Hooker Furniture Turns To Profit In Q1 On Strong Sales; Sees Higher Demand

(RTTNews) - Hooker Furniture Corp. (HOFT) reported Friday that its first-quarter net income was $9.4 million or $0.78 per share, compared to net loss of $34.82 million or $2.95 per share last year.

Consolidated net sales were $162.9 million, a 56 percent increase from prior year's $104.60 million. Compared to the first quarter two years ago, sales were up 20 percent.

On June 3, the board of directors declared a quarterly cash dividend of $0.18 per share, payable on June 30, to shareholders of record at June 16.

Looking ahead, Jeremy Hoff, Chief Executive Officer, said, "While we expect the extraordinary levels of demand for home furnishings to diminish somewhat, we also expect that demand for home furnishings will settle into a higher level of demand than pre-pandemic."