Hooker Furnishings Q3 Earnings Top Estimates

Hooker Furnishings Corp HOFT reported third-quarter FY23 sales growth of 13.6% year-on-year to $151.58 million, beating the consensus of $144.62 million.
Net sales from Hooker Branded segment decreased by 2.4% Y/Y, Home Meridian climbed 9.4%, and Domestic Upholstery gained 48.2%.
The gross profit jumped 60% Y/Y to $32 million, and the margin expanded over 600 basis points to 21.1%.
The operating margin was 4.2%, and operating income for the quarter was $6.4 million.
The company held $6.5 million in cash and equivalents as of October 30, 2022. Inventories at Q3 end stood at $133.9 million.
EPS of $0.42 beat the analyst consensus of $0.39.
On December 5, 2022, the company's Board of Directors declared a quarterly cash dividend of $0.22 per share, payable on December 30, 2022, to shareholders of record on December 16, 2022. This represents a 10% increase over the previous quarterly dividend.
Price Action: HOFT shares traded higher by 1.38% at $17.60 in premarket on the last check Thursday.

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