Bassett Announces 31% Sales Increase in 2Q

July 1, 2015  by in Financial Reports, Industry   

Consolidated sales increased 17 percent excluding the sales from the acquisition of Zenith Freight Lines in the first quarter of this year.

“We continued to improve the execution of our strategy in the second quarter,” said Robert H. Spilman, Jr., president and CEO of Bassett Furniture. “Across the board, our business segments grew sales and increased profits. In short, we managed our integrated business model at higher levels of efficiency.”

Bassett Furniture produced an operating income growth of 84 percent to $7.2 million, or 6.4 percent of sales. Wholesale sales were $66.7 million for the second quarter of 2015, a 19 percent increase over $56.2 million for the second quarter of 2014. Company-owned store delivered sales increased 20 percent, including a 17 percent comparable store sales increase compared to the prior year quarter.

“We will continue to seek to wring out further improvement in our operations as we enter the slower summer months prior to the historically strong fall selling season,” said Spilman.

Bassett Furniture plans to continue opening new stores, primarily in under used markets where it currently has stores. Its licensees are actively engaged in site selection and lease negotiations for several new stores. A new corporate store is expected to open this year in Woodland Hills, Calif., with another store scheduled to open in Dulles, Va., in the first half of 2016.

The complete earnings release is available online.