4 unchanged sentences
There may be additional risks that are presently unknown to us or that we currently believe to be immaterial that could affect us.
−Removed: Risks related to our business and industry
−Removed: We rely on offshore sourcing from Vietnam and China for most of our sales.
+Added: Economic downturns could result in decreased sales, earnings and liquidity.
+Added: The furniture industry is particularly sensitive to cyclical variations in the general economy and the current macro-economic uncertainties, including the economic downturn caused by pandemics such as COVID-19, persistent inflation and higher interest rates, and slow housing market.
+Added: Home furnishings are generally considered a postponable purchase by most consumers.
+Added: Economic downturns could affect consumer spending habits by decreasing the overall demand for home furnishings.
+Added: Changes in interest rates, consumer confidence, new housing starts, existing home sales, the availability of consumer credit and broader national or geopolitical factors have particularly significant effects on our business.
+Added: We have seen negative effects on all of these measures due to the COVID-19 pandemic.
+Added: A recovery in our sales could lag significantly behind a general recovery in the economy after an economic downturn, due to, among other things, the nature and relatively significant cost of home furnishings purchases resulting in a temporary shift in consumer discretionary spending away from home furnishings, or scarcity of transportation and Asian manufacturing capacity during times of increased demand.
+Added: These events could also impact retailers, who are our primary customers, possibly adversely affecting our sales, earnings, financial condition and liquidity.
+Added: The implementation of our Enterprise Resource Planning ( “ ERP ” ) system could disrupt our business.
+Added: We are in the process of implementing a common ERP system across all divisions.
+Added: The ERP system went live at Sunset West in December 2022 and in the legacy Hooker divisions and for consolidated reporting in early September 2023.
+Added: We expect the ERP system to go live in the Home Meridian segment during fiscal 2026.
+Added: Although we currently expect the ERP implementation to increase efficiencies by leveraging a common, cloud-based system throughout all divisions and standardizing processes and reporting, our ERP system implementation may not result in improvements that outweigh its costs and may disrupt our operations.
+Added: Our inability to mitigate existing and future disruptions could adversely affect our sales, earnings, financial condition and liquidity.
+Added: When the ERP system went live at Sunset West and legacy Hooker divisions, the conversion process significantly impacted shipping activities and negatively impacted sales and profitability in the respective periods, due to longer than expected post-implementation stabilization.
+Added: The ERP system implementation subjects us to substantial costs and inherent risks associated with migrating from our legacy systems.
+Added: These costs and risks could include, but are not limited to:
+Added: Significant capital and operating expenditures;
+Added: Disruptions to our domestic and international supply chains;
+Added: Inability to fill customer orders accurately and on a timely basis, or at all;
+Added: Inability to process payments to suppliers, vendors and associates accurately and in a timely manner;
+Added: Disruption to our system of internal controls;
+Added: Inability to fulfill our SEC or other governmental reporting requirements in a timely or accurate manner;
+Added: Inability to fulfill international, federal, state or local tax filing requirements in a timely or accurate manner;
+Added: Increased demands on management and staff time to the detriment of other corporate initiatives.
+Added: We rely on offshore sourcing from Vietnam for most of our sales.
Consequently:
−Removed: A disruption in supply from Vietnam or China or from our most significant suppliers in Asia could adversely affect our ability to timely fill customer orders for these products and decrease our sales, earnings and liquidity.
−Removed: In fiscal 2023, imported products sourced from Vietnam and China accounted for 91% of our import purchases and our top five suppliers in Vietnam and China accounted for 50% of our fiscal 2023 import purchases.
−Removed: Our supply chain could be adversely impacted by the uncertainties of health concerns and governmental restrictions.
−Removed: A disruption in our supply chain, or from Vietnam or China in general, such as the COVID-19 related lockdown in certain parts of Asia in the Summer of calendar 2021, could significantly impact our ability to fill customer orders for products manufactured in those countries.
−Removed: In some cases, we were able to provide substitutions using inventory on hand, in-transit and from our domestic warehouses, but not enough to entirely mitigate the lost sales.
+Added: A disruption in supply from Vietnam or from our most significant suppliers in Asia could adversely affect our ability to timely fill customer orders for these products and decrease our sales, earnings and liquidity.
+Added: In fiscal 2024, imported products sourced from Vietnam accounted for 88% of our import purchases and our top five suppliers in Vietnam accounted for 60% of our fiscal 2024 import purchases.
+Added: Our supply chain could be adversely impacted by the uncertainties of health concerns such as COVID-19 or similar pandemics and governmental restrictions.
+Added: A disruption in our supply chain, or from Vietnam in general, such as the COVID-19 related lockdown in certain parts of Asia in the Summer of calendar 2021, could significantly impact our ability to fill customer orders for products manufactured in those countries.
+Added: In some cases, we believe we would have sufficient inventory on hand and in-transit or be able to provide substitutions from our domestic warehouses but may not be enough to entirely mitigate the lost sales.
Supply disruptions and delays on selected items could occur for six months or longer before the impact of remedial measures would be reflected in our results.
−Removed: If we are unsuccessful in obtaining those products from other sources or at comparable cost, a disruption in our supply chain from our largest import furniture suppliers, or from Vietnam or China in general, could adversely affect our sales, earnings, financial condition and liquidity.
+Added: If we are unsuccessful in obtaining those products from other sources or at comparable cost, a disruption in our supply chain from our largest import furniture suppliers, or from Vietnam in general, could adversely affect our sales, earnings, financial condition and liquidity.
Our inability to accurately forecast demand for our imported products could cause us to purchase too much, too little or the wrong mix of inventory.
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Transportation costs on our imported products are affected by a myriad of factors including the global economy, petroleum prices and ocean freight carrier capacity.
−Removed: In the recent past, especially during fiscal 2022, transportation costs, including ocean freight costs and domestic trucking costs, on imported products represented a significant portion of the cost of those products.
+Added: In the recent past, especially after the COVID-19 pandemic, transportation costs, including ocean freight costs and domestic trucking costs, on imported products represented a significant portion of the cost of those products.
We saw a significant spike in these costs during that time and our profitability was materially impacted.
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Our failure to timely fill customer orders due to an extended business interruption for a major supplier, or due to transportation issues, could negatively impact existing customer relationships and adversely affect our sales, earnings, financial condition and liquidity.
−Removed: Potential future increases in tariffs on manufactured goods imported from China or new tariffs imposed on other countries from which we source, including Vietnam, could adversely affect our business.
+Added: Potential future increases in tariffs or new tariffs imposed on other countries from which we source, including Vietnam, could adversely affect our business.
New tariffs could be imposed on manufactured goods from other countries from which we source, including Vietnam.
−Removed: Inability to reduce product costs, pass through price increases or find other suitable manufacturing sources outside of China may have a material adverse impact on sales volume, earnings and liquidity.
+Added: Inability to reduce product costs, pass through price increases or find other suitable manufacturing sources may have a material adverse impact on sales volume, earnings and liquidity.
In addition, the tariffs, and our responses to the tariffs, may cause our products to become less competitive due to price increases or less profitable due to lower margins.
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Imposition of trade sanctions relating to imports, taxes, import duties and other charges on imports affecting our products could increase our costs and decrease our earnings.
−Removed: For example, the U.S.
−Removed: Department of Commerce imposes tariffs on wooden bedroom furniture coming into the United States from China.
−Removed: In this case, none of the rates imposed have been of sufficient magnitude to alter our import strategy in any meaningful way;
−Removed: however, these and other tariffs are subject to review and could be increased or new tariffs implemented in the future.
Changes in the value of the U.S.
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Dollar could increase the price we must pay for imported products beyond the negotiated periods.
−Removed: These price changes could decrease our sales, earnings, financial condition and liquidity during affected periods.
+Added: These price changes could decrease our sales, earnings, financial condition and liquidity during the affected periods.
Supplier transitions, including cost or quality issues, could result in longer lead times and shipping delays.
In the past, inflation concerns, and to a lesser extent quality and supplier viability concerns, affecting some of our imported product suppliers located in China prompted us to source more of our products from lower cost suppliers located in other countries, such as Vietnam.
−Removed: As discussed above, during fiscal 2020 and fiscal 2021 we transitioned a significant portion of our imported product purchases from China to Vietnam due to the imposition of tariffs on most furniture and component parts imported from China.
+Added: Additionally, we transitioned a significant portion of our imported product purchases from China to Vietnam due to the imposition of tariffs on most furniture and component parts imported from China.
As conditions dictate, we could be forced to make similar transitions in the future.
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Our corporate and divisional headquarters, which house our administration, sourcing, sales, finance, merchandising, customer service and logistics functions for our imported and domestic products are located in Virginia, North Carolina and California.
+Added: Additionally, our primary showrooms are located in North Carolina.
Our domestic upholstery manufacturing facilities are located in Virginia, North Carolina and California.
−Removed: Furniture manufacturing creates large amounts of highly flammable wood dust and utilizes other highly flammable materials such as varnishes and solvents in its manufacturing processes and is therefore subject to the risk of losses arising from explosions and fires.
+Added: Furniture manufacturing creates large amounts of highly flammable wood dust and may utilize other highly flammable materials such as varnishes and solvents in its manufacturing processes and is therefore subject to the risk of losses arising from explosions and fires.
Additionally, our domestic operations could be negatively affected by public health events, such as the COVID-19 pandemic.
Any disruption affecting our domestic facilities, for even a relatively short period of time, could adversely affect our ability to ship our furniture products and disrupt our business, which could adversely affect our sales, earnings, financial condition and liquidity.
−Removed: Labor shortages and rising labor costs could disrupt operations at our domestic warehousing and manufacturing facilities
−Removed: We observed a strong labor market after the COVID-19 pandemic.
−Removed: We continue to experience difficulties in recruiting skilled labor into our domestic upholstery plants and warehouses and in some skilled or professional positions.
−Removed: Lack of qualified workers and high turnover in a variety of positions caused increased training costs and adversely affected our production schedules and the ability to ship our furniture products.
−Removed: Furthermore, we experienced higher labor costs and ongoing inflationary pressure.
−Removed: Should these issues persist or increase due to the COVID-19 pandemic, similar future pandemics or for other reasons, our sales, earnings, financial condition and liquidity could again be adversely affected.
Fluctuations in the price, availability or quality of raw materials for our domestically manufactured upholstered furniture could cause manufacturing delays, adversely affect our ability to provide goods to our customers or increase our costs.
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In addition, the price increases are frequently implemented on future orders instead of existing order backlogs.
−Removed: Considering our lead times of five to six months, the benefits of new pricing could be offset by continued price increases from our suppliers that could impact us before we realize the benefit from our price increases.
+Added: Considering our lead times during periods of high demand, the benefits of new pricing could be offset by continued price increases from our suppliers that could impact us before we realize the benefit from our price increases.
The inability to meet customers’ demands or recover higher costs could adversely affect our sales, earnings, financial condition and liquidity.
−Removed: If demand for our domestically manufactured upholstered furniture declines, we may respond by realigning manufacturing.
+Added: If demand for our domestically manufactured upholstered furniture declines, we may respond by realigning manufacturing or need to implement cost-saving measures.
Our domestic manufacturing operations make only upholstered furniture.
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We may not always accomplish these actions as quickly as anticipated and may not achieve the expected cost savings, which could adversely affect our sales, earnings, financial condition and liquidity.
+Added: We may not be able to maintain, raise prices, or raise prices in a timely manner in response to inflation and increasing costs.
+Added: Competitive and market forces could prohibit or delay future successful price increases for our products in order to offset increased costs of labor, finished goods, raw materials, freight and other product-related costs on a timely basis, which could adversely affect our sales, earnings, financial condition and liquidity.
We may experience impairment of our long-lived assets, which would decrease our earnings and net worth.
1 unchanged sentence
Our goodwill, some trademarks and tradenames have indefinite useful lives and, consequently, are not subject to amortization for financial reporting purposes, but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired.
−Removed: As an example, COVID-19 had a material impact on our financial performance in the fiscal 2021 first quarter and on the market valuations, discount rates and other inputs used in our intangibles valuation analysis.
−Removed: We determined that an immediate intangible asset valuation was necessary given our performance and changing market dynamics.
−Removed: As a result of the intangible asset valuation analysis, in the fiscal 2021 first quarter, we recorded $44.3 million in non-cash impairment charges to write down goodwill and certain tradenames in the Home Meridian segment and goodwill in the Shenandoah division of its Domestic Upholstery segment.
−Removed: In fiscal 2023, we wrote off $12,500 representing the remaining value of the Right2Home trade name in the Home Meridian segment due to the decision to exit the ACH business unit in the fourth quarter of fiscal 2023.
Our definite-lived assets consist of property, plant and equipment and certain intangible assets related to our recent acquisitions and are tested for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable.
1 unchanged sentence
A write-down of our assets would, in turn, reduce our earnings and net worth.
−Removed: See Note 10 to our Consolidated Financial Statements for additional information.
+Added: See Notes 8 and 10 to our Consolidated Financial Statements for additional information.
Our sales and operating results could be adversely affected by product safety concerns.
3 unchanged sentences
Reputational damage caused by real or perceived product safety concerns or failure to prevail in private litigation against us could adversely affect our business, sales, earnings, financial condition and liquidity.
−Removed: The implementation of our Enterprise Resource Planning ( “ ERP ” ) system could disrupt our business.
−Removed: We are in the process of implementing a common ERP system across all divisions.
−Removed: The ERP system went live at Sunset West in the fourth quarter of fiscal 2023, and is expected to go-live in our legacy Hooker divisions in fiscal 2024, with Home Meridian segment following thereafter.
−Removed: Although we currently expect the ERP implementation to increase efficiencies by leveraging a common, cloud-based system throughout all divisions and standardizing processes and reporting, our ERP system implementation may not result in improvements that outweigh its costs and may disrupt our operations.
−Removed: Our inability to mitigate existing and future disruptions could adversely affect our sales, earnings, financial condition and liquidity.
−Removed: For example, when the ERP system went live at Sunset West in December 2022, the conversion process significantly impacted its shipping activities and negatively impacted its sales and profitability in the fiscal 2023 fourth quarter due to longer than expected post-implementation stabilization.
−Removed: We expect these issues to be resolved in the first quarter of fiscal 2024.
−Removed: The ERP system implementation subjects us to substantial costs and inherent risks associated with migrating from our legacy systems.
−Removed: These costs and risks could include, but are not limited to:
−Removed: Significant capital and operating expenditures;
−Removed: Disruptions to our domestic and international supply chains;
−Removed: Inability to fill customer orders accurately and on a timely basis, or at all;
−Removed: Inability to process payments to suppliers, vendors and associates accurately and in a timely manner;
−Removed: Disruption to our system of internal controls;
−Removed: Inability to fulfill our SEC or other governmental reporting requirements in a timely or accurate manner;
−Removed: Inability to fulfill international, federal, state or local tax filing requirements in a timely or accurate manner;
−Removed: Increased demands on management and staff time to the detriment of other corporate initiatives.
A material part of our sales and accounts receivable are concentrated in a few customers.
−Removed: The loss of several large customers through business consolidations or otherwise, the loss of a major customer or significant sales programs with major customers, failures or other reasons, including economic downturn and the adverse economic effects of the COVID-19 pandemic or similar events, could adversely affect our business.
−Removed: One customer accounted for approximately 6% of our consolidated sales in fiscal 2023, our top five customers accounted for about 22% of our fiscal 2023 consolidated sales.
+Added: The loss of several large customers through business consolidations or otherwise, the loss of a major customer or significant sales programs with major customers, failures or other reasons, including economic downturn and the adverse economic effects of a future pandemic or similar events, could adversely affect our business.
+Added: One customer accounted for approximately 6% of our consolidated sales in fiscal 2024, and our top five customers accounted for about 22% of our fiscal 2024 consolidated sales.
Approximately 16% of our consolidated accounts receivable is concentrated in our top five customers.
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Some of our customers have experienced, and may in the future experience, credit-related issues.
−Removed: Were the COVID-19 or a similar pandemic or another major, unexpected event with negative economic effects occur, we may not be able to collect amounts owed to us or such payment may only occur after significant delay.
+Added: Were the economic downturn, COVID-19 or a similar pandemic or another major, unexpected event with negative economic effects occur, we may not be able to collect amounts owed to us or such payment may only occur after significant delay.
While we perform credit evaluations of our customers, those evaluations may not prevent uncollectible trade accounts receivable.
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Should more customers than we anticipate experience liquidity issues, if payment is not received on a timely basis, or if a customer declares bankruptcy or closes stores, we may have difficulty collecting amounts owed to us by these customers, which could adversely affect our sales, earnings, financial condition and liquidity.
+Added: Labor shortages and rising labor costs could disrupt operations at our domestic warehousing and manufacturing facilities.
+Added: At times, especially during the post COVID-19 demand surge, we have experienced difficulties in recruiting skilled labor into our domestic upholstery plants and warehouses and in some skilled or professional positions.
+Added: Lack of qualified workers and high turnover in a variety of positions caused increased training costs and adversely affected our production schedules and the ability to ship our furniture products.
+Added: Furthermore, we experienced higher labor costs and persistent inflationary pressure.
+Added: Should these issues re-occur or increase due to future pandemics or for other reasons, our sales, earnings, financial condition and liquidity could again be adversely affected.
We may engage in acquisitions and investments in companies, form strategic alliances and pursue new business lines.
−Removed: These activities could disrupt our business, divert management attention from our current business, pose integration concerns, dilute our earnings per share, decrease the value of our common stock and decrease our earnings and liquidity.
−Removed: Our growth strategy includes growth by acquisition, which is highly dependent upon finding attractive targets and there can be no assurance those targets will be found.
+Added: These activities could disrupt our business, divert management attention from our current business, pose integration concerns or difficulties, dilute our earnings per share, decrease the value of our common stock and decrease our earnings and liquidity.
+Added: Growth by acquisition is highly dependent upon finding attractive targets and there can be no assurance those targets will be found.
We may acquire or invest in businesses such as those that offer complementary products or that we believe offer competitive advantages.
1 unchanged sentence
We may also have difficulty assimilating and integrating the operations and personnel of an acquired business into our current operations.
−Removed: Acquisitions may disrupt or distract management from our ongoing business.
+Added: Acquisitions or strategic alliances may disrupt or distract management from our ongoing business.
We may pay for future acquisitions using cash, stock, the assumption of debt or a combination of these.
3 unchanged sentences
New business initiatives may fail outright or fail to produce an adequate return, which could adversely affect our earnings, financial condition and liquidity.
−Removed: We may fail to realize all of the anticipated benefits of the Sunset Acquisition.
−Removed: We incurred significant debt, acquisition and acquisition-related costs in connection with the Sunset Acquisition, but we may fail to realize all the anticipated benefits of the Sunset Acquisition or they may take longer to realize than expected.
−Removed: While we believe the Sunset Acquisition will be accretive to our earnings per share, this expectation is based on preliminary estimates which may materially change.
−Removed: Although we do not expect to merge operations or change customer-facing services, the success of this acquisition will depend, in part, on our ability to improve each business by sharing best practices in order to lower costs, improve efficiencies and grow sales.
−Removed: We have based our expectations in part on the historical results and trends in Sunset West’s business;
−Removed: however there can be no assurance regarding when or the extent to which we will be able to realize these benefits.
−Removed: Achieving the anticipated benefits is subject to a number of uncertainties, including whether the business acquired can be operated in the manner we intend.
−Removed: Events outside of our control could also adversely affect our ability to realize the anticipated benefits from the acquisition.
−Removed: Thus, the integration of Sunset West’s business may be unpredictable, subject to delays or changed circumstances, and we can give no assurance that the acquired business will perform in accordance with our expectations, or that our expectations with respect to integration or benefits as a result of the contemplated acquisition will materialize.
−Removed: The integration process in on-going and could result in the diversion of management attention to the detriment of other areas, the loss of key employees, the disruption of ongoing businesses or inconsistencies in standards, controls, procedures and policies.
−Removed: If the integration is not completed as planned, our ongoing business and financial results may be adversely affected, which could adversely affect our sales, earnings, financial condition and liquidity.
−Removed: We may fail to realize the benefits of HMI segment restructuring and cost-savings efforts.
−Removed: During the fourth quarter of fiscal 2023, management approved a plan to exit the Accentrics Home (ACH) e-commerce brand of the HMI segment along with repositioning the Prime Resources International (PRI) brand as a direct-container only business model.
−Removed: We recorded a $24.4 million charge in the fiscal 2023 fourth quarter to write-down certain segment inventories to market and also recorded severance expenses.
−Removed: We expect to reduce the physical footprints at our Savannah, GA warehouse and High Point, NC administrative office over the course of the current 2024 fiscal year with a concurrent reduction in lease, warehouse, and related expenses.
−Removed: We expect these actions will return the HMI segment to profitability sometime in fiscal 2024.
−Removed: However, we may be unable to realize these cost savings in a timely manner or at all.
−Removed: If these efforts are unsuccessful, in whole or in part, our ongoing business and financial results may be adversely affected, which could adversely affect our sales, earnings, financial condition and liquidity.
We may lose market share due to furniture retailers by-passing us and sourcing directly from non-U.S.
13 unchanged sentences
Accordingly, our results of operations for any quarter are not necessarily indicative of the results of operations to be expected for a full year or the next quarter.
−Removed: Other general risk factors applicable to us and our business
−Removed: We may not be able to maintain, raise prices, or raise prices in a timely manner in response to inflation and increasing costs.
−Removed: Competitive and market forces could prohibit or delay future successful price increases for our products in order to offset on a timely basis increased costs of labor, finished goods, raw materials, freight and other product-related costs, which could adversely affect our sales, earnings, financial condition and liquidity.
−Removed: Economic downturns could result in decreased sales, earnings and liquidity.
−Removed: The furniture industry is particularly sensitive to cyclical variations in the general economy and to uncertainty regarding future economic prospects, including those caused by pandemics such as COVID-19.
−Removed: Home furnishings are generally considered a postponable purchase by most consumers.
−Removed: Economic downturns could affect consumer spending habits by decreasing the overall demand for home furnishings.
−Removed: Changes in interest rates, consumer confidence, new housing starts, existing home sales, the availability of consumer credit and broader national or geopolitical factors have particularly significant effects on our business.
−Removed: We have seen negative effects on all of these measures due to the COVID-19 pandemic.
−Removed: A recovery in our sales could lag significantly behind a general recovery in the economy after an economic downturn, due to, among other things, the postponable nature and relatively significant cost of home furnishings purchases or scarcity of transportation and Asian manufacturing capacity during times of increased demand.
−Removed: These events could also impact retailers, who are our primary customers, possibly adversely affecting our sales, earnings, financial condition and liquidity.
−Removed: The impact of future pandemics could adversely affect our business, results of operations, financial condition, liquidity and stock price.
−Removed: At the initial height of the COVID-19 pandemic, home furnishings purchases are largely postponable and heavily influenced by consumer confidence and most of our customers’ businesses are classified as non-essential.
−Removed: Consequently, traffic to our customers’ stores and demand for our products significantly decreased, our sales deteriorated and our earnings were negatively impacted.
−Removed: COVID-19 also impacted our Asian supply chain, particularly as a result of mandatory shutdowns in locations where our products are manufactured in the Summer of calendar 2021, and we experienced out-of-stocks and lost sales as a result.
−Removed: Additionally, the demand surge that occurred after the initial height of the pandemic caused supplier capacity constraints, shipping container and steamship space shortages.
−Removed: These logistics issues increased costs, led to out-of-stocks and adversely affected our sales and earnings.
−Removed: The extent of the continued impact of a pandemic or other global health crisis on our business and financial results depends on future developments, including the emergence of new and different strains of the virus and the effectiveness of vaccinations and other public health measures and could result in similar or worse public health outcomes compared to the Covid-19 pandemic.
−Removed: The sweeping nature of pandemics makes it extremely difficult to predict how our business and operations could be affected in the longer run.
−Removed: Any of the foregoing factors, or other cascading effects of this or other pandemics, could materially increase our costs, negatively impact our sales and damage the Company’s results of operations and its liquidity, possibly to a significant degree.
−Removed: The duration of any such impacts also cannot be predicted.
The interruption, inadequacy or security failure of our information systems or information technology infrastructure or the internet or inadequate levels of cyber-insurance could adversely impact our business, sales, earnings, financial condition and liquidity.
21 unchanged sentences
A claim that is brought against us, successful or unsuccessful, that is uninsured or under-insured could harm our business, result in substantial costs, divert management attention and adversely affect our sales, earnings, financial condition and liquidity.
−Removed: UNRESOLVED STAFF COMMENTS
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.