04:46 PM EDT, 07/10/2024 (MT Newswires) -- Bassett Furniture Industries ( BSET ) reported fiscal Q2 loss of $0.82 per diluted share, compared with earnings of $0.24 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.10.

Net sales for the quarter ended June 1 were $83.4 million down from $100.5 million a year earlier. Analysts surveyed by Capital IQ expected $87.8 million.

The company said it is implementing a restructuring plan to "right-size its cost structure" and achieve topline growth.

The five-point strategy includes driving growth through Bassett-branded retail, rationalizing US wood manufacturing, optimizing inventory, improving cost structure, and closing the Noa Home e-commerce business, Bassett added.

Bassett shares fell 1% in after-hours trading.

Price: 13.10, Change: -0.18, Percent Change: -1.36