Bassett Reports Fiscal Year 2025 Third Quarter Results
Bassett Furniture (Nasdaq: BSET) reported results for the third quarter ended August 30, 2025 showing revenue growth, margin improvement and a return to profitability.
Key highlights: Consolidated sales $80.1M (+5.9% y/y; +7.3% ex-Noa Home), operating income $0.6M vs. loss a year ago, gross margin 56.2% (+320 bps), and diluted EPS $0.09 vs. $(0.52) prior year. The company cited improved wholesale margins, cost containment and US manufacturing strength. A conference call is scheduled for October 9, 2025 at 9:00 AM ET.
Bassett Furniture (Nasdaq: BSET) ha riportato i risultati del terzo trimestre terminato il 30 agosto 2025, mostrando crescita delle entrate, miglioramento dei margini e un ritorno alla redditività.
Principali elementi: Vendite consolidate 80,1 milioni di dollari (+5,9% anno su anno; +7,3% esclusa Noa Home), utile operativo 0,6 milioni di dollari rispetto a una perdita un anno fa, margine lordo 56,2% (+320 pb), e EPS diluito 0,09 dollari rispetto a -0,52 dollari nello stesso periodo dell'anno precedente. L'azienda ha citato margini all'ingrosso migliorati, contenimento dei costi e forza della produzione negli Stati Uniti. È prevista una conference call per il 9 ottobre 2025 alle 9:00 ET.
Bassett Furniture (Nasdaq: BSET) informó resultados del tercer trimestre terminado el 30 de agosto de 2025, mostrando crecimiento de ingresos, mejora de márgenes y un retorno a la rentabilidad.
Destacados: Ventas consolidadas 80,1 millones de dólares (+5,9% interanual; +7,3% excluida Noa Home), ingreso operativo 0,6 millones de dólares frente a una pérdida el año pasado, margen bruto 56,2% (+320 pb), y EPS diluido 0,09 dólares frente a -0,52 dólares en el año anterior. La compañía citó mejoras en los márgenes mayoristas, contención de costos y fortaleza de la manufactura en EE. UU. Se ha programado una conferencia telefónica para el 9 de octubre de 2025 a las 9:00 AM ET.
Bassett Furniture (나스닥: BSET)은 2025년 8월 30일에 종료된 3분기 결과를 발표했습니다. 매출 증가, 마진 개선 및 흑자 전환을 보여줍니다.
주요 내용: 통합 매출 8,010만 달러(+전년비 5.9%; Noa Home 제외 +7.3%), 영업이익 60만 달러로 전년 대비 손실에서 흑자로 전환, 총이익률 56.2% (+320bp), 그리고 희석 주당순이익 0.09달러로 전년 동기 -0.52달러 대비 개선. 회사는 도매 마진 개선, 비용 관리, 미국 제조의 강세를 인용했습니다. 2025년 10월 9일 동부 표준시 09:00에 컨퍼런스 콜이 예정되어 있습니다.
Bassett Furniture (Nasdaq: BSET) a publié les résultats du troisième trimestre clos le 30 août 2025, montrant une croissance du chiffre d'affaires, une amélioration des marges et un retour à la rentabilité.
Points clés : Ventes consolidées 80,1 M$ (+5,9% en glissement annuel; +7,3% excluant Noa Home), résultat opérationnel 0,6 M$ contre une perte l'année précédente, marge brute 56,2% (+320 pb), et EPS dilué 0,09$ contre -0,52$ l'année précédente. La société a cité des marges de gros améliorées, un contrôle des coûts et une solidité de la fabrication américaine. Une conférence téléphonique est prévue le 9 octobre 2025 à 9 h 00 ET.
Bassett Furniture (Nasdaq: BSET) berichtete die Ergebnisse des dritten Quartals zum 30. August 2025, die Umsatzwachstum, Margenverbesserung und Rückkehr zur Profitabilität zeigen.
Wichtige Highlights: Gesamtumsatz 80,1 Mio. USD (+5,9% YoY; +7,3% ex Noa Home), operatives Ergebnis 0,6 Mio. USD gegenüber einem Verlust im Vorjahr, Bruttomarge 56,2% (+320 bp), und verwässertes EPS 0,09 USD gegenüber -0,52 USD im Vorjahr. Das Unternehmen verwies auf verbesserte Großhandelsmargen, Kostenkontrolle und Stärke der US‑Produktion. Eine Telefonkonferenz ist für den 9. Oktober 2025 um 9:00 Uhr ET geplant.
Bassett Furniture (بورصة ناسداك: BSET) أصدرت نتائج الربع الثالث المنتهي في 30 أغسطس 2025، مما أظهر نمو الإيرادات، وتحسن الهوامش، والعودة إلى الربحية.
النقاط البارزة: المبيعات المجمّعة 80.1 مليون دولار (+5.9% على أساس سنوي؛ +7.3% باستثناء Noa Home)، الدخل التشغيلي 0.6 مليون دولار مقابل خسارة في العام الماضي، الهامش الإجمالي 56.2% (+320 نقطة أساس)، و ربحية السهم المخفف 0.09 دولار مقابل -0.52 دولار في العام السابق. أشارت الشركة إلى تحسن هوامش الجملة، والتحكم في التكاليف، وقوة التصنيع الأميركي. من المقرر عقد مكالمة مؤتمر في 9 أكتوبر 2025 الساعة 9:00 صباحاً بتوقيت شرق الولايات المتحدة.
Bassett Furniture（纳斯达克：BSET）公布了截至2025年8月30日的第三季度业绩，显示收入增长、利润率改善并重回盈利。
要点：合并销售额为8010万美元（同比增长5.9%；不含Noa Home为7.3%），营业收入0.6百万美元对比去年同期的亏损，毛利率56.2%（+320个基点），以及 摊薄后每股收益0.09美元 vs 去年同期的-0.52美元。公司提到批发毛利改善、成本控制和美国制造业的强劲表现。计划于2025年10月9日美国东部时间上午9:00举行电话会议。
- Consolidated revenue +5.9% to $80.1M
- Adjusted revenue +7.3% excluding Noa Home
- Gross margin 56.2%, +320 bps year-over-year
- Operating income $0.6M vs. $(6.4M) prior-year quarter
- Diluted EPS $0.09 vs. $(0.52) prior-year quarter
- Retail segment operating loss of $0.3M in Q3
- Cash and equivalents decreased to $34.4M from $39.6M (Nov 30, 2024)
Insights
Bassett reported modestly positive Q3: revenue and profits improved, margins expanded, and EPS turned positive versus prior-year loss.
Bassett Furniture Industries, Inc. delivered consolidated sales of
Gross margin expanded to
The principal dependencies and risks disclosed are operational: margin recovery in wholesale and lower prior‑year cyber‑incident costs materially aided results, and corporate costs remain a drag. The company cites product introductions, marketing and e‑commerce efforts, and U.S. manufacturing as operational levers; these remain facts stated by management rather than quantified commitments.
Concrete near‑term items to watch include the company conference call on
BASSETT, Va., Oct. 08, 2025 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported today its results of operations for its third quarter ended August 30, 2025.
Q3 Consolidated Business Highlights: [FY 25 vs. FY 24, unless otherwise specified]
- Revenues increased
5.9% from the prior year quarter. Excluding sales from Noa Home Inc., which closed in late 2024, consolidated revenues increased7.3% . - Operating income was
$0.6 million , or0.7% of sales as compared to a loss of$(6.4) million for the prior year quarter, which included a$1.2 million loss on a logistical services contract which the Company abandoned, and various costs associated with a cyber incident that suspended all financial systems and manufacturing for 7 days. - Gross margin at
56.2% represented a 320-basis point improvement over the prior year primarily due to improved margins in the wholesale business and the fact that the prior year quarter included approximately$0.6 million of manufacturing wages paid during the above-mentioned cyber shutdown. - Selling, general and administrative expenses were
55.4% of sales, 420 basis points lower than the prior year, reflecting benefits from the prior year restructuring plan and ongoing cost containment activities, greater leverage of fixed costs from higher sales levels, as well as the costs associated with the cyber incident in the prior year period. - Diluted earnings per share of
$0.09 , compared to a loss of$(0.52) in the prior year.
Fiscal 2025 Third Quarter Overview
(Dollars in millions)
| Sales | Operating Income (Loss) | |||||||||||||||||||||
| 3rd Qtr | Dollar | % | 3rd Qtr | % of | 3rd Qtr | % of | ||||||||||||||||
| 2025 | 2024 | Change | Change | 2025 | Sales | 2024 | Sales | |||||||||||||||
| Consolidated(1) | $ | 80.1 | $ | 75.6 | $ | 4.5 | 5.9 | % | $ | 0.6 | 0.7 | % | $ | (6.4 | ) | -8.4 | % | |||||
| Wholesale | $ | 50.8 | $ | 47.8 | $ | 3.0 | 6.2 | % | $ | 8.1 | 15.9 | % | $ | 4.4 | 9.2 | % | ||||||
| Retail | $ | 51.9 | $ | 47.3 | $ | 4.6 | 9.8 | % | $ | (0.3 | ) | -0.6 | % | $ | (2.8 | ) | -5.9 | % | ||||
| Corporate & Other(2) | $ | - | $ | 1.0 | $ | (1.0 | ) | -100.0 | % | $ | (7.5 | ) | N/A | $ | (7.0 | ) | N/A | |||||
| (1) Our consolidated results for the quarter include certain intercompany eliminations. See Table 4, "Segment Information" below for an illustration of the effects of these items on our consolidated sales and operating income. | ||||||||||||||||||||||
| (2) Corporate and Other includes the operations of Noa Home Inc. (fiscal 2024 only) along with the shared Corporate costs that are benefiting both the Wholesale and Retail segments. | ||||||||||||||||||||||
“We’re pleased to report increases in revenue, operating income and gross margin this quarter, despite a continued challenging environment for home furnishings sales,” said Robert H. Spilman, Jr., Bassett Chairman and Chief Executive Officer. “We remain nimble in managing Bassett’s business by introducing new products that are resonating with the consumer, becoming more aggressive in marketing and e-commerce, and adjusting to the difficult circumstances affecting components in the supply chain. Our US manufacturing base positions us well to serve wholesale and retail customers with custom furniture and design services.”
Conference Call and Webcast
The Company will hold a conference call to discuss its quarterly results on October 9, 2025, at 9:00 am ET. The public is invited to listen to the conference call by webcast, accessible through the Company’s investor relations website, https://investors.bassettfurniture.com/. Participants can also listen to the conference call via https://edge.media-server.com/mmc/p/n628wkii. A replay and transcript of the conference call will be available on demand on the investor relations site.
About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ: BSET) is a leading provider of high-quality home furnishings with a wide range of distribution types. Bassett sales approximately
Forward-Looking Statements
Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “plans,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the third fiscal quarter of 2025, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Bassett claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially from those indicated in the forward-looking statements. Expectations included in the forward-looking statements are based on preliminary information, as well as certain assumptions which management believes to be reasonable at this time. The following important factors affect Bassett and could cause actual results to differ materially from those indicated in the forward looking statements: the effects of national and global economic or other conditions and future events on the retail demand for home furnishings and the ability of Bassett’s customers and consumers to obtain credit; the success of marketing, logistics, retail and other initiatives; and the economic, competitive, governmental and other factors identified in Bassett’s filings with the Securities and Exchange Commission. Any forward-looking statement that Bassett makes speaks only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indication of future performance, unless expressed as such, and should only be viewed as historical data.
| Table 1 | ||||||||||||||||||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
| Condensed Consolidated Statements of Operations - unaudited | ||||||||||||||||||||||
| (In thousands, except for per share data) | ||||||||||||||||||||||
| Quarter Ended | Nine Months Ended* | |||||||||||||||||||||
| August 30, 2025 | August 31, 2024 | August 30, 2025 | August 31, 2024 | |||||||||||||||||||
| Percent of | Percent of | Percent of | Percent of | |||||||||||||||||||
| Amount | Net Sales | Amount | Net Sales | Amount | Net Sales | Amount | Net Sales | |||||||||||||||
| Net sales of furniture and accessories | $ | 80,103 | 100.0 | % | $ | 75,619 | 100.0 | % | $ | 246,613 | 100.0 | % | $ | 245,583 | 100.0 | % | ||||||
| Cost of furniture and accessories sold | 35,109 | 43.8 | % | 35,526 | 47.0 | % | 107,880 | 43.7 | % | 113,863 | 46.4 | % | ||||||||||
| Gross profit | 44,994 | 56.2 | % | 40,093 | 53.0 | % | 138,733 | 56.3 | % | 131,720 | 53.6 | % | ||||||||||
| Selling, general and administrative expenses | 44,401 | 55.4 | % | 45,210 | 59.8 | % | 133,188 | 54.0 | % | 142,141 | 57.9 | % | ||||||||||
| Loss on contract abandonment | - | 0.0 | % | 1,240 | 1.6 | % | - | 0.0 | % | 1,240 | 0.5 | % | ||||||||||
| Asset impairment charges | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | 5,515 | 2.2 | % | ||||||||||
| Income (loss) from operations | 593 | 0.7 | % | (6,357 | ) | -8.4 | % | 5,545 | 2.2 | % | (17,176 | ) | -7.0 | % | ||||||||
| Interest income | 472 | 0.6 | % | 692 | 0.9 | % | 1,552 | 0.6 | % | 2,075 | 0.8 | % | ||||||||||
| Other income (loss), net | 30 | 0.0 | % | (109 | ) | -0.1 | % | (851 | ) | -0.3 | % | (489 | ) | -0.2 | % | |||||||
| Income (loss) before income taxes | 1,095 | 1.4 | % | (5,774 | ) | -7.6 | % | 6,246 | 2.5 | % | (15,590 | ) | -6.3 | % | ||||||||
| Income tax expense (benefit) | 294 | 0.4 | % | (1,269 | ) | -1.7 | % | 1,673 | 0.7 | % | (2,691 | ) | -1.1 | % | ||||||||
| Net income (loss) | 801 | 1.0 | % | (4,505 | ) | -6.0 | % | 4,573 | 1.9 | % | (12,899 | ) | -5.3 | % | ||||||||
| Basic and diluted earnings (loss) per share | $ | 0.09 | $ | (0.52 | ) | $ | 0.53 | $ | (1.48 | ) | ||||||||||||
| *39 weeks in fiscal 2025 versus 40 weeks in fiscal 2024. | ||||||||||||||||||||||
| Table 2 | ||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (In thousands) | ||||||
| (Unaudited) | ||||||
| Assets | August 30, 2025 | November 30, 2024 | ||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 34,413 | $ | 39,551 | ||
| Short-term investments | 20,221 | 20,360 | ||||
| Accounts receivable, net | 13,135 | 13,181 | ||||
| Inventories, net | 61,459 | 54,965 | ||||
| Recoverable income taxes | 4,255 | 4,240 | ||||
| Other current assets | 7,537 | 9,242 | ||||
| Total current assets | 141,020 | 141,539 | ||||
| Property and equipment, net | 74,665 | 77,047 | ||||
| Other long-term assets | ||||||
| Deferred income taxes, net | 5,560 | 6,867 | ||||
| Goodwill | 7,217 | 7,217 | ||||
| Intangible assets | 6,924 | 6,968 | ||||
| Right of use assets under operating leases | 80,587 | 93,624 | ||||
| Other | 8,268 | 7,908 | ||||
| Total long-term assets | 108,556 | 122,584 | ||||
| Total assets | $ | 324,241 | $ | 341,170 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 14,425 | $ | 13,303 | ||
| Accrued compensation and benefits | 8,497 | 6,898 | ||||
| Customer deposits | 23,149 | 25,742 | ||||
| Current portion of operating lease obligations | 19,548 | 18,050 | ||||
| Other accrued expenses | 7,656 | 9,410 | ||||
| Total current liabilities | 73,275 | 73,403 | ||||
| Long-term liabilities | ||||||
| Post employment benefit obligations | 11,087 | 10,882 | ||||
| Long-term portion of operating lease obligations | 73,198 | 88,395 | ||||
| Other long-term liabilities | 963 | 1,163 | ||||
| Total long-term liabilities | 85,248 | 100,440 | ||||
| Stockholders’ equity | ||||||
| Common stock | 43,378 | 43,681 | ||||
| Retained earnings | 121,583 | 122,847 | ||||
| Additional paid-in-capital | - | 6 | ||||
| Accumulated other comprehensive income | 757 | 793 | ||||
| Total stockholders' equity | 165,718 | 167,327 | ||||
| Total liabilities and stockholders’ equity | $ | 324,241 | $ | 341,170 | ||
| Table 3 | ||||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Cash Flows - unaudited | ||||||||
| (In thousands) | ||||||||
| Nine Months Ended* | ||||||||
| August 30, 2025 | August 31, 2024 | |||||||
| Operating activities: | ||||||||
| Net income (loss) | $ | 4,573 | $ | (12,899 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) | ||||||||
| operating activities: | ||||||||
| Depreciation and amortization | 6,626 | 7,613 | ||||||
| Asset impairment charges | - | 5,515 | ||||||
| Inventory valuation charges | 1,726 | 4,954 | ||||||
| Deferred income taxes | 1,307 | (2,765 | ) | |||||
| Other, net | 841 | 937 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 46 | 762 | ||||||
| Inventories | (8,220 | ) | 1,890 | |||||
| Other current and long-term assets | 1,690 | (1,213 | ) | |||||
| Right of use assets under operating leases | 12,768 | 13,029 | ||||||
| Customer deposits | (2,593 | ) | 912 | |||||
| Accounts payable and other liabilities | 393 | (5,364 | ) | |||||
| Obligations under operating leases | (13,431 | ) | (15,694 | ) | ||||
| Net cash provided by (used in) operating activities | 5,726 | (2,323 | ) | |||||
| Investing activities: | ||||||||
| Purchases of property and equipment | (3,737 | ) | (4,720 | ) | ||||
| Other | (408 | ) | (909 | ) | ||||
| Net cash used in investing activities | (4,145 | ) | (5,629 | ) | ||||
| Financing activities: | ||||||||
| Cash dividends | (5,210 | ) | (4,909 | ) | ||||
| Other issuance of common stock | 249 | 275 | ||||||
| Repurchases of common stock | (1,522 | ) | (1,127 | ) | ||||
| Taxes paid related to net share settlement of equity awards | (136 | ) | (161 | ) | ||||
| Repayments of finance lease obligations | (100 | ) | (210 | ) | ||||
| Net cash used in financing activities | (6,719 | ) | (6,132 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | - | 6 | ||||||
| Change in cash and cash equivalents | (5,138 | ) | (14,078 | ) | ||||
| Cash and cash equivalents - beginning of period | 39,551 | 52,407 | ||||||
| Cash and cash equivalents - end of period | $ | 34,413 | $ | 38,329 | ||||
| *39 weeks in fiscal 2025 versus 40 weeks in fiscal 2024. | ||||||||
| Table 4 | ||||||||||||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| Segment Information - unaudited | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Quarter Ended | Nine Months Ended* | |||||||||||||||
| August 30, 2025 | August 31, 2024 | August 30, 2025 | August 31, 2024 | |||||||||||||
| Sales Revenue | ||||||||||||||||
| Wholesale sales of furniture and accessories | $ | 50,787 | $ | 47,828 | $ | 157,943 | $ | 155,138 | ||||||||
| Less: Sales to retail segment | (22,575 | ) | (20,453 | ) | (70,747 | ) | (64,967 | ) | ||||||||
| Wholesale sales to external customers | 28,212 | 27,375 | 87,196 | 90,171 | ||||||||||||
| Retail sales of furniture and accessories | 51,891 | 47,256 | 159,417 | 151,478 | ||||||||||||
| Corporate & Other - Noa Home(1) | - | 988 | - | 3,934 | ||||||||||||
| Consolidated net sales of furniture and accessories | $ | 80,103 | $ | 75,619 | $ | 246,613 | $ | 245,583 | ||||||||
| Income (Loss) before Income Taxes | ||||||||||||||||
| Income (Loss) from Operations | ||||||||||||||||
| Wholesale | $ | 8,055 | $ | 4,440 | $ | 25,030 | $ | 16,886 | ||||||||
| Retail | (333 | ) | (2,840 | ) | 101 | (6,674 | ) | |||||||||
| Net expenses - Corporate and other(1) | (7,419 | ) | (6,963 | ) | (20,166 | ) | (21,500 | ) | ||||||||
| Inter-company elimination | 290 | 246 | 580 | 867 | ||||||||||||
| Loss on contract abandonment | - | (1,240 | ) | - | (1,240 | ) | ||||||||||
| Asset impairment charges | - | - | - | (5,515 | ) | |||||||||||
| Consolidated income (loss) from operations | 593 | (6,357 | ) | 5,545 | (17,176 | ) | ||||||||||
| Interest income | 472 | 692 | 1,552 | 2,075 | ||||||||||||
| Other loss, net | 30 | (109 | ) | (851 | ) | (489 | ) | |||||||||
| Consolidated income (loss) before income taxes | $ | 1,095 | $ | (5,774 | ) | $ | 6,246 | $ | (15,590 | ) | ||||||
| *39 weeks in fiscal 2025 versus 40 weeks in fiscal 2024. | ||||||||||||||||
| (1) Corporate and Other includes the operations of Noa Home Inc. (fiscal 2024 only) along with the shared Corporate costs that are benefiting both the Wholesale and Retail segments. | ||||||||||||||||
Contacts:
J. Michael Daniel
Senior Vice President and Chief Financial Officer
(276) 629-6620 – Investors
mdaniel@bassettfurniture.com
Peter D. Morrison
Vice President of Communications
(276) 629-6450 – Media
FAQ
What were Bassett (BSET) third quarter 2025 revenues and year-over-year change?
How did Bassett's profitability change in Q3 2025 for BSET shareholders?
What drove the gross margin improvement for Bassett (BSET) in Q3 2025?
When is Bassett's Q3 2025 earnings call for investors to listen to BSET management?
What notable segment results affected Bassett's Q3 2025 performance (BSET)?
Did Bassett (BSET) report any balance sheet or cash changes in the Q3 2025 release?
