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Hooker Furniture Reports Double-Digit Sales And Income Gains For Second Quarter

MARTINSVILLE, Va., Sept. 4, 2013 (GLOBE NEWSWIRE) -- Hooker Furniture (Nasdaq:HOFT) today reported net sales of $55.3 million and net income of $1.7 million, or $0.16 per share, for its fiscal 2014 second quarter ended August 4, 2013. Sales increased 10.2%, or $5.1 million, and net income increased 14.4% or $213,000 compared to last year's second quarter. Earnings per share increased to $0.16 from $0.14 in the comparable period a year ago.

For the fiscal 2014 first half, net sales increased 9.5%, or $9.7 million, to $111.6 million, and net income increased 52.9%, or $1.3 million, to $3.8 million, or $0.35 per share compared to $0.23 in the prior-year period.

In the second quarter, the net sales gain was driven by higher average selling prices in casegoods and upholstery and increased unit volume and lower discounting in the upholstery segment. For the first half, sales increases were driven by higher average selling prices in both operating segments, along with increased unit volume in upholstery.

"Given the current business environment, we're gratified to have achieved sales increases this quarter in both upholstery and casegoods, and a 10% consolidated sales increase," said Paul B. Toms Jr., chairman and chief executive officer. "While we entered May with healthy demand and momentum, we saw demand and retail business progressively slow as we moved through the summer. We believe the reduction in demand and retail activity in the second half of the summer compared to the first was typical throughout the furniture industry," he added.

"Our ability to achieve a consolidated sales increase in the nine to ten percent range for the third consecutive quarter despite the softer demand this summer is a reflection of our solid inventory position on best-selling products, our increased upholstery manufacturing capacity and steady promotion of what we believe to be our strongest product line in several years," Toms said.

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