Bassett Furniture reports Q4 EPS (47c) vs. 61c last year

Reports Q4 revenue $94.7M vs. $121M last year. “Favorable demographics provide optimism for the future of home furnishings as millennial household formation unfolds. The post pandemic boom has led to a period of difficulty and disruption as witnessed by the bankruptcies of several prominent players in 2023. Although last year and early 2024 have been challenging, we have seen downturns before and we have a positive outlook on the future, perhaps with anticipated interest rate reductions later this year. In the meantime, we will focus our attention on product innovation, improving sales technology, updating our stores, enhancing margins, bringing in new talent, and prudently managing our balance sheet as we anticipate the inevitable upswing in the home furnishings space,” said Robert H. Spilman, Jr., Chairman and CEO.