by Company also reports continued profitability for 2nd quarter and 1st half, resulting from cost-cutting initiatives last year
BASSETT, Va. — Driven by gains in its wholesale and retail business, Bassett Furniture reported a 1.1% increase in revenues for its second quarter ended May 31.
The company also reported net income of $1.9 million, or 22 cents per share, compared with a net loss of $7.2 million, or 82 cents per share the same period last year.
Revenues totaled $84.3 million compared with $83.4 million the same period last year. The company said that excluding sales of its e-commerce Noa Home segment, which closed late last year, consolidated revenues rose 2.4%.
Operating income totaled $2.5 million, or 3% of sales, the company said, compared with a loss of $8.5 million the prior year which the company said included $5.5 million of asset impairment and $2.7 million of additional inventory valuation charges.
Gross profit totaled $46.9 million for the second quarter, or 55.6% of net sales, compared with $43.8 million, or 52.5% of sales last year.
During the quarter, the wholesale segment reported sales of $30.1 million, down 5.5% from $31.9 million the same period last year. The retail segment reported $54.2 million in sales, up 7.5% from $50.5 million a year earlier.
“We’re pleased with both revenue and operating income improvements in the second quarter, despite the ongoing challenges affecting consumer confidence and purchasing decisions, including a historically weak housing market and uncertainty about the impact of trade tariffs on the cost of goods,” said Robert H. Spilman, Jr., Bassett chairman and chief executive officer. “Our rigorous attention to increased operating efficiency, product launches, expanded e-commerce capabilities and more customized marketing helped us weather this tepid home furnishings market. We believe these advantages and our strong US manufacturing base position Bassett well to serve both wholesale and retail markets for the second half of fiscal 2025.”
For the full first half, the company reported consolidated revenues of $166.5 million, down 2% from nearly $170 million last year. It also reported net income of $3.8 million, or 43 cents per share, compared with a loss of $8.4 million, or 96 cents per share last year.
Consolidated operating income for the first half totaled $5 million, compared with an operating loss of $10.8 million the same period last year. Gross profit totaled $93.7 million, or 56.3% of net sales, compared with $91.6 million, or 53.9% of net sales last year.
For the first half, the company’s wholesale segment reported sales of $59 million, down 6.1% from $62.8 million last year. The retail segment reported sales of $107.5 million, up 3.2% from $104.2 million last year.
