{"id":5943,"date":"2017-02-01T04:07:55","date_gmt":"2017-02-01T04:07:55","guid":{"rendered":"http:\/\/javafurniture.com\/news\/?p=5943"},"modified":"2017-02-01T04:07:55","modified_gmt":"2017-02-01T04:07:55","slug":"bassett-furniture-rebounds-to-26-million-profit","status":"publish","type":"post","link":"https:\/\/indonesia-furniture.com\/articles\/bassett-furniture-rebounds-to-26-million-profit\/","title":{"rendered":"Bassett Furniture rebounds to $2.6 million profit"},"content":{"rendered":"

Company in black for first time in six quarters<\/h2>\n

Larry Thomas — Furniture Today, January 28, 2017<\/h3>\n
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BASSETT, Va. \u2014 Bassett Furniture Inds. reported a profit of $2.6 million in the quarter ended Nov. 28 as sales slid 3.5% from the same period a year earlier.<\/p>\n


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The quarterly black ink, which equals 22 cents per share, halted a string of five consecutive quarterly losses.<\/p>\n

In the quarter ended Nov. 29, 2015<\/a>, Bassett has a net loss of $37.8 million or $3.24 per share. That figure included one-time charges of more than $30 million.<\/p>\n

The most recent quarter included a one-time tax benefit of $1.7 million, as well as $1.6 million from antidumping duties assessed on Chinese-made wood bedroom furniture.<\/p>\n

Sales for the quarter, the final period of Bassett’s fiscal year, totaled $59.5 million. That compares with $61.7 million in the fourth quarter of the previous year.<\/p>\n

“The company’s ongoing focus on expense reduction and working capital management began to bear fruit in the fourth quarter,” said Rob Spilman, president and CEO. “More importantly, perhaps, we produced $6.1 million of operating cash flow for the quarter. This marks the company’s third consecutive quarter generating positive operating cash.”<\/p>\n

Sales for Bassett’s wholesale segment fell 12.7% in the quarter, while sales at company-owned Bassett Furniture Direct stores increased 21.4%. The retail increase was due largely to the acquisition of nine stores earlier in 2016.<\/p>\n

The company ended the quarter with 36 corporate stores.<\/p>\n

“Our corporate retail team continued to improve the operations of the company-owned stores,” Spilman said, noting that the group’s operating loss was reduced by 70% during the quarter.<\/p>\n

For the fiscal year ended Nov. 28, companywide sales fell 19.2% to $232.7 million.<\/p>\n

The company had a net loss of $22.7 million or $1.99 per share for the year. In the previous fiscal year, the loss totaled $40.4 million or $3.46 per share.<\/p>\n

Source : www.furnituretoday.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Company in black for first time in six quarters Larry Thomas — Furniture Today, January 28, 2017 BASSETT, Va. \u2014 Bassett Furniture Inds. reported a profit of $2.6 million in the quarter ended Nov. 28 as sales slid 3.5% from the same period a year earlier.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5943","post","type-post","status-publish","format-standard","hentry","category-furniture-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/5943","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=5943"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/5943\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=5943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=5943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=5943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}