by Cost-cutting measures have helped the company weather economic challenges and maintain profitability
BASSETT, Va. — Bassett Furniture reported increases in sales for the fourth quarter and full year ended Nov. 29, while also remaining profitable for both periods.
Revenues for the fourth quarter totaled $88.7 million, up 5.1% from $84.3 million the same period a year earlier. Net income totaled $1.5 million, or 18 cents per share compared with $3.2 million, or 38 cents per share a year earlier.
Gross profit totaled $49.9 million for the quarter, or 56.3% of net sales compared with $47.7 million, or 56.6% of sales the same period a year ago. SG&A expenses totaled $47.2 million, or 53.2% of net sales, compared with $47.7 million or 56.6% of net sales a year earlier.
Operating income was $2.3 million or 2.6% of sales compared to operating income of $0.9 million or 1.1% of sales for the prior year quarter.
“Bassett finished the year with a solid fourth quarter, increasing consolidated revenue and operating profit,” said Rob Spilman, Bassett chairman and chief executive officer. “Likewise, we ended the full year with improved results, and we remain committed to that trajectory for this year. We’re still in the restructuring mindset – taking costs out, driving operating efficiencies, integrating technology, emphasizing new product innovation and adapting to a changing marketplace. Our well-defined strategic plan for 2026 is designed to grow and take market share in an environment where housing activity is projected to remain slow and discretionary demand has moderated.”
Sales in its wholesale segment totaled $56.7 million, up 8.3% from $52.3 million the same period in 2024, while sales in its retail segment totaled $57.3 million, up 7.9% from $53.1 million the same period a year earlier. Operating income in the wholesale segment was $9.8 million, or 17.3% of sales, compared with operating income of $306,000 in the retail segment, or .5% of sales.
“Two years ago, we committed to driving innovation in Bassett case goods as our wood business needed to be reinvented,” said Spilman. “We are pleased with our progress, with sales up over 50% for the quarter. Our upholstery business continued to be solid, with our True Custom and Magnificent Motion programs posting nice gains.”
For the full year, the company reported $335.3 million in net sales, up 1.6% from $329.9 million in 2024. Net income totaled $6.1 million, or 70 cents per share compared with a net loss of $9.7 million, or $1.11 per share in 2024.
Gross profit totaled $188.7 million, or 56.3% of sales compared with $179.4 million, or 54.4% of sales in 2024. SG&A expenses totaled $180.4 million, or 53.8% of sales compared with $187.5 million, or 56.8% of sales in 2024.
For the full year, wholesale sales totaled $214.6 million, up 3.4% from $207.5 million last year. Retail sales totaled $216.7 million, up 5.9% from $204.6 million last year.
Full-year operating income in the wholesale segment totaled $34.9 million, or 10.4% of sales, while operating income in the retail segment totaled $407,000, or .018% of sales.
Spilman noted that cost cutting measures the company has implemented have helped put the company in a stronger financial position.
“Our leaner organization and business model position us well to weather the current marketplace and ongoing challenges with housing,” Spilman said. “We’re investing smartly and evolving to meet the needs of both the trade and consumers.”
