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From Home Furnishing Business

Hooker Posts Year-end Income of $12.6 Million

Hooker Furniture  (NASDAQ: HOFT) reported net income of $12.6 million for the year ended Feb. 1, a 58.7 percent increase from net income of $7.9 million for the same period last year.

Annual net sales for the year were $244.4 million, a 7 percent increase compared to net sales of $228.3 million in the prior year.

For the fourth quarter ended Feb. 1 net sales increased 12.7 percent to $64.9 million, compared to $57.6 million in the same quarter last year. Net income for the fourth quarter was $4.3 million compared to nearly $2 million for the same quarter last year.

"Momentum continued to build, resulting in an outstanding fourth quarter that surpassed expectations and made for a great year," said Paul B. Toms Jr., chairman and chief executive officer.

The company said its case goods segment had shipments of $10 million for the year, and its newer introductions of Homeware and H Contract contributed about $5 million in sales for the year.

"While our increase in profitability was driven by case goods, improved performance at Sam Moore, continued profitability gains at Bradington-Young and a small operating profit at H Contract all played a significant role as well," Toms said. "The profitability performance for the year says a lot about the leverage in our business model."

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