Hooker Furnishings down after Q3 loss

Hooker Furnishings

09/12/2021 15:01

** Shares of home furnishings co  HOFT.O  fall as much as 9%
to $23.16 after co reports Q3 loss from year-ago profit 
    ** Stock last down 8.3%, on course for worst day since April
last year
    ** Co says reduced shipments in its Home Meridian segment
due to COVID-related factory closures in Vietnam and Malaysia
impacted their revenue and income for quarter  urn:newsml:reuters.com:*:nGNX7BJCX6
    ** HOFT reports Q3 net loss of $1.2 mln, or 10 cents/shr,
from year-ago net income of $10.1 mln, or 84 cents/shr
    ** Co says Q3 net sales fell 11% to $133.4 mln beating
analysts' est. of $130 mln, per Refinitiv IBES data  
    ** CEO Jeremy Hoff says co expects some level of continued
supply chain turbulence and product and raw materials cost
inflation to impact net sales and income in the short term, at
least through the second quarter of next fiscal year
    ** Stock down ~28% YTD 

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))