Bassett Furniture reports Q2 2023 sales $100.5M, down 22% YoY; operating income $2.5M

BASSETT FURNITURE INDUSTRIES INC

2023-Q2 EPS reported $0.40 revenue$208,217,000

Consolidated sales $100.5M, down 21.9% from $128.7M in Q2 2022; operating income $2.5M vs $11.0M.
Wholesale sales $61.8M (-29.4%), retail $60.8M (-19.6%); wholesale orders down 18% YoY.
Operating income included $1.0M contingent valuation adj. and $1.1M Club Level inventory write-down.
Operating cash flow $5.8M as inventory reduced 11%; manufacturing headcounts 20% below prior year.
New website launch before end of Aug; Noa Home loss reduced 83% from Q1; outdoor sales +68% vs 2019.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BASSETT FURNITURE INDUSTRIES INC reported financial results for second quarter ended May 27, 2023.

Period: second quarter ended May 27, 2023
Result: reported results

Exact text from the filing

On June 29, 2023, Bassett Furniture Industries issued a news release relating to the second quarter financial results for the fiscal year ending November 25, 2023.

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Source: SEC EDGAR

accession 0001437749-23-018840

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