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Bassett Furniture Industries, Incorporated - BSET STOCK NEWS

Welcome to our dedicated page for Bassett Furniture Industries, Incorporated news (Ticker: BSET), a resource for investors and traders seeking the latest updates and insights on Bassett Furniture Industries, Incorporated stock.

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 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.

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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.

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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.

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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.

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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.

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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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FAQ

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, Incorporated

Nasdaq:BSET

BSET Rankings

BSET Stock Data

116.63M
8.83M
7.57%
53.66%
0.34%
Wood Kitchen Cabinet and Countertop Manufacturing
Manufacturing
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United States of America
BASSETT