BASSETT, VA - Bassett Furniture Industries Inc.'s first quarter operating profit moved into the black even as its consolidated sales decreased 5.1%.
Bassett Furniture posted a Q1 profit of $200,000 versus a $7.2 million loss for the same period one year ago. Consolidated sales declined to $61 million, reflecting the company's "strategic store closings" during and since Q1 2011.
"(T)he 7.3% decline in wholesale shipments for the quarter was attributable to fewer shipments to BHF (Bassett Home Furnishings) licensees," said Robert Spilman. "On the other hand, wholesale shipments to furniture retailers outside of the Bassett store network grew by 11%. Future wholesale growth should result from continued improvement in comparable corporate retail performance, new store openings, and from the introduction of the HGTV Design Studio and HGTV Home Furniture Collection lines this fall."
Bassett is in the process of opening a HGTV dedicated showroom in High Point and has opened a new wholesale showroom at the World Market Center in Las Vegas.
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