Regions Southern Virginia

Quarterly profit rises at Hooker Furniture

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Martinsville-based Hooker Furniture reported Tuesday that its third-quarter profits nearly doubled from the same period a year ago.

The furniture manufacturer had reported net sales of $54.2 million and net income of $2.3 million, or 21 cents per share, for its fiscal 2012 third quarter, which ended October 30.

During the third quarter of fiscal year 2011, the company had net income of $1.2 million, or 11 cents a share.

During the recent completed third quarter, net sales actually decreased $1.6 million, or 2.8 percent, from $55.7 million in the same period last. The sales dip was driven by softened consumer demand, lower unit volume and higher product discounting, partially offset by higher average selling prices due to the mix of products shipped.

For the first nine months of the 2012 fiscal year, which began on Jan. 31, net sales increased $7.7 million, or 4.8 percent, to $168.1 million. The company reported income for the first nine months of fiscal 2012 of $4.4 million, or 41 cents per share, compared with net income of $3.4 million, 32 cents per share, in the fiscal 2011 nine-month period.


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