More on Hooker Furniture's Q1 mixed results

|About: Hooker Furniture Corpor... (HOFT)|By:, SA News Editor

Hooker Furniture (NASDAQ:HOFT) reports revenue growth of 9.2% in Q1, due to double-digit sales gains for Hooker Branded Casegoods and Upholstery, along with the inclusion of Shenandoah Furniture’s net sales.

Net sales by segment: Hooker branded: $42.77M (+14.1%); Home Meridian: $70.6M (-4.2%); All other: $29.52M (+49.9%).

Gross margin rate increased 90 bps to 22.4%.

SG&A expense rate improved 30 bps to 15.4%.

Operating margin rate grew 110 bps to 6.6%.

Inventories +6% Y/Y to $84.2M.

Previously: Hooker Furniture beats by $0.13, misses on revenue (June 5)

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