Hooker Furniture (HOFT) Tops Q4 EPS by 29c
Hooker Furniture (NASDAQ: HOFT) reported Q4 EPS of $0.95, $0.29 better than the analyst estimate of $0.66. Revenue for the quarter came in at $173.9 million versus the consensus estimate of $156.31 million.
For the fiscal 2017 fourth quarter, consolidated net sales increased 187.2% to $173.9 million, compared to $60.6 million for last year’s fourth quarter. Consolidated net income for the fourth quarter increased from fiscal 2016 by 165% to $11.0 million, or $0.95 per diluted share.
“We experienced a distinct uptick at retail late in the fall, after the uncertainty of the election was past. Consumers seem to have moved off the sidelines and are more willing to commit to larger-ticket purchases. The macroeconomic environment, which we believe is a strong indicator for furniture sales, is generally positive. Sales of existing and new homes are trending positively, and new home construction is robust. Stock market gains have kept consumer confidence at generally high levels, wages are trending up, employment levels are solid and consumer spending is solid. Based on the improvements we’ve seen in our business over the last two quarters, we are fairly bullish about the foreseeable future,” said Toms.
For earnings history and earnings-related data on Hooker Furniture (HOFT) click here.