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Benzinga
Benzinga
Business
Shivani Kumaresan

Bassett Furniture Industries' Clocks 16% Sales Growth In Q1

BSET Nasdaq
  • Bassett Furniture Industries Inc (NASDAQ:BSET) reported first-quarter FY22 sales growth of 15.9% year-on-year, to $117.9 million, beating the consensus of $109.86 million.
  • Wholesale sales rose 19% to $83.5 million, and Retail sales increased 6.1% to $64.1 million.
  • Gross profit margin for the quarter contracted by 380 basis points to 48.7%.
  • Operating margin remained stable at 5.5%, and operating income for the quarter improved to $6.5 million.
  • The company held $49.6 million in cash and equivalents as of February 26, 2022. Net cash provided by operating activities totaled $2.9 million.
  • Basic EPS of $0.57 improved from $0.40 last year.
  • Price Action: BSET shares are trading lower by 0.18% at $16.60 on the last check Thursday.
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