Hooker Furniture reports increased Q2 profits, but saw lower sales
After the closing bell, Hooker Furniture Corp. (Nasdaq: HOFT) announced that its second-quarter net income was $4.9 million, or $0.39 a share, above Wall Street expectations of $0.35 a share and more than three times the net income of $1.2 million, or $0.10 a share, recorded in the prior year’s period.
The firm said lower delivery and selling costs, along with a higher proportion of imported woods and metals sold contributed to the improved profit results.
However, the maker and importer of residential furniture’s net sales for the quarter decreased 11.5% to $73.4 million, from $83 million a year earlier and lower than analyst expectations of $85.6 million. The Martinsville, Virginia-based company also declared a quarterly cash dividend of $0.10 per share, to be paid on November 30 to shareholders of record as of November 15.
In after hours trading, shares of the small cap are up 0.81%, or $0.14, at $17.57. Over the last 52 weeks, shares have ranged between $13.52 and $25.10.
