Hooker Furniture Corp. (NASDAQ:HOFT) Q3 2020 Earnings Conference Call - Final Transcript

Dec 06, 2019 • 09:00 am ET

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Hooker Furniture Corp. (NASDAQ:HOFT) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Paul B. Toms

Year and Vietnamese New Year holiday vacations are earlier this year, which will result in five to 10 fewer shipping days this fiscal year for our container direct customers.

Regarding the overall business climate, we believe positive housing and demographic trends bode well for us and for the furniture industry in general. Housing activity has been particularly robust in recent months. For example, permits for home construction jumped to a 12-year high recently and housing starts were up nearly 10% year-over-year in October.

Household formations, home affordability, mortgage interest rates, have all trended positively recently. Demographically, millennials are finding jobs, leaving home, getting married, creating households and starting families. Gen X consumers are reaching peak earnings years and we're seeing housing turnover from Baby Boomers as they retire, relocate or downsize. All of these would be positive for people in the furniture industry like ourselves. We expect to be well-positioned strategically, financially, and with the right product lines and talent to capitalize on all these trends.

That ends the formal part of our discussion. And at this time, I'll turn the call back over to our operator, Liz, for questions.