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Reported Q: Q3 2024 Rev YoY: -13.3% EPS YoY: -70.0% Move: -0.88%

Bassett Furniture

BSET

$15.76 -0.88%

Exchange NASDAQ Sector Consumer Cyclical Industry Furnishings Fixtures Appliances

Q3 2024

Published: Oct 10, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for BSET

Reported

Report Date

Oct 10, 2024

Quarter Q3 2024

Revenue

75.62M

YoY: -13.3%

EPS

-0.51

YoY: -70.0%

Market Move

-0.88%

Previous quarter: Q2 2024

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Earnings Highlights

Revenue of $75.62M down 13.3% year-over-year
EPS of $-0.51 decreased by 70% from previous year
Gross margin of 53.0%
Net income of -4.51M
""The integration of our industry with the weak U.S. housing market continued to pressure sales during our third quarter."" - Rob Spilman

BSET

Bassett Furniture Industries Incorporated

Period Q3 2024

Currency USD

Report Type Quarterly Earnings

Generated Feb 9, 2026

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

Debt to Equity

Elevated

0.63

Debt-to-equity shows significant leverage, monitor debt levels

P/E Ratio

Negative

-6.89x

Negative earnings make P/E ratio not meaningful

Price to Book

Undervalued

0.75x

Trading below book value, potential value opportunity or distressed

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q2 2025	84.35	0.22	+1.1%	View
Q1 2025	82.16	0.21	-5.1%	View
Q4 2024	84.34	1.47	-10.9%	View
Q3 2024	75.62	-0.51	-13.3%	View
Q2 2024	83.41	-0.82	-17.0%	View

Bassett Furniture (BSET) Q3 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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