Bassett Furniture Posts Q4 Earnings Above Street View

Bassett Furniture Industries Inc BSET reported fourth-quarter FY22 sales growth of 5.8% year-on-year to $121.02 million, beating the consensus of $111.60 million.
Sales from Wholesale fell 1.6% Y/Y, and Retail increased by 14.9%.
Gross margin expanded 240 basis points to 53.1%. Selling, general and administrative expenses rose 12% Y/Y to $57.5 million.
The operating margin contracted Y/Y from 5.8% to 5.5%, and operating income for the quarter rose 1% to $6.7 million.
EPS from continuing operations of $0.61 beat the consensus of $0.37.
Bassett Furniture held $79.3 million in cash and equivalents as of Nov. 26, 2022.
Net cash used in operating activities for the year ended Nov. 26, 2022, totaled $(2.9) million.
The company noted FY23 has started off slowly from a wholesale order standpoint, with quarter-to-date written sales off 20% compared to the solid pace experienced last year.
Price Action: BSET shares are trading higher by 3.15% at $18.68 on the last check Tuesday.
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