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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, Inc. (Nasdaq: BSET) reported its first-quarter results for fiscal 2023, revealing consolidated sales of $107.7 million, down 8.7% from $117.9 million in 2022. Wholesale sales fell 16.3%, while retail sales rose 1.4%. Operating income was $2.7 million, compared to $6.5 million in the prior year. The company addressed macroeconomic challenges by adjusting production schedules and managing expenses. Despite a decrease in margins due to high promotional activity, new pricing strategies and a digital transformation are anticipated to improve sales and profitability. The company also plans to continue share repurchases while navigating economic uncertainty.
Bassett Furniture Industries, Inc. (Nasdaq: BSET) declared a quarterly dividend of $0.16 per share on March 9, 2023. This dividend will be payable on May 26, 2023, to shareholders of record by the close of business on May 12, 2023. With 92 company-owned and licensed stores, Bassett is recognized for its high-quality home furnishings, stylish custom-built furniture, and customer-oriented retail environment. The company also operates in the wholesale market with over 700 accounts across the U.S., providing a robust foundation for its growth and shareholder returns.
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