Bassett Furniture Industries Reports Net Income of $2.1 Million for the Quarter Ended May 27, 2023

Bassett Furniture Industries, (BSET) Incorporated and its subsidiaries have released their unaudited condensed consolidated financial statements for the periods ended May 27, 2023, and May 28, 2022. The company reported a net income of $2.1 million for the quarter ended May 27, 2023, compared to $47.1 million in the same period last year. Net sales of furniture and accessories decreased to $100.5 million in the second quarter of 2023, down from $128.7 million in the second quarter of 2022. Let's take a closer look at the financial performance of Bassett Furniture Industries.

Net Income Decreases to $2.1 Million in Q2 2023

Bassett Furniture Industries reported a net income of $2.1 million for the quarter ended May 27, 2023. This represents a significant decrease compared to the net income of $47.1 million reported in the same quarter last year. The decline in net income can be attributed to various factors, including changes in sales volume, operating expenses, and other income and expenses.