Hooker Furnishings Corporation (HOFT) Thursday reported net loss of $2.33 million, or $0.22 per share for the fourth quarter compared with net income of $593,000, or $0.06 per share in the prior year quarter, primarily due to higher expenses.
The company posted operating loss of $2.7 million compared with operating income of $340,000 last year.
Net sales for the quarter, however, increased 8% to 104.5 million from $96.8 million in the previous year.
Additionally, the company said it has accelerated cost reduction initiatives that include the planned exit of Savannah warehouse. It expects to start realizing a portion of its estimated operating expense savings of $18 million to $20 million by mid-fiscal 2026.
Looking ahead, Hooker said in a statement, "Tariffs add tremendous complexity and uncertainty that require us to look at our cost structure more aggressively, particularly on the lower margin, direct container side of our business. Consequently, in addition to the cost savings we previously announced and those we are announcing in this release, we continue to identify additional opportunities to gain efficiency by consolidating operations and will provide more information in the coming weeks."
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