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From Home Furnishing Business

Hooker Furniture Reports Income Gains for Fiscal Year 2018

Hooker Furniture (NASDAQ: HOFT) reported consolidated net sales of $620.6 million and net income of $28.6 million, or $2.44 per diluted share, for its fifty-two-week fiscal year that ended on January 28, 2018.

Consolidated net sales increased $43.4 million, or 7.5%, from the prior year. Net income increased $3.3 million, or 12.9%. Earnings per diluted share increased 11.9% from $2.18 in the prior year. 

"We're pleased with our performance for the fiscal year, with solid sales growth, double-digit gains in profitability and strong cash flow generation," said Paul B. Toms Jr., chairman and CEO.

Higher sales in all reportable segments contributed to the annual consolidated revenue increase, driven by a 6% increase in the Home Meridian segment and a 20% sales increase in the All Other Segment. Nearly 80% of the All Other segment net sales increase was due to the inclusion of four months of revenues from the business of Shenandoah Furniture, which was acquired on September 29, 2017.

"Over the last few years, our strategy has been to leverage the financial strength of our traditional businesses to grow profitably, both organically and through acquisitions," said Toms. "That strategy has helped us build a more diverse and robust portfolio of brands yielding strong results, as we focus our resources and management around winning distribution channels, products and price-points."

To read the story, click here.







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