Stock in the Spotlight: Hooker Furniture (NASDAQ: HOFT)

On Wednesday, Shares of Hooker Furniture Corporation (NASDAQ: HOFT) price closed at $46.90 in the trading session. After opening the first trading session at $47.65, it registered a day’s high of $47.65 and touched a day’s low of $46.55. The last trade was registered at price of $47.55 and volume was 47,393 as compared to it’s an average volume of 58,929.

Hooker Furniture (NASDAQ: HOFT) recently stated consolidated net sales of $142.9M, a raise of $12.0M, or 9.2% contrast to a year ago, for its fiscal 2019 first quarter ended April 29, 2018. Net income increased $2.4M, or 50.7%, to $7.2M, or $0.61 per diluted share versus the previous year period.

Double-digit sales gains for Hooker Branded Casegoods and Upholstery, together with the inclusion of Shenandoah Furniture’s net sales in the quarter, drove the revenue and income increases. “Starting with the 4th quarter last year, Hooker Casegoods and Upholstery have out-performed other divisions and overall industry growth,” stated Paul B. Toms Jr., chairman and chief executive officer.

The strong top and bottom line performance for the quarter was partially offset by a 4.2% net sales decrease and lower operating profit in the Home Meridian (HMI) section, both attributed to short-term and temporary production and shipping delays from three major product vendors following Chinese New Year.

Hooker Branded section sales grew $5.3M overall, or 14.1% in the first quarter of fiscal 2019 versus the previous year period, Because of double-digit growth at both Hooker Casegoods and Hooker Upholstery.

For the first quarter, HMI net sales declined 4.2% versus the previous year period, with decreases in both case goods and upholstery. “During Chinese New Year, interruptions at three major vendors caused delays in production and shipments, including a factory fire and other vendors moving products from one facility to another,” stated Doug Townsend, co-president of HMI. “Our vendors have recovered from their delays, and April shipments exceeded the previous year by 29%, but it was not enough to recover for the quarter. Incoming orders put us in a strong position for positive shipments in the second quarter.”

Cash, Debt and Inventory

The Company finished the fiscal 2019 first quarter with $46.6M in cash and cash equivalents and $41.5M in acquisition-related debt. Additionally, $28.5M was accessible on its $30.0M revolving credit facility, net of $1.5M reserved for standby letters of credit. Consolidated inventories stood at $84.2M.

Hooker Furniture Corporation’s (HOFT) has price-to-cash ratio of 11.70 and price to sale ratio of 0.86. The company net profit margin is 4.80% and gross profit margin is 21.90%. A look on the firm performance, its monthly performance is 4.11% and a quarterly performance of 25.74%. The stock price is moving up from its 20 days moving average with 1.26% and isolated negatively from 50 days moving average with -0.85%.

 

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