Hooker Furniture reports Q2 EPS (19c) vs. 7c last year

Reports Q2 revenue $95.1M vs. $97.8M last year. “Challenges in the macroeconomic and furniture retail environment have extended well beyond our expectations,” said CEO Jeremy Hoff. “The combination of high interest rates, a housing shortage and elevated home prices have created a sustained housing downturn for over two years. While retail sales are doing well overall, most furniture retail is not. In response, we continue to focus on the things we can control to ensure we’re in the best possible position to grow when the macroenvironment improves. In our cost reduction measures announced last quarter, we are focused on reducing non-strategic costs while continuing to invest in revenue and profit-generating initiatives.” The company expects to realize 10% savings in fixed costs beginning in the second half of this fiscal year, for a total of a $10M reduction. Approximately $5M in savings is expected to come by the end of the fiscal year, split between the third and fourth quarters.