• Bassett Furniture Industries Inc (NASDAQ: BSET) reported fourth-quarter FY22 sales growth of 5.8% year-on-year to $121.02 million, beating the consensus of $111.60 million.

• Sales from Wholesale fell 1.6% Y/Y, and Retail increased by 14.9%.

• Gross margin expanded 240 basis points to 53.1%. Selling, general and administrative expenses rose 12% Y/Y to $57.5 million.

• The operating margin contracted Y/Y from 5.8% to 5.5%, and operating income for the quarter rose 1% to $6.7 million.

• EPS from continuing operations of $0.61 beat the consensus of $0.37.

• Bassett Furniture held $79.3 million in cash and equivalents as of Nov. 26, 2022.

• Net cash used in operating activities for the year ended Nov. 26, 2022, totaled $(2.9) million.

• The company noted FY23 has started off slowly from a wholesale order standpoint, with quarter-to-date written sales off 20% compared to the solid pace experienced last year.

• Price Action: BSET shares are trading higher by 3.15% at $18.68 on the last check Tuesday.

• Photo Via Company

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article originally appeared on Benzinga.com

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.