Hooker Furniture earnings for the first quarter of 2019 have HOFT stock falling hard on Wednesday.
Hooker Furniture (NASDAQ:HOFT) earnings for the first quarter of the year start off with earnings per share of 17 cents. This is down from the company’s earnings per share of 61 cents from the same time last year. It was also a major blow to HOFT stock by missing Wall Street’s earnings per share estimate of 23 cents for the quarter.
Net income reported in the Hooker Furniture earnings report for the first quarter of 2019 comes in at $1.99 million. This is worse than the company’s net income of $7.15 million reported in the first quarter of 2018.
The Hooker Furniture earnings report for the first quarter of the year also includes operating income of $2.91 million. That’s a drop from the furniture company’s operating income of $9.38 million reported in the same period of the year prior.
Hooker Furniture earnings for the first quarter of 2019 has revenue coming in at $135.52 million.This is a decrease from the company’s revenue of $142.89 million reported in the first quarter of the previous year. However, it was better than analysts’ revenue estimate of $127.26 million for the period, but that couldn’t keep HOFT stock from falling today.
“Overall, the residential furniture industry is experiencing deflated demand and sluggish retail conditions, and we expect the newly-enacted 25% tariff on Chinese imports to cause business disruptions in the industry throughout the next several months,” Paul Toms Jr., Chairman and CEO of Hooker Furniture, said in a statement.
HOFT stock was down 16% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
