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Jul 31, 2022
Hooker Furnishings Q2 2023 Earnings Report
Hooker Furnishings reported a decrease in net sales and net income compared to the prior year period, but experienced growth in the Hooker Branded and Domestic Upholstery segments.
Key Takeaways
Hooker Furnishings reported consolidated net sales of $152.9 million for its fiscal 2023 second quarter, a 5.9% decrease compared to the previous year. Net income was $5.5 million, or $0.46 per diluted share, down from $7.5 million, or $0.62 per diluted share in the prior year period. The company saw sales increases in two of its three segments and anticipates growth in all three segments in the second half of the year.
Consolidated net sales decreased by 5.9% to $152.9 million compared to the prior year.
Consolidated net income decreased to $5.5 million, or $0.46 per diluted share, from $7.5 million, or $0.62 per diluted share in the prior year.
Hooker Branded segment net sales increased by 5.8% due to increased inventory receipts and order fulfillment.
Domestic Upholstery segment achieved a 62% increase in net revenues, driven by organic sales growth and the addition of Sunset West's results.
Revenue by Segment
Forward Guidance
Hooker Furnishings is closely monitoring economic disrupters but sees reasons for optimism, anticipating a strong second half of the year with increased sales in all three segments.
Positive Outlook
- The U.S. enjoys strong levels of employment.
- Household incomes are rising.
- Consumer spending shows continuing strength.
- Another sizeable generation enters into their prime furniture purchasing years.
- Strategic initiatives are expected to buoy organic growth.
Challenges Ahead
- Economic disrupters like inflation are being closely monitored.
- Rising interest rates are a concern.
- A slowing housing market is being monitored.
- Incoming orders are down.
- Reduction of incoming orders from retailers is a result of right-sizing their inventories.
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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