Home / Knowledge / News / Textiles / Bassett Q2'FY14 sales rise 4.9% to $85.2mn
Bassett Q2'FY14 sales rise 4.9% to $85.2mn
02
Jul '14
Bassett Furniture Industries, Inc. announced its results of operations for its fiscal second quarter ended May 31, 2014.
 
Fiscal 2014 Second Quarter Highlights
-Consolidated sales were $85.2 million for the second quarter of 2014 compared to $81.2 million for the second quarter of 2013, an increase of 4.9%.
-Operating income for the quarter was $3.9 million or 4.6% of sales as compared to $3.4 million or 4.2% of sales for the prior year quarter.
-Wholesale operating profit increased to $4.3 million or 7.6% of sales as compared to $2.8 million or 5.3% of sales for the prior year quarter.
-Net income increased to $2.6 million or $0.24 per diluted share as compared to $2.0 million or $0.18 per diluted share. The current year quarter included $0.7 million in new store related losses as compared to $0.2 million for the prior year quarter.
-Company-owned store delivered sales increased 3.5% compared to the prior year quarter with comparable store sales essentially flat.
-Opened one new store in Hartsdale, New York and completed a store reposition in Little Rock, Arkansas.
-Generated $8.5 million in operating cash during the second quarter of 2014.
 
On a consolidated basis, the Company reported net sales for the second quarter of 2014 of $85.2 million as compared to $81.2 million for the second quarter of 2013, an increase of $4.0 million or 4.9%. Operating income for the quarter increased $0.5 million to $3.9 million, or 4.6% of sales, primarily due to improved gross margins, partially offset by $0.5 million of higher new store related losses (both pre- and post-opening). The Company reported net income of $2.6 million or $0.24 per diluted share for the second quarter of 2014 compared to net income of $2.0 million or $0.18 per diluted share in the second quarter of 2013.
 
Wholesale Segment                 
Net sales for the wholesale segment were $56.2 million for the second quarter of 2014 as compared to $53.9 million for the second quarter of 2013, an increase of $2.3 million or 4.3%. Wholesale shipments to the open market (outside the Bassett Home Furnishings store network) increased 17% and shipments to the Bassett Home Furnishings store network decreased by 4.0% compared to the prior year quarter. 
 
The Company continues to gain market share in the traditional furniture store channel as recent product offerings have been well received. Sales to the Bassett Home Furnishings store network have continued to be negatively impacted by slower business during the winter months from inclement weather along with overall softness in the demand for wood furniture. Gross margins for the wholesale segment were 33.9% for the second quarter of 2014 as compared to 32.6% for the second quarter of 2013. 
 
Click here to view full results.
 

Bassett


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marcel Alberts
Eurofibers

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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