Bassett Furniture Q4 FY2023 sales down 21.7% to $94.7M; net loss $0.47 per share includes $5.4M goodwill impairment

BASSETT FURNITURE INDUSTRIES INC

Consolidated sales $94.7M, down 21.7% YoY; operating loss $4.5M vs profit $6.7M last year.
GAAP EPS ($0.47) includes non-cash goodwill impairment of $5.4M from Noa Home; adjusted EPS $0.15 vs $0.61.
Ended quarter with $70.2M cash and no debt; generated $8.4M operating cash flow.
Board declared regular quarterly dividend of $0.18 per share, payable March 1, 2024.
Plans to exit Australian e-commerce market to focus on North America; expects wholesale inventory destocking to provide opportunities.

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 1.0

BASSETT FURNITURE INDUSTRIES INC reported fourth quarter ended November 25, 2023 results: revenue $ 94.7, EPS ($0.47).

Period: fourth quarter ended November 25, 2023
Revenue: $ 94.7
EPS: ($0.47)
Result: reported results

Exact text from the filing

Quarter Highlights (Dollars in millions) Sales Operating Income (Loss) 4th Qtr Dollar % 4th Qtr % of 4th Qtr % of 2023 2022 Change Change 2023 Sales 2022 Sales Consolidated (1) $ 94.7 $ 121.0 $ (26.3 ) -21.7 % $ (4.5 ) -4.8 % $ 6.7 5.5 % Wholesale $ 60.6 $ 74.6 $ (14.0 ) -18.8 % $ 8.4 13.9 % $ 10.3 13.8 % Retail $ 57.9 $ 74.5 $ (16.6 ) -22.3 % $ 0.2 0.3 % $ 5.5

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Source: SEC EDGAR

accession 0001437749-24-002123

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