Sales Increase in Fourth Quarter
Consolidated net sales for the fourth quarter increased by $7.7 million, an approximate 8% gain over the previous year's fourth quarter.
Home Meridian Segment Growth
Fourth quarter net sales increased $6.3 million or 21.7% year-over-year, driven by strong hospitality sales. Gross profit rose to $8.1 million with gross margin reaching nearly 23%, the highest since 2016.
Hooker Branded Segment Improvement
Fourth quarter net sales rose $3.8 million or 10% from the prior quarter driven by a 14% increase in unit volume. Fourth quarter orders rose 15% year-over-year.
Market Share Gains
Year-over-year market share growth of 3 to 15 basis points in each of the first three quarters of fiscal 2025 in Hooker's legacy divisions.
Cost Savings Initiatives
Expected annualized cost savings of $4 million to $5.7 million beginning in fiscal 2027 from the Savannah warehouse exit. Additional savings of between $8 million to $10 million anticipated, with full benefits in fiscal 2027.