Bassett reports profit decline

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Bassett-based Bassett Furniture Industries Inc. reported that its fourth quarter net income dropped 67 percent because of income tax expense.

The company said it recorded a profit of $633,000 during the quarter, which ended Nov. 26. It had a net income of
$1.9 million during the same period in 2010.

The company said the decline was caused by a $900,000 increase in income tax expense.

Consolidated sales for the fourth quarter declined 4.1 percent to $63.3 million from $66 million the year before.

Company owned store delivered sales rose 13 percent to $39.4 million. Comparable-store sales (sales at locations operating in comparable reporting periods) increased 4.9 percent.

Wholesale sales, however,  declined 11 percent to $43.7 million.

Gross margins increased to 52.6 percent of sales, up from 48.3 percent from the fourth quarter of 2010.





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