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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