Hooker Furniture reports Q1 EPS (39c), consensus (2c)

Reports Q1 revenue $93.6M, consensus $94.94M. “The ongoing weak demand that’s adversely impacting the furniture industry made our Q1 challenging,” said CEO Jeremy Hoff. “However, we remain confident that the strategies we are pursuing in operations, marketing and merchandising are transformative. Times like these present an opportunity to recalibrate and even reinvent aspects of our business. While we are disappointed to report a rare operating loss this quarter, the loss was almost entirely driven by the sales reductions in each segment, and we strongly believe we’ll return to profitability once demand and revenues rebound. We do, however, expect some short-term volatility in earnings until the industry-wide downturn ends.”