Bassett Furniture Q3: Earnings Beat, 26% Sales Decline, Lower Orders & More
Portfolio Pulse from Shivani Kumaresan
Bassett Furniture Industries Inc (NASDAQ:BSET) reported a 26% YoY sales decline in Q3 FY23 to $87.22 million, beating the analyst consensus estimate of $86.95 million. The company's gross margin expanded 10 basis points to 51.6%, and operating loss for the quarter totaled $(3.8) million. Despite a 4.6% decline in wholesale orders, the company maintains a strong balance sheet with $65.8 million in cash and equivalents.
September 28, 2023 | 3:30 pm
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Bassett Furniture reported a 26% YoY sales decline in Q3 FY23 but beat analyst consensus. The company's gross margin expanded and it maintains a strong balance sheet despite a decline in wholesale orders.
Bassett Furniture's Q3 FY23 results beat analyst consensus despite a significant sales decline, which is likely to positively impact investor sentiment. The company's expanded gross margin and strong balance sheet also indicate financial stability, which could further boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100