Daily News
From Home Furnishing Business
Bassett Reports First Quarter Fiscal Results for 2025
April 3,
2025 by Karen Parrish in Business Strategy, Industry 
Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported today its results of operations for its first quarter ended March 1, 2025. The first quarter for the Company’s Fiscal Year 25 had 13 weeks as compared to 14 weeks in Fiscal Year 24.
Q1 Consolidated Business Highlights: [FY 25 vs. FY 24, unless otherwise specified]
Revenues decreased 5.1% from the prior year quarter, which contained an additional week. Normalizing the first fiscal quarter of 2024 to adjust for the additional week, sales revenue for the first quarter of fiscal 2025 increased 2.2%.
Operating income was $2.5 million or 3.0% of sales as compared to a loss of $(2.4 million for the prior year quarter.
Improved wholesale margins in the quarter drove Company gross margin to 57.0%, a 170 basis point increase over the prior year.
Selling, general and administrative expenses came in at 54.0% of sales which was 400 basis points lower than the prior year. This was despite a 5.1% sales decrease as the Company continues to realize the benefits from its 2024 restructuring plan.
Diluted earnings per share of $0.21 vs. a loss of $(0.14).
“We’re pleased that with consolidated margin improvements in the first quarter, Bassett delivered diluted earnings per share of $0.21,” said Robert H. Spilman, Jr., Bassett Chairman and Chief Executive Officer. “We reduced our cost structure to operate with greater efficiency while we accelerate product innovation to drive higher sales. Our strategic plan for 2025 is designed to weather another year of tepid demand for home furnishings and keep us focused on growth initiatives, including new collections across all categories and e-commerce sales. We believe we’ve taken the right steps to position us very competitively for 2025.”
Conference Call and Webcast
The Company will hold a conference call to discuss its quarterly results on April 3, 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/b3vchwmf. A replay and transcript of the conference call will be available on demand on the investor relations site.