Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today
its results of operations for its fiscal quarter ended February 25,
2017.
Fiscal 2017 First Quarter Highlights
- Consolidated sales were $105.9 million for the first quarter of
2017 compared to $106.9 million for the first quarter of 2016, a
decrease of 0.9%.
- Operating income for the quarter was $4.7 million or 4.4% of
sales as compared to $5.8 million or 5.4% of sales for the prior
year quarter.
- Wholesale sales were $62.0 million for the first quarter of
2017 compared to $59.6 million for the first quarter of 2016, an
increase of 4.0%. Wholesale operating profit for the quarter
was $5.9 million or 9.5% of sales as compared to $4.4 million or
7.4% of sales for the prior year quarter.
- Company-owned store sales were $61.6 million for both the first
quarter of 2017 and 2016. 2017 included a comparable store
sales increase of 1.0% compared to the prior year quarter.
Comparable store operating loss was $0.2 million or (0.4)% of sales
for the current year quarter as compared to operating income of
$1.0 million or 1.8% of sales for the prior year quarter.
Total retail operating loss was $1.3 million or (2.2)% of sales for
the quarter as compared to operating income of $0.3 million or 0.5%
of sales for the prior year quarter. Comparable store written
sales for the quarter increased 3.7%.
- Revenue for Zenith Freight Lines (“Zenith”) was $22.3 million
for the first quarter of 2017 compared to $24.7 million for the
first quarter of 2016, a 9.7% decrease. Zenith’s operating
loss for the quarter was $0.2 million or (0.9)% of sales as
compared to an operating profit of $0.7 million or 2.8% of sales
for the prior year quarter.
- Net income for the quarter was $2.9 million or $0.27 per
diluted share as compared to $3.2 million or $0.30 per diluted
share for the prior year quarter.
“We produced mixed results in an unpredictable
sales environment during the first quarter of 2017,” commented
Robert H. Spilman, Jr. chairman and chief executive officer.
“Coming off a strong Black Friday sale in late November, our year
over year sales momentum remained relatively strong for the first
three weeks of December in the context of the weak seasonality that
we experience each year in the pre-Christmas run up. However,
the calendar shift in late December that essentially eliminated the
selling days of the last two weekends of the month really hurt
us. Despite falling significantly behind last year’s sales
numbers as a result, our retail team rallied and with a strong
finish ended the quarter with a 1.0% delivered and 3.7% written
comparable store sales increase. Furthermore, strong shipping
at quarter’s end also produced a 4.0% gain in wholesale
revenue. Unfortunately, weaker levels of non-Bassett outbound
freight at our Zenith Freight Lines subsidiary offset these gains
and produced the 0.9% decline in consolidated revenue that we are
reporting today.
“Behind the scenes, this was a very active
reporting period for us,” continued Mr. Spilman. “We have
invested $2 million in our Martinsville, Va., table plant over the
past four months installing a state of the art wood finishing
system in preparation for the recent launch of our completely
updated casual dining program. Production began in January
for floor samples constituting 600 retail settings for this product
in Bassett stores and galleries around the country. In
addition, we opened a new 350,000 square foot manufacturing and
distribution center in Grand Prairie, Texas at the end of
February. We now plan to achieve the efficiencies that we can
derive in housing manufacturing, over the road distribution, and
retail home delivery in a single setting. Also, we opened two
new Zenith home delivery centers in the Ohio and Philadelphia
markets to expand the Zenith footprint and prepare for new store
service. In retail, we closed two stores in the quarter; one
licensed and one corporate. We acquired the Columbus, Ohio,
Bassett location from Kittles, a top 100 retailer and good Bassett
customer, that sold its Ohio operations to concentrate all of its
resources on its dominant position in the state of Indiana.
We relocated our Scottsdale, Ariz., store to an exciting retail
corridor in early February. Finally, we opened a new 19,000
square foot Bassett store on Long Island in Westbury, N.Y., in time
for a very strong Presidents Day weekend event. While the
accompanying $700,000 of additional store opening costs and the
short-term disruptions of these investments in general took its
toll on the quarter’s consolidated results, we are excited about
our growing footprint. We now look forward to opening two new
stores in the second quarter and executing our plan for the
remainder of the year.”
Wholesale
Segment
Net sales for the wholesale segment were $62.0
million for the first quarter of 2017 as compared to $59.6 million
for the first quarter of 2016, an increase of $2.4 million or
4.0%. This increase was driven by a 6.7% increase in
shipments to the Bassett Home Furnishings network partially offset
by a 3.2% decrease in shipments to the open market (outside the
Bassett Home Furnishings network) as compared to the prior year
period. Gross margins for the wholesale segment were 35.2%
for the first quarter of 2017 as compared to 34.0% for the first
quarter of 2016. This increase is due primarily to improved
margins in the domestic upholstery operations from favorable
pricing strategies and higher margins in the imported wood product
as the Company had lower levels of discounted sales along with
higher margins on those sales as compared to the prior year
quarter. Wholesale SG&A for the first quarter of 2017 was
$15.9 million for both the first quarter of 2017 and 2016. SG&A
as a percentage of sales decreased to 25.7% as compared to 26.7%
for the first quarter of 2016. This decrease in SG&A as a
percentage of sales was primarily due to lower freight and
warehousing costs. Operating income was $5.9 million or 9.5%
of sales as compared to $4.4 million or 7.4% of sales in the prior
year quarter.
“Sales of our domestically produced products
grew by 13% in the quarter driving our overall 4.0% wholesale
segment increase,” added Mr. Spilman. “In fact, domestically
manufactured or finished and assembled goods represented 71% of our
wholesale shipments. Consumers continue to gravitate to the
customizable elements of our product range and our domestic
manufacturing facilities continue to be the beneficiaries of this
growing trend. When coupled with the interior design skills
of our in-store designers, these products particularly resonate
with customers seeking a personalized home furnishings solution.
Domestic upholstery sales grew 8.8% and domestic wood revenue
increased 28% for the period. This propelled our wholesale
segment to a 34% improvement in operating income with a
corresponding 9.5% profit margin or 210 basis points better than
last year. The ongoing refinement of our store merchandise
lineup continues to bear fruit as wholesale shipments to our retail
stores grew 6.7%. Although our non-store shipments declined
by 3.2%, primarily due to the loss of a major independent customer
in mid-2016, we are encouraged by recent order trends outside the
stores and by the early success of our new Club Level motion
program that was introduced last year.”
Retail Segment
Net sales for the 60 Company-owned Bassett Home
Furnishings stores were $61.6 million for both the first quarter of
2017 and 2016. Comparable store sales increased $0.6 million
or 1.0% offset by a $0.6 million decrease in non-comparable store
sales.
While the Company does not recognize sales until
goods are delivered to the consumer, management tracks written
sales (the retail dollar value of sales orders taken, rather than
delivered) as a key store performance indicator. Written
sales for comparable stores increased by 3.7% for the first quarter
of 2017 as compared to the first quarter of 2016.
The consolidated retail operating loss for the
first quarter of 2017 was $1.3 million as compared to an operating
profit of $0.3 million for the first quarter of 2016, a decrease of
$1.6 million. The 56 comparable stores generated an operating
loss of $0.2 million for the quarter, or (0.4)% of sales, as
compared to a profit of $1.0 million, or 1.8% of sales, for the
prior year quarter. Gross margins for comparable stores were 49.2%
for the first quarter of 2017 compared to 49.9% for the first
quarter of 2016 due to increased clearance activity at lower
margins to make room for a significant product rollout during the
quarter. SG&A expenses for comparable stores increased
$1.2 million to $29.2 million or 49.6% of sales as compared to
48.1% of sales for the first quarter of 2016. The increase in
SG&A as a percentage of sales was primarily due to increased
advertising and marketing costs and store occupancy
costs.
“Our corporate retail team pulled out positive
quarterly written and delivered sales comps despite a rocky start,”
said Mr. Spilman. “A number of new initiatives are underway
as we seek to grow comparable store sales for the seventh
consecutive year. After months of research, we have adjusted
our marketing mix to cut back on a portion of television
advertising in the local markets in favor of a more robust direct
mail program. Tied to key promotional periods throughout the
year, we will utilize several printed formats to target new
opportunities and reach our existing consumer more purposefully in
brand enhancing catalogs and mailers. In concert with our new
print strategy is the heightened level of digital engagement that
we have undertaken with our customers. We are producing more
digital content that we intend to enhance Bassett products through
communication of quality of materials, workmanship and
heritage. Another exciting retail initiative is the expansion
of our accessory program. Building on our success in the rug
category, we have revamped our lighting, decorative mirror, and
window treatment assortments. Each of these categories has a
new merchandising strategy that will be showcased through visual
templates that will soon be tested in 30% of our store
locations. All of these efforts are designed to further
elevate our styling point of view and to fully deliver on the
notion of being a one-stop shop for beautifully designed
interiors.”
Logistical Services Segment
Revenue for Zenith was $22.3 million for the
first quarter of 2017 as compared to $24.7 million for 2016, a
decrease of $2.4 million or (9.7)%. This decrease was due to
$3.3 million in lower revenue from one significant non-Bassett
customer partially offset by increases in revenue from other
customers. Zenith operating expenses for the first quarter of
2017 were $22.6 million as compared to $23.9 million a decrease of
$1.3 million or 5.4%. Decreases in purchased third-party
freight were partially offset by higher fuel costs and increased
fixed costs associated with the expansion and modernization of the
transportation equipment fleet over the course of fiscal
2016. In addition, Zenith incurred approximately $0.1 million
in start-up costs during the first quarter of 2017 associated with
the opening of new home delivery centers in Philadelphia,
Pennsylvania and Cincinnati, Ohio. This resulted in an
operating loss of $0.2 million or (0.9)% for 2017 as compared to
operating income of $0.7 million or 2.8%. The decrease in
freight volume resulted in lower overall load factors for the
over-the-road freight business thus making it more costly for
Zenith to meet its delivery targets.
“The over the road freight, warehousing, and
home delivery services that Zenith provides Bassett is fundamental
to the speed to market capability that differentiates our store
experience,” commented Mr. Spilman. “These capabilities have
been and continue to be recognized as best of class in our space by
numerous other furniture manufacturers and retailers that engage
Zenith for their logistics solution. We believe that the
coast to coast platform that Zenith has architected will become
increasingly relevant and valuable as a vital cog in the future of
Bassett and of the industry in general.”
About Bassett Furniture Industries, Inc.Bassett Furniture
Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and
marketer of high quality, mid-priced home furnishings. With 90
company- and licensee-owned stores at the time of this release,
Bassett has leveraged its strong brand name in furniture into a
network of corporate and licensed stores that focus on providing
consumers with a friendly environment for buying furniture and
accessories. The most significant growth opportunity for Bassett
continues to be the Company’s dedicated retail store program.
Bassett’s retail strategy includes affordable custom-built
furniture that is ready for delivery in the home within 30 days.
The stores also feature the latest on-trend furniture styles, free
in-home design visits, and coordinated decorating accessories.
Bassett also has a traditional wholesale business with more than
700 accounts on the open market, across the United States and
internationally. For more information, visit the Company’s
website at bassettfurniture.com. (BSET-E)
Certain of the statements in this
release, particularly those preceded by, followed by or including
the words “believes,” “expects,” “anticipates,” “intends,”
“should,” “estimates,” or similar expressions, or those relating to
or anticipating financial results for periods beyond the end of the
first fiscal quarter of 2017, constitute “forward looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended. For those statements, Bassett claims the
protection of the safe harbor for forward looking statements
contained in the Private Securities Litigation Reform Act of
1995. In many cases, Bassett cannot predict what factors
would cause actual results to differ materially from those
indicated in the forward looking statements. Expectations
included in the forward-looking statements are based on preliminary
information as well as certain assumptions which management
believes to be reasonable at this time. The following
important factors affect Bassett and could cause actual results to
differ materially from those indicated in the forward looking
statements: the effects of national and global economic or
other conditions and future events on the retail demand for home
furnishings and the ability of Bassett’s customers and consumers to
obtain credit; and the economic, competitive, governmental and
other factors identified in Bassett’s filings with the Securities
and Exchange Commission. Any forward-looking statement that
Bassett makes speaks only as of the date of such statement, and
Bassett undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. Comparisons of results for current and any
prior periods are not intended to express any future trends or
indication of future performance, unless expressed as such, and
should only be viewed as historical data.
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Condensed Consolidated Statements of Income -
unaudited |
(In thousands, except for per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
February 25, 2017 |
|
February 27, 2016 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Sales revenue: |
|
|
|
|
|
Furniture
and accessories |
$ |
93,698 |
|
|
|
$ |
92,402 |
|
|
Logistics |
|
12,194 |
|
|
|
|
14,471 |
|
|
Total
sales revenue |
|
105,892 |
|
100.0 |
% |
|
|
106,873 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of furniture and
accessories sold |
|
41,898 |
|
39.6 |
% |
|
|
41,986 |
|
39.3 |
% |
|
|
|
|
|
|
Selling, general and
administrative expenses excluding new store pre-opening costs |
|
58,524 |
|
55.3 |
% |
|
|
58,957 |
|
55.2 |
% |
New store pre-opening
costs |
|
806 |
|
0.8 |
% |
|
|
139 |
|
0.1 |
% |
Income
from operations |
|
4,664 |
|
4.4 |
% |
|
|
5,791 |
|
5.4 |
% |
|
|
|
|
|
|
Other loss, net |
|
(733 |
) |
-0.7 |
% |
|
|
(657 |
) |
-0.6 |
% |
Income before income
taxes |
|
3,931 |
|
3.7 |
% |
|
|
5,134 |
|
4.8 |
% |
|
|
|
|
|
|
Income tax
provision |
|
1,070 |
|
1.0 |
% |
|
|
1,900 |
|
1.8 |
% |
Net income |
$ |
2,861 |
|
2.7 |
% |
|
$ |
3,234 |
|
3.0 |
% |
|
|
|
|
|
|
Basic earnings per
share |
$ |
0.27 |
|
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.27 |
|
|
|
$ |
0.30 |
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
(Unaudited) |
|
|
Assets |
|
February 25, 2017 |
|
November 26, 2016 |
Current
assets |
|
|
|
|
Cash and
cash equivalents |
|
$ |
23,518 |
|
|
$ |
35,144 |
|
Short-term investments |
|
|
23,125 |
|
|
|
23,125 |
|
Accounts
receivable, net |
|
|
18,470 |
|
|
|
18,358 |
|
Inventories, net |
|
|
55,473 |
|
|
|
53,215 |
|
Other
current assets |
|
|
9,572 |
|
|
|
10,727 |
|
Total current
assets |
|
|
130,158 |
|
|
|
140,569 |
|
|
|
|
|
|
Property and equipment,
net |
|
|
106,840 |
|
|
|
104,655 |
|
|
|
|
|
|
Other long-term
assets |
|
|
|
|
Deferred
income taxes, net |
|
|
7,932 |
|
|
|
8,071 |
|
Goodwill
and other intangible assets |
|
|
17,592 |
|
|
|
17,360 |
|
Other |
|
|
7,127 |
|
|
|
7,612 |
|
Total long-term
assets |
|
|
32,651 |
|
|
|
33,043 |
|
Total
assets |
|
$ |
269,649 |
|
|
$ |
278,267 |
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts
payable |
|
$ |
18,416 |
|
|
$ |
21,281 |
|
Accrued
compensation and benefits |
|
|
12,152 |
|
|
|
13,602 |
|
Customer
deposits |
|
|
26,158 |
|
|
|
25,181 |
|
Dividends
payable |
|
|
- |
|
|
|
3,218 |
|
Current
portion of long-term debt |
|
|
3,320 |
|
|
|
3,290 |
|
Other
accrued liabilities |
|
|
9,818 |
|
|
|
10,441 |
|
Total current
liabilities |
|
|
69,864 |
|
|
|
77,013 |
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
Post
employment benefit obligations |
|
|
12,748 |
|
|
|
12,760 |
|
Long-term
debt |
|
|
733 |
|
|
|
3,821 |
|
Other
long-term liabilities |
|
|
3,796 |
|
|
|
3,968 |
|
Total long-term
liabilities |
|
|
17,277 |
|
|
|
20,549 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
Common
stock |
|
|
53,601 |
|
|
|
53,615 |
|
Retained
earnings |
|
|
131,178 |
|
|
|
129,388 |
|
Additional paid-in-capital |
|
|
224 |
|
|
|
255 |
|
Accumulated other comprehensive loss |
|
|
(2,495 |
) |
|
|
(2,553 |
) |
Total stockholders'
equity |
|
|
182,508 |
|
|
|
180,705 |
|
Total
liabilities and stockholders’ equity |
|
$ |
269,649 |
|
|
$ |
278,267 |
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Consolidated Statements of Cash Flows - unaudited |
(In thousands) |
|
|
|
|
|
|
|
Quarter Ended |
|
|
February 25, 2017 |
|
February 27, 2016 |
Operating
activities: |
|
|
|
|
Net income |
|
$ |
2,861 |
|
|
$ |
3,234 |
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
3,351 |
|
|
|
2,817 |
|
Deferred
income taxes |
|
|
103 |
|
|
|
803 |
|
Excess
tax benefits from stock-based compensation |
|
|
327 |
|
|
|
- |
|
Other,
net |
|
|
413 |
|
|
|
294 |
|
Changes
in operating assets and liabilities : |
|
|
|
|
Accounts
receivable |
|
|
110 |
|
|
|
1,509 |
|
Inventories |
|
|
(1,915 |
) |
|
|
2,357 |
|
Other
current and long-term assets |
|
|
1,155 |
|
|
|
(1,326 |
) |
Customer
deposits |
|
|
977 |
|
|
|
(715 |
) |
Accounts
payable and accrued liabilities |
|
|
(5,305 |
) |
|
|
(6,553 |
) |
Net cash provided by operating activities |
|
|
2,077 |
|
|
|
2,420 |
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
Purchases of property
and equipment |
|
|
(5,610 |
) |
|
|
(8,568 |
) |
Acquisition of retail
licensee store |
|
|
(655 |
) |
|
|
- |
|
Other |
|
|
226 |
|
|
|
20 |
|
Net cash used in investing
activities |
|
|
(6,039 |
) |
|
|
(8,548 |
) |
|
|
|
|
|
Financing
activities: |
|
|
|
|
Cash
dividends |
|
|
(4,290 |
) |
|
|
(3,146 |
) |
Proceeds from the
exercise of stock options |
|
|
221 |
|
|
|
- |
|
Other issuance of
common stock |
|
|
- |
|
|
|
84 |
|
Repurchases of common
stock |
|
|
(26 |
) |
|
|
(1,774 |
) |
Taxes paid related to
net share settlement of equity awards |
|
|
(474 |
) |
|
|
- |
|
Repayments of notes
payable |
|
|
(3,095 |
) |
|
|
(4,395 |
) |
Proceeds from equipment
loans |
|
|
- |
|
|
|
4,204 |
|
Net cash used in financing
activities |
|
|
(7,664 |
) |
|
|
(5,027 |
) |
Change in cash
and cash equivalents |
|
|
(11,626 |
) |
|
|
(11,155 |
) |
Cash and cash
equivalents - beginning of period |
|
|
35,144 |
|
|
|
36,268 |
|
|
|
. |
|
. |
Cash and cash
equivalents - end of period |
|
$ |
23,518 |
|
|
$ |
25,113 |
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Segment Information - unaudited |
(In thousands) |
|
|
|
|
|
|
|
Quarter Ended |
|
|
February 25, 2017 |
|
February 27, 2016 |
Net Sales |
|
|
|
|
Wholesale |
|
$ |
61,975 |
|
|
$ |
59,576 |
|
Retail -
Company-owned stores |
|
|
61,593 |
|
|
|
61,595 |
|
Logistical services |
|
|
22,334 |
|
|
|
24,679 |
|
Inter-company eliminations: |
|
|
|
|
Furniture
and accessories |
|
|
(29,870 |
) |
|
|
(28,769 |
) |
Logistical services |
|
|
(10,140 |
) |
|
|
(10,208 |
) |
Consolidated |
|
$ |
105,892 |
|
|
$ |
106,873 |
|
|
|
|
|
|
Operating Income |
|
|
|
|
Wholesale |
|
$ |
5,893 |
|
|
$ |
4,398 |
|
Retail |
|
|
(1,343 |
) |
|
|
316 |
|
Logistical services |
|
|
(226 |
) |
|
|
744 |
|
Inter-company elimination |
|
|
340 |
|
|
|
333 |
|
Consolidated |
|
$ |
4,664 |
|
|
$ |
5,791 |
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Rollforward of BHF Store Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 26, |
|
|
|
February 25, |
|
|
2016 |
Opened* |
Closed* |
Transfers |
2017 |
|
|
|
|
|
|
|
Company-owned stores |
|
59 |
1 |
(1 |
) |
1 |
|
60 |
Licensee-owned stores |
|
31 |
- |
(1 |
) |
(1 |
) |
29 |
|
|
|
|
|
|
|
Total |
|
90 |
1 |
(2 |
) |
- |
|
89 |
|
|
|
|
|
|
|
* Does not include openings and closures due to relocation of
existing stores within a market. |
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Supplemental Retail Information--unaudited |
(In thousands) |
|
|
|
|
|
|
|
56 Comparable Stores |
|
Quarter Ended |
|
Quarter Ended |
|
February 25, 2017 |
|
February 27, 2016 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Net sales |
$ |
58,829 |
|
100.0 |
% |
|
$ |
58,245 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of sales |
|
29,882 |
|
50.8 |
% |
|
|
29,193 |
|
50.1 |
% |
|
|
|
|
|
|
Gross
profit |
|
28,947 |
|
49.2 |
% |
|
|
29,052 |
|
49.9 |
% |
|
|
|
|
|
|
Selling, general and
administrative expense* |
|
29,180 |
|
49.6 |
% |
|
|
28,005 |
|
48.1 |
% |
|
|
|
|
|
|
Income
(loss) from operations |
$ |
(233 |
) |
-0.4 |
% |
|
$ |
1,047 |
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Stores |
|
Quarter Ended |
|
Quarter Ended |
|
February 25, 2017 |
|
February 27, 2016 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Net sales |
$ |
2,764 |
|
100.0 |
% |
|
$ |
3,350 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of sales |
|
1,577 |
|
57.1 |
% |
|
|
2,122 |
|
63.3 |
% |
|
|
|
|
|
|
Gross
profit |
|
1,187 |
|
42.9 |
% |
|
|
1,228 |
|
36.7 |
% |
|
|
|
|
|
|
Selling, general and
administrative expense |
|
1,491 |
|
53.9 |
% |
|
|
1,820 |
|
54.3 |
% |
Pre-opening store
costs** |
|
806 |
|
29.2 |
% |
|
|
139 |
|
4.1 |
% |
|
|
|
|
|
|
Loss from
operations |
$ |
(1,110 |
) |
-40.2 |
% |
|
$ |
(731 |
) |
-21.7 |
% |
|
|
|
|
|
|
*Comparable store SG&A includes retail corporate overhead
and administrative costs. |
**Pre-opening store costs include the accrual for straight-line
rent recorded during the period between |
date of possession and store opening date, employee payroll
and training costs prior to store opening |
and
other various expenses incurred prior to store opening. |
J. Michael Daniel
Senior Vice President and
Chief Financial Officer
(276) 629-6614 – Investors
Jay S. Moore
Director of Communications
(276) 629-6450 – Media
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