Virginia,US:Bassett Furniture's sales rose 1.8 percent to US$67.5 million in its second quarter,ended May 26,2012.The company posted a US$1.6 million operating profit versus an operating loss a year ago.
A small part of the profit–about US$100,000–came from the 50 company-owned Bassett Home Furnishings stores.This is the first time the retail operation has ended a quarter with profit.
This marks the fifth consecutive quarter of year-over-year improvement for the segment,according to Bassett's president and CEO,Rob Spilman.
Bassett's net income for the quarter was US$8 million,or 71 cents per share.This was largely due to a US$9 million distribution from the US government of antidumping duties paid by importers of Chinese bedroom furniture.In the comparable quarter last year,net income was US$62.6 million or US$5.39 per share.This was mainly because of an US$85.5 million gain on the sale of the company's interest in High Point's International Home Furnishings Centre.
The company said the latest quarter's operating profit–a turnaround from the US$14.3 million operating loss a year earlier–was attributable to increased gross margins and reduced bad debt,restructuring and other expenses.
Company-owned store sales amounted to US$42.6 million.This was 12.6 percent higher from US$38 million a year earlier.Same-store sales rose 7.9 percent from the previous year.
