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Hooker Furniture Reports Improved Sales And Profits For Fiscal 2011 Third Quarter

MARTINSVILLE, Va., Dec. 6, 2010 (GLOBE NEWSWIRE) -- Hooker Furniture (Nasdaq:HOFT) today reported net sales of $55.7 million, a 6% year- over -year increase for its fiscal 2011 third quarter which began on August 2, 2010 and ended October 31, 2010. The Company increased net sales $3.1 million from $52.6 million during the same period a year ago.  

Net income for the third quarter increased $213,000 to $1.2 million, or $0.11 per share, compared to net income of $957,000, or $0.09 per share, for the comparable period last year.

For the first nine months of the fiscal year, which began on February 1, 2010 and ended October 31, net sales increased $9.8 million, or 6.5% to $160.5 million compared to $150.6 million for the same period a year ago. The Company reported net income for the first nine months of $3.4 million or $0.32 per share, compared with net income of $38,000, or less than one cent per share, in the fiscal 2010 nine-month period.

"Given weaker than expected consumer demand during the summer and early fall, we're gratified to have achieved our second consecutive quarter of year-over-year sales increases and to have remained consistently profitable throughout the year," said Paul B. Toms Jr., chairman and chief executive officer. "We were successful this quarter in focusing our inventory mix on those best-selling products that drive our business. Consequently, as we've seen demand pick up since early November, we are well-positioned from an inventory availability standpoint to ship customer orders for in-line merchandise immediately."

During the recently completed quarter, increased sales were driven by higher unit volume across all divisions as the Company continued to make progress in shipping an order backlog elevated during the first half of the year from production delays and shipping bottlenecks. As both the shipping and production delays and incoming order rates moderated during the quarter, the Company's backlog shrank to slightly below historical levels. On October 31, the order backlog was at 5.7 weeks of sales, as compared to 8.2 weeks at the end of the most recent first quarter and 7.3 weeks during the same period a year ago. 

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