MARTINSVILLE, Va. — Furniture maker Hooker Furniture Corp. said Wednesday its swung to a profit in its fourth quarter, helped by a boost in sales per day.
For the quarter ended Feb. 3, the company reported profit of $4.6 million, or 39 cents per share. In 2014, the fourth quarter lasted just two months since the company was transitioning to a new reporting calendar. During that time period, the company reported a loss of $18.4 million, or $1.52 per share.
The company said its 2015 fourth quarter results included a gain of about 2 cents per share for previously accrued health care benefits for terminated employees. Excluding that gain, the company earned 37 cents per share.
In the 2014 transition period, the company’s results were weighed down by restructuring charges of 15 cents per share.
Revenue rose 68 percent to $82.3 million from $49.1 million in the two-month transition period.
The company said based on actual shipping days in each period, net sales per day increased in the 2015 fourth quarter.
For the year, profit grew 39 percent to $19.7 million, or $1.58 per share, from $14.1 million, or $1.18 per share in the prior year.
Revenue fell 10 percent to $316.8 million from $350 million in 2014.
Hooker Furniture shares rose $1.79, or 7.7 percent, to $24.99 in electronic after-hours trading. During regular hours, the shares fell 30 cents to close at $23.20.










