Bassett Reports Fiscal Third Quarter Results
Key Highlights
- ➤Revenue $82.8M, up 3.4% year over year.
- ➤Operating income $2.8M, versus $0.6M prior year.
- ➤Diluted EPS $0.24, versus $0.09 prior year.
- ➤Gross margin 57.5%, up 130 basis points year over year.
- ➤Wholesale sales $53.7M, up 5.7% year over year.
Expert Statements
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“We are pleased to report a 3.4% increase in consolidated revenue bolstered by increases in both retail and wholesale sales.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“Operating profit showed nice improvement thanks to sales increases in key product categories, improved expense control, and tariff refunds that offset tariff costs that were embedded in our balance sheet.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“SG&A expenses as a percentage of sales, excluding new store pre-opening costs associated with the Orlando store planned to open this week, decreased 150 basis points.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“Written retail sales increased 4.4%, continuing the positive momentum from the second quarter in spite of one less week of the Labor Day promotion in the quarter compared to last year.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“We were especially pleased that for the full four-week Labor Day promotion, written sales increased 9% over last year, which kicked off a good start to the fourth quarter.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“Wholesale orders were up nicely, showing a 7.9% increase.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“All wholesale channels showed a sales increase, with the Lane Venture brand up almost 29%.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“Continuing the trend of double-digit increases in the past two years, e-commerce written sales were up 48% this quarter.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“We are very excited to debut our new 44,000-square-foot showroom at the High Point Market on October 15th.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“Looking forward, we’re continuing to execute our plan that is focused on growing sales and profitability, as well as improving operating efficiency.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“We plan to be more aggressive on Black Friday promotions to drive traffic at retail and via the website.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“As for challenges, housing slowness and even higher mortgage rates remain a drag on our industry.”
Rob Spilman, Chairman and CEO of Bassett Furniture Industries
“We’re watching the impact of global issues on our business and are optimistic that we can effectively manage through these challenges in the fourth quarter.”
BASSETT, Va., Sept. 30, 2026 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported today its results of operations for its third quarter ended August 29, 2026.
Q3 Consolidated Business Highlights: [FY 26 vs. FY 25, unless otherwise specified] * Revenues increased 3.4% over the prior year quarter. * Received $2.8 million in tariff refunds from U.S. Customs and Border Protection as a result of the U.S. Supreme Court’s February 2026 decision invalidating the tariffs imposed by the President in 2025 under The International Emergency Economic Powers Act of 1977 ("IEEPA"). Of this amount, $1.0 million was recorded as an increase in gross profit for the quarter, with additional amounts to be recorded primarily in the fourth quarter of 2026. Tariff costs are capitalized into inventory at the time they are incurred and subsequently recorded in the income statement when those goods are sold to a third party. The high tariff costs recognized in the quarter were substantially offset by the refund income that the Company recorded. Bassett imports less than 25% of its products. * Operating income was $2.8 million or 3.4% of sales as compared to operating income of $0.6 million or 0.7% of sales for the prior year quarter. * Gross margin of 57.5% represented a 130-basis point increase over the prior year due primarily to higher margins in the wholesale business from the previously discussed IEEPA tariff refund, partially offset by lower margins in the retail business. * Selling, general and administrative (SG&A) expenses excluding new store pre-opening costs, were 53.9% of sales, 150 basis points lower than the prior year. * Diluted earnings per share were $0.24 compared to $0.09 per share in the prior year period. * Generated $6.1 million of cash from operating activities for the quarter. Fiscal 2026 Third Quarter Overview (Dollars in millions)
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