Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced
today its results of operations for its fiscal quarter ending
February 29, 2020.
Fiscal 2020 First Quarter Highlights(Dollars in
millions)
|
Sales |
|
Operating Income (Loss) |
|
1st Qtr |
|
Dollar |
% |
|
1st
Qtr |
%
of |
|
1st
Qtr |
%
of |
|
|
2020 |
|
2019 |
|
Change |
Change |
|
2020 |
|
Sales |
|
|
2019 |
|
Sales |
Consolidated
(1) |
$ |
112.1 |
$ |
120.8 |
|
$ |
(8.7 |
) |
-7.2 |
% |
|
$ |
2.2 |
|
2.0 |
% |
|
$ |
0.9 |
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
$ |
65.0 |
$ |
72.8 |
|
$ |
(7.8 |
) |
-10.5 |
% |
|
$ |
2.7 |
|
4.2 |
% |
|
$ |
4.2 |
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Retail |
$ |
65.8 |
$ |
69.6 |
|
$ |
(3.8 |
) |
-5.4 |
% |
|
$ |
(1.2 |
) |
-1.9 |
% |
|
$ |
(3.0 |
) |
-4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
59
Comparable Stores |
$ |
59.1 |
$ |
65.9 |
|
$ |
(6.9 |
) |
-10.4 |
% |
|
$ |
(0.5 |
) |
-0.9 |
% |
|
$ |
(1.0 |
) |
-1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Logistical
Services |
$ |
21.3 |
$ |
21.8 |
|
$ |
(0.4 |
) |
-2.0 |
% |
|
$ |
0.8 |
|
3.9 |
% |
|
$ |
0.7 |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
The first quarter of 2020 consisted of 13
weeks. Due to the Company’s fiscal calendar, the first
quarter of 2019 consisted of 14 weeks. Net income for the first
quarter of 2020 was $1.2 million or $0.12 per diluted share as
compared to net income of $0.6 million or $0.06 per diluted share
for the prior year quarter. Operating income was $2.2 million
and $0.9 million for the first quarters of 2020 and 2019,
respectively.
“We were encouraged by the sales momentum that
we were generating as our February quarter drew to a close,”
commented Rob Spilman, Chairman and CEO. “Positive written
comparable store sales during our three-week President’s Day event
and a series of new marketing events slated to debut in March and
throughout the May quarter pointed to a stronger start to 2020 and
showed promise for the entire year. Unfortunately, the world has
been turned upside down over the past four weeks and the optimism
that we were feeling about this year has been replaced by an abrupt
disruption to our day-to-day business. We are now completely
focused on protecting our balance sheet and our employees. Despite
the shock and tragedy of COVID-19, we believe that we will weather
this storm and we are taking the necessary steps in the short term
to ensure that we do so. Ultimately, we look forward to returning
to the marketplace with aggressive programs that are being designed
to capture as much business as we possibly can when our country
returns to normal.”
“On a weekly basis, consolidated sales for the
quarter were flat with last year (13 weeks vs. 14 weeks),” said
Spilman. “Normalized revenue gains in our logistics and retail
segments offset a decline in wholesale sales. Imported Bassett
Casegoods shipments declined, in part due to unfavorable
comparisons with last year’s shipments of the now exited juvenile
furniture category. Overall upholstery sales grew slightly on a
normalized basis driven by Lane Venture and a portion of the
rollout of the new Bassett Outdoor collection. Retail sell
through of our new Magnificent Motion program also drove sales
gains and will pave the way for expansion of our domestically
produced custom motion product assortment in the future.”
“While we were not profitable at corporate
retail, we substantially improved on last year’s performance
despite lower sales stemming from one less week,” continued
Spilman. “The expense reductions that we made last summer coupled
with slight improvements in overall gross margins and the absence
of new store startup costs allowed us to improve the retail bottom
line by $1.8 million. We opened no new stores in the quarter as we
turn our focus to improving the performance and the aesthetics of
the existing fleet. In fact, we began store closing events in four
stores during the period and will finish disposing of the
associated inventory when our network is up and running again after
we return from the COVID 19 shutdown that began in all stores on
March 20. We also remodeled our Falls Church, Va. location and
reopened in time for Presidents Day. We have been working to more
forcefully integrate the store and web experience by highlighting
key attributes of our brand….Made in America, our 118 year
heritage, custom made in four weeks to your home, our skilled
artisans, and free design services. This will gradually take place
in the stores through the installation of storytelling graphics
that we believe will add a new layer of excitement to the store and
enable the consumer to better understand the many capabilities that
we have to offer. The imagery will be duplicated on the web and
enhanced with interactive videos. By better linking the web and
store experience, we believe that we will convert our rising web
traffic (pre-virus) to shop and buy in the store or online. We
installed the first graphics package in 6 stores in late February
and timed that with a new home page on the web. Reaction from our
associates and from consumers has been strong and we were off to a
good start with our Made in America ’Makers’ event prior to the
shutdown.”
“Our logistics segment turned in an improved
quarter from last year in terms of normalized sales and operating
income,” observed Spilman. “The integration of smaller hubs to
service the major population centers has improved on our speed to
market model and has increased our revenue per mile; a key
performance metric that we track daily. We are definitely gaining
market share as more furniture companies moved more business to
Zenith during the quarter.”
“Moving on from the quarter, we find ourselves
in a surreal environment as our Bassett stores and factories and
our open market wholesale customers have ground to a halt,” said
Spilman. “We have always prided ourselves on possessing a strong
balance sheet and now is the time when we will need it. We have
paid or will pay the vast majority of our hourly employees two
weeks of wages to help them cope with these extraordinary
circumstances. All employee salaries have been cut substantially
through the month of May; ranging from 20% to 25% depending on
salary level and the individual’s position to 50% for top
management. All non-essential spending has been eliminated,
including the company 401K matching contribution. We have decided
to defer the regular quarterly dividend due to be paid on May 29
until we learn more about the financial ramifications of a
potentially long period of nationwide economic inactivity and
hardship. Earlier this week we were pleased to receive a commitment
to double our $25 million credit facility to $50 million, thus
underscoring our bank’s trust in our future. We are prepared to do
what it takes to weather the crisis and to successfully emerge with
our Bassett teammates on the other side of this difficult period of
time.”
Wholesale
Segment
Net sales for the wholesale segment were $65.0
million for the first quarter of 2020 as compared to $72.8 million
for the first quarter of 2019, a decrease of $7.8 million or
10.7%. On an average weekly basis normalizing for 13 weeks
compared to 14 weeks, net sales decreased $2.6 million or 3.8%.
This decrease was primarily driven by a 95% decrease in juvenile
furniture shipments as the Company has exited this furniture line
and a 5.2% decrease in shipments on an average weekly basis to the
traditional open market customers. These decreases were partially
offset by a 1.2% increase in shipments on an average weekly basis
to the Bassett Home Furnishings Network (BHF) and a 16% increase on
an average weekly basis of Lane Venture products. In
addition, the wholesale segment ceased selling accessories to the
BHF network beginning at the start of the third quarter of 2019.
Both the corporate and licensee owned stores now purchase
accessories directly from third-party accessory providers.
Wholesale sales of accessory items during the first quarter of 2019
were $0.9 million. Gross margin for the wholesale segment was 32.5%
for the first quarter of 2020 as compared to 32.9% for the prior
year quarter. This decrease was primarily due to lower margins in
the upholstery and import wood operations due to fixed cost
deleverage from lower sales volumes, partially offset by a $0.4
million inventory charge recorded in the first quarter of 2019
related to the exit of the juvenile business. SG&A as a
percentage of sales increased to 28.3% as compared to 27.1% for the
first quarter of 2019. This increase in SG&A as a
percentage of sales was primarily driven by reduced leverage of
fixed costs from lower sales volume and increased over-the-road
freight and warehousing costs, partially offset by lower health
insurance and workers compensation costs due to improved claims
experience. Operating income was $2.7 million or 4.2% of
sales for the first quarter of 2020 as compared to $4.2 million or
5.7% of sales in the prior year.
Retail Segment
Net sales for the 69 Company-owned BHF stores
were $65.8 million for the first quarter of 2020 as compared to
$69.6 million for the first quarter of 2019, a decrease of $3.8
million or 5.4%. This decrease was due to a $6.9 million or 10.4%
decrease in comparable store sales, partially offset by an increase
of $3.1 million in non-comparable store sales as the Company opened
6 stores over the last 18 months. In addition, the Company
closed one underperforming store in the fourth quarter of 2019,
another underperforming store in the first quarter of 2020, and
closed an additional three underperforming stores in March during
the second quarter of 2020. On an average weekly basis
(normalizing for the extra week in the first quarter of 2019),
comparable store sales decreased 3.5%.
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 7.9% for the first quarter
of 2020 as compared to the first quarter of 2019. On an
average weekly basis, comparable store written sales decreased
0.8%.
The consolidated retail operating loss for the
first quarter of 2020 was $1.2 million as compared to a loss of
$3.0 million for the first quarter of 2019, an improvement of $1.8
million. The 59 comparable stores incurred an operating loss of
$0.5 million for the quarter, or 0.9% of sales, as compared to $1.0
million, or 1.5% of sales, for the prior year quarter. This
improvement was primarily driven by various cost structure
reductions implemented in the second half of fiscal 2019 and
reduced health insurance and workers compensation costs due to
improved claims experience, partially offset by deleverage of fixed
costs due to lower sales volume.
Non-comparable stores generated sales of $6.8
million with an operating loss of $0.7 million as compared to sales
of $3.7 million and an operating loss of $2.1 million in the prior
year quarter. The loss for the first quarter of 2019 included
pre-opening costs of $0.5 million and post opening losses of $0.8
million. We incurred no pre-opening costs or post-opening
losses during the first quarter of 2020 and should not incur any
for the remainder of 2020 or beyond as no new stores are scheduled
to be opened.
Logistical Services
Segment
Revenues for Zenith were $21.3 million for the
first quarter of 2020 as compared to $21.8 million for 2019, a
decrease of $0.5 million or 2.0%. On an average weekly basis
(normalizing for the extra week in the first quarter of 2019),
revenues increased $1.1 million or 5.5%. This increase was
primarily due to higher over-the-road trucking revenues as several
new customers were added during the quarter. Zenith’s
operating expenses were $20.5 million or 96.1% of sales as compared
to $21.1 million or 96.7% of sales for the prior year period.
This decrease as a percent of sales was primarily due to greater
leverage of fixed costs from higher revenues, partially offset by
increased employee health care and workers compensation costs due
to unfavorable claims experience. About Bassett
Furniture Industries, Inc.Bassett Furniture Industries, Inc.
(NASDAQ:BSET), is a leading manufacturer and marketer of high
quality home furnishings. With 103 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. 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 2020,
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 (including,
without limitation, the effects on revenue, supply and demand
resulting from the duration and extent of the COVID-19 pandemic)
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.
|
Table
1 |
BASSETT FURNITURE
INDUSTRIES, INC. AND SUBSIDIARIES |
Condensed
Consolidated Statements of Income - unaudited |
(In thousands,
except for per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
February 29, 2020 |
|
March 2, 2019 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Sales
revenue: |
|
|
|
|
|
Furniture and accessories |
$ |
98,942 |
|
|
|
$ |
107,357 |
|
|
Logistics |
|
13,178 |
|
|
|
|
13,484 |
|
|
Total sales revenue |
|
112,120 |
|
100.0 |
% |
|
|
120,841 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of
furniture and accessories sold |
|
45,270 |
|
40.4 |
% |
|
|
49,177 |
|
40.7 |
% |
|
|
|
|
|
|
Selling,
general and administrative expenses excluding new store pre-opening
costs |
|
64,640 |
|
57.7 |
% |
|
|
69,386 |
|
57.4 |
% |
New store
pre-opening costs |
|
- |
|
0.0 |
% |
|
|
494 |
|
0.4 |
% |
Early
retirement program |
|
- |
|
0.0 |
% |
|
|
835 |
|
0.7 |
% |
Income from operations |
|
2,210 |
|
2.0 |
% |
|
|
949 |
|
0.8 |
% |
|
|
|
|
|
|
Other loss,
net |
|
(362 |
) |
-0.3 |
% |
|
|
(123 |
) |
-0.1 |
% |
Income
before income taxes |
|
1,848 |
|
1.6 |
% |
|
|
826 |
|
0.7 |
% |
|
|
|
|
|
|
Income tax
provision |
|
638 |
|
0.6 |
% |
|
|
218 |
|
0.2 |
% |
Net
income |
$ |
1,210 |
|
1.1 |
% |
|
$ |
608 |
|
0.5 |
% |
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.12 |
|
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.12 |
|
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
Table
2 |
BASSETT FURNITURE
INDUSTRIES, INC. AND SUBSIDIARIES |
Condensed
Consolidated Balance Sheets |
(In thousands) |
|
|
(Unaudited) |
|
|
Assets |
|
February 29, 2020 |
|
November 30, 2019 |
Current assets |
|
|
|
|
Cash
and cash equivalents |
|
$ |
12,189 |
|
|
$ |
19,687 |
|
Short-term investments |
|
|
17,677 |
|
|
|
17,436 |
|
Accounts receivable, net |
|
|
23,205 |
|
|
|
21,378 |
|
Inventories, net |
|
|
67,515 |
|
|
|
66,302 |
|
Other
current assets |
|
|
11,173 |
|
|
|
11,983 |
|
Total
current assets |
|
|
131,759 |
|
|
|
136,786 |
|
|
|
|
|
|
Property and
equipment, net |
|
|
100,499 |
|
|
|
101,724 |
|
|
|
|
|
|
Other long-term assets |
|
|
|
|
Deferred income taxes, net |
|
|
7,123 |
|
|
|
5,744 |
|
Goodwill and other intangible assets |
|
|
26,081 |
|
|
|
26,176 |
|
Right of use assets under operating leases |
|
|
144,468 |
|
|
|
- |
|
Other |
|
|
5,304 |
|
|
|
5,336 |
|
Total
long-term assets |
|
|
182,976 |
|
|
|
37,256 |
|
Total assets |
|
$ |
415,234 |
|
|
$ |
275,766 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
20,331 |
|
|
$ |
23,677 |
|
Accrued compensation and benefits |
|
|
12,108 |
|
|
|
11,308 |
|
Customer deposits |
|
|
24,049 |
|
|
|
25,341 |
|
Current portion of operating lease obligations |
|
|
29,516 |
|
|
|
- |
|
Other current liabilities and accrued expenses |
|
|
10,304 |
|
|
|
11,945 |
|
Total
current liabilities |
|
|
96,308 |
|
|
|
72,271 |
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
Post
employment benefit obligations |
|
|
11,723 |
|
|
|
11,830 |
|
Long-term portion of operating lease obligations |
|
|
131,978 |
|
|
|
- |
|
Other
long-term liabilities |
|
|
1,185 |
|
|
|
12,995 |
|
Total
long-term liabilities |
|
|
144,886 |
|
|
|
24,825 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
Common stock |
|
|
50,173 |
|
|
|
50,581 |
|
Retained earnings |
|
|
125,078 |
|
|
|
129,130 |
|
Additional paid-in-capital |
|
|
- |
|
|
|
195 |
|
Accumulated other comprehensive loss |
|
|
(1,211 |
) |
|
|
(1,236 |
) |
Total
stockholders' equity |
|
|
174,040 |
|
|
|
178,670 |
|
Total liabilities and stockholders’ equity |
|
$ |
415,234 |
|
|
$ |
275,766 |
|
|
|
|
|
|
Table
3 |
BASSETT FURNITURE
INDUSTRIES, INC. AND SUBSIDIARIES |
Consolidated
Statements of Cash Flows - unaudited |
(In thousands) |
|
|
|
|
|
|
|
Quarter Ended |
|
|
February 29, 2020 |
|
March 2, 2019 |
Operating activities: |
|
|
|
|
Net
income |
|
$ |
1,210 |
|
|
$ |
608 |
|
Adjustments
to reconcile net income to net cash provided by (used in) |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
3,623 |
|
|
|
3,370 |
|
Gain on lease modification |
|
|
(152 |
) |
|
|
- |
|
Net (gain) loss on disposals of property and equipment |
|
|
(58 |
) |
|
|
(9 |
) |
Deferred income taxes |
|
|
(125 |
) |
|
|
45 |
|
Other, net |
|
|
321 |
|
|
|
(209 |
) |
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
(1,873 |
) |
|
|
(4,084 |
) |
Inventories |
|
|
(1,213 |
) |
|
|
(3,318 |
) |
Other current and long-term assets |
|
|
(536 |
) |
|
|
(3,163 |
) |
Right of use assets under operating leases |
|
|
6,721 |
|
|
|
- |
|
Customer deposits |
|
|
(1,292 |
) |
|
|
(2,741 |
) |
Accounts payable and other liabilities |
|
|
(2,266 |
) |
|
|
(6,233 |
) |
Obligations under operating leases |
|
|
(9,603 |
) |
|
|
- |
|
Net cash used in operating activities |
|
|
(5,243 |
) |
|
|
(15,734 |
) |
|
|
|
|
|
Investing activities: |
|
|
|
|
Purchases of
property and equipment |
|
|
(1,340 |
) |
|
|
(5,552 |
) |
Proceeds
from sale of property and equipment |
|
|
1,697 |
|
|
|
Purchase of
investments |
|
|
(241 |
) |
|
|
Other |
|
|
(193 |
) |
|
|
117 |
|
Net cash used in investing activities |
|
|
(77 |
) |
|
|
(5,435 |
) |
|
|
|
|
|
Financing activities: |
|
|
|
|
Cash
dividends |
|
|
(1,260 |
) |
|
|
(1,291 |
) |
Proceeds
from the exercise of stock options |
|
|
- |
|
|
|
25 |
|
Other
issuance of common stock |
|
|
75 |
|
|
|
74 |
|
Repurchases
of common stock |
|
|
(766 |
) |
|
|
(1,012 |
) |
Taxes paid
related to net share settlement of equity awards |
|
|
(215 |
) |
|
|
- |
|
Repayments
of finance lease obligations |
|
|
(12 |
) |
|
|
- |
|
Repayments
of notes payable |
|
|
- |
|
|
|
(109 |
) |
Net cash used in financing activities |
|
|
(2,178 |
) |
|
|
(2,313 |
) |
Change in cash and cash equivalents |
|
|
(7,498 |
) |
|
|
(23,482 |
) |
Cash
and cash equivalents - beginning of period |
|
|
19,687 |
|
|
|
33,468 |
|
|
|
|
|
|
Cash
and cash equivalents - end of period |
|
$ |
12,189 |
|
|
$ |
9,986 |
|
|
|
|
|
|
Table
4 |
BASSETT FURNITURE
INDUSTRIES, INC. AND SUBSIDIARIES |
Segment Information
- unaudited |
(In thousands) |
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
February 29, 2020 |
|
March 2, 2019 |
Net
Sales |
|
|
|
|
Wholesale |
|
$
65,017 |
|
$
72,781 |
Retail -
Company-owned stores |
|
65,846 |
|
69,629 |
Logistical
services |
|
21,315 |
|
21,751 |
Inter-company eliminations: |
|
|
|
|
Furniture and accessories |
|
(31,921) |
|
(35,054) |
Logistical services |
|
(8,137) |
|
(8,266) |
Consolidated |
|
$ 112,120 |
|
$ 120,841 |
|
|
|
|
|
Operating Income (Loss) |
|
|
|
|
Wholesale |
|
$
2,713 |
|
$
4,182 |
Retail |
|
(1,249) |
|
(3,046) |
Logistical
services |
|
835 |
|
712 |
Inter-company elimination |
|
(89) |
|
(64) |
Early
retirement program |
|
- |
|
(835) |
Consolidated |
|
$ 2,210 |
|
$ 949 |
|
|
|
|
|
Table
5 |
BASSETT FURNITURE
INDUSTRIES, INC. AND SUBSIDIARIES |
Rollforward of BHF
Store Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November
30, |
|
|
|
February
29, |
|
|
2019 |
Opened* |
Closed* |
Transfers |
2020 |
|
|
|
|
|
|
|
Company-owned stores |
|
70 |
- |
(1 |
) |
- |
69 |
Licensee-owned stores |
|
33 |
1 |
- |
|
- |
34 |
|
|
|
|
|
|
|
Total |
|
103 |
1 |
(1 |
) |
- |
103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Does not include openings and closures due to relocation of
existing stores within a market. |
|
|
|
|
|
|
|
|
Table
6 |
BASSETT FURNITURE
INDUSTRIES, INC. AND SUBSIDIARIES |
Supplemental Retail
Information--unaudited |
(In thousands) |
|
|
|
|
|
|
|
59 Comparable Stores |
|
Quarter Ended |
|
Quarter Ended |
|
February 29, 2020 |
|
March 2, 2019 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Net
sales |
$ |
59,058 |
|
100.0 |
% |
|
$ |
65,914 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of
sales |
|
29,235 |
|
49.5 |
% |
|
|
32,896 |
|
49.9 |
% |
|
|
|
|
|
|
Gross
profit |
|
29,823 |
|
50.5 |
% |
|
|
33,018 |
|
50.1 |
% |
|
|
|
|
|
|
Selling,
general and administrative expense* |
|
30,358 |
|
51.4 |
% |
|
|
33,976 |
|
51.5 |
% |
|
|
|
|
|
|
Loss
from operations |
$ |
(535 |
) |
-0.9 |
% |
|
$ |
(958 |
) |
-1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Stores |
|
Quarter Ended |
|
Quarter Ended |
|
February 29, 2020 |
|
March 2, 2019 |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
Net
sales |
$ |
6,788 |
|
100.0 |
% |
|
$ |
3,715 |
|
100.0 |
% |
|
|
|
|
|
|
Cost of
sales |
|
3,671 |
|
54.1 |
% |
|
|
2,055 |
|
55.3 |
% |
|
|
|
|
|
|
Gross
profit |
|
3,117 |
|
45.9 |
% |
|
|
1,660 |
|
44.7 |
% |
|
|
|
|
|
|
Selling,
general and administrative expense |
|
3,831 |
|
56.4 |
% |
|
|
3,254 |
|
87.6 |
% |
Pre-opening
store costs** |
|
- |
|
0.0 |
% |
|
|
494 |
|
13.3 |
% |
|
|
|
|
|
|
Loss
from operations |
$ |
(714 |
) |
-10.5 |
% |
|
$ |
(2,088 |
) |
-56.2 |
% |
|
|
|
|
|
|
*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. |
|
J. Michael DanielSenior Vice President
and Chief Financial Officer(276)
629-6614 – Investors
Peter D. MorrisonVice President of
Communications(276) 629-6450 – Media
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