Bassett Sales Inch up in Q2

July 4, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on July 5, 2012

Bassett Furniture Inds. (NASDAQ: BSET) reported second-quarter 2012 sales of $67.5 million, up 1.8 percent from same the prior-year period.

Company-owned store delivered sales increased 12.6 percent in the second quarter, with a 7.9 percent increase from the 43 comparable stores.

Bassett received a $9 million cash distribution from U.S. Customs and Border Protection in the second quarter, which was the final distribution due the Company as part of the Continued Dumping and Subsidy Offset Act of 2000. As a result, the company recorded net income of $8 million in the period.

"Our second quarter was highlighted by an overall sales increase and an increase in consolidated operating profit," said Robert H. Spilman Jr., president and chief executive officer. "Perhaps more significantly, our Corporate Retail Division generated its first ever operating profit. Moving forward, we will continue to vigorously pursue our strategies designed to grow the Company through sales to our store network, independent accounts, and our new partnership with HGTV. Although it is difficult to gauge the strength of the overall economy at the moment, we are encouraged by the improved traffic in our Bassett Home Furnishings (BHF) stores and by our efforts to increase our business with independent furniture retailers. We believe that our strong balance sheet in conjunction with our service levels in both our domestically produced and imported products are enabling us to take market share."

Click here for the complete Bassett Furniture second-quarter release.