Hooker Furniture: Falls on raw material shortage

Hooker Furnishings

14/04/2021 17:15

** Shares of furniture seller  HOFT.O  fall 6.8% to $34.58,
on course for biggest decline in ~11 months
    ** Hooker says the COVID-19 pandemic has caused raw material
shortages and lowered the availability of shipping containers as
HOFT enters fiscal 2022  urn:newsml:reuters.com:*:nGNX1QV0Mj
    ** CEO Jeremy Hoff says recent power grid outage in Texas
has caused shortages of upholstery foam, which HOFT expects to
be a short- to mid-term problem
    ** However, Hoff also expects a robust housing market to
tackle competition from higher spending on travel, restaurants
and entertainment following COVID-19 vaccines roll-out
    ** HOFT also posts a ~6% decline in Q4 net sales even as
profit jumped 22% on lower costs
    ** Shares up ~7% YTD

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@thomsonreuters.com))