Hooker Furniture 2016 Income Up

April 7, 2016  by in Financial Reports, Industry   

The company’s net sales for the year were $247 million, up 1 percent compared to net sales of $244.4 million in the same period last year.

Consolidated net sales in the fourth quarter dropped 6.7 percent to $60.6 million, compared to $64.9 million for last year’s fourth quarter. Consolidated net income for the quarter decreased 4 percent to $4.1 million, due in part to about $600,000 in expenses related to the acquisition of Home Meridian. 

"Our ability to improve profitability in all divisions despite a sluggish demand environment was the highlight of the year," said Paul B. Toms Jr., chairman and CEO. "While challenged with a soft incoming order rate over the last six months, we were able to improve multiple facets of the business and generate strong cash flow. This enabled us to reinvest in our existing businesses and invest in our long-term growth through the acquisition of Home Meridian International (HMI), expanding our reach into more moderate price points and new channels of distribution."

Hooker's purchase of HMI, the largest acquisition in the company's 91-year history, was completed on Feb. 1 the first day of its 2017 fiscal year, and is not reflected in fiscal 2016 results.

The complete earnings release can be viewed online.