HOFT - Hooker Furniture gains after earnings beat strong outlook

Hooker Furniture (HOFT) reports sales rose 20% in Q1 compared to the 2019 level and profitability improved significantly in all segments. The retailer says incoming order rates are more than double the historical norms. Strong consumer demand led to a 89% sales increase for the Hooker Branded segment, while the Home Meridian and Domestic Upholstery segments both reported 46% sales compared to a year ago. Consolidated operating income was $12.2M vs. -$45.4M last year. Looking ahead, Hooker Furniture expects the "extraordinary levels" of demand for home furnishings to diminish somewhat, but also thinks that demand for home furnishings will settle into a higher level of demand than pre-pandemic. Shares of HOFT are up 2.05% premarket after the earnings topper.

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Hooker Furniture gains after earnings beat, strong outlook