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Bassett's Comfy Q2

BASSETT, VA-Custom furniture retailer Bassett Furniture Industries reports a 37% increase in net income.

By Dana Dubriwny | Updated on June 29, 2005

BASSETT, VA-Sales for Bassett Furniture Industries Inc.’s second quarter ending May 28, were $83.1 million, up 3.4% from second quarter 2004 levels. This was led by a $9 million or 22% increase in shipments to Bassett Furniture Direct (BFD) stores.

Bassett, which provides custom-built furniture that is ready for delivery in the home within 30 days, reported a net income for the quarter of $2.6 million or 22 cents per share compared to net income of $1.9 million or 16 cents per share in the second quarter of 2004. Year-to-date, net income for 2005 is $4.9 million or 42 per share, which compares to $3.4 million or 30 cents per share in 2004.

When the company included a $2.5 million pretax impairment charge for the previously announced acquisition and consolidation of eight BFD stores in Dallas, TX, net income for the quarter was reported at $1 million or 9 cents per share.

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