Bassett, VA, March 25--Bassett Furniture reported first-quarter earnings edged slightly higher on a 5 percent hike in sales.
Quarterly income was $2.4 million, or 20 cents per share, compared to $2.3 million, or 20 cents per share. Net income adjusted for items was $1.6 million, or 13 cents per share, last year. Sales for the period were $80.9 million, up from $76.6 million.
Analysts surveyed by Thomson First Call expected earnings of 16 cents per share.
"We are pleased with our year-over-year sales improvement as our Bassett Furniture Direct growth is now outpacing the expected attrition in our other distribution channels," said Robert H. Spilman Jr., president and chief executive, in a statement. "Even though February was a strong month for us, business conditions continue to be fairly tough at retail, especially in certain parts of the country including Texas. Our primary focus in 2005 continues to be improving every aspect of the BFD store program."
