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Bassett Furniture Industries profit beats consensus by 30.0% in fiscal Q2

Bassett Furniture Industries Inc. said its normalized net income for the fiscal second quarter ended May 30 was 38 cents per share, compared with the S&P Capital IQ consensus estimate of 30 cents per share.

EPS rose 82.8% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.2 million, an increase of 83.9% from $2.3 million in the prior-year period.

The normalized profit margin climbed to 3.7% from 2.7% in the year-earlier period.

Total revenue climbed 31.0% year over year to $111.6 million from $85.2 million, and total operating expenses rose 28.3% year over year to $104.3 million from $81.3 million.

Reported net income grew 76.1% year over year to $4.6 million, or 42 cents per share, from $2.6 million, or 24 cents per share.