"The integration of our industry with the weak U.S. housing market continued to pressure sales during our third quarter."
— Rob Spilman
03Detailed Report
BSET
Bassett Furniture Industries Incorporated
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 13, 2026
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Executive Summary
Bassett Furniture Industries Incorporated (BSET) reported disappointing results for Q3 2024, characterized by a 13% year-over-year decline in revenue to $75.62 million. The company's performance was adversely impacted by the combination of a struggling housing market, a cyber-attack that hampered operations, and seasonal shutdowns. Despite challenges, improvements were observed in gross margins, reflecting effective cost management strategies. The leadership is cautiously optimistic moving forward, focusing on new product introductions and consolidating operations to pave the way for recovery as the market conditions improve. As the company enhances its customer engagement channels, the potential for future growth remains, albeit contingent upon broader economic shifts.
Key Performance Indicators
Revenue
Decreasing
75.62M
QoQ: -9.34% | YoY: -13.30%
Gross Profit
Decreasing
40.09M
53.02% margin
QoQ: -8.38% | YoY: -10.99%
Operating Income
Decreasing
-6.36M
QoQ: -115.71% | YoY: -67.11%
Net Income
Decreasing
-4.51M
QoQ: 37.44% | YoY: -73.87%
EPS
Decreasing
-0.51
QoQ: 37.80% | YoY: -70.00%
Revenue Trend
Margin Analysis
Financial Highlights
### Key Financial Metrics
- Revenue: $75.62 million (YoY -13.3%, QoQ -9.34%)
- Gross Profit: $40.09 million with a margin of 53.0%, reflecting an improvement of 1.4% from the previous year.
- Operating Loss: $(6.36) million, compared to $(3.2) million in Q3 2023.
- Net Income: $(4.51) million, translating to an EPS of $(0.51).
- Current Ratio: 1.88, indicating a healthy liquidity position.
- Cash and Short-term Investments: $56.16 million, sufficient to manage operational needs amidst a tight cash flow environment.
### Cash Flow and Balance Sheet Analysis
- Net Cash Used in Operating Activities: $(404,000), reflecting continued operational challenges.
- Total Assets: $335.86 million vs. Total Liabilities: $170.83 million, leading to Total Stockholders' Equity of $165.04 million.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
75.62M
-13.30%
-9.34%
Gross Profit
40.09M
-10.99%
-8.38%
Operating Income
-6.36M
-67.11%
-115.71%
Net Income
-4.51M
-73.87%
37.44%
EPS
-0.51
-70.00%
37.80%
Key Financial Ratios
Gross Profit Margin
Good
53.00%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Weak
-0.08%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.06%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.01%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.03%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.88
Current ratio shows adequate liquidity to meet short-term obligations