Bassett Furniture Industries, Inc. (NASDAQ: BSET) announced its financial results for the first quarter ending February 28, 2026, revealing a 2.2% decrease in revenues compared to the same quarter last year. The company reported revenues of $80.3 million, down from $82.2 million in the prior year. Operating income also saw a significant decline, falling to $1.2 million, or 1.4% of sales, compared to $2.5 million, or 3.0% of sales, in the previous year. The gross margin decreased by 80 basis points to 56.2%, attributed to lower margins in both wholesale and retail segments. Selling, general, and administrative expenses rose to 54.7% of sales, reflecting reduced leverage of fixed costs due to lower sales levels. The diluted earnings per share were reported at $0.13, down from $0.21 in the prior year. The company utilized $5.5 million in cash for operating activities during the quarter, which is typically the slowest period for cash generation due to seasonal factors. Bassett's Chairman and CEO, Rob Spilman, commented on the challenges faced during the quarter, including a slowdown in business mid-January and adverse weather conditions impacting operations. Despite these challenges, the company remains committed to its growth strategy, with plans for new store openings and investments in e-commerce, which saw a 28% increase in sales during the quarter. Bassett will hold a conference call on April 2, 2026, to discuss these results further.

Press Release distribution

National Press Distribution across U.S. Media. Direct Access to Key Decision Making Editors.