MARTINSVILLE, VA - Hooker Furniture (Nasdaq:HOFT) reported second quarter net sales of $55.6 million, up 4.1% for the period ended July 31, 2011. Hooker Furniture says it marks the fifth consecutive quarter of year-over-year quarterly sales increases as unit volume grew across all divisions.
Net income rose for the second quarter rose 33 % to $1.6 million.
Hooker reported that an automatic fire protection sprinkler accidently operated and flooded a section of a leased warehouse in Martinsville, VA. Repair and restoration cost $250,000, which will be charged agaisnt the third quarter.
"Given the environment we're operating in and the softer sales we typically experience during the summer months, we're quite pleased to have grown revenues this quarter, even though growth moderated," said Paul B. Toms Jr., chairman and CEO. Toms said Bradington-Young, which makes leather upholstered furniture, has struggled with a combination of reduced demand for leather and motion furniture and significant increases in raw material costs.
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