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published in Blogs
Jun 30, 2022
Bassett Furniture (BSET, $17.13) beats fiscal Q2 earnings expectations

Bassett Furniture (BSET, $17.13) beats fiscal Q2 earnings expectations

Bassett Furniture Industries Inc. reported fiscal second-quarter earnings of  $0.81 per share that exceeded the consensus of $0.45.

Revenue grew + 17% year-on-year to $128.71 million, exceeding  the consensus of $117.38 million.

Wholesale sales climbed +15.3% Y/Y, while Retail increased by +21%.

Gross margin fell -70 basis points to 51.2%. However, the operating margin widened from 6.4% in the year-ago period  to 8.6% in the quarter.  Operating income for the quarter surged +55.4%  year-over-year to $11 million.

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