HOOKER FURNISHINGS Corp
For the period ended Jan 28, 2024. Filed Apr 12, 2024.
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FY2024 · Filed Apr 12, 2024
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Item 6. Selected Financial Data
SEC disclosure rules no longer require the presentation of selected financial data; however, based on shareholder and internal feedback we continue to provide this information. The following selected financial data for each of our last five fiscal years has been derived from our audited, consolidated financial statements. The selected financial data should be read in conjunction with the consolidated financial statements, including the related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this report. Additionally, we face a number of significant risks and uncertainties, as more fully discussed in Item 1A, “Risk Factors”, above. If any or a combination of these risks and uncertainties were to occur, the information below may not be fully indicative of our future financial condition or results of operations.
| Fiscal Year Ended (1) | ||||||
|---|---|---|---|---|---|---|
| January 28, · January 29, · January 30, · January 31, · February 2, | ||||||
| 2024 · 2023 · 2022 · 2021 · 2020 | ||||||
| (In thousands, except per share data) | ||||||
| Statement of Operations Data: | ||||||
| Net sales | $433,226 | $583,102 | $593,612 | $540,081 | $610,824 | |
| Cost of sales | 322,705 | 461,056 | 488,508 | 426,810 | 494,365 | |
| Inventory valuation expense | 1,829 | 28,752 | (2) | 3,402 | 523 | 2,501 |
| Gross profit | 108,692 | 93,294 | 101,702 | 112,748 | 113,958 | |
| Selling and administrative expenses | 92,678 | 95,815 | 84,475 | 80,410 | 88,867 | |
| Goodwill impairment (3) | - | - | - | 39,568 | - | |
| Trade names impairment (3) | - | 13 | - | 4,750 | - | |
| Intangible asset amortization (3) | 3,656 | 3,512 | 2,384 | 2,384 | 2,384 | |
| Operating income/(loss) | 12,358 | (6,046) | 14,843 | (14,364) | 22,707 | |
| Other income, net | 1,653 | 416 | 373 | 336 | 458 | |
| Interest Expense, net | 1,573 | 519 | 110 | 540 | 1,238 | |
| Income/(loss) before income taxes | 12,438 | (6,149) | 15,106 | (14,568) | 21,927 | |
| Income tax expense/(benefit) | 2,573 | (1,837) | 3,388 | (4,142) | 4,844 | |
| Net income/(loss) | 9,865 | (4,312) | 11,718 | (10,426) | 17,083 | |
| Per Share Data: | ||||||
| Basic earnings/(loss) per share | $0.91 | $(0.37) | $0.99 | $(0.88) | $1.44 | |
| Diluted earnings/(loss) per share | 0.91 | (0.37) | 0.97 | (0.88) | 1.44 | |
| Cash dividends per share | 0.89 | 0.82 | 0.74 | 0.66 | 0.61 | |
| Net book value per share (4) | 21.54 | 21.33 | 22.01 | 21.76 | 23.25 | |
| Weighted average number of shares outstanding (basic) | 10,838 | 11,593 | 11,852 | 11,822 | 11,784 | |
| Balance Sheet Data: | ||||||
| Cash and cash equivalents | $43,159 | $19,002 | $69,366 | $65,841 | $36,031 | |
| Trade accounts receivable | 51,280 | 62,129 | 73,727 | 83,290 | 87,653 | |
| Inventories | 61,815 | 96,675 | 75,023 | 70,159 | 92,813 | |
| Working capital | 123,389 | 137,265 | 170,777 | 169,612 | 171,838 | |
| Total assets | 343,586 | 381,716 | 374,559 | 352,273 | 393,708 | |
| Long-term debt (including current maturities) (5) | 22,874 | 24,266 | - | - | 30,138 | |
| Shareholders' equity | 225,975 | 236,021 | 261,128 | 257,503 | 274,121 | |
| (1) | Our fiscal years end on the Sunday closest to January 31, with fiscal 2024 ending on January 28, 2024. The fiscal years presented above all had 52 weeks. |
| (2) | Represents the inventory write downs of ACH and other excess inventories related to the exit of ACH and repositioning of the PRI business in fiscal 2023. See Note 3 to our Consolidated Financial Statements for additional information. |
| (3) | Represents impairment charges and amortization expense on acquisition-related intangibles. See Note 10 to our Consolidated Financial Statements for additional information on our intangible assets. |
| (4) | Net book value per share is derived by dividing “shareholders’ equity” by the number of common shares issued and outstanding, excluding unvested restricted shares, all determined as of the end of each fiscal period. |
| (5) | Long-term debt (including current maturities): Fiscal 2024 and 2023 amounts consist of acquisition related term loans to fund the Sunset Acquisition. Fiscal 2020 amounts consisted of term loans incurred to fund a portion of the Home Meridian and Shenandoah acquisitions, which were paid off in January 2021. |
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