Bassett Furniture Industries Q1 Profit Down - Quick Facts

(RTTNews) - Bassett Furniture Industries Inc. (BSET) reported net income of $0.8 million or $0.08 per share for the first quarter of 2014 down from $1.0 million or $0.09 per share for 2013.

Operating income decreased to $1.1 million from $2.4 million driven primarily by higher new store related costs (both pre- and post-opening), as the Company opened four new stores during the quarter. Also contributing to the decrease were lower margins in the wholesale operation and reduced leverage of fixed costs due to one less week of sales in the current quarter.

Net sales for the first quarter were $75.6 million as compared to $79.8 million for the first quarter of 2013. Because of the company's fiscal calendar, the prior year quarter consisted of 14 weeks compared to 13 weeks for the current year quarter. On an average weekly basis, consolidated net sales increased 2.0%.