Bassett Furniture Industries (BSET) reported second-quarter earnings on [insert date here], revealing revenue of $83.8 million, a slight decrease of 0.7% year over year, yet surpassing Zacks Consensus Estimate by 0.52%. Earnings per share came in at 24 cents, beating estimates by 20%. The company noted a 9.5% increase in retail written sales, driven by positive traffic in April and May, with Memorial Day written sales rising by 14% due to a 4% uptick in traffic.
Management indicated that improving demand trends, particularly in retail and e-commerce, contribute to stronger momentum as the company enters the third quarter. Key data included a 5.2% increase in wholesale orders and a 90 basis points improvement in consolidated gross margin, which reached 56.5%. The company’s cash position remains strong, with $53.9 million in cash and short-term investments at the end of the quarter.
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