Bassett Furniture Industries Q2 Earnings Top Estimates

  • Bassett Furniture Industries Inc BSET reported second-quarter FY22 sales growth of 17% year-on-year, to $128.71 million, beating the consensus of $117.38 million.
  • Sales from Wholesale rose 15.3% Y/Y, and Retail increased by 21%.
  • Gross margin compressed 70 basis points to 51.2%.
  • Selling, general and administrative expenses rose 9.8% Y/Y to $54.9 million.
  • The operating margin expanded Y/Y from 6.4% to 8.6%, and operating income for the quarter rose 55.4% to $11 million.
  • Bassett Furniture held $89.3 million in cash and equivalents as of May 28, 2022. Net cash used in operating activities for the six months totaled $(8.9) million.
  • Normalized EPS of $0.81 beat the consensus of $0.45.
  • Price Action: BSET shares are trading higher by 5.03% at $17.11 on the last check Thursday.
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