From Home Furnishing Business
Bassett Furniture Reports 1Q Results
Bassett Furniture Inds. (NASDAQ: BSET) reported net income of $800,000 for the first quarter ended March 1, compared to net income of $1 million for the same quarter last year.
The company's first quarter sales were $75.6 million, compared to $79.8 million reported in the first quarter of 2013.
"The pace of sales increase that we have posted over the past few quarters slowed as we began fiscal 2014," said Robert H. Spilman Jr., president and CEO. "Normalizing for one less week in the period this year compared to last, consolidated revenue rose 2 percent. Though difficult to quantify, we believe that inclement weather hampered sales and deliveries in January and February. That aside, our team remains committed to further execution of our wholesale and retail strategies and continuing our recent trend of operating improvement in 2014."
The company's wholesale business reported net sales of $51.1 million for the quarter compared to $54 million in the first quarter of last year.
Spilman said upholstery shipments increased 7 percent, while overall wood shipments declined 2 percent in the quarter. A bright spot for the company was in its domestic wood facility where shipments increased 21 percent in the first quarter.
"Consumer demand for our custom casual dining product line is strong and we are in the midst of a plant expansion to make room for the higher level of production that we had over the past 18 months," Spilman said.
Net sales for Bassett's 59 company-owned stores were $47.1 million in the first quarter compared to $50 million during same quarter last year.
The entire earnings release is available online.