Bassett Furniture Industries, Inc. reported its financial results for the quarter ending March 1, 2025, revealing a net income of $1.854 million, or $0.21 per diluted share, compared to a net loss of $1.193 million, or $(0.14) per diluted share, in the same period last year. The company's net sales for the quarter were $82.162 million, a decrease of 5.1% from $86.554 million in the prior year. This decline is attributed to the additional week in the previous fiscal quarter, which, when adjusted, indicates a normalized sales increase of 2.2%.
The company's gross profit for the quarter was $46.830 million, down from $47.867 million a year earlier, while the gross margin improved to 57.0% from 55.3%. Selling, general, and administrative (SG&A) expenses decreased significantly to $44.375 million from $50.224 million, reflecting a reduction of 11.6%. This reduction in expenses contributed to a turnaround in operating income, which stood at $2.455 million compared to a loss of $2.357 million in the prior year.
In terms of operational developments, Bassett Furniture continues to focus on its wholesale and retail segments. The wholesale segment reported sales of $52.927 million, down 3.2% from the previous year, while the retail segment's sales were $53.294 million, a slight decrease of 0.9%. The company has also been actively managing its inventory, with total inventories increasing to $58.103 million from $54.965 million, reflecting ongoing adjustments to meet market demand.
Looking ahead, Bassett Furniture's management expressed cautious optimism regarding future performance, citing improved margins and cost management strategies. The company plans to continue investing in its e-commerce platform, which has seen a greater than 20% increase in sales since mid-2024. Additionally, the company maintains a strong liquidity position with cash and cash equivalents totaling $36.062 million and short-term investments of $20.360 million as of March 1, 2025. The outlook remains contingent on market conditions, consumer demand, and the effectiveness of ongoing operational strategies.
About BASSETT FURNITURE INDUSTRIES INC
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