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From Home Furnishing Business

Bassett Furniture Posts 23% 1Q Sales Increase

Bassett Furniture Inds. (NASDAQ: BSET) posted net income of $6 million for the first quarter ended Feb. 28 compared to $843,000 for same period last year.

Net sales for the quarter were $92.8 million a 23 percent increase compared to $75.6 million in the first quarter last year.

"We continued to take market share in the quarter with a 23 percent increase in consolidated revenue,” said Robert H. Spilman Jr., president and CEO. "Part of the increase was attributable to the acquisition of the remainder of the equity in Zenith Freight Lines, LLC that occurred during the period. Without the one month of Zenith's revenue that was consolidated during the quarter, sales grew by 18%. Once again, our growth was propelled by both our Bassett Home Furnishings network and independent furniture dealers in targeted markets.”

The complete earnings report is available online

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