Two 59%+ winners, four above 25% in Aug – How this AI model keeps picking winners
Bassett Furniture Industries Incorporated (NASDAQ:BSET), a Virginia-based furniture manufacturer, has announced a change in its independent registered public accounting firm. Effective Monday, the company dismissed Ernst & Young LLP as its auditor and appointed Grant Thornton LLP in its place for the fiscal year ending November 29, 2025.
The decision came after a competitive selection process conducted by the Audit Committee of the company’s Board of Directors. According to the filing, Ernst & Young’s reports on Bassett Furniture’s consolidated financial statements for the fiscal years ending November 30, 2024, and November 25, 2023, did not contain any adverse opinion or material modifications.
Furthermore, during the audits for the mentioned fiscal years and the subsequent interim period up until April 7, 2025, there were no disagreements on matters of accounting principles or practices, financial statement disclosure, auditing scope, or procedures that would have required Ernst & Young to mention in their reports. There were also no reportable events as defined by the SEC regulations.
Grant Thornton LLP has not provided any advice or reports to Bassett Furniture that were considered a significant factor for any accounting, auditing, or financial reporting decisions by the company during the past two fiscal years and the subsequent interim period leading up to their appointment.
The company has provided Ernst & Young with the disclosures as required by the SEC and has included a letter from Ernst & Young dated April 9, 2025, in its SEC filing, confirming their agreement with the company’s statements regarding their dismissal.
This change in the company’s certifying accountant is detailed in the latest 8-K filing with the Securities and Exchange Commission. The filing ensures transparency and compliance with regulatory requirements for publicly traded companies. For investors seeking deeper insights into Bassett Furniture’s financial health and growth prospects, InvestingPro offers comprehensive analysis through its Pro Research Report, available among 1,400+ detailed company analyses, including key metrics, valuation models, and expert insights.
In other recent news, Bassett Furniture Industries reported notable financial results for the first quarter of 2025, significantly surpassing earnings expectations. The company achieved an earnings per share (EPS) of $0.21, far exceeding the forecasted $0.03. Revenue also outperformed projections, reaching $82.2 million compared to the expected $80.17 million. Bassett’s operating income turned around positively to $2.5 million from a loss in the prior year, supported by a 36% surge in e-commerce sales. The company is planning capital investments ranging from $8-12 million for store remodels and technology upgrades. Despite a challenging market environment, Bassett continues to expand its product lines and retail presence. The company also announced a regular quarterly dividend of $0.20 per share. Analysts from Water Tower Research and Sidoti and Company noted the company’s strong gross margins and discussed potential impacts of tariffs on future pricing strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.