Paulette Garafalo, a director at Hooker Furnishings Corp (NASDAQ:HOFT), recently sold a portion of her holdings in the company. According to a recent SEC filing, Garafalo sold 2,489 shares of common stock on December 16, at an average price of $17.104 per share. The transaction comes as the stock shows a strong 26.5% gain over the past six months, though it remains below InvestingPro's Fair Value estimate. This transaction totaled approximately $42,571, leaving her with 20,783 shares remaining in her direct ownership. The company maintains a notable 5.4% dividend yield and has increased its dividend for nine consecutive years, according to InvestingPro data. For deeper insights into HOFT's financial health and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Hooker Furnishings has announced significant executive transitions and financial outcomes. Paul A. Huckfeldt, the company's Chief Financial Officer, is set to retire in 2025, after which he will join the company's Board of Directors. C. Earl Armstrong III, currently the Senior Vice President - Finance & Corporate Secretary, will succeed Huckfeldt as CFO. Despite a challenging period marked by a 16.7% revenue decline, Hooker Furnishings has maintained a strong dividend track record and a healthy liquidity position.
The company also reported a surprising loss in its third-quarter earnings, with earnings per share falling to -$0.39, significantly below the projected $0.31. Although revenue slightly increased to $104.35 million, surpassing the expected $104 million, the company posted a net loss. Nevertheless, Hooker Furnishings remains optimistic and plans to focus on cost reduction and high-quality inventory investment.
These recent developments reflect the company's strategy to navigate current challenges and secure future growth. CEO Jeremy Hoff emphasized the strategic value of the Margaritaville licensing agreement and CFO Paul Huckfeldt highlighted efforts in inventory management. As these changes unfold, investors can access detailed analysis and insights through the comprehensive Pro Research Report available on InvestingPro.
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