Hooker Furnishings Corporation (HOFT) Thursday reported a profit for the fourth quarter compared with a loss last year, despite decline in revenue due to soft demand for home furnishings.
This was primarily due to $24.4 million inventory valuation charge recorded in the year-ago quarter.
The company posted of $593,000 or $0.06 per share for the fourth quarter, compared with loss of $17.88 million or $1.60 per share in the prior year quarter
Net sales decreased 26.3 percent to $96.78 million from $131.3 million in the previous year.
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