
• Reported GAAP EPS of $0.13 down -38.10% YoY • Reported revenue of $80.34M down -2.22% YoY • Bassett Furniture Industries expects several initiatives to save an additional $1.5M to $2M annually, with these savings beginning late in the second fiscal quarter.
Bullish
Bassett Furniture Industries is investing in growth initiatives and saw e-commerce sales increase 28%, with strong President's Day event sales and Casegoods segment growth.
Bearish
Bassett Furniture Industries experienced a 2.2% revenue decrease and 80-basis point gross margin decline due to lower sales and a weak residential housing market.