Bassett Furniture Industries, Incorporated ( (BSET) ) has released its Q1 earnings. Here is a breakdown of the information Bassett Furniture Industries, Incorporated presented to its investors.
Bassett Furniture Industries, Inc. is a leading provider of high-quality home furnishings, known for its custom furniture design and manufacturing, operating in both retail and wholesale sectors across a wide distribution network.
In its fiscal first quarter of 2025, Bassett Furniture Industries reported a revenue decrease of 5.1% compared to the previous year, which had an extra week. However, when adjusted for the additional week, the company saw a 2.2% increase in sales revenue. The company also reported a significant turnaround in operating income, achieving $2.5 million compared to a loss in the previous year.
Key financial highlights include an improved gross margin of 57.0%, up by 170 basis points, and a reduction in selling, general, and administrative expenses by 400 basis points to 54.0% of sales. This improvement is attributed to the company’s 2024 restructuring plan. Additionally, Bassett achieved diluted earnings per share of $0.21, a notable improvement from a loss of $0.14 per share in the prior year.
Looking ahead, Bassett’s management remains optimistic about its strategic plan for 2025, which focuses on product innovation and growth initiatives despite anticipated challenges in demand for home furnishings. The company is committed to enhancing its competitive position through new collections and increased e-commerce sales.