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Bassett Reports Fiscal Fourth Quarter Results
BSETBassett(BSET) GlobeNewswire·2025-01-29 21:27

Core Insights - Bassett Furniture Industries, Inc. reported a consolidated sales decline of 11% in Q4 2024 compared to Q4 2023, with total sales of 84.3million[1][5]−ThecompanyreturnedtoprofitabilityinQ42024,achievingdilutedearningspershareof84.3 million [1][5] - The company returned to profitability in Q4 2024, achieving diluted earnings per share of 0.38, compared to a loss of 0.47inthesamequarterofthepreviousyear[3][5]−Grossmarginimprovedto56.60.47 in the same quarter of the previous year [3][5] - Gross margin improved to 56.6%, driven primarily by better margins in the wholesale segment [5][6] Financial Performance - Consolidated sales for Q4 2024 were 84.3 million, down from 94.7millioninQ42023,reflectingadecreaseof94.7 million in Q4 2023, reflecting a decrease of 10.4 million or 11% [1][16] - Operating income for Q4 2024 was 0.9million,whichincludeda0.9 million, which included a 1.0 million charge for cumulative translation losses and a 0.4millionrestructuringcharge[1][5]−Thewholesalesegmentsawsalesof0.4 million restructuring charge [1][5] - The wholesale segment saw sales of 52.3 million, down 13.7% from 60.6millioninQ42023,whileretailsaleswere60.6 million in Q4 2023, while retail sales were 53.1 million, down 8.3% from 57.9million[1][16]StrategicInitiatives−Thecompanyundertookarestructuringplanaimedatright−sizingthebusiness,whichcontributedtothereturntoprofitability[3]−Bassettisfocusingonoperatingefficiency,coststructureoptimization,andinnovationinproductlinesandmarketingstrategiestoenhancecustomervalue[3][5]−Thecompanyispositioningitselfforfuturegrowth,anticipatingaturnaroundinthehousingindustry[3]SegmentInformation−Wholesalesalestoexternalcustomerswere57.9 million [1][16] Strategic Initiatives - The company undertook a restructuring plan aimed at right-sizing the business, which contributed to the return to profitability [3] - Bassett is focusing on operating efficiency, cost structure optimization, and innovation in product lines and marketing strategies to enhance customer value [3][5] - The company is positioning itself for future growth, anticipating a turnaround in the housing industry [3] Segment Information - Wholesale sales to external customers were 30.3 million in Q4 2024, down from 35.0millioninQ42023[16]−Retailsalesforthesameperiodwere35.0 million in Q4 2023 [16] - Retail sales for the same period were 53.1 million, compared to 57.9millioninthepreviousyear[16]−CorporateandOthersegment,whichincludesNoaHomeInc.,reportedsalesof57.9 million in the previous year [16] - Corporate and Other segment, which includes Noa Home Inc., reported sales of 1.0 million, down from 1.8million[1][16]CashFlowandBalanceSheet−Thecompanygenerated1.8 million [1][16] Cash Flow and Balance Sheet - The company generated 6.4 million in operating cash flow during the quarter [5] - Total assets decreased to 341.2millionasofNovember30,2024,downfrom341.2 million as of November 30, 2024, down from 370.4 million a year earlier [11][13] - Cash and cash equivalents at the end of the period were 39.6million,comparedto39.6 million, compared to 52.4 million at the end of the previous year [11][14]