Hooker Furniture Corp. Q2 Net Income Rises

(RTTNews) - Hooker Furniture Corporation (HOFT) reported that it achieved double-digit sales and profitability increases in the second quarter, with all three of its reportable segments posting year-over-year sales gains of more than 20%. Operating margin improved moderately despite higher freight and raw material costs and ongoing shortages of ocean vessel and trucking capacity.

In the current environment, supply chain and logistics continue to be biggest challenges, the company noted. It expects second-half net sales and income to be adversely affected by these challenges, particularly in Home Meridian segment.

Net income for the second quarter was $7.5 million, or $0.62 per share, a 29% increase from a year ago. Consolidated net sales were $162.5 million, an increase of 25% from the prior year period.