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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 a 5.8% increase in consolidated sales for Q4 2022, totaling $121 million, despite facing a challenging macroeconomic environment. The operating income slightly improved to $6.7 million. Retail sales rose by 14.9% to $76.3 million, while wholesale sales declined by 1.6% to $74.6 million. A healthy retail backlog and a gross margin increase to 52.6% were highlighted. However, quarter-to-date written sales in fiscal 2023 are down by 20%. The company is focused on enhancing its digital presence and plans to open three new stores while continuing to streamline operations.
Bassett Furniture Industries (Nasdaq: BSET) has declared a quarterly dividend of $0.16 per share, payable on February 24, 2023, to shareholders of record by February 10, 2023.
The company operates 91 retail locations and boasts a robust wholesale network with over 700 accounts across the U.S. Its retail strategy emphasizes stylish, custom-built furniture, accompanied by free in-home design consultations and a range of coordinating accessories.
Synchrony (NYSE: SYF) has announced a renewed partnership with Bassett Furniture (NASDAQ: BSET) to launch a multi-year financing program. This initiative enables consumers to access promotional financing at Bassett's 92 stores. The program leverages Synchrony's advanced data analytics and technology, enhancing the financing application process and customer experience. As part of the HOME Network™, Bassett will have access to exclusive marketing channels, aiding in customer engagement. This collaboration aims to drive loyalty, growth, and streamline the purchasing path for consumers.
Bassett Furniture Industries (NASDAQ: BSET) announced that its Board of Directors unanimously rejected two unsolicited acquisition proposals from CSC Generation Holdings. The recent proposal of $21 per share was considered significantly undervalued. Chairman and CEO Robert H. Spilman, Jr. stated that the offers were opportunistic, given market conditions, and did not align with the company's strategic vision. The Board emphasized its commitment to acting in shareholders' best interests and is confident in Bassett's long-term value creation.
CSC Generation Holdings has publicly announced a $21 per share all-cash acquisition proposal for Bassett Furniture Industries (BSET). This proposal, representing a 27% premium over Bassett's recent closing price of $16.51, aims to provide shareholders with immediate liquidity. CSC, a significant shareholder, believes the Board has not engaged meaningfully in previous proposals. The acquisition is expected to be fully funded without financing contingencies, and CSC is prepared for swift due diligence to expedite the transaction.
Bassett Furniture Industries, Inc. (Nasdaq: BSET) has declared a quarterly dividend of $0.16 per share, set to be paid on November 25, 2022, to shareholders on record as of November 11, 2022. This decision reflects Bassett's commitment to returning value to its shareholders while maintaining operations as a leading manufacturer of high-quality home furnishings with 92 stores and over 700 wholesale accounts across the U.S.
Bassett Furniture Industries reported third-quarter results for the period ending August 27, 2022, showcasing sales of $118.0 million, a 12.5% increase year-over-year. Operating income rose 22.1% to $10.7 million, aided by a gain from real estate sales. Earnings per share were $0.82, significantly above last year's $0.31. Despite challenges like rising inventory levels and market competition, strong performance in retail (up 21.0%) and wholesale segments (up 8.1%) illustrates resilience. The acquisition of Noa Home Inc. aims to expand their market reach amid economic uncertainties.
Bassett Furniture Industries (NASDAQ: BSET) has announced the acquisition of Noa Home Inc., an e-commerce furniture retailer based in Montreal, Canada. The deal involves a cash payment of C$2 million and repayment of C$5.7 million in existing debt. Noa generated approximately C$19.1 million in net revenues in its latest fiscal year. The acquisition aims to enhance Bassett's online presence and attract digitally savvy consumers, leveraging Noa's operational model. The co-founders of Noa will also have performance-based cash incentives over the next three years.
Bassett Furniture Industries, Inc. (Nasdaq: BSET) has announced a 14% increase in its quarterly dividend, raising it to $0.16 per share. The dividend will be payable on August 26, 2022, to shareholders of record as of August 12, 2022. This decision reflects the company's commitment to returning value to its shareholders while maintaining a robust position in the home furnishings sector.
Bassett Furniture Industries (BSET) reported a 17% increase in consolidated revenue for Q2 2022, totaling $128.7 million, and a 55.4% rise in operating profit to $11 million. The company achieved a net income of $47.1 million or $4.94 per share. Earnings per share improved to $0.81 from $0.51 year-over-year. Despite challenges from inflation and supply chain disruptions, strong performance in retail and wholesale contributed to the results. Bassett plans to continue investing in growth initiatives and has a solid balance sheet with $89.3 million in cash and no debt.
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