Chinese tariffs add to Hooker Furniture profit drop

Hooker Furniture Corp. reported Thursday a 52.1% decline in second-quarter net income to $4.2 million as sales were affected by U.S. tariffs on Chinese goods applied by the Trump administration.

Diluted earnings fell from 74 cents a year ago to 35 cents.

Sales were down 9.7% to $152.2 million, while expenses dropped 7.2% to $123.4 million. Its income tax expense was $1.25 million, compared with $2.9 million a year ago.

“Our business was significantly impacted by tariffs on finished goods and component parts imported from China and weak retail demand through the first six months of the year,” Paul Toms Jr., Hooker’s chairman and chief executive, said in a statement.

“Looking across our industry, many public companies in the furniture industry are reporting weaker sales and reduced earnings. Business disruptions from the 10% tariff imposed last fall and the additional 15% tariff imposed this summer have impacted both our top and bottom line,” Toms said.

Richard Craver

BAT plans two new heat-not-burn products

British American Tobacco Plc, parent company of Reynolds American Inc., said Wednesday it plans to launch in October new glo heat-not-burn traditional cigarette products in Japan.

Glo pro is BAT’s most advanced heat-not-burn products. Powered by new tobacco heating technology — induction heating — the technology has been significantly miniaturized “to deliver better taste satisfaction and more rapid heating for quicker taste release.”

The glo nano style is the slimmest device in the product line.

The debut of the two glo styles follows on the launch of glo sens in South Korea and Japan in August. The sens style operates with what BAT calls “taste fusion technology,” which combines vaping technology with real tobacco.

Richard Craver

Bridgestone Tire pays $2.7 million for Greensboro site

The parent company of Bridgestone Tire has spent $2.72 million to buy a 1.38-acre property at 512 Pisgah Church Road in Greensboro, according to a Guilford County Register of Deeds filing Thursday.

The buyer is Bridgestone Retail Operations LLC of Nashville, Tenn., an affiliate of Bridgestone Americas Inc. The seller was SMBC Leasing and Finance Inc. of New York City. The sale was completed Aug. 31.

Richard Craver

Waffle House buys vacant lot in Greensboro

Waffle House Inc. has spent $445,000 to buy an 0.64-acre vacant lot in Greensboro, according to a Guilford County Register of Deeds filing Thursday.

The property is at 6403 W. Interstate Court. The seller is Stoney Creek South LLC.

Richard Craver

Samsung folding phone to launch after delay

LONDON — Samsung’s highly anticipated folding phone will go on sale today, after the original launch date was delayed.

The South Korean tech giant had put the Galaxy Fold’s launch on hold after reviewers encountered problems with the device’s innovative folding screen, which the company said on Thursday have now been resolved.

The nearly $2,000 phone will launch on today in South Korea, and Sept. 18 in France, Germany and Britain.

Other markets including the U.S. and Singapore will follow, but the company did not specify dates.

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The Associated Press

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