From Home Furnishing Business
Bassett Sales up 20 Percent in Q3
Bassett Furniture Inds. reported fiscal third-quarter 2013 sales of $77.2 million, a 20 percent increase over the prior-year period.
Net income for the period ended August 31 was $556,OOO, compared with $2.4 million in third-quarter 2012. The prior year quarter included a $1.9 million tax benefit as a result of favorable provision to return adjustments related to the 2011 Federal income tax return and the release of a portion of the valuation allowance against certain deferred tax assets.
"In reviewing our 2013 third quarter, we are pleased to have posted our fourth consecutive quarter of double digit revenue growth," said Robert H. Spilman Jr., president and CEO of Bassett, Bassett, Va. "Our multi-pronged sales strategy continues to bear fruit as we leverage our high level of service and logistics competencies over a broader spectrum of distribution. While we experienced modest increases in wholesale shipments to our retail network in the quarter, we again gained share with independent furniture dealers and in our juvenile products division. Also, shipments to our open market HGTV dealer network met our internal goals for the period.
"Conversely, although our operating income increased marginally for the quarter, we still have work to do in our efforts to bolster our bottom line, particularly during our fiscal third quarter which is historically our toughest reporting period. The seasonality of summer retail furniture sales continues to challenge our retail network."
Company-owned store delivered sales increased 12 percent compared with the prior year quarter, which included a 3.9 percent increase from the 50 comparable stores.
Click here for the complete Bassett Furniture Inds. third-quarter release.