Bassett Furniture Reports $2.6 Million Profit

Posted by MCC on February 6th, 2010 at 07:00am

Although sales dropped 3.5 percent from last year, Bassett Furniture Ind. still reported a $2.6 million profit in the quarter that ended on November 28. The profit which equaled 22 cents per share, put a stop to a string of five quarterly losses in a row.

For that quarter Bassett’s net loss totaled $37.8 million which included a one time charge of over $30 million. This most current quarter included a one time tax benefit of $1.7 million and anti-dumping duties from Chinese bedroom furniture of $1.6 million.

Sales for the final period of the fiscal year totaled $59.5 million as compared to $61.7 million during the fourth quarter of 2008. The sales from the wholesale segment dropped 12.7 percent and sales at the Bassett Furniture Direct stores rose 21.4 percent. The substantial increase was credited mostly to the acquisition of nine more stores in 2009.

Under Furniture News