Hooker Furnishings slides on weak Q3 results

Hooker Furnishings

05/12/2024 15:03

** Retailer Hooker Furnishings'  HOFT.O  shares down nearly
11% at $16.06
    ** Co reports Q3 net loss of $4.1 million or 39 cents per
share, compared with last year's profit of $7 million or 65
cents per share
    ** Q3 net sales fell 10% to $104.4 million
    ** HOFT says results suffered from low demand and $7.5
million in charges in restructuring and bankruptcy of a customer
    ** CEO Jeremy Hoff says positive developments in macro
environment such as rate cuts and cooling inflation should begin
to increase demand for furnishings
    ** Co stock down 31.29% YTD as of last close

 (Reporting by Aamir Sohail in Bengaluru)
 ((Aamir.Sohail@thomsonreuters.com;))