Hooker Furniture Reports Profit for Q3
August 15, 2011 | 11:06 am CDT
MARTINSVILLE, VA - Hooker Furniture reported net sales of $52.6 million and a net income of $957,000 for its fiscal 2010 third quarter that began Aug. 3 and ended Nov. 1.

Net sales for the third quarter of fiscal 2010 decreased $16.4 million, or 23.8%, compared to $69.0 million for the third quarter of fiscal 2009. Net income for the quarter decreased by $2.0 million, to $957,000 compared to net income of $3.0 million for the fiscal 2009 third quarter.

"With our return to profitability and a 14% increase in sales this quarter compared to the second quarter, we are moving in the right direction and beginning to achieve some momentum we can build on," said Paul Toms Jr., chairman and CEO and president. "Our single greatest focus for the third quarter was to reverse the decline in sales. Although we weren't able to grow sales versus the prior year, we were able to slow the decline. In addition, the upward trend in incoming orders we reported last quarter has continued. In fact, this October we experienced the highest per-week incoming order rate since August 2008. The uptick in orders has been particularly strong at our upholstery divisions during the last 90 days. While encouraged by the improvements, we remain keenly focused on increasing sales, controlling costs and positioning ourselves for improved profitability."

Operating profitability decreased in the 2010 quarter to $1.8 million or 3.4% of net sales, from income of $4.7 million or 6.8% of net sales in the 2009 quarter due to lower net sales, higher discounting and higher overhead and operating expenses as a percent of net sales.

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