Slight Increase in Consolidated Sales
Consolidated sales increased slightly by 1.1% from last year's second quarter, and by 2.5% excluding sales from Noah Home, Incorporated.
Improved Operating Profit
The company delivered $2.5 million of operating profit or 3% of sales compared to a loss in the same period last year.
Growth in E-commerce
Written sales at bassettfurniture.com were up 31% in the second quarter versus last year, following a 36% increase in Q1.
Positive Wholesale and Retail Performance
Net sales in wholesale operations increased by 3%, and corporate retail deliveries increased by 7.5%.
Successful New Product Launches
New product lines like the Copenhagen and Newberry collections, as well as Benchmade hideaway dining program, received positive market responses.
Improved Financial Metrics
Consolidated gross margin improved by 310 basis points, and SG&A expenses decreased by 330 basis points.
Expansion Plans
Plans to open new stores in Cincinnati and Orlando, with construction starting in the fall.