Bassett Furniture Inds Inc - BSET STOCK NEWS

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.

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.

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.

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.

Bassett Furniture Industries, Inc. (Nasdaq: BSET) declares regular quarterly dividend of $0.18 per share

Bassett Furniture declares $0.18 quarterly dividend per share