Bassett Furniture reports Q3 EPS (52c) vs. (30c) last year

Reports Q3 revenue $75.6M vs. $87.2M last year. “The third quarter is historically our slowest as we customarily shut down manufacturing for the week of July 4th,” said Robert H. Spilman, Jr., CEO. “Although we had additional challenges this year, we delivered strong gross margins. In mid-July, we reported that we detected unauthorized activities in our IT systems, which resulted in us shutting down our IT systems and ceasing manufacturing for 7 days. The industry remained challenged by economic factors in the quarter, including a slow housing market that is forecasted to improve heading into 2025. With our strong balance sheet and our focus on right-sizing our expense structure, our goal is to drive better profitability.”