Bassett Furniture Inds Inc Stock Price, News & Analysis

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.

Bassett Furniture Industries, Inc. (BSET) announced a lease for a 123,000 square foot manufacturing facility in Newton, North Carolina, with production set to commence in June 2021. The company plans to hire 80 employees for the new site. In March 2021, wholesale orders surged by 125% compared to March 2020, while shipments rose by 59%. The company expects to reduce backlog levels significantly, supported by a $7 million investment in inventory and the creation of vertically-integrated production cells to improve efficiency.

Bassett Furniture Industries reported a 1.4% increase in consolidated revenue for Q1 2021, totaling $113.7 million. Operating income surged 172% to $6.0 million, with EPS rising to $0.40 from $0.12 year-over-year. Despite a 8.3% decline in retail sales, strong wholesale growth of 8.3% and a 44% increase in net orders highlighted robust demand. However, challenges from a broken supply chain and inflationary pressures remain. Bassett plans to open a new manufacturing facility to address growing backlogs and enhance production capabilities.

Bassett Furniture Industries, Inc. (Nasdaq: BSET) has declared a regular quarterly dividend of $0.125 per share, payable on May 28, 2021. Shareholders of record will be those at the close of business on May 14, 2021. The company, a leader in high-quality home furnishings, operates 97 stores and has a strong retail strategy that includes stylish custom-built furniture and free in-home design visits. Bassett also maintains a wholesale business with over 700 accounts nationally and internationally.

Bassett Furniture Industries (Nasdaq: BSET) reported a significant 44% increase in wholesale orders, totaling $83.0 million for the quarter ending February 27, 2021. The wholesale shipping backlog surged to $67.5 million, marking a staggering 362% year-over-year rise. The company is negotiating a lease for a new 123,000 square foot manufacturing facility in Newton, NC, aiming to enhance upholstery manufacturing capacity and decrease backlog levels. The lease is expected to be finalized by March's end, with operations commencing in June.

Bassett Furniture Industries (BSET) reported a 4.2% increase in consolidated sales for Q4 2020, reaching $118.4 million, up from $113.6 million in Q4 2019. The company achieved a net income of $6.5 million or $0.65 per diluted share, compared to a loss of $5.1 million in the previous year. Operating income was $10 million, a significant recovery from a loss of $5.6 million in Q4 2019. However, ongoing pandemic-related challenges and supply chain disruptions are hindering full revenue realization from a $54.9 million backlog. Bassett plans to continue investing in technology and maintain a strong balance sheet.

Bassett Furniture Industries, Inc. (NASDAQ: BSET) has declared a regular quarterly dividend of $0.125 per share of common stock. The dividend will be payable on February 26, 2021, to shareholders on record by the close of business on February 12, 2021. With a network of 97 stores, Bassett continues to leverage its strong brand in the home furnishings market, offering stylish and custom-built furniture along with a traditional wholesale business.