Hooker Furnishings Corporation (HOFT) Q4 2024 Earnings Call Transcript

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Hooker Furnishings Corporation (NASDAQ:HOFT) Q4 2024 Earnings Conference Call April 11, 2024 9:00 AM ET

Company Participants

Jeremy Hoff – CEO
Paul Huckfeldt – CFO

Conference Call Participants

Anthony Lebiedzinski – Sidoti
Dave Storms – Stonegate
John Deysher – Pinnacle

Operator

Hello, and thank you for standing by. Welcome to Hooker Furnishings Fourth Quarter 2024 Earnings Webcast. [Operator Instructions]

I would now like to hand the conference over to Paul Huckfeldt. You may begin.

Paul Huckfeldt

Thank you, Tawanda. 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 forward-looking statements to reflect events or circumstances after today’s call.

This morning, we reported consolidated net sales of $433 million for the fiscal 2024 fiscal year, a decrease of $150 million or 25.7% as compared to last year. This decline is attributed to an industry-wide soft demand and the exit of unprofitable product lines in our Home Meridian segment, which accounted for about $21 million of the reduction in revenue.

Despite the sales decrease, profitability increased compared to the prior fiscal year due primarily to the absence of a $24 million inventory write-down in the current period in our Home Meridian segment as well as increased profitability in our Hooker Branded segment. We

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