Hooker Furniture (HOFT) Tops Q2 EPS by 6c, Beats on Revenues

September 7, 2017 8:22 AM

Hooker Furniture (NASDAQ: HOFT) reported Q2 EPS of $0.67, $0.06 better than the analyst estimate of $0.61. Revenue for the quarter came in at $156.3 million versus the consensus estimate of $148.56 million.

Outlook

“Given strong incoming orders and increased backlogs across all segments, we are encouraged about our momentum going into the fall season,” Toms said. “We do have some concern about reports of slower retail business, experienced across most channels recently, as well as lower housing starts. However, the positives outweigh the negatives, with a generally positive macro environment with a healthy stock market and strong employment and consumer confidence at historically high levels. Our expectation for the fall selling season and the balance of the year is optimistic.”

Also, in a separate announcement earlier today, the Company announced that it had reached a definitive agreement to acquire North Carolina-based Shenandoah Furniture, an upscale domestic upholstery manufacturer, for $40 million dollars. The $40 million purchase price consists of $32 million in cash, of which approximately $12 million is expected to be in the form of additional bank debt, along with $8 million in newly-issued Hooker Furniture Corporation common shares. The Company expects the acquisition to close during its fiscal 2018 third quarter which ends October 29, 2017, subject to among other things, third party consents and other customary closing conditions.

For earnings history and earnings-related data on Hooker Furniture (HOFT) click here.

Categories

Earnings Guidance

Next Articles