Bassett, VA, June 30--Bassett Furniture reported its second-quarter sales rose but increased selling and administrative expenses caused profits to dip.
For the quarter ending May 28, the furniture maker reported sales of $83.1 million, up 3 percent compared to the same period last year.
But second-quarter profits fell 44 percent to just more than $1 million. Earnings per share fell from 16 cents a year ago to 9 cents this year.
Increased marketing efforts in recent months and the acquisition of the Bassett Furniture Direct stores in the Dallas area hurt profits, said Robert Spilman Jr., chief executive officer.
"Business conditions continue to be fairly tough at the retail level, especially in certain key markets," Spilman said. "We are focused on continuing to improve every aspect of the (Bassett Furniture Direct) store program, enhancing our marketing strategies, and improving the performance of our domestic wood operations."
