MARTINSVILLE, Va. \u00e2\u20ac\u201d Furniture maker Hooker Furniture Corp. said Wednesday fiscal third-quarter profit rose as the company cut costs, but sales fell amid the slumping housing market.<\/p>\n
Net income for the quarter ended Oct. 28 rose 67 percent to $5.9 million, or 48 cents per share, from $3.5 million, or 29 cents per share, during the same period last year. The increase was mainly due to a year-ago restructuring charge of 19 cents per share, while current-year results include a restructuring charge of 2 cents per share.
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\nRevenue fell 8 percent to $83.8 million from $91 million a year ago. Hooker said sales were hurt by its discontinued domestic wood furniture business but helped by sales from its acquisition of chair maker Sam Moore.<\/p>\n
Average daily new sales fell 9.4 percent on a per-day basis during the 64 operating days in the 2015 third quarter.<\/p>\n
Restructuring, asset impairment, delivery, selling and administrative costs all declined as the company worked on streamlining operations.<\/p>\n
The company said it expects the housing slump to continue next year.<\/p>\n
“All our planning assumes the current downturn will last through fall of 2015,” said Paul B. Toms Jr., company chairman, president and chief executive officer.<\/p>\n","protected":false},"excerpt":{"rendered":"
MARTINSVILLE, Va. \u00e2\u20ac\u201d Furniture maker Hooker Furniture Corp. said Wednesday fiscal third-quarter profit rose as the company cut costs, but sales fell amid the slumping housing market. Net income for the quarter ended Oct. 28 rose 67 percent to $5.9 million, or 48 cents per share, from $3.5 million, or 29 cents per share, during […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-5144","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/5144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=5144"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/5144\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=5144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=5144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=5144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}