Hooker Furnishings climbs to 6-month high on Q3 profit, higher sales

Hooker Furnishings

08/12/2022 18:31

** Shares of Hooker Furnishings Corp  HOFT.O  rise as much
as ~7% to a six-month high of $18.50
    ** The home furnishing firm's Q3 net sales rise to $151.6
mln from $133.4 mln a year ago 
    ** Higher sales driven by revenue growth across all
divisions of Domestic Upholstery segment, higher net sales at
Home Meridian and recovery in H Contract business - company
    ** "Steady fulfillment of backlogs, full production
capacity, healthier inventory levels, and operational
improvements positively impacted our revenue this quarter," says
CEO Jeremy Hoff
    ** Co posts net income of $4.8 mln or $0.42 per share in
reported period vs last year's loss of $1.2 mln or $0.10 per
share
    ** Global supply-chain dynamics are stabilizing, HOFT says,
adding that product flow has improved and ocean freight costs
have lowered significantly 
    ** Still, Hoff says "economic indicators are mixed and there
are potential headwinds including rising interest rates,
declining home sales and consumer confidence".
    ** YTD, Hooker Furnishings' shares down ~23%
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com))