Home / Knowledge / News / Textiles / Bassett Q1'FY14 net sales decline
Bassett Q1'FY14 net sales decline
Apr '14
Bassett Furniture Industries, Inc. announced its results of operations for its fiscal quarter ended March 1, 2014.
Fiscal 2014 First Quarter Highlights
Consolidated sales were $75.6 million for the first quarter of 2014 compared to $79.8 million for the first quarter of 2013. Normalizing for the extra week in the first quarter of 2013, consolidated sales increased 2.0% in 2014 as compared to 2013.
Four new Bassett Home Furnishings (BHF) stores were opened (Ft. Worth, TX, Annapolis, MD, Westport, CT and Burlington, MA).
Operating income for the quarter was $1.1 million or 1.4% of sales, a decrease of $1.3 million from the prior year quarter. The current year quarter included an additional $0.9 million in new store related costs as compared to the prior year quarter.
Normalizing for the extra week in 2013, wholesale sales increased 2.0% compared to the prior year quarter.
Normalized Company-owned store delivered sales increased 1.6% compared to the prior year quarter, including a 0.6% increase from the 52 comparable stores.
On a consolidated basis, the Company reported net sales for the first quarter of 2014 of $75.6 million as compared to $79.8 million for the first quarter of 2013. Because of the Company's fiscal calendar, the prior year quarter consisted of 14 weeks compared to 13 weeks for the current year quarter. 
On an average weekly basis, consolidated net sales increased 2.0%. Operating income decreased to $1.1 million from $2.4 million driven primarily by higher new store related costs (both pre- and post-opening), as the Company opened four new stores during the quarter. 
Also contributing to the decrease were lower margins in the wholesale operation and reduced leverage of fixed costs due to one less week of sales in the current quarter. 
Other income (loss), net improved from a loss of $0.7 million in 2013 to income of $0.3 million in 2014 due primarily to the recognition of $0.7 million of death benefits from life insurance policies covering a former executive and a $0.1 million gain resulting from the recovery of a portion of the Company's investment in a hedge fund which was fully impaired in 2012. 
The Company recorded net income of $0.8 million or $0.08 per diluted share for the first quarter of 2014 compared to $1.0 million or $0.09 per share for 2013.
Click here to view full results.


Must ReadView All

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Textiles | On 26th Apr 2017

Gap, Athleta to increase use of sustainable fibres

Gap, one of the world's most iconic apparel and accessories brand and ...

Courtesy: Christian Dior

Fashion | On 25th Apr 2017

LVMH to acquire Christian Dior Couture for €6.5bn

LVMH and Christian Dior, which holds directly and indirectly 41 per...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search