HOOKER FURNISHINGS Corp Files 2024 Annual Report on Form 10-K

TL;DR

<b>HOOKER FURNISHINGS Corporation filed its annual 10-K report for the fiscal year ending January 28, 2024, detailing its financial and operational status.</b>

AI Summary

HOOKER FURNISHINGS Corp (HOFT) filed a Annual Report (10-K) with the SEC on April 12, 2024. Filed Form 10-K for the fiscal year ended January 28, 2024. Company is HOOKER FURNISHINGS CORPORATION, incorporated in Virginia. Principal executive offices located at 440 East Commonwealth Boulevard, Martinsville, VA 24112. Common Stock trading symbol HOFT on NASDAQ Global Select Market. Filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking HOOKER FURNISHINGS Corp, this filing contains several important signals. This filing provides a comprehensive overview of the company's performance and compliance with SEC regulations for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — HOOKER FURNISHINGS Corp shows moderate risk based on this filing. The company is an accelerated filer, indicating it meets certain size and filing history requirements, but is not a well-known seasoned issuer, suggesting it may be of moderate size and not yet widely followed by the market.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand HOOKER FURNISHINGS Corporation's performance and outlook.

Key Numbers

• January 28, 2024 — Fiscal Year End (Fiscal year ended)
• 000-25349 — Commission File Number (Commission file number)
• 276-632-2133 — Telephone Number (Registrant's telephone number)
• NASDAQ Global Select Market — Exchange (Name of Each Exchange on Which Registered)

Key Players & Entities

• HOOKER FURNISHINGS Corporation (company) — Exact name of registrant
• Virginia (jurisdiction) — State or other jurisdiction of incorporation or organization
• 54-0251350 (identifier) — I.R.S. Employer Identification Number
• 440 East Commonwealth Boulevard (address) — Address of principal executive offices
• Martinsville (location) — City of principal executive offices
• VA (location) — State of principal executive offices
• 24112 (postal_code) — Zip Code of principal executive offices
• HOFT (ticker) — Trading Symbol

FAQ

Industry Context

The company operates in the household furniture industry, a sector subject to consumer spending trends and economic conditions.

Regulatory Implications

The filing adheres to Section 13 or 15(d) of the Securities Exchange Act of 1934, indicating compliance with standard SEC reporting requirements.

What Investors Should Do

1. Analyze the full financial statements within the 10-K for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section to understand potential challenges and threats to the company's business.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's strategy and performance drivers.

Key Dates

• 2024-01-28: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-12: Filing Date — Date the 10-K report was filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year ending January 28, 2024. Previous filings would provide comparative data.

Key Financial Figures

• $24 million — ided to exit this division and recorded $24 million write-downs of ACH inventories and othe

Filing Documents

• hoft20240128_10k.htm (10-K) — 2585KB
• ex_650842.htm (EX-23) — 2KB
• ex_650843.htm (EX-31.1) — 8KB
• ex_650844.htm (EX-31.2) — 8KB
• ex_650845.htm (EX-32.1) — 6KB
• ex_650846.htm (EX-97) — 19KB
• hf_logo.jpg (GRAPHIC) — 9KB
• hoff-sig.jpg (GRAPHIC) — 3KB
• huck-sig.jpg (GRAPHIC) — 4KB
• perf-graph_1.jpg (GRAPHIC) — 36KB
• 0001185185-24-000378.txt (&nbsp;) — 12448KB
• hoft-20240128.xsd (EX-101.SCH) — 95KB
• hoft-20240128_cal.xml (EX-101.CAL) — 87KB
• hoft-20240128_def.xml (EX-101.DEF) — 408KB
• hoft-20240128_lab.xml (EX-101.LAB) — 725KB
• hoft-20240128_pre.xml (EX-101.PRE) — 409KB
• hoft20240128_10k_htm.xml (XML) — 2495KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 Information about our Executive Officers 21 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6.

Selected Financial Data

Selected Financial Data 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 36 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 Part III Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 Part IV Item 15. Exhibits, Financial Statement Schedules 39 Item 16. Form 10-K Summary 41

Signatures

Signatures 42 Index to Consolidated Financial Statements F-1 All references to 2024, 2023, 2022, 2021 and 2020 or other years are referring to our fiscal years, unless otherwise stated. Our fiscal years end on the Sunday closest to January 31, with fiscal 2024 ending on January 28, 2024. Our quarterly periods are based on thirteen-week " reporting periods " (which end on a Sunday) rather than quarterly periods consisting of three calendar months. As a result, each quarterly period generally is thirteen weeks, or 91 days. In some years (generally once every six years) the fourth quarter will be fourteen weeks long and the fiscal year will consist of fifty-three weeks. On January 31, 2022, the first day of our 2023 fiscal year, we entered into an Asset Purchase Agreement with Sunset HWM, LLC ( " Sunset West " ) and its three members to acquire substantially all of the assets of Sunset West (the " Sunset Acquisition " ). The results of operations of Sunset West are included in the Domestic Upholstery segment ' s results beginning with the fiscal 2023 first quarter. Consequently, Sunset West ' s results are not included in our results prior to the 2023 fiscal year. All references to the " Company, " " we, " " us " and " our " in this document refer to Hooker Furnishings Corporation and its consolidated subsidiaries, unless specifically referring to segment information. All references to the " Hooker, " " Hooker Division(s), " " Hooker Legacy Brands " or " traditional Hooker " divisions or companies refer to all current business units and brands except for those in the Home Meridian segment. The Hooker Branded segment includes Hooker Casegoods and Hooker Upholstery. The Domestic Upholstery segment includes Bradington-Young, HF Custom (formerly Sam Moore), Shenandoah Furniture and Sunset West. All Other includes H Contract, Lifestyle Brands, and BOBO Intriguing Objects, a business acquired during fiscal 2024.

Forward-Looking Statements

Forward-Looking Statements Certain statements made in this report, including statements under Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the notes to the consolidated financial statements included in this report, are not based on historical facts, but are forward-looking statements. These statements reflect our reasonable judgment with respect to future events and typically can be identified by the use of forward-looking terminology such as "believes," "expects," "projects," "intends," "plans," "may," "will," "should," "would," "could" or "anticipates," or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Those risks and uncertainties include but are not limited to: general economic or business conditions, both domestically and internationally, including the current macro-economic uncertainties and challenges to the retail environment for home furnishings along with instability in the financial and credit markets, in part due to inflation and rising interest rates, including their potential impact on (i) our sales and operating costs and access to financing, (ii) customers, and (iii) suppliers and their ability to obtain financing or generate the cash necessary to conduct their respective businesses; the direct and indirect costs and time spent by our associates associated with the implementation of our Enterprise Resource Planning system ("ERP"), including costs resulting from unanticipated disruptions to our business; the cyclical nature of the furnishings industry, which is particularly sensitive to changes in consumer confidence, the amount of consumers' income available for discretionary purchases, and the availability and terms of consumer credit; changes in consumer

BUSINESS

ITEM 1. BUSINESS Hooker Furnishings Corporation, incorporated in Virginia in 1924, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furniture, fabric-upholstered furniture, lighting, accessories, and home decor for the residential, hospitality and contract markets. We also domestically manufacture premium residential custom leather, custom fabric-upholstered furniture and outdoor furniture. Reportable Segments Furnishings sales account for all of our net sales. For financial reporting purposes and as described further below, we are organized into three reportable segments, Hooker Branded, Home Meridian and Domestic Upholstery. Our other businesses are aggregated into "All Other". See Note 18 -Segment Information to our Consolidated Financial Statements for additional financial information regarding our operating segments. Products Our product lines cover the design spectrum of residential furnishings: traditional, contemporary and transitional. Further, our product lines are in the "good", "better" and "best" product categories, which carry medium and upper price points. Hooker Furnishings Corporation consists of the following three operating segments and "All Other": The Hooker Branded segment which includes two businesses: Hooker Casegoods, which covers a wide range of design categories and includes home entertainment, home office, accent, dining and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand; and Hooker Upholstery, imported upholstered furniture targeted at the upper-medium price-range. The Home Meridian segment which includes the following brands/marketing units: Pulaski Furniture, casegoods covering the complete design spectrum in a wide range of bedroom, dining room, accent and display cabinets at medium price points; Samuel Lawrence Furniture, value-conscious offerings in bedroom, dining room, home office and youth furnishings; Prime Resources International, va

View Full Filing

View this 10-K filing on SEC EDGAR