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Segment Information | 6 Months Ended
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Jul. 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;
| ■ | Domestic Upholstery, which includes the domestic upholstery manufacturing operations of Bradington-Young, HF Custom (formerly Sam Moore), Shenandoah Furniture and Sunset West; and
| ■ | 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 |  |  | Twenty-Six Weeks Ended |
|  | July 28, |  |  |  |  |  |  | July 30, |  |  |  |  |  |  | July 28, |  |  |  |  |  |  | July 30, |  |  |  |  |
|  | 2024 |  |  |  |  |  |  | 2023 |  |  |  |  |  |  | 2024 |  |  |  |  |  |  | 2023 |  |  |  |  |
|  |  |  |  |  | % Net |  |  |  |  |  |  | % Net |  |  |  |  |  |  | % Net |  |  |  |  |  |  | % Net |
Net Sales |  |  |  |  |  | Sales |  |  |  |  |  |  | Sales |  |  |  |  |  |  | Sales |  |  |  |  |  |  | Sales |
Hooker Branded |  | $ | 34,756 |  |  |  | 36.6 | % |  | $ | 36,381 |  |  |  | 37.1 | % |  | $ | 70,109 |  |  |  | 37.1 | % |  | $ | 79,813 |  |  |  | 36.3 | %
Home Meridian |  |  | 30,516 |  |  |  | 32.1 | % |  |  | 28,911 |  |  |  | 29.6 | % |  |  | 56,940 |  |  |  | 30.2 | % |  |  | 70,832 |  |  |  | 32.3 | %
Domestic Upholstery |  |  | 28,556 |  |  |  | 30.0 | % |  |  | 30,892 |  |  |  | 31.6 | % |  |  | 58,583 |  |  |  | 31.1 | % |  |  | 65,996 |  |  |  | 30.0 | %
All Other |  |  | 1,253 |  |  |  | 1.3 | % |  |  | 1,622 |  |  |  | 1.7 | % |  |  | 3,020 |  |  |  | 1.6 | % |  |  | 2,980 |  |  |  | 1.4 | %
Consolidated |  | $ | 95,081 |  |  |  | 100 | % |  | $ | 97,806 |  |  |  | 100 | % |  | $ | 188,652 |  |  |  | 100 | % |  | $ | 219,621 |  |  |  | 100 | %
Gross Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 10,417 |  |  |  | 30.0 | % |  | $ | 13,103 |  |  |  | 36.0 | % |  | $ | 21,465 |  |  |  | 30.6 | % |  | $ | 26,621 |  |  |  | 33.4 | %
Home Meridian |  |  | 5,946 |  |  |  | 19.5 | % |  |  | 3,210 |  |  |  | 11.1 | % |  |  | 9,397 |  |  |  | 16.5 | % |  |  | 9,923 |  |  |  | 14.0 | %
Domestic Upholstery |  |  | 4,646 |  |  |  | 16.3 | % |  |  | 6,365 |  |  |  | 20.6 | % |  |  | 9,351 |  |  |  | 16.0 | % |  |  | 13,387 |  |  |  | 20.3 | %
All Other |  |  | (87 | ) |  |  | -6.9 | % |  |  | 663 |  |  |  | 40.9 | % |  |  | 81 |  |  |  | 2.7 | % |  |  | 1,316 |  |  |  | 44.2 | %
Consolidated |  | $ | 20,922 |  |  |  | 22.0 | % |  | $ | 23,341 |  |  |  | 23.9 | % |  | $ | 40,294 |  |  |  | 21.4 | % |  | $ | 51,247 |  |  |  | 23.3 | %
Operating (Loss) / Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | (406 | ) |  |  | -1.2 | % |  | $ | 3,896 |  |  |  | 10.7 | % |  | $ | (399 | ) |  |  | -0.6 | % |  | $ | 6,614 |  |  |  | 8.3 | %
Home Meridian |  |  | (896 | ) |  |  | -2.9 | % |  |  | (3,336 | ) |  |  | -11.5 | % |  |  | (4,169 | ) |  |  | -7.3 | % |  |  | (5,454 | ) |  |  | -7.7 | %
Domestic Upholstery |  |  | (1,285 | ) |  |  | -4.5 | % |  |  | 724 |  |  |  | 2.3 | % |  |  | (2,593 | ) |  |  | -4.4 | % |  |  | 2,051 |  |  |  | 3.1 | %
All Other |  |  | (562 | ) |  |  | -44.9 | % |  |  | (11 | ) |  |  | -0.7 | % |  |  | (1,008 | ) |  |  | -33.4 | % |  |  | 38 |  |  |  | 1.3 | %
Consolidated |  | $ | (3,149 | ) |  |  | -3.3 | % |  | $ | 1,273 |  |  |  | 1.3 | % |  | $ | (8,169 | ) |  |  | -4.3 | % |  | $ | 3,249 |  |  |  | 1.5 | %
Capital Expenditures (net of disposals) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 240 |  |  |  |  |  |  | $ | 622 |  |  |  |  |  |  | $ | 445 |  |  |  |  |  |  | $ | 3,409 |  |  |  |  |
Home Meridian |  |  | 16 |  |  |  |  |  |  |  | 11 |  |  |  |  |  |  |  | 251 |  |  |  |  |  |  |  | 238 |  |  |  |  |
Domestic Upholstery |  |  | 323 |  |  |  |  |  |  |  | 141 |  |  |  |  |  |  |  | 714 |  |  |  |  |  |  |  | 257 |  |  |  |  |
All Other |  |  | - |  |  |  |  |  |  |  | 33 |  |  |  |  |  |  |  | 11 |  |  |  |  |  |  |  | 61 |  |  |  |  |
Consolidated |  | $ | 579 |  |  |  |  |  |  | $ | 807 |  |  |  |  |  |  | $ | 1,421 |  |  |  |  |  |  | $ | 3,965 |  |  |  |  |
Depreciation & Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 562 |  |  |  |  |  |  | $ | 503 |  |  |  |  |  |  | $ | 1,114 |  |  |  |  |  |  | $ | 994 |  |  |  |  |
Home Meridian |  |  | 659 |  |  |  |  |  |  |  | 690 |  |  |  |  |  |  |  | 1,284 |  |  |  |  |  |  |  | 1,377 |  |  |  |  |
Domestic Upholstery |  |  | 1,087 |  |  |  |  |  |  |  | 1,007 |  |  |  |  |  |  |  | 2,166 |  |  |  |  |  |  |  | 1,954 |  |  |  |  |
All Other |  |  | 27 |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  | 53 |  |  |  |  |  |  |  | 47 |  |  |  |  |
Consolidated |  | $ | 2,335 |  |  |  |  |  |  | $ | 2,225 |  |  |  |  |  |  | $ | 4,617 |  |  |  |  |  |  | $ | 4,372 |  |  |  |  |
|  | As of July 28, |  |  |  |  |  |  | As of January 28, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2024 |  |  | %Total |  |  | 2024 |  |  | %Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable Assets |  |  |  |  |  | Assets |  |  |  |  |  |  | Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hooker Branded |  | $ | 174,822 |  |  |  | 60.1 | % |  | $ | 168,832 |  |  |  | 56.3 | % |  |  |
Home Meridian |  |  | 52,956 |  |  |  | 18.2 | % |  |  | 58,799 |  |  |  | 19.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic Upholstery |  |  | 58,322 |  |  |  | 20.1 | % |  |  | 67,230 |  |  |  | 22.4 | % |  |  |
All Other |  |  | 4,518 |  |  |  | 1.6 | % |  |  | 5,067 |  |  |  | 1.7 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 290,618 |  |  |  | 100 | % |  | $ | 299,928 |  |  |  | 100 | % |  |  |
Consolidated Goodwill and Intangibles |  |  | 41,810 |  |  |  |  |  |  |  | 43,658 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Consolidated Assets |  | $ | 332,428 |  |  |  |  |  |  | $ | 343,586 |  |  |  |  |  |  |  |
Sales by product type are as follows:
|  | Net Sales (in thousands) |
|  | Thirteen Weeks Ended |  |  | Twenty-Six Weeks Ended |
|  | July 28, 2024 |  |  | %Total |  |  | July 30, 2023 |  |  | %Total |  |  | July 28, 2024 |  |  | %Total |  |  | July 30, 2023 |  |  | %Total |
Casegoods |  | $ | 55,731 |  |  |  | 59 | % |  | $ | 49,984 |  |  |  | 51 | % |  | $ | 108,583 |  |  |  | 58 | % |  | $ | 117,883 |  |  |  | 54 | %
Upholstery |  |  | 39,350 |  |  |  | 41 | % |  |  | 47,822 |  |  |  | 49 | % |  |  | 80,069 |  |  |  | 42 | % |  |  | 101,738 |  |  |  | 46 | %
|  | $ | 95,081 |  |  |  | 100 | % |  | $ | 97,806 |  |  |  | 100 | % |  | $ | 188,652 |  |  |  | 100 | % |  | $ | 219,621 |  |  |  | 100 | %

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