BASSETT, VA – Bassett Furniture Industries Inc. reported a net loss of $2.4 million for the second quarter of 2007. Sales were $75.4 million, down 14% from the $87.7 million sold in the second quarter of 2006. The company attributed the shortfall primarily to continued soft furniture retail conditions.
Robert Spilman Jr., Bassett president and CEO, said, “These are truly difficult times for our industry and our results for the second quarter reflect that. We continue to believe the initiatives we have in place to improve our store program combined with actions we have and are taking to reduce our cost structure will make us a better company and coupled with a better overall retail environment should lead to improved operating results. An additional challenge will be repositioning our upholstery fabric line in light of the recent financial difficulties of two of our four key suppliers.”
Have something to say? Share your thoughts with us in the comments below.