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From Home Furnishing Business

Hooker Furniture Nets 2Q Sales, Income Increases

Hooker Furniture has reported net income of $1.7 million for the second quarter ended Aug. 4, a 14.4 percent increase from the $1.5 million reported in the same quarter last year.

Net sales for the quarter were $55.3 million, a 10.2 percent increase from net sales of $50.2 million in the second quarter of last year.

Net income for the first half of the year was $3.8 million, a 52.9 percent increase from net income of $2.5 million in the first half of last year.

Net sales for the first six months $111.6 million a 9.5 percent in case from net sales of $101.9 million for the first half of last year.

The company attributed the second quarter sales gain to higher average selling prices in case goods and upholstery, as well as increased unit volume and lower discounting in upholstery. Gains in the first half were driven by higher selling prices in both product lines along with increased upholstery volume.

"Given the current business environment, we're gratified to have achieved sales increases this quarter in both upholstery and case goods, and a 10 percent consolidated sales increase," said Paul B. Toms Jr., chairman and CEO. "While we entered May with healthy demand and momentum, we saw demand and retail business progressively slow as we moved through the summer. We believe the reduction in demand and retail activity in the second half of the summer compared to the first was typical throughout the furniture industry."

The earnings release is available online.







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