Bassett Furniture Industries Inc BSET reported a third-quarter FY23 sales decline of 26% year-on-year to $87.22 million, beating the analyst consensus estimate of $86.95 million.
Sales from Wholesale fell 28%% Y/Y, and Retail decreased by 26%.
Gross margin expanded 10 basis points to 51.6%. Selling, general and administrative expenses dropped 10.6% Y/Y to $48.8 million.
The operating loss for the quarter totaled $(3.8) million compared to an operating income of $10.6 million.
EPS of $(0.30) beat the consensus of $(0.58).
Bassett Furniture held $65.8 million in cash and equivalents as of August 26, 2023. Operating cash flow for nine months totaled $10.2 million.
"We first began to see signs of a slowdown in the third quarter of 2022 and this year's period represented another 4.6% decline in wholesale orders," said Chairman and CEO Robert H. Spilman.
"Despite this softness, we continue to maintain a strong balance sheet while executing on the elements of our growth plans with the expectation of returning to profitability."
Price Action: BSET shares are trading higher by 1.77% at $14.40 on the last check Thursday.
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