Bassett Furniture reports $1.7 million Q1 loss   Date: 04/08/2010   Location: Bassett, VA   Bassett Furniture Industries Inc. reported a net loss of $1.7 million for the first quarter ended Feb. 27, compared to Q1 of 2009. Sales were $52.9 million for the quarter as compared to $57.8 million for the quarter ended Feb. 28, 2009, a decrease of 8.5%. Gross margins for the first quarter of 2010 and 2009 were 48.7% and 41.8%, respectively. The margin increase was primarily from a greater mix of the company's sales through the retail segment, as well as improved margins in both the wholesale and retail segments.