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Hooker Furniture 2005 Earnings and Sales Fall
By Home Furnishings Business in on January 2006
Hooker Furniture Corp. reported net sales of $341 million for the year ending November 30, a 1.4 percent decline from net sales of $345.9 million for fiscal year 2004.
The company reported net income for the year of $11.8 million, a 35-percent decline from the previous year's net income of $18.2 million.
For the fourth quarter of 2005, net sales of $89.4 million dropped 2.8 percent from net sales of $91.9 million for the same period in 2004. Fourth quarter 2005 net income of $3.4 million, declined 38.4 percent from $5.4 million in the prior year quarter.
"We are not pleased with our recent sales and earnings, and are taking steps to improve both," said Paul B. Toms Jr., chairman and chief executive officer. "We have identified targets for improvement in our product line-up, inventory requirements and vendor performance with the purpose of improving product flow, reducing inventory item count, enhancing systems, stimulating sales and reducing costs."
Toms said the industry's environment of change, declines in consumer confidence in the fall and weak demand for domestically produced furniture, along with restructuring charges of $5.3 million related to the Pleasant Garden, N.C., plant closing, impacted the company's financial performance.