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Hooker Furniture Turns To Profit In Q4

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Hooker Furniture Corp. (HOFT: Quote) reported fourth-quarter net income of $0.6 million or $0.06 per share, compared to a net loss of $0.2 million or $0.02 per share for the year-ago quarter.

Net sales for the quarter declined 1.1 percent to $54.4 million from last year's $55.0 million, due to soft demand at retail and sourcing transitions that delayed shipments of recent ntroductions.

Gross margin increased slightly to 22 percent from 21.8 percent last year.

The company declared a quarterly cash dividend of $0.10 per share, payable on May 25 to shareholders of record at May 11.

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by RTT Staff Writer

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