Bassett Furniture Inds Inc Stock Price, News & Analysis

Bassett Furniture Industries (NASDAQ: BSET) reported its Q4 FY24 results with mixed performance. Revenue declined 11% year-over-year, but the company returned to profitability with operating income of $0.9 million. The quarter included a $1.0 million charge related to Noa Home Inc. wind-down and a $0.4 million restructuring charge for workforce reductions.

The company achieved a strong gross margin of 56.6%, primarily driven by improvements in the wholesale segment. The wholesale division reported operating income of $8.5 million (16.3% of sales), while retail operations generated $0.1 million (0.2% of sales). The quarter benefited from a $2.6 million tax benefit related to Noa Home Inc. investment loss, resulting in diluted earnings per share of $0.38 compared to a loss of $0.47 in the previous year. The company generated $6.4 million in operating cash flow.

Bassett Furniture Industries (Nasdaq: BSET) has announced a conference call scheduled for Thursday, January 30, 2025, at 9:00 a.m. ET to discuss their fourth quarter 2024 financial results. The company will release its earnings report after market closure on Wednesday, January 29, 2025.

The conference call will be hosted by Chairman and CEO Rob Spilman and CFO Mike Daniel. Investors and the public can access the call through two methods: via webcast through the company's investor relations website at investors.bassettfurniture.com, or through edge.media-server.com/mmc/p/nfkyhxtb. The call recording will be archived on Bassett's investor site for future reference.

Bassett Furniture Industries (Nasdaq: BSET) has announced that its Board of Directors declared a regular quarterly dividend of $0.20 per share of common stock. The dividend will be payable on February 28, 2025, to shareholders of record at the close of business on February 14, 2025.

The company operates a network of 87 company- and licensee-owned stores and maintains a traditional wholesale business serving over 700 accounts across the United States. Bassett specializes in custom-built furniture featuring the latest trends, complemented by free in-home design visits and coordinated decorating accessories.

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.