Bassett Furniture Q3 preliminary net sales ~$87M, down 26% YoY; expects operating loss

BASSETT FURNITURE INDUSTRIES INC

2023-Q3 EPS reported $0.11 revenue$295,434,000

Consolidated net sales ~$87M, 26% lower than Q3 2022.
Expects to report operating and net loss for the quarter; wholesale shipments down 27% but orders only down 5%.
Positive operating cash flow; cash and short-term investments exceed $65M.
Board increased quarterly dividend by 12.5% during the quarter.
Closed one store and clearance center; Austin store remodeled; new Tampa store planned mid-October.

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 the quarter ended August 26, 2023 results: revenue approximately $87 million, net income expects to report an operating and net loss for the quarter.

Period: the quarter ended August 26, 2023
Revenue: approximately $87 million
Net income: expects to report an operating and net loss for the quarter
Result: preliminary results

Exact text from the filing

Va.) – September 6, 2023 – Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that consolidated net sales for the quarter ended August 26, 2023 were approximately $87 million or 26% lower than the corresponding period in 2022, and that as a result, it expects to report an operating and net loss for the quarter. While wholesale shipments dropped by 27%

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Source: SEC EDGAR

accession 0001437749-23-025258

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