Hooker Furnishings Corporation

Greetings, ladies and gentlemen, and welcome to the Hookah Furnishing Quarterly Investor Conference Call, reporting its operating results for the first quarter of 2023 earnings. At this time, all participants are on a listen-only mode. A brief question-and-answer session will follow the formal presentation. To ask a question during the session, you will need to press the start and the 1 key on your touch-tone telephone. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Paul Huckfeldt, Vice President, Finance, and Chief Financial Officer for Hookah Furnishing Corporation. Please go ahead, sir.

Thank you, Olivia.

Good morning, and welcome to our quarterly conference call to review our results for the fiscal 2023 first quarter, which began January 31st and ended on May 1st, 2022. Joining me this morning is Jeremy Hoff, our Chief Executive Officer. We certainly appreciate your participation today. During our call, we may make forward-looking statements which are subject to risks and uncertainty. Discussion of factors that could cause our actual results to differ materially from management's expectations is contained in our press release and SEC filing announcing our fiscal 2023 first quarter results. Any forward-looking statement speaks only as of today, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after today's call. This morning, we reported consolidated net sales of $147 million, a decrease of $15.5 million, or 9.5%, compared to last year's first quarter, due to sales decreases in the Home Meridian and Hooker branded segments, driven by continued supply chain disruptions. The decreases were partially offset by strong sales in the domestic upholstery segment and the addition of Sunset West sales. The company reported net income of $3.2 million, or $0.26 per diluted share, compared to $9.4 million, or $0.78 per diluted share, a year ago. Now I'll turn the call over to Jeremy to comment on our fiscal 2023 first quarter results.