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Bassett Announces Fiscal First Quarter Results

Stocks in this article: BSET

BASSETT, Va., April 4, 2013 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today its results of operations for its fiscal quarter ended March 2, 2013.

Fiscal 2013 First Quarter Highlights

  • Consolidated sales for the first quarter of 2013 increased 31% as compared to the first quarter of 2012
  • Operating profit for the quarter was $2.4 million versus $0.2 million for the prior year quarter
  • Wholesale sales increased 27% compared to the prior year quarter
  • Company-owned store delivered sales increased 29% compared to the prior year quarter which included a 16% increase from the 48 comparable stores
  • Due to the Company's fiscal calendar, the first quarter of 2013 consisted of 14 weeks while the first quarter of 2012 consisted of 13 weeks

On a consolidated basis, the Company reported net sales for the first quarter of 2013 of $79.8 million, an increase of $18.9 million, or 31%, over the first quarter of 2012. As noted above, the first quarter of 2013 consisted of 14 weeks while the first quarter of 2012 consisted of 13 weeks. On an average weekly basis, consolidated net sales increased 22%. Operating income increased to $2.4 million from $0.2 million driven primarily by higher sales in both the wholesale and retail segments. This was partially offset by higher selling, general and administrative expenses due primarily to the increased number of Company-owned stores, planned higher marketing and advertising costs to drive continued sales growth, and increased health care costs due to higher claim experience. The Company recorded net income of $1.0 million or $0.09 per diluted share for the first quarter of 2013 compared to a net loss of $(0.6) million or $(0.05) per diluted share in the first quarter of 2012.

"The sales momentum that we enjoyed at the end of 2012 continued during the first quarter of 2013 as we posted an exciting 31% increase in consolidated revenue," commented Robert H. Spilman, Jr., President and Chief Executive Officer. "Allowing for the extra week in this year's fiscal calendar, the Company grew revenue by 22% on a normalized basis. The same factors that propelled our business during the second half of last year drove this quarter's increase – improving sales in our Bassett Home Furnishings stores and market share gains with independent retailers. Operating profit continued to improve as both our wholesale and retail segments posted markedly better results than a year ago. These positive trends combined with our financial strength make us well positioned to continue to grow our top line and further enhance operating performance in the future."

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