Bassett Furniture Q3 revenue slightly misses estimates
BSET•Bassett Furniture’s fiscal third-quarter revenue rose 3.4% to $82.8 million, slightly below the $83.05 million analyst estimate. Adjusted EPS increased to $0.24 from $0.09 a year earlier.
1. Quarterly results
Bassett Furniture said fiscal third-quarter operating profit improved through sales growth, expense control and tariff refunds. The refunds offset high tariff costs recognized during the quarter, while selling, general and administrative expenses as a percentage of sales fell 150 basis points, excluding new-store pre-opening costs.
2. Demand and promotions
The company said housing market slowness and higher mortgage rates remain a drag on industry demand. It plans more aggressive Black Friday promotions to drive retail and online traffic and will debut a new showroom at High Point Market.
