Benzinga | Jul 1, 2021 05:43PM EDT

Bassett Furniture Shares Gain On Strong Q2 Revenue Growth, Profit Turnaround

* Bassett Furniture Industries Inc (NASDAQ: BSET) reported second-quarter FY21 revenue of $124.1 million, up 94.51% year-on-year.

* The increase in sales was mainly driven by a 172% Y/Y rise in wholesale orders.

* Gross margin of 57.4% expanded by 160 basis points, while the operating margin for the quarter was 6.8%.

* Net income was $5.9 million, saw a turnaround Y/Y from a loss of $(20.35) million a year ago, translating to an EPS of $0.60.

* Bassett's cash and equivalents totaled $45.8 million as of May 29, 2021.

* "Notwithstanding all the complications of the post-pandemic economy, our wholesale team produced a 7.0% operating margin for the period as our wood, upholstery, and outdoor divisions turned in performances significantly better than 2020 and 2019," said Robert H. Spilman, Jr, Chief Executive Officer.

* Price action: BSET shares gained 10.68% at $26.95 on Thursday.