Q4 2024 Hooker Furnishings Corp Earnings Call Transcript
Key Points
- Profitability increased compared to the prior fiscal year due to the absence of a $24 million inventory write-down and increased profitability in the Hooker Branded segment.
- Consolidated operating income of $12.4 million and net income of $10 million, or $0.91 per diluted share, were significant improvements over the prior year.
- The financial position and balance sheet were strengthened, with cash increasing by $24 million to over $43 million at year-end.
- The successful launch of the new M modern lifestyle brand and the acquisition of BOBO Intriguing Objects to enhance market positioning as a whole home furnishing resource.
- The company has continued its over 50-year history of dividend payments, including its eighth consecutive annual dividend increase.
- Consolidated net sales decreased by $150 million or 25.7% compared to the last year, attributed to industry-wide soft demand and the exit of unprofitable product lines.
- For the fiscal 2024 fourth quarter, consolidated net sales decreased by $34 million or 26% due to sales decreases in all three segments.
- The Home Meridian segment experienced a net sales decrease of $73 million or 34% compared to the prior fiscal year, primarily due to soft demand for home furnishings.
- The Domestic Upholstery segment's net sales decreased by $30 million or 19% compared to the prior fiscal year, with all four divisions experiencing sales decreases.
- The company's order backlog has decreased, with the year-end backlog being 36% lower than the prior year-end for the Domestic Upholstery segment.
Hello, and thank you for standing by. Welcome to Hooker Furnishings Corp fourth-quarter 2024 earnings webcast. (Operator Instructions)
I would now like to hand the conference over to Pauls Huckfeldt. You may begin.
Thank you, Towanda. Good morning, and welcome to our quarterly conference call to review our financial results for the fiscal 2024 fourth quarter and full year, both of which ended on January 28, 2024. Joining me this morning is Jeremy Hoff, our Chief Executive Officer. We certainly appreciate your participation today.
During our call, we may make forward-looking statements which are subject to risks and uncertainties. A discussion of factors that could cause our actual results to differ materially from management's expectations is contained in our press release and SEC filing announcing our fiscal 2024 results. Any forward-looking statement speaks only as of today, and we undertake no obligation to update or revise any
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