Bassett's Q4 Sales Jump 21%

January 10, 2013  by in UnCategorized   

By Home Furnishings Business in Financial Reports on January 11, 2013

Bassett Furniture (NASDAQ: BSET) reported fourth-quarter 2012 sales of $76.8 million, a 21 percent increase over the prior-year period.

Company-owned store delivered sales increased 24 percent for the three months ended Nov. 24, compared with fourth-quarter 2011, which included a 15 percent increase among 48 comparable stores.

Fourth-quarter net income of $16.9 million was a huge increase over the $600,000 recorded for the prior-year period.

"As 2012 unfolded, our revenue improved, ultimately ending with a 6.5 percent sales gain for the year," said Bassett President and CEO Robert H. Spilman. "Several factors behind this trend continue to provide momentum as we head into 2013. First, we are operating a much healthier retail network that is no longer plagued by the store closings of the past few years. Second, recent Bassett product line introductions have been very successful at retail. Third, our effort to grow our business outside of the store footprint continues to take hold as sales grew 38 percent in this channel in the quarter.

"Finally, we are encouraged by the initial sales results of the HGTV Design Studio at Bassett products in our Bassett Home Furnishings store network. This assortment of custom upholstery was a major driver behind our 15 percent fourth quarter comparable store increase. Both the HGTV Design Studio at Bassett and the HGTV Home open market product lines will be aggressively promoted in 2013 and we look forward to fully realizing the sales that the investment in this partnership will generate."

Click here for the complete Bassett Furniture fourth-quarter performance release.