Bassett (BSET) to Report Q1 Earnings: What's in the Offing?
Bassett Furniture Industries, Incorporated’s BSET first-quarter fiscal 2024 earnings and revenues are expected to have decreased on a year-over-year basis owing to a difficult sales environment for home furnishings.
In the last reported quarter, the company’s earnings topped the Zacks Consensus Estimate by 350% but declined 75.4% year over year. Net sales topped the consensus mark by 4.5% but decreased 21.7% from the prior-year’s level.
Earnings surpassed the consensus mark in three of the trailing four quarters and missed on one occasion.
Trend in Estimate Revision
The Zacks Consensus Estimate for Bassett’s fiscal first-quarter earnings has remained stable at 1 cent per share over the past 60 days. The estimated figure indicates a 93.8% decline from the year-ago earnings of 16 cents per share.
Bassett Furniture Industries, Incorporated Price and EPS Surprise
Bassett Furniture Industries, Incorporated price-eps-surprise | Bassett Furniture Industries, Incorporated Quote
The consensus mark for revenues is $91.61 million, suggesting a year-over-year decline of 14.9%.
Factors to Note
Bassett is expected to have witnessed lackluster sales and earnings performance in the first quarter of fiscal 2024. The company has been witnessing lower wholesale shipments in both the open market and BHF store network as well as reduced retail delivered sales. These headwinds are likely to have ailed the fiscal first quarter as well.
BSET has been investing in plant and equipment upgrades in its manufacturing footprint to provide a better work environment for the associates and improve efficiency.
The company expects to see improvement in the overall margins, backed by cycle through excess Club Level inventory and imported wood product that both had the inflated container freight from 2022.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Bassett this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here, as you will see below.
Earnings ESP: The company has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: BSET currently carries a Zacks Rank #3.
Stocks Poised to Beat on Earnings
Here are some stocks from the Zacks Consumer Discretionary sector that investors may consider, as our model shows that these have the right combination of elements to post an earnings beat.
Hasbro, Inc. HAS has an Earnings ESP of +24.90% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
HAS is expected to register a 2,900% increase in earnings for the to-be-reported quarter. It reported lower-than-expected earnings in three of the trailing four quarters and met on one occasion, the average negative surprise being 32.8%.
MGM Resorts International MGM currently has an Earnings ESP of +9.93% and carries a Zacks Rank of 2.
MGM’s earnings for the to-be-reported quarter are expected to increase 40.91%. It reported better-than-expected earnings in the trailing four quarters, the average surprise being 271.5%.
Royal Caribbean Cruises, Ltd. RCL currently has an Earnings ESP of +3.61% and sports a Zacks Rank of 1.
RCL’s earnings for the to-be-reported quarter are expected to increase 665.2.%. It reported better-than-expected earnings in the trailing four quarters, the average surprise being 26.4%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Hasbro, Inc. (HAS) : Free Stock Analysis Report
Royal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis Report
MGM Resorts International (MGM) : Free Stock Analysis Report
Bassett Furniture Industries, Incorporated (BSET) : Free Stock Analysis Report
