Bassett Furniture Industries Inc. swung to a loss during the first quarter, losing $4.2 million, 35 cents per share,


on revenues of $73.4 million for the quarter ending Feb. 24.

For the same period a year ago the company earned $2.2 million, or 18 cents per share, on $86.5 million in sales.

Part of the losses were due to a $3.6 million charge the company took for closing a wood furniture plant in Bassett, Va., where it’s headquartered.

Bassett (NASDAQ: BSET) blamed the 15 percent in overall revenues on soft retail and wholesale sales. Bassett sells to other retailers, both its own licensed retailers as well as other furniture dealers. It also owns and operates 27 Bassett Furniture stores.

Despite the tough quarter, Bassett CEO Robert H. Spilman Jr. was optimistic about new products and efforts to boost retail sales.

“The reception of our dealers to new sharper value products at the High Point Market last week was very positive,” he said in the news release.