Bassett sees 2% 1Q sales rise
By Furniture Today Staff -- Furniture Today, March 17, 2002
BASSETT, Va. — Full-line manufacturer and importer Bassett Furniture Inds. expects first quarter sales of $84.5 million, an increase of 2% over the same period in 2001 and 8% over prior-quarter sales.
In a preliminary report, the company credited the better-than-expected sales figures to strong performance at Bassett Furniture Direct stores. Four units opened in the first quarter, bringing the store count to 72. A total of 15 are scheduled to open this year, mostly in major metropolitan areas.
Additionally, Bassett's Five Star quick-ship program continued to grow, bringing the service's total reach to 630 accounts by the end of the quarter. The company also reduced debt during the period by $5 million, bringing outstanding debt to $2.5 million.
"We are encouraged by the increased sales for the first quarter," said Rob Spilman, president and chief executive officer. "We fully expect the continued focus on our retail programs, the improving economic outlook, and the restructuring of the wood division in 2001 to bolster earnings for 2002."
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