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Aug 01, 2021
Hooker Furnishings Q2 2022 Earnings Report
Hooker Furnishings reported double-digit sales and income gains.
Key Takeaways
Hooker Furnishings reported a strong second quarter with double-digit increases in sales and profitability. Consolidated net sales increased by 25% to $162.5 million, and net income rose by 29% to $7.5 million, or $0.62 per diluted share. The company experienced growth across all three reportable segments, driven by strong consumer and retail demand.
Consolidated net sales increased by 25% year-over-year to $162.5 million.
Net income for the second quarter increased by 29% to $7.5 million, or $0.62 per diluted share.
All three reportable segments posted year-over-year sales gains of more than 20%.
Consolidated backlogs nearly doubled, and incoming orders were up 27% over last year for the six-month period.
Revenue by Segment
Forward Guidance
Hooker Furnishings anticipates that supply chain and logistics challenges, particularly those stemming from Covid-related factory shutdowns in Vietnam and Malaysia, will adversely affect net sales and income in the second half of the fiscal year, especially within the Home Meridian segment. The company believes its strong balance sheet and variable cost business model will allow it to weather these challenges and take advantage of healthy consumer demand.
Positive Outlook
- Strong balance sheet
- Variable cost business model
- Healthy consumer demand environment
- Long-term positive economic indicators
- Positive demographic trends for home-related industries
Challenges Ahead
- Supply chain challenges
- Logistics challenges
- Covid-related factory shutdowns in Vietnam
- Covid-related factory shutdowns in Malaysia
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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