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Segment Information
 9 Months Ended
Oct. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

14.       Segment Information

 

As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments (“ASC 280”), which are to allow the users of our financial statements to:

 

 

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better understand our performance;
 

■

better assess our prospects for future net cash flows; and
 

■

make more informed judgments about us as a whole.

 

We define our segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. We continually monitor our reportable segments for changes in facts and circumstances to determine whether changes in the identification or aggregation of operating segments are necessary.  For financial reporting purposes, we are organized into three reportable segments and “All Other”, which includes the remainder of our businesses:

 

 

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Hooker Branded, consisting of the operations of our imported Hooker Casegoods and Hooker Upholstery businesses;  
 

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Home Meridian, a business acquired at the beginning of fiscal 2017, is a stand-alone, mostly autonomous business that serves a different type or class of customer than do our other operating segments and at much lower margins;
 

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Domestic Upholstery, which includes the domestic upholstery manufacturing operations of Bradington-Young, Sam Moore and Shenandoah Furniture; and
 

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All Other, consisting of H Contract and Lifestyle Brands, a new business started in late fiscal 2019. Neither of these operating segments were individually reportable; therefore, we combined them in “All Other” in accordance with ASC 280.

 

The following table presents segment information for the periods, and as of the dates, indicated.

 

   

Thirteen Weeks Ended

    

Thirty-Nine Weeks Ended

  
   

Oct 31,

            

Nov 1,

            

Oct 31,

            

Nov 1,

          
   

2021

            

2020

            

2021

            

2020

          
           

% Net

            

% Net

            

% Net

            

% Net

  

Net Sales

          

Sales

            

Sales

            

Sales

            

Sales

  

   Hooker Branded

   $ 56,037       42.0 %   $ 47,287       31.6 %   $ 157,304       34.3 %   $ 113,268       29.4 %

   Home Meridian

     46,230       34.6 %     73,727       49.3 %     217,964       47.5 %     202,560       52.6 %

   Domestic Upholstery

     27,972       21.0 %     25,350       16.9 %     74,996       16.3 %     59,640       15.6 %

   All Other

     3,189       2.4 %     3,323       2.2 %     8,543       1.9 %     9,353       2.4 %

Consolidated

   $ 133,428       100 %   $ 149,687       100.0 %   $ 458,807       100.0 %   $ 384,821       100.0 %
                                                                 

Gross Profit/(Loss)

                                                                

   Hooker Branded

   $ 15,366       27.4 %   $ 15,446       32.7 %   $ 49,639       31.6 %   $ 35,894       31.7 %

   Home Meridian

     (1,807 )     -3.9 %     11,169       15.1 %     17,935       8.2 %     28,489       14.1 %

   Domestic Upholstery

     5,353       19.1 %     5,751       22.7 %     14,879       19.8 %     11,555       19.4 %

   All Other

     1,095       34.3 %     1,117       33.6 %     2,853       33.4 %     3,199       34.2 %

Consolidated

   $ 20,007       15.0 %   $ 33,483       22.4 %   $ 85,306       18.6 %   $ 79,137       20.6 %
                                                                 

Operating (Loss)/Income

                                                                

   Hooker Branded

   $ 6,669       11.9 %   $ 7,686       16.3 %   $ 25,040       15.9 %   $ 15,108       13.3 %

   Home Meridian

     (10,181 )     -22.0 %     2,510       3.4 %     (9,274 )     -4.3 %     (26,754 )     -13.2 %

   Domestic Upholstery

     1,443       5.2 %     2,421       9.6 %     3,589       4.8 %     (14,399 )     -24.1 %

   All Other

     341       10.7 %     420       12.6 %     820       9.6 %     1,156       12.4 %

Consolidated

   $ (1,728 )     -1.3 %   $ 13,037       8.7 %   $ 20,175       4.4 %   $ (24,889 )     -6.5 %
                                                                 

Capital Expenditures

                                                                

   Hooker Branded

   $ 306             $ 60             $ 427             $ 173          

   Home Meridian

     2,501               27               4,956               137          

   Domestic Upholstery

     344               82               1,233               332          

   All Other

     10               -               10               -          

Consolidated

   $ 3,161             $ 169             $ 6,626             $ 642          
                                                                 

Depreciation

& Amortization

                                                                

   Hooker Branded

   $ 645             $ 444             $ 1,844             $ 1,338          

   Home Meridian

     710               540               1,779               1,608          

   Domestic Upholstery

     682               700               1,991               2,097          

   All Other

     3               3               9               9          

Consolidated

   $ 2,040             $ 1,687             $ 5,623             $ 5,052          

 

   

As of October 31,

            

As of January 31,

            
   

2021

    

%Total

    

2021

    

%Total

    

Identifiable Assets

          

Assets

            

Assets

    

   Hooker Branded

   $ 164,358       48.0 %   $ 174,475       53.5 %  

   Home Meridian

     123,991       36.2 %     100,497       30.9 %  

   Domestic Upholstery

     53,431       15.6 %     49,370       15.2 %  

   All Other

     666       0.2 %     1,204       0.4 %  

Consolidated

   $ 342,446       100 %   $ 325,546       100 %  

   Consolidated Goodwill and Intangibles

     24,939               26,727            

Total Consolidated Assets

   $ 367,385             $ 352,273            

 

Sales by product type are as follows:

 

   

Net Sales (in thousands)

 
   

Thirteen Weeks Ended

    

Thirty-Nine Weeks Ended

  
   

October 31, 2021

    

 %Total

    

November 1, 2020

    

%Total

    

October 31, 2021

    

 %Total

    

November 1, 2020

    

%Total

  

Casegoods

   $ 75,982       57 %   $ 91,457       61 %   $ 271,421       59 %   $ 234,905       61 %

Upholstery

     57,446       43 %     58,230       39 %     187,386       41 %     149,916       39 %
    $ 133,428       100 %   $ 149,687       100 %   $ 458,807       100 %   $ 384,821       100 %