HOFT - Hooker Furniture shares head higher on strong backlogs bullish outlook

Hooker Furniture (NASDAQ:HOFT) was fueled higher by an earnings beat and apparent improvements in Asia-linked supply chains on Thursday. The Martinsville, Virginia-based designer, marketer and importer of furniture reported narrow beats on top and bottom lines, abetted by a significant uptick in home upholstery sales. Management noted that results would have reflected a much greater acceleration past estimates were it not for factory shutdowns in Asia.  “While consolidated net sales and profitability decreased on a year-over-year basis during our first quarter of 2023, sales improved by 9% over the fourth quarter of fiscal 2022 and the operating income in the fiscal 2023 first quarter was an improvement compared to the operating loss last quarter,” CEO Jeremy Hoff said. “Both sales and operating income for the quarter surpassed management expectations.”   He added that backlogs remain exceptionally high as factories slowly get back online and inventories improve. A record amount of inventory

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Hooker Furniture shares head higher on strong backlogs, bullish outlook