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Bassett Furniture (BSET)
NASDAQ:BSET
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.02Last Year’s EPS
$0.15Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 09, 2024
|% Change Since: -3.49%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted several strategic initiatives and improvements in gross margin and e-commerce growth. However, these were countered by significant revenue declines, operational losses, and challenges from external factors like cybersecurity incidents and natural disasters. The overall sentiment reflects a company working through substantial challenges while setting groundwork for future growth.Company Guidance
During the Bassett Furniture Industries Q3 2024 earnings call, guidance highlighted various metrics reflecting the company's performance and strategic direction. Consolidated revenues decreased by $11.6 million or 13%, largely due to a 16% decline in wholesale sales and a 10% drop in retail sales through company-owned stores. Despite these challenges, consolidated gross margins improved by 140 basis points to 53.0%, with retail gross margins rising by 210 basis points to 53.7%. The average ticket increased by 5% to $3,900, although total retail written sales declined by 5%. The company discussed a five-point restructuring plan aimed at enhancing operational and financial performance, with projected annual cost savings of $5.5 million to $6.5 million starting in fiscal 2025. Additionally, Bassett has added nine new custom studio dealers and is focusing on expanding its product line and optimizing inventory. The call also addressed disruptions from a cyber incident and natural events, which affected operations but are being managed to mitigate long-term impacts.Improvement in Gross Margin
Consolidated gross margin increased by 140 basis points to 53.0%, despite challenges, due to improved margins in both the retail and wholesale segments.
Expansion of Bassett Custom Studio
Since the end of the third quarter, Bassett has added 9 new custom studio dealers to the program, with plans to reach 50 by the end of the year.
Successful Product Launches
Initial sell-through of the fall upholstery introduction was strong, and the leather option in the true custom program produced strong sales.
Reduction in Inventory
Inventories were down more than $10 million year-over-year and slightly down sequentially, reinforcing the ability to run with leaner inventory.
Double-Digit E-commerce Growth
E-commerce sales showed double-digit growth this quarter, indicating potential for further omnichannel capabilities.
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BSET Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BSET Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 09, 2024 | $14.51 | $13.77 | -5.10% |
| Jul 10, 2024 | $12.90 | $13.55 | +5.04% |
| Apr 03, 2024 | $13.75 | $13.75 | 0.00% |
| Jan 25, 2024 | $14.50 | $15.58 | +7.45% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Bassett Furniture (BSET) report earnings?
Bassett Furniture (BSET) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Bassett Furniture (BSET) earnings time?
Bassett Furniture (BSET) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BSET EPS forecast?
BSET EPS forecast for the fiscal quarter 2024 (Q4) is -$0.02.
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