Hooker Furnishings Q2 2021 Earnings Report
Key Takeaways
Hooker Furniture Corporation reported consolidated net sales of $130.5 million and net income of $5.8 million, or $0.48 per diluted share, for its fiscal 2021 second quarter ended August 2, 2020. Net sales decreased by 14.3%, or $21.7 million, compared to the prior year period, while net income increased 38.8%, or $1.6 million. Earnings per diluted share for the quarter increased 37.1% from $0.35 a year ago.
Consolidated net sales were $130.5 million, a decrease of 14.3% compared to the prior year period.
Net income increased 38.8% to $5.8 million, or $0.48 per diluted share.
Incoming orders for July were up 34% compared to the previous year, and backlogs increased by 35%.
The company believes furniture is an advantaged sector due to pent-up demand, a robust housing market, and less competition from other discretionary spending.
Hooker Furnishings
Hooker Furnishings
Hooker Furnishings Revenue by Segment
Forward Guidance
Hooker Furnishings enters the fall with optimism, citing a robust housing market, strong demand, and increased order backlogs.
Positive Outlook
- Robust housing market.
- Strong demand since mid-May.
- Order backlogs up 35% at the end of the second quarter.
- Improved efficiencies and effectiveness in business.
- Focusing efforts and resources on key business drivers.
Challenges Ahead
- Concerns about the human and economic toll of COVID-19.
- Possibility of additional surges of the virus that may delay re-openings.
- Potential adverse effects in certain regions or states.
- Uncertain future due to the pandemic.
- Possible material and adverse effect on sales, earnings and liquidity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income