Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Nov. 01, 2020 | Dec. 04, 2020 | |
Document Information Line Items | ||
Entity Registrant Name | HOOKER FURNITURE CORPORATION | |
Trading Symbol | HOFT | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --01-31 | |
Entity Common Stock, Shares Outstanding | 11,887,272 | |
Amendment Flag | false | |
Entity Central Index Key | 0001077688 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Nov. 1, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity File Number | 000-25349 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-0251350 | |
Entity Address, Address Line One | 440 East Commonwealth Boulevard | |
Entity Address, City or Town | Martinsville | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24112 | |
City Area Code | 276 | |
Local Phone Number | 632-2133 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Current assets | ||
Cash and cash equivalents | $ 93,874 | $ 36,031 |
Trade accounts receivable, net | 75,297 | 87,653 |
Inventories | 64,083 | 92,813 |
Income tax recoverable | 0 | 751 |
Prepaid expenses and other current assets | 4,543 | 4,719 |
Total current assets | 237,797 | 221,967 |
Property, plant and equipment, net | 27,315 | 29,907 |
Cash surrender value of life insurance policies | 25,104 | 24,888 |
Deferred taxes | 14,152 | 2,880 |
Operating leases right-of-use assets | 36,322 | 39,512 |
Intangible assets, net | 26,833 | 33,371 |
Goodwill | 490 | 40,058 |
Other assets | 1,244 | 1,125 |
Total non-current assets | 131,460 | 171,741 |
Total assets | 369,257 | 393,708 |
Current liabilities | ||
Current portion of term loans | 25,741 | 5,834 |
Trade accounts payable | 28,452 | 25,493 |
Accrued salaries, wages and benefits | 4,491 | 4,933 |
Income tax payable | 2,015 | 0 |
Customer deposits | 4,319 | 3,351 |
Current portion of lease liabilities | 6,772 | 6,307 |
Other accrued expenses | 3,045 | 4,211 |
Total current liabilities | 74,835 | 50,129 |
Long term debt | 0 | 24,282 |
Deferred compensation | 11,162 | 11,382 |
Lease liabilities | 30,937 | 33,794 |
Other long-term liabilities | 1,187 | 0 |
Total long-term liabilities | 43,286 | 69,458 |
Total liabilities | 118,121 | 119,587 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, 11,887 and 11,838 shares issued and outstanding on each date | 53,055 | 51,582 |
Retained earnings | 198,601 | 223,252 |
Accumulated other comprehensive loss | (520) | (713) |
Total shareholders’ equity | 251,136 | 274,121 |
Total liabilities and shareholders’ equity | $ 369,257 | $ 393,708 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 11,887 | 11,838 |
Common stock, shares outstanding | 11,887 | 11,838 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 149,687 | $ 158,176 | $ 384,821 | $ 445,942 |
Cost of sales | 116,204 | 129,777 | 305,684 | 363,201 |
Gross profit | 33,483 | 28,399 | 79,137 | 82,741 |
Selling and administrative expenses | 19,850 | 22,810 | 57,920 | 67,286 |
Goodwill impairment charges | 0 | 0 | 39,568 | 0 |
Trade name impairment charges | 0 | 0 | 4,750 | 0 |
Intangible asset amortization | 596 | 596 | 1,788 | 1,788 |
Operating income / (loss) | 13,037 | 4,993 | (24,889) | 13,667 |
Other income, net | 158 | 309 | 107 | 215 |
Interest expense, net | 106 | 316 | 433 | 986 |
Income/(loss) before income taxes | 13,089 | 4,986 | (25,215) | 12,896 |
Income tax expense / (benefit) | 2,996 | 1,066 | (6,263) | 2,829 |
Net income/(loss) | $ 10,093 | $ 3,920 | $ (18,952) | $ 10,067 |
Earnings/(Loss) per share | ||||
Basic (in Dollars per share) | $ 0.85 | $ 0.33 | $ (1.61) | $ 0.85 |
Diluted (in Dollars per share) | $ 0.84 | $ 0.33 | $ (1.61) | $ 0.85 |
Weighted average shares outstanding: | ||||
Basic (in Shares) | 11,833 | 11,789 | 11,818 | 11,782 |
Diluted (in Shares) | 11,939 | 11,816 | 11,818 | 11,821 |
Cash dividends declared per share (in Dollars per share) | $ 0.16 | $ 0.15 | $ 0.48 | $ 0.45 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 10,093 | $ 3,920 | $ (18,952) | $ 10,067 |
Other comprehensive income (loss): | ||||
Gain on pension plan settlement | 0 | (520) | 0 | (520) |
Income tax effect on settlement | 0 | 124 | 0 | 124 |
Amortization of actuarial loss | 84 | 37 | 253 | 111 |
Income tax effect on amortization | (20) | (9) | (60) | (27) |
Adjustments to net periodic benefit cost | 64 | (368) | 193 | (312) |
Total Comprehensive Income/(Loss) | $ 10,157 | $ 3,552 | $ (18,759) | $ 9,755 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2020 | Nov. 03, 2019 | |
Operating Activities: | ||
Net (loss)/income | $ (18,952) | $ 10,067 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Goodwill and intangible asset impairment charges | 44,318 | 0 |
Depreciation and amortization | 5,052 | 5,260 |
Gain on pension settlement | 0 | (520) |
Gain on disposal of assets | 0 | (271) |
Deferred income tax (benefit) / expense | (10,143) | 1,461 |
Noncash restricted stock and performance awards | 1,473 | 891 |
Provision for doubtful accounts and sales allowances | 4,527 | 1,365 |
Gain on life insurance policies | (1,750) | (715) |
Changes in assets and liabilities: | ||
Trade accounts receivable | 7,829 | 18,589 |
Inventories | 28,730 | 1,589 |
Income tax recoverable | 751 | (2,348) |
Prepaid expenses and other current assets | 620 | (638) |
Trade accounts payable | 2,947 | (13,456) |
Accrued salaries, wages, and benefits | (441) | (2,553) |
Accrued income taxes | 2,015 | (3,159) |
Customer deposits | 967 | 10,006 |
Operating lease liabilities | 797 | 536 |
Other accrued expenses | (1,165) | 350 |
Deferred compensation | 32 | 156 |
Net cash provided by operating activities | 67,607 | 26,610 |
Investing Activities: | ||
Purchases of property and equipment | (642) | (4,745) |
Proceeds received on notes from sale of assets | 0 | 1,465 |
Premiums paid on life insurance policies | (519) | (558) |
Proceeds received on life insurance policies | 1,489 | 0 |
Net cash provided by/(used in) investing activities | 328 | (3,838) |
Financing Activities: | ||
Payments for long-term debt | (4,393) | (4,393) |
Cash dividends paid | (5,699) | (5,316) |
Cash used in financing activities | (10,092) | (9,709) |
Net increase in cash and cash equivalents | 57,843 | 13,063 |
Cash and cash equivalents - beginning of year | 36,031 | 11,435 |
Cash and cash equivalents - end of quarter | 93,874 | 24,498 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 2,301 | 6,754 |
Cash paid for interest, net | 365 | 852 |
Non-cash transactions: | ||
Increase in lease liabilities arising from obtaining right-of-use assets | 2,103 | 272 |
Increase in property and equipment through accrued purchases | $ 12 | $ 25 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Feb. 03, 2019 | $ 49,549 | $ 213,380 | $ 247 | $ 263,176 |
Balance (in Shares) at Feb. 03, 2019 | 11,785 | |||
Net income (loss) | 10,067 | 10,067 | ||
Gain on pension settlement, net of tax | (396) | (396) | ||
Unrealized gain loss on defined benefit plan, net of tax | 84 | 84 | ||
Cash dividends paid and accrued | (5,316) | (5,316) | ||
Restricted stock grants, net of forfeitures | $ 344 | 344 | ||
Restricted stock grants, net of forfeitures (in Shares) | 53 | |||
Restricted stock compensation cost | $ 600 | 600 | ||
Recognition of PSUs as equity-based awards | 684 | 684 | ||
Balance at Nov. 03, 2019 | $ 51,177 | 218,131 | (65) | 269,243 |
Balance (in Shares) at Nov. 03, 2019 | 11,838 | |||
Balance at Feb. 02, 2020 | $ 51,582 | 223,252 | (713) | $ 274,121 |
Balance (in Shares) at Feb. 02, 2020 | 11,838 | 11,838 | ||
Net income (loss) | (18,952) | $ (18,952) | ||
Unrealized gain loss on defined benefit plan, net of tax | 193 | 193 | ||
Cash dividends paid and accrued | (5,699) | (5,699) | ||
Restricted stock grants, net of forfeitures | $ 169 | 169 | ||
Restricted stock grants, net of forfeitures (in Shares) | 49 | |||
Restricted stock compensation cost | $ 651 | 651 | ||
Recognition of PSUs as equity-based awards | 653 | 653 | ||
Balance at Nov. 01, 2020 | $ 53,055 | $ 198,601 | $ (520) | $ 251,136 |
Balance (in Shares) at Nov. 01, 2020 | 11,887 | 11,887 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2020 | Nov. 03, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Gain on pension settlement, tax | $ 0 | $ 124 |
Unrealized gain loss on defined benefit plan, tax | $ 60 | $ 27 |
Cash dividends paid and accrued, per share (in Dollars per share) | $ 0.16 | $ 0.15 |
Preparation of Interim Financia
Preparation of Interim Financial Statements | 9 Months Ended |
Nov. 01, 2020 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1. Preparation of Interim Financial Statements The condensed consolidated financial statements of Hooker Furniture Corporation and subsidiaries (referred to as “we,” “us,” “our,” “Hooker” or the “Company”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these statements include all adjustments necessary for a fair statement of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) are condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of our results of operations and financial position. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended February 2, 2020 (“2020 Annual Report”). The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect both the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from our estimates. Operating results for the interim periods reported herein may not be indicative of the results expected for the fiscal year. The financial statements contained herein are being filed as part of a quarterly report on Form 10-Q covering the 2021 fiscal year thirteen-week period (also referred to as “three months,” “three-month period,” “quarter,” “third quarter” or “quarterly period”) that began August 3, 2020, and the thirty-nine week period (also referred to as “nine months”, “nine-month period” or “year-to-date period”) that began February 3, 2020, which both ended November 1, 2020. This report discusses our results of operations for this period compared to the 2020 fiscal year thirteen-week period that began August 5, 2019 and the thirty-nine week period that began February 4, 2019, which both ended November 3, 2019; and our financial condition as of November 1, 2020 compared to February 2, 2020. References in these notes to the condensed consolidated financial statements of the Company to: ■ the 2021 fiscal year and comparable terminology mean the fifty-two-week fiscal year that began February 3, 2020 and will end January 31, 2021; and ■ the 2020 fiscal year and comparable terminology mean the fifty-two-week fiscal year that began February 4, 2019 and ended February 2, 2020. We continually monitor our reportable segments for changes in facts and circumstances to determine whether changes in the identification or aggregation of operating segments are necessary. In the fourth quarter of fiscal 2020, we updated our reportable segments. Consequently, the segment disclosures in this filing have been recast to reflect these changes and therefore differ from prior year quarterly filings. See Note 13 Segment Information for additional details. |
Recently Adopted Accounting Pol
Recently Adopted Accounting Policies | 9 Months Ended |
Nov. 01, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | 2. Recently Adopted Accounting Policies In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). This update seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments, including trade receivables, and other commitments to extend credit held by a reporting entity at each reporting date. The amendments require an entity to replace the incurred loss impairment methodology in current GAAP with a methodology that reflects current expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We adopted the provisions of Topic 326 on February 3, 2020, the first day of our 2021 fiscal year. The adoption of this standard did not have a material effect on our condensed consolidated financial statements or results of operations. We will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses. In December 2019, the FASB issued ASU 2019-12, Income Tax (Topic 740) – Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions for intra-period tax allocation, the recognition of deferred tax liabilities after an investment in a foreign entity transitions to or from the equity method, and the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments also introduce new guidance on determining how to apply the income tax guidance to franchise taxes that are partially based on income, clarifying the accounting for transactions that result in a step-up in the tax basis of goodwill, and the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We elected to adopt ASU 2019-12 on February 3, 2020, the first day of our 2021 fiscal year. The adoption of this standard resulted in additional $4.0 million of income tax benefit upon adoption. See Note 12 Income Taxes for additional details. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Nov. 01, 2020 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. Accounts Receivable November 1, February 2, 2020 2020 Trade accounts receivable $ 84,467 $ 91,261 Receivable from factor - 788 Other accounts receivable allowances (7,503 ) (3,493 ) Allowance for doubtful accounts (1,667 ) (903 ) Accounts receivable $ 75,297 $ 87,653 “Receivable from factor” represented amounts due with respect to factored accounts receivable. The agreement was discontinued in early fiscal 2021. |
Inventories
Inventories | 9 Months Ended |
Nov. 01, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 4. Inventories November 1, February 2, 2020 2020 Finished furniture $ 76,943 $ 106,495 Furniture in process 1,297 1,304 Materials and supplies 7,585 8,479 Inventories at FIFO 85,825 116,278 Reduction to LIFO basis (21,742 ) (23,465 ) Inventories $ 64,083 $ 92,813 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Nov. 01, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, Plant and Equipment Depreciable Lives November 1, February 2, (In years) 2020 2020 Buildings and land improvements 15 - 30 $ 31,316 $ 31,316 Computer software and hardware 3 - 10 19,294 19,166 Machinery and equipment 10 9,348 9,271 Leasehold improvements Term of lease 9,882 9,737 Furniture and fixtures 3 - 10 2,617 2,597 Other 5 651 651 Total depreciable property at cost 73,108 72,738 Less accumulated depreciation 47,335 44,089 Total depreciable property, net 25,773 28,649 Land 1,077 1,077 Construction-in-progress 465 181 Property, plant and equipment, net $ 27,315 $ 29,907 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 6. Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: ■ Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities; ■ Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and ■ Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of November 1, 2020 and February 2, 2020, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. Our assets measured at fair value on a recurring basis at November 1, 2020 and February 2, 2020, were as follows: Fair value at November 1, 2020 Fair value at February 2, 2020 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Assets measured at fair value Company-owned life insurance $ - $ 25,104 $ - $ 25,104 $ - $ 24,888 $ - $ 24,888 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Nov. 01, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | 7. Intangible Assets The adverse economic effects brought on by the COVID-19 pandemic, including reductions in our sales, earnings and market value, as well as other changing market dynamics, required that we perform a valuation of our intangible assets. The calculation methodology for the fair value of our Home Meridian segment and the Shenandoah division of our Domestic Upholstery segment included three approaches: the Discounted Cash Flow Method (DCF) which was given the largest weighting, the Guideline Public Company Method (GPCM) based on the consideration of the facts of the Company’s peer competitors and the Guideline Transaction Method (GTM) based on consideration of transactions with varying risk profiles, geographies and market conditions. The income approach, specifically the relief from royalty method, was used as the valuation methodology for our trade names and trademarks, based on cash flow projections and growth rates for each trade name for five years in the future provided by management, and a royalty rate benchmark for companies with similar activities. As a result of our intangible asset valuation analysis, in the first quarter of fiscal 2021, we recorded $44.3 million non-cash impairment charges including $23.2 million to Home Meridian goodwill, $16.4 million to Shenandoah goodwill and $4.8 million to certain of Home Meridian segment’s trade names. Thirty-Nine Weeks Ended November 1, 2020 February 2, 2020 Non-amortizable Intangible Assets Segment Beginning Balance Impairment Charges Net Book Value Beginning Balance Impairment Charges Net Book Value Goodwill Home Meridian $ 23,187 $ (23,187 ) $ - $ 23,187 $ - $ 23,187 Goodwill Domestic Upholstery 16,871 (16,381 ) 490 16,871 - 16,871 Total Goodwill 40,058 (39,568 ) 490 40,058 - 40,058 Trademarks and trade names - Home Meridian Home Meridian 11,400 (4,750 ) 6,650 11,400 - 11,400 Trademarks and trade names - Bradington-Young Domestic Upholstery 861 - 861 861 - 861 Trademarks and trade names - Sam Moore Domestic Upholstery 396 - 396 396 - 396 Total Trademarks and trade names $ 12,657 $ (4,750 ) $ 7,907 $ 12,657 $ - $ 12,657 Total non-amortizable assets $ 52,715 $ (44,318 ) $ 8,397 $ 52,715 $ - $ 52,715 Our amortizable intangible assets are recorded in our Home Meridian and Domestic Upholstery segments. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Trademarks Totals Balance at February 2, 2020 $ 19,996 $ 718 $ 20,714 Amortization (1,743 ) (45 ) (1,788 ) Balance at November 1, 2020 $ 18,253 $ 673 $ 18,926 For the remainder of fiscal 2021, amortization expense is expected to be approximately $596,000. |
Leases
Leases | 9 Months Ended |
Nov. 01, 2020 | |
Disclosure Text Block [Abstract] | |
Lessor, Operating Leases [Text Block] | 8. Leases In fiscal 2020, we adopted Accounting Standards Codification Topic 842 Leases. Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Operating lease cost $ 2,061 $ 2,090 $ 6,319 $ 6,289 Variable lease cost 37 - 105 - Short-term lease cost 70 173 272 467 Total operating lease cost $ 2,168 $ 2,263 $ 6,696 $ 6,756 Operating cash outflows $ 2,056 $ 1,918 $ 5,908 $ 6,255 The right-of-use assets and lease liabilities recorded on our Condensed Consolidated Balance Sheets as of November 1, 2020 were: November 1, 2020 February 2, 2020 Real estate $ 35,374 $ 38,175 Property and equipment 948 1,337 Total operating leases right-of-use assets $ 36,322 $ 39,512 Current portion of operating lease liabilities $ 6,772 $ 6,307 Long term operating lease liabilities 30,937 33,794 Total operating lease liabilities $ 37,709 $ 40,101 The weighted-average remaining lease term is 6.8 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 2.3%. Due to the COVID-19 pandemic, we received concessions on several of our leases, including changes in lease terms and deferred rent payments. We accounted for the concessions as lease modifications and used current LIBOR plus 1.5% for those leases. The weighted-average discount rate decreased due to a decrease in LIBOR. None of the modifications had a material effect on our condensed consolidated financial statements or results of operations. The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the condensed consolidated balance sheets on November 1, 2020: Undiscounted Future Operating Lease Payments Remainder of 2020 $ 1,949 2021 7,329 2022 5,557 2023 5,629 2024 5,253 2025 and thereafter 15,145 Total lease payments $ 40,862 Less: impact of discounting (3,153 ) Present value of lease payments $ 37,709 As of November 1, 2020, the Company has an additional lease for a warehouse in Georgia that had not yet commenced with estimated future minimum rental commitments of approximately $28 million. This lease is expected to commence in December 2021 with lease term of up to 10 years. Since the lease has not commenced, the undiscounted amounts are not included in the table above. |
Debt
Debt | 9 Months Ended |
Nov. 01, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 9. Debt As of November 1, 2020, we had an aggregate $25.7 million available under the Existing Revolver to fund working capital needs. Standby letters of credit in the aggregate amount of $4.3 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the revolving credit facility as of November 1, 2020. There were no additional borrowings outstanding under the Existing Revolver as of November 1, 2020. We currently have one unsecured term loan and one secured term loan outstanding and a revolving credit facility. The term loans are related to the Home Meridian acquisition. The full remaining principal amounts of $25.7 million on our term loans are due on or before February 1, 2021. We expect to pay off our term loans in full and enter into a new credit facility on or before the expiration of the current agreement. Subsequent to the end of the fiscal 2021 third quarter, the Existing Revolver was amended to increase the sublimit of the facility available for the issuance of letters of credit from $4 million to $10 million in order to support import purchases. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Nov. 01, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [Text Block] | 10. Employee Benefit Plans We maintain two “frozen” retirement plans, which are paying benefits and may include active employees among the participants. We do not expect to add participants to these plans in the future. The two plans include: ■ a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furniture Corporation; and ■ the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 3, November 1, November 3, 2020 2019 2020 2019 Net periodic benefit costs Service cost 32 26 96 78 Interest cost 74 204 222 613 Actuarial loss 84 37 253 111 Expected return on pension plan assets - (101 ) - (304 ) Pension plan administrative expenses - 98 - 293 Consolidated net periodic benefit costs $ 190 $ 264 $ 571 $ 791 The SRIP and SERP plans are unfunded plans. In fiscal 2021, we paid $179,000 in the third quarter and $538,000 in the first nine months and expect to pay a total of approximately $191,000 in benefit payments from our general assets during the remainder of fiscal 2021 to fund SRIP and SERP payments. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 01, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 11. Earnings Per Share We refer you to the discussion of Earnings Per Share in Note 2. Summary of Significant Accounting Policies, in the financial statements included in our 2020 Annual Report, for additional information concerning the calculation of earnings per share. All stock awards are designed to encourage retention and to provide an incentive for increasing shareholder value. We have issued restricted stock awards to non-employee members of the board of directors since 2006 and to certain non-executive employees since 2014. We have issued restricted stock units (“RSUs”) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles an executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We have issued Performance-based Restricted Stock Units (“PSUs”) to certain senior executives since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: November 1, February 2, 2020 2020 Restricted shares 55 46 RSUs and PSUs 159 76 214 122 The number of outstanding restricted shares increased due primarily to grants of restricted shares to a larger population of our non-executive employees as an incentive for retention and alignment of individual performance to our goals. All restricted shares, RSUs and PSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 3, November 1, November 3, 2020 2019 2020 2019 Net income/(loss) $ 10,093 $ 3,920 $ (18,952 ) $ 10,067 Less: Unvested participating restricted stock dividends 9 7 26 18 Net earnings allocated to unvested participating restricted stock 47 16 - 33 Earnings/(loss) available for common shareholders 10,037 3,897 (18,978 ) 10,016 Weighted average shares outstanding for basic earnings per share 11,833 11,789 11,818 11,782 Dilutive effect of unvested restricted stock, RSU and PSU awards 106 27 * 39 Weighted average shares outstanding for diluted earnings per share 11,939 11,816 11,818 11,821 Basic earnings/(loss) per share $ 0.85 $ 0.33 $ (1.61 ) $ 0.85 Diluted earnings/(loss) per share $ 0.84 $ 0.33 $ (1.61 ) $ 0.85 *Due to the fiscal 2021 year-to-date net loss, approximately 92,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share for the thirty-nine weeks ended November 1, 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 01, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. Income Taxes We recorded income tax expense of $3.0 million for the fiscal 2021 third quarter compared to $1.1 million for the comparable prior year period. The effective tax rates for the fiscal 2021 and 2020 third quarters were 22.9% and 21.4%, respectively. We recorded income tax benefit of $6.3 million for the fiscal 2021 first nine months, of which income tax benefit of $10.7 million was recorded related to goodwill and trade name impairment charges, compared to $2.8 million income tax expense for the comparable prior year period. The effective tax rates for the first nine months of fiscal 2021 and 2020 were 24.8% and 21.9%, respectively. An entity is required to make its best estimate of the annual effective tax rate for the full fiscal year at the end of each interim period and to use this rate to calculate its income taxes on a year-to-date basis. Under the current income tax guidance, there is an exception that when the year-to-date loss for an interim period exceeds the projected loss for the full fiscal year, the income tax benefit recognized year-to-date is limited to the amount of benefit that would be recognized if the year-to-date loss were the anticipated loss for the full fiscal year. ASU 2019-12 removes this exception and no longer limits the computed benefit. We elected to early adopt ASU 2019-12 in the first quarter of fiscal 2021 and recognized an additional $4.0 million of income tax benefits upon adoption. In the nine months period, we recognized additional $2.4 million of income tax benefit. The net unrecognized tax benefits as of November 1, 2020 and February 2, 2020, which, if recognized, would affect our effective tax rate are $3,000. Tax years ending January 29, 2017 through February 2, 2020 remain subject to examination by federal and state taxing authorities. |
Segment Information
Segment Information | 9 Months Ended |
Nov. 01, 2020 | |
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 ■ 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. We continually monitor our reportable segments for changes in facts and circumstances to determine whether changes in the identification or aggregation of operating segments are necessary. In the fourth quarter of fiscal 2020, we updated our reportable segments as follows: domestic upholstery producers Bradington-Young, Sam Moore and Shenandoah Furniture were moved from All Other and aggregated into a new reportable segment called “Domestic Upholstery.” All Other now consists of H Contract and Lifestyle Brands. Lifestyle Brands is a business in its start-up phase targeted at the interior design channel. The Hooker Branded and Home Meridian segments were unchanged. Therefore, for financial reporting purposes, we are organized into three reportable segments and “All Other”, which includes the remainder of our businesses: ■ Hooker Branded ■ Home Meridian ■ Domestic Upholstery, ■ All Other The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the changes in segments discussed above: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 % Net % Net % Net % Net Net Sales Sales Sales Sales Sales Hooker Branded $ 47,287 31.6 % $ 43,703 27.6 % $ 113,268 29.4 % $ 122,707 27.5 % Home Meridian 73,727 49.3 % 85,776 54.2 % 202,560 52.6 % 240,594 54.0 % Domestic Upholstery 25,350 16.9 % 25,029 15.9 % 59,640 15.6 % 73,016 16.3 % All Other 3,323 2.2 % 3,668 2.3 % 9,353 2.4 % 9,625 2.2 % Consolidated $ 149,687 100.0 % $ 158,176 100.0 % $ 384,821 100.0 % $ 445,942 100.0 % Gross Profit Hooker Branded $ 15,446 32.7 % $ 13,947 31.9 % $ 35,894 31.7 % $ 38,323 31.2 % Home Meridian 11,169 15.1 % 7,286 8.5 % 28,489 14.1 % 24,139 10.0 % Domestic Upholstery 5,751 22.7 % 5,847 23.4 % 11,555 19.4 % 16,766 23.0 % All Other 1,117 33.6 % 1,319 36.0 % 3,199 34.2 % 3,513 36.5 % Consolidated $ 33,483 22.4 % $ 28,399 18.0 % $ 79,137 20.6 % $ 82,741 18.6 % Operating Income/(Loss) Hooker Branded $ 7,686 16.3 % $ 6,188 14.2 % $ 15,108 13.3 % $ 15,453 12.6 % Home Meridian 2,510 3.4 % (3,955 ) -4.6 % (26,754 ) -13.2 % (9,013 ) -3.7 % Domestic Upholstery 2,421 9.6 % 2,278 9.1 % (14,399 ) -24.1 % 5,830 8.0 % All Other 420 12.6 % 482 13.2 % 1,156 12.4 % 1,397 14.5 % Consolidated $ 13,037 8.7 % $ 4,993 3.2 % $ (24,889 ) -6.5 % $ 13,667 3.1 % Capital Expenditures Hooker Branded $ 60 $ 89 $ 173 $ 600 Home Meridian 27 126 137 300 Domestic Upholstery 82 871 332 3,835 All Other - - - 10 Consolidated $ 169 $ 1,086 $ 642 $ 4,745 Depreciation & Amortization Hooker Branded $ 444 $ 471 $ 1,338 $ 1,453 Home Meridian 540 549 1,608 1,627 Domestic Upholstery 700 765 2,097 2,170 All Other 3 3 9 10 Consolidated $ 1,687 $ 1,788 $ 5,052 $ 5,260 As of November 1, As of February 2, 2020 %Total 2020 %Total Identifiable Assets Assets Assets Hooker Branded $ 201,158 58.8 % $ 144,112 45.0 % Home Meridian 91,547 26.8 % 138,313 43.2 % Domestic Upholstery 47,775 14.0 % 36,085 11.3 % All Other 1,454 0.4 % 1,769 0.5 % Consolidated $ 341,934 100.0 % $ 320,279 100.0 % Consolidated Goodwill and Intangibles 27,323 73,429 Total Consolidated Assets $ 369,257 $ 393,708 Sales by product type are as follows: Net Sales (in thousands) Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 %Total November 3, 2019 %Total November 1, 2020 %Total November 3, 2019 %Total Casegoods $ 91,457 61 % $ 105,018 66 % $ 234,905 61 % $ 288,470 65 % Upholstery 58,230 39 % 53,158 34 % 149,916 39 % 157,472 35 % $ 149,687 100 % $ 158,176 100 % $ 384,821 100 % $ 445,942 100 % |
Subsequent Events
Subsequent Events | 9 Months Ended |
Nov. 01, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 14. Subsequent Events Loan agreement On November 4, 2020, we entered the Second Amendment to the Second Amended and Restated Loan Agreement (the “Agreement”) to amend certain provisions of the Existing Loan Agreement. The Agreement was amended to increase the sublimit of the facility available for the issuance of letters of credit from $4 million to $10 million in order to support import purchases. Dividends On December 2, 2020, our board of directors declared a quarterly cash dividend of $0.18 per share, payable on December 31, 2020 to shareholders of record at December 16, 2020. This represents a 12.5% increase over the previous quarterly dividend and the fifth consecutive annual dividend increase. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | November 1, February 2, 2020 2020 Trade accounts receivable $ 84,467 $ 91,261 Receivable from factor - 788 Other accounts receivable allowances (7,503 ) (3,493 ) Allowance for doubtful accounts (1,667 ) (903 ) Accounts receivable $ 75,297 $ 87,653 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | November 1, February 2, 2020 2020 Finished furniture $ 76,943 $ 106,495 Furniture in process 1,297 1,304 Materials and supplies 7,585 8,479 Inventories at FIFO 85,825 116,278 Reduction to LIFO basis (21,742 ) (23,465 ) Inventories $ 64,083 $ 92,813 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives November 1, February 2, (In years) 2020 2020 Buildings and land improvements 15 - 30 $ 31,316 $ 31,316 Computer software and hardware 3 - 10 19,294 19,166 Machinery and equipment 10 9,348 9,271 Leasehold improvements Term of lease 9,882 9,737 Furniture and fixtures 3 - 10 2,617 2,597 Other 5 651 651 Total depreciable property at cost 73,108 72,738 Less accumulated depreciation 47,335 44,089 Total depreciable property, net 25,773 28,649 Land 1,077 1,077 Construction-in-progress 465 181 Property, plant and equipment, net $ 27,315 $ 29,907 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Our assets measured at fair value on a recurring basis at November 1, 2020 and February 2, 2020, were as follows: Fair value at November 1, 2020 Fair value at February 2, 2020 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Assets measured at fair value Company-owned life insurance $ - $ 25,104 $ - $ 25,104 $ - $ 24,888 $ - $ 24,888 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | As a result of our intangible asset valuation analysis, in the first quarter of fiscal 2021, we recorded $44.3 million non-cash impairment charges including $23.2 million to Home Meridian goodwill, $16.4 million to Shenandoah goodwill and $4.8 million to certain of Home Meridian segment’s trade names. Thirty-Nine Weeks Ended November 1, 2020 February 2, 2020 Non-amortizable Intangible Assets Segment Beginning Balance Impairment Charges Net Book Value Beginning Balance Impairment Charges Net Book Value Goodwill Home Meridian $ 23,187 $ (23,187 ) $ - $ 23,187 $ - $ 23,187 Goodwill Domestic Upholstery 16,871 (16,381 ) 490 16,871 - 16,871 Total Goodwill 40,058 (39,568 ) 490 40,058 - 40,058 Trademarks and trade names - Home Meridian Home Meridian 11,400 (4,750 ) 6,650 11,400 - 11,400 Trademarks and trade names - Bradington-Young Domestic Upholstery 861 - 861 861 - 861 Trademarks and trade names - Sam Moore Domestic Upholstery 396 - 396 396 - 396 Total Trademarks and trade names $ 12,657 $ (4,750 ) $ 7,907 $ 12,657 $ - $ 12,657 Total non-amortizable assets $ 52,715 $ (44,318 ) $ 8,397 $ 52,715 $ - $ 52,715 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Our amortizable intangible assets are recorded in our Home Meridian and Domestic Upholstery segments. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Trademarks Totals Balance at February 2, 2020 $ 19,996 $ 718 $ 20,714 Amortization (1,743 ) (45 ) (1,788 ) Balance at November 1, 2020 $ 18,253 $ 673 $ 18,926 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease cost and supplemental cash flow information for leases for the three-month and nine-month ended November 1, 2020 were: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Operating lease cost $ 2,061 $ 2,090 $ 6,319 $ 6,289 Variable lease cost 37 - 105 - Short-term lease cost 70 173 272 467 Total operating lease cost $ 2,168 $ 2,263 $ 6,696 $ 6,756 Operating cash outflows $ 2,056 $ 1,918 $ 5,908 $ 6,255 |
Schedule of Right-of-Use Assets and Lease Liabilities [Table Text Block] | The right-of-use assets and lease liabilities recorded on our Condensed Consolidated Balance Sheets as of November 1, 2020 were: November 1, 2020 February 2, 2020 Real estate $ 35,374 $ 38,175 Property and equipment 948 1,337 Total operating leases right-of-use assets $ 36,322 $ 39,512 Current portion of operating lease liabilities $ 6,772 $ 6,307 Long term operating lease liabilities 30,937 33,794 Total operating lease liabilities $ 37,709 $ 40,101 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the condensed consolidated balance sheets on November 1, 2020: Undiscounted Future Operating Lease Payments Remainder of 2020 $ 1,949 2021 7,329 2022 5,557 2023 5,629 2024 5,253 2025 and thereafter 15,145 Total lease payments $ 40,862 Less: impact of discounting (3,153 ) Present value of lease payments $ 37,709 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |
Employee Benefit Plans (Tables) [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 3, November 1, November 3, 2020 2019 2020 2019 Net periodic benefit costs Service cost 32 26 96 78 Interest cost 74 204 222 613 Actuarial loss 84 37 253 111 Expected return on pension plan assets - (101 ) - (304 ) Pension plan administrative expenses - 98 - 293 Consolidated net periodic benefit costs $ 190 $ 264 $ 571 $ 791 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Earnings Per Share [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: November 1, February 2, 2020 2020 Restricted shares 55 46 RSUs and PSUs 159 76 214 122 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 3, November 1, November 3, 2020 2019 2020 2019 Net income/(loss) $ 10,093 $ 3,920 $ (18,952 ) $ 10,067 Less: Unvested participating restricted stock dividends 9 7 26 18 Net earnings allocated to unvested participating restricted stock 47 16 - 33 Earnings/(loss) available for common shareholders 10,037 3,897 (18,978 ) 10,016 Weighted average shares outstanding for basic earnings per share 11,833 11,789 11,818 11,782 Dilutive effect of unvested restricted stock, RSU and PSU awards 106 27 * 39 Weighted average shares outstanding for diluted earnings per share 11,939 11,816 11,818 11,821 Basic earnings/(loss) per share $ 0.85 $ 0.33 $ (1.61 ) $ 0.85 Diluted earnings/(loss) per share $ 0.84 $ 0.33 $ (1.61 ) $ 0.85 *Due to the fiscal 2021 year-to-date net loss, approximately 92,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share for the thirty-nine weeks ended November 1, 2020. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Nov. 01, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the changes in segments discussed above: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 % Net % Net % Net % Net Net Sales Sales Sales Sales Sales Hooker Branded $ 47,287 31.6 % $ 43,703 27.6 % $ 113,268 29.4 % $ 122,707 27.5 % Home Meridian 73,727 49.3 % 85,776 54.2 % 202,560 52.6 % 240,594 54.0 % Domestic Upholstery 25,350 16.9 % 25,029 15.9 % 59,640 15.6 % 73,016 16.3 % All Other 3,323 2.2 % 3,668 2.3 % 9,353 2.4 % 9,625 2.2 % Consolidated $ 149,687 100.0 % $ 158,176 100.0 % $ 384,821 100.0 % $ 445,942 100.0 % Gross Profit Hooker Branded $ 15,446 32.7 % $ 13,947 31.9 % $ 35,894 31.7 % $ 38,323 31.2 % Home Meridian 11,169 15.1 % 7,286 8.5 % 28,489 14.1 % 24,139 10.0 % Domestic Upholstery 5,751 22.7 % 5,847 23.4 % 11,555 19.4 % 16,766 23.0 % All Other 1,117 33.6 % 1,319 36.0 % 3,199 34.2 % 3,513 36.5 % Consolidated $ 33,483 22.4 % $ 28,399 18.0 % $ 79,137 20.6 % $ 82,741 18.6 % Operating Income/(Loss) Hooker Branded $ 7,686 16.3 % $ 6,188 14.2 % $ 15,108 13.3 % $ 15,453 12.6 % Home Meridian 2,510 3.4 % (3,955 ) -4.6 % (26,754 ) -13.2 % (9,013 ) -3.7 % Domestic Upholstery 2,421 9.6 % 2,278 9.1 % (14,399 ) -24.1 % 5,830 8.0 % All Other 420 12.6 % 482 13.2 % 1,156 12.4 % 1,397 14.5 % Consolidated $ 13,037 8.7 % $ 4,993 3.2 % $ (24,889 ) -6.5 % $ 13,667 3.1 % Capital Expenditures Hooker Branded $ 60 $ 89 $ 173 $ 600 Home Meridian 27 126 137 300 Domestic Upholstery 82 871 332 3,835 All Other - - - 10 Consolidated $ 169 $ 1,086 $ 642 $ 4,745 Depreciation & Amortization Hooker Branded $ 444 $ 471 $ 1,338 $ 1,453 Home Meridian 540 549 1,608 1,627 Domestic Upholstery 700 765 2,097 2,170 All Other 3 3 9 10 Consolidated $ 1,687 $ 1,788 $ 5,052 $ 5,260 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the changes in segments discussed above: As of November 1, As of February 2, 2020 %Total 2020 %Total Identifiable Assets Assets Assets Hooker Branded $ 201,158 58.8 % $ 144,112 45.0 % Home Meridian 91,547 26.8 % 138,313 43.2 % Domestic Upholstery 47,775 14.0 % 36,085 11.3 % All Other 1,454 0.4 % 1,769 0.5 % Consolidated $ 341,934 100.0 % $ 320,279 100.0 % Consolidated Goodwill and Intangibles 27,323 73,429 Total Consolidated Assets $ 369,257 $ 393,708 |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by product type are as follows: Net Sales (in thousands) Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, 2020 %Total November 3, 2019 %Total November 1, 2020 %Total November 3, 2019 %Total Casegoods $ 91,457 61 % $ 105,018 66 % $ 234,905 61 % $ 288,470 65 % Upholstery 58,230 39 % 53,158 34 % 149,916 39 % 157,472 35 % $ 149,687 100 % $ 158,176 100 % $ 384,821 100 % $ 445,942 100 % |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract] | ||
Trade accounts receivable | $ 84,467 | $ 91,261 |
Receivable from factor | 0 | 788 |
Other accounts receivable allowances | (7,503) | (3,493) |
Allowance for doubtful accounts | (1,667) | (903) |
Accounts receivable | $ 75,297 | $ 87,653 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Schedule of Inventory, Current [Abstract] | ||
Finished furniture | $ 76,943 | $ 106,495 |
Furniture in process | 1,297 | 1,304 |
Materials and supplies | 7,585 | 8,479 |
Inventories at FIFO | 85,825 | 116,278 |
Reduction to LIFO basis | (21,742) | (23,465) |
Inventories | $ 64,083 | $ 92,813 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2020 | Feb. 02, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 73,108 | $ 72,738 |
Less accumulated depreciation | 47,335 | 44,089 |
Total depreciable property, net | 25,773 | 28,649 |
Land | 1,077 | 1,077 |
Construction-in-progress | 465 | 181 |
Property, plant and equipment, net | 27,315 | 29,907 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 31,316 | 31,316 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 15 | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 30 | |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 19,294 | 19,166 |
Computer Software and Hardware [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 | |
Computer Software and Hardware [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 10 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,348 | 9,271 |
Property, Plant and Equipment, Depreciable Lives | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,882 | 9,737 |
Property, Plant and Equipment, Depreciable Lives | Term of lease | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,617 | 2,597 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 10 | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 651 | $ 651 |
Property, Plant and Equipment, Depreciable Lives | 5 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Assets measured at fair value | ||
Company-owned life insurance | $ 25,104 | $ 24,888 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 25,104 | 24,888 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | $ 0 | $ 0 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | Feb. 02, 2020 | |
Intangible Assets (Details) [Line Items] | |||||
Goodwill and Intangible Asset Impairment | $ 44,318,000 | $ 0 | $ 0 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | 39,568,000 | 0 | |
Asset Impairment Charges | 0 | $ 0 | 4,750,000 | $ 0 | |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 596,000 | 596,000 | |||
Home Meridian International [Member] | |||||
Intangible Assets (Details) [Line Items] | |||||
Goodwill, Impairment Loss | 23,200,000 | ||||
Shenandoah Furniture, Inc, [Member] | |||||
Intangible Assets (Details) [Line Items] | |||||
Goodwill, Impairment Loss | $ 16,400,000 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Indefinite-Lived Intangible Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | Feb. 02, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill, Impairment Charges | $ 0 | $ 0 | $ (39,568) | $ 0 | |
Goodwill, Net Book Value | 490 | 490 | $ 40,058 | ||
Trademarks and trade names, Impairment Charges | 0 | $ 0 | (4,750) | 0 | |
Total non-amortizable assets, Balance | 52,715 | 52,715 | 52,715 | ||
Total non-amortizable assets, Impairment Charges | (44,318) | $ 0 | 0 | ||
Total non-amortizable assets, Net Book Value | 8,397 | 8,397 | 52,715 | ||
Home Meridian International [Member] | Trademarks and Trade Names [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Trademarks and trade names, Balance | 11,400 | 11,400 | 11,400 | ||
Trademarks and trade names, Impairment Charges | (4,750) | 0 | |||
Trademarks and trade names, Net Book Value | 6,650 | 6,650 | 11,400 | ||
Goodwill [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill, Balance | 40,058 | 40,058 | 40,058 | ||
Goodwill, Impairment Charges | (39,568) | 0 | |||
Goodwill, Net Book Value | 490 | 490 | 40,058 | ||
Goodwill [Member] | Home Meridian International [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill, Balance | 23,187 | 23,187 | 23,187 | ||
Goodwill, Impairment Charges | (23,187) | 0 | |||
Goodwill, Net Book Value | 0 | 0 | 23,187 | ||
Goodwill [Member] | Other Segments [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill, Balance | 16,871 | 16,871 | 16,871 | ||
Goodwill, Impairment Charges | (16,381) | 0 | |||
Goodwill, Net Book Value | 490 | 490 | 16,871 | ||
Trademarks and Trade Names [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Trademarks and trade names, Balance | 12,657 | 12,657 | 12,657 | ||
Trademarks and trade names, Impairment Charges | (4,750) | 0 | |||
Trademarks and trade names, Net Book Value | 7,907 | 7,907 | 12,657 | ||
Trademarks and Trade Names [Member] | Bradington-Young [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Trademarks and trade names, Balance | 861 | 861 | 861 | ||
Trademarks and trade names, Impairment Charges | 0 | 0 | |||
Trademarks and trade names, Net Book Value | 861 | 861 | 861 | ||
Trademarks and Trade Names [Member] | Sam Moore [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Trademarks and trade names, Balance | 396 | 396 | 396 | ||
Trademarks and trade names, Impairment Charges | 0 | 0 | |||
Trademarks and trade names, Net Book Value | $ 396 | $ 396 | $ 396 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Finite-Lived Intangible Assets $ in Thousands | 9 Months Ended |
Nov. 01, 2020USD ($) | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | $ 19,996 |
Amortization | (1,743) |
Balance | 18,253 |
Order or Production Backlog [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 718 |
Amortization | (45) |
Balance | 673 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 20,714 |
Amortization | (1,788) |
Balance | $ 18,926 |
Leases (Details)
Leases (Details) | Nov. 01, 2020USD ($) | Nov. 01, 2020USD ($) | Nov. 01, 2020USD ($) |
Leases (Details) [Line Items] | |||
Operating Leases, Income Statement, Sublease Revenue | $ 144,000 | $ 432,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 9 months 18 days | 6 years 9 months 18 days | 6 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.30% | 2.30% | 2.30% |
Operating Leases, Rent Expense, Minimum Rentals | $ 28,000,000 | ||
Lessee, Operating Lease, Term of Contract | 10 years | 10 years | 10 years |
London Interbank Offered Rate (LIBOR) [Member] | |||
Leases (Details) [Line Items] | |||
Operating Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 1.50% | 1.50% | 1.50% |
Leases (Details) - Lease, Cost
Leases (Details) - Lease, Cost - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Leases (Details) - Lease, Cost [Line Items] | ||||
Operating lease cost | $ 2,168 | $ 2,263 | $ 6,696 | $ 6,756 |
Operating cash outflows | 2,056 | 1,918 | 5,908 | 6,255 |
Operating Lease Costs [Member] | ||||
Leases (Details) - Lease, Cost [Line Items] | ||||
Operating lease cost | 2,061 | 2,090 | 6,319 | 6,289 |
Variable Lease Cost [Member] | ||||
Leases (Details) - Lease, Cost [Line Items] | ||||
Operating lease cost | 37 | 0 | 105 | 0 |
Leases Less Then 12 Months [Member] | ||||
Leases (Details) - Lease, Cost [Line Items] | ||||
Operating lease cost | $ 70 | $ 173 | $ 272 | $ 467 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Right-of-Use Assets and Lease Liabilities - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Leases (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | $ 36,322 | $ 39,512 |
Current portion of operating lease liabilities | 6,772 | 6,307 |
Long term operating lease liabilities | 30,937 | 33,794 |
Total operating lease liabilities | 37,709 | 40,101 |
Real Estate [Member] | ||
Leases (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | 35,374 | 38,175 |
Property, Plant and Equipment [Member] | ||
Leases (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | $ 948 | $ 1,337 |
Leases (Details) - Lessee, Oper
Leases (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Lessee, Operating Lease, Liability, Maturity [Abstract] | ||
Remainder of 2020 | $ 1,949 | |
2021 | 7,329 | |
2022 | 5,557 | |
2023 | 5,629 | |
2024 | 5,253 | |
2025 and thereafter | 15,145 | |
Total lease payments | 40,862 | |
Less: impact of discounting | (3,153) | |
Present value of lease payments | $ 37,709 | $ 40,101 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Nov. 04, 2020 | Aug. 02, 2020 |
Debt (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 4.3 | |
Minimum [Member] | ||
Debt (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 4 | |
Maximum [Member] | ||
Debt (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 10 | |
Unsecured Term Loan [Member] | Unsecured Debt [Member] | ||
Debt (Details) [Line Items] | ||
Long-term Debt | 25.7 | |
Line of Credit [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 25.7 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 01, 2020USD ($) | Nov. 01, 2020USD ($) | |
Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 179 | $ 538 |
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Fiscal Year | $ 191 | $ 191 |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | ||
Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan, Description | We maintain two “frozen” retirement plans, which are paying benefits and may include active employees among the participants. We do not expect to add participants to these plans in the future. The two plans include: ■ a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furniture Corporation; and ■ the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. |
Employee Benefit Plans (Detai_2
Employee Benefit Plans (Details) - Schedule of Net Benefit Costs - Supplemental Retirement Income Plan ("SRIP") [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Employee Benefit Plans (Details) - Schedule of Net Benefit Costs [Line Items] | ||||
Service cost | $ 32 | $ 26 | $ 96 | $ 78 |
Interest cost | 74 | 204 | 222 | 613 |
Actuarial loss | 84 | 37 | 253 | 111 |
Expected return on pension plan assets | 0 | (101) | 0 | (304) |
Pension plan administrative expenses | 0 | 98 | 0 | 293 |
Consolidated net periodic benefit costs | $ 190 | $ 264 | $ 571 | $ 791 |
Earnings Per Share (Details)
Earnings Per Share (Details) | 9 Months Ended |
Nov. 01, 2020shares | |
Earnings Per Share [Abstract] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 92,000 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Nov. 01, 2020 | Feb. 02, 2020 |
Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||
Number of Shares Outstanding | 214 | 122 |
Restricted Stock [Member] | ||
Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||
Number of Shares Outstanding | 55 | 46 |
Restricted Stock Units (RSUs) and Performance Shares (PSUs) [Member] | ||
Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||
Number of Shares Outstanding | 159 | 76 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | ||
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||||
Net income/(loss) | $ 10,093 | $ 3,920 | $ (18,952) | $ 10,067 | |
Less: Unvested participating restricted stock dividends | 9 | 7 | 26 | 18 | |
Net earnings allocated to unvested participating restricted stock | 47 | 16 | 0 | 33 | |
Earnings/(loss) available for common shareholders | $ 10,037 | $ 3,897 | $ (18,978) | $ 10,016 | |
Weighted average shares outstanding for basic earnings per share (in Shares) | 11,833 | 11,789 | 11,818 | 11,782 | |
Dilutive effect of unvested restricted stock, RSU and PSU awards (in Shares) | 106 | 27 | [1] | 39 | |
Weighted average shares outstanding for diluted earnings per share (in Shares) | 11,939 | 11,816 | 11,818 | 11,821 | |
Basic earnings/(loss) per share (in Dollars per share) | $ 0.85 | $ 0.33 | $ (1.61) | $ 0.85 | |
Diluted earnings/(loss) per share (in Dollars per share) | $ 0.84 | $ 0.33 | $ (1.61) | $ 0.85 | |
[1] | Due to the fiscal 2021 year-to-date net loss, approximately 92,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share for the thirty-nine weeks ended November 1, 2020. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | Feb. 02, 2020 | |
Income Taxes (Details) [Line Items] | |||||
Income Tax Expense (Benefit) | $ 2,996 | $ 1,066 | $ (6,263) | $ 2,829 | |
Effective Income Tax Rate Reconciliation, Percent | 22.90% | 21.40% | 24.80% | 21.90% | |
Other Tax Expense (Benefit) | $ (4,000) | $ (2,400) | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 3 | 3 | $ 3 | ||
Goodwill and Trade Name Impairment Charges [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Income Tax Expense (Benefit) | $ (10,700) |
Segment Information (Details)
Segment Information (Details) | 9 Months Ended |
Nov. 01, 2020 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Segment Information (Details) -
Segment Information (Details) - Segment Reporting Information - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 149,687 | $ 158,176 | $ 384,821 | $ 445,942 |
% of Net Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Profit | ||||
Gross Profit | $ 33,483 | $ 28,399 | $ 79,137 | $ 82,741 |
% of Net Sales, Gross Profit | 22.40% | 18.00% | 20.60% | 18.60% |
Operating Income/(Loss) | ||||
Operating Income | $ 13,037 | $ 4,993 | $ (24,889) | $ 13,667 |
% of Net Sales, Operating Income | 8.70% | 3.20% | (6.50%) | 3.10% |
Capital Expenditures | ||||
Capital Expenditures | $ 169 | $ 1,086 | $ 642 | $ 4,745 |
Depreciation & Amortization | ||||
Depreciation & Amortization | 1,687 | 1,788 | 5,052 | 5,260 |
Hooker Branded [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 47,287 | $ 43,703 | $ 113,268 | $ 122,707 |
% of Net Sales | 31.60% | 27.60% | 29.40% | 27.50% |
Gross Profit | ||||
Gross Profit | $ 15,446 | $ 13,947 | $ 35,894 | $ 38,323 |
% of Net Sales, Gross Profit | 32.70% | 31.90% | 31.70% | 31.20% |
Operating Income/(Loss) | ||||
Operating Income | $ 7,686 | $ 6,188 | $ 15,108 | $ 15,453 |
% of Net Sales, Operating Income | 16.30% | 14.20% | 13.30% | 12.60% |
Capital Expenditures | ||||
Capital Expenditures | $ 60 | $ 89 | $ 173 | $ 600 |
Depreciation & Amortization | ||||
Depreciation & Amortization | 444 | 471 | 1,338 | 1,453 |
Home Meridian International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 73,727 | $ 85,776 | $ 202,560 | $ 240,594 |
% of Net Sales | 49.30% | 54.20% | 52.60% | 54.00% |
Gross Profit | ||||
Gross Profit | $ 11,169 | $ 7,286 | $ 28,489 | $ 24,139 |
% of Net Sales, Gross Profit | 15.10% | 8.50% | 14.10% | 10.00% |
Operating Income/(Loss) | ||||
Operating Income | $ 2,510 | $ (3,955) | $ (26,754) | $ (9,013) |
% of Net Sales, Operating Income | 3.40% | (4.60%) | (13.20%) | (3.70%) |
Capital Expenditures | ||||
Capital Expenditures | $ 27 | $ 126 | $ 137 | $ 300 |
Depreciation & Amortization | ||||
Depreciation & Amortization | 540 | 549 | 1,608 | 1,627 |
Upholstery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 25,350 | $ 25,029 | $ 59,640 | $ 73,016 |
% of Net Sales | 16.90% | 15.90% | 15.60% | 16.30% |
Gross Profit | ||||
Gross Profit | $ 5,751 | $ 5,847 | $ 11,555 | $ 16,766 |
% of Net Sales, Gross Profit | 22.70% | 23.40% | 19.40% | 23.00% |
Operating Income/(Loss) | ||||
Operating Income | $ 2,421 | $ 2,278 | $ (14,399) | $ 5,830 |
% of Net Sales, Operating Income | 9.60% | 9.10% | (24.10%) | 8.00% |
Capital Expenditures | ||||
Capital Expenditures | $ 82 | $ 871 | $ 332 | $ 3,835 |
Depreciation & Amortization | ||||
Depreciation & Amortization | 700 | 765 | 2,097 | 2,170 |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 3,323 | $ 3,668 | $ 9,353 | $ 9,625 |
% of Net Sales | 2.20% | 2.30% | 2.40% | 2.20% |
Gross Profit | ||||
Gross Profit | $ 1,117 | $ 1,319 | $ 3,199 | $ 3,513 |
% of Net Sales, Gross Profit | 33.60% | 36.00% | 34.20% | 36.50% |
Operating Income/(Loss) | ||||
Operating Income | $ 420 | $ 482 | $ 1,156 | $ 1,397 |
% of Net Sales, Operating Income | 12.60% | 13.20% | 12.40% | 14.50% |
Capital Expenditures | ||||
Capital Expenditures | $ 0 | $ 0 | $ 0 | $ 10 |
Depreciation & Amortization | ||||
Depreciation & Amortization | $ 3 | $ 3 | $ 9 | $ 10 |
Segment Information (Details)_2
Segment Information (Details) - Assets from Segments to Consolidated - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 | Nov. 03, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total Assets | $ 341,934 | $ 320,279 | |
% Total Assets | 100.00% | 100.00% | |
Consolidated Goodwill and Intangibles | $ 27,323 | $ 73,429 | |
Total Consolidated Assets | 369,257 | $ 393,708 | 393,708 |
Hooker Branded [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total Assets | $ 201,158 | $ 144,112 | |
% Total Assets | 58.80% | 45.00% | |
Home Meridian International [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total Assets | $ 91,547 | $ 138,313 | |
% Total Assets | 26.80% | 43.20% | |
Upholstery [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total Assets | $ 47,775 | $ 36,085 | |
% Total Assets | 14.00% | 11.30% | |
Other Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total Assets | $ 1,454 | $ 1,769 | |
% Total Assets | 0.40% | 0.50% |
Segment Information (Details)_3
Segment Information (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
Revenue from External Customer [Line Items] | ||||
Net Sales | $ 149,687 | $ 158,176 | $ 384,821 | $ 445,942 |
% Total | 100.00% | 100.00% | 100.00% | 100.00% |
Casegoods [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales | $ 91,457 | $ 105,018 | $ 234,905 | $ 288,470 |
% Total | 61.00% | 66.00% | 61.00% | 65.00% |
Upholstery [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales | $ 58,230 | $ 53,158 | $ 149,916 | $ 157,472 |
% Total | 39.00% | 34.00% | 39.00% | 35.00% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Dec. 02, 2020 | Nov. 04, 2020 |
Subsequent Events (Details) [Line Items] | ||
Dividends Payable, Date Declared | Dec. 2, 2020 | |
Common Stock, Dividends, Per Share, Declared | $ 0.18 | |
Dividends Payable, Date to be Paid | Dec. 31, 2020 | |
Dividends Payable, Date of Record | Dec. 16, 2020 | |
Dividend, Increase Rate | 12.50% | |
Minimum [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 4 | |
Maximum [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 10 |