Who Owns Hooker Furniture Company?

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Who Owns Hooker Furnishings Corporation?

Understanding the ownership of Hooker Furnishings Corporation offers insights into its strategic direction and market influence. A significant leadership change occurred in February 2021 when Jeremy Hoff became CEO, the first non-family member in the role, though family remains on the board.

Founded in 1924 by J. Clyde Hooker, Sr., the company, originally Bassett-Hooker Furniture Company, has grown into a leading designer, marketer, and importer of residential, hospitality, and contract furniture. Its diverse product range is a testament to its long-standing commitment to quality and style, as seen in its Hooker Furniture PESTEL Analysis.

As a publicly traded entity on NASDAQ's Global Select Market (HOFT), Hooker Furnishings' ownership is distributed among various stakeholders. As of July 22, 2025, its share price was $10.89, with a market capitalization of $120.02 million as of April 3, 2025. This structure reflects a blend of institutional investors, individual shareholders, and potentially insider holdings, all influencing the company's trajectory.

Hooker Furnishings Corporation began its journey in 1924, founded by J. Clyde Hooker, Sr. The initial startup capital of approximately $28,000 was sourced from the local community, with a notable contribution of 20 acres of land from Rorrer A. James, Jr., a local newspaper publisher. This early backing laid the foundation for what would become a significant player in the furniture industry.

Founding and Early Operations

Established in 1924, the company was initially named Bassett-Hooker Furniture Company. This name reflected early investor connections from the Bassett furniture family, as founder J. Clyde Hooker, Sr. was married to Mabel Bassett.

Initial Success

In its first year, the company focused on bedroom suites and achieved revenues of around $1 million. It also employed approximately 200 individuals during this initial phase.

Product Line Expansion

The company broadened its offerings in 1928 by introducing a line of dining room furniture. This expansion allowed the business to cater to a wider range of customer needs in home furnishings.

Name Change and Leadership Transition

Around 1950-1951, the company officially changed its name to Hooker Furniture Corporation, moving away from the Bassett association. Leadership continuity was a hallmark, with J. Clyde Hooker, Jr., the founder's son, taking over as president in December 1960 and later as CEO for 40 years.

Employee Ownership Initiative

A significant shift in the ownership structure occurred in 2000 with the establishment of an employee stock ownership plan (ESOP). This move aimed to foster employee engagement and provide a new dimension to the company's ownership model.

Early Financials and Growth

The company's initial success was evident in its first year's revenue of approximately $1 million. This strong start set a precedent for future growth and market presence in the furniture sector.

The early years of Hooker Furniture Corporation were marked by strategic growth and a strong connection to its founding family and community. The company's initial focus on bedroom suites quickly expanded to include dining room furniture, demonstrating an early commitment to diversifying its product lines. The transition to the Hooker Furniture Corporation name around 1950-1951 signified a maturation and independent identity. The long tenure of J. Clyde Hooker, Jr. as president and CEO for 40 years highlights a period of stable leadership and continued family influence. The introduction of an employee stock ownership plan (ESOP) in 2000 represented a forward-thinking approach to corporate structure and employee participation, impacting the Hooker Furniture ownership landscape. For a deeper dive into its origins, refer to the Brief History of Hooker Furniture.

Key Milestones in Early Ownership

The foundational period of Hooker Furniture Corporation saw key developments shaping its ownership and operational structure.

• Establishment of the company in 1924 by J. Clyde Hooker, Sr.
• Initial funding raised from the community, including land contribution.
• Expansion of product lines to include dining room furniture by 1928.
• Name change to Hooker Furniture Corporation around 1950-1951.
• Long-term leadership by J. Clyde Hooker, Jr. for 40 years.
• Implementation of an Employee Stock Ownership Plan (ESOP) in 2000.

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Hooker Furnishings Corporation transitioned to a publicly traded entity with its initial public offering on July 22, 1999, later listing on the NASDAQ SmallCap Market on June 27, 2002. This move significantly altered its ownership landscape, shifting from private to public hands.

As of April 2025, the ownership of Hooker Furnishings Corporation is largely concentrated among institutional investors, who collectively hold approximately 72.20% of the company's shares. This figure represents a slight decrease from the 74.82% held in January 2025, indicating a dynamic market presence. Insiders, comprising company executives and directors, own about 1.99% as of April 2025, a marginal increase from 1.86% in March 2025. The remaining 22.81% is held by public companies and individual investors. This distribution highlights the significant influence of institutional stakeholders on the company's strategic direction and financial policies.

Major Stakeholders and Shifting Holdings

The primary institutional investors in Hooker Furnishings Corporation include prominent firms such as Pzena Investment Management LLC, Donald Smith & Co., Inc., BlackRock, Inc., Dimensional Fund Advisors LP, and Vanguard Group Inc. Mutual funds, a significant segment within institutional ownership, saw their holdings rise from 63.13% to 63.62% in April 2025. These shifts in share distribution are crucial indicators of investor sentiment and can impact decisions related to capital allocation, such as share buybacks and dividend distributions, reflecting the company's Target Market of Hooker Furniture.

• Institutional investors dominate ownership with 72.20% as of April 2025.
• Insider ownership stands at 1.99%, showing a slight increase.
• Key institutional holders include Pzena Investment Management and BlackRock.
• Mutual fund holdings increased to 63.62% in April 2025.

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As of May 2, 2025, Hooker Furnishings Corporation's Board of Directors comprises eight members, including Board Chair W. Christopher Beeler, Jr., and CEO Jeremy R. Hoff. The board structure clearly separates executive and independent directors, with independent members serving on all committees and holding regular executive sessions without management. This governance framework is central to understanding Hooker Furniture ownership.

The voting power within Hooker Furnishings Corporation is distributed based on a straightforward one-share-one-vote principle. As of April 7, 2025, there were 10,702,685 shares of Common Stock outstanding, meaning each share held grants its owner a single vote on all matters brought before shareholders. This structure is key to determining who owns Hooker Furniture and how decisions are made. For instance, shareholders wishing to propose business for the Annual Meeting had a deadline of January 3, 2025, to ensure their proposals were included in the 2025 proxy statement, a process that reflects the company's commitment to shareholder engagement and transparency in its Mission, Vision & Core Values of Hooker Furniture.

Understanding Voting Power

Hooker Furnishings Corporation operates on a clear voting structure. Understanding this is crucial for anyone interested in Hooker Furniture ownership.

• One share equals one vote.
• 10,702,685 shares of Common Stock were outstanding as of April 7, 2025.
• Shareholders can propose business for meetings with specific deadlines.
• Independent directors regularly meet without management.

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In recent years, Hooker Furnishings Corporation has seen significant leadership changes and strategic financial maneuvers. A key development was the appointment of Jeremy Hoff as CEO in February 2021, marking the first time a non-family member led the company, while Paul B. Toms Jr. continues as Chairman. The company also saw a CFO transition effective February 3, 2025.

The company's financial activities in fiscal 2025 included a share repurchase program where 620,634 shares were bought back for $11.7 million. Hooker Furnishings also maintained its commitment to shareholders by declaring quarterly cash dividends of $0.23 per share, with payments scheduled for March 31, 2025, and June 30, 2025. Despite these efforts, consolidated net sales for fiscal 2025, ending February 2, 2025, declined by 8.3% to $397.5 million, leading to a net loss of $12.5 million, attributed to softer demand and economic uncertainties. Strategic initiatives are underway, including a Margaritaville licensing agreement and a new merchandising strategy for its Hooker Branded segment, alongside efforts to expand Sunset West on the East Coast and restructure for improved profitability. Institutional ownership remained robust, hovering between 72% and 75% in early 2025, with insider holdings around 1.74% to 1.99%.

Ownership Structure

Institutional investors hold a significant majority of Hooker Furnishings stock, consistently representing between 72% and 75% of ownership as of early 2025. Insider holdings are comparatively smaller, ranging from 1.74% to 1.99%.

Financial Performance and Strategy

Fiscal year 2025 saw a sales decrease of 8.3% and a net loss of $12.5 million. The company is pursuing strategic growth through licensing and brand expansion, as detailed in the Growth Strategy of Hooker Furniture.

Shareholder Returns

Hooker Furnishings continues to reward shareholders with dividends, declaring a quarterly cash dividend of $0.23 per share for payments in March and June 2025. The company also actively engages in share repurchases, having bought back 620,634 shares in fiscal 2025.

Executive Leadership

The company's executive management team has seen recent changes, including a new CEO in 2021 and a CFO transition in early 2025. Jeremy Hoff leads as CEO, with C. Earl Armstrong III serving as the Chief Financial Officer.

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