Hooker Furniture (HOFT) Misses Q3 EPS by 70c, provides outlook

Hooker Furniture (NASDAQ: HOFT) reported Q3 EPS of ($0.39), $0.70 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $104.35 million versus the consensus estimate of $101.59 million.

Outlook

“Over the last few months, the key economic indicators that impact furniture sales have been trending positively,” said Hoff.

Namely:

Interest rates, which drive home mortgage rates, were cut by the Federal Reserve in September and November.
Since summer, inflation has been cooling to levels closer to the Federal Reserve’s 2% target: at 2.9% in July, 2.5% in August, 2.4% in September and 2.6% in October.
In November, a leading real estate industry group stated its belief that the worst of the housing inventory shortage is ending and forecast an approximate 10% increase in home sales for 2025, with mortgage rates stabilizing around 6%.
Consumer sentiment rose in November to 71.8, its highest level since April, and the stock market continues near all-time highs.

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

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