Bassett's 4Q sales down 12.3%
By Furniture Today Staff -- Furniture Today, January 6, 2002
BASSETT, Va. — Bassett Furniture said it had sales of $78 million in its fourth quarter ended Nov. 24, down 12.3% from the comparable quarter a year ago but up 9% from this year's third quarter.
For the year, Bassett's sales of $305.6 million were down 16.8% from the previous fiscal year.
Net earnings in the fourth quarter, before restructuring and one-time items, were expected to be in line with the second and third quarters of 2001, the company said. Improved operating earnings in the fourth quarter were offset by non-operating losses associated with investments.
One bright spot was a 27% fourth-quarter sales gain at the 68 Bassett Furniture Direct stores, which accounted for 36% of the manufacturer's total sales. Licensees are expected to open 15 new stores in 2002 and the BFD share of total sales should grow to 45%, the company said.
In addition, positive cash flow of $5 million in the quarter allowed Bassett to pay down its long-term debt to just $6 million on Nov. 24, from $45 million a year earlier.
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