Bassett Furniture posts Q3 operating loss of $3.8M on 26% sales decline

BASSETT FURNITURE INDUSTRIES INC

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

Q3 sales $87.2M, down 26.1% YoY; operating loss of $3.8M vs income of $10.7M.
Wholesale segment sales fell 28.2% to $56.7M; retail sales down 26.2% to $52.3M.
Recorded $800K inventory write-down on slow-moving Club Level imported motion line.
Retail operating loss of $3.0M as SG&A not cut enough to offset 26% sales decline.
Board approved 12.5% dividend increase in July; year-to-date returned ~$8.5M via dividends and buybacks.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BASSETT FURNITURE INDUSTRIES INC reported financial results for third quarter ended August 26, 2023.

Period: third quarter ended August 26, 2023
Result: reported results

Exact text from the filing

On September 28, 2023, Bassett Furniture Industries issued a news release relating to the third quarter financial results for the fiscal year ending November 25, 2023. A copy of the news release announcing this information is attached to this report as Exhibit 99.1.

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Source: SEC EDGAR

accession 0001437749-23-026975

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