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Bassett Furniture Industries profit beats consensus by 20.5% in fiscal Q1

Bassett Furniture Industries Inc. said its normalized net income for the fiscal first quarter ended Feb. 28 was 18 cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

EPS increased year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.9 million, a gain from $443,130 in the first quarter ended March 1, 2014.

The normalized profit margin increased to 2.1% from 0.6% in the year-earlier period.

Total revenue climbed 22.7% year over year to $92.8 million from $75.6 million, and total operating expenses climbed 19.7% from the prior-year period to $89.3 million from $74.6 million.

Reported net income grew year over year to $6.0 million, or 56 cents per share, from $867,420, or 8 cents per share.