Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced
today its results of operations for its fiscal quarter ended March
2, 2019.
Fiscal 2019 First Quarter Highlights(Dollars in
millions)
|
Sales |
|
Operating Income |
|
1st Qtr |
|
Dollar |
% |
|
1st Qtr |
% of |
|
1st Qtr |
% of |
|
2019 |
2018 |
|
Change |
Change |
|
2019 |
Sales |
|
2018 |
Sales |
Consolidated (1) |
$ |
120.8 |
$ |
110.3 |
|
$ |
10.6 |
9.6 |
% |
|
$ |
0.9 |
|
0.8 |
% |
|
$ |
2.1 |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
$ |
72.8 |
$ |
63.1 |
|
$ |
9.6 |
15.4 |
% |
|
$ |
4.2 |
|
5.7 |
% |
|
$ |
3.1 |
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail |
$ |
69.6 |
$ |
64.7 |
|
$ |
5.0 |
7.7 |
% |
|
$ |
(3.0 |
) |
-4.4 |
% |
|
$ |
(1.5 |
) |
-2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
57 Comparable
Stores |
$ |
63.1 |
$ |
63.0 |
|
$ |
0.1 |
0.2 |
% |
|
$ |
(1.1 |
) |
-1.7 |
% |
|
$ |
0.3 |
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Logistical Services
(2) |
$ |
21.8 |
$ |
21.4 |
|
$ |
0.3 |
1.5 |
% |
|
$ |
0.7 |
|
3.3 |
% |
|
$ |
0.3 |
|
1.5 |
% |
|
(1) Our
consolidated results include certain intercompany
eliminations. See the “Segment Information” table below for
an illustration |
of the
effects of these intercompany eliminations on our consolidated
sales and operating income. |
|
|
(2)
Current and prior period sales have been retrospectively restated
to reflect the transfer of intercompany home delivery services
from |
logistical
services to retail. The effect of the transfer on operating income
was not material. |
|
|
Due to the Company’s fiscal calendar, the first
quarter of 2019 consisted of 14 weeks as compared to 13 weeks for
the first quarter of 2018. Net income for the quarter was $0.6
million or $0.06 per diluted share as compared to a net loss of
$0.9 million or $0.09 per diluted share for the prior year quarter.
Included in the consolidated operating income for the quarter
ended March 2, 2019 was a $0.8 million charge associated with an
early retirement program and a $0.4 million inventory valuation
charge associated with the exit of the juvenile furniture line of
business. Excluding the effects of these items, operating
income would have been $2.2 million or 1.8% of sales and net income
would have been $1.5 million or $0.14 per diluted share. In
addition, the Company recorded a $2.2 million non-cash tax charge
in the quarter ended February 24, 2018 from the remeasurement of
the Company’s deferred tax assets due to the reduction in Federal
corporate income tax rates enacted during that quarter.
Excluding that charge, net income would have been $1.3 million or
$0.12 per diluted share for the first quarter of 2018.
“Partially aided by an additional week in the
period, consolidated revenue grew by 9.6% in the first three months
of fiscal 2019,” commented Robert H. Spilman Jr., chairman and
chief executive officer. “The successful introduction of our
redesigned HGTV Design Studio by Bassett custom upholstery program
highlighted our sales increase and solidifies the future of our
most important product category. And, as a result of new
stores opened over the past few quarters, retail sales grew by 7.7%
to $69.6 million.
“Despite the positive sales momentum, the
quarter was complicated,” continued Spilman. “Starting in
December, we opened four new corporate stores, re-positioned
another, and opened a new licensee store in Boise, Idaho.
Corporate retail also assumed the operation of the remaining Zenith
home delivery centers in local Bassett retail markets to assure
better service for our corporate retail customers. New store
startup expense, floor sample liquidation in preparation for the
custom upholstery rollout, our decision to exit the juvenile
business, and significantly higher health care costs were all
detrimental to margins. As emphasized in our previous
release, we will only open two more corporate stores this year,
Sarasota, Florida in April and Princeton, New Jersey early in the
fourth quarter, which will reduce ongoing startup expenses.
Going forward, we will concentrate on driving more customers to our
website and stores, growing our open market sales channel, and
analyzing our cost structure as evidenced by the early retirement
program that we began to implement in the quarter just ended.”
Wholesale
Segment
Net sales for the wholesale segment were $72.8
million for the first quarter of 2019 as compared to $63.1 million
for the first quarter of 2018, an increase of $9.7 million or
15.3%. On an average weekly basis normalizing for 14 weeks
compared to 13 weeks, net sales increased $4.5 million or
7.1%. This increase was driven by a $2.1 million increase in
Lane Venture shipments as the Company was in the process of
integrating the operations into Bassett during the first quarter of
2018 along with a 3.0% increase in shipments to the Bassett Home
Furnishings network and a 4.6% increase in furniture shipments to
the open market (outside the Bassett Home Furnishings network) as
compared to the prior year period. Gross margin for the
wholesale segment was 32.9% for the first quarter of 2019 as
compared to 32.4% for the prior year quarter. This increase
was primarily driven by higher margins in the domestic custom
upholstery operations as price increases implemented during the
third quarter of 2018 offset the increased raw material costs
experienced late in 2017 and early 2018. This margin
improvement was partially offset by lower margins in the imported
casegoods operation due to the previously mentioned inventory
charge associated with the exit of the juvenile line of
business. In addition, both the upholstery and wood
operations were negatively impacted by higher labor costs due to
higher employee health care expenses from unfavorable claim
experience. Wholesale SG&A for the first quarter of 2019
was $19.7 million as compared to $17.4 million for the prior year
period. SG&A as a percentage of sales decreased to 27.1% as
compared to 27.6% for the first quarter of 2018. This
decrease in SG&A as a percentage of sales was primarily driven
by greater leverage of fixed costs due to higher sales volumes
partially offset by higher marketing and other brand development
costs and higher employee health care expenses from unfavorable
claim experience. Operating income was $4.2 million or 5.7%
of sales for the first quarter of 2019 as compared to $3.1 million
or 4.8% of sales in the prior year.
“Even with the inventory valuation charge
associated with our exit from the juvenile business and the
increased health care costs, wholesale operating profit rose 36%,”
added Spilman. “We initially entered the baby furniture
segment back in the 1960s with the purchase of two domestic crib
plants. Although the category was a nice niche for many
years, recent deflationary trends and the demise of many juvenile
products retailers have virtually eliminated the margin potential
of the business. We will work with one major customer to sell
a large portion of the remaining inventory over the course of the
next few months.
“Otherwise, the quarter in wholesale was solid
as our plants ran efficiently on good schedules,” said
Spilman. “As noted, our Bassett Custom Upholstery domestic
sales were strong and benefited both our North Carolina and Texas
facilities. Our Bassett Custom Wood domestically produced
products also grew in the quarter, although our casual dining line
outpaced the sales rate of our Bench Made program. Our
imported Bassett Casegoods sales were bolstered by the second round
of products in our Bassett Modern range. The modern
sensibility product line offers non-traditional variety in our
selections, which resonates very well in certain areas of the
country. SG&A spending increases were in part due to our
continued investment in technological outreach to the consumer and
in the various points of interface with our customer along their
journey through the Bassett transaction. Notable in this
regard is the recent establishment of our customer care center in
Martinsville, Virginia that will track each customer’s path from
initial engagement to point of sale to post delivery. We have
invested in staffing and technology to give us complete visibility
to all of these phases and to establish data reporting to help us
use this valuable information to drive operational best practices
in the months and years ahead.”
Retail Segment
Net sales for the 69 Company-owned Bassett Home
Furnishings stores were $69.6 million for the first quarter of 2019
as compared to $64.7 million for the first quarter of 2018, an
increase of $4.9 million or 7.7%. The overall increase was
primarily due to a $4.8 million increase in non-comparable store
sales as the Company has opened 12 stores over the last 18
months. Sales for the 57 comparable stores increased 0.2% for
the first quarter of 2019. On an average weekly basis
(normalizing for the extra week in the first quarter of 2019),
comparable store sales decreased 6.9%.
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 decreased by 4.8% for the first quarter
of 2019 as compared to the first quarter of 2018. On an
average weekly basis, comparable store written sales decreased
11.6%.
The consolidated retail operating loss for the
first quarter of 2019 was $3.0 million as compared to a loss of
$1.5 million for the first quarter of 2018, an increase of $1.5
million. The 57 comparable stores generated an operating loss
of $1.1 million for the quarter, or 1.7% of sales, as compared to
operating income of $0.3 million, or 0.6% of sales, for the prior
year quarter. Gross margins for comparable stores were 50.0% for
the first quarter of 2019 as compared to 50.7% for the first
quarter of 2018. This decrease was primarily due to increased
clearance activity due to the launch of the new custom upholstery
program and the selloff of existing floor samples and other
clearance product as a result of the repositioning of two stores in
the Houston market late in 2018. SG&A expenses for
comparable stores increased $1.0 million to $32.6 million or 51.7%
of sales as compared to $31.6 million or 50.1% of sales for the
first quarter of 2018 primarily due to higher employee health care
expenses from unfavorable claim experience and increased
warehousing and delivery costs due to the previously announced
transition of the Bassett final mile service from Zenith to the
corporate retail operation.
Non-comparable stores generated sales of $6.5
million with an operating loss of $2.0 million as compared to sales
of $1.7 million and an operating loss of $1.9 million in the prior
year quarter. As part of the $2.0 million loss for the first
quarter of 2019, the Company incurred $0.5 million in new store
pre-opening costs, a decrease of $0.2 million from the prior
year. In addition, the Company incurred $0.8 million of post
opening startup losses compared to $0.7 million in the first
quarter of 2018.
“Large new store startup losses have dominated
the past two quarters for our corporate retail operation,”
commented Spilman. “Along with declines in existing store
comparable sales, the combination has been quite detrimental to our
short-term corporate retail performance. It is difficult to
quantify at the moment, but our field personnel have reported a
much more cautious consumer in our store over the past few
months. We have created a culture and a model that is
centered around interior design, home makeovers, and large average
tickets. Our in-home makeover business is approaching 50% of
our overall retail volume and is well over half of our sales in
many of our stores. While we by no means intend to
de-emphasize the design business, we do believe that we have an
opportunity in the in-store transactional side of our
business. We are addressing this with a series of sharper
price point items that are currently in development. The
first upholstery group hit the stores four weeks ago and has
already become a top seller. We will also more overtly market
these goods on our website and highlight their value and our quick
ship capabilities.
“We remain excited by the opening performance of
our Generation 3 prototype in Frisco, Texas,” continued
Spilman. “The store hit our internal sales plan and was
nicely profitable in its first full quarter of operation. We
have learned that some of the store’s features have not worked and
others are right on the money. We plan to methodically
incorporate the winning elements in several of our larger volume
stores over the next few quarters.”
Logistical Services
Segment
Revenues for Zenith were $21.8 million for the
first quarter of 2019 as compared to $21.4 million for 2018, an
increase of $0.4 million or 1.5%. On an average weekly basis
(normalizing for the extra week in the first quarter of 2019),
revenues decreased $1.2 million or 5.7%. This decrease was
primarily due to the previously announced discontinuation of home
delivery services to third-party customers. Zenith’s
operating expenses were $21.0 million or 96.7% of sales as compared
to $21.1 million or 98.5% of sales for the prior year period.
This decrease in expenses as a percent of sales was primarily due
to reduced expenses in the home delivery operation.
“Revenues for the continuing businesses of
Zenith, middle mile transportation and third-party warehouse
logistics, grew at nearly a 10% pace for the quarter resulting in a
110% increase in operating profit,” said Spilman. “We
continue to massage the Zenith model to adjust to the fluid
furniture transportation environment today. We anecdotally
hear open market dealers lament the extended lead times that they
are currently experiencing from many of their furniture vendors due
to the inability of the carriers to deliver based on the nationwide
driver shortage. Zenith allows our stores and our open market
customers to enjoy continued high service levels.
Consequently, their services remain in high demand.”
About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc.
(NASDAQ:BSET), is a leading manufacturer and marketer of high
quality home furnishings. With 102 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 stylish, 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 and a logistics
business specializing in home furnishings. 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,” “plans,” “expects,” “anticipates,” “intends,”
“should,” “estimates,” or similar expressions, or those relating to
or anticipating financial results or changes in operations for
periods beyond the end of the first fiscal quarter of 2019,
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; the success of
marketing, logistics, retail and other initiatives; 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 Operations -
unaudited |
(In thousands, except for per share data) |
|
|
|
|
|
|
|
Quarter Ended |
|
March 2, 2019 |
|
February 24, 2018 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Sales revenue: |
|
|
|
|
|
Furniture
and accessories |
$ |
107,357 |
|
|
|
$ |
96,123 |
|
|
Logistics |
|
13,484 |
|
|
|
|
14,149 |
|
|
Total sales revenue |
|
120,841 |
|
100.0 |
% |
|
|
110,272 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of furniture and
accessories sold |
|
49,177 |
|
40.7 |
% |
|
|
43,269 |
|
39.2 |
% |
|
|
|
|
|
|
Selling, general and
administrative expenses excluding |
|
|
|
|
|
new store
pre-opening costs |
|
69,386 |
|
57.4 |
% |
|
|
64,251 |
|
58.3 |
% |
New store pre-opening
costs |
|
494 |
|
0.4 |
% |
|
|
702 |
|
0.6 |
% |
Early retirement
program |
|
835 |
|
0.7 |
% |
|
|
- |
|
0.0 |
% |
Income
from operations |
|
949 |
|
0.8 |
% |
|
|
2,050 |
|
1.9 |
% |
|
|
|
|
|
|
Other loss, net |
|
(123 |
) |
-0.1 |
% |
|
|
(627 |
) |
-0.6 |
% |
Income before income
taxes |
|
826 |
|
0.7 |
% |
|
|
1,423 |
|
1.3 |
% |
|
|
|
|
|
|
Income tax
provision |
|
218 |
|
0.2 |
% |
|
|
2,336 |
|
2.1 |
% |
Net income (loss) |
$ |
608 |
|
0.5 |
% |
|
$ |
(913 |
) |
-0.8 |
% |
|
|
|
|
|
|
Basic earnings (loss)
per share |
$ |
0.06 |
|
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
Diluted earnings (loss)
per share |
$ |
0.06 |
|
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
|
(Unaudited) |
|
|
Assets |
March 2, 2019 |
|
November 24, 2018 |
Current
assets |
|
|
|
Cash and cash
equivalents |
$ |
9,986 |
|
|
$ |
33,468 |
|
Short-term investments |
|
22,643 |
|
|
|
22,643 |
|
Accounts
receivable, net |
|
23,222 |
|
|
|
19,055 |
|
Inventories, net |
|
66,678 |
|
|
|
64,192 |
|
Other
current assets |
|
14,540 |
|
|
|
9,189 |
|
Total current
assets |
|
137,069 |
|
|
|
148,547 |
|
|
|
|
|
Property and equipment,
net |
|
106,880 |
|
|
|
104,863 |
|
|
|
|
|
Other long-term
assets |
|
|
|
Deferred
income taxes, net |
|
3,228 |
|
|
|
3,266 |
|
Goodwill
and other intangible assets |
|
28,386 |
|
|
|
28,480 |
|
Other |
|
6,472 |
|
|
|
6,485 |
|
Total long-term
assets |
|
38,086 |
|
|
|
38,231 |
|
Total
assets |
$ |
282,035 |
|
|
$ |
291,641 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current
liabilities |
|
|
|
Accounts
payable |
$ |
21,439 |
|
|
$ |
27,407 |
|
Accrued
compensation and benefits |
|
10,876 |
|
|
|
12,994 |
|
Customer
deposits |
|
24,416 |
|
|
|
27,157 |
|
Other
accrued liabilities |
|
16,546 |
|
|
|
14,261 |
|
Total current
liabilities |
|
73,277 |
|
|
|
81,819 |
|
|
|
|
|
Long-term
liabilities |
|
|
|
Post
employment benefit obligations |
|
12,853 |
|
|
|
13,173 |
|
Other
long-term liabilities |
|
6,900 |
|
|
|
6,340 |
|
Total long-term
liabilities |
|
19,753 |
|
|
|
19,513 |
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
Common
stock |
|
52,598 |
|
|
|
52,638 |
|
Retained
earnings |
|
138,687 |
|
|
|
140,009 |
|
Accumulated other comprehensive loss |
|
(2,280 |
) |
|
|
(2,338 |
) |
Total stockholders'
equity |
|
189,005 |
|
|
|
190,309 |
|
Total
liabilities and stockholders’ equity |
$ |
282,035 |
|
|
$ |
291,641 |
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Consolidated Statements of Cash Flows - unaudited |
(In thousands) |
|
|
|
|
|
Quarter Ended |
|
March 2, 2019 |
|
February 24, 2018 |
Operating
activities: |
|
|
|
Net income (loss) |
$ |
608 |
|
|
$ |
(913 |
) |
Adjustments to
reconcile net income (loss) to net cash used in |
|
|
|
operating
activities: |
|
|
|
Depreciation and amortization |
|
3,370 |
|
|
|
3,304 |
|
Loss
(gain) on sale of property and equipment |
|
(9 |
) |
|
|
36 |
|
Deferred
income taxes |
|
45 |
|
|
|
2,210 |
|
Other,
net |
|
(209 |
) |
|
|
891 |
|
Changes
in operating assets and liabilities |
|
|
|
Accounts
receivable |
|
(4,084 |
) |
|
|
(626 |
) |
Inventories |
|
(3,318 |
) |
|
|
(5,440 |
) |
Other
current and long-term assets |
|
(3,163 |
) |
|
|
(1,382 |
) |
Customer
deposits |
|
(2,741 |
) |
|
|
(164 |
) |
Accounts
payable and other liabilities |
|
(6,233 |
) |
|
|
1,088 |
|
Net cash used in operating activities |
|
(15,734 |
) |
|
|
(996 |
) |
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property
and equipment |
|
(5,552 |
) |
|
|
(3,958 |
) |
Cash paid for business
acquisition |
|
- |
|
|
|
(15,556 |
) |
Other |
|
117 |
|
|
|
(481 |
) |
Net cash used in investing activities |
|
(5,435 |
) |
|
|
(19,995 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Cash dividends |
|
(1,291 |
) |
|
|
(4,942 |
) |
Proceeds from the
exercise of stock options |
|
25 |
|
|
|
- |
|
Other issuance of
common stock |
|
74 |
|
|
|
84 |
|
Repurchases of common
stock |
|
(1,012 |
) |
|
|
(244 |
) |
Taxes paid related to
net share settlement of equity awards |
|
- |
|
|
|
(522 |
) |
Repayments of notes
payable |
|
(109 |
) |
|
|
(3,024 |
) |
Net cash used in financing activities |
|
(2,313 |
) |
|
|
(8,648 |
) |
Change in cash
and cash equivalents |
|
(23,482 |
) |
|
|
(29,639 |
) |
Cash and cash
equivalents - beginning of period |
|
33,468 |
|
|
|
53,949 |
|
Cash and cash
equivalents - end of period |
$ |
9,986 |
|
|
$ |
24,310 |
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Segment Information - unaudited |
(In thousands) |
|
|
|
|
|
Quarter Ended |
|
March 2, 2019 |
|
February 24, 2018 |
Net Sales |
|
|
|
Wholesale |
$ |
72,781 |
|
|
$ |
63,100 |
|
Retail -
Company-owned stores |
|
69,629 |
|
|
|
64,661 |
|
Logistical services (1) |
|
21,751 |
|
|
|
21,422 |
|
Inter-company eliminations: |
|
|
|
Furniture
and accessories |
|
(35,054 |
) |
|
|
(31,638 |
) |
Logistical services (1) |
|
(8,266 |
) |
|
|
(7,273 |
) |
Consolidated |
$ |
120,841 |
|
|
$ |
110,272 |
|
|
|
|
|
Operating Income |
|
|
|
Wholesale |
$ |
4,182 |
|
|
$ |
3,064 |
|
Retail |
|
(3,046 |
) |
|
|
(1,513 |
) |
Logistical services |
|
712 |
|
|
|
330 |
|
Inter-company elimination |
|
(64 |
) |
|
|
169 |
|
Early
retirement program |
|
(835 |
) |
|
|
- |
|
Consolidated |
$ |
949 |
|
|
$ |
2,050 |
|
|
|
|
|
|
|
|
|
(1) Prior
period sales have been retrospectively restated to reflect the
transfer of intercompany home delivery services from
logistical services to retail. The effect of the transfer on
operating income was not material. |
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
|
Rollforward of BHF Store Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 24, |
|
|
|
March
2, |
|
2018 |
Opened* |
Closed* |
Transfers |
2019 |
|
|
|
|
|
|
Company-owned stores |
65 |
4 |
- |
- |
69 |
Licensee-owned stores |
32 |
1 |
- |
- |
33 |
|
|
|
|
|
|
Total |
97 |
5 |
- |
- |
102 |
|
|
|
|
|
|
|
|
|
|
|
|
* 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) |
|
|
|
|
|
|
|
57 Comparable Stores |
|
Quarter Ended |
|
Quarter Ended |
|
March 2, 2019 |
|
February 24, 2018 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Net sales |
$ |
63,131 |
|
100.0 |
% |
|
$ |
62,988 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of sales |
|
31,594 |
|
50.0 |
% |
|
|
31,066 |
|
49.3 |
% |
|
|
|
|
|
|
Gross
profit |
|
31,537 |
|
50.0 |
% |
|
|
31,922 |
|
50.7 |
% |
|
|
|
|
|
|
Selling, general and
administrative expense* |
|
32,618 |
|
51.7 |
% |
|
|
31,574 |
|
50.1 |
% |
|
|
|
|
|
|
Income
(loss) from operations |
$ |
(1,081 |
) |
-1.7 |
% |
|
$ |
348 |
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Stores |
|
Quarter Ended |
|
Quarter Ended |
|
March 2, 2019 |
|
February 24, 2018 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Net sales |
$ |
6,498 |
|
100.0 |
% |
|
$ |
1,673 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of sales |
|
3,357 |
|
51.7 |
% |
|
|
928 |
|
55.5 |
% |
|
|
|
|
|
|
Gross
profit |
|
3,141 |
|
48.3 |
% |
|
|
745 |
|
44.5 |
% |
|
|
|
|
|
|
Selling, general and
administrative expense |
|
4,612 |
|
71.0 |
% |
|
|
1,904 |
|
113.8 |
% |
Pre-opening store
costs** |
|
494 |
|
7.6 |
% |
|
|
702 |
|
42.0 |
% |
|
|
|
|
|
|
Income
(loss) from operations |
$ |
(1,965 |
) |
-30.2 |
% |
|
$ |
(1,861 |
) |
-111.2 |
% |
|
|
|
|
|
|
*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. |
|
|
|
|
|
|
|
Bassett Furniture Industries, Inc. |
J. Michael Daniel |
P.O. Box 626 |
Senior Vice President and |
Bassett, VA 24055 |
Chief Financial Officer |
|
(276) 629-6614 – Investors |
|
|
|
Peter D. Morrison |
|
Vice President of
Communications |
|
(276) 629-6450 – Media |
Bassett Furniture Indust... (NASDAQ:BSET)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bassett Furniture Indust... (NASDAQ:BSET)
Historical Stock Chart
From Apr 2023 to Apr 2024