
|
(42 |
) |
|
|
(62 |
) |
Interest expense, net |
|
|
|
208 |
|
|
|
341 |
|
|
|
|
|
|
|
|
(Loss)/income before income taxes |
|
|
(45,688 |
) |
|
|
2,502 |
|
|
|
|
|
|
|
|
Income tax (benefit)/expense |
|
|
|
(10,869 |
) |
|
|
515 |
|
|
|
|
|
|
|
|
Net (loss)/income |
|
|
$ |
(34,819 |
) |
|
$ |
1,987 |
|
|
|
|
|
|
|
|
(Loss)/earnings per share: |
|
|
|
|
|
Basic |
|
|
$ |
(2.95 |
) |
|
$ |
0.17 |
|
Diluted |
|
|
$ |
(2.95 |
) |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
Basic |
|
|
|
11,798 |
|
|
|
11,769 |
|
Diluted |
|
|
|
11,798 |
|
|
|
11,805 |
|
|
|
|
|
|
|
|
Cash dividends declared per share |
|
|
$ |
0.16 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
Table
II |
HOOKER
FURNITURE CORPORATION AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME |
(In
thousands) |
(Unaudited) |
|
|
|
Thirteen
Weeks Ended |
|
|
|
|
May
3, |
|
May 5, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Net
(Loss)/Income |
|
|
$ |
(34,819 |
) |
|
$ |
1,987 |
|
|
Other
comprehensive income (loss): |
|
|
|
|
|
|
Amortization of actuarial (loss) gain |
|
|
|
84 |
|
|
|
37 |
|
|
Income tax effect on amortization |
|
|
|
(20 |
) |
|
|
(9 |
) |
|
Adjustments to net periodic benefit cost |
|
|
|
64 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
Total
Comprehensive (Loss)/ Income |
|
|
$ |
(34,755 |
) |
|
$ |
2,015 |
|
|
|
|
|
|
|
|
|
|
|
Table
III |
|
HOOKER
FURNITURE CORPORATION AND SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
(In thousands) |
|
|
|
|
|
|
|
As
of |
|
May 3, |
|
February 2, |
|
|
|
|
2020 |
|
|
|
2020 |
|
|
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
51,240 |
|
|
$ |
36,031 |
|
|
Trade
accounts receivable, net |
|
|
63,852 |
|
|
|
87,653 |
|
|
Inventories |
|
|
82,050 |
|
|
|
92,813 |
|
|
Income tax recoverable |
|
|
1,618 |
|
|
|
751 |
|
|
Prepaid expenses and other current assets |
|
|
5,545 |
|
|
|
4,719 |
|
|
Total current assets |
|
|
204,305 |
|
|
|
221,967 |
|
|
Property,
plant and equipment, net |
|
|
29,256 |
|
|
|
29,907 |
|
|
Cash
surrender value of life insurance policies |
|
|
25,603 |
|
|
|
24,888 |
|
|
Deferred
taxes |
|
|
12,905 |
|
|
|
2,880 |
|
|
Operating
leases right-of-use assets |
|
|
37,786 |
|
|
|
39,512 |
|
|
Intangible
assets, net |
|
|
28,025 |
|
|
|
33,371 |
|
|
Goodwill |
|
|
490 |
|
|
|
40,058 |
|
|
Other
assets |
|
|
1,112 |
|
|
|
1,125 |
|
|
Total non-current assets |
|
|
135,177 |
|
|
|
171,741 |
|
|
Total assets |
|
$ |
339,482 |
|
|
$ |
393,708 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Current portion of term loans |
|
$ |
28,170 |
|
|
$ |
5,834 |
|
|
Trade
accounts payable |
|
|
13,396 |
|
|
|
25,493 |
|
|
Accrued salaries, wages and benefits |
|
|
3,271 |
|
|
|
4,933 |
|
|
Customer deposits |
|
|
4,024 |
|
|
|
3,351 |
|
|
Current portion of lease liabilities |
|
|
6,162 |
|
|
|
6,307 |
|
|
Other
accrued expenses |
|
|
2,490 |
|
|
|
4,211 |
|
|
Total current liabilities |
|
|
57,513 |
|
|
|
50,129 |
|
|
Long term
debt |
|
|
- |
|
|
|
24,282 |
|
|
Deferred
compensation |
|
|
11,310 |
|
|
|
11,382 |
|
|
Lease
liabilities |
|
|
32,581 |
|
|
|
33,794 |
|
|
Total
long-term liabilities |
|
|
43,891 |
|
|
|
69,458 |
|
|
Total liabilities |
|
|
101,404 |
|
|
|
119,587 |
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
Common stock, no par value,
20,000 shares authorized,
11,871 and 11,838 shares issued and outstanding on
each date |
|
52,187 |
|
|
|
51,582 |
|
|
Retained earnings |
|
|
186,540 |
|
|
|
223,252 |
|
|
Accumulated other comprehensive loss |
|
|
(649 |
) |
|
|
(713 |
) |
|
Total shareholders’ equity |
|
|
238,078 |
|
|
|
274,121 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
339,482 |
|
|
$ |
393,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
IV |
|
HOOKER
FURNITURE CORPORATION AND SUBSIDIARIES |
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
(In thousands) |
|
(Unaudited) |
|
|
Thirteen
Weeks Ended |
|
|
|
May
3, |
|
May 5, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Operating Activities: |
|
|
|
|
|
Net
(loss)/income |
$ |
(34,819 |
) |
|
$ |
1,987 |
|
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
Goodwill and intangible asset impairment charges |
|
44,318 |
|
|
|
- |
|
|
|
Depreciation and amortization |
|
1,685 |
|
|
|
1,716 |
|
|
|
Gain on disposal of assets |
|
- |
|
|
|
(274 |
) |
|
|
Deferred income tax expense |
|
(10,045 |
) |
|
|
2,344 |
|
|
|
Non-cash restricted stock and performance awards |
|
605 |
|
|
|
463 |
|
|
|
(Benefit from)/provision for doubtful accounts and sales
allowances |
|
(328 |
) |
|
|
862 |
|
|
|
Gain on life insurance policies |
|
(571 |
) |
|
|
(555 |
) |
|
|
Changes in assets and liabilities |
|
|
|
|
|
Trade accounts receivable |
|
24,129 |
|
|
|
33,451 |
|
|
|
Inventories |
|
10,763 |
|
|
|
(5,561 |
) |
|
|
Income tax recoverable |
|
(867 |
) |
|
|
- |
|
|
|
Prepaid expenses and other current assets |
|
(1,468 |
) |
|
|
(3,186 |
) |
|
|
Trade accounts payable |
|
(12,149 |
) |
|
|
(8,165 |
) |
|
|
Accrued salaries, wages and benefits |
|
(1,661 |
) |
|
|
(3,266 |
) |
|
|
Accrued income taxes |
|
- |
|
|
|
(1,867 |
) |
|
|
Customer deposits |
|
673 |
|
|
|
3,117 |
|
|
|
Operating lease liabilities |
|
367 |
|
|
|
(167 |
) |
|
|
Other accrued expenses |
|
(1,720 |
) |
|
|
(664 |
) |
|
|
Deferred compensation |
|
12 |
|
|
|
51 |
|
|
|
Net cash provided by operating activities |
|
18,924 |
|
|
|
20,286 |
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
Purchases of property, plant and equipment |
|
(380 |
) |
|
|
(1,527 |
) |
|
|
Proceeds received on notes receivable |
|
- |
|
|
|
1,449 |
|
|
|
Proceeds received on life insurance policies |
|
673 |
|
|
|
- |
|
|
|
Premiums paid on life insurance policies |
|
(162 |
) |
|
|
(157 |
) |
|
|
Net cash provided by/(used in) investing activities |
|
131 |
|
|
|
(235 |
) |
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
Payments for long-term debt |
|
(1,952 |
) |
|
|
(1,464 |
) |
|
|
Cash dividends paid |
|
(1,894 |
) |
|
|
(1,768 |
) |
|
|
Cash used in financing activities |
|
(3,846 |
) |
|
|
(3,232 |
) |
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
15,209 |
|
|
|
16,819 |
|
|
|
Cash
and cash equivalents at the beginning of year |
|
36,031 |
|
|
|
11,435 |
|
|
|
Cash
and cash equivalents at the end of year |
$ |
51,240 |
|
|
$ |
28,254 |
|
|
|
|
|
|
|
|
|
Supplemental
schedule of cash flow information: |
|
|
|
|
|
Interest
paid, net |
$ |
240 |
|
|
$ |
329 |
|
|
|
Income taxes
paid, net |
|
43 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
Supplemental
schedule of noncash investing activities: |
|
|
|
|
|
Increase in
property and equipment through accrued purchases |
$ |
51 |
|
|
$ |
743 |
|
|
|
Decrease in
lease liabilities arising from obtaining right-of-use assets |
|
(3 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
V |
HOOKER
FURNITURE CORPORATION AND SUBSIDIARIES |
NET SALES AND
OPERATING (LOSS) INCOME BY SEGMENT |
(In
thousands) |
Unaudited |
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended |
|
|
|
May
3, |
|
May 5, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
%
Net |
|
% Net |
|
Net
Sales |
|
|
Sales |
|
Sales |
|
Hooker Branded |
|
$ |
27,162 |
|
26.0% |
$ |
39,600 |
|
29.2% |
|
Home
Meridian |
|
|
57,665 |
|
55.1% |
|
67,630 |
|
49.9% |
|
Domestic Upholstery |
|
|
16,783 |
|
16.0% |
|
25,324 |
|
18.7% |
|
All
Other |
|
|
2,987 |
|
2.9% |
|
2,964 |
|
2.2% |
|
Consolidated |
|
$ |
104,597 |
|
100.0% |
$ |
135,518 |
|
100% |
|
|
|
|
|
|
|
|
Operating (loss)/income |
|
|
|
|
|
|
Hooker Branded |
|
$ |
1,333 |
|
4.9% |
$ |
5,177 |
|
13.1% |
|
Home
Meridian |
|
|
(30,348 |
) |
-52.6% |
|
(4,993 |
) |
-7.4% |
|
Domestic Upholstery |
|
|
(16,810 |
) |
-100.2% |
|
2,292 |
|
9.1% |
|
All
Other |
|
|
387 |
|
12.9% |
|
429 |
|
14.5% |
|
Consolidated |
|
$ |
(45,438 |
) |
-43.4% |
$ |
2,905 |
|
2.1% |
|
|
|
|
|
|
|
|
Prior-Year amounts have been restated to reflect a change in the
Company’s reportable segments.
For more information, contact:Paul B.
Toms Jr.Chairman and Chief Executive
OfficerPhone: (276) 632-2133,
orPaul A. Huckfeldt, Senior Vice President,
Finance & Accounting & Chief Financial
OfficerPhone: (276) 666-3949
Hooker Furnishings (NASDAQ:HOFT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hooker Furnishings (NASDAQ:HOFT)
Historical Stock Chart
From Apr 2023 to Apr 2024