Bassett Announces Fiscal First Quarter Results and Exit of Juvenile Line of Business

About this update from Bassett Furniture Industries, Incorporated

[{"type":"text","content":"BASSETT, Va., April 04, 2019 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its fiscal quarter ended March 2, 2019.Fiscal 2019 First Quarter Highlights(Dollars in millions)Due to the Company's fiscal calendar, the first quarter of 2019 consisted of 14 weeks as compared to 13 weeks for the first quarter of 2018. Net income for the quarter was $0.6 million or $0.06 per diluted share as compared to a net loss of $0.9 million or $0.09 per diluted share for the prior year quarter. Included in the consolidated operating income for the quarter ended March 2, 2019 was a $0.8 million charge associated with an early retirement program and a $0.4 million inventory valuation charge associated with the exit of the juvenile furniture line of business. Excluding the effects of these items, operating income would have been $2.2 million or 1.8% of sales and net income would have been $1.5 million or $0.14 per diluted share. In addition, the Company recorded a $2.2 million non-cash tax charge in the quarter ended February 24, 2018 from the remeasurement of the Company's deferred tax assets due to the reduction in Federal corporate income tax rates enacted during that quarter. Excluding that charge, net income would have been $1.3 million or $0.12 per diluted share for the first quarter of 2018.\"Partially aided by an additional week in the period, consolidated revenue grew by 9.6% in the first three months of fiscal 2019,\" commented Robert H. Spilman Jr., chairman and chief executive officer. \"The successful introduction of our redesigned HGTV Design Studio by Bassett custom upholstery program highlighted our sales increase and solidifies the future of our most important product category. And, as a result of new stores opened over the past few quarters, retail sales grew by 7.7% to $69.6 million.\"Despite the positive sales momentum, the quarter was complicated,\" continued Spilman. \"Starting in December, we opened four new corporate stores, re-positioned another, and opened a new licensee store in Boise, Idaho. Corporate retail also assumed the operation of the remaining Zenith home delivery centers in local Bassett retail markets to assure better service for our corporate retail customers. New store startup expense, floor sample liquidation in preparation for the custom uph...

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