Hooker Furniture Revises Second Quarter Outlook

Furniture World Magazine

Hooker Furniture revised its 2006 second quarter sales forecast to a range of flat to 2% lower than its 2005 second quarter sales. Previously, the Company had said it expected sales in the March 1 to May 31 time period to increase in a range of 3% to 7% when compared to 2005 second quarter sales of $88.7 million. "A softening in business at retail has dampened our expectations for the current quarter," said Paul B. Toms Jr., chairman and chief executive officer. "We believe this decline has been precipitated by rising energy prices and a decrease in housing activity." Toms added, "We had a solid April International Home Furnishings Market. The new products we introduced there will begin to ship in late summer, which should help spur an upturn in business heading into the fourth quarter." Ranked as the nation's sixth largest publicly traded furniture provider based on 2004 shipments to U.S. retailers, Hooker Furniture is an 82-year-old importer and manufacturer of residential wood, upholstered and metal furniture. The Company's principal customers are retailers of residential home furnishings who are broadly dispersed throughout North America. Major furniture categories include home theater and entertainment units and office, dining, occasional, bedroom and upholstered leather furniture for the home. With approximately 1,400 employees, the Company operates manufacturing plants, distribution centers and warehouses, showrooms and a corporate office in Virginia and North Carolina. Please visit us at www.hookerfurniture.com.