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Hooker Furniture Reports Fourth Quarter Profitability Improvements, Continued Strong Demand and Increased Backlogs

Hooker Furniture Reports Fourth Quarter Profitability Improvements, Continued Strong Demand and Increased Backlogs
MARTINSVILLE, Va., April 14, 2021 (GLOBE NEWSWIRE) — Hooker Furniture Corporation (NASDAQ-GS: HOFT) today reported consolidated net sales for the fiscal 2021 fourth quarter of $155.3 million, with net income of $8.5 million, a $1.5 million or 22% increase compared to net income in the fourth quarter a year ago. Earnings per share for the quarter were $0.71 per diluted share, an increase of 20%.
Net sales for the quarter, which began November 2, 2020 and ended January 31, 2021, decreased by $9.6 million, or 5.8%, compared to last fiscal year’s fourth quarter sales. Sales increased in two of the Company’s three reportable segments for the quarter, with Hooker Branded sales up almost $10 million or 25% over the prior year quarter, and Domestic Upholstery sales up approximately $1.4 million or 6% compared to the quarter a year ago. The consolidated sales decrease for the quarter was driven by a $20.2 million sales decline in the Home Meridian Segment, where global supply chain disruptions constrained the segment’s ability to ship strong orders and backlogs.

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Hooker Furniture Reports Fourth Quarter Profitability Improvements, Continued Strong Demand and ...

Hooker Furniture Reports Fourth Quarter Profitability Improvements, Continued Strong Demand and ...
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Texas , United-states , Georgia , North-carolina , Ho-chi-minh-city , H-chíinh , Vietnam , Republic-of , Martinsville , China , California , Virginia

Hooker Furniture Reports Fourth Quarter Profitability Improvements, Continued Strong Demand and Increased Backlogs

Hooker Furniture Reports Fourth Quarter Profitability Improvements, Continued Strong Demand and Increased Backlogs
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Hooker Furniture Corporation Reports Robust Profitability in Third Quarter

Hooker Furniture Corporation Reports Robust Profitability in Third Quarter
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Hooker Furniture Corp (HOFT) Q3 2021 Earnings Call Transcript

Operator
Greetings, ladies and gentlemen, and welcome to the Hooker Furniture Quarterly Investor Conference Call reporting its operating results for the 2021 third quarter. [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Paul Huckfeldt, Vice President, Finance and Chief Financial Officer for Hooker Furniture Corporation.
Paul A. Huckfeldt --
Senior Vice President, Finance and Accounting and Chief Financial Officer
Thank you, Joel. Good morning, and welcome to our quarterly conference call to review financial results for the fiscal 2021 third quarter, which began August 3, 2020, and ended November 1, 2020. We certainly appreciate your participation this morning. Paul Toms, our Chairman and CEO; Jeremy Hoff, President of our Hooker Legacy Brands; and Lee Boone, President of our Home Meridian Division are joining us today. For the question-and-answer portion of the call, our Chief Administrative Officer, Anne Smith will also be available to take questions.

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