XML 31 R22.htm IDEA: XBRL DOCUMENT
v3.22.1

Segment Information | 3 Months Ended
--- | ---
May 01, 2022
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:
| ■ | 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. For financial reporting purposes, we are organized into three reportable segments and “All Other”, which includes the remainder of our businesses:
| ■ | Hooker Branded, consisting of the operations of our imported Hooker Casegoods and Hooker Upholstery businesses;
| ■ | 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;
| ■ | Domestic Upholstery, which includes the domestic upholstery manufacturing operations of Bradington-Young, Sam Moore, Shenandoah Furniture and newly acquired Sunset West; and
| ■ | All Other, consisting of H Contract and Lifestyle Brands. Neither of these operating segments were individually reportable; therefore, we combined them in “All Other” in accordance with ASC 280.
Changes to segment reporting for the fiscal 2023 first quarter We regularly monitor our reportable segments for changes in facts and circumstances to determine whether changes in the identification or aggregation of operating segments are necessary. Before the fiscal 2023 first quarter, H Contract’s results included sales of seating products sourced from Sam Moore. Due to a change in the way management internally evaluates operating performance, beginning with fiscal 2023 first quarter Sam Moore’s results now include sales of seating products formerly included in H Contract’s results. Fiscal 2022 results discussed below have been recast to reflect this change. The Hooker Branded and Home Meridian segments are unchanged. As discussed in Note 3 above, we acquired substantially all the assets of Sunset West on the first day of the 2023 fiscal year. Based on our analysis and the requirements of ASC 280: Segment Reporting, Sunset West’s results are included in the Domestic Upholstery segment. The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the change discussed above.
|  | Thirteen Weeks Ended |
|  | May 1, |  |  |  |  |  |  | May 2, |  |  |  |  |
|  | 2022 |  |  |  |  |  |  | 2021 |  |  |  |  |
|  |  |  |  |  | % Net |  |  |  |  |  |  | % Net |
Net Sales |  |  |  |  |  | Sales |  |  |  |  |  |  | Sales |
Hooker Branded |  | $ | 42,230 |  |  |  | 28.7 | % |  | $ | 51,339 |  |  |  | 31.5 | %
Home Meridian |  |  | 62,085 |  |  |  | 42.1 | % |  |  | 84,411 |  |  |  | 51.8 | %
Domestic Upholstery |  |  | 41,220 |  |  |  | 28.0 | % |  |  | 25,420 |  |  |  | 15.7 | %
All Other |  |  | 1,779 |  |  |  | 1.2 | % |  |  | 1,691 |  |  |  | 1.0 | %
Consolidated |  | $ | 147,314 |  |  |  | 100 | % |  | $ | 162,861 |  |  |  | 100.0 | %
Gross Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 13,240 |  |  |  | 31.4 | % |  | $ | 17,212 |  |  |  | 33.5 | %
Home Meridian |  |  | 6,305 |  |  |  | 10.2 | % |  |  | 10,135 |  |  |  | 12.0 | %
Domestic Upholstery |  |  | 9,354 |  |  |  | 22.7 | % |  |  | 5,638 |  |  |  | 22.2 | %
All Other |  |  | 560 |  |  |  | 31.5 | % |  |  | 597 |  |  |  | 35.3 | %
Consolidated |  | $ | 29,459 |  |  |  | 20.0 | % |  | $ | 33,582 |  |  |  | 20.6 | %
Operating Income/(Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 4,142 |  |  |  | 9.8 | % |  | $ | 9,442 |  |  |  | 18.4 | %
Home Meridian |  |  | (3,095 | ) |  |  | -5.0 | % |  |  | 866 |  |  |  | 1.0 | %
Domestic Upholstery |  |  | 2,752 |  |  |  | 6.7 | % |  |  | 1,731 |  |  |  | 6.8 | %
All Other |  |  | 124 |  |  |  | 7.0 | % |  |  | 204 |  |  |  | 12.1 | %
Consolidated |  | $ | 3,923 |  |  |  | 2.7 | % |  | $ | 12,243 |  |  |  | 7.5 | %
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 468 |  |  |  |  |  |  | $ | 83 |  |  |  |  |
Home Meridian |  |  | 40 |  |  |  |  |  |  |  | 1,346 |  |  |  |  |
Domestic Upholstery |  |  | 322 |  |  |  |  |  |  |  | 759 |  |  |  |  |
All Other |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |
Consolidated |  | $ | 830 |  |  |  |  |  |  | $ | 2,188 |  |  |  |  |
Depreciation & Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 684 |  |  |  |  |  |  | $ | 449 |  |  |  |  |
Home Meridian |  |  | 662 |  |  |  |  |  |  |  | 501 |  |  |  |  |
Domestic Upholstery |  |  | 938 |  |  |  |  |  |  |  | 761 |  |  |  |  |
All Other |  |  | 3 |  |  |  |  |  |  |  | 3 |  |  |  |  |
Consolidated |  | $ | 2,287 |  |  |  |  |  |  | $ | 1,714 |  |  |  |  |
|  | As of May 1, |  |  |  |  |  |  | As of January 30, |  |  |  |  |
|  | 2022 |  |  | %Total |  |  | 2022 |  |  | %Total |
Identifiable Assets |  |  |  |  |  | Assets |  |  |  |  |  |  | Assets |
Hooker Branded |  | $ | 129,403 |  |  |  | 38.3 | % |  | $ | 170,968 |  |  |  | 48.8 | %
Home Meridian |  |  | 143,872 |  |  |  | 42.5 | % |  |  | 130,890 |  |  |  | 37.4 | %
Domestic Upholstery |  |  | 62,306 |  |  |  | 18.7 | % |  |  | 47,232 |  |  |  | 13.5 | %
All Other |  |  | 1,548 |  |  |  | 0.5 | % |  |  | 1,126 |  |  |  | 0.3 | %
Consolidated |  | $ | 337,129 |  |  |  | 100 | % |  | $ | 350,216 |  |  |  | 100 | %
Consolidated Goodwill and Intangibles |  |  | 49,942 |  |  |  |  |  |  |  | 24,343 |  |  |  |  |
Total Consolidated Assets |  | $ | 387,071 |  |  |  |  |  |  | $ | 374,559 |  |  |  |  |
Sales by product type are as follows:
|  | Net Sales (in thousands) |
|  | Thirteen Weeks Ended |
|  | May 1, 2022 |  |  | %Total |  |  | May 2, 2021 |  |  | %Total |
Casegoods |  | $ | 74,192 |  |  |  | 50 | % |  | $ | 97,959 |  |  |  | 60 | %
Upholstery |  |  | 73,122 |  |  |  | 50 | % |  |  | 64,902 |  |  |  | 40 | %
|  | $ | 147,314 |  |  |  | 100 | % |  | $ | 162,861 |  |  |  | 100 | %

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration