Hooker Furniture Corporation (HOFT) has reported an 89.84 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $4.75 million, or $0.41 a share in the quarter, compared with $2.50 million, or $0.22 a share for the same period last year.
Revenue during the quarter grew 7.42 percent to $130.87 million from $121.83 million in the previous year period. Gross margin for the quarter contracted 33 basis points over the previous year period to 21.50 percent. Total expenses were 94.57 percent of quarterly revenues, down from 96.72 percent for the same period last year. This has led to an improvement of 215 basis points in operating margin to 5.43 percent.
Operating income for the quarter was $7.11 million, compared with $4 million in the previous year period.
"We're pleased to report higher sales and earnings on a consolidated basis for the first quarter," said Paul B. Toms, chairman and chief executive officer. "While we hit our budgeted earnings for the quarter, we believe there’s room for improvement. We recognize the need to grow our Hooker legacy business long-term and to convert higher sales into increased profitability in our Home Meridian segment. With these objectives, we have recently completed a strategic review of the traditional Hooker business under the direction of George Revington, chief operating officer of Hooker Furniture Corporation."
Operating cash flow improves
Hooker Furniture Corp has generated cash of $17.84 million from operating activities during the quarter, up 23.38 percent or $3.38 million, when compared with the last year period.
The company has spent $1 million cash to meet investing activities during the quarter as against cash outgo of $86.91 million in the last year period.
The company has spent $2.85 million cash to carry out financing activities during the quarter as against cash inflow of $50.88 million in the last year period.
Cash and cash equivalents stood at stood at $53.78 million as at Apr. 30, 2017.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
