Bassett declares lower sales levels results for Q3
31 Aug '06
3 min read
Bassett Furniture Industries Inc announced that its third quarter earnings will be negatively impacted by lower sales levels and slightly reduced margins, compared to the year ago period.
"Like many other retailers, we have seen a softening in consumer traffic as higher interest rates and higher gasoline prices are obviously having an impact on the discretionary spending of many consumers," said Robert H. Spilman Jr., Bassett's president and chief executive officer. "We have several marketing and merchandising initiatives underway which we believe will positively impact Bassett's sales performance in future months."
These initiatives include the following:
-- Consumer Catalog - Bassett launched its first-ever catalog targeted directly at consumers. Last week, the 84-page book was shipped to 1.2 million households in 21 markets across the United States. The primary purpose of the catalog is to drive consumers to the stores, with secondary goals of improving the Company's overall brand image, brand preference and website traffic. Consumers will be able to log on to Bassett's website, bassettfurniture.com, to view the catalog and to request a hard copy through the mail.
-- Commitment to Quick Delivery - The Company announced this month to its Bassett Furniture Direct store network a new shipping and selling plan to deliver its most popular stock products to consumers within 10 days and certain made to order products in 30 days.
-- New Product Introductions - New products focusing on bedroom and upholstery groups in the Company's core middle-price point category will be introduced during the High Point Furniture Market in October.
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