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Bassett Furniture Industries Incorporated (BSET-2.45%) has submitted its annual report on Form 10-K filing for the fiscal year ended November 30, 2024.
The filing reports a decrease in net sales to $329.9 million from $390.1 million in the previous year, attributed to reduced wholesale shipments and retail sales.
Gross profit for the year was $179.4 million, a decrease from $206.5 million in 2023, with a gross margin increase to 54.4% from 52.9% due to improved margins in certain product lines.
The company reported a net loss of $9.7 million for the year, compared to a net loss of $3.2 million in the previous year, primarily due to asset impairment charges and restructuring costs.
Bassett recognized non-cash charges for asset impairments totaling $5.5 million, including impairments related to retail store leasehold improvements and the Noa Home trade name.
Selling, general, and administrative expenses decreased to $187.5 million from $205.2 million, reflecting cost management and reduced advertising expenses.
The company completed the liquidation of its Noa Home subsidiary, resulting in a loss upon realization of cumulative translation adjustments of $962,000.
Bassett's wholesale segment reported net sales of $207.5 million, a decrease from $248.9 million, with a gross margin of 32.8%, up from 31.1% in the prior year.
Retail sales from company-owned stores were $204.6 million, down from $235.9 million, with a gross margin improvement to 53.2% from 52.6%.
The company has a credit facility with a line of credit up to $25 million, with $6 million outstanding under standby letters of credit.
Bassett declared and paid dividends totaling $6.7 million during the year and repurchased 101,305 shares of stock for $1.4 million.
The company expects capital expenditures for fiscal 2025 to be between $8 million and $12 million, focusing on store remodeling and technology enhancements.
Bassett continues to face market risks related to foreign currency fluctuations, raw material costs, and commercial real estate conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bassett Furniture Industries Incorporated annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.