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Hooker Furniture profit beats consensus by 22.2% in fiscal Q1

Hooker Furniture Corp. said its normalized net income for the fiscal first quarter ended May 3 came to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

EPS rose 25.1% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.4 million, a gain of 25.3% from $2.7 million in the prior-year period.

The normalized profit margin increased to 5.5% from 4.4% in the year-earlier period.

Total revenue totaled $61.0 million, compared with $61.4 million in the prior-year period, and total operating expenses declined from the prior-year period to $55.7 million from $57.2 million.

Reported net income rose 23.3% on an annual basis to $3.4 million, or 32 cents per share, from $2.8 million, or 26 cents per share.