Welcome to our dedicated page for Bassett Furniture Inds news (Ticker: BSET), a resource for investors and traders seeking the latest updates and insights on Bassett Furniture Inds stock.
Bassett Furniture Industries, Inc. (NASDAQ: BSET) delivers innovative home furnishings through integrated manufacturing and retail operations. This news hub provides investors with essential updates on corporate developments, financial performance, and market strategies.
Track BSET's latest earnings reports, product innovations, and strategic initiatives in one centralized location. Our curated news collection covers wholesale distribution updates, retail network expansions, and design partnership announcements – including collaborations like the HGTV Home licensed collection.
Key updates include quarterly financial disclosures, leadership changes, manufacturing advancements, and sustainability initiatives. Investors gain insights into Bassett's unique position bridging custom furniture craftsmanship with scalable wholesale distribution.
Bookmark this page for real-time access to SEC filings, press releases, and expert analyses. Stay informed about BSET's evolving strategies in the competitive home furnishings sector through our verified news stream.
Bassett Furniture Industries (NASDAQ: BSET) has completed the sale of most assets of Zenith Freight Lines, LLC to J.B. Hunt Transport Services (NASDAQ: JBHT) for approximately $87 million, subject to a post-closing working capital adjustment. This strategic move is aimed at enhancing Bassett's operational efficiency by leveraging J.B. Hunt's logistics expertise for middle-mile transportation and warehousing. CEO Rob Spilman expressed enthusiasm for the partnership, indicating that further details on capital allocation will follow a Board meeting next week.
Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported a consolidated sales increase of 9.7% for Q4 2021, totaling $129.9 million. Although facing margin pressure due to rising costs, the company generated a full-year operating profit of $26 million, the highest since 2017. Bassett sold Zenith Freight Lines for $87 million, anticipating a net gain of approximately $65 million after taxes, to enhance its logistics strategy and capital allocation. Investment plans for 2022 include up to $30 million in technology, retail expansions, and manufacturing improvements.
Bassett Furniture Industries (NASDAQ: BSET) has announced that it will sell its subsidiary, Zenith Freight Lines, to J.B. Hunt Transport Services (NASDAQ: JBHT) for approximately $87 million. This transaction aims to enhance J.B. Hunt's furniture delivery capabilities and will be supported by a long-term master services agreement. Zenith, which earned $87 million in revenue for the fiscal year ending November 2021, represents a significant portion of Bassett's business. The deal is expected to close by February 28, 2022, pending customary conditions.
J.B. Hunt Transport Services (NASDAQ: JBHT) announced the acquisition of Zenith Freight Lines, a subsidiary of Bassett Furniture Industries (NASDAQ: BSET), for approximately $87 million. This deal enhances J.B. Hunt's furniture delivery capabilities and supports its Final Mile Services segment. Zenith generated $87 million in revenue in the fiscal year ending November 2021, with Bassett accounting for one-third of its business. The acquisition is expected to close by February 28, 2022, subject to customary conditions.
Bassett Furniture Industries has declared a quarterly dividend of $0.14 per share, payable on February 25, 2022, to shareholders on record as of February 11, 2022. This announcement reflects the company's commitment to returning value to its shareholders. Bassett operates 97 stores and has a robust wholesale business with over 700 accounts, both domestically and internationally. The company focuses on stylish, custom-built furniture and offers in-home design visits to enhance customer experience.
Bassett Furniture Industries (Nasdaq: BSET) has declared a quarterly dividend of $0.14 per share, set for payment on November 26, 2021, to shareholders of record as of November 12, 2021. This announcement reflects the company's ongoing commitment to returning value to its shareholders. Additionally, Bassett operates 97 company- and licensee-owned stores and emphasizes stylish, custom-built furniture, enhancing its competitive edge in the home furnishings market.
Bassett Furniture Industries (Nasdaq: BSET) reported a 30% increase in consolidated revenue for Q3 2021, totaling $118.9 million, up from $91.6 million last year. Strong growth in wholesale sales, up 32%, and a net EPS of $0.31 contributed to improved operating income of $4.5 million. However, challenges including raw material shortages, rising costs, and labor issues have persisted. The company maintained a sizable order backlog of $92.8 million and increased its dividend by 12%, reflecting optimism despite ongoing industry disruptions.
Bassett Furniture Industries (BSET) announced its participation in the Sidoti Microcap Conference on August 18, 2021, with a presentation set for 1:00 PM. In July, wholesale orders rose by 2% year-over-year and 29% compared to July 2019, while wholesale shipments increased by 11% over last year but declined by 1% over two years. However, shipping delays and increased labor costs due to industry challenges have impacted operations, with a 9.8% rise in wholesale backlog. Ongoing supply chain issues, particularly due to COVID-19 in Vietnam, may further strain margins and lead to a fourth price increase this fiscal year.
Bassett Furniture Industries (BSET) has announced a 12% increase in its quarterly dividend, declaring $0.14 per share to be paid on August 27, 2021. This decision aligns with a significant increase in share repurchase authorization by $16 million, restoring it to a total of $20 million. Additionally, the company reported impressive wholesale order growth of 25% over June 2020 and 39% over June 2019, along with a 55% increase in shipments relative to June 2020, indicating strong operational performance and a solid economic outlook.
Bassett Furniture Industries (BSET) reported strong Q2 2021 results, with revenues of $124.1 million, a 94% increase year-over-year, and a 15% increase from 2019. The company achieved an operating profit of $8.4 million, improving from a loss in the previous year. Wholesale orders surged by 172% compared to 2020, driven by significant growth in key segments. Despite challenges including supply chain disruptions and labor shortages, Bassett is optimistic about reducing order backlogs and maintaining robust sales momentum for the remainder of the year.
