Hooker Furniture (HOFT) Reports Q4 EPS of $0.71

Hooker Furniture (NASDAQ: HOFT) reported Q4 EPS of $0.71, versus $0.59 reported last year. Revenue for the quarter came in at $155.3 million, versus $164.89 million reported last year.

Outlook:

“Hooker Furniture Corporation is entering FY22 with confidence and a positive outlook for our Company and our industry,” said Hoff. “Demand is strong, and we are experiencing significantly increased order rates so far in FY 22 compared to last year this time."

“Maximizing these high levels of demand and backlogs will be our operational priority in the near term, as we also work to continue the momentum of improved profitability during the last two quarters."

“Moving forward, we are confronted with what we believe to be temporary headwinds such as global manufacturing capacities, raw material shortages and the cost and availability of shipping containers. Additionally, the recent power grid outage in Texas caused by severe weather negatively impacted the oil industry which produces the by-products used in the fabrication of foam. Consequently, we’re experiencing shortages of upholstery foam. We expect the foam issue to be a short to mid-term problem. The status of the global logistics constraints is uncertain, but we know that ports and freight lines all over the world are working tirelessly to overcome these bottlenecks. To help manage the backlog, our supply chain and sales teams are working to communicate with customers regarding delivery expectations,” Hoff said.

“While competition for the consumers’ discretionary spending such as travel, restaurants and entertainment will increase as COVID vaccinations roll out, we see sustainable positive market conditions for home furnishings, driven by the robust housing market, favorable demographics and a positive economic outlook."

“While we are optimistic about the economic and industry environment, we are even more bullish on our team’s ability to execute our strategies to grow profitably in each of our 12 divisions and to adapt successfully to unexpected challenges,” Hoff said.

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

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