Bassett Furniture Inds Inc Stock Price, News & Analysis

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.

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.