The company reported a profit of $1.06 million, or 10 cents a share, for the quarter ending in early May. This stands in stark contrast to the same period last year, when the firm posted a loss of $3.05 million, or 29 cents a share. Following the announcement, shares rose to $15.18, extending the stock's year-to-date gains to 33%.
In section Market Quotes
Hooker Furnishings Shares Surge 23% Following Profit Turnaround
A 23% spike in Hooker Furnishings stock greeted Thursday’s opening bell, marking a sharp recovery for the Martinsville-based furniture maker. The company transitioned from a multi-million dollar loss to a modest profit, signaling that aggressive cost-cutting measures are beginning to stabilize the balance sheet despite broader economic headwinds.
Chief Executive Jeremy Hoff attributed the improved performance to internal restructuring rather than market tailwinds. He noted that the return to profitability occurred even as the industry grapples with depressed housing activity and persistent weakness in consumer confidence.
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