BASSETT FURNITURE INDUSTRIES Reports Second Quarter Earnings for FY 2023
July 1, 2023
🌥️Earnings Overview
On June 29, 2023, BASSETT FURNITURE INDUSTRIES ($NASDAQ:BSET) reported its earnings results for the second quarter of fiscal year 2023 (ending May 31, 2023). The company’s total revenue was USD 100.5 million, a decrease of 21.9% from the same quarter the previous year; net income was USD 2.1 million, a decrease of 95.6% year over year.
Price History
The company’s stock opened at $15.3 and closed at $15.0, down by 0.9% from the prior closing price of $15.2. From the opening to the closing, the stock experienced a 0.9% decline in its value. The company didn’t provide any insights as to why there was such a decline in its stock value on Thursday.
This indicates that the company is performing well despite the 0.9% decline in its stock value. This indicates that the company is well on track to meeting its financial goals for the fiscal year 2023 and beyond. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for BSET. More…
| Total Revenues | Net Income | Net Margin |
| 447.25 | 16.18 | 2.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for BSET. More…
| Operations | Investing | Financing |
| 12.39 | -13.55 | -15.74 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for BSET. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 374.32 | 181.14 | 21.63 |
Key Ratios Snapshot
Some of the financial key ratios for BSET are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 3.9% | 66.1% | 4.6% |
| FCF Margin | ROE | ROA |
| -0.8% | 6.7% | 3.5% |
Analysis
At GoodWhale, we recently conducted an analysis of BASSETT FURNITURE INDUSTRIES’s wellbeing. Based on our Risk Rating, we determined that BASSETT FURNITURE INDUSTRIES is a medium risk investment in terms of financial and business aspects. We identified two risk warnings in the income sheet and financial journal. These warnings could potentially affect the return on investment for the company. If you’d like to learn more about what we found, please register on goodwhale.com to check it out. Our goal at GoodWhale is to help investors make informed investment decisions. We believe that our analysis of BASSETT FURNITURE INDUSTRIES gives investors the important information they need to determine if this is the right investment for them. More…
Peers
Bassett Furniture Industries Inc is a leading furniture manufacturer that competes with other leading companies such as Dorel Industries Inc, The Lovesac Co, and DFS Furniture PLC. The company has been in business for over 100 years and has a reputation for quality products. Bassett Furniture Industries Inc is a publicly traded company on the New York Stock Exchange. The company’s headquarters is located in Bassett, Virginia.
– Dorel Industries Inc ($TSX:DII.B)
Dorel Industries Inc is a Canadian company that designs, manufactures, and markets juvenile and adult consumer products. The company has a market cap of 166.2M as of 2022 and a Return on Equity of -9.02%.
Dorel Industries is a diversified company with operations in three main business segments: Juvenile, Home Furnishings, and Recreation/Leisure. The Juvenile segment designs, manufactures, and markets juvenile products, such as strollers, car seats, high chairs, and playards, under the brands Maxi-Cosi, Quinny, Baby Art, and Tiny Love. The Home Furnishings segment designs, manufactures, and markets home furnishings products, such as sofas, chairs, and mattresses, under the brands Dorel Home Products and Simmons. The Recreation/Leisure segment designs, manufactures, and markets recreation and leisure products, such as bicycles, scooters, and trampolines, under the brands Cannondale, Schwinn, GT, Mongoose, IronHorse, and Dorel Sports.
Dorel Industries has a long history dating back to 1962 when it was founded as a manufacturer of children’s furniture. Since then, the company has grown through a series of acquisitions and has established itself as a leading player in the juvenile, home furnishings, and recreation/leisure market segments.
– The Lovesac Co ($NASDAQ:LOVE)
The Lovesac Company is a furniture company that designs, manufactures, and sells bean bag chairs and related accessories. The company has a market cap of $343.47 million and a return on equity of 15.26%. The company’s products are sold through a network of company-owned stores and e-commerce website. Lovesac was founded in 1995 and is headquartered in Stamford, Connecticut.
– DFS Furniture PLC ($LSE:DFS)
DFS Furniture PLC is a UK-based company that manufactures and sells furniture. The company has a market cap of 271.97M as of 2022 and a Return on Equity of 19.51%. DFS Furniture PLC is a publicly traded company listed on the London Stock Exchange. The company was founded in 1969 and has its headquarters in Derbyshire, England.
Summary
BASSETT FURNITURE INDUSTRIES’ second quarter fiscal year 2023 earnings report was released on June 29, 2023. Total revenue for the quarter decreased by 21.9% from the same period one year earlier, amounting to USD 100.5 million. Net income decreased by 95.6%, amounting to USD 2.1 million.
For investors looking to invest in BASSETT FURNITURE INDUSTRIES, this news indicates a potentially weak outlook in terms of both sales and profitability in the near future. As such, investors should consider other investment opportunities or exercise caution when investing in BASSETT FURNITURE INDUSTRIES.
Related Posts
Recent Posts
Investing Everyone Can Do.
Investing shouldn’t be exclusive to a select few. We believe everyone should have the opportunity to grow their wealth. That’s why our app is designed to be accessible and user-friendly, even for beginners.
