Bassett Furniture Q1 sales down 19.6% to $86.6M, posts net loss of $1.2M

BASSETT FURNITURE INDUSTRIES INC

2024-Q1 EPS reported -$0.14 revenue$86,554,000

Sales $86.6M, down 19.6% YoY; operating loss of $2.4M vs income $2.7M last year.
Net loss $1.2M; consolidated gross margin 55.3% all-time high.
Wholesale revenue down 21.7%, retail down 17.2%; retail operating loss $1.6M.
Used $7.7M cash in operations; headcount reduced 26% in wholesale, 44% in retail.
Launched Bassett Design Studio concept with 17 accounts; target 100; no new stores planned.

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 first quarter ended March 2, 2024.

Period: first quarter ended March 2, 2024
Result: reported results

Exact text from the filing

Bassett Furniture Industries issued a news release relating to the first quarter financial results for the fiscal year ending November 30, 2024

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Source: SEC EDGAR

accession 0001437749-24-010753

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