- Hooker Furnishings Corp (NASDAQ:HOFT) reported a fourth-quarter FY22 sales decline of 13.2% to $134.81 million, beating the consensus of $131.55 million.
- Net sales from Home Meridian fell 23.7%, and Domestic Upholstery gained 13.5%.
- The gross profit declined 51.2% Y/Y to $16.4 million, and the margin contracted 948 basis points to 12.2%.
- The operating loss for the quarter was $(5.3) million versus an operating income of $10.5 million last year.
- The company held $69.4 million in cash and equivalents as of January 30, 2022.
- EPS loss of $(0.33) missed the analyst consensus of $0.10.
- “We are concerned about ongoing global logistics constraints and economic headwinds affecting the consumer that could impact short-term demand, such as inflation, high gas prices, and the war in Ukraine,” said CEO Jeremy Hoff.
- Price Action: HOFT shares closed lower by 0.88% at $18.10 on Tuesday.
US To Spend Over $3B For Boosting EV Battery Production, Supply Chains
The U.S. Department of Energy (DOE) said on Monday it would spend more than $3 billion in infrastructure funding to fund electric vehicle (EV) battery making.
What Happened: DOE will allocate the funds from the $1 trillion infrastructure bill that President Joe Biden signed last year.
