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Bassett Furniture Industries Incorporated (BSET) has submitted its 10-Q filing for the quarterly period ended March 1, 2025.
The filing includes financial statements for the quarter, showing net sales of $82,162,000 compared to $86,554,000 in the same quarter the previous year. The decrease is attributed to an additional week in the prior year quarter.
Cost of sales for the quarter was $35,332,000, representing 43% of sales, compared to 44.7% in the same quarter of the previous year. This reflects improved margins in the wholesale segment.
The company reported a gross profit of $46,830,000 for the quarter, compared to $47,867,000 in the previous year, with the decline attributed to the additional week in the prior year.
Selling, general, and administrative expenses decreased to $44,375,000 from $50,224,000, primarily due to cost reductions implemented in the second half of fiscal 2024.
Net income for the quarter was $1,854,000, compared to a net loss of $1,193,000 in the previous year. Basic and diluted earnings per share were $0.21, compared to a loss per share of $0.14 in the previous year.
Cash used in operating activities was $52,000, while cash used in investing and financing activities was $882,000 and $2,555,000, respectively.
Bassett had a working capital of $69,103,000 as of March 1, 2025. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including the Eighth Amended and Restated Credit Agreement with Truist Bank.
Bassett does not anticipate significant changes to its critical accounting policies and estimates from the previous fiscal year.
The company continues to focus on its wholesale and retail operations, with improvements in manufacturing efficiency and cost management strategies.
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 quarterly 10-Q report dated April 3, 2025. To report an error, please email earnings@qz.com.