Bassett Furniture Inds Inc Stock Price, News & Analysis

Bassett Furniture Industries (BSET) reported a strong first quarter for fiscal 2022, with consolidated revenue rising 16% to $117.9 million and operating income increasing 16% to $6.5 million. The company experienced a 19% jump in wholesale shipments, while diluted earnings per share climbed 19% to $0.44. A notable highlight was the sale of Zenith Freight Lines for $87 million, resulting in a $1.50 special dividend for shareholders. Despite a 6.8% decline in incoming wholesale orders, Bassett anticipates stronger sales driven by new product lineups and fulfillment centers.

Munchkin, Inc. appointed Kristina Cashman and Alan Wizemann to its board, expanding the total to five members. Cashman brings finance expertise, serving as a director at Bassett Furniture and Vera Bradley, while Wizemann contributes e-commerce knowledge from Quip NYC. Their appointments aim to enhance Munchkin's focus on digital growth and sustainability. CEO Steven Dunn expressed confidence in their ability to drive the company's mission. Munchkin, recognized for innovative children's products, has over 307 patents and aims to be the leading baby lifestyle brand globally.

Bassett Furniture Industries (BSET) declared a special dividend of $1.50 per share and a regular quarterly dividend of $0.14 per share. Both dividends will be paid to shareholders of record on March 23, 2022 and May 13, 2022, respectively. Additionally, the Board increased the share repurchase authorization to $40 million. CEO Rob Spilman expressed confidence in strong home furnishings demand despite economic challenges like inflation and geopolitical tensions. The company plans to invest in business growth using its operating cash flow.

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.