Hooker Furnishings Corporation reported its fiscal 2026 first quarter results, with consolidated net sales decreasing by 8.8% to $85.3 million. Despite the sales decline, the consolidated operating loss narrowed by 31% to $3.6 million, and the net loss improved to $3.1 million, or $0.29 per diluted share, compared to $4.1 million in the prior year.
The company's cost reduction strategy, targeting $25 million in annualized savings by fiscal year 2027, contributed $2.2 million in savings during the quarter. Cash provided by operating activities significantly increased to $14.7 million, up from $1.5 million in the prior year, driven by improved trade receivables collections and inventory optimization.
Hooker Furnishings had $18 million in cash and cash equivalents and $40.7 million in available borrowing capacity at quarter-end. Subsequent to the quarter, all outstanding revolver borrowings were paid down, increasing available capacity to approximately $63 million. The new Vietnam warehouse, operational in May 2025, is expected to reduce lead times and enhance supply chain efficiency.
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