Improved Financial Performance
Bassett Furniture Industries reported a 1.1% increase in consolidated sales compared to the prior year, with an operating profit of $2.5 million or 3% of sales, contrasting with a loss in the previous year. Diluted earnings per share were $0.22 versus a loss of $0.82.
Growth in E-commerce
Written sales at bassettfurniture.com were up 31% in the second quarter versus last year, following an increase of 36% in Q1, despite the housing issues.
Successful Cost Reduction
Selling, general, and administrative expenses were 52.7% of sales, 330 basis points lower than the prior year, reflecting benefits from the prior year restructuring program and ongoing cost optimization activities.
Expansion in Retail and Design Studios
Bassett added seven new retail stores and plans to open two new markets in Cincinnati and Orlando. The new Bassett custom studio program in the open market grew by double digits.