— Furniture Today,
\nBASSETT, Va. \u00e2\u20ac\u201d Full-line manufacturer and importer Bassett Furniture Inds. said sales rose 5.5% in its second quarter as net income nearly tripled.
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\nThe company said the gains came in spite of a soft retail business environment and continued operating losses at 25 company-owned Bassett Furniture Direct stores.<\/p>\n
Net sales for the quarter ended May 27 totaled $87.7 million, compared with $83.1 million in last year\u00e2\u20ac\u2122s second quarter.<\/p>\n
The company said wholesale shipments were $75.4 million, essentially even with the same period last year, while retail sales were up 48.6% to $20.9 million as Bassett acquired several additional stores in late 2012.<\/p>\n
Net income in the latest quarter totaled $2.9 million, or 24 cents per share. That compared with $1.1 million, or 9 cents per share, a year earlier. Last year\u00e2\u20ac\u2122s second quarter included an after-tax charge of $1.5 million, or 13 cents per share, related to the purchase of eight BFD stores in the Dallas area.<\/p>\n
In the first six months, net sales rose 6.3% to $174.1 million. Net income rose more than 50% to $5.2 million, or 44 cents per share.<\/p>\n
Company-owned BFD stores recorded an operating loss of $2.6 million in the second quarter, but Bassett President and CEO Robert Spilman Jr. said the stores should be operating on a break-even basis during the next 12 to 18 months.<\/p>\n
He said the company is closing two corporate stores \u00e2\u20ac\u201d one in Texas and one in Georgia \u00e2\u20ac\u201d that currently are running clearance sales.<\/p>\n
At the end of the quarter, there were a total of 136 BFD stores. One new corporate store and five new stores owned by licensees are slated to open this year.<\/p>\n
\u00e2\u20ac\u0153Amidst an extremely challenging retail environment, we are squarely focused on selling more furniture in our Bassett Furniture Direct stores,\u00e2\u20ac\u009d said Spilman.<\/p>\n
About two-thirds of Bassett\u00e2\u20ac\u2122s wholesale shipments in the second quarter were to BFD stores, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
— Furniture Today, BASSETT, Va. \u00e2\u20ac\u201d Full-line manufacturer and importer Bassett Furniture Inds. said sales rose 5.5% in its second quarter as net income nearly tripled.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1085","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=1085"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1085\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=1085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=1085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=1085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}