Hooker Furnishings slips to near 2-year low after dismal Q4 results

Hooker Furnishings

13/04/2022 15:56

** Shares of home furnishings co  HOFT.O  fall as much as
~3% to $17.59, the lowest since June 2020, after Q4 sales drop
~24% due to supply chain issues
    ** Says Asia factory shutdown that continued through the
year led to backlogs and delay in incoming orders
    ** "We won't feel the full impact of higher production until
the second quarter," CEO Jeremy Hoff says  urn:newsml:reuters.com:*:nGNX4vSl2V
    ** Hoff says co is concerned about ongoing global logistics
constraints and economic headwinds such as inflation, high gas
prices and the war in Ukraine
    ** Co also posts Q4 loss of 33 cents, adding that
transportation costs have roughly tripled in the past 18 months 
    ** Up to Tuesday's close, HOFT down ~22% this year

 (Reporting by Aishwarya Venugopal in Bengaluru)
 ((Aishwarya.Venugopal@thomsonreuters.com;))