Hooker Reports Sales, Loss for Transition Period

March 15, 2007  by in UnCategorized   

By Home Furnishings Business in on March 2007 Hooker Furniture Corp. reported sales of $49.1 million and a loss of $18.4 million for a two-month transition period ending Jan. 28.

Hooker’s short reporting period was the result of the company’s switch to a fiscal year ending on the Sunday closest to Jan. 31 each year. Hooker’s current fiscal year began Jan. 29, 2007 and ends Feb. 3, 2008.

The loss during the period, which the company anticipated, was due to two large special charges, according to a release Thursday: an $18.4 million non-cash, non-tax deductible charge related to the termination of Hooker’s Employee Stock Ownership Plan effective Jan. 26; and $3 million in restructuring charges, mostly for severance and termination benefits related to the closure of its last domestic wood plant by the end of this month.