Hooker Furniture Reports Record Sales

February 8, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on February 2007 Hooker Furniture, Martinsville, Va., reported record sales of $350 million for 2006 Thursday. Sales in the period that ended Nov. 30 were up 2.4 percent over the previous year, and annual net income increased 12.8 percent to $14.1 million.

Chairman, CEO and President Paul Toms said, “2006 was a year of positive momentum for Hooker Furniture as we performed better operationally, achieved record annual net sales and made significant progress toward our long-term strategic goal of transforming into a home furnishings design, marketing and logistics company with world-wide sourcing capabilities. We were gratified with our operating and net income improvement for the year despite large restructuring and asset impairment charges and higher warehousing and distribution costs, which we expect to decline going forward.”

For the fourth quarter of 2006, net sales increased 0.9 percent to $91 million, and quarterly net income decreased 13.3 percent to $3.5 million. The decline was due primarily to asset impairment charges related to the closing of the company’s Martinsville wood furniture factory. The company announced in January that the factory—its last wood facility in the United States—will close by the end of March.