Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today
its results of operations for its second quarter ended May 27,
2023.
Fiscal 2023 Second Quarter Highlights (Dollars
in millions)
|
|
Sales |
|
Operating Income (Loss) |
|
|
2nd Qtr |
|
Dollar |
% |
|
2nd Qtr |
% of |
|
2nd Qtr |
% of |
|
|
|
2023 |
|
|
2022 |
|
Change |
Change |
|
2023 |
|
Sales |
|
|
2022 |
|
Sales |
|
Consolidated (1) |
$ |
100.5 |
|
$ |
128.7 |
|
$ |
(28.2 |
) |
-21.9 |
% |
|
$ |
2.5 |
|
2.5 |
% |
|
$ |
11.0 |
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
$ |
61.8 |
|
$ |
87.5 |
|
$ |
(25.7 |
) |
-29.4 |
% |
|
$ |
7.0 |
|
11.3 |
% |
|
$ |
11.5 |
|
13.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
60.8 |
|
$ |
75.6 |
|
$ |
(14.8 |
) |
-19.6 |
% |
|
$ |
0.8 |
|
1.3 |
% |
|
$ |
7.3 |
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate & Other (2) |
$ |
2.3 |
|
$ |
- |
|
$ |
2.3 |
|
100.0 |
% |
|
$ |
(6.9 |
) |
N/A |
|
$ |
(7.5 |
) |
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Our consolidated results include certain intercompany eliminations.
See Table 4, “Segment Information” below for an illustration of the
effects of these items on our consolidated sales and operating
income. |
(2) |
Corporate and Other includes the operations of Noa Home Inc. for
2023 along with the shared Corporate costs that are benefiting
both the Wholesale and Retail segments. This represents a
change in our segment presentation from prior year periods.
Previously, those shared Corporate costs had been included in
the Wholesale segment and the operations of Noa Home Inc. were
included in the Retail segment. Prior period results have been
restated to conform to the current presentation. |
While our operating results were challenged by
industry-wide soft demand, we successfully managed our balance
sheet and maintained profitability during the second quarter. We
are uncertain as to when the current sales environment will
markedly improve, but we believe that our dedicated distribution
strategy, domestic manufacturing platform, forthcoming e-commerce
enhancements, and strong financial position will enable us to
steadily grow revenue and shareholder returns as time goes on.
Consolidated revenue declined by 22% compared to
last year but was 4.9% greater than the comparable period in 2019.
Wholesale orders declined by 18% on a year-over-year basis.
Operating cash flow of $5.8 million was fueled by an 11% reduction
in total inventory. Operating income of $2.5 million included a
$1.0 million valuation adjustment associated with contingent
consideration as part of last year’s acquisition of e-commerce
retailer Noa Home. Operating income was negatively impacted by a
$1.1 million write-down of our Club Level motion product. A
significant portion of the existing inventory has been slow moving
and includes the high freight costs from mid-2022. We expect better
margins in these products over the remainder of 2023.
Wholesale operating income of 11.3% of sales was
hampered by the inventory adjustment mentioned above. Excluding
this charge, wholesale operating margins would have been flat.
Margins in our Newton, NC upholstery facility improved as we were
able to recognize a greater portion of previously implemented price
increases in current period sales partially offset by de-leverage
of fixed costs due to lower sales volumes. This was offset by lower
margins in our wood operations. Continuing the trend that was
discussed at the end of the first quarter, manufacturing headcounts
are now 20% below last year’s levels. Work schedules were
considerably reduced during the period, although we have partially
restored work hours recently in light of Memorial Day sales and new
products sold during the High Point Furniture Market. In the end,
our ability to return our wholesale margins to pre-pandemic levels
is essential to our future success. The high freight costs from
2022 that have plagued our Club Level results have also hampered
our import wood margins and, to a lesser extent, our outdoor
performance. As our inventory of these items turns over, we will
experience a margin boost based on today’s lower freight costs. New
wood product introductions are crucial to improving plant fixed
cost absorption and we plan to introduce an opening price point
dining collection this fall to bolster our factory work schedules.
We have already successfully added a new layer of modern casual
styling to our domestic solid wood Bench Made assortment. Four new
tables and seven dining chairs were responsible for the strongest
wood product introduction that we have had for several seasons.
This product will be featured with the drop of our consumer catalog
in August before the Labor Day event in our stores and Bassett
Design Centers (BDC). Our BDC network continues to grow and
represents an increasingly important element of our portfolio with
101 individual accounts comprising 156 furniture floors that have
space dedicated to the prescribed Bassett footprint.
Retail results were significantly behind last
year’s record quarter but remained profitable. The closing sale
associated with our northeast clearance center also negatively
affected results in our retail segment. While store foot traffic
declined during the quarter, our average sales ticket rose
slightly. The interior design expertise embedded within our retail
culture produced makeover sales that represented 47% of total
written retail volume. The investment in our new flagship store in
Tampa is well underway with an anticipated opening in time for
Labor Day. On the same schedule is the dramatic remodel of our
Austin store. Both of these locations will feature expanded design
centers, new hospitality areas, home entertainment rooms, large
outdoor furniture displays, and expanded assortments of accessories
that will complement our “whole home” design offering.
Our organization is excited about the
culmination of the work and investment that we have put into the
launch of our new website that will take place before the end of
our August quarter. Accompanying the installment of the new web
platform has been the addition of new product data software that
will permeate all of our new product development, engineering,
marketing, and digital representation of our products on the
website itself. This important project is a cornerstone of our
growth strategy, and we believe that the expansion of our
e-commerce business is crucial to our omni-channel future. Our new
site is designed to increase traffic, reduce bounce and exit rates,
increase virtual appointments, improve conversion rates and provide
our customers with more payment options at checkout. Our most
successful stores drive the highest level of e-commerce sales and
these locations eagerly await the launch of this robust site. Our
Bassett licensed stores as well as our open market dealer partners
will also derive the benefit of increased digital commerce as they
will fulfill the home delivery portion of these sales in their
designated areas. And, for the first time, our partnership with
logistics partner J.B. Hunt will give us nationwide home delivery
capabilities for e-commerce orders.
On the topic of e-commerce, we continued our
drive to profitability for our Noa Home division by reducing the
loss from the first quarter by 83%. The Noa team pivoted to a less
aggressive stance on digital advertising, reducing costs
substantially while managing to hold onto most of the sales that
they generated last year as a private company. We have begun to
cross-pollinate the best thinking from the Bassett and Noa
marketing teams as envisioned with the acquisition of Noa late last
year. On tap for Noa is a broadened product assortment for North
America and a test of limited geography in the U. S. market later
this fall.
Combined outdoor furniture sales were behind
last year but grew by 68% in relation to the same period in 2019.
The growth reflects the addition of the Bassett Outdoor line and
products manufactured in our Alabama aluminum facility along with
organic growth in our legacy Lane Venture brand. The investment in
the upgrades to the Alabama complex is almost complete and features
a finished goods warehouse and a re-engineered plant layout to
improve efficiency. In May, we debuted the Bassett Outdoor contract
line at the HD Expo Show in Las Vegas targeting the hospitality
segment. Also, we are excited to open our new Lane Venture showroom
in Atlanta to coincide with the first Casual Furniture Market in
Atlanta after the industry’s move there after many years of hosting
the show in Chicago. Through a collaboration with Celerie Kemble, a
nationally recognized interior designer, we plan to introduce
several new and more design-oriented collections that will
complement our existing outdoor offerings. To help with the
expansion of our outdoor furniture sales effort, we have hired
several specialists in the contract field as well as augmenting the
Lane Venture residential sales team to further penetrate geographic
sales territories.
Although we have addressed reduction in demand
with cost rationalization in manufacturing, we have not
significantly curtailed spending regarding growth initiatives. In
areas such as new store development, website development, outdoor
marketing costs, digital imagery creation and certain other
marketing costs, we have elected to spend generally in sync with
our original internal budgets in the interest of generating long
term growth. We will continue to monitor this dynamic as the year
unfolds. Meanwhile, we will conservatively manage our working
capital, maintain or increase our dividend, and continue to
repurchase our common stock when deemed appropriate.
Robert H. Spilman, Jr., Chairman and CEO
About Bassett Furniture Industries, Inc. Bassett
Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer
and marketer of high quality home furnishings. With 91 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 features 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 second fiscal quarter of 2023,
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.
J. Michael DanielSenior
Vice President andChief Financial
Officer(276) 629-6614 –
Investorsmdaniel@bassettfurniture.com
Peter D. Morrison Vice
President of Communications (276) 629-6450 – Media
Table 1 |
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES |
Condensed Consolidated Statements of Income - unaudited |
(In thousands, except for per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Six Months Ended |
|
May 27, 2023 |
|
May 28, 2022 |
|
May 27, 2023 |
|
May 28, 2022 |
|
|
Percent of |
|
|
Percent of |
|
|
Percent of |
|
|
Percent of |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales of furniture and accessories |
$ |
100,519 |
100.0 |
% |
|
$ |
128,706 |
|
100.0 |
% |
|
$ |
208,217 |
|
100.0 |
% |
|
$ |
246,570 |
|
100.0 |
% |
Cost of furniture and accessories sold |
|
47,686 |
47.4 |
% |
|
|
62,767 |
|
48.8 |
% |
|
|
98,187 |
|
47.2 |
% |
|
|
123,239 |
|
50.0 |
% |
Gross profit |
|
52,833 |
52.6 |
% |
|
|
65,939 |
|
51.2 |
% |
|
|
110,030 |
|
52.8 |
% |
|
|
123,331 |
|
50.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
51,366 |
51.1 |
% |
|
|
54,927 |
|
42.7 |
% |
|
|
105,861 |
|
50.8 |
% |
|
|
105,841 |
|
42.9 |
% |
Gain on revaluation of contingent consideration |
|
1,013 |
1.0 |
% |
|
|
- |
|
0.0 |
% |
|
|
1,013 |
|
0.5 |
% |
|
|
- |
|
0.0 |
% |
Income from operations |
|
2,480 |
2.5 |
% |
|
|
11,012 |
|
8.6 |
% |
|
|
5,182 |
|
2.5 |
% |
|
|
17,490 |
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (loss), net |
|
64 |
0.1 |
% |
|
|
(627 |
) |
-0.5 |
% |
|
|
(351 |
) |
-0.2 |
% |
|
|
(1,256 |
) |
-0.5 |
% |
Income from continuing operations before income taxes |
|
2,544 |
2.5 |
% |
|
|
10,385 |
|
8.1 |
% |
|
|
4,831 |
|
2.3 |
% |
|
|
16,234 |
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
468 |
0.5 |
% |
|
|
2,642 |
|
2.1 |
% |
|
|
1,310 |
|
0.6 |
% |
|
|
4,200 |
|
1.7 |
% |
Income from continuing operations |
|
2,076 |
2.1 |
% |
|
|
7,743 |
|
6.0 |
% |
|
|
3,521 |
|
1.7 |
% |
|
|
12,034 |
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
Income from operations of logistical services |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,712 |
|
|
Gain on disposal |
|
- |
|
|
|
53,254 |
|
|
|
|
- |
|
|
|
|
53,254 |
|
|
Income tax expense |
|
- |
|
|
|
13,879 |
|
|
|
|
- |
|
|
|
|
14,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations - net of tax |
|
- |
|
|
|
39,375 |
|
|
|
|
- |
|
|
|
|
40,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,076 |
|
|
$ |
47,118 |
|
|
|
$ |
3,521 |
|
|
|
$ |
52,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.24 |
|
|
$ |
0.81 |
|
|
|
$ |
0.40 |
|
|
|
$ |
1.25 |
|
|
Income from discontinued operations |
|
- |
|
|
|
4.14 |
|
|
|
|
- |
|
|
|
|
4.22 |
|
|
Basic and diluted earnings per share |
$ |
0.24 |
|
|
$ |
4.95 |
|
|
|
$ |
0.40 |
|
|
|
$ |
5.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.24 |
|
|
$ |
0.81 |
|
|
|
$ |
0.40 |
|
|
|
$ |
1.25 |
|
|
Income (loss) from discontinued operations |
|
- |
|
|
|
4.13 |
|
|
|
|
- |
|
|
|
|
4.22 |
|
|
Diluted earnings per share |
$ |
0.24 |
|
|
$ |
4.94 |
|
|
|
$ |
0.40 |
|
|
|
$ |
5.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2 |
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
(Unaudited) |
|
|
Assets |
|
May 27, 2023 |
|
November 26, 2022 |
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
54,603 |
|
|
$ |
61,625 |
|
Short-term investments |
|
|
17,725 |
|
|
|
17,715 |
|
Accounts receivable, net |
|
|
14,833 |
|
|
|
17,838 |
|
Inventories, net |
|
|
70,332 |
|
|
|
85,477 |
|
Recoverable income taxes |
|
|
3,091 |
|
|
|
2,353 |
|
Other current assets |
|
|
8,795 |
|
|
|
11,487 |
|
Total current assets |
|
|
169,379 |
|
|
|
196,495 |
|
|
|
|
|
|
Property and equipment, net |
|
|
79,543 |
|
|
|
77,001 |
|
|
|
|
|
|
Other long-term assets |
|
|
|
|
Deferred income taxes, net |
|
|
5,189 |
|
|
|
5,528 |
|
Goodwill and other intangible assets |
|
|
21,532 |
|
|
|
21,727 |
|
Right of use assets under operating leases |
|
|
92,505 |
|
|
|
99,472 |
|
Other |
|
|
6,177 |
|
|
|
6,050 |
|
Total long-term assets |
|
|
125,403 |
|
|
|
132,777 |
|
Total assets |
|
$ |
374,325 |
|
|
$ |
406,273 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
16,212 |
|
|
$ |
20,359 |
|
Accrued compensation and benefits |
|
|
9,024 |
|
|
|
12,921 |
|
Customer deposits |
|
|
23,941 |
|
|
|
35,963 |
|
Current portion of operating lease obligations |
|
|
19,012 |
|
|
|
18,819 |
|
Other current liabilities and accrued expenses |
|
|
11,500 |
|
|
|
12,765 |
|
Total current liabilities |
|
|
79,689 |
|
|
|
100,827 |
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
Post employment benefit obligations |
|
|
10,452 |
|
|
|
9,954 |
|
Long-term portion of operating lease obligations |
|
|
89,167 |
|
|
|
97,477 |
|
Other long-term liabilities |
|
|
1,832 |
|
|
|
2,406 |
|
Total long-term liabilities |
|
|
101,451 |
|
|
|
109,837 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
Common stock |
|
|
43,900 |
|
|
|
44,759 |
|
Retained earnings |
|
|
149,393 |
|
|
|
150,800 |
|
Additional paid-in-capital |
|
|
- |
|
|
|
- |
|
Accumulated other comprehensive income (loss) |
|
|
(108 |
) |
|
|
50 |
|
Total stockholders' equity |
|
|
193,185 |
|
|
|
195,609 |
|
Total liabilities and stockholders’ equity |
|
$ |
374,325 |
|
|
$ |
406,273 |
|
|
|
|
|
|
Table 3 |
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES |
Consolidated Statements of Cash Flows - unaudited |
(In thousands) |
|
|
|
|
|
|
|
Six Months Ended |
|
|
May 27, 2023 |
|
May 28, 2022 |
Operating activities: |
|
|
|
|
Net income |
|
$ |
3,521 |
|
|
$ |
52,691 |
|
Adjustments to reconcile net income to net cash provided by (used
in) |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
4,909 |
|
|
|
6,065 |
|
Gain on disposal of discontinued operations |
|
|
- |
|
|
|
(53,254 |
) |
Gain on revaluation of contingent consideration |
|
|
(1,013 |
) |
|
|
- |
|
Deferred income taxes |
|
|
392 |
|
|
|
(3,796 |
) |
Other, net |
|
|
1,388 |
|
|
|
915 |
|
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
3,005 |
|
|
|
(1,829 |
) |
Inventories |
|
|
15,145 |
|
|
|
(14,861 |
) |
Other current and long-term assets |
|
|
953 |
|
|
|
6,421 |
|
Right of use assets under operating leases |
|
|
9,105 |
|
|
|
11,153 |
|
Customer deposits |
|
|
(12,022 |
) |
|
|
(5,101 |
) |
Accounts payable and other liabilities |
|
|
(8,715 |
) |
|
|
4,891 |
|
Obligations under operating leases |
|
|
(10,255 |
) |
|
|
(12,241 |
) |
Net cash provided by (used in) operating
activities |
|
|
6,413 |
|
|
|
(8,946 |
) |
|
|
|
|
|
Investing activities: |
|
|
|
|
Purchases of property and equipment |
|
|
(7,405 |
) |
|
|
(12,638 |
) |
Proceeds from sale of property and equipment |
|
|
- |
|
|
|
9 |
|
Proceeds from disposal of discontined operations, net |
|
|
1,000 |
|
|
|
85,521 |
|
Other |
|
|
(637 |
) |
|
|
(538 |
) |
Net cash used in investing activities |
|
|
(7,042 |
) |
|
|
72,354 |
|
|
|
|
|
|
Financing activities: |
|
|
|
|
Cash dividends |
|
|
(2,832 |
) |
|
|
(17,170 |
) |
Other issuance of common stock |
|
|
177 |
|
|
|
177 |
|
Repurchases of common stock |
|
|
(3,450 |
) |
|
|
(8,642 |
) |
Taxes paid related to net share settlement of equity awards |
|
|
(109 |
) |
|
|
- |
|
Repayments of finance lease obligations |
|
|
(137 |
) |
|
|
(537 |
) |
Net cash used in financing activities |
|
|
(6,351 |
) |
|
|
(26,172 |
) |
Effect of exchange rate changes on cash and cash
equivalents |
|
|
(42 |
) |
|
|
- |
|
Change in cash and cash equivalents |
|
|
(7,022 |
) |
|
|
37,236 |
|
Cash and cash equivalents - beginning of
period |
|
|
61,625 |
|
|
|
34,374 |
|
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ |
54,603 |
|
|
$ |
71,610 |
|
|
|
|
|
|
Table 4 |
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES |
|
|
Segment Information - unaudited |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
Six Months Ended |
|
|
|
|
|
May 27, 2023 |
|
|
May 28, 2022 |
|
|
May 27, 2023 |
|
|
May 28, 2022 |
|
|
Sales Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale sales of furniture and accessories |
$ 61,774 |
|
|
$ 87,501 |
|
|
$ 131,658 |
|
|
$ 170,986 |
|
|
Less: Sales to retail segment |
(24,330 |
) |
|
(34,415 |
) |
|
(54,429 |
) |
|
(64,143 |
) |
|
Wholesale sales to external customers |
37,444 |
|
|
53,086 |
|
|
77,229 |
|
|
106,843 |
|
|
Retail sales of furniture and accessories |
60,778 |
|
|
75,620 |
|
|
125,740 |
|
|
139,727 |
|
|
Corporate & Other (1) |
2,297 |
|
|
- |
|
|
5,248 |
|
|
- |
|
|
Consolidated net sales of furniture and accessories |
$ 100,519 |
|
|
$ 128,706 |
|
|
$ 208,217 |
|
|
$ 246,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
$ 7,005 |
|
|
$ 11,465 |
|
|
$ 15,999 |
|
|
$ 21,667 |
|
|
Retail |
755 |
|
|
7,293 |
|
|
2,285 |
|
|
9,915 |
|
|
Net expenses - Corporate and other (1) |
(6,949 |
) |
|
(7,549 |
) |
|
(14,720 |
) |
|
(13,794 |
) |
|
Inter-company elimination |
656 |
|
|
(197 |
) |
|
605 |
|
|
(298 |
) |
|
Gain on revaluation of contingent consideration |
1,013 |
|
|
- |
|
|
1,013 |
|
|
- |
|
|
Consolidated |
$ 2,480 |
|
|
$ 11,012 |
|
|
$ 5,182 |
|
|
$ 17,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Corporate and Other includes the operations of Noa Home Inc. for
2023 along with the shared Corporate costs that are benefiting
both the Wholesale and Retail segments. This represents
a change in our segment presentation from prior year periods.
Previously, those shared Corporate costs had been included in
the Wholesale segment and the operations of Noa Home Inc. were
included in the Retail segment. Prior period results have been
restated to conform to the current presentation. |
|
|
|
|
|
|
|
|
|
|
|
|
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