Bassett Furniture Industries, Incorporated (NASDAQ:BSET) Q3 2024 Earnings Conference Call October 10, 2024 9:00 AM ET

Company Participants

Mike Daniel - Chief Financial Officer
Rob Spilman - Chairman and Chief Executive Officer

Conference Call Participants

Anthony Lebiedzinski - Sidoti & Company
Brian Gordon - Water Tower Research

Operator

Good day and thank you for standing by. Welcome to Bassett Furniture Industries Q3 2024 Earnings Conference 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] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Mike Daniel, CFO. Please go ahead.

Mike Daniel

Thank you, Gigi, for the introduction. Welcome to Bassett Furniture's earnings call for the third quarter ending August 31st, 2024. Joining me today is our Chairman and CEO, Rob Spilman.

We issued our news release yesterday after the market closed, and it's available on our website. After today's remarks about our quarter, we will open the call up for a Q&A session. We will post the transcript of the call on our investor site within 48 hours of this call. In addition, we filed the 10-Q this morning, and that's available on our website under SEC filings on the Investor Relations tab.

During today's call, certain statements we make may be considered forward-looking and inherently involve risks and uncertainties that 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 25th, 2023. Other filings with the SEC describing risks related to our business are available on our corporate website.

Now I'll turn the call over to Rob for comments about our third quarter. Rob?

Rob Spilman

Thank you, Mike. Good morning, everyone, and thank you for joining us for today's call. The integration of our industry with the weak US housing market continued to pressure sales during our third quarter.

Although mortgage rates have started to ease since the Fed's 50 basis point rate cut three weeks ago, overall housing affordability and inventory availability remained impediments in the short-term. Our industry is ready for a transformational shift in the next several quarters and Bassett plans to benefit as it happens.