Why Hooker Furnishings Shares Are Diving Today?
Portfolio Pulse from Lekha Gupta
Hooker Furnishings Corp (NASDAQ:HOFT) shares dropped over 13% following worse-than-expected Q2 FY24 results. The company reported a 36% Y/Y sales decline to $97.8 million, missing the consensus of $134.75 million. Revenue was impacted by lower demand for home furnishings and the company's planned divestiture of unprofitable operations in the Home Meridian segment. The company's Board of Directors declared a quarterly cash dividend of $0.22 per share. In Q2, the company acquired BOBO Intriguing Objects, broadening its product diversity.
September 08, 2023 | 12:24 pm
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Hooker Furnishings Corp reported worse-than-expected Q2 FY24 results, leading to a 13% drop in its shares. The company's sales declined by 36% Y/Y, missing the consensus. The company also declared a quarterly cash dividend of $0.22 per share.
The company's worse-than-expected Q2 FY24 results and the 36% Y/Y sales decline have negatively impacted the stock price. The declaration of a quarterly cash dividend of $0.22 per share might provide some relief to the shareholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100