Bassett announces certain preliminary financial results for the fiscal third quarter

Bassett, va., sept. 06, 2023 (globe newswire) -- september 6, 2023 – bassett furniture industries, inc. (nasdaq: bset) announced today that consolidated net sales for the quarter ended august 26, 2023 were approximately $87 million or 26% lower than the corresponding period in 2022, and that as a result, it expects to report an operating and net loss for the quarter. while wholesale shipments dropped by 27% for the quarter, wholesale orders were only 5% lower than the prior year quarter. in spite of the expected net loss, the company will report positive operating cash flow and a cash and short-term investment balance in excess of $65 million.
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