Home / Knowledge / News / Textiles / Bassett Q1'FY14 net sales decline
Bassett Q1'FY14 net sales decline
04
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.
 

Bassett


Interviews View All

Rashi Menda, Zapyle

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Arvind Saraf, Triveni Sarees

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Yogesh Kanani,

Yogesh Kanani

Incorporated in 1999, Purani Textiless Private Limited is a leading...

Cong Zheng,

Cong Zheng

The China Textile Machinery Association (CTMA) is a social-economic...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

Leave your Comments


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search