Bassett Furniture Q4 sales up 5.8% to $121M; early FY2023 wholesale orders down 20%

BASSETT FURNITURE INDUSTRIES INC

2022-FY EPS reported $6.96 revenue$485,601,000

Q4 consolidated sales $121.0M (+5.8% YoY); operating income $6.7M (5.6% of sales) vs $6.6M (5.8%) last year.
Wholesale sales down 1.6% to $74.6M; retail sales up 14.9% to $76.3M; corporate retail posted record Q4 profitability.
Early FY2023 headwinds: quarter-to-date written wholesale orders down 20% YoY; shipments down 10%; backlogs normalized.
Acquired Canadian online furniture retailer Noa Home Inc. in early September; Noa results not profitable in Q4.
Returned over $35M to shareholders in FY2022 via $14.5M special dividend, increased regular dividend, and $15.1M share repurchases.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BASSETT FURNITURE INDUSTRIES INC reported fourth quarter ended November 26, 2022 results: revenue $121.0 million.

Period: fourth quarter ended November 26, 2022
Revenue: $121.0 million
Result: reported results

Exact text from the filing

We posted revenue of $121.0 million in our fourth quarter, a 5.8% increase against the backdrop of an increasingly difficult macroeconomic environment as we head into another year.

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Source: SEC EDGAR

accession 0001437749-23-001648

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