Bassett Furniture Q1 sales down 8.7% to $107.7M; operating income falls to $2.7M

BASSETT FURNITURE INDUSTRIES INC

2024-Q1 EPS reported $0.16 revenue$107,698,000

Consolidated sales $107.7M vs $117.9M prior year, down 8.7%; operating income $2.7M (2.5% of sales) vs $6.5M (5.5%).
Wholesale sales down 16.3% to $69.9M; retail sales up 1.4% to $65.0M; retail operating profit fell to $1.5M.
Reduced production schedules and manufacturing employment by 11% through attrition; wholesale inventories down 15%.
Club Level imported motion inventory margin degradation of 250 bps; expects improvement by Q3 at current sales levels.
Repurchased $1.8M of stock in Q1; plans to continue active buybacks while stock is undervalued.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BASSETT FURNITURE INDUSTRIES INC reported first quarter ended February 25, 2023 results: revenue $ 107.7.

Period: first quarter ended February 25, 2023
Revenue: $ 107.7
Result: reported results

Exact text from the filing

Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its first quarter ended February 25, 2023. Fiscal 2023 First Quarter Highlights of Continuing Operations (Dollars in millions) Sales Operating Income (Loss) 1st Qtr Dollar % 1st Qtr % of 1st Qtr % of 2023 2022 Change Change 2023 Sales 2022 Sales Consolidated (1) $ 107.7 $ 117.9 $ (10.2 ) -8.7 % $ 2.7 2.5 % $ 6.5 5.5 %

View on SEC.gov

Browse all earnings releases →

BASSETT FURNITURE INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0001437749-23-008530

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.