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. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Mike Daniel, CFO of Bassett Furniture. Sir, you may begin.

Mike Daniel

Thank you, Twanda, and welcome to Bassett Furniture's earnings call for the second quarter ended June 1, 2024.

Joining me today is our Chairman and Chief Executive Officer, Rob Spilman, Jr.

We issued our news release yesterday after the market closed, and it's available on our website. We have updated our reporting format with a fresh look that we believe provides an efficient and easy comparison of important metrics compared to the prior year's second quarter. We're offering today's conference call to provide additional information about our business, including the restructuring plan we announced in the release. We will open the call for a Q&A session after our remarks. In addition, we will post the transcript of the call on our investor site within 48 hours of this call. We believe this process will help enhance how we share our quarterly results with you, and we welcome your feedback.

During today's call, certain statements we make may be considered forward looking and inherently involve risks and uncertainties that could cause actual results to differ materially from management's present view. These statements are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. The company cannot guarantee the accuracy of any forecast or estimate, nor does it undertake any obligation to update such forward-looking statements. For more information, including important cautionary notes, please see the company's annual report on Form 10-K for the fiscal year ended November 25, 2023. Other filings with the SEC describing risks related to our business are available on our corporate website.

Now, I'll turn it over to Rob for comments about our second quarter. Rob?

Rob Spilman, Jr.

Thank you, Mike. Good morning, everyone, and thank you for joining us today.

The macroeconomic pressure currently exerted on the furniture industry continued in the second quarter. Elevated home prices, relatively high mortgage rates and general inflationary tension remain persistent. We also know from our own customer data that many are spending more on experiences than they are in their homes, a reversal from what we saw during COVID.