Hooker Furnishings Turns To Q1 Loss

(RTTNews) - Hooker Furnishings Corporation (HOFT) Thursday reported net loss of $4.09 million or $0.39 per share for the first quarter compared with profit of $1.45 million or $0.13 per share in the same quarter a year ago, primarily impacted by lower sales due to weak demand.

Sales for the quarter declined 23.2 percent to $93.57 million from $121.82 million in the previous year.

The company posted operating loss of $5.17 million for the quarter compared with operating income of $1.98 million last year.

"While we are disappointed to report a rare operating loss this quarter, the loss was almost entirely driven by the sales reductions in each segment, and we strongly believe we'll return to profitability once demand and revenues rebound," said Jeremy Hoff, Chief Executive Officer.