Bassett Furniture Industries Reports Fourth Quarter Results

January 29, 2025  by Karen Parrish in Business Strategy, Industry   

Q4 Consolidated Business Highlights: [FY 24 vs. FY 23, unless otherwise specified]

— Revenues decreased 11%.
— Operating income of $0.9 million, which included a $1.0 million charge related to the realization of cumulative translation losses associated with the wind-down of Noa Home Inc. and a $0.4 million restructuring charge for previously announced workforce reductions.
— Gross margin of 56.6%, driven primarily by improved margins in the wholesale segment.
— Recorded a $2.6 million tax benefit related to the capital loss associated with our cumulative investment in Noa Home Inc. in 2022.
— Diluted earnings per share of $0.38 vs. a loss of $0.47.
— Generated $6.4 million of operating cash flow.

 

"The steps we took in our restructuring plan helped right-size our business and we returned to profitability in the fourth quarter," said Robert H. Spilman, Jr., Bassett chairman and chief executive officer.

"We delivered strong consolidated gross margins and $0.38 in diluted earnings per share. Our team remains focused on operating efficiency, leveraging our cost structure and running a leaner business. We're driving newness and innovation into Bassett's product lines, e-commerce and marketing to deliver price and value for customers. We are well-positioned for the eventual housing industry turnaround and will focus on growth and productivity until it does."

Conference Call and Webcast
The Company will hold a conference call to discuss its quarterly results on January 30, 2025, at 9:00 am ET. The public is invited to listen to the conference call by webcast, accessible through the Company’s investor relations website, https://investors.bassettfurniture.com/. Participants can also listen to the conference call via https://edge.media-server.com/mmc/p/4t38wrd6. A replay and transcript of the conference call will be available on demand on the investor relations site.