Hooker Furniture (NASDAQ:HOFT) preliminary earnings for the furniture retail company’s fiscal first quarter of 2021 have HOFT stock down on Friday. That’s due to it reporting diluted losses per share of 9 cents on revenue of $104.6 million. These are both below Wall Street’s estimates of 2 cents per share and revenue of $105.58 million.
Let’s take a closer look at the most recent Hooker Furniture earnings report below.
- Diluted per-share losses are down quite a bit from its diluted EPS of 17 cents in the same period of the year prior.
- Revenue for the quarter is sitting 22.8% lower than the $135.52 million during the fiscal first quarter of 2020.
- Operating loss of $1.12 million is a negative switch year-over-year from an operating income of $2.91 billion.
- The Hooker Furniture earnings also have it reporting a net loss of $1.08 billion.
- That’s a massive drop next to the company’s net income of $1.99 billion reported during the same time last year.
Paul B. Toms, Jr., chairman and CEO of Hooker Furniture, said this in the preliminary earnings report.
“COVID-19 had a material impact on our financial performance in the fiscal 2021 first quarter and on the market valuations, discount rates and other inputs used in our intangibles valuation analysis. Consequently and despite having completed a similar intangible asset valuation during our fiscal 2020 fourth quarter, we determined that another intangible asset valuation was appropriate given our performance and changing market dynamics.”
Hooker Furniture isn’t providing a detailed outlook for its fiscal second quarter of the year. However, the company does say it expects it to be “significantly better than the first.”
HOFT stock was down 1.8% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
