Bassett Q3 net income more than doubles to $2.1 million; net sales rise to $82.84 million
BSET•Bassett Furniture reported third-quarter net income of $2.1 million, more than double a year earlier, and net sales of $82.84 million. Diluted EPS was $0.24, while gross margin expanded to 57.5%.
1. Quarterly results
Bassett Furniture's third-quarter income from operations rose to $2.78 million from $593,000 a year earlier, and gross margin expanded 1.3 percentage points to 57.5%. The company received $2.8 million in IEEPA-related tariff refunds, including $1 million recorded as an increase in gross profit this quarter.
2. Sales and outlook
Written retail sales increased 4.4%, wholesale orders rose 7.9% and e-commerce written sales jumped 48%. Management plans more aggressive Black Friday promotions and cited housing slowness and higher mortgage rates as industry headwinds.
