후커 퍼니싱스(HOFT) 2027 회계연도 2분기 실적 컨퍼런스 콜: 수익성 및 마진 개선

핵심 요약

• 후커 퍼니싱스(Hooker Furnishings)는 2027 회계연도 2분기 연결 순이익이 170만 달러를 기록해 전년 동기 대비 490만 달러 개선되었으며, 3분기 연속 흑자를 달성했다고 발표했다.
• 모든 사업 부문의 매출이 감소함에 따라 순매출은 전년 동기 대비 600만 달러(약 9%) 감소했다. 매출 감소에도 불구하고 매출총이익률은 690베이시스포인트(bp) 확대된 31.8%를 기록했다.
• 관세 환급, 이전의 비용 절감 조치, 부문별 수익성 강화를 바탕으로 영업이익은 전년 동기 50만 달러 적자에서 130만 달러 흑자로 전환했다.
• 후커 브랜드(Hooker Branded)의 매출총이익률은 1,050베이시스포인트 상승해 40%에 육박했으며, 내수 업홀스터리(Domestic Upholstery) 부문은 전년 동기 40만 8,000달러 적자에서 83만 3,000달러 영업이익으로 흑자 전환했다.
• 연결 수주 잔고는 전년 동기 대비 6.2%, 전분기 대비 8.4% 증가했다. 경영진은 마가리타빌(Margaritaville) 출하량이 2027 회계연도 하반기를 거쳐 2028 회계연도까지 지속적으로 증가할 것으로 전망하고 있다.
• 경영진은 단기적으로 주택 거래량이나 고가 내구재 수요가 의미 있게 개선되지는 않을 것으로 예상하지만, 낮아진 비용 구조를 바탕으로 전년 대비 개선된 하반기 실적을 거둘 수 있을 것으로 보고 있다.

주요 재무 데이터

회사 측은 2027 회계연도 2분기 실적이 관세 환급으로 상당한 수혜를 입었다고 밝혔다. 또한 2026 회계연도에 누적 기준 약 1,030만 달러의 세전 국제비상경제권한법(IEEPA) 관세 비용이 포함되어 이번 분기 발표된 환급액을 상회했다고 언급했다. 지난해 시행된 연간 기준 고정비 절감액은 계속영업 전체에서 총 1,750만 달러에 달했다.

사업 및 영업 실적

후커 브랜드

아시아 지역 리드타임 연장에 따른 핵심 SKU(최소재고관리단위) 부족, 출하량 감소, 판촉 할인으로 인해 순매출은 160만 달러(4.5%) 감소했다. 평균 판매가 상승이 이러한 압력을 일부 상쇄했으며, 수입 업홀스터리 재고 제약은 분기말 기준 대부분 해소되었다.

매출총이익은 320만 달러 증가했으며, 매출총이익률은 1,050베이시스포인트 확대되어 40%에 육박했다. 해당 부문 영업이익은 전년 동기 손익분기점 수준에서 87만 달러로 증가했다. 수주 잔고는 전년 동기 대비 약 35% 늘어났다.

내수 업홀스터리

자체 브랜드(PB) 및 아웃도어 가구의 두 자릿수 성장에도 불구하고 고급 가죽 및 맞춤형 패브릭 업홀스터리 매출 감소가 이를 상쇄하면서 순매출은 150만 달러(5.3%) 감소했다.

수입 원자재에 대한 관세 환급, 원자재 비용 절감, 제조간접비 배부 개선에 힘입어 매출총이익률은 450베이시스포인트 상승한 23%를 기록했다. 영업이익은 전년 동기 40만 8,000달러 적자에서 83만 3,000달러로 전환했다. 수주 잔고는 주로 PB 주문 증가로 인해 약 5% 상승했다.

기타 및 중단 영업

기타 부문 순매출은 주로 호스피탈리티 프로젝트 일정의 영향으로 280만 달러(약 66%) 감소했다. 2분기 영업손실을 기록했으나, 2027 회계연도 상반기 전체 기준으로는 흑자를 유지했다.

중단 영업에서는 58만 7,000달러의 세전이익이 발생했다. 이는 약 160만 달러의 관세 환급금이 포함된 결과로, 고객 크레딧 약 60만 달러 및 추가 매각 관련 합의 비용 50만 달러에 의해 일부 상쇄되었다.

유동성 및 자본 배분

상반기 동안 후커 퍼니싱스는 신용공여액 중 360만 달러를 상환하고, 250만 달러의 현금 배당금을 지급했으며, 130만 달러 상당의 자사주를 매입하고 110만 달러의 자본적 지출을 이행했다.

회사는 주당 평균 13.68달러에 보통주 9만 2,357주를 매입했다. 분기말 기준 500만 달러 규모의 자사주 매입 한도 중 약 370만 달러가 잔여 한도로 남아 있다.

경영진 전망

경영진은 소비 지출이 여전히 선별적으로 이루어지고 있으며, 주택 거래량과 고가 재량재 상품에 대한 수요가 약세를 보이고 있다고 전했다. 회사는 단기적으로 시장 여건이 의미 있게 개선되지는 않을 것으로 보고 있다.

다만 경영진은 현재 시장 여건이 지속되더라도 기존의 비용 절감 및 포트폴리오 조정 조치 덕분에 2027 회계연도 하반기 실적이 전년 동기 대비 개선될 것으로 예상하고 있다. 2분기 매출 구성과 이익률에 부담을 주었던 판촉 활동은 하반기 중 정상화될 전망이다.

마가리타빌은 약 100개의 숍인숍 갤러리와 10개의 단독 매장에 대한 약정을 확보했다. 출하는 2분기 중에 시작되었으며, 경영진은 출하량이 2027 회계연도 하반기를 거쳐 2028 회계연도까지 점차 확대될 것으로 기대하고 있다.

리스크 및 관전 포인트

• 침체된 주택 시장, 낮은 소비자 심리지수, 가구 및 홈 퍼니싱 수요 둔화가 매출에 지속적인 압박을 가하고 있다.
• 아시아 지역의 리드타임 연장 및 불확실성으로 인해 이번 분기 핵심 SKU 부족 현상이 발생했으나, 경영진은 분기말 기준 이러한 제약이 대부분 해소되었다고 밝혔다.
• 판촉 할인과 이커머스 매출 비중 확대가 후커 브랜드의 이익률에 압박을 가했다.
• 관세 환급이 이번 실적을 견인했으나, 경영진은 2026 회계연도에 발생한 관세 납부액과 관련 행정, 자금 조달, 전문 서비스 및 공급망 비용을 완전히 보상하지는 못했다고 전했다.
• 2분기 기타 부문 매출의 급격한 감소가 보여주듯, 호스피탈리티 관련 매출은 프로젝트 일정에 민감하게 반응한다.

애널리스트 Q&A 주요 내용

경영진은 후커 브랜드의 SKU 부족이 상당한 역풍으로 작용했으나, 7월 실적을 보면 회사가 공급 제약을 벗어나기 시작한 것으로 나타났다고 밝혔다. 이는 하반기 실적에 대한 경영진의 자신감을 뒷받침했다.

내수 업홀스터리 부문과 관련해 경영진은 아웃도어 가구 및 PB 사업의 지속적인 호조를 강조했다. 또한 선셋 웨스트(Sunset West)가 이전 경험했던 물류창고 이전 및 ERP 전환에 따른 차질 없이 운영되고 있다고 덧붙였다.

경영진은 7월의 개선된 추세와 여름철의 일반적인 계절적 불균형을 근거로 높아진 판촉 수준이 지속되지 않을 것이라는 강한 자신감을 표명했다. 또한 노동절과 관련한 유통업체들의 피드백에 대해 비교적 긍정적이라고 설명했다.

마가리타빌에 대해 경영진은 유통업체의 약정이 회사가 기존에 확보하지 못했던 신규 판매 공간을 의미하며 후커의 기존 시장 입지를 대체하는 것은 아니라고 밝혔다. 갤러리 관련 지출이 자본 배분에 미치는 영향은 크지 않을 것으로 예상된다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Thank you. Good day and thank you for standing by. Welcome to the Hooker Furnishings Corporation Second Quarter 2027 Earnings Webcast. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Earl Armstrong, Senior Vice President and Chief Financial Officer. Please go ahead.

Earl Armstrong

Thank you, Tanya, and good morning, everyone. Welcome to our quarterly conference call to review financial results for the fiscal 2027 second quarter, which began on May 4, 2026, and ended on August 2, 2026. Joining me today is Jeremy Hoff, our Chief Executive Officer. We appreciate your participation. During our call, we may make forward-looking statements, which are subject to risks and uncertainties. A discussion of factors that could cause our actual results to differ materially from management's expectations is contained in our press release and SEC filing announcing our fiscal 2027 second quarter results. Any forward-looking statement speaks only as of today, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after today's call.

Before we jump into results, we want to discuss tariffs. We've included a table in our earnings release showing the impacts of this quarter's tariff recoveries by operating segment and for the total company. Obviously, tariff recoveries significantly and favorably impacted our Q2 results. However, it's important to note that tariff costs significantly and adversely affected our prior year results, too. Prior to the U.S. Supreme Court's February 2026 decision invalidating IEEPA tariffs, we incurred an estimated $10.3 million of cumulative pre-tax costs related to tariffs in our fiscal year 2026 results, which significantly exceeded the tariff recoveries we are reporting today.

In fiscal '26, we reported a net loss of nearly $27 million. Following the imposition of IEEPA tariffs beginning in April '25, we elected to honor pricing on existing customer backlog and for competitive and administrative reasons, did not immediately adjust pricing on certain other products. Our pricing reflects our total cost structure and the competitive and macroeconomic environment in which we operate, with tariffs being only one of many factors considered.

On to results. Despite continued weaknesses in the housing market, soft retail demand for furniture and home furnishings, and persistent macroeconomic challenges, we delivered a consolidated net income of $1.7 million, marking our third consecutive profitable quarter. Results benefited from tariff recoveries received during the quarter, the sustained impact of our prior cost reduction initiatives, and improved profitability in our reportable segments.

Consolidated net sales decreased $6 million, or about 9%, compared to the prior year period, reflecting lower sales across each of our operating segments. Despite the sales decline, gross profit increased $2.9 million and gross margin improved 690 basis points to 31.8%, while operating income improved to $1.3 million compared to an operating loss of $0.5 million in the prior year period. Now I'll turn the call over to Jeremy for his comments on fiscal 2027 second quarter results.

Jeremy Hoff

Thank you, Earl. Good morning, everyone. The significant costs we incurred due to the IEEPA tariffs significantly and adversely affected our prior year results, and we are grateful to have recovered some of those costs in our fiscal '27 second quarter. The substantial administrative burden these tariffs placed on our team over many months cannot be recovered. In addition to the tariffs paid, we incurred incremental costs associated with the IEEPA tariffs, including increased customs bond costs, legal and professional fees, financing and working capital costs, and other administrative and supply chain related expenses.

Although we do not believe that the tariff recoveries make us whole for the significant cost incurred by us in fiscal '26, I am grateful to the Hooker team for their persistence and extraordinary effort in navigating an unprecedented and highly complex environment and ultimately securing these recoveries for our shareholders. We are also deeply appreciative of the commitment and partnership of our suppliers and customers as we navigated this period of extraordinary uncertainty for our industry. We are encouraged to report $1.7 million in consolidated net income for the quarter, marking our third consecutive quarter of profitability and a $4.9 million improvement over the prior year's second quarter.

These results were achieved despite continued weakness in the housing activity, low consumer confidence, and the seasonally softer demand environment we typically experience in the first half of our fiscal year. The improvement reflects the benefit of tariff recoveries received during the quarter, as well as the sustained impact of the $17.5 million in annualized fixed cost reductions implemented across continuing operations in the prior year. These actions have helped position us to remain profitable despite continued pressure on sales. From a segment perspective, Hooker Branded and Domestic Upholstery both delivered improved profitability compared to the prior year quarter.

Hooker Branded benefited from tariff recoveries and higher selling prices, while Domestic Upholstery benefited from tariff recoveries, lower imported material costs, and improved overhead absorption. In addition to tariff recoveries, Hooker Branded profitability was impacted by shifts in channel and sales mix dynamics during the quarter. Seasonally softer summer shipments to brick-and-mortar retailers resulted in a greater mix of e-commerce sales along with targeted promotional activity designed to support consumer engagement.

The combination of channel mix and elevated promotional activity pressured margins during the quarter. We expect promotional activity to normalize during the second half of the fiscal year, much like we saw in July, the last month of our fiscal second quarter. It's important to note that our core fiscal July results, absent any tariff recoveries, showed significant improvement over prior year as we had mitigated many of the supply challenges referenced earlier. We believe that positive momentum will continue into the second half of the fiscal year. Now I want to turn the discussion back over to Earl, who will discuss highlights in each of our segments, along with our cash, debt, inventory, and capital allocation strategies.

Earl Armstrong

Thank you, Jeremy. Starting with Hooker Branded, net sales decreased $1.6 million, or 4.5%, in the second quarter, primarily due to lower unit volume, higher promotional discounts, and key SKU out-of-stocks due to significantly longer lead times out of Asia. These headwinds were partially offset by higher average selling prices. Inventory constraints in imported upholstery that began in the first quarter had largely eased by quarter end. Despite the decrease in sales, Hooker Branded gross profit increased $3.2 million and gross margin improved 1,050 basis points to nearly 40%. The improvement primarily reflected tariff recoveries and higher selling prices, partially offset by promotional discounting and higher warehousing and distribution costs. The segment generated $870,000 of operating income for the quarter, compared with approximately break-even results in the prior year period. The backlog increased nearly 35% compared to the prior year second quarter.

Turning now to Domestic Upholstery, net sales decreased $1.5 million, or 5.3%, in the second quarter as lower sales of upscale leather and custom fabric upholstery were partially offset by double digit growth in private label and outdoor furnishings. Gross profit increased $928,000 and gross margin improved 450 basis points to 23%, supported by tariff recoveries on imported materials, lower imported material costs, and improved overhead absorption. The segment generated operating income of $833,000 compared with an operating loss of $408,000 in the prior year quarter, reflecting the improved gross margin as well as the benefit of previously implemented cost reduction actions. The Domestic Upholstery's backlog increased nearly 5% compared to the prior year quarter, primarily reflecting higher private label orders.

In All Other, net sales decreased $2.8 million or about 66% in the second quarter, primarily due to project timing in its hospitality business, with approximately 80% of first half shipments occurring during the first quarter. Lower second quarter shipments resulted in an operating loss for the quarter. However, the business remained profitable for the first 6 months of fiscal 2027.

Turning to Disc Ops, although the divestiture was completed in the prior fiscal year, Disc Ops generated second quarter pre-tax income of $587,000, reflecting tariff recoveries, customer-related adjustments, and other post-divestiture activity. Results included approximately $1.6 million of tariff recoveries recognized as a reduction of cost of sales, partially offset by approximately $0.6 million of customer credits recorded as a reduction of revenue. Current period activity also included approximately $0.5 million of additional charges, arising from the net settlement of various divestiture-related balances with the buyer.

Turning now to cash, debt, and inventory. Cash and cash equivalents stood at $18.7 million at quarter end, an increase of $8.1 million from the end of the first quarter, and $17.5 million from the fiscal 2026 year end. Cash generated from operations during the first 6 months was $24 million. Cash was used to repay $3.6 million on our credit facility, distribute $2.5 million in cash dividends, repurchase $1.3 million of our common shares, and fund $1.1 million in CapEx. Inventory levels decreased by $5.3 million from $48.7 million at fiscal 2026 year end to $43.4 million at the end of the second quarter. We maintained our financial flexibility with $51.8 million in available borrowing capacity under our Amended and Restated Loan Agreement as of quarter end, net of standby letters of credit, and no outstanding balances on the facility. As of yesterday, we had approximately $21 million in cash on hand.

Finally, I'll discuss our capital allocation strategy. During the first 6 months of fiscal '27, we repurchased 92,357 shares of our common stock for approximately $1.3 million at an average price of $13.68 per share. At quarter end, approximately $3.7 million remained available for future purchases under our $5 million share repurchase authorization. As we position the company for sustainable growth, the share repurchase program and adjusted dividend continue to provide a balanced framework for returning capital to shareholders while preserving flexibility to invest in strategic priorities. We believe this approach supports both near-term returns and long-term shareholder value.

Now I'll turn the discussion back to Jeremy for his outlook.

Jeremy Hoff

Thank you, Earl. Looking to the second half of fiscal '27, consumer spending remains selective. Housing turnover and big-ticket discretionary demand remain weak, and we do not expect meaningful near-term improvement in market conditions. At the same time, the changes we have made to our cost structure and portfolio are delivering tangible benefits and should help position us to deliver improved results compared with the prior year period, even if current conditions persist. With the major cost reduction initiatives behind us, our focus is on disciplined execution across our core businesses.

Consolidated backlog increased 6.2% compared to prior year second quarter and 8.4% sequentially, led by Hooker Branded and Domestic Upholstery. We are also encouraged by the continued retail response to Margaritaville. We now have commitments for approximately 100 in-store galleries and 10 freestanding retail stores. Shipments began in the second quarter and are expected to build through the second half of fiscal '27 and into fiscal '28. We believe we are well positioned to capitalize on opportunities as demand recovers. This ends the formal part of our discussion, and at this time I will turn the call back over to our operator, Tanya, for questions.

Operator

[Operator Instructions] And our first question will be coming from the line of Anthony Lebiedzinski of Sidoti.

질의응답

Anthony Lebiedzinski

Certainly nice to see the improved profitability in the quarter. First, just wanted to ask as far as the impact of the key SKU out-of-stocks at Hooker Branded. How significant was this? I mean, it sounds like it's no longer an issue, but just wanted to see if you could comment further on that topic, please.

Jeremy Hoff

I can't comment further specifically, but it was definitely a headwind for us, and it had a lot to do with lead times overseas, which extended, kind of, unpredictably. So as I mentioned in the script, the July, we feel like we started to get through that once we reached July. And our results in that month of the quarter gave us pretty positive view of where we can be in the second half.

Anthony Lebiedzinski

Okay. And then as far as Domestic Upholstery, just curious, what's the mix of business nowadays between private label and outdoor products and custom upholstery? I mean, kind of, where is that business nowadays and how do you see that going forward?

Earl Armstrong

We tend to look at it at the segment level, Anthony. And I think that's basically all we can say at this point. I think we're seeing strength in outdoor furnishings, especially given the seasonality. And like we mentioned, private label too is doing well.

Jeremy Hoff

Yes, I'll mention too with outdoor, this year, we don't have a warehouse move from Savannah, for example, for Sunset West. We don't have -- earlier in the game they had an ERP conversion with D365. So they've got as clear of a path as they've had due to us not having those type of movements going on. So it's really good business for us, and the category is strong. So we're excited about the opportunity.

Anthony Lebiedzinski

That's good to hear. Okay. And then just curious, you mentioned that shipments of Margaritaville started late in the quarter. Just wondering if you could comment on the revenue from Margaritaville and how do we think about the second half of the year as it relates to Margaritaville?

Jeremy Hoff

We can't get specific on that, but I will tell you that a big part of it is going to be in the second half, which we're in now. And many of those galleries are opening throughout the country, so that's probably all I can say on that.

Anthony Lebiedzinski

Okay. And just to follow up on the galleries, as far as those are concerned, I know you talked about 100 of those being open, but as far as the cost to do those galleries is that being done by you guys or by the retailers and, like, just wondering about if you could comment on that and if you could share more details?

Jeremy Hoff

That won't be significant to our capital allocation.

Anthony Lebiedzinski

Okay, got you. Okay. And lastly for me, I mean, so we just had Labor Day, which is an important holiday for the home furnishings industry. I know it's only been a few days since the holiday, but can you share any comments as to what you've heard from your retail customers about Labor Day? Even small anecdotes would be helpful.

Jeremy Hoff

I think that, I mean, the feedback that we've received has been fairly positive. I've been in this, I think, 30 years, and I think every one of those 30 years, retailers, our partners, are always grateful to be to the end of summer and actually to a point where you can start the fall. So I think there's a lot of optimism for just getting into that fall selling season. And I think Labor Day was reasonably good.

Operator

And our next question will be coming from the line of Dave Storms of Stonegate.

David Storms

Just wanted to maybe start with your comments around promotions expected to come down in the second half here, in light of the challenging macro environment, how should we be thinking about maybe your confidence to bring down promotions despite the macro environment?

Jeremy Hoff

High confidence because we already -- we mentioned July. And you do that in the summer months. You just simply don't balance it enough with enough regular business. We're confident that that's not going to be a trend moving forward.

David Storms

Understood. So then looking into the second half here, should that follow pretty regular seasonality with maybe a little bit of Margarita input, or I guess maybe said a different way, how should we think about price and mix and volume discount in the second half?

Jeremy Hoff

I think you should think about it as where we would normalize more and we're pretty optimistic on the second half.

David Storms

Understood. And I got to imagine the strong backlog that you have gives you a healthy dose of confidence there. Is there anything more you can tell us about the backlog? Maybe the texture of the margins, how much that is Margaritaville, anything in that vein?

Jeremy Hoff

Can't get that specific, but we're encouraged by our backlog, and we feel good about the second half.

David Storms

Understood. Appreciate that. And then maybe just one more on Margaritaville. I know you've mentioned it a couple times here, very excited to see how that develops over the next 6 to 12 months, but how should we be thinking about the sales funnel evolving from last quarter to this quarter? Are you seeing more firm commitments? I know you started shipping a little bit. Just anything more there would be great.

Jeremy Hoff

Overall, with Margaritaville, we just continue to be really encouraged by the amount of support, participation that our partners are giving us. They're as excited about the brand as we are. And there's going to be a significant amount of -- if you think about 100 gallery commitments and 10 retail stores, that's real estate that we didn't have before. So we feel really good about our position in that, and our ability to gain some market share in a different way than Hooker. One thing that is encouraging for us is that that's not taking Hooker's position in the marketplace. So it's real. It has a chance to be really accretive to our business and give us a real chance of growth in those categories.

Operator

And I would now like to turn the call back to Jeremy for closing remarks.

Jeremy Hoff

Thank you. I would like to thank everyone on the call for their interest in Hooker Furnishings. We look forward to sharing our fiscal '27 third quarter results in December. Take care.

Operator

And this concludes today's conference call. Thank you for participating. You may now disconnect.