Bassett (BSET) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Bassett Furniture Industries, Incorporated (NASDAQ:BSET ) Q2 2024 Earnings Conference Call July 11, 2024 9:00 AM ET Company Participants Mike Daniel - Chief Financial Officer Rob Spilman, Jr. - Chairman & Chief Executive Officer Conference Call Participants Anthony Lebiedzinski - Sidoti Budd Bugatch - Water Tower Research Operator Hello, and thank you for standing by, and welcome to Bassett Furniture Industries Q2 2024 Earnings Call. At this time, all participants are in a listen-only mode.
Challenging housing market hurt Bassett's (BSET) second-quarter fiscal 2024 results.
Bassett Furniture (BSET) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to earnings of $0.15 per share a year ago.
Bassett Furniture Industries, Incorporated has continued reporting soft financials as industry weakness continues, pushing operating income into negative territory. Bassett's retail distribution updates, cost initiatives, and elevated gross margins should eventually improve margins with a macroeconomic recovery. The company looks to report Q2 results soon, and while Wall Street analysts estimate slight sequential growth, I believe that higher caution is required as the industry echoes continued weakness.
Bassett's (BSET) second-quarter fiscal 2024 performance is expected to be hurt by the soft home furnishings market.