by Consolidated sales were down .7% for the quarter, and down 1.5% for the full 1st half
BASSETT, Va. — Bassett Furniture reported a .7% decrease in its fiscal second quarter revenues and a 1.5% decrease in revenues for the fiscal first half ended May 30.
The company said second quarter consolidated sales totaled $83.8 million, compared with $84.3 million the same period last year.
Wholesale sales were down 2%, to $53.1 million, from $54.2 million last year, and retail sales were up 2.4%, to $55.5 million, compared with $54.2 million last year.
Net income was $2.04 million, or 24 cents per share compared with $1.9 million, or 22 cents per share the same period last year.
For the first half, consolidated sales totaled $164.1 million, down 1.4% from $166.5 million the same period last year. Wholesale sales totaled $106.1 million, compared with $107.2 million, the same period last year, less than a .01% drop, while retail sales totaled $108.1 million, about a .5% increase from $107.5 million last year.
First half net income was $3.2 million, or 37 cents per share, compared with $3.8 million, or 43 cents per share last year.
“We remain focused on implementing meaningful strategies to strengthen Bassett’s performance while we weather the continued soft housing market,” said Rob Spilman, chairman and chief executive officer. “Operating profit on an adjusted basis improved in the second quarter on slightly lower consolidated revenue. Retail business was stronger as we moved through the quarter, and Bassett’s Memorial Day event resulted in a 14% increase in written sales and 4% more traffic than last year. We saw these retail trends continue into June, which is a good start for the third quarter. Total written sales were up 9.5% and wholesale orders rose 5.2% for the second quarter.
“A key priority is to improve operating efficiency and run a leaner operation,” he added. “On an adjusted basis, SG&A expenses were down 20 basis points from last year’s quarter. We began to realize savings late in the quarter on our previously announced plan to reduce annual expenses by $1.5 million to $2 million. These reductions will be fully realized by fiscal year end.”
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