Bassett Announces Fiscal Fourth Quarter Results

About this update from Bassett Furniture Industries, Incorporated

[{"type":"text","content":"BASSETT, Va., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its fourth quarter ended November 25, 2023. Fiscal 2023 Fourth Quarter Highlights (Dollars in millions) Sales Operating Income (Loss) 4th Qtr Dollar% 4th Qtr% of 4th Qtr% of 2023 2022 ChangeChange 2023 Sales 2022 SalesConsolidated (1)$94.7$121.0 $(26.3)-21.7% $(4.5)-4.8% $6.7 5.5% Wholesale$60.6$74.6 $(14.0)-18.8% $8.4 13.9% $10.3 13.8% Retail$57.9$74.5 $(16.6)-22.3% $0.2 0.3% $5.5 7.4% Corporate & Other (2)$1.8$2.0 $(0.2)-10.0% $(7.8)N/A $(9.4)N/A (1) Our consolidated results include certain intercompany eliminations. See Table 4, “Segment Information” below for an illustration of theeffects of these items on our consolidated sales and operating income. (2) Corporate and Other includes the operations of Noa Home Inc. for 2023 along with the shared Corporate costs that are benefiting boththe Wholesale and Retail segments. This represents a change in our segment presentation from prior year periods. Previously, those sharedCorporate costs had been included in the Wholesale segment and the operations of Noa Home Inc. were included in the Retail segment.Prior period results have been restated to conform to the current presentation. The comparison to last year’s pandemic-fueled results plagued us again in our fourth quarter as consolidated sales fell by 21.7% resulting in considerably reduced operating results. Due to a noncash goodwill impairment charge discussed below, we recorded a loss for the quarter. Excluding the charge, the GAAP reported earnings per share of ($0.47) would have been $0.15 as compared to $0.61 in the fourth quarter of 2022. Year over year comparisons will be more favorable as 2024 unfolds but the difficult sales environment for home furnishings persists for the moment. That said, we improved our quarterly gross margin to 54.3% and produced an operating profit for the period if you exclude the goodwill impairment charge. We strengthened our balance sheet by virtue of generating $8.4 million of operating cash flow, ending the quarter with $70.2 million in cash and cash equivalents and no debt. We paid our regular quarterly dividend of $0.18 per share on November 24, 2023, and on January 11th our Board of Directors approved the next installment payable on March 1, 2024. ...

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