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Sales fall at Hooker Furniture

16/03/2007
 
US furniture importer and manufacturer Hooker Furniture has reported net sales of $49.1 million for its two-month transition period from December 1 to January 28. The short reporting period follows the transition from a fiscal year ending November 30 to a fiscal year ending on the Sunday closest to January 31. Its current fiscal year began on January 29 and will end on February 3, 2008.

As anticipated, the company reported a net loss of $18.4 million during the period due to two special charges of $18.4 million related to the termination of its Employee Stock Ownership Plan effective January 26, and $3 million in restructuring charges following the decision to close its last domestic wood furniture manufacturing plant in Virginia.

Net sales for the period were $49.1 million compared with $85.3 million for the three-month first quarter of 2006.



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