MARTINSVILLE, Va. - Hooker Furniture (NASDAQ:HOFT) today reported consolidated net sales of $247 million and net income of $16.2 million for its year ended January 31, 2016.

Sales increased by $2.6 million, or 1 percent, for the year, while annual net income increased by $3.6 million, or about 30 percent. 

For the fiscal 2016 fourth quarter, consolidated net sales decreased 6.7 percent to $60.6 million, compared to $64.9 million for last year's fourth quarter.  Consolidated net income for the fourth quarter decreased about 4 percent to $4.1 million, due to approximately $600,000 in expenses related to the HMI acquisition. Profitability in the fourth quarter was also impacted by lower net sales in the case goods and upholstery segments and increased discounting in all segments.

ARTICLE Hooker Furniture acquires Home Meridian Hooker Furniture Corp. has officially moved into the top five residential furniture producers with its acquisition of Home Meridian International.

"Our ability to improve profitability in all divisions despite a sluggish demand environment was the highlight of the year," said Paul B. Toms Jr., 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 February 1, 2016, the first day of its 2017 fiscal year, and is not reflected in fiscal 2016 results.