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Jan 30, 2022
Hooker Furnishings Q4 2022 Earnings Report
Reported a decrease in sales and net loss for the fourth quarter of fiscal year 2022, impacted by Asian factory shutdowns and rising costs.
Key Takeaways
Hooker Furnishings reported a 13.2% decrease in consolidated sales for the fourth quarter, resulting in a net loss of $4.0 million. The decline was primarily driven by lower sales in the Home Meridian and Hooker Branded segments, offset slightly by growth in Domestic Upholstery. Asian factory shutdowns and rising costs contributed to the negative results.
Consolidated sales decreased by 13.2% in the fourth quarter to $134.8 million.
Net loss for the fourth quarter was $4.0 million, or ($0.33) per diluted share.
Home Meridian segment sales decreased by 23.7%, while Hooker Branded sales declined by 11.8%.
Domestic Upholstery segment sales increased by 13.5%.
Revenue by Segment
Forward Guidance
The company anticipates improved production capacity from Asian suppliers but remains concerned about global logistics constraints and economic headwinds impacting consumer demand. Long-term trends are expected to be beneficial, and the acquisition of Sunset West is expected to drive faster growth.
Positive Outlook
- Incoming orders and backlogs continue to be strong in most divisions.
- Asian suppliers' production capacity is expected to improve significantly.
- Long-term trends are expected to be beneficial, such as demand for housing.
- The company is encouraged by the recent Spring High Point market attendance and reception of new products.
- The acquisition of Sunset West is expected to drive faster growth.
Challenges Ahead
- Ongoing global logistics constraints could impact short-term demand.
- Economic headwinds affecting the consumer, such as inflation and high gas prices, could impact short-term demand.
- The war in Ukraine could impact short-term demand.
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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