Bassett, VA, September 30--Bassett Furniture Industries Inc. said its third-quarter sales and profits dropped slightly.
For the quarter the company posted sales of $78.6 million, down 1 percent from the same period last year.
Earnings in the quarter were $1.1 million, or 10 cents a share. That compares with $1.6 million, or 13 cents a share, last year.
This year, Bassett Furniture is incurring $1.2 million in costs for closing its wood furniture factory in Macon, Ga., but is also getting $5.3 million for selling a California upholstery plant.
Bassett CEO Robert Spilman Jr. said "We expect to see better sales and earnings in the fourth quarter through a combination of the new (Bassett Furniture Direct) stores that will open, the seasonally strong September/October retail buying period, and the efficiencies gained by the consolidation of the Macon production into other facilities."
The company is also gearing up to launch its new John Elway home entertainment furniture collection with the former football star at the International Home Furnishings Market in High Point on Oct. 14.
For the first nine months of this fiscal year, Bassett Furniture has posted sales of $235.5 million, up almost 1 percent from last year, while profits reached 45 cents a share compared with a loss last year of 32 cents.
