Hooker Furniture Corporation
- Hooker Furniture Corporation decreased 1.21% to $10.60, and the furniture and home décor manufacturer reported a 68% rise in net loss in the latest quarter ending on August 3.
Consolidated revenue declined 13.6% to $82 million from $95.1 million, net loss advanced to $3.28 million from $1.95 million, and diluted losses per share expanded to 31 cents from 19 cents a year ago.
The Home Meridian segment’s net sales declined 44.5% to $13.6 million.
"About 40% of the decline came from the project-based hospitality business, where two large projects entered the shipping phase in the second quarter of last year, 35% of the decline came from traditional furniture channels due to macroeconomic pressures and tariff-related hesitancy, and 25% of the decline came from the loss of a major customer that filed for bankruptcy last year," the company said in a statement to investors.
During the second quarter, the company paid $5 million in dividends.
"We are on target for our new expense structure, which reduces our fixed costs by approximately 25%, largely to be in place by the end of the third quarter," said CEO Jeremy Hoff.
The company is struggling under high tariffs on lumber from Canada and 20% tariffs on furniture and upholstered products from Vietnam.
The company said it's multi-phase restructuring plan is set to achieve annual savings of $25 million starting fiscal 2027.
Sep 12, 2025
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