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From Home Furnishing Business

Bassett Furniture Posts 3Q Income of $4.3M

Bassett Furniture Inds. (NASDAQ: BSET) reported net income of about $4.3 million for the third quarter ended Aug. 29, compared to net income of $2.32 million in the same quarter last year.

Third quarter net sales for the company’s wholesale business reached $62.2 million, an 11 percent increase compared to sales of $56.1 million in the third quarter last year. The company said the increase was driven by a 7.8 percent increase in shipments to its Bassett Home Furnishings store network and a 15 percent increase in shipments to independent retailers.

"We are very pleased to report a strong performance in our 2015 third quarter in what is shaping up to be a very good year for Bassett," said Robert H. Spilman Jr., president and CEO. “… Our product assortment, manufacturing efficiency, in-store retail experience, and logistics expertise are working synchronously to provide the consumer with a highly personalized home furnishings solution that continues to drive gains in market share for the company. We enter the historically strong fall selling season with positive energy and a focus on sustaining our track record of enhanced operating results."

The company’s 59 retail stores posted net sales of $62 million in the quarter, an 15 percent increase over the $53 million reported in the same quarter last year.

The company’s complete earnings release is available online



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