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Segment Information
 6 Months Ended
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 %