Bassett Furniture Q1 revenue falls on weak housing market
Overview
U.S. home furnishings maker's fiscal Q1 revenue fell 2.2% yr/yr
Diluted EPS for fiscal Q1 dropped to $0.13 from $0.21 yr/yr
Company cites weak housing market and severe weather as factors impacting sales
Outlook
Company expects cost-saving initiatives to yield $1.5 mln to $2.0 mln annually starting late Q2
Company says retail and wholesale pricing now includes tariffs from Q2 onward
Result Drivers
HOUSING MARKET WEAKNESS - Co said demand continued to suffer from a weak residential housing market
SEVERE WEATHER - Severe weather in late January disrupted operations at many retail stores and warehouses, hurting sales
TARIFFS IMPACT - Retail margins were affected by the decision to absorb tariffs in retail pricing during Q4, with costs delivered in Q1
Company press release: ID:nGNX70LP01
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue | Miss | $80.3 mln | $83.96 mln (2 Analysts) |
Q1 EPS |
| $0.13 |
|
Q1 Net Income |
| $1.12 mln |
|
Q1 Gross Profit |
| $45.17 mln |
|
Analyst Coverage
Wall Street's median 12-month price target for Bassett Furniture Industries Inc is $21.00, about 48.4% above its March 31 closing price of $14.15
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 15 three months ago
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