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From Home Furnishing Business

Custom Upholstery, Retail Stores Help Bassett Q2 Sales, Profits

BassettBuoyed by its custom upholstery business and improvements at company-owned retail stores, Bassett Furniture Inds. (NASDAQ: BSET) said sales and profits were higher in the quarter ended May 27.

The company said sales rose 7% to $114.1 million, while net income jumped to $5.8 million or 54 cents per share from $3.4 million or 31 cents per share in the same quarter last year.

Bassett said sales at company owned retail stores were up 8.4% to $67.1 million, including a comparable-store sales increase of 6.3%. Operating income from the retail segment was $1.4 million, up from $400,000 in the same quarter last year.

In addition, wholesale sales rose 4% to $62.3 million, while revenue for its Zenith Global Logistics business was up 3.4% to $24.6 million.

"Solid performances in all three of our operating segments paved the way for our strong showing in the second (fiscal) quarter," said Robert Spilman, Jr., chairman and CEO. "Our 7% increase in consolidated sales provided the leverage for us to grow operating profit by 30% despite heavier investments in our digital platform and marketing in general. We have a number of new strategic initiatives currently underway that are designed to drive sales growth.”

He said Bassett’s wholesale business was driven by its custom upholstery business, as well as its domestically produced dining room lines.

The company ended the quarter with 62 company-owned and 29 licensee-owned Bassett Home Furnishings Stores.

For the six months ended May 27, sales totaled $220 million, up from $213.5 million in the first half of the previous fiscal year.

Six-month net income totaled $8.7 million or 81 cents per share. That was up from $6.62 million or 61 cents per share in the comparable period.

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