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Bassett Furniture Industries, Inc. reports recurring developments tied to its home furnishings business, including wholesale furniture distribution, company-owned and licensed Bassett Home Furnishings stores, direct-to-consumer e-commerce, and open-market sales through Bassett Design Centers and Bassett Custom Studios. Company updates also reference custom furniture design and manufacturing capabilities, the Lane Venture outdoor brand, and sales channels serving furniture stores, interior design firms, and commercial customers.
News for BSET commonly covers fiscal results, conference calls, margin and expense trends, regular quarterly dividends, and strategic initiatives involving organic revenue growth, retail-store expansion, omni-channel selling, wholesale outreach, and product innovation across casegoods and upholstery programs.
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.
Bassett Furniture Industries, Inc. (Nasdaq: BSET) has declared a special dividend of $0.25 per share, payable on December 22, 2020, to shareholders of record by December 14, 2020. Chairman and CEO Rob Spilman highlighted that despite a challenging year, the company achieved a 26% increase in wholesale order rates and a 9% rise in shipments compared to the prior quarter, with backlogs reaching record levels. The company aims to maintain financial prudence while navigating ongoing uncertainties related to the COVID-19 pandemic.
Bassett Furniture Industries (BSET) announced the election of Emma S. Battle to its Board of Directors on October 7, 2020. Emma brings over 30 years of experience in strategy, operations, and marketing, notably in digital strategy and e-commerce. As the current President and CEO of MarketVigor and Higher Ed Works, she is recognized for her leadership in both business and education. Bassett operates 98 stores, focusing on high-quality, mid-priced home furnishings and custom-built furniture. The company maintains a strong wholesale presence with over 700 accounts internationally.
Bassett Furniture Industries (Nasdaq: BSET) has declared a quarterly dividend of $0.125 per share, payable on November 27, 2020, to shareholders on record by November 13, 2020. This decision reflects a strong sales trend, with September wholesale orders exceeding the previous year by 39%. The Board acknowledges the improvement in the company's financial position, restoring the dividend to its pre-COVID level, signaling confidence in future growth.
Bassett Furniture Industries (NASDAQ: BSET) has committed to expanding its outdoor furniture segment, targeting annual growth rates of 4% to 5% through 2023, with an estimated market size of $5 billion in the U.S. The company invested in the Lane Venture brand and enhanced manufacturing capabilities after acquiring Lane Venture in 2017. The introduction of aluminum furniture, along with robust marketing efforts, aims to capitalize on consumer shifts towards outdoor living. The Bassett Outdoor brand launched amidst the pandemic and is seeing growth as stores reopen.
Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced a quarterly dividend of $0.08 per share, a 36% reduction due to COVID-19 uncertainties. The Board also reinstated a previously deferred dividend of $0.125 per share, payable on August 28, 2020, to shareholders recorded by August 14, 2020. CEO Rob Spilman expressed satisfaction with the Board's decision but emphasized the ongoing impact of the pandemic on business. The company operates 100 stores and maintains a traditional wholesale presence, focusing on stylish, custom-built furniture.
Bassett Furniture Industries (Nasdaq: BSET) has reopened 43 of its 66 corporate-owned stores and plans to reopen 19 more by May 18, 2020. However, the company is implementing a 25% permanent reduction in workforce, affecting approximately 600 employees, due to an 80% decline in wholesale revenue during the COVID-19 pandemic. The Grand Prairie, Texas upholstery manufacturing operation will close permanently, with production shifted to North Carolina. Bassett aims to adapt to changes in consumer behavior by enhancing its digital commerce strategy.