This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hooker Furniture Reports Increased Sales And Earnings For Fiscal 2011 Second Quarter

MARTINSVILLE, Va., Sept. 8, 2010 (GLOBE NEWSWIRE) -- Hooker Furniture (Nasdaq:HOFT) today reported net sales of $53.4 million, a 16.1% year- over -year increase for its fiscal 2011 second quarter which began on May 3, 2010 and ended August 1, 2010. The Company increased net sales $7.4 million from $46.0 million during the same period a year ago.

Net income for the second quarter increased $1.6 million to $1.2 million, or $0.11 per share, compared to a net loss of $463,000, or $0.04 per share, for the comparable period last year.

For the first half, which began on February 1, 2010 and ended August 1, net sales increased $6.7 million, or 6.8% to $104.7 million compared to $98.0 million for the fiscal 2010 first half. The Company reported net income for the 2011 first half of $2.3 million or $0.21 per share, compared with a net loss of $919,000, or $0.09 per share, in the fiscal 2010 six-month period.

"We're pleased to have grown sales in a difficult retail environment and during what is traditionally the weakest quarter for the furniture industry," said Paul B. Toms Jr., chairman and chief executive officer. "It was also gratifying to turn profitability around from the prior year quarter."

Increased sales were driven by higher unit volume as the Company made progress in reducing an order backlog swollen by production delays and shipping bottlenecks in the prior two quarters. Sourcing delays that negatively affected sales since last fall have eased somewhat. "Working closely with our vendor partners, we have made real progress this quarter flowing product," said Toms. "Order backlog levels came down sequentially, but are still slightly above prior-year levels." At the end of the second quarter, Hooker had approximately 6.6 weeks of order backlog as compared to an 8.2 week backlog at the end of the first quarter and a 5.7 week backlog at the same time a year ago. "While our manufacturing partners are not yet back to traditional lead times, we expect to continue to make progress in shipping our backlog and improving inventory availability to our customers during the third quarter," Toms said.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
HOFT $23.97 1.61%
AAPL $112.34 4.29%
FB $89.89 3.05%
GOOG $614.34 2.77%
TSLA $247.69 3.80%

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs