Bassett Furniture Industries, Incorporated Reports Earnings Results for the Second Quarter and Six Months Ended June 01, 2024
July 10, 2024 at 04:01 pm
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Bassett Furniture Industries, Incorporated reported earnings results for the second quarter and six months ended June 01, 2024. For the second quarter, the company reported net loss was USD 7.2 million compared to net income of USD 2.08 million a year ago. Basic loss per share from continuing operations was USD 0.82 compared to basic earnings per share from continuing operations of USD 0.24 a year ago.
For the six months, net loss was USD 8.39 million compared to net income of USD 3.52 million a year ago. Basic loss per share from continuing operations was USD 0.96 compared to basic earnings per share from continuing operations of USD 0.4 a year ago.
Bassett Furniture Industries, Incorporated is a retailer, manufacturer and marketer of home furnishings. Its products are sold through a network of Company-owned and licensee-owned stores under the Bassett Home Furnishings (BHF) name. Its segments include Wholesale, Retail-Company-owned stores and Corporate and other. The Wholesale segment is involved in the design, manufacturing and sourcing of furniture products that are distributed through its BHF store network (both Company-owned and licensee-owned stores) and various independent retailers. The Wholesale segment includes its wood and upholstery operations, such as Lane Venture. The Retail-Company-owned stores segment consists of 56 BHF stores that provide consumers with a friendly and casual environment for buying furniture and accessories. It also has a traditional wholesale business with over 700 accounts on the open market, across the United States and internationally and a logistics business specializing in home furnishings.