By Grace Yoon
Bassett Furniture Industries posted a higher profit in its latest quarter helped by an increase in retail sales.
The furniture manufacturer and retailer on Wednesday posted second-quarter net income of $2.04 million, or 24 cents a share, compared with $1.92 million, or 22 cents a share, in the same period a year ago.
Revenue edged lower by 0.7% to $83.8 million. Wholesale sales declined 2%, and retail sales rose 2.4%.
While there was lower demand in the housing market the company's retail business was stronger, and Bassett's Memorial Day event boosted sales and traffic, Chief Executive Officer Robert Spilman said.
Digital marketing and direct mail were important in driving traffic to stores and the company's website, Spilman said.
The furniture industry is contending inflation and economic uncertainty that has pushed down consumer demand. In April, Wayfair reported that people were spending less on furniture due to higher energy and fuel prices. La-Z-Boy said recently it still had a measured view of the external environment despite logging a higher profit.
Write to Grace Yoon at grace.yoon@wsj.com