Hooker lowers 2Q forecast
By Furniture Today Staff -- Furniture Today, June 5, 2006
Martinsville, Va. — Hooker Furniture has lowered its second-quarter sales forecast to flat to 2% lower than the $88.7 million it posted in the comparable 2005 quarter.
In an initial forecast March 1, the company had said it expected sales to rise 3% to 7% in the quarter.
"A softening in business at retail has dampened our expectations for the current quarter," said Chairman and CEO Paul Toms Jr. "We believe this decline has been precipitated by rising energy prices and a decrease in housing activity."
He said the company had a "solid" April market in High Point. "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," Toms said.
