Apr. 3 at 1:04 PM
$BSET
Bassett Furniture Industries reported its Q1 FY25 results, showing improved profitability despite lower revenues.
Sales decreased 5.1% to
$82.2 million compared to the 14-week Q1 FY24, but when normalized for the extra week, sales increased 2.2%.
The company achieved operating income of
$2.5 million (3.0% of sales) compared to a loss of $(2.4) million in the prior year.
Gross margin improved to 57.0%, up 170 basis points, driven by better wholesale margins.
Selling, general and administrative expenses decreased to 54.0% of sales, 400 basis points lower than the prior year, reflecting benefits from the 2024 restructuring plan.
Diluted earnings per share reached
$0.21, compared to a loss of $(0.14) in Q1 FY24.
The company maintains focus on cost efficiency and product innovation to address tepid demand in the home furnishings market.
