Hooker Furniture stock declines on profit report

Shares of Hooker Furniture Corp. sank Wednesday after the furniture maker reported lower sales and earnings for the first quarter.

The stock lost $3, or 14.7 percent, to $17.42 in midday trading.

However, the stock is up nearly 1 percent in the past 52 weeks, handily beating the Standard & Poor's SmallCap 600 Index, which is down about 11 percent over the same period.

The Martinsville, Va., company, which reported lower inventories and an improved cash position, said it is looking to reduce its operating costs as it waits for the economy to rebound.