BASSETT, Va. - Bassett Furniture Industries, Inc. reached $106.9 million for the first quarter of 2016, up 15 percent. Excluding the sales from Zenith Freight Lines, LLC, acquired late in the first quarter of fiscal 2015, consolidated sales increased 3.2 percent.
Operating income for the quarter was $5.8 million, double the year ago period. Wholesale sales were $59.6 million for the first quarter of 2016 compared to $58.8 million for the first quarter of 2015, an increase of 1.3%. Wholesale operating profit was $4.4 million or 7.4% of sales as compared to $2.9 million or 5.0% of sales for the prior year quarter.
Zenith sales of $24.7 million for the quarter was $3.2 million.
"We were pleased with posting a 101% increase in operating income for the first quarter of fiscal 2016," commented Robert H. Spilman Jr., CEO. "To support future growth, we began production at our new upholstery factory in Texas, upgraded our trucking fleet, and purchased new machinery in both of our domestic wood manufacturing facilities during the quarter.
"Wood sales were driven by growth in our recently introduced domestic Bench Made product line and by increases in shipments of our imported wood products, both of which more than offset the discontinuance of our open market HGTV Home Furniture Collections at the end of fiscal 2015," Spilman said.
Have something to say? Share your thoughts with us in the comments below.