BASSETT, VA -- Bassett Furniture Industries Inc. announced consolidated sales for the third quarter ended August 28, 2010 were $58.5 million as compared to $57.7 million for the quarter ended August 29, 2009, an increase of 1.5%.
Gross margins for the third quarter of 2010 and 2009 were 45.5% and 45.1%, respectively. Bassett said the margin increase was primarily a result of the retail segment's increased share of the overall sales mix, as well as improved margins in the company-owned stores.
"The company grew quarterly wholesale sales on a year over year basis for the first time in four years," said Robert H. Spilman Jr., president and CEO. "However, actions that we have taken over the course of the year to position the company for the future adversely affected our performance for the period. In particular, losses from newly acquired stores and the costs associated with opening two new stores temporarily slowed the pace of progress shown by our Corporate Retail Division."
Read Bassett Furniture's press release.
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