Bassett Furniture shares rise 20% after better-than-expected earnings
Shares of Bassett Furniture Industries rose 20% Thursday after the seat builder reported aloft third entertain sales and gain which handily kick analysts’ estimates.
Net income scarcely doubled from a year ago to $4.27 million. Earnings per share totaled 39 cents, aloft than analysts’ accord guess of twenty-five cents which was gathered by Zacks Investment Research.
Shares rose $5.45 to finish the day at $33.30.
Revenue for the quarter rose 30% $111 million.
Earlier this year, the Bassett, Va.-based association acquired Zenith Freight Lines, a logistic provider, and the ultimate gain simulate the deal. Excluding Zenith’s sales, Bassett’s income would have been 14% aloft than a year ago.
It sell division — the 59 company-owned stores — reported a 15% enlarge in sales to $62 million. It was the company’s fifth uninterrupted entertain of double-digit allied store sales increase, Bassett said.
The wholesale division’s sales rose 11% to $62.2 million.
“Once again, all of the expansion came from the domestically constructed law dining and law upholstery programs,” pronounced Bassett CEO Robert Spilman.