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MARTINSVILLE, Va. -On Thursday, Hooker Furniture Corporation (NASDAQ:HOFT) reported mixed fourth quarter results, with revenue beating expectations but earnings falling short.
The company’s shares were down -1.45% in premarket trading following the release.
The furniture maker posted a net loss of $2.3 million, or ($0.22) per share, for the quarter ended February 2, 2025, compared to net income of $593,000, or $0.06 per share, in the same period last year. The result missed analyst estimates of $0.16 per share.
Revenue rose 8% year-over-year to $104.5 million, surpassing the consensus forecast of $101.25 million. The company said the additional week in the current quarter contributed approximately $7.7 million to consolidated net sales.
"Excluding charges, our financial performance improved sequentially each quarter throughout the year," said Jeremy R. Hoff, Chief Executive Officer. "Even considering the extra week, Hooker Branded and Home Meridian sales increased."
The company recorded $3.1 million in charges during the quarter, including inventory write-downs, tradename impairment, and bad debt expense related to a customer bankruptcy.
For the full fiscal year 2025, Hooker Furniture reported a net loss of $12.5 million, or ($1.19) per share, on revenue of $397.5 million. This compared to net income of $9.9 million, or $0.91 per share, on revenue of $433.2 million in fiscal 2024.
Looking ahead, the company expects to realize $18-$20 million in annualized cost savings by fiscal 2027 through various initiatives, including the planned exit of its Savannah warehouse.
"While the current environment is challenging, we believe we have positioned the company to continue gaining market share and maximizing revenues through our merchandising efforts, speed-to-market initiatives and in-stock position on top-selling products," Hoff concluded.
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