Bassett Furniture Industries Inc. - BSET STOCK NEWS

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

Bassett Furniture Industries, Inc. reports a decline in sales and operating income for Q3 2023 compared to the previous year.

Bassett Furniture Industries, Inc. reports a 26% decrease in net sales for Q3 2023, resulting in an operating and net loss. However, the company expects positive operating cash flow and a cash balance of over $65 million. The closure of a store and ongoing discounting contribute to the operating loss. The company plans to open new stores in Tampa, FL and Houston, TX. The launch of a new website has received positive feedback. Despite lower Labor Day promotion sales, total written volumes are ahead of 2019 results. The company also increased its regular quarterly dividend by 12.5%.

Bassett Furniture Industries, Inc. (Nasdaq: BSET) increases quarterly dividend by 12.5% to $0.18 per share. Payable on August 25, 2023, to shareholders of record on August 11, 2023.