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From Home Furnishing Business

Hooker Furniture Reports Higher Sales and Income for 2nd Quarter, 1st Half

Hooker Furniture (NASDAQ: HOFT) has reported consolidated net sales of $168.7 million, an increase of $12.4 million, or 8.0% compared to a year ago, for its fiscal 2019 second quarter ended July 29, 2018.

Net income increased $916,000, or 11.8%, to $8.7 million, or $0.74 per diluted share versus the prior year period.

During the second quarter, consolidated gross profit increased 7.6%, or $2.5 million. The increase was driven by the Home Meridian segment and All Other, partially offset by a $500,000 casualty loss from warehouse damage caused by heavy rains recorded. All Other gross profit gains were mainly attributed to the inclusion of Shenandoah Furniture results in the current year quarter.

"We're pleased to report a solid quarter, with both increased sales and net income, despite a challenging retail furniture environment during the period," said Paul B. Toms Jr., chairman and CEO.

Read more here.



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