Bassett Furniture

Bassett Furniture Industries, Inc. engages in manufacturing, marketing, and retailing home furnishings. It operates through the Wholesale and Retail segments. The Wholesale segment focuses on the design, manufacture, sourcing, sale, and distribution of furniture products. The Retail segment consists of local furniture stores, regional furniture retailers, national department, chain stores, and single-vendor branded retailers. The company was founded by John David Bassett, Sr. in 1902 and is headquartered in Bassett, VA.

Earnings data Q1 2021

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Earnings data Q3 2024

Earnings data Q4 2024

Bassett Furniture reports improved margins and strategic restructuring plan

Bassett Furniture's Q2 2024 performance showed revenue challenges but improved gross margins. The restructuring plan aims to drive growth and enhance operational efficiency, with a focus on optimizing inventory and closing non-core businesses. Analyst questions highlighted concerns about the plan's execution and its impact on future profitability.

Bassett Furniture navigates challenges, focuses on growth and efficiency

Bassett Furniture faced challenges from market conditions and operational disruptions but showed resilience in improving gross margins and financial stability.
The company's strategic initiatives and restructuring plan indicate a commitment to long-term growth and efficiency.
While revenue declines and cybersecurity risks pose challenges, Bassett Furniture remains focused on profitability and aligning expenses with revenue.
Opportunities for growth exist through product innovation, digital investments, and operational enhancements despite the current market difficulties.

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Bassett Furniture Industries, Inc. engages in manufacturing, marketing, and retailing home furnishings. It operates through the following segments: Wholesale, Retail, and Corporate and Other. The Wholesale segment focuses on the design, manufacture, sourcing, sale, and distribution of furniture products. The Retail segment consists of company-owned stores and includes the revenues, expenses, assets and liabilities, and capital expenditures. The Corporate and Other segment includes the shared costs of corporate functions such as treasury and finance, information technology, accounting, human resources, legal and others, including certain product development and marketing functions benefitting both wholesale and retail operations. The company was founded by John David Bassett, Sr. in 1902 and is headquartered in Bassett, VA.

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Bassett Furniture reported weak Q3 results due to a cybersecurity incident and persisting weak industry conditions, but I believe that the factors behind the earnings make the weak Q3 understandable. The company is undergoing a restructuring plan to improve earnings by $5.5-6.5 million and looks to cut production and streamline operations by the end of Q4. The BSET stock comes with a good margin of safety in terms of the valuation, but with a still uncertain industry outlook and Bassett's uncertain earnings power, I remain neutral.

Bassett Furniture: Cybersecurity Incident Weakened Q3

Bassett Furniture Industries, Incorporated (NASDAQ:BSET ) Q3 2024 Earnings Conference Call October 10, 2024 9:00 AM ET Company Participants Mike Daniel - Chief Financial Officer Rob Spilman - Chairman and Chief Executive Officer Conference Call Participants Anthony Lebiedzinski - Sidoti & Company Brian Gordon - Water Tower Research Operator Good day and thank you for standing by. Welcome to Bassett Furniture Industries Q3 2024 Earnings Conference Call.

Bassett Furniture Industries, Incorporated (BSET) Q3 2024 Earnings Call Transcript

Bassett Furniture (BSET) came out with a quarterly loss of $0.52 per share versus the Zacks Consensus Estimate of a loss of $0.34. This compares to loss of $0.30 per share a year ago.

Bassett Furniture (BSET) Reports Q3 Loss, Lags Revenue Estimates

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 quarterly dividend.

Bassett Reports Fiscal Third Quarter Results, Updates Progress on Restructuring Plan and Announces Regular Quarterly Dividend

Bassett's third-quarter fiscal 2024 results are likely to showcase a declining demand trend amid market uncertainties and the closure of manufacturing plants.

BSET Gears Up to Report Q3 Earnings: Here's What You Should Know

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.

Bassett Announces Third Quarter Conference Call

Bassett (BSET) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Analysts Estimate Bassett Furniture (BSET) to Report a Decline in Earnings: What to Look Out for

Bassett Furniture Industries, Incorporated (NASDAQ:BSET ) Q2 2024 Earnings Conference Call July 11, 2024 9:00 AM ET Company Participants Mike Daniel - Chief Financial Officer Rob Spilman, Jr. - Chairman & Chief Executive Officer Conference Call Participants Anthony Lebiedzinski - Sidoti Budd Bugatch - Water Tower Research Operator Hello, and thank you for standing by, and welcome to Bassett Furniture Industries Q2 2024 Earnings Call. At this time, all participants are in a listen-only mode.

Bassett Furniture Industries, Incorporated (BSET) Q2 2024 Earnings Call Transcript

Challenging housing market hurt Bassett's (BSET) second-quarter fiscal 2024 results.

Bassett (BSET) Q2 Earnings & Sales Lag Estimates, Down Y/Y

Bassett Furniture (BSET) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to earnings of $0.15 per share a year ago.

Bassett Furniture (BSET) Reports Q2 Loss, Misses Revenue Estimates

Domo

SILICON SLOPES, Utah--(BUSINESS WIRE)--Today, Domo (Nasdaq: DOMO) announced that Bassett Furniture Industries, Inc. (Nasdaq: BSET) integrates Domo throughout its operations – from corporate headquarters to retail stores and its distribution team – to power data-driven decisions. Bassett Furniture started working with Domo in 2020 and now uses real-time data to engage retailers, select the right merchandise for a specific region, reduce unnecessary inventory and maximize retail space. Since 1902.

Bassett Furniture Builds a Data-Driven Culture with Domo

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.

Bassett Reports Fiscal Second Quarter Results and Launches Restructuring Plan

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.

Bassett Announces 11% Increase in Regular Quarterly Dividend

Bassett Furniture Industries, Incorporated has continued reporting soft financials as industry weakness continues, pushing operating income into negative territory. Bassett's retail distribution updates, cost initiatives, and elevated gross margins should eventually improve margins with a macroeconomic recovery. The company looks to report Q2 results soon, and while Wall Street analysts estimate slight sequential growth, I believe that higher caution is required as the industry echoes continued weakness.

Bassett Furniture: Caution Is Required Ahead Of Q2 Results

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.

Bassett Announces Second Quarter Conference Call

Bassett's (BSET) second-quarter fiscal 2024 performance is expected to be hurt by the soft home furnishings market.

Bassett (BSET) to Report Q2 Earnings: What's in the Offing?

Bassett, Virginia--(Newsfile Corp. - June 3, 2024) - Bassett Furniture Industries, Inc. (NASDAQ: BSET), announced today that Rob Spilman, Chief Executive Officer and Chairman of the Board, will be presenting at WTR's inaugural Consumer Products Virtual Investor Conference. Mr. Spilman will be participating via a virtual fireside chat with Budd Bugatch, WTR's Head of Consumer Hardlines, on June 6 at 11:15 am ET.

Bassett Furniture Industries, Inc. to Present at Water Tower Research's Inaugural Consumer Products Virtual Investor Conference on June 6, 2024

Bassett's (BSET) first-quarter fiscal 2024 results reflect the dismal performance of its reporting segments due to lower sales volume.

Bassett (BSET) Q1 Earnings & Sales Lag Estimates, Down Y/Y

Bassett Furniture (BSET) came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of $0.01. This compares to earnings of $0.16 per share a year ago.

Bassett Furniture (BSET) Reports Q1 Loss, Lags Revenue Estimates

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.

Bassett Announces Fiscal First Quarter Results

Bassett's (BSET) first-quarter fiscal 2024 performance is expected to have been hurt by a soft sales environment and inflationary woes.

Bassett (BSET) to Report Q1 Earnings: What's in the Offing?

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.

Bassett Announces Regular Quarterly Dividend

Bassett Furniture (BSET) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to earnings of $0.61 per share a year ago.

News for Bassett Furniture Stock (BSET)