Bassett Furniture Posts Another Profitable Quarter
July 5, 2012 | 10:09 am CDT

BASSETT, VA - Bassett Furniture Industries Inc. posted an $8.0 million profit for its second quarter ended May 26, bolstered by its proceeds from the antidumping action against imported Chinese wood bedroom furniture. The company posted a $14.3 loss for the same period last year.

It was the second straight profitability for the residential furniture maker. Bassett Furniture reported a first quarter profit of $200,000 vs. a $7.2 million loss to kick off 2011.

Bassett Furniture's big Q2 profit swing came on consolidated sales of $67.5 million, up 1.8% from Q2 2011. In addition to posting net income of $1.6 million on continuing operations, the company benefited from the receipt of $9 million in antidumping duties from the Continued Dumping and Subsidy Offset Act of 2000.

"Our second quarter was highlighted by an overall sales increase and an increase in consolidated operating profit," said Robert Spilman Jr., president and CEO of Bassett Furniture Industries. "Perhaps more significantly, our corporate retail division generated its first-ever operating profit. Moving forward, we will continue to vigorously pursue our strategies designed to grow the company through sales to our store network, independent accounts, and our new partnership with HGTV."

Bassett Furniture operates 50 company-owned retail stores and 37 leased stores. They accounted for sales of $42.8 million in Q2 compared to $$38.0 million in Q2 2011.

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