June 11, 2009 (FinancialWire) — Hooker Furniture (NASDAQ: HOFT) reported net sales of $52.1 million and a net loss of $456,000, or $0.04 per share, for its fiscal 2010 first quarter that began February 2 and ended May 3, 2009.

Net sales for the first quarter of fiscal 2010 decreased $19.0 million, or 26.7%, compared to $71.0 million for the first quarter of fiscal 2009. Net income for the quarter decreased $3.1 million, compared to net income of $2.6 million, or $0.23 per share, for the fiscal 2009 first quarter.

Operating margins decreased in the 2010 quarter to a loss of $627,000 or of net sales, from income of $4.0 million or 5.6% of net sales in the 2009 quarter principally due to lower net sales, higher overhead and operating expenses as a percent of net sales and a trademark-related impairment charge for Bradington-Young of $673,000.

“We’re not satisfied with our results on any level, but realize we are being impacted by the worst economic downturn in anyone’s memory. We remain focused on addressing those aspects of our business we can control,” said Paul B. Toms Jr., chairman, chief executive officer and president. “We continue to successfully manage our balance sheet, reducing inventories and increasing cash. We are also focused on controlling costs, improving product quality and maintaining service levels. We’re thankful to have posted a small operating profit before impairment charges despite steepening sales declines across the company and significant excess capacity and fixed costs in our upholstery divisions.”

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