Bassett Reports Fiscal Year 2025 Third Quarter Results

Core Insights - Bassett Furniture Industries, Inc. reported a 5.9% increase in consolidated sales for Q3 2025 compared to Q3 2024, reaching $80.1 million [1][5] - The company achieved an operating income of $0.6 million, a significant improvement from a loss of $6.4 million in the prior year [1][5] - Gross margin improved by 320 basis points to 56.2%, driven by better margins in the wholesale segment [5] Financial Performance - Consolidated sales for Q3 2025 were $80.1 million, up from $75.6 million in Q3 2024, marking a $4.5 million increase [1] - Wholesale sales increased by 6.2% to $50.8 million, while retail sales rose by 9.8% to $51.9 million [1] - Operating income was $0.6 million, or 0.7% of sales, compared to a loss of $(6.4) million, or -8.4% of sales, in the previous year [1][5] Cost Management - Selling, general, and administrative expenses decreased to 55.4% of sales, down 420 basis points from the prior year, reflecting cost containment efforts [5] - The company reported a gross profit of $44.994 million, representing 56.2% of net sales, compared to 53.0% in the prior year [8] Earnings and Shareholder Returns - Diluted earnings per share for Q3 2025 were $0.09, a recovery from a loss of $(0.52) per share in Q3 2024 [5][9] - The company declared cash dividends of $5.21 million during the nine months ended August 30, 2025 [15] Strategic Initiatives - The CEO highlighted the introduction of new products and aggressive marketing strategies as key factors in navigating a challenging home furnishings market [3] - The company emphasized its U.S. manufacturing capabilities, which enhance its ability to serve both wholesale and retail customers [3]