Bassett Furniture Industries Inc. said Thursday it swung to a profit in its fiscal first quarter due to a gain in sales in both its wholesale and retail divisions.

The company, whose furniture is sold in its own stores and licensed to other retailers, said for the quarter ended March 1, it earned $518,000, or 4 cents per share, compared with a loss of $4.2 million, or 35 cents per share in the prior-year quarter.

Revenue rose 11 percent to $81.6 million from $73.4 million in the first quarter of 2007.

Sales in both the wholesale and retail divisions rose in the quarter.

Bassett said its revenue was helped by the addition of another week during the 2008 quarter. A change in the company’s invoicing practices, which now add freight charges for the delivery of wholesale furniture to its retail stores, also contributed to the rise in sales.

Bassett shares fell 59 cents, or 4.6 percent, to close at $12.17 in Thursday trading.

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