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Bassett Furniture Reports Fiscal Fourth Quarter 2024 Results

Furniture World News Desk on 1/29/2025


Bassett Furniture Industries, Inc. (NASDAQ: BSET) today announced its financial results for the fourth quarter ended November 30, 2024.

Fourth Quarter Financial Highlights (FY24 vs. FY23)

  • Revenues decreased 11% to $84.3 million.
  • Operating income was $0.9 million, including a $1.0 million charge related to cumulative translation losses from the wind-down of Noa Home Inc. and a $0.4 million restructuring charge for workforce reductions.
  • Gross margin was 56.6%, primarily driven by improvements in the wholesale segment.
  • A $2.6 million tax benefit was recorded, related to a capital loss associated with the company’s 2022 investment in Noa Home Inc.
  • Diluted earnings per share were $0.38, compared to a loss of $0.47 in the prior year.
  • Operating cash flow of $6.4 million was generated during the quarter.

Segment Performance

Wholesale

  • Revenue: $52.3 million (down 13.7%)
  • Operating income: $8.5 million (16.3% of sales)

Retail

  • Revenue: $53.1 million (down 8.3%)
  • Operating income: $0.1 million (0.2% of sales)

Corporate & Other

  • Revenue: $1.0 million (down 44.4%)
  • Operating loss: $7.0 million

"The steps we took in our restructuring plan helped right-size our business and we returned to profitability in the fourth quarter," said Robert H. Spilman, Jr., Bassett Chairman and Chief Executive Officer. "We delivered strong consolidated gross margins and $0.38 in diluted earnings per share. Our team remains focused on operating efficiency, leveraging our cost structure, and running a leaner business. We're driving newness and innovation into Bassett's product lines, e-commerce, and marketing to deliver price and value for customers. We are well-positioned for the eventual housing industry turnaround and will focus on growth and productivity until it does."

 

 

 

About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ: BSET) is a leading manufacturer and marketer of high-quality home furnishings. With 87 company- and licensee-owned stores at the time of this release, Bassett leverages 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 more than 700 traditional wholesale accounts on the open market, across the United States and internationally. For more information, visit www.bassettfurniture.com.