Bassett Furniture Industries Q3 Profit Falls

(RTTNews) - Bassett Furniture Industries, Inc. (BSET) reported third-quarter net income of $0.6 million or $0.05 per share, significantly down from $2.37 million or $0.21 per share in the previous year.

The manufacturer and marketer of home furnishings said its prior-year quarter included a $1.92 million tax benefit as a result of favorable provision to return adjustments related to the 2011 Federal income tax return and release of a portion of the valuation allowance against certain deferred tax assets.

Consolidated sales grew 20% to $77.15 million from $64.44 million a year earlier. Wholesale sales increased 18% compared to the prior-year quarter.

Company-owned store delivered sales increased 12% from last year.