The company disclosed earnings of $0.24 per share for the latest quarter, compared to $0.22 per share a year earlier. Analysts had projected earnings of $0.20 per share.
The revenue for the quarter reached $83.75 million, down from $84.35 million a year earlier, but surpassed Wall Street expectations of $83.30 million.
In the second quarter, gross margin was 56.5 percent, a 90-basis point increase from the prior year, primarily due to higher margins in the wholesale business, partially offset by lower margins in the retail business.
Operating income for the quarter was $2.2 million, representing 2.7 percent of sales, compared to $2.5 million or 3.0 percent of sales in the prior-year quarter.
Wholesale sales were $53.1 million, a decrease from $54.2 million in the previous year, with operating income of $8.2 million or 15.4 percent of sales, compared to $8.3 million or 15.3 percent of sales a year earlier.
Retail sales increased to $55.5 million from $54.2 million in the prior year, with operating income of $0.1 million or 0.2 percent of sales, compared to $0.5 million or 0.9 percent of sales a year earlier.
Rob Spilman, Bassett Chairman and CEO, stated, “We remain focused on implementing meaningful strategies to strengthen Bassett’s performance while we weather the continued soft housing market. Operating profit on an adjusted basis improved in the second quarter on slightly lower consolidated revenue.”
In after-hours trading, Bassett Furniture Industries is down 10.91 percent to a price of 16.74. During the regular trading session, the stock closed at 18.79, marking a decrease of 2.05 from the after-hours price, and the company’s shares are currently trading within a 52-week range of 13.17 to 19.75.
