<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549
                                   FORM 10-Q
(Mark One)

     X    Quarterly report pursuant to Section 13 or 15(d) of the Securities
    ---   Exchange Act of 1934


                For the quarterly period ended May 31, 2001 or
                                               ------------


    ___   Transition report pursuant to Section 13 or 15(d) of the Securities
          Exchange Act of 1934

                 For the transition period from ____ to ____.

                       Commission file number 000-25349.

                         HOOKER FURNITURE CORPORATION
                         ----------------------------
            (Exact name of registrant as specified in its charter)

            Virginia                                          54-0251350
   -----------------------------                            --------------
  (State or other jurisdiction of                           (IRS Employer
   incorporation or organization)                        Identification No.)

            440 East Commonwealth Boulevard, Martinsville, VA 24112
            --------------------------------------------------------
               (Address of principal executive offices, Zip Code)

                                (540) 632-2133
                         ----------------------------
                        (Registrant's telephone number,
                             including area code)


             ----------------------------------------------------
             (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                     YES  X      NO
                                         ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of July 9, 2001.

                    Class                               Number
                    -----                               ------
         Common Stock, no par value               7,617,298 Shares
<PAGE>

                        PART I.  FINANCIAL INFORMATION
                        ------------------------------


Item 1. Financial Statements

                         HOOKER FURNITURE CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                     (In thousands, including share data)

                                                        (Unaudited)
                                                          May 31,   November 30,
                                                           2001         2000
Assets
Current assets
  Cash, primarily interest-bearing deposits............  $   7,679    $   1,243
  Trade receivables, less allowances of $630 and $525..     25,727       31,019
  Inventories..........................................     37,266       42,785
  Income tax recoverable...............................      1,623          458
  Prepaid expenses and other...........................      3,448        1,505
                                                         ---------    ---------
     Total current assets..............................     75,743       77,010
Property, plant and equipment, net.....................     49,851       48,767
Other assets...........................................      5,043        7,754
                                                         ---------    ---------
                                                         $ 130,637    $ 133,531
                                                         =========    =========

Liabilities and Stockholders' Equity
Current liabilities
  Trade accounts payable...............................  $   3,146    $   5,406
  Accrued salaries, wages and benefits.................      4,087        6,470
  Other accrued expenses...............................      2,375        2,884
  Current maturities of long-term debt.................      2,157        1,581
                                                         ---------    ---------
     Total current liabilities.........................     11,765       16,341
Long-term debt.........................................     26,434       27,919
Deferred liabilities...................................      3,225        3,300
                                                         ---------    ---------
  Total liabilities....................................     41,424       47,560
                                                         ---------    ---------

Common stock held by ESOP..............................     10,521       10,412

Stockholders' Equity
Common stock, no par value, 10,000 shares authorized,
  7,617 shares issued and outstanding..................      2,741        2,605
Unearned ESOP shares (1,727 and 1,761 shares)..........    (21,583)     (22,009)
Retained earnings......................................     97,534       94,963
                                                         ---------    ---------
  Total stockholders' equity...........................     78,692       75,559
                                                         ---------    ---------
                                                         $ 130,637    $ 133,531
                                                         =========    =========

   The accompanying notes are an integral part of the financial statements.

                                       2
<PAGE>

                         HOOKER FURNITURE CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
                     (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                    Three Months           Six Months
                                                                    Ended May 31,         Ended May 31,
                                                                   2001       2000       2001       2000
<S>                                                              <C>        <C>        <C>        <C>
Net sales..................................................      $ 55,578   $ 66,495   $111,502   $123,175

Cost of sales..............................................        42,948     49,126     85,272     91,564
                                                                 --------   --------   --------   --------

     Gross profit..........................................        12,630     17,369     26,230     31,611

Selling and administrative expenses........................        10,247     10,163     19,709     19,245
                                                                 --------   --------   --------   --------

     Operating income......................................         2,383      7,206      6,521     12,366

Other income, net..........................................           330        146        635        221

Interest expense...........................................           509        201      1,013        326
                                                                 --------   --------   --------   --------

     Income before taxes...................................         2,204      7,151      6,143     12,261

Income taxes...............................................           836      2,717      2,332      4,658
                                                                 --------   --------   --------   --------
     Net income............................................      $  1,368   $  4,434   $  3,811   $  7,603
                                                                 ========   ========   ========   ========

Earnings per share:

     Basic and diluted.....................................      $    .23   $    .58   $    .65   $   1.00
                                                                 ========   ========   ========   ========

     Weighted average shares outstanding...................         5,877      7,617      5,867      7,617
                                                                 ========   ========   ========   ========
</TABLE>

   The accompanying notes are an integral part of the financial statements.

                                       3
<PAGE>

                         HOOKER FURNITURE CORPORATION
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                (In thousands)

<TABLE>
<CAPTION>
                                                                                   Six Months
                                                                                  Ended May 31,
                                                                                2001         2000
<S>                                                                          <C>          <C>
Cash flows from operating activities:
   Cash received from customers.........................................     $ 117,356    $ 120,875
   Cash paid to suppliers and employees.................................      (102,548)    (110,165)
   Income taxes paid, net...............................................        (3,497)      (4,699)
   Interest paid, net...................................................          (887)        (326)
                                                                             ---------    ---------
    Net cash provided by operating activities...........................        10,424        5,685
                                                                             ---------    ---------

Cash flows from investing activities:
   Purchase of property, plant and equipment............................        (4,680)      (6,946)
   Sale of property.....................................................         2,732            4
                                                                             ---------    ---------
    Net cash absorbed by investing activities...........................        (1,948)      (6,942)
                                                                             ---------    ---------

Cash flows from financing activities:
   Proceeds from long-term debt.........................................         2,500       16,000
   Payments on long-term debt...........................................        (3,409)     (11,000)
   Cash dividends paid..................................................        (1,131)      (1,294)
                                                                             ---------    ---------
    Net cash provided (absorbed) by financing activities................        (2,040)       3,706
                                                                             ---------    ---------

Net increase in cash....................................................         6,436        2,449
Cash at beginning of year...............................................         1,243          157
                                                                             ---------    ---------
Cash at end of period...................................................     $   7,679    $   2,606
                                                                             =========    =========

Reconciliation of net income to net cash provided
 by operating activities:
   Net income...........................................................     $   3,811    $   7,603
     Depreciation and amortization......................................         3,584        3,012
     Non-cash ESOP cost.................................................           562
     (Gain) loss on disposal of property................................           (20)          20
     Changes in assets and liabilities:
       Trade receivables................................................         5,292       (2,663)
       Inventories......................................................         5,519         (979)
       Income tax recoverable...........................................        (1,165)
       Prepaid expenses and other assets................................        (1,932)         508
       Trade accounts payable...........................................        (2,260)      (2,182)
       Other accrued expenses...........................................        (2,892)         318
       Deferred liabilities.............................................           (75)          48
                                                                             ---------    ---------
     Net cash provided by operating activities..........................     $  10,424    $   5,685
                                                                             =========    =========
</TABLE>

    The accompanying notes are an integral part of the financial statements.

                                       4
<PAGE>

                         HOOKER FURNITURE CORPORATION
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
            (Dollar amounts in tables or text, in thousands unless
                             otherwise indicated)

1.   Preparation of Interim Financial Statements

The financial statements of Hooker Furniture Corporation (referred to as
"Hooker" or the "Company") have been prepared in accordance with the rules and
regulations of the Securities and Exchange Commission ("SEC"). In the opinion of
management, these statements include all adjustments necessary for a fair
presentation of the results of all interim periods reported herein. All such
adjustments are of a normal recurring nature. Certain information and footnote
disclosures prepared in accordance with generally accepted accounting principles
are condensed or omitted pursuant to SEC rules and regulations. However,
management believes that the disclosures made are adequate for a fair
presentation of results of operations and financial position. Operating results
for the interim periods reported herein may not be indicative of the results
expected for the year. These financial statements should be read in conjunction
with the financial statements and accompanying notes included in the Company's
Annual Report on Form 10K for the fiscal year ended November 30, 2000.

Certain items in the financial statements for periods prior to 2001 have been
reclassified to conform to the 2001 method of presentation.


2.   Inventories
                                                  (Unaudited)
                                                    May 31,       November 30,
                                                     2001             2000
     Finished furniture.......................     $35,220          $38,408
     Furniture in process.....................       1,362            2,647
     Materials and supplies...................      12,363           12,883
                                                   -------          -------
                                                    48,945           53,938
     Reduction to LIFO basis..................      11,679           11,153
                                                   -------          -------
                                                   $37,266          $42,785
                                                   =======          =======

 3.  Property, Plant and Equipment
                                                  (Unaudited)
                                                    May 31,       November 30,
                                                     2001             2000
     Buildings...............................     $ 43,715         $ 43,285
     Machinery and equipment.................       48,721           46,235
     Office fixtures and equipment...........       11,607           10,292
     Construction in progress and other......        3,141            2,927
                                                  --------         --------
         Property, plant and equipment,
          at cost............................      107,184          102,739
     Less accumulated depreciation...........       58,619           55,258
                                                  --------         --------
                                                    48,565           47,481
     Land....................................        1,286            1,286
                                                  --------         --------
                                                  $ 49,851         $ 48,767
                                                  ========         ========

                                       5
<PAGE>

Notes to Consolidated Financial Statements - Continued

4.   Long-Term Debt

                                                      (Unaudited)
                                                         May 31,    November 30,
                                                           2001         2000
     Term loan......................................     $21,591      $22,500
     Industrial revenue bonds due 2006..............       7,000        7,000
                                                         -------      -------
                                                          28,591       29,500
     Less current maturities........................       2,157        1,581
                                                         -------      -------
                                                         $26,434      $27,919
                                                         =======      =======

5.   Assets Held For Sale

On May 31, 2001, the Company's wholly-owned subsidiary, Triwood, Inc.
("Triwood"), sold land and a building that was being leased to a third party for
$2.7 million in cash. The property had been leased with an option to purchase.
The transaction did not have a material impact on results of operations or
financial position. The Company continues to operate its import furniture
business as a wholly-owned subsidiary through Triwood.

6.   Common Stock

In June 2001, the Company's Board of Directors authorized the repurchase of up
to $3.0 million of the Company's common stock. These repurchases may be made
from time to time in the open market, or in privately negotiated transactions,
at prevailing market prices that the Company deems appropriate. Based on the
market value of the common stock as of June 27, 2001, the authorization would
allow the Company to repurchase approximately 4.6% of the 7.6 million shares
outstanding, or 6.6% of the Company's outstanding shares excluding the 2.4
million shares held by the Company's ESOP.

                                       6
<PAGE>

                         HOOKER FURNITURE CORPORATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

Results of Operations - Second Quarter 2001 Compared to Second Quarter 2000

Net sales decreased $10.9 million or 16.4% to $55.6 million for the three-month
period ended May 31, 2001 from the comparable 2000 period. Lower unit volume in
domestically produced product lines was partially offset by increased unit
volume in imported furniture. Average selling prices also declined during the
2001 period principally due to the mix of products sold.

Gross profit margin for the 2001 period decreased to 22.7% compared to 26.1% in
the 2000 period. The decrease was due principally to higher raw material costs
as a percentage of sales and an increased overhead absorption rate resulting
from lower production levels, partially offset by the lower delivered cost of
imported furniture. The Company's manufacturing facilities continued working a
short, 35-hour weekly production schedule during the current-year second
quarter. Production costs decreased in almost all categories, but not enough to
completely offset the effect of lower volume. Inventories decreased $1.7 million
during the second quarter 2001.

The Company expects to stay on a 35-hour weekly production schedule at all of
its manufacturing facilities through the end of August 2001. Additionally, the
Company's production facilities will be closed for one week in July for annually
scheduled maintenance and also for one week in each of August and September to
control inventory levels. Prior to the end of August, the Company will evaluate
the need to adjust production work schedules beyond the first week of September.

Selling and administrative expenses increased $84,000 to $10.2 million during
the second quarter ended May 31, 2001, from the comparable 2000 period. During
the 2001 period, the Company incurred higher product sample costs, additional
showroom expenses related to expansion, and higher depreciation expense,
partially offset by decreases in selling expenses related to lower sales
(principally sales commissions). As a percentage of net sales, selling and
administrative expenses increased to 18.4% in the 2001 period from 15.3% in the
comparable 2000 period principally as a result of lower net sales in the 2001
period.

As a result of the above, operating income decreased to 4.3% of net sales in the
2001 period from 10.8% in the comparable 2000 period.

Interest expense increased $308,000 to $509,000 during the 2001-second quarter
from the comparable 2000 period. The increase was due to interest incurred on
the September 2000 term loan entered into in connection with a tender offer by
the Company's Employee Stock Ownership Plan ("ESOP") for 1.8 million shares of
Hooker Furniture common stock.

The Company's effective tax rate approximated 38% in both second quarter
periods.

Net income for the 2001-second quarter declined 69.1% to $1.4 million compared
with $4.4 million in the strong 2000-second quarter. Earnings per share were
$0.23 for the three-month period of 2001 compared with $0.58 in the prior year
period.

                                       7
<PAGE>

Management's Discussion and Analysis of Financial Condition and Results of
Operations - Continued

Results of Operations - Six Months 2001 Compared to Six Months 2000

Net sales decreased $11.7 million or 9.5% to $111.5 million for the six-month
period ended May 31, 2001 from the comparable 2000 period. Lower unit volume in
domestically produced product lines was partially offset by increased unit
volume in imported furniture. Average selling prices also declined during the
2001 period principally due to the mix of products sold and more aggressive
promotional discounting.

Gross profit margin for the 2001 period decreased to 23.5% compared to 25.7% in
the 2000 period. The decrease was due principally to higher raw material costs
as a percentage of sales, an increased overhead absorption rate resulting from
lower production levels, and heavier promotional discounting, partially offset
by the lower delivered cost of imported furniture.

Selling and administrative expenses increased $464,000 to $19.7 million during
the six-month period ended May 31, 2001, from the comparable 2000 period. During
the 2001 period, the Company incurred higher product sample costs, additional
showroom expenses related to expansion, higher depreciation expense, and higher
advertising costs, partially offset by decreases in selling expenses related to
lower sales (principally sales commissions). As a percentage of net sales,
selling and administrative expenses increased to 17.7% in the 2001 period from
15.6% in the comparable 2000 period principally as a result of lower net sales
in the 2001 period.

As a result of the above, operating income decreased to 5.8% of net sales in the
2001 period from 10.0% in the comparable 2000 period.

Interest expense increased $687,000 to $1.0 million during the 2001 six-month
period from the comparable 2000 period. The increase was due to interest
incurred on the September 2000 term loan entered into in connection with the
tender offer by the Company's ESOP.

The Company's effective tax rate approximated 38% in both six-month periods.

Net income for the six-month period of 2001 declined 49.9% to $3.8 million from
$7.6 million in the year ago period. Earnings per share were $0.65 for the
six-month period of 2001 compared with $1.00 in the prior year period.

Financial Condition, Liquidity and Capital Resources

As of May 31, 2001, assets totaled $130.6 million, down from $133.5 million at
November 30, 2000. Stockholders' equity at May 31, 2001, was $78.7 million,
rising from $75.6 million at November 30, 2000. The Company's long-term debt,
including current maturities, was $28.6 million at May 31, 2001 declining from
$29.5 million at November 30, 2000. Working capital increased to $64.0 million
as of May 31, 2001 from $60.7 million at the end of the 2000 period; reflecting
the Company's improved cash position and lower current liabilities, net of
reduced trade receivables and inventories. Incoming orders slowed considerably
during the second quarter reflecting the deepening decline in business at
retail. The Company expects shipments during the third quarter of fiscal 2001 to
reflect a decline of 5-10% from the second quarter just ended (representing a
decline of 14-19% from third-quarter 2000). With production schedules reduced to
35 hours per week through August 2001 and the planned week off in each of July,
August, and September, management anticipates continued cost improvement and
reductions in inventory levels through the first week of September 2001.

                                       8
<PAGE>

Management's Discussion and Analysis of Financial Condition and Results of
Operations - Continued

Financial Condition, Liquidity and Capital Resources - Continued

During the six-month period ended May 31, 2001, cash generated from operations
($10.4 million) and the sale of property ($2.7 million) funded an increase in
available cash ($6.4 million), capital expenditures ($4.7 million), dividend
payments ($1.1 million), and net repayments of long-term debt ($909,000). During
the comparable 2000 period, cash generated from operations ($5.7 million) and
net borrowings from the Company's revolving credit line ($5.0 million) funded
capital expenditures ($6.9 million), an increase in available cash ($2.4
million) and dividend payments ($1.3 million).

Cash generated from operations of $10.4 million during the 2001 period increased
from $5.7 million in the comparable 2000 period. Lower payments to suppliers and
employees ($7.6 million) resulting from reduced production schedules and lower
inventory levels, and lower tax payments ($1.2 million) attributed to lower
taxable income levels, were partially offset by less cash received from
customers ($3.5 million) resulting from lower sales, and higher interest
payments ($561,000) principally on the term loan borrowed in September 2000.

Investing activities consumed $1.9 million during the 2001 period compared to
$6.9 million in the comparable 2000 period. In May 2001, the Company's
subsidiary, Triwood, Inc., sold land and a building that was being leased to a
third party for $2.7 million in cash. Capital expenditures were higher in the
2000 period as the Company completed the addition to its Central Distribution
Center and continued its construction of raw lumber grading, storage and drying
facilities at the Maiden, North Carolina plant.

The Company used cash of $2.0 million (principally dividend payments) for
financing activities in the 2001 period compared to generating cash of $3.7
million from financing activities in the 2000 period. During the 2000 period,
the Company borrowed $5.0 million, net under its lines of credit and paid
dividends of $1.3 million.

In June 2001, the Company's Board of Directors authorized the repurchase of up
to $3.0 million of the Company's common stock (the "Stock Repurchase Program").
These repurchases may be made from time to time in the open market, or in
privately negotiated transactions, at prevailing market prices that the Company
deems appropriate. Based on the current market value of the common stock as of
June 27, 2001, the authorization would allow the Company to repurchase
approximately 4.6% of the 7.6 million shares outstanding, or 6.6% of the
Company's outstanding shares excluding the 2.4 million shares held by the
Company's ESOP.

At May 31, 2001, the Company had $9.8 million available under its revolving line
of credit (net of $163,000 in outstanding letters of credit) and $10.6 million
of availability under additional lines of credit to fund working capital needs.
The Company believes it has the financial resources needed to meet business
requirements for the foreseeable future including capital expenditures, working
capital requirements, the Stock Repurchase Program, and dividends on the
Company's common stock.

                                       9
<PAGE>

Management's Discussion and Analysis of Financial Condition and Results of
Operations - Continued

Forward-Looking Statements

Certain statements made in this report are not based on historical facts, but
are forward-looking statements. These statements can be identified by the use of
forward-looking terminology such as "believes," "expects," "may," "will,"
"should," or "anticipates" or the negative thereof or other variations thereon
or comparable terminology, or by discussions of strategy. These statements
reflect the Company's reasonable judgment with respect to future events and are
subject to risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such risks and
uncertainties include the cyclical nature of the furniture industry,
fluctuations in the price of lumber which is the most significant raw material
used by the Company, competition in the furniture industry, capital costs and
general economic or business conditions, either nationally or internationally.

Item 3.  Quantitative And Qualitative Disclosures About Market Risk

The Company's obligations under its lines of credit, industrial revenue bonds,
and term loan bear interest at variable rates. The Company has entered into
interest rate swap agreements that, in effect, fix the rate of interest on the
industrial revenue bonds at 4.71% through 2006 and on the term loan at 7.4%
through 2010. No balance was outstanding under the Company's lines of credit as
of May 31, 2001. A 10% fluctuation in market interest rates would not have a
material impact on the Company's results of operations or financial condition.

                                       10
<PAGE>

                         HOOKER FURNITURE CORPORATION

                          PART II. OTHER INFORMATION


Item 4. Submission of Matters to a Vote of Security Holders

        On March 29, 2001, the Company held its Annual Meeting of Stockholders.
At the meeting, the following business was transacted:

        Messrs. J. C. Hooker, Jr., Toms, Williams, Long, Ryder, Beeler,
Gregory, Groves, A. F. Hooker, Jr., and Walker were elected to serve as
directors of the Company for a term of one year. The votes cast for the election
of each Director were:

For - 6,708,950           Withheld - 2,749 (including abstentions and broker
                                           non-votes)

        The stockholders also ratified the selection of BDO Seidman, LLP as the
Company's independent auditors. The votes cast were:

For - 6,698,300     Against - 3,099          Abstain - 10,300 (including broker
                                                              non-votes)

Item 5. Other Information

On June 29, 2001, the Company announced that its Board of Directors had
authorized the repurchase of up to $3.0 million of the Company's common stock.
These repurchases may be made from time to time in the open market, or in
privately negotiated transactions, at prevailing market prices that the Company
deems appropriate. Based on the then current market value of the common stock,
the authorization would allow the Company to repurchase approximately 4.6% of
the 7.6 million shares outstanding, or 6.6% of the Company's outstanding shares
excluding the 2.4 million shares held by the Company's Employee Stock Ownership
Plan.

The Company also announced that beginning in May 2001, the Company's common
stock had been quoted on the OTC Bulletin Board (OTCBB) under the symbol "HOFT".
The OTCBB is a regulated quotation service for subscribing members of the
National Association of Securities Dealers that displays real-time quotes,
last-sale prices, and volume information in over-the-counter (OTC) securities.

Item 6. Exhibits and Reports on Form 8-K

        (a)    Exhibits

               None.

        (b)    Reports on Form 8-K

               None.


                                       11
<PAGE>

                                   SIGNATURE
                                   ---------


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                HOOKER FURNITURE CORPORATION


Date: July 11, 2001             By: /s/ E. Larry Ryder
                                    -----------------------------
                                    E. Larry Ryder
                                    Executive Vice President -
                                    Finance and Administration
                                    (Principal Financial and Accounting Officer)

                                       12