MARTINSVILLE, VA – Hooker Furniture reported net sales of $46 million and a net loss of $463,000 for its fiscal 2010 second quarter that ended Aug. 2.



Net sales of the quarter decreased $18.7 million or 28.9% compared to $64.6 million for the second quarter of fiscal 2009.



“This quarter’s results reflect a continuation of the very challenging retail environment we’ve seen since last fall,” said Paul Toms Jr., chairman, CEO and president of Hooker.

“Historically, the May-June-July time frame is the weakest for furniture sales, compounded by the most severe economic downturn since the 1930s. However, our incoming order rates in August increased to the highest level in 10 months and we are seeing both optimism and traffic improve at retail as fall approaches.



“In order to return to profitability, we are sharply focused on further reducing costs and growing sales,” Toms added. “We continue to lower sales levels by reducing the cost structure of the business. In addition to lowering expenses in warehousing and distribution through consolidation of warehouse space and reduced work hours, we plan to close our distribution center in Carson, CA, by the end of September. Closing the California warehouse should result in annualized savings of approximately $1.2 million beginning in October.”

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