Bassett Furniture reported second-quarter results for the period ended May 30, 2026, with consolidated net sales of $83.8 million and operating income of $2.2 million. Net income for the quarter was $2.0 million and diluted earnings per share were $0.24. The company generated $7.4 million of cash from operating activities during the quarter.
Financial Highlights
- Revenue (Consolidated net sales): $83.8 million for the quarter ended May 30, 2026.
- Gross profit: $47.3 million, representing a gross margin of 56.5%.
- Operating income: $2.2 million (2.7% of sales) for the quarter; prior-year quarter operating income was $2.5 million (3.0% of sales).
- Net income: $2.0 million for the quarter ended May 30, 2026.
- Basic and diluted earnings per share: $0.24 for the quarter.
Business Highlights
- Wholesale sales were $53.1 million and retail sales were $55.5 million on a segment basis (consolidated net sales reflect intercompany eliminations).
- Gross margin improvement driven primarily by higher margins in the wholesale business, partially offset by lower retail margins.
- Retail momentum in the quarter improved toward the end of the period; Memorial Day event produced a 14% increase in written sales and 4% higher traffic versus last year, with trends continuing into June.
- E-commerce written sales rose 40% with average order value up 24%; web traffic showed the first positive quarter-over-quarter performance since last year’s second quarter.
- Company executing initiatives to improve operating efficiency, including planned annual SG&A reductions of $1.5 million to $2.0 million to be fully realized by fiscal year end.
Original SEC Filing:
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