Bassett Furniture Industries Presents Results for Third Quarter

October 9, 2025  by Karen Parrish in Business Strategy, Industry   

Q3 Consolidated Business Highlights: [FY 25 vs. FY 24, unless otherwise specified]

— Revenues increased 5.9% from the prior year quarter. Excluding sales from Noa Home Inc., which closed in late 2024, consolidated revenues increased 7.3%.

— Operating income was $0.6 million, or 0.7% of sales as compared to a loss of $(6.4) million for the prior year quarter, which included a $1.2 million loss on a logistical services contract which the Company abandoned, and various costs associated with a cyber incident that suspended all financial systems and manufacturing for 7 days.

— Gross margin at 56.2% represented a 320-basis point improvement over the prior year primarily due to improved margins in the wholesale business and the fact that the prior year quarter included approximately $0.6 million of manufacturing wages paid during the above-mentioned cyber shutdown.

— Selling, general and administrative expenses were 55.4% of sales, 420 basis points lower than the prior year, reflecting benefits from the prior year restructuring plan and ongoing cost containment activities, greater leverage of fixed costs from higher sales levels, as well as the costs associated with the cyber incident in the prior year period.

— Diluted earnings per share of $0.09, compared to a loss of $(0.52) in the prior year.

“We’re pleased to report increases in revenue, operating income and gross margin this quarter, despite a continued challenging environment for home furnishings sales,” said Robert H. Spilman, Jr., Bassett chairman and chief executive officer.

“We remain nimble in managing Bassett’s business by introducing new products that are resonating with the consumer, becoming more aggressive in marketing and e-commerce, and adjusting to the difficult circumstances affecting components in the supply chain. Our US manufacturing base positions us well to serve wholesale and retail customers with custom furniture and design services.”

Conference Call and Webcast
The Company held a conference call to discuss its quarterly results on October 9. A replay and transcript of the conference call will be available on demand on the investor relations site, https://investors.bassettfurniture.com/.