MARTINSVILLE, Va. – After a strong performance in the quarter ending May 3, Hooker Furniture will restore executive salaries to what they were pre-COVID.
 
Hooker, the fourth-largest residential furniture maker in North America, reduced the salaries of its executives in April between 15 and 20 percent.
 
“The disruption brought on by the crisis has not been as severe as the company originally forecasted and for which it had prepared,” the company wrote in a filing with the U.S. Securities and Exchange Commission.
“Subsequent to the end of the fiscal 2021 first quarter, which ended on May 3, the company’s orders have trended at rates higher than a year ago, and cash balances have increased by $31 million from quarter-end to around $80 million presently.”
 

Hooker is an importer of residential wood and metal furniture and a manufacturer and importer of upholstered furniture; the company's 2016 acquisition of Home Meridian International (HMI) set Hooker as one of the top five sources for the U.S. furniture market. Incorporated in 1924, and based in Martinsville, Virginia, Hooker Furniture (NASDAQ-GS:HOFT) reported approximately $611 million in annual sales last year.

The company ranked 21 on the recent FDMC 300 list of top North American wood products producers.

 

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