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Hooker Furnishings Corp (NASDAQ:HOFT) shares are trading lower by over 13% after the company reported worse-than-expected results.
The company reported a Q2 FY24 sales decline of 36% Y/Y to $97.8 million, missing the consensus of $134.75 million.
Revenue was impacted by lower demand for home furnishings and the company's planned divestiture of unprofitable operations in the Home Meridian segment.
Net sales from the Hooker Branded segment decreased by 34.3% Y/Y, Home Meridian declined by 51% Y/Y, and Domestic Upholstery fell by 19.4% Y/Y.
Operating income stood at $1.3 million vs. $7.3 million a year ago.
EPS of $0.07 missed the analyst consensus of $0.26.
Operating cash flow came in at $51 million in the quarter. The company held $50 million in cash and equivalents as of July 30, 2023.
Inventory levels decreased by $35 million from the year-end and $70 million from this time a year ago.
Dividend: The company's Board of Directors declared a quarterly cash dividend of $0.22 per share, payable on September 29, 2023, to shareholders of record as of September 18, 2023.
In Q2, the company acquired BOBO Intriguing Objects, which broadened its product diversity into new furnishings categories of lighting, wall art, textiles, and decor.
Outlook: HOFT expects demand & business to pick up in H2 FY24, sees orders trending in each segment, and expects Home Meridian to achieve sustainable profitability.
Price Action: HOFT shares are trading lower by 13.08% at $18.60 premarket on the last check Friday.
Posted In: HOFT
