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Hooker Furniture Grows Revenues While Launching Two Businesses In Fiscal 2014

MARTINSVILLE, Va., April 16, 2014 (GLOBE NEWSWIRE) -- Hooker Furniture (Nasdaq:HOFT) today reported consolidated net sales of $228.3 million and net income of $7.9 million, or $0.74 per share, for its fifty-two week fiscal year ended February 2, 2014.

Sales increased by $9.9 million, or 4.5% for fiscal 2014 compared to the prior year, which included five additional shipping days. Annual net income decreased 8.1%, or $697,000. Earnings per share decreased to $0.74 for fiscal 2014 compared to $0.80 for last year. The decrease in annual net income was attributed primarily to start-up costs for the Company's two new businesses, H Contract, which furnishes upscale senior living facilities, and Homeware, a direct-to-consumer e-commerce operation. Collectively, these new ventures negatively impacted operating income by approximately $1.5 million pre-tax ($1.0 million, or $0.09 per share, after tax) for the 2014 fiscal year and approximately $292,000 pre-tax ($186,000, or $0.02 per share, after tax) for the fourth quarter of fiscal 2014.

The fiscal 2014 consolidated net sales increase was primarily due to higher average selling prices in both of the Company's operating segments, casegoods and upholstery, partially offset by higher discounting and returns and allowances in the casegoods segment and five fewer shipping days in fiscal 2014 than in fiscal 2013. Based on actual shipping days, consolidated net sales per day increased 6.6% to $913,000 per day for the 2014 fiscal year as compared to $856,000 per day for the 2013 fiscal year.

Gross profit increased in the fiscal 2014 annual period in absolute terms, due primarily to increased net sales in both operating segments. The Company's upholstery segment nearly doubled operating profitability in fiscal 2014 after reporting operating losses since the fiscal 2009 second quarter through the fiscal 2013 second quarter, and posted 1.4% and 7.4% net sales increases for the 2014 fiscal fourth quarter and fiscal year, respectively, compared to the same prior-year periods. The Company's casegoods segment reported a $1.3 million or 3.4% increase in gross profit to $39.3 million from $38.1 million in the prior year.

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