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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.
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Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported a challenging first quarter for fiscal 2024, with a 19.6% drop in consolidated sales compared to the same period in 2023. The company faced operating and net losses due to reduced wholesale and retail orders. Despite record gross margins, profitability was hindered by high fixed costs. Inventory levels remained stable, and cost reduction strategies are being explored. The company plans to focus on expense reduction, value proposition enhancement, and product innovation to improve results in the future.
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Bassett Furniture Industries, Inc. (BSET) declares a quarterly dividend of $0.18 per share, payable on May 31, 2024, to shareholders of record on May 17, 2024.
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Bassett Furniture Industries, Inc. reported a 21.7% decrease in consolidated sales and a $26.3 million operating loss for the fourth quarter of fiscal 2023. The company experienced order declines in all wholesale categories, although certain product lines performed slightly better. Despite the challenging sales environment, the company improved its quarterly gross margin to 54.3% and ended the quarter with $70.2 million in cash and cash equivalents and no debt. Retail delivered sales fell by 22.2%, but close ratios were at all-time highs, and design projects accounted for over 45% of sales. The company also completed the upfit of a new location in Tampa, FL, with plans for further expansion. The acquisition of Noa Home Inc. saw increased gross margins and improved financial reporting, but the overall environment for e-commerce furniture sales softened, resulting in a noncash goodwill impairment charge of $5.4 million. The company completed the migration to a new e-commerce platform and plans further enhancements in 2024. Despite the challenges, the company remains optimistic about the future of home furnishings, focusing on product innovation, sales technology, store updates, margin improvement, talent acquisition, and prudent balance sheet management.
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Bassett Furniture Industries, Inc. (Nasdaq: BSET) declares regular quarterly dividend of $0.18 per share
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Bassett Furniture declares $0.18 quarterly dividend per share
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Bassett Furniture Industries, Inc. reports a decline in sales and operating income for Q3 2023 compared to the previous year.
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Bassett Furniture Industries, Inc. reports a 26% decrease in net sales for Q3 2023, resulting in an operating and net loss. However, the company expects positive operating cash flow and a cash balance of over $65 million. The closure of a store and ongoing discounting contribute to the operating loss. The company plans to open new stores in Tampa, FL and Houston, TX. The launch of a new website has received positive feedback. Despite lower Labor Day promotion sales, total written volumes are ahead of 2019 results. The company also increased its regular quarterly dividend by 12.5%.
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Bassett Furniture Industries, Inc. (Nasdaq: BSET) increases quarterly dividend by 12.5% to $0.18 per share. Payable on August 25, 2023, to shareholders of record on August 11, 2023.
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FAQ
What is the current stock price of Bassett Furniture Industries I (BSET)?
The current stock price of Bassett Furniture Industries I (BSET) is $14.35 as of January 23, 2025.
What is the market cap of Bassett Furniture Industries I (BSET)?
The market cap of Bassett Furniture Industries I (BSET) is approximately 122.2M.
What does Bassett Furniture Industries, Inc. specialize in?
Bassett Furniture specializes in the manufacture, marketing, and retail of high-quality, mid-priced home furnishings.
How many stores does Bassett Furniture operate?
Bassett operates more than 90 company- and licensee-owned stores across the United States.
What are the main segments Bassett Furniture operates in?
Bassett operates in three main segments: Wholesale, Retail, and Corporate and Others.
What is unique about Bassett Furniture's offerings?
Bassett offers custom-built furniture that can be delivered within 30 days, along with over 1,000 upholstery fabrics and free in-home design visits.
How does Bassett Furniture ensure customer satisfaction?
Bassett ensures customer satisfaction by providing a friendly shopping environment, on-trend furniture styles, and personalized design services.
Does Bassett Furniture have an international presence?
Yes, Bassett's wholesale business has more than 500 accounts on the open market, both domestically and internationally.
What strategic partnerships does Bassett Furniture have?
Bassett has a licensing program with HGTV Home for custom-built furniture.
What recent achievements has Bassett Furniture made?
Bassett continues to innovate with custom furniture offerings and has expanded its wholesale business significantly.
Who can I contact for investor relations at Bassett Furniture?
You can contact J. Michael Daniel, Senior Vice President and Chief Financial Officer, at (276) 629-6614 or via email at mdaniel@bassettfurniture.com.
What is included in Bassett Furniture's Corporate and Others segment?
The Corporate and Others segment includes corporate activities and miscellaneous operations supporting the primary business segments.
Bassett Furniture Industries I
Nasdaq:BSET
BSET Rankings
BSET Stock Data
122.16M
8.13M
16.25%
49.69%
0.48%
Furnishings, Fixtures & Appliances
Wood Household Furniture, (no Upholstered)
United States of America
BASSETT