Hooker Furnishings Corp Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Anthony Lebiedzinski - Sidoti & Company, LLC - Analyst : Good morning and thank you for taking the questions. So first, just coming of a I'll ask more of a forward-looking question. First, given the timing of your call, so Memorial Day just happened not that long ago. Just curious as to what you're seeing from or hearing from your retail partners in terms of Memorial Day sales, which traditionally has been a big holiday for our furniture buying?

Question: Anthony Lebiedzinski - Sidoti & Company, LLC - Analyst : Okay, that's good to hear. All right. So I guess also in terms of the previously announced the growth initiatives now with the addition of Caroline Hipple, how has your thinking, Jeremy change in terms of the magnitude of some of those growth initiatives or the timing of those? I know you've previously talked about expanding the interior design sales, e-commerce, Sunset West, which looks like that's that particular brand is doing well. But just overall, maybe help us understand as far as obviously, we know it's a difficult environment now. But as you added some new talent at the top, how are you thinking about the trajectory of some of these growth plans going forward?

Question: Anthony Lebiedzinski - Sidoti & Company, LLC - Analyst : Okay, got you. And then I guess in terms of the cost reduction plans that you talked about how should we think about the quarterly progression of these cost reductions by quarter in the second half? Is there a specific dollar amount that you can speak to as far as the all those costs are involved as we look to update our financial models. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2024 / 1:00PM, HOFT.OQ - Q1 2025 Hooker Furnishings Corp Earnings Call

Question: Anthony Lebiedzinski - Sidoti & Company, LLC - Analyst : Okay that's very helpful, Paul, thanks for that. And then I guess, two other quick questions here, I guess for me before I pass on to others. So Jeremy, I know you've done a lot to improve HMI, certainly. But strategically, what are you thinking longer term with this segment?

Question: Anthony Lebiedzinski - Sidoti & Company, LLC - Analyst : Got you. Okay. And last question, just looking at the balance sheet that you guys have $22.5 million of your debt and the current portion of your debt. So how are you thinking about this? Do you expect to refinance that or what are your thoughts there?

Question: Anthony Lebiedzinski - Sidoti & Company, LLC - Analyst : Got it. Okay. Well, thanks very much. Guys and the appreciated it and best of luck.

Question: Dave Storms - Stonegate Capital Markets Inc. - Analyst : Good morning.

Question: Dave Storms - Stonegate Capital Markets Inc. - Analyst : I just want to touch on volumes and pricing. It looks like it's kind of the same story as last quarter volumes being the driver of pricing still holding up. How comfortable are you with the pricing overall, given the macro backdrop, is there any pressure to capitulate on pricing a little bit?

Question: Dave Storms - Stonegate Capital Markets Inc. - Analyst : Understood. Very helpful. And then with the current macro backdrop, should we still expect typical seasonal trends for the year? Or are you seeing anything that may throw a wrench in those typical trends?

Question: Dave Storms - Stonegate Capital Markets Inc. - Analyst : Very helpful. Thank you. And then just last one on the showrooms, and it's great to see that foot traffic seems to be consistently increasing. How are you tracking the transition from foot traffic to orders, or is it still kind of too early of an inning to really be thinking about it?

Question: Dave Storms - Stonegate Capital Markets Inc. - Analyst : That's very helpful. Thank you for taking my questions and good luck in the second quarter.

Question: Budd Bugatch - Water Tower Research LLC - Analyst : Good morning, Jeremy. Good morning, Paul. Thanks for taking my questions.

Question: Budd Bugatch - Water Tower Research LLC - Analyst : Good morning. I just want to make sure I had misinterpreted some language in the release. The backlog at the end of the first quarter, if I calculated looking at 19% above the end of the year, that gets to be about an $85.5 million overall backlog. Is that the right way to read it?

Question: Budd Bugatch - Water Tower Research LLC - Analyst : Okay. And we'll get the segment numbers when you release the Q? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2024 / 1:00PM, HOFT.OQ - Q1 2025 Hooker Furnishings Corp Earnings Call

Question: Budd Bugatch - Water Tower Research LLC - Analyst : As you said, again, I want to make sure I understand the order comparisons versus last year because the numbers that I'm looking at don't necessarily compare with what I've heard. How was the order book for the first quarter versus the order book for last year's first quarter? What was the percentage change?

Question: Budd Bugatch - Water Tower Research LLC - Analyst : 6%?

Question: Budd Bugatch - Water Tower Research LLC - Analyst : Okay. All right. Thank you. And you said you expect to be profitable for the year and for the obviously years afterwards. And I certainly hope that's correct? Any hazard on when that profitability returns to the operating line or to us?

Question: Budd Bugatch - Water Tower Research LLC - Analyst : Yeah. The second quarter last year was a $97.8 million overall revenue, right? That's correct?

Question: Budd Bugatch - Water Tower Research LLC - Analyst :

Question: Budd Bugatch - Water Tower Research LLC - Analyst : So okay. I understand, I appreciate that. And good luck on the year, and I understand the industry is challenged right now.