MARTINSVILLE, VA - Hooker Furniture reported net income of $1.5 million for its second quarter ended July 29, down 10.4% from the same period last year.
Hooker Furniture's fiscal 2013 second quarter net sales declined 9.7% to $50.4 million.
The proift slip was cushioned by the company's relatively strong first quarter. While net sales of $101.9 million for the first half were 10.6% below that of the first half of FY12, Hooker Furniture's net income increased by 15.0% to $2.5 million.
Hooker Furniture noted that its performance in both fiscal 2013 periods was primarily driven by lower net sales, reduced sales discounting, lower freight costs on imported products and lower domestic manufacturing costs.
"We're disappointed in our sales performance so far this year, but pleased that we have been able to achieve comparable to higher profitability on lower sales for both casegoods and upholstery," said Paul Toms Jr., chairman and CEO. "We've maintained profitability by improving our domestic upholstery manufacturing operations and by managing costs. In addition, we believe we are now positioned to stabilize and grow sales again."
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