Bassett Furniture 1Q loss narrows on easy comps
BASSETT, Va.—Bassett Furniture Industries Inc. said Thursday that its fiscal first-quarter loss narrowed on easy comparisons to last year's quarter, which was pulled down by hefty debt and restructuring expenses.
For the quarter ended Feb. 25, Bassett's loss totaled $596,000, or 5 cents per share, compared with a loss of $8.3 million, or 72 cents per share, in the same quarter of fiscal 2011.
The recent quarter's results included charges related to debt and notes receivable, restructuring and asset impairment and lease exit costs totaling $500,000, down from $8.5 million in year-ago quarter.
Revenue fell 5.1 percent to $61 million from $64.2 million, as a result of 13 store closings during fiscal 2011.
Sales at company-owned stores rose 5 percent to $38.8 million and included an increase in revenue at stores open at least a year of 6.5 percent. Wholesale sales fell 7.3 percent to $42.6 million.
In morning trading, Bassett shares fell 2 cents to $9.40.