Bassett Furniture Reports Strong Growth in 3Q

October 2, 2014  by in Financial Reports, Industry   

Net sales for the third quarter were $85.2 million, a 10.4 percent increase from net sales of $77.2 million in the same quarter last year.

Net income for the nine-month period was $5.7 million, up from $3.5 million reported in the same nine-month period last year. Net sales for first nine months were $246 million, a 3 percent increase from net sales of $238.2 million in the first nine months of last year.

"Our team was excited with our third quarter financial results as we grew our top line by 10.4 percent and quadrupled our operating income to $3.4 million," said Robert H. Spilman Jr. "We are executing our strategy at a higher level as witnessed by a 13 percent comparable store sales increase in our company-owned stores and a strong incoming wholesale order rate during the period. Our balance sheet is strong as cash and investments grew to $42.6 million, partially due to the generation of $4.8 million of operating cash flow in the period." 

The entire earnings release is available online.