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Bassett Furniture Industries, Inc. (symbol: BSET) is a renowned manufacturer and marketer of high-quality, mid-priced home furnishings. With a legacy spanning over a century, Bassett operates more than 90 company- and licensee-owned stores across the United States. These stores provide consumers with a friendly and inviting environment to shop for furniture and accessories.
Bassett has successfully leveraged its strong brand name into a network of corporate and licensed stores that offer not only ready-made furniture but also custom-built pieces. As part of a licensing program with HGTV Home, Bassett offers custom-built furniture that can be delivered within 30 days. The stores feature the latest on-trend furniture styles, over 1,000 upholstery fabrics, free in-home design visits, and coordinated decorating accessories, ensuring a comprehensive and personalized shopping experience.
The company operates through three primary segments:
- Wholesale Segment: This segment focuses on the design, manufacture, sourcing, sale, and distribution of furniture products. Bassett's wholesale business has more than 500 accounts on the open market, both domestically and internationally.
- Retail Segment: Consists of company-owned stores that offer a wide range of Bassett products. These stores are strategically located to maximize market reach and customer convenience.
- Corporate and Others Segment: This includes corporate activities and other miscellaneous operations that support the primary business segments.
Bassett is continually innovating to meet consumer needs, most notably through its custom furniture offerings and a commitment to high-quality, stylish, and affordable home furnishings. The company's financial condition remains robust, supported by strong sales and strategic partnerships. Bassett's dedication to providing excellent customer service and a diverse range of products make it a significant player in the home furnishings industry.
Bassett Furniture Industries (NASDAQ: BSET) announced workforce reductions expected to generate $2.5 million in annual savings, with an 11% headcount reduction over the past year. The company will record a $500,000 severance charge this quarter. Combined with their previously announced five-point restructuring plan, total annual savings are projected between $8.0-9.0 million. The plan includes consolidating wood manufacturing facilities, closing Noa Home e-commerce business, and optimizing inventory. Despite no significant increase in orders, the company reports improved performance in wood production and growing e-commerce sales over the past five months.
Bassett Furniture Industries (Nasdaq: BSET) reported its fiscal third quarter results for the period ended August 31, 2024. Key highlights include:
- Revenues decreased 13% due to a cyber incident that suspended operations for 7 days
- Operating loss of $6.4 million, including a $1.2 million contract abandonment charge
- Gross margin of 53.0%, or 53.8% excluding cyber shutdown wage costs
- Diluted loss per share of $0.52 vs. $0.30 loss in 2023
- cash flow deficit to $0.4 million despite challenges
- Declared quarterly dividend of $0.20 per share, an 11% increase
The company is progressing on its restructuring plan announced in July, aiming to improve annual bottom-line by $5.5-$6.5 million. Bassett remains focused on cost reduction and operational strengthening to drive profitability amid industry challenges.
Bassett Furniture Industries (Nasdaq: BSET) has announced plans to host a conference call on Thursday, October 10, 2024, at 9:00 a.m. ET to discuss its third quarter 2024 financial results. The company will release its earnings report after market close on Wednesday, October 9, 2024.
The call will be hosted by Chairman and CEO Rob Spilman, along with CFO Mike Daniel. Investors and the public can access the conference call through a webcast available on the company's investor relations website or via a provided link.
For those unable to attend live, the conference call will be archived for later replay on Bassett's investor site, ensuring widespread access to the company's financial updates.
Bassett Furniture Industries has integrated Domo's AI and data platform across its operations, from headquarters to retail stores. This initiative, which began in 2020, allows Bassett to use real-time data for decisions such as engaging retailers, selecting regional merchandise, and optimizing inventory. Bassett, a leading U.S. furniture manufacturer since 1902, revamped its legacy systems with Domo to foster a data-driven culture. Employees now use Domo daily for filtering data, generating reports, and monitoring trends. The Domo mobile app provides instant updates to teams nationwide, enhancing their ability to manage inventory and provide better customer experiences. This data-driven approach also aids in sales forecasting and inventory management, improving operational efficiency.
Bassett Furniture Industries (Nasdaq: BSET) reported Q2 fiscal results ending June 1, 2024, reflecting a 17% revenue decrease year-over-year but a 3.8% increase from Q1 2024.
The company faced an operating loss of $8.5 million, including $5.5 million in asset impairment charges and $2.7 million in additional inventory valuation charges. Gross margin stood at 52.5%, but adjusted to 55.7% excluding inventory charges. Loss per share was $0.82 compared to $0.24 earnings per share in the previous year, while generating $5.8 million in operating cash flow.
The company announced a comprehensive restructuring plan aiming to improve long-term profitability, including consolidating US wood manufacturing, optimizing inventory, and closing the Noa Home e-commerce business. This plan is expected to improve the bottom line by $5.5-$6.5 million annually. Additionally, the board has approved an 11% increase in the quarterly dividend.
A conference call to discuss these results will take place on July 11, 2024.
Bassett Furniture Industries, a leading home furnishings manufacturer and marketer, announced an 11% increase in its regular quarterly dividend. The new dividend is set at $0.20 per share, payable on August 30, 2024, to shareholders of record as of August 16, 2024. This marks a significant rise from the previous dividend, reflecting Bassett's strong financial performance and commitment to returning value to shareholders. The company operates 88 stores and maintains a robust wholesale business with over 700 accounts across the United States.
Bassett has announced a conference call scheduled for July 11, 2024, at 9:00 a.m. ET to discuss its Q2 2024 financial results. The earnings release will be issued after market close on July 10, 2024. The call will be hosted by Chairman and CEO Rob Spilman, along with CFO Mike Daniel. The public can access the call via webcast on the company's investor relations website or through a provided media link. The call will also be archived for replay.
Bassett Furniture Industries (NASDAQ: BSET) will participate in Water Tower Research's inaugural Consumer Products Virtual Investor Conference on June 6, 2024. CEO and Chairman Rob Spilman will engage in a virtual fireside chat with Budd Bugatch, WTR's Head of Consumer Hardlines, at 11:15 am ET. The event aims at attracting individual and institutional investors, advisors, and analysts. Interested parties can attend online through a provided link.
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