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Bassett Furniture Industries profit beats consensus by 37.1% in fiscal Q1

Bassett Furniture Industries Inc. said its normalized net income for the fiscal first quarter ended Feb. 27 was 29 cents per share, compared with the S&P Capital IQ consensus estimate of 22 cents per share.

EPS increased 63.0% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.2 million, a gain of 66.5% from $1.9 million in the prior-year period.

The normalized profit margin rose to 3.0% from 2.1% in the year-earlier period.

Total revenue climbed 15.2% on an annual basis to $106.9 million from $92.8 million, and total operating expenses grew 13.2% from the prior-year period to $101.1 million from $89.3 million.

Reported net income fell 45.3% year over year to $3.3 million, or 30 cents per share, from $6.0 million, or 56 cents per share.