Hooker Furnishings reports fiscal 2023 net loss of $4.3M, revenue down 1.8% to $583.1M

Consolidated net sales for fiscal 2023 were $583.1 million, a decrease of $10.5 million, or 1.8%, compared to the prior year, driven by a $62.6 million or 22.4% net sales decline in the Home Meridian segment, while partially offset by a $49.9 million or 46.7% higher net sales in the Domestic Upholstery segment, marking the second consecutive year of double-digit sales gains at Bradington-Young, HF Custom (formerly Sam Moore Furniture) and Shenandoah. The addition of Sunset West results for the full year also significantly contributed to the annual sales growth in this segment. Hooker Branded net sales were essentially flat compared to the record sales achieved in fiscal 2022 in the segment. The Company recorded a $24.4 million non-cash charge related to its exit of the Accentrics Home (ACH) line of lower-priced, low-margin accent items, for the write down of ACH inventories and other excess inventories in the Home Meridian segment. The charge was initially expected to be $34 million, b

The Company reported a fourth-quarter operating loss of $23.7 million and net loss of $17.9 million or ($1.60) per diluted share, driven by the $24.4 million inventory valuation charge recorded in the fourth quarter of fiscal 2023.