Bassett Furniture Reports Mixed Q3 Earnings

Bassett Furniture Industries Inc BSET reported third-quarter FY21 sales growth of 29.8% year-on-year, to $118.91 million, missing the analyst consensus of $119.50 million.
Sales from Wholesale rose 32.1% Y/Y, Retail increased 21.8%, and Logistical Services grew 19.1%.
Selling, general and administrative expenses rose 18.5% Y/Y to $47.6 million.
The operating margin was 3.8%, and operating income for the quarter rose 63.4% to $4.5 million.
Bassett Furniture held $38.6 million in cash and equivalents as of August 28, 2021. Net cash provided by operating activities for the nine months totaled $13.68 million.
EPS of $0.31 met the analyst consensus estimate.
"Business as usual this year means raw material shortages, escalating labor and commodity costs, severely compromised logistics capabilities, and an unyielding global virus stubbornly persisting at home and in the industry's manufacturing centers in Asia," said CEO Robert Spilman.
Price Action: BSET shares are trading lower by 5.73% at $18.25 on the last check Thursday.

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