Hooker Furnishings Clocks 5.9% Revenue Decline In Q2

Hooker Furnishings Corp HOFT reported a second-quarter FY23 sales decline of 5.9% year-on-year to $152.91 million, missing the consensus of $159.09 million.
Net sales from Hooker Branded segment increased by 5.8% Y/Y, Home Meridian declined 32.4%, and Domestic Upholstery gained 62%.
The gross profit fell 2.1% Y/Y to $31.1 million, and the margin expanded 80 basis points to 20.3%.
The operating margin was 4.8%, and operating income for the quarter declined 24.5% to $7.3 million.
The company held $11.7 million in cash and equivalents as of July 31, 2022. Inventories at Q2 end stood at $131.1 million.
EPS of $0.46 beat the analyst consensus of $0.44.
"Strong backlogs, full production capacity, and optimum inventory levels position us to grow sales across all three segments as the second half progresses," said CEO Jeremy Hoff.
The company's quarterly cash dividend of $0.20 per share is payable on September 30, 2022, to shareholders of record on September 19, 2022.
Price Action: HOFT shares are trading lower by 0.06% at $15.39 in premarket on the last check Thursday.
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