Bassett Furniture Industries Q3 Loss Widens

Bassett Furniture Industries

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(RTTNews) - Bassett Furniture Industries Inc. (BSET) reported that its net loss for the third quarter ended August 31, 2024 widened to $4.51 million or $0.52 per share from $2.59 million or $0.30 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

"The third quarter is historically our slowest as we customarily shut down manufacturing for the week of July 4th," said Robert Spilman, Jr., Bassett Chairman and Chief Executive Officer.

Net sales of furniture and accessories for the quarter declined to $75.62 million from last year's $87.22 million, impacted by a cyber incident that suspended all financial systems and manufacturing for 7 days. Analysts expected revenue of $ 80.0 million for the quarter.

In addition, the company declared a regular quarterly dividend of $0.20 per share of common stock, payable on November 29, 2024, to shareholders of record at the close of business on November 15, 2024. This dividend represents an 11% increase over the prior year's quarterly dividend.

The Company made progress on the restructuring plan announced in July to lower its cost structure and to strengthen operations for topline growth. The five-point plan will be completed by the end of the fourth quarter. Through its restructuring plan, the company is on target to improve its bottom-line between $5.5 million and $6.5 million on an annual basis. It is committed to returning to profitability.

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