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Hooker Furniture Reports 4Q Loss

MARTINSVILLE, Va. (AP) ¿ Furniture maker Hooker Furniture Corp. reported a loss in its fiscal fourth quarter on Thursday, hurt by an impairment charge related to weak demand for furniture amid the recession.

The loss for the quarter ended Feb. 1 totaled $719,000, or 7 cents per share, compared to a profit of $4.6 million, or 39 cents per share last year. The company took a $3.1 million, or 28 cents-per-share, intangible asset impairment charge during the quarter.

Revenue fell 31 percent to $56.5 million from $82.3 million a year ago.

The furniture industry has suffered due to the prolonged housing slump and slowdown in consumer spending.

Company Chief Executive Paul B. Toms Jr. said Hooker Furniture combatted lower demand by cutting costs and becoming leaner and more efficient.

For the year, profit fell 65 percent to $6.9 million, or 62 cents per share, from $19.7 million, or $1.58 per share last year.

Revenue fell 18 percent to $261.2 million from $316.8 million last year.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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