reports
Bassett Announces Additional Cost Structure Reductions and Updates Pro...
Bassett Announces Additional Cost Structure Reductions and Updates Progress on Restructuring Plan BASSETT, Va., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today certain work force reductions designed to both streamline operations and better match the Company’s cost structure to the current rate of business. Through a combination of layoffs and retirements throughout the organization, this workforce reduction will result in approximately $2.5 million in annual savings. Including this action, Bassett has reduced its headcount by 11% over th...
Bassett Reports Fiscal Third Quarter Results, Updates Progress on Rest...
Bassett Reports Fiscal Third Quarter Results, Updates Progress on Restructuring Plan and Announces Regular Quarterly Dividend BASSETT, Va., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported today its results of operations for its third quarter ended August 31, 2024. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.20 per share of common stock, payable on Nov. 29, 2024, to shareholders of record at the close of business on Nov. 15, 2024. This dividend represents an 11% increase over the prior year’s quarter...
Bassett Announces Third Quarter Conference Call
Bassett Announces Third Quarter Conference Call BASSETT, Va., Sept. 25, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today it will host a conference call with management on Thursday, October 10, 2024, at 9:00 a.m. ET to discuss its third quarter 2024 financial results. The Company will issue its earnings release after the market closes on Wednesday, October 9, 2024. Chairman and Chief Executive Officer Rob Spilman will host the call, along with Chief Financial Officer Mike Daniel. The public is invited to listen to the conference call by webcast,...
- Brian Gordon
- Budd Bugatch
2QFY24 Results Were Ugly; Revenue and EPS Miss; Management Initiates F...
Herein, we analyze and discuss Bassett’s 2QFY24 earnings report. Management reported its results for the interim period that ended on June 1, 2024, on Wednesday after market close. It also conducted its “first-ever” management-sponsored and conducted earnings conference call on Thursday before market open, taking and answering analyst questions live. In this note, we also refresh our modeling assumptions and estimates. As we will discuss, we are attempting to be as conservative and cautious as p...
Bassett Reports Fiscal Second Quarter Results and Launches Restructuri...
Bassett Reports Fiscal Second Quarter Results and Launches Restructuring Plan BASSETT, Va., July 10, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported today its results of operations for its second quarter ended June 1, 2024. The Company also announced a restructuring plan designed to improve long-term operational and financial performance. Q2 Consolidated Business Highlights: [FY 24 vs. FY 23, unless otherwise specified] Revenues decreased 17%.When comparing to the first quarter of 2024, revenues increased 3.8%, normalizing the first quarter for the ex...
Bassett Announces 11% Increase in Regular Quarterly Dividend
Bassett Announces 11% Increase in Regular Quarterly Dividend BASSETT, Va., July 09, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.20 per share of common stock, payable on August 30, 2024, to shareholders of record at the close of business on August 16, 2024 which represents an 11% increase over the prior quarterly dividend. About Bassett Furniture Industries, Inc. Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality ...
Bassett Announces Second Quarter Conference Call
Bassett Announces Second Quarter Conference Call BASSETT, Va., July 02, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) today announced it will host a conference call with management on Thursday, July 11, 2024, at 9:00 a.m. ET to discuss its second quarter 2024 financial results. The Company will issue its earnings release after the market closes on Wednesday, July 10, 2024. Chairman and Chief Executive Officer Rob Spilman will host the call, along with Chief Financial Officer Mike Daniel. The public is invited to listen to the conference call by webcast, acces...
- Budd Bugatch
1QFY24 Disappointing but Not Surprising; EPS of ($0.14), down $0.30 Y/...
Bassett’s 1QFY24 operating results disappointing, but not surprising. In its 2023 Annual Report, Bassett CEO Rob Spilman’s opening line was, “The other side of the COVID sales boom has proven to a rough ride for the home furnishings sector.” It remains challenging. Several untimely winter storms hit on important selling days, including the MLK holiday sale period. Moreover, comments from several other reporting companies noting the recent challenges underscore the recent malaise. Investors seem ...
Bassett Announces Fiscal First Quarter Results
Bassett Announces Fiscal First Quarter Results BASSETT, Va., April 03, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its first quarter ended March 2, 2024. Fiscal 2024 First Quarter Highlights (Dollars in millions) Sales Operating Income (Loss) 1st Qtr Dollar% 1st Qtr% of 1st Qtr% of 2024 2023 ChangeChange 2024 Sales 2023 SalesConsolidated (1) $86.6 $107.7 $(21.1)-19.6% $(2.4)-2.8% $2.7 2.5% Wholesale $54.7 $69.9 $(15.2)-21.7% $6.8 12.4% $9.0 12.9% Retail $53.8 $65.0 $(11.2)-17...
Bassett Announces Regular Quarterly Dividend
Bassett Announces Regular Quarterly Dividend BASSETT, Va., March 07, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.18 per share of common stock, payable on May 31, 2024, to shareholders of record at the close of business on May 17, 2024. About Bassett Furniture Industries, Inc.Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 89 company- and licensee-owned stores at the time of this release, ...
- Budd Bugatch
- Rex Henderson
Initiating Coverage of Bassett Furniture Industries, Inc.: A Survivor ...
We are initiating coverage of Bassett Furniture Industries, Inc. publicly traded under the ticker BSET. Bassett primarily operates in two segments: Retail and Wholesale. A third segment, Corporate & Other, accounts for corporate and unallocated expenses, as well as the operating results of Noa Home, a recent e-commerce acquisition. Bassett's Retail segment accounts for the results of 57 company-owned Bassett Home Furnishings stores (BHFs). For FYE November 2023, sales were ~$236MM (~60% of cons...
Bassett Announces Fiscal Fourth Quarter Results
Bassett Announces Fiscal Fourth Quarter Results BASSETT, Va., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its fourth quarter ended November 25, 2023. Fiscal 2023 Fourth Quarter Highlights (Dollars in millions) Sales Operating Income (Loss) 4th Qtr Dollar% 4th Qtr% of 4th Qtr% of 2023 2022 ChangeChange 2023 Sales 2022 SalesConsolidated (1)$94.7$121.0 $(26.3)-21.7% $(4.5)-4.8% $6.7 5.5% Wholesale$60.6$74.6 $(14.0)-18.8% $8.4 13.9% $10.3 13.8% Retail$57.9$74.5 $(16.6)-22.3% ...
Bassett Announces Regular Quarterly Dividend
Bassett Announces Regular Quarterly Dividend BASSETT, Va., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.18 per share of common stock, payable on March 1, 2024, to shareholders of record at the close of business on February 16, 2024. About Bassett Furniture Industries, Inc.Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 87 company- and licensee-owned stores at the time of this rele...
Bassett Announces Regular Fourth Quarter Dividend
Bassett Announces Regular Fourth Quarter Dividend BASSETT, Va., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.18 per share of common stock, payable on November 24, 2023, to shareholders of record at the close of business on November 10, 2023. About Bassett Furniture Industries, Inc.Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 89 company- and licensee-owned stores at the time o...
Bassett Announces Fiscal Third Quarter Results
Bassett Announces Fiscal Third Quarter Results BASSETT, Va., Sept. 28, 2023 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its third quarter ended August 26, 2023. Fiscal 2023 Third Quarter Highlights (Dollars in millions) Sales Operating Income (Loss) 3rd Qtr Dollar% 3rd Qtr% of 3rd Qtr% of 20232022 ChangeChange2023Sales 2022SalesConsolidated(1)$87.2$118.0 $(30.8)-26.1% $(3.8)-4.4% $10.7 9.1% Wholesale$56.7$79.0 $(22.3)-28.2% $6.3 11.1% $10.0 12.7% Retail$52.3$70.9 $(18.6)-26.2% $(3.0)-5.7% $...
Bassett Announces Certain Preliminary Financial Results for the Fiscal...
Bassett Announces Certain Preliminary Financial Results for the Fiscal Third Quarter BASSETT, Va., Sept. 06, 2023 (GLOBE NEWSWIRE) -- September 6, 2023 – Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that consolidated net sales for the quarter ended August 26, 2023 were approximately $87 million or 26% lower than the corresponding period in 2022, and that as a result, it expects to report an operating and net loss for the quarter. While wholesale shipments dropped by 27% for the quarter, wholesale orders were only 5% lower than the prior year quarter. In spite of the e...
Bassett Increases Quarterly Dividend by 12.5%
Bassett Increases Quarterly Dividend by 12.5% BASSETT, Va., July 12, 2023 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has increased the quarterly dividend by 12.5%, declaring a regular quarterly dividend of $0.18 per share of common stock, payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023. About Bassett Furniture Industries, Inc. Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 91 company- and...
Bassett Announces Fiscal Second Quarter Results
Bassett Announces Fiscal Second Quarter Results BASSETT, Va., June 29, 2023 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its second quarter ended May 27, 2023. Fiscal 2023 Second Quarter Highlights (Dollars in millions) Sales Operating Income (Loss) 2nd Qtr Dollar% 2nd Qtr% of 2nd Qtr% of 2023 2022 ChangeChange 2023 Sales 2022 Sales Consolidated (1)$100.5 $128.7 $(28.2)-21.9% $2.5 2.5% $11.0 8.5% Wholesale$61.8 $87.5 $(25.7)-29.4% $7.0 11.3% $11.5 13.1% Retail$60.8 $75.6 $(14.8)...
Bassett Announces Fiscal First Quarter Results
Bassett Announces Fiscal First Quarter Results BASSETT, Va., March 30, 2023 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today its results of operations for its first quarter ended February 25, 2023. Fiscal 2023 First Quarter Highlights of Continuing Operations (Dollars in millions) Sales Operating Income (Loss) 1st Qtr Dollar% 1st Qtr% of 1st Qtr% of 2023 2022 ChangeChange 2023 Sales 2022 SalesConsolidated (1)$107.7$117.9 $(10.2)-8.7% $2.7 2.5% $6.5 5.5% Wholesale$69.9$83.5 $(13.6)-16.3% $9.0 12.9% $10.2 12.2% Retail$65.0$64.1...
Bassett Regular Quarterly Dividend
Bassett Regular Quarterly Dividend BASSETT, Va, March 09, 2023 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.16 per share of common stock, payable on May 26, 2023, to shareholders of record at the close of business on May 12, 2023. About Bassett Furniture Industries, Inc. Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 92 company- and licensee-owned stores at the time of this release, Bassett h...
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