logo
Share SHARE
FONT-SIZE Plus   Neg

Bassett Furniture Q1 Loss Narrows On Lower Charges - Quick Facts

Bassett Furniture Industries, Inc. (BSET) on Thursday reported a narrower net loss for its first quarter benefited by sharply lower bad debt and other charges and higher margin, despite lower revenues.

First-quarter net loss was $596 thousand or $0.05 per share, compared to prior year's loss of $8.26 million or $0.72 per share. The latest quarter results included bad debt and other charges of $0.5 million, while prior year's charges were $8.5 million.

Consolidated sales decreased 5.1 percent to $60.97 million from $64.26 million a year ago due to strategic store closings during and subsequent to first quarter 2011.

Company-owned store delivered sales increased 5 percent, while wholesale sales declined 7.3 percent primarily due to fewer stores in the dedicated retail network in 2012, partially offset by increased shipments in the traditional and export channels.

Gross profit declined, while gross margin increased to 51.9 percent from 49.6 percent a year ago.

Robert Spilman Jr., president and chief executive officer, said, "The Company's underlying performance improved in the first quarter despite our overall decline in sales and three distinct items that adversely affected our financial results."

Looking ahead, the company said it will experience difficult consolidated top line comparisons until it can make up the volume lost from closing 13 underperforming stores in 2011.

"We believe that continued improvement in our store sales coupled with the execution of several growth initiatives currently underway will allow us to recapture the sales that were lost in last year's store closings and begin to generate sales growth as a result," Spilman added.

Bassett shares are currently trading at $9.40 in pre-market activity, down $0.02 or 0.21 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Coca-Cola announced that it is removing its trademark logo from cans in the Middle East as part of the soda giant's marketing campaign to fight prejudice. The company has replaced its famous trademark logo with "Labels are for cans not people," message. The company has made the change during the... Carnival said it has obtained U.S. approval to begin cruises to Cuba. The announcement by the cruise operator follows the recent restoration of diplomatic relations between the U.S. and Cuba. GoPro has just launched a facile camera, its smallest and lightest yet, as the action-camera sports maker seeks to further entice its adventure-seeking consumers.
comments powered by Disqus
RELATED NEWS
Trade BSET now with 
Follow RTT