Bassett Furniture 1Q Income Slips

March 31, 2016  by in Financial Reports, Industry   

First quarter sales were $106.9 million compared to sales of $92.8 million in the same quarter last year. Sales of furniture and accessories in the quarter were $92.4 million, and logistics revenue came in at $14.5 million for the quarter.

"We were pleased with posting a 101% increase in operating income for the first quarter of fiscal 2016," said Robert H. Spilman Jr., chairman and CEO. "Despite volatility in the U.S. equities markets and adverse weather conditions during our important President's Day sale period, all of our operating segments posted sales increases and significant gains in profitability compared to last year. Although there is an element of uncertainty permeating the retail environment at the moment, we remain generally optimistic about our prospects for the year. We continue to improve and expand our retail network, form relationships with like-minded independent furniture dealers, and focus on all aspects of our product assortment in pursuit of additional gains in market share. To support future growth, we began production at our new upholstery factory in Texas, upgraded our trucking fleet, and purchased new machinery in both of our domestic wood manufacturing facilities during the quarter."

The complete earnings release is available online.