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Segment Information
 9 Months Ended
Oct. 27, 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
 

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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

    

Thirty-Nine Weeks Ended

  
   

October 27,

            

October 29,

            

October 27,

            

October 29,

          
   

2024

            

2023

            

2024

            

2023

          
           

% Net

            

% Net

            

% Net

            

% Net

  

Net Sales

          

Sales

            

Sales

            

Sales

            

Sales

  

Hooker Branded

   $ 34,940       33.5 %   $ 39,122       33.5 %   $ 105,049       35.9 %   $ 118,936       35.4 %

Home Meridian

     38,553       36.9 %     43,692       37.4 %     95,493       32.6 %     114,524       34.0 %

Domestic Upholstery

     29,327       28.1 %     32,559       27.9 %     87,910       30.0 %     98,555       29.3 %

All Other

     1,532       1.5 %     1,458       1.2 %     4,553       1.6 %     4,437       1.3 %

Consolidated

   $ 104,352       100 %   $ 116,831       100 %   $ 293,005       100 %   $ 336,452       100 %
                                                                 

Gross Profit

                                                                

Hooker Branded

   $ 10,404       29.8 %   $ 17,935       45.8 %   $ 31,867       30.3 %   $ 44,556       37.5 %

Home Meridian

     7,910       20.5 %     8,803       20.1 %     17,308       18.1 %     18,726       16.4 %

Domestic Upholstery

     5,748       19.6 %     6,485       19.9 %     15,099       17.2 %     19,872       20.2 %

All Other

     (37 )     -2.4 %     487       33.4 %     44       1.0 %     1,803       40.6 %

Consolidated

   $ 24,025       23.0 %   $ 33,710       28.9 %   $ 64,318       22.0 %   $ 84,957       25.3 %
                                                                 

Operating (Loss) / Income

                                                                

Hooker Branded

   $ (1,694 )     -4.9 %   $ 7,399       18.9 %   $ (2,094 )     -2.0 %   $ 14,014       11.8 %

Home Meridian

     (3,681 )     -9.5 %     923       2.1 %     (7,850 )     -8.2 %     (4,532 )     -4.0 %

Domestic Upholstery

     (281 )     -1.0 %     688       2.1 %     (2,875 )     -3.3 %     2,739       2.8 %

All Other

     (1,604 )     -104.7 %     (240 )     -16.5 %     (2,611 )     -57.4 %     (203 )     -4.6 %

Consolidated

   $ (7,260 )     -7.0 %   $ 8,770       7.5 %   $ (15,430 )     -5.3 %   $ 12,018       3.6 %
                                                                 

Capital Expenditures (net of disposals)

                                                                

Hooker Branded

   $ 587             $ 747             $ 1,032             $ 4,156          

Home Meridian

     29               827               280               1,065          

Domestic Upholstery

     619               179               1,334               436          

All Other

     -               -               11               61          

Consolidated

   $ 1,235             $ 1,753             $ 2,657             $ 5,718          
                                                                 

Depreciation

& Amortization

                                                                

Hooker Branded

   $ 562             $ 467             $ 1,676             $ 1,461          

Home Meridian

     651               670               1,935               2,047          

Domestic Upholstery

     1,074               1,100               3,239               3,092          

All Other

     27               17               80               26          

Consolidated

   $ 2,314             $ 2,254             $ 6,930             $ 6,626          

 

   

As of October 27,

            

As of January 28,

                                          
   

2024

    

%Total

    

2024

    

%Total

                                  

Identifiable Assets

          

Assets

            

Assets

                                  

Hooker Branded

   $ 166,224       57.7 %   $ 168,832       56.3 %                                

Home Meridian

     57,373       19.9 %     58,799       19.6 %                                

Domestic Upholstery

     60,161       20.9 %     67,230       22.4 %                                

All Other

     4,166       1.4 %     5,067       1.7 %                                

Consolidated

   $ 287,924       100 %   $ 299,928       100 %                                

Consolidated Goodwill and Intangibles

     38,940               43,658                                          

Total Consolidated Assets

   $ 326,864             $ 343,586                                          

 

Sales by product type are as follows:

 

   

Net Sales (in thousands)

  
   

Thirteen Weeks Ended

    

Thirty-Nine Weeks Ended

  
   

October 27, 2024

    

%Total

    

October 29, 2023

    

%Total

    

October 27, 2024

    

%Total

    

October 29, 2023

    

%Total

  

Casegoods

   $ 64,765       62 %   $ 71,787       61 %   $ 158,632       54 %   $ 191,825       57 %

Upholstery

     39,587       38 %     45,044       39 %     134,373       46 %     144,627       43 %
    $ 104,352       100 %   $ 116,831       100 %   $ 293,005       100 %   $ 336,452       100 %