Furniture Company Hooker Furnishings Beats On Q3 Despite Housing Market Slowdown; Aligns Inventory Levels With Current Demand
Portfolio Pulse from Shivani Kumaresan
Hooker Furnishings Corp (NASDAQ:HOFT) reported Q3 FY24 sales of $116.83 million, a 22.9% decrease Y/Y but slightly above analyst estimates. EPS was $0.65, surpassing the $0.26 consensus. Despite the housing market slowdown, the company saw gross margin expansion and declared a quarterly dividend increase of 4.5%. Shares closed lower by 1.08% at $20.09.
December 07, 2023 | 12:58 pm
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Hooker Furnishings reported better-than-expected Q3 earnings and revenue, expanded gross margin, and increased its dividend despite a housing market slowdown. The stock closed down 1.08% at $20.09.
The positive earnings report and dividend increase are likely to instill investor confidence and could lead to a short-term positive impact on HOFT's stock price. However, the stock's decline on the day of the announcement suggests that the market had already priced in some of the positive news or that broader market conditions are influencing investor sentiment.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100