Bassett Increases Regular Quarterly Dividend

Rhea-AI Summary

Bassett Furniture Industries (Nasdaq: BSET) has declared a quarterly dividend of $0.125 per share, payable on November 27, 2020, to shareholders on record by November 13, 2020. This decision reflects a strong sales trend, with September wholesale orders exceeding the previous year by 39%. The Board acknowledges the improvement in the company's financial position, restoring the dividend to its pre-COVID level, signaling confidence in future growth.

Positive

• Quarterly dividend restored to pre-COVID level at $0.125 per share.
• Wholesale order rate increased by 39% in September compared to the prior year.
• Strengthening balance sheet indicates improved financial health.

Negative

• None.

BASSETT, Va., Oct. 08, 2020 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.125 per share of common stock, payable on November 27, 2020 to shareholders of record at the close of business on November 13, 2020.

“Our incoming wholesale order rate continued the recent trend in September, exceeding the prior year by 39%,” said Rob Spilman, Chairman and CEO. “In acknowledgement of this sales trend and the corresponding strengthening of our balance sheet, we are pleased to announce that our Board of Directors restored our dividend to its pre-COVID level.”

About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 98 company- and licensee-owned stores at the time of this release, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett’s retail strategy includes stylish, custom-built furniture that features the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also has a traditional wholesale business with more than 700 accounts on the open market, across the United States and internationally and a logistics business specializing in home furnishings. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)

J. Michael Daniel, Senior Vice
President and Chief Financial Officer
(276) 629-6614 - Investors

Peter D. Morrison, Vice President of Communications
(276) 629-6387 – Media

FAQ

What is the dividend declared by Bassett Furniture Industries?

Bassett Furniture Industries has declared a quarterly dividend of $0.125 per share.

When will the dividend be paid to shareholders?

The dividend is payable on November 27, 2020, to shareholders of record as of November 13, 2020.

What percentage increase did Bassett Furniture see in wholesale orders?

Bassett Furniture reported a 39% increase in wholesale orders in September compared to the prior year.

What does the dividend restoration signify for Bassett Furniture?

The restoration of the dividend indicates confidence in the company's financial health and future growth.