Hooker Furniture Reports Double-Digit Sales, Income Gains for Fiscal Year, Fourth Quarter

About this update from Hooker Furnishings Corporation

[{"type":"text","content":"MARTINSVILLE, Va., April 16, 2019 (GLOBE NEWSWIRE) -- Hooker Furniture Corporation (NASDAQ-GS:HOFT) today reported consolidated net sales of $683.5 million and net income of $39.9 million, or $3.38 per diluted share, for its 2019 fiscal year ended February 3, 2019. Net sales increased 10.1%, or $62.9 million, compared to last year, and net income increased 41.1%, or $11.6 million. Earnings per diluted share increased 40% from $2.42 a year ago.\"Hooker Furniture performed extremely well during the year, growing sales and improving profitability in all segments, and increasing sales in 9 of our 11 business units and profits in 7 of them,\" said Paul B. Toms Jr., chairman and chief executive officer. \"Our robust results were achieved despite challenges including an unexpected 10% tariff on finished goods and component parts from China implemented this fall, and management transitions in the Home Meridian segment and several business units.\"Toms added, \"We believe our solid performance validates our strategy to diversify our corporate portfolio around winning products, price points and distribution channels, while keeping a strong presence in traditional channels.\"The fiscal 2019 sales increase was driven by organic growth, as well as the addition of a full year of sales from Shenandoah Furniture, which was acquired in September 2017. Excluding Shenandoah's impact, sales grew organically by approximately 6%, Toms said. Also favorably impacting sales, fiscal 2019 had 53 weeks, while fiscal 2018 and 2017 each had 52 weeks. The additional week in fiscal 2019 increased consolidated net sales by approximately $13.4 million based on the average net sales per shipping day.\"The 41% net income improvement for the year was favorably impacted by the Tax Cuts and Jobs Act of 2017, but we also are pleased to report a 15.9% improvement in operating income for the year, with significant increases in both the Hooker Branded segment and All Other, which includes our domestically-produced upholstery divisions and H Contract furnishings for senior living facilities,\" Toms said.The 2019 fiscal year ended on an upsurge in sales in the fourth quarter. For the fiscal 2019 fourth quarter, which began October 29, 2018 and ended February 3, 2019, consolidated net sales were $200.5 million, with net income of $14.7 million, or $1.24 per diluted share. N...

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