Bassett Furniture Industries Inc. (BSET) posted a first-quarter net income of $1.0 million or $0.09 per share compared to a net loss of $0.6 million or $0.05 per share in the first quarter of 2012.
Operating income increased to $2.4 million from $0.2 million driven primarily by higher sales in both the wholesale and retail segments. This was partially offset by higher selling, general and administrative expenses due primarily to the increased number of Company-owned stores, planned higher marketing and advertising costs to drive continued sales growth, and increased health care costs due to higher claim experience.
On a consolidated basis, net sales for the first quarter of 2013 were $79.8 million, an increase of $18.9 million, or 31%, over the first quarter of 2012.On an average weekly basis, consolidated net sales increased 22%.
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