Brief: Hooker Furniture Says Recorded $44.3 Million In Non-Cash Impairment Charges

Hooker Furnishings

27/07/2020 21:15

July 27 (Reuters) - Hooker Furniture Corp  HOFT.O :
    * HOOKER FURNITURE - RECORDED $44.3 MILLION IN NON-CASH
IMPAIRMENT
CHARGES
    * HOOKER FURNITURE - IMPAIRMENT CHARGES IN Q1 WERE TO WRITE
DOWN
GOODWILL, SOME TRADENAMES IN HOME MERIDIAN UNIT & GOODWILL IN
SHENANDOAH UNIT OF DOMESTIC UPHOLSTERY SEGMENT
    * HOOKER FURNITURE CORP - COVID-19 HAD A MATERIAL IMPACT ON
FINANCIAL PERFORMANCE IN FISCAL 2021 Q1
    * HOOKER FURNITURE CORP - DETERMINED THAT ANOTHER INTANGIBLE
ASSET
VALUATION WAS APPROPRIATE GIVEN CO'S PERFORMANCE AND CHANGING
MARKET DYNAMICS
    * HOOKER FURNITURE CORP - ORDERS PLUMMETED OVER 70%
YEAR-OVER-YEAR
IN MARCH AND APPROXIMATELY 65% IN APRIL
    * HOOKER FURNITURE CORP - ORDERS DECLINED SIGNIFICANTLY IN
FIRST
FEW WEEKS OF MAY BUT RECOVERED RESULTING IN ABOUT 5% OVERALL
REDUCTION FOR FULL MONTH
    * HOOKER FURNITURE CORP - FISCAL JUNE AND JULY ORDERS HAVE
CONTINUED THIS POSITIVE TREND
    * HOOKER FURNITURE CORP - QTRLY NET SALES $104.6 MILLION
VERSUS
$135.5 MILLION
    * HOOKER FURNITURE CORP - QTRLY LOSS PER SHARE $2.95

Source text for Eikon:  ID:nGNX5R8St0 
Further company coverage:  HOFT.O 

 ((Reuters.Briefs@thomsonreuters.com;))