Hooker Furniture (HOFT) Reports Q1 EPS of $0.78

Hooker Furniture (NASDAQ: HOFT) reported Q1 EPS of $0.78, versus ($2.95) reported last year. Revenue for the quarter came in at $162.9 million, versus $104.6 million reported last year.

Outlook:

“Our consolidated orders and backlogs are more than double historical norms as we head into the summer months,” said Hoff. “Given this strong position, we’re cautiously optimistic, considering the industry-wide supply chain, logistics and raw materials shortages and inflation. We believe we have mitigated these dynamics as much as possible through surcharges and price increases, yet these supply-side factors are unpredictable and often involve unexpected changes occurring almost daily.”

“Several macroeconomic factors provide a nice runway for growth such as the ongoing strong housing market and favorable demographics with the massive Millennial generation becoming highly engaged in household formation and home furnishing purchases. On the negative side, we expect increased competition for the consumers’ discretionary income from industries such as travel, apparel and in-person events as the COVID-19 vaccinations continue to roll out,” said Hoff.

“While we expect the extraordinary levels of demand for home furnishings to diminish somewhat, we also expect that demand for home furnishings will settle into a higher level of demand than pre-pandemic. Consumers aren’t going to fall out of love with their homes, and we are positioned to help them enhance their homes with comfortable, stylish and quality home furnishings. We believe our company is strongly positioned to win in this environment,” Hoff concluded.

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

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