-Consumer furniture maker Bassett Furniture says sales at its stores grew 25%, driving an overall revenue rise of 15%. Imports edged up; and it's cash-rich from the sale of the High Point Center.
Bassett's stock has been on an upswing as analysts favored its stability, the return of consumer spending, and the prospects of the cash proceeds from its sale of an interest in the High Point Center furniture exhibition space in North Carolina. In May Bassett announced it had sold its stake in the exhibition center, realizing a pre-tax distribution of approximately $74 million from the sale.
Bassett has also been adapting its furnishing offerings in line with contemporary consumer demands. Most recenly it launched a joint venture with Boston Acoustics, for a line of Nvelop credenzas with built-in electronics, speakers and powerlines for housing sound systems and as a platform for flat screen TVs. Nvelop is offered in cherry, with venting fabric to release sound system heat, in widths up to 75 inches.
In announcing its second quarter earnings, Bassett Furniture said exclusing extrordinary gains and losses from this quarter and the year prior, net income for the quarter ended May 28, 2011 would have been $2.4 million as compared to net income of $0.8 million for the quarter ended May 29, 2010.
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