Bassett Q2 Net Totals $2 Million

BassettBASSETT, Va.-Bassett Furniture Industries posted net income of $2 million for its fiscal second quarter ending on June 1.

The net total was down 75.7 percent from last year's second quarter, which included $9 million of income relating to the cash distribution from the Continued Dumping and Subsidy Offset Act, which involved the company's support of an anti-dumping petition against producers of wood furniture in China. Bassett's operating income for the quarter, before the effect of this extra income, rose 110.4 percent.

Net sales rose 20.4 percent to $81.2 million, including a 20 percent gain in sales from Bassett's retail segment and an increase of 17 percent from its wholesale sector. Same-store sales from the retail operation were up 9.3 percent. In the wholesale area, Robert Spilman, president and CEO, attributed the gain to "strong growth" from both its upholstery and wood operations.

Gross margin declined 140 basis points to 51.5 percent. Selling, general and administrative expenses were up 14.9 percent in dollars but fell 230 basis points as a percentage of sales, to 47.3 percent.

Spilman said the quarter for Bassett brought "meaningful improvement in our quest to become a more profitable company. As we operate through the historically weaker third quarter, we will continue to closely monitor the relationship between our revenues and expenses."

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017

    HFN's DIGITAL EDITION

    September 2017


    COVER STORY:

    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    ALSO IN THIS ISSUE:

    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.