Bassett Furniture Shares Gain On Strong Q2 Revenue Growth, Profit Turnaround

  • Bassett Furniture Industries Inc BSET reported second-quarter FY21 revenue of $124.1 million, up 94.51% year-on-year.
  • The increase in sales was mainly driven by a 172% Y/Y rise in wholesale orders.
  • Gross margin of 57.4% expanded by 160 basis points, while the operating margin for the quarter was 6.8%.
  • Net income was $5.9 million, saw a turnaround Y/Y from a loss of $(20.35) million a year ago, translating to an EPS of $0.60.
  • Bassett’s cash and equivalents totaled $45.8 million as of May 29, 2021.
  • “Notwithstanding all the complications of the post-pandemic economy, our wholesale team produced a 7.0% operating margin for the period as our wood, upholstery, and outdoor divisions turned in performances significantly better than 2020 and 2019,” said Robert H. Spilman, Jr, Chief Executive Officer.
  • Price action: BSET shares gained 10.68% at $26.95 on Thursday.
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