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May 03, 2020
Hooker Furnishings Q1 2021 Earnings Report
Reported preliminary financial results for the first quarter of fiscal year 2021 during the COVID-19 crisis.
Key Takeaways
Hooker Furniture reported a decrease in net sales by 22.8% to $104.6 million and a net loss of $1.1 million, or $0.09 per share, for the first quarter of fiscal year 2021, impacted by the COVID-19 pandemic and related economic shutdown.
COVID-19 had a material impact on financial performance, leading to a double-digit sales decline and operating and net income losses.
The company experienced a significant downturn in business due to the pandemic, economic shutdown, and stay-at-home orders.
Incoming orders plummeted in March and April, but recovered in May and June.
The company implemented mitigation measures such as furloughing employees, temporarily closing manufacturing facilities, and reducing salaries to preserve cash.
Hooker Furnishings
Hooker Furnishings
Hooker Furnishings Revenue by Segment
Revenue by Segment
Hooker Branded Revenue
CapyFin.comHome Meridian Revenue
CapyFin.comDomestic Upholstery Revenue
CapyFin.comAll Other Revenue
CapyFin.com Forward Guidance
Hooker Furniture anticipates the second quarter to be significantly better than the first, with business expected to improve each quarter throughout the year, barring a second wave of infections.
Positive Outlook
- Business is improving and the company is in a better position than expected two months ago.
- Strong balance sheet and exceptional financial condition.
- Adaptability and resilience of employees.
- Anticipate second quarter to be significantly better than the first.
- Expect business each quarter to improve as the year progresses.
Challenges Ahead
- Limited visibility of how the economic and health crisis may fluctuate.
- Significant levels of unemployment remain a headwind.
- Potential for a second wave of infections.
- Headwinds of significant levels of unemployment
- Limited visibility of how the economic and health crisis may fluctuate
Revenue & Expenses
Visualization of income flow from segment revenue to net income