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Segment Information
 3 Months Ended
Apr. 28, 2024
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

13.          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, 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, HF Custom (formerly Sam Moore), Shenandoah Furniture and Sunset West; and
 

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All Other, consisting of H Contract, Lifestyle Brands and BOBO Intriguing Objects. None 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

  
   

April 28,

            

April 30,

          
   

2024

            

2023

          
           

% Net

            

% Net

  

Net Sales

          

Sales

            

Sales

  

Hooker Branded

   $ 35,353       37.8 %   $ 43,432       35.7 %

Home Meridian

     26,424       28.2 %     41,921       34.4 %

Domestic Upholstery

     30,027       32.1 %     35,104       28.8 %

All Other

     1,767       1.9 %     1,358       1.1 %

Consolidated

   $ 93,571       100 %   $ 121,815       100 %
                                 

Gross Profit

                                

Hooker Branded

   $ 11,048       31.3 %   $ 13,518       31.1 %

Home Meridian

     3,301       12.5 %     6,713       16.0 %

Domestic Upholstery

     4,705       15.7 %     7,023       20.0 %

All Other

     167       9.5 %     652       48.0 %

Consolidated

   $ 19,221       20.5 %   $ 27,906       22.9 %
                                 

Operating (Loss) / Income

                                

Hooker Branded

   $ 7       0.0 %   $ 2,718       6.3 %

Home Meridian

     (3,423 )     -13.0 %     (2,119 )     -5.1 %

Domestic Upholstery

     (1,308 )     -4.4 %     1,328       3.8 %

All Other

     (446 )     -25.2 %     48       3.5 %

Consolidated

   $ (5,170 )     -5.5 %   $ 1,975       1.6 %
                                 

Capital Expenditures (net of disposals)

                                

Hooker Branded

   $ 205             $ 2,787          

Home Meridian

     235               227          

Domestic Upholstery

     392               116          

All Other

     11               28          

Consolidated

   $ 843             $ 3,158          
                                 

Depreciation & Amortization

                                

Hooker Branded

   $ 681             $ 491          

Home Meridian

     625               687          

Domestic Upholstery

     968               947          

All Other

     9               22          

Consolidated

   $ 2,283             $ 2,147          

 

   

As of April 28,

            

As of January 28,

          
   

2024

    

%Total

    

2024

    

%Total

  

Identifiable Assets

          

Assets

            

Assets

  

Hooker Branded

   $ 171,945       58.7 %   $ 168,832       56.3 %

Home Meridian

     57,869       19.8 %     58,799       19.6 %

Domestic Upholstery

     57,126       19.5 %     67,230       22.4 %

All Other

     5,857       2.0 %     5,067       1.7 %

Consolidated

   $ 292,797       100 %   $ 299,928       100 %

Consolidated Goodwill and Intangibles

     42,733               43,658          

Total Consolidated Assets

   $ 335,530             $ 343,586          

 

Sales by product type are as follows:

 

   

Net Sales (in thousands)

 
   

Thirteen Weeks Ended

  
   

April 28, 2024

    

%Total

    

April 30, 2023

    

%Total

  

Casegoods

   $ 53,109       57 %   $ 67,975       56 %

Upholstery

     40,462       43 %     53,840       44 %
    $ 93,571       100 %   $ 121,815       100 %