Overview

* Bassett Furniture Q3 revenue rose 5.9% yr/yr, beating analyst expectations

* Diluted EPS for Q3 was $0.09, compared to a loss of $(0.52) last year

* Operating income improved to $0.6 mln from a loss of $6.4 mln last year

Outlook

* Bassett did not provide specific financial guidance for future quarters

Result Drivers

* REVENUE GROWTH - Revenue increased 5.9% yr/yr, driven by higher sales levels and excluding Noa Home Inc., growth was 7.3%

* MARGIN IMPROVEMENT - Gross margin improved by 320 basis points due to better wholesale margins and absence of cyber incident costs

* COST CONTAINMENT - SG&A expenses reduced by 420 basis points due to restructuring and cost containment efforts

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $80.10 $79.90

Revenue mln mln (2

Analysts

)

Q3 EPS $0.09

Q3 Net $801,000

Income

Q3 Gross $44.99

Profit mln

Analyst Coverage

* Wall Street's median 12-month price target for Bassett Furniture Industries Inc ( BSET ) is $19.00, about 16.3% above its October 7 closing price of $15.90

* The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)