India, April 17 -- Hooker Furnishings Corporation (HOFT) Thursday reported net loss of $2.33 million, or $0.22 per share for the fourth quarter compared with net income of $593,000, or $0.06 per share in the prior year quarter, primarily due to higher expenses.
The company posted operating loss of $2.7 million compared with operating income of $340,000 last year.
Net sales for the quarter, however, increased 8% to 104.5 million from $96.8 million in the previous year.
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Additionally, the company said it has accelerated cost reduction initiatives that include the planned exit of Savannah warehouse. It expects to start realizing a portion of its estimated o...