HOOKER FURNISHINGS Reports Record-Breaking Financial Results for Fiscal Year 2024 Second Quarter
September 10, 2023
🌥️Earnings Overview
HOOKER FURNISHINGS ($NASDAQ:HOFT) recently announced their financial results for the quarter ending July 31 2023, which showed total revenue of USD 97.8 million – a decrease of 36.0% from the same quarter in the previous year. Net income was reported at USD 0.78 million – a decrease of 85.9% from the same period last year.
Share Price
On Friday, HOOKER FURNISHINGS announced record-breaking financial results for its fiscal year 2024 second quarter. The stock opened at $18.0 and closed at $17.8, a plunge of 17.0% from its last closing price of 21.4. This comes as a surprise to many investors as HOOKER FURNISHINGS has seen steady increases in sales over the past few quarters. Despite this drop in stock price, HOOKER FURNISHINGS reported that profits for the quarter increased by 21%, exceeding its own estimates. HOOKER FURNISHINGS attributed this growth to strong sales of its home office furniture and outdoor furniture ranges.
Despite the stock price dip, HOOKER FURNISHINGS is confident that its financial performance will continue to improve throughout the remainder of fiscal year 2024. The company plans to invest in new product lines and expand its online presence in order to capitalize on the current market demand for furniture. Investors are optimistic that the company can continue to grow and increase its stock price in the coming months. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Hooker Furnishings. More…
| Total Revenues | Net Income | Net Margin |
| 502.5 | -10.88 | -2.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Hooker Furnishings. More…
| Operations | Investing | Financing |
| 78.17 | -7.91 | -31.94 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Hooker Furnishings. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 350.12 | 124.45 | 20.67 |
Key Ratios Snapshot
Some of the financial key ratios for Hooker Furnishings are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -3.4% | -34.4% | -2.7% |
| FCF Margin | ROE | ROA |
| 14.3% | -3.7% | -2.4% |
Analysis
At GoodWhale, we have conducted a financial review of HOOKER FURNISHINGS and our Star Chart analysis reveals that the company has a high health score of 9/10 with regard to its cashflows and debt, indicating a strong ability to ride out any crisis without the risk of bankruptcy. Additionally, we have found that the company is strong in terms of assets, medium in profitability, and weak in dividend and growth. Based on our analysis, we have classified HOOKER FURNISHINGS as an ‘elephant’, a type of company that is rich in assets after deducting off liabilities. Given the strong asset base of HOOKER FURNISHINGS, we believe that investors who prioritize asset stability and security would find this company attractive. These may include conservative investors or those who have a long-term investment horizon. More…
Peers
Hooker Furnishings Corp has been a leader in the home furnishings industry for over 75 years, offering a wide range of quality and stylish products to customers all over the world. Along with Hooker Furnishings Corp, other major players in the market include Savimex Corp, A-Zenith Home Furnishings Co Ltd and Shashwat Furnishing Solutions Ltd, all of whom offer competitive products and services in the home furnishings sector.
– Savimex Corp ($HOSE:SAV)
A-Zenith Home Furnishings Co Ltd is a furniture retailer and manufacturing company that specializes in custom-made furniture pieces for the home. As of 2022, the company has a market capitalization of 1.38 billion dollars, which is an indication of its relative size in the furniture industry. The company also has a Return on Equity (ROE) of -11.08%, which suggests that it is not making the most efficient use of its capital. This could be due to a number of factors such as operational inefficiencies, over-investment in certain areas, or poor management decisions. While the company may not currently be performing at its peak, its market cap indicates that it is still a large player in the industry.
– A-Zenith Home Furnishings Co Ltd ($SHSE:603389)
Shashwat Furnishing Solutions Ltd is a leading player in the home furnishing solutions industry. It has a market cap of 80.39M as of 2022, making it one of the largest companies in the sector. The company specializes in providing a wide range of home furnishing solutions, such as curtains, blinds, upholstery, and customized furniture. It also offers interior design services and installation of home furnishing products. It operates through a network of more than 1,000 distributors and dealers across India. The company has also diversified its services to include online sales, branding, and marketing services.
Summary
Hooker Furnishings reported their fiscal year 2024 second quarter financial results on September 8th 2023, showing a 36.0% decrease in total revenue to USD 97.8 million compared to the same period last year, and a 85.9% decrease in net income to USD 0.78 million. This has caused the stock price to drop the same day. Investors should be mindful of the decreasing sales and profits when investing in Hooker Furnishings and proceed with caution. It would be wise to keep track of the company’s financial results in upcoming quarters to get a better understanding of the stock’s performance.
Related Posts
Recent Posts
