Hooker Furniture takes 1Q loss as sales slide

Hooker posts loss as sales fall 29 percent, company says it sees signs of economic recovery

• On 6:13 pm EDT, Wednesday September 9, 2009

MARTINSVILLE, Va. (AP) -- Hooker Furniture said it took a loss in the fiscal second quarter as the recession cut into its sales.

In the three months ended Aug. 2, the company said it lost $463,000, or 4 cents per share. The company posted a profit of $2.1 million, or 18 cents per share, a year ago. Revenue shrank 29 percent, to $46 million from $64.6 million.

Hooker said sales fell because of the economic downturn and added that this time of year is usually the weakest period for furniture sales. However the company said it believes the recession may be over, as the housing markets are getting better, the pace of job losses has decreased and consumer confidence is up. It said orders in August were highest in 10 months.