All references to the "Company," "we," "us" and "our" in this document refer to
Forward-Looking Statements Certain statements made in this report, including statements under Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the notes to the consolidated financial statements included in this report, are not based on historical facts, but are forward-looking statements. These statements reflect our reasonable judgment with respect to future events and typically can be identified by the use of forward-looking terminology such as "believes," "expects," "projects," "intends," "plans," "may," "will," "should," "would," "could" or "anticipates," or the negatives thereof, or other variations thereof, or comparable terminology, or by discussions of strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Those risks and uncertainties include but are not limited to:
? disruptions involving our vendors or the transportation and handling
industries, particularly those affecting imported products from
availability of shipping containers and cargo ships;
? the effect and consequences of the coronavirus (COVID-19) pandemic or future
pandemics on a wide range of matters including but not limited to
local economies; our business operations and continuity; the health and
productivity of our employees; and the impact on our global supply chain, the
retail environment and our customer base; ? general economic or business conditions, both domestically and internationally, and instability in the financial and credit markets,
including their potential impact on our (i) sales and operating costs and
access to financing or (ii) customers and suppliers and their ability to
obtain financing or generate the cash necessary to conduct their respective
businesses;
? adverse political acts or developments in, or affecting, the international
markets from which we import products, including duties or tariffs imposed on
those products by foreign governments or the
prior
imported into
furniture components manufactured in
potential for additional or increased tariffs in the future; ? sourcing transitions away fromChina , including the lack of adequate manufacturing capacity and skilled labor and longer lead times, due to competition and increased demand for resources in those countries; ? risks associated with our reliance on offshore sourcing and the cost of
imported goods, including fluctuation in the prices of purchased finished
goods, ocean freight costs and warehousing costs and the risk that a
disruption in our offshore suppliers could adversely affect our ability to
timely fill customer orders;
? changes in
social and economic climates of the countries from which we source our products; ? difficulties in forecasting demand for our imported products;
? risks associated with product defects, including higher than expected costs
associated with product quality and safety, and regulatory compliance costs
related to the sale of consumer products and costs related to defective or
non-compliant products, including product liability claims and costs to recall
defective products; ? disruptions and damage (including those due to weather) affecting ourVirginia ,North Carolina orCalifornia warehouses (and our newGeorgia warehouse when occupied), ourVirginia orNorth Carolina administrative
facilities or our representative offices or warehouses in
? risks associated with our newly leased warehouse space in
delays in construction and occupancy and risks associated with our move to the
facility, including information systems, access to warehouse labor and the
inability to realize anticipated cost savings; 15
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Table of Contents ? risks associated with domestic manufacturing operations, including
fluctuations in capacity utilization and the prices and availability of key
raw materials, as well as changes in transportation, warehousing and domestic
labor costs, availability of skilled labor, and environmental compliance and
remediation costs;
? the risks specifically related to the concentrations of a material part of our
sales and accounts receivable in only a few customers, including the loss of
several large customers through business consolidations, failures or other
reasons, or the loss of significant sales programs with major customers;
? our inability to collect amounts owed to us or significant delays in collecting such amounts;
? the interruption, inadequacy, security breaches or integration failure of our
information systems or information technology infrastructure, related service
providers or the internet or other related issues including unauthorized
disclosures of confidential information or inadequate levels of cyber-insurance or risks not covered by cyber insurance;
? the direct and indirect costs and time spent by our associates associated with
the implementation of our Enterprise Resource Planning system, including costs
resulting from unanticipated disruptions to our business;
? achieving and managing growth and change, and the risks associated with new
business lines, acquisitions, restructurings, strategic alliances and international operations;
? the impairment of our long-lived assets, which can result in reduced earnings
and net worth; ? capital requirements and costs;
? risks associated with distribution through third-party retailers, such as
non-binding dealership arrangements;
? the cost and difficulty of marketing and selling our products in foreign
markets;
? changes in domestic and international monetary policies and fluctuations in
foreign currency exchange rates affecting the price of our imported products
and raw materials;
? the cyclical nature of the furniture industry, which is particularly sensitive
to changes in consumer confidence, the amount of consumers' income available
for discretionary purchases, and the availability and terms of consumer credit; ? price competition in the furniture industry; ? competition from non-traditional outlets, such as internet and catalog retailers; and
? changes in consumer preferences, including increased demand for lower-quality,
lower-priced furniture. Our forward-looking statements could be wrong in light of these and other risks, uncertainties and assumptions. The future events, developments or results described in this report could turn out to be materially different. Any forward-looking statement we make speaks only as of the date of that statement, and we undertake no obligation, except as required by law, to update any forward-looking statements whether as a result of new information, future events or otherwise and you should not expect us to do so. Also, our business is subject to a number of significant risks and uncertainties any of which can adversely affect our business, results of operations, financial condition or future prospects. For a discussion of risks and uncertainties that we face, see the Forward-Looking Statements detailed above and Item 1A, "Risk Factors" in our 2021 annual report on Form 10-K (the "2021 Annual Report"). Investors should also be aware that while we occasionally communicate with securities analysts and others, it is against our policy to selectively disclose to them any material nonpublic information or other confidential commercial information. Accordingly, investors should not assume that we agree with any projection, forecast or report issued by any analyst regardless of the content of the statement or report, as we have a policy against confirming information issued by others. This quarterly report on Form 10-Q includes our unaudited condensed consolidated financial statements for the thirteen-week period (also referred to as "three months," "three-month period," "quarter," "first quarter" or "quarterly period") that beganFebruary 1, 2021 and endedMay 2, 2021 . This report discusses our results of operations for this period compared to the 2021 fiscal year thirteen-week period that beganFebruary 3, 2020 and endedMay 3, 2020 ; and our financial condition as ofMay 2, 2021 compared toJanuary 31, 2021 . 16
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Table of Contents References in this report to:
? the 2022 fiscal year and comparable terminology mean the fiscal year that
beganFebruary 1, 2021 and will endJanuary 30, 2022 ; and
? the 2021 fiscal year and comparable terminology mean the fiscal year that
beganFebruary 3, 2020 and endedJanuary 31, 2021 .
Dollar amounts presented in the tables below are in thousands except for per share data.
In the discussion below and herein we reference changes in sales orders or "orders" and sales order backlog (unshipped orders at a point in time) or "backlog" over and compared to certain periods of time and changes discussed are in sales dollars and not units of inventory, unless stated otherwise. We believe orders are generally good current indicators of sales momentum and business conditions. However, except for custom or proprietary products, orders may be cancelled before shipment. If the items ordered are in stock and the customer has requested immediate delivery, we generally ship products in about seven days or less from receipt of order; however, orders may be shipped later if they are out of stock or there are production or shipping delays or the customer has requested the order to be shipped at a later date. For theHooker Branded and Domestic Upholstery segments and All Other, we generally consider unshipped order backlogs to be one helpful indicator of sales for the upcoming 30-day period, but because of our relatively quick delivery and our cancellation policies, we do not consider order backlogs to be a reliable indicator of expected long-term sales. We generally consider the Home Meridian segment's backlog to be one helpful indicator of that segment's sales for the upcoming 90-day period. Due to (i) Home Meridian's sales volume, (ii) the average sales order sizes of its mass, club and mega account channels of distribution, (iii) the proprietary nature of many of its products and (iv) the project nature of its hospitality business, for which average order sizes tend to be larger and consequently, its order backlog tends to be larger. There are exceptions to the general predictive nature of our orders and backlogs noted in this paragraph due to current demand and supply chain challenges related to the COVID-19 pandemic. They are discussed in greater detail below and are essential to understanding our prospects.
At
Order Backlog (Dollars in 000s) May 2, 2021 January 31, 2021 May 3, 2020 Reporting Entity Dollars Dollars Dollars Hooker Branded$ 41,007 $ 34,776$ 12,392 Home Meridian 191,767 180,188 63,831 Domestic Upholstery 43,985 30,271 12,720 All Other 3,704 2,845 2,656 Consolidated$ 280,463 $ 248,080$ 91,599 At the end of fiscal 2022 first quarter, order backlog had increased$32.4 million or 13% as compared to the end of fiscal 2021 and increased$188.9 million or 206% as compared to the prior-year first quarter end, due to increased incoming orders in all three reportable segments as well as the supply chain disruptions in the Home Meridian and, to a lesser degree, Hooker Branded segments and production delays in theDomestic Upholstery segment. We are very encouraged by the current historic levels of orders and backlogs; however, due to the current supply chain issues including the lack of shipping containers and vessel space and limited overseas vendor capacity, orders are not converting to shipments as quickly as could be expected compared to the pre-pandemic environment and we expect that to continue at least into the second half of fiscal 2022. The current logistics challenges are slowing order fulfillment, particularly for Home Meridian whose average order sizes tend to be larger and more episodic versus orders for the traditional Hooker businesses, which tend to be smaller and more predictable. Additionally, Home Meridian orders are programmed out and scheduled for delivery to its larger accounts further into the future than usual, which is also contributing to the increased backlog. The following discussion should be read in conjunction with the condensed consolidated financial statements, including the related notes, contained elsewhere in this quarterly report. We also encourage users of this report to familiarize themselves with all of our recent public filings made with theSecurities and Exchange Commission ("SEC"), especially our 2021 Annual Report. Our 2021 Annual Report contains critical information regarding known risks and uncertainties that we face, critical accounting policies and information on commitments and contractual obligations that are not reflected in our condensed consolidated financial statements, as well as a more thorough and detailed discussion of our corporate strategy and new business initiatives.
Our 2021 Annual Report and our other public filings made with the
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Table of Contents OverviewHooker Furniture Corporation , incorporated inVirginia in 1924, is a designer, marketer and importer of casegoods (wooden and metal furniture), leather furniture and fabric-upholstered furniture for the residential, hospitality and contract markets. We also domestically manufacture premium residential custom leather and custom fabric-upholstered furniture. We are ranked among the nation's top five largest publicly traded furniture sources, based on 2019 shipments toU.S. retailers, according to a 2020 survey by a leading trade publication. We believe that consumer tastes and channels in which they shop for furniture are evolving at a rapid pace and we continue to change to meet these demands.
Executive Summary-Results of Operations
As discussed in greater detail under "Results of Operations" below, the following are the primary factors that affected our consolidated fiscal 2022 first quarter results of operations:
? Consolidated net sales for fiscal 2022 first quarter increased by
million or 55.7% as compared to the prior year period, from
46% sales increases in both
All Other net sales decreased by 12.3% as H Contract has not yet recovered
from certain impacts of the COVID-19 pandemic.
? Consolidated gross profit increased both in absolute terms and as a percentage
of net sales, due to increased gross profit and margin at Hooker Branded and
as a percentage of net sales as this segment was heavily impacted by higher
freight costs which largely offset the sales increase. All Other's gross
profit decreased in absolute terms and as a percentage of net sales.
? Consolidated operating income was
operating loss in the prior year period, which was largely attributable to
million or
or$(2.95) per diluted share in the prior year period. Review We are pleased to report fiscal 2022 first quarter results with strong rebound and record growth one year after the severe onset of the COVID-19 pandemic as the Company witnessed the most significant downturn in its history in the prior year. Despite logistics challenges that impacted our Hooker Branded and Home Meridian segments and some raw material shortages affecting ourDomestic Upholstery segment, consolidated net sales increased by 55.7% or$58.3 million as compared to the prior year period with all three reportable segments delivering significant revenue growth, driven by industry-wide ongoing high demand and consumer interest in home furnishings and home-related projects. The Hooker Branded segment's net sales increased by$24.2 million or 89% versus the prior year period as incoming orders nearly doubled and finished the quarter with a backlog that more than tripled versus the prior year first quarter end. The majority of Hooker Branded sales are shipped out ofU.S. warehouses and because we source product on a consistent weekly basis, we were better able to flow imports fromAsia and utilize lower cost freight contracts, which helped reduce the unfavorable impacts of vessel space and container shortages and domestic trucking availability. Additionally, we were also able to sell some slower-moving inventory from our warehouses. As the result of this higher sales volume, transportation cost containment, and to a lesser extent lower discounting, this segment remained highly profitable and contributed over 75% of consolidated operating profit during the quarter. The Home Meridian segment's net sales increased by$26.7 million or 46.4% in the fiscal 2022 first quarter versus the fiscal 2021 first quarter due to increased sales with major furniture chains and retail stores driven by increased demand and incoming orders.The Pulaski Furniture ,Samuel Lawrence Furniture andPrime Resources International divisions experienced increased incoming orders and reported significantly increased net sales. However, profits on these increased sales were largely offset by higher freight costs as the result of continued global supply chain challenges. Freight costs have a more material and adverse impact on the Home Meridian segment compared to Hooker Branded segment due to relatively lower value of each of Home Meridian's containers and Home Meridian's greater reliance on the spot market for container freight. Net sales in the Accentrics Home division, which focuses on the e-commerce channel, increased slightly versus the prior year period as inventory availability had a more adverse impact on its sales, since ecommerce customers generally expect immediate shipment. The HMidea division's sales to its Club accounts remained stable; however, current sales volumes are not sufficient to fully cover fixed costs at the relatively lower margins in this channel. The Samuel Lawrence Hospitality division was also unprofitable during the quarter due to very low sales volume as a result of continued low building and remodeling activity in the hospitality industry as it continues its slow climb out of the depths of the COVID crisis. The Home Meridian segment finished the quarter with a small operating profit and backlog tripled as compared to the prior year quarter end. Freight surcharges and price increases were imposed during the quarter to try to mitigate these increased costs; however these customer increases often trail the increases passed on by our suppliers. 18
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The Domestic Upholstery segment's net sales increased by$7.7 million or 45.9% in the fiscal 2022 first quarter versus the prior year period due to significantly increased sales volume at all three divisions. (In response to the COVID-19 restrictions and reduced orders, we temporarily closed our manufacturing plants atBradington-Young andShenandoah for about a month during the prior year first quarter, andSam Moore operated at about 50% capacity. As a result, these divisions did not report sales or reported sales at much lower levels during that month.) Although we are encouraged by 156% higher incoming orders during this quarter, we started to experience foam shortages and inflation in certain raw materials, such as foam, lumber, plywood, fabric and mechanisms. These manufacturing constraints led to reduced production levels later this quarter, which adversely impacted sales volume and led to operating inefficiencies in this segment. We believe the foam shortage is beginning to show signs of improvement and we are increasing prices to our customers where possible to offset increased raw material costs. All Other's net sales decreased by$368,000 or 12.3% as compared to the prior year period due principally to 16.6% sales decrease at H Contract. The senior living industry, which comprises the majority of H Contract's business, has not yet recovered from the COVID-19 crisis. However, we believe the ongoing vaccination progress has helped the senior living industry as H Contract's incoming orders increased by 9.5% during the quarter and backlog was 35% higher than prior year quarter end. Despite the sale decline, H Contract still reported operating income for the quarter. Lifestyle Brands, a new business started in fiscal 2019, also reported a profit. We used$238,000 generated from operating activities and existing cash on hand to pay$2.2 million of capital expenditures to enhance our business systems and facilities and$2.1 million in cash dividends to our shareholders. Cash and cash equivalents stood at$61.6 million at fiscal 2022 first quarter-end, a decrease of$4.2 million compared to the balance at fiscal 2021 year-end. Meanwhile, our inventory balance increased$11.3 million as production capacity at our Asian suppliers continues to return to pre-pandemic levels. We expect our cash balances to decrease as we continue to build inventories to meet increased customer demand. In addition to our cash balance, we have an aggregate of$28.7 million available under our existing revolver to fund working capital needs, which we believe we have the financial resources to fund our business operations, including weathering the logistics issues, cost increases and production capacity constraints which are currently impacting our industry. Results of Operations The following table sets forth the percentage relationship to net sales of certain items included in the condensed consolidated statements of income included in this report. Thirteen Weeks Ended May 2, May 3, 2021 2020 Net sales 100 % 100 % Cost of sales 79.4 82.2 Gross profit 20.6 17.8 Selling and administrative expenses 12.7 18.3 Goodwill impairment charges - 37.8 Trade name impairment charges - 4.6 Intangible asset amortization 0.4 0.6 Operating income/(loss) 7.5 (43.4 ) Interest expense, net - 0.2 Income/(Loss) before income taxes 7.5 (43.7 ) Income tax expense 1.7 (10.4 ) Net income/(loss) 5.8 (33.3 ) 19
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Fiscal 2022 First Quarter Compared to Fiscal 2021 First Quarter
Net Sales Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Hooker Branded$ 51,339 31.5 %$ 27,162 26.0 %$ 24,177 89.0 % Home Meridian 84,411 51.8 % 57,665 55.1 % 26,746 46.4 % Domestic Upholstery 24,492 15.1 % 16,783 16.0 % 7,709 45.9 % All Other 2,619 1.6 % 2,987 2.9 % (368 ) -12.3 % Consolidated$ 162,861 100 %$ 104,597 100 %$ 58,264 55.7 % FY22 Q1 % FY22 Q1 % Increase Average Selling Price Increase Unit Volume vs. FY21 Q1 (ASP) vs. FY21 Q1 Hooker Branded 72.2 % Hooker Branded 8.5 % Home Meridian 49.4 % Home Meridian -5.4 % Domestic Upholstery 43.8 % Domestic Upholstery 0.9 % All Other -20.5 % All Other 6.2 % Consolidated 51.0 % Consolidated 0.6 %
Consolidated net sales increased significantly due to strong sales in all three reportable segments compared to the prior year period.
? The Hooker Branded segment's net sales increased by 89% as compared to the
prior year period due to increased unit volume and ASP, driven by increased
demand and lower discounting. A strong retail environment also enabled this
segment to sell slower-moving inventory with less promotional and discounting
costs.
? The Home Meridian segment's net sales increased due to increased unit volume
with major furniture chains and retail stores as the result of strong demand,
partially offset by decreased sales in the Samuel Lawrence Hospitality as the
hospitality business has not recovered from the pandemic. Accentrics Home net
sales increased slightly compared to prior year first quarter as e-commerce
sales were more impacted by inventory availability. The ASP decrease was
attributable to customer mix.
?
volume in all three divisions. In the prior year period, we temporarily shut
down
Moore division operating at 50% capacity for a month. In fiscal 2022 first
quarter, all three divisions were operated near full capacity in response to
increased orders and backlog. However, we saw foam allocations and certain
material shortages later in the quarter that limited our production levels and
adversely impacted sales volume. ? All Other's net sales decrease was attributable to H Contract, as this division has not yet recovered from the pandemic, partially offset by continued growth at Lifestyle Brands. Gross Profit and Margin Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Hooker Branded$ 17,212 33.5 %$ 8,005 29.5 %$ 9,207 115.0 % Home Meridian 10,135 12.0 % 6,809 11.8 % 3,326 48.8 % Domestic Upholstery 5,355 21.9 % 2,783 16.6 % 2,572 92.4 % All Other 880 33.6 % 1,056 35.4 % (176 ) -16.7 % Consolidated$ 33,582 20.6 %$ 18,653 17.8 %$ 14,929 80.0 % 20
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Consolidated gross profit and margin both increased in the fiscal 2022 first quarter as compared to the prior year period.
? The Hooker Branded segment's gross profit and margin both increased due
primarily to the net sales increase as well as lower fixed distribution costs.
Product costs benefited from a favorable sourcing mix as we imported a higher
portion of product from
sourcing mix was negatively impacted by higher freight costs and inflation
from Asian vendors.
? The Home Meridian segment's gross profit increased in absolute terms and
slightly as a percentage of net sales. Freight costs increased 300 bps as
compared to prior year period, which was the primary driver of product costs
increase. Despite a net sales increase, Home Meridian's gross margins were
negatively impacted by some higher-volume but lower-margin sales programs.
?The Domestic Upholstery segment's gross profit and margin increased significantly due to the net sales increases and operating efficiency
improvements this segment experienced as compared to the prior year period
that included lower sales volumes and operating inefficiencies due to
temporary factory shutdowns. However, foam allocations and other critical
material shortages began to impact production in the first quarter of fiscal
2022. This led to operating at reduced production volumes and resulted in
production inefficiencies which adversely impacted gross profit. Inflation of
raw material costs also drove increased product costs in this segment. ? All Other's gross profit and margin decreased in the first quarter due principally to net sales decline at H Contract. Selling and Administrative Expenses (S&A) Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Hooker Branded$ 7,771 15.1 %$ 6,672 24.6 %$ 1,099 16.5 % Home Meridian 8,936 10.6 % 8,886 15.4 % 50 0.6 % Domestic Upholstery 3,404 13.9 % 2,949 17.6 % 455 15.4 % All Other 632 24.1 % 670 22.4 % (38 ) -5.7 % Consolidated$ 20,743 12.7 %$ 19,177 18.3 %$ 1,566 8.2 %
Consolidated selling and administrative ("S&A") expenses increased in absolute terms while decreased as a percentage of net sales in the fiscal 2022 first quarter versus the prior year period.
? The Hooker Branded segment's S&A expenses increased in absolute terms due
primarily to increased selling costs as the result of higher net sales, and to
a lesser extent increased expenses incurred as part of our ERP system
implementation. The increases were partially offset by lower bad debt expenses
due to a customer write-off in the prior year and lower advertising supplies
and market expenses due to the postponement of the
Market. Hooker Branded segment's S&A expenses decreased as a percentage of net
sales due to increased net sales.
? The Home Meridian segment's S&A expenses increased slightly in absolute terms
but decreased as a percentage of net sales. The increase was principally
attributable to increased selling expenses due to higher net sales, partially
offset by decreased travel expenses, decreased professional service expenses
and other spending reductions.
?
to increased selling expenses on higher net sales, higher salaries and wages
compared to the prior year, when a number of employees were furloughed due to
factory shutdowns, and increased depreciation expenses due to the accelerated
depreciation of our existing ERP system, partially offset by lower medical
claims costs.
? All Other S&A expenses decreased in absolute terms due to decreased selling
expenses as well as decreased advertising supply expenses. S&A expenses increased as a percentage of net sales due to lower net sales. 21
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Table of Contents Goodwill impairment charges Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Home Meridian $ - 0.0 %$ 23,187 40.2 %$ (23,187 ) Domestic Upholstery - 0.0 % 16,381 97.6 % (16,381 ) Consolidated - 0.0 % 39,568 37.8 % (39,568 ) Trade name impairment charges Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Home Meridian $ - 0.0 %$ 4,750 8.2 %$ (4,750 ) Consolidated - 0.0 %$ 4,750 4.6 % (4,750 ) In the prior year first quarter, we recorded$23.2 million and$16.4 million in non-cash impairment charges to write down goodwill in Home Meridian segment and theShenandoah division underDomestic Upholstery segment, respectively. We also recorded$4.8 million non-cash impairment charges to write down tradenames in the Home Meridian segment. Intangible Asset Amortization Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Intangible asset amortization $ 596 0.4 % $ 596 0.6 % $ - 0.0 % Intangible asset amortization expense stayed the same compared to the prior year first quarter. Operating Profit/(Loss) and Margin Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Hooker Branded$ 9,442 18.4 %$ 1,333 4.9 %$ 8,109 608.3 % Home Meridian 866 1.0 % (30,348 ) -52.6 % 31,214 102.9 % Domestic Upholstery 1,688 6.9 % (16,810 ) -100.2 % 18,498 110.0 % All Other 247 9.4 % 387 12.9 % (140 ) -36.2 % Consolidated$ 12,243 7.5 %$ (45,438 ) -43.4 %$ 57,681 126.9 %
Operating profitability increased in absolute terms and as a percentage of net sales, due to the factors discussed above.
Interest Expense, net Thirteen Weeks Ended May 2, 2021 May 3, 2020 $ Change % Change % Net Sales % Net Sales Consolidated interest expense, net $ 31 0.0 % $ 208 0.2 %$ (177 ) -85.1 %
Consolidated interest expense decreased in fiscal 2022 first quarter primarily due to the payoff of our term loans in fiscal 2021 fourth quarter.
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