Hooker Furnishings’ stock tumbles toward worst day in 4 years as earnings hurt by retailers selling through ‘over-inventoried’ furnishings

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Hooker Furnishings’ stock tumbles toward worst day in 4 years as earnings hurt by retailers selling through ‘over-inventoried’ furnishings
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Shares of Hooker Furnishings Corp. plunged 18% in light premarket trading Friday, putting them on track for the worst one-day performance since June 2019,...

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Shares of Hooker Furnishings Corp.

plunged 18% in light premarket trading Friday, putting them on track for the worst one-day performance since June 2019, after the maker of furniture and home decor products reported downbeat fiscal second-quarter results. “We believe the softer demand seen currently industry-wide is driven by retailers continuing to sell through over-inventoried positions and a short-term glut of heavily discounted home furnishings in the market,” said Chief Executive Jeremy Hoff.

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