Bassett Furniture Industries, Incorporated Reports Earnings Results for the Third Quarter and Nine Months Ended August 26, 2023
September 28, 2023 at 09:00 am EDT
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Bassett Furniture Industries, Incorporated reported earnings results for the third quarter and nine months ended August 26, 2023. For the third quarter, the company reported net loss was USD 2.59 million compared to net income of USD 7.63 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to basic earnings per share from continuing operations of USD 0.84 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to diluted earnings per share from continuing operations of USD 0.84 a year ago. Basic loss per share was USD 0.3 compared to basic earnings per share of USD 0.82 a year ago. Diluted loss per share was USD 0.3 compared to diluted earnings per share of USD 0.82 a year ago.
For the nine months, net income was USD 0.93 million compared to USD 60.32 million a year ago. Basic earnings per share from continuing operations was USD 0.11 compared to USD 2.08 a year ago. Diluted earnings per share from continuing operations was USD 0.11 compared to USD 2.08 a year ago. Basic earnings per share was USD 0.11 compared to USD 6.34 a year ago. Diluted earnings per share was USD 0.11 compared to USD 6.34 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.