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Hooker Furniture Reports 71% Higher Net Income For Fiscal 2013

Stocks in this article: HOFT

"Our ability to increase consolidated operating profits, excluding fiscal 2012 asset impairment charges, more than 50% on a small revenue decrease affirms the strategic direction and investments we've made over the last several years as we have right-sized our business, achieved better inventory and vendor management and refreshed our product line," he said.

Toms added that "over the course of the year, the most significant positive impact on our consolidated results came from improved sales and operating income at our domestic upholstery units Bradington-Young and Sam Moore." Bradington-Young's Hickory, N.C.-based manufacturing operations ended the year with six consecutive months of operating profit on modest year-over-year sales increases. Sam Moore finished the year with an over 9% sales increase compared to the prior year.

Because the Company has adopted a fiscal year that ends on the Sunday closest to January 31 st of each year, the 2013 fiscal year and the 2013 fiscal fourth quarter were one week longer than the comparable fiscal 2012 periods. Based on actual shipping days, consolidated net sales per day decreased 3.4% to $856,000 per day for the 2013 fiscal year as compared to $886,000 per day for the 2012 fiscal year. Based on fiscal fourth quarter actual shipping days, consolidated net sales for the 2013 fiscal fourth quarter increased 1.3% to $918,000 per day as compared to $906,000 per day for the 2012 fiscal fourth quarter.

"Directionally, we believe the quarter points to sustainable improvements in orders, shipments, inventory availability, manufacturing efficiency and retail business climate," Toms said.

The fiscal 2013 consolidated net sales decrease was primarily due to lower unit volume, particularly in our casegoods segment, partially offset by higher average selling prices in both segments. The fiscal 2013 casegoods unit sales decrease was driven by the result of out-of-stock positions during the first half of the fiscal 2013 fiscal year and lower levels of promotional discounting compared to fiscal 2012, which had increased prior-year unit volume but adversely impacted gross margins.

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