Bassett Furniture Industries Inc
NASDAQ:BSET
Bassett Furniture Industries Inc
Bassett Furniture Industries, Inc. engages in manufacturing, marketing and retailing home furnishings. The company is headquartered in Bassett, Virginia and currently employs 2,219 full-time employees. The Company’s products are sold through a network of Company-owned and licensee-owned branded stores under the Bassett Home Furnishings (BHF) name. The firm operates through three segments: Wholesale, Retail-Company-owned stores, and Logistical services. The wholesale segment is involved principally in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of BHF stores (Company-owned retail stores and licensee-owned stores) and independent furniture retailers. The retail segment consists of approximately 63 Company-owned and operated BHF stores. The firm operates a logistical services segment through its facilities located in Conover, North Carolina. The firm also sells products through its Website at www.bassettfurniture.com.
Bassett Furniture Industries, Inc. engages in manufacturing, marketing and retailing home furnishings. The company is headquartered in Bassett, Virginia and currently employs 2,219 full-time employees. The Company’s products are sold through a network of Company-owned and licensee-owned branded stores under the Bassett Home Furnishings (BHF) name. The firm operates through three segments: Wholesale, Retail-Company-owned stores, and Logistical services. The wholesale segment is involved principally in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of BHF stores (Company-owned retail stores and licensee-owned stores) and independent furniture retailers. The retail segment consists of approximately 63 Company-owned and operated BHF stores. The firm operates a logistical services segment through its facilities located in Conover, North Carolina. The firm also sells products through its Website at www.bassettfurniture.com.
Revenue Growth: Bassett grew consolidated revenue by 5.1% in Q4, with wholesale sales up 8.3% and retail sales up 7.9%, despite a sluggish housing market.
Profitability Improvement: Operating income rose to $2.3 million from $900,000 last year, and would have been $2.8 million excluding restructuring costs.
Margin Pressures: Gross margin dipped slightly to 56.3%, mainly due to holding retail prices steady despite tariff impacts, but SG&A as a percent of sales improved.
Product Innovation: New product lines, especially in casegoods and custom upholstery, drove strong sales, with some categories up over 50%.
Cost Control: Ongoing restructuring and headcount reductions contributed to lower costs and improved operational efficiency.
Strong Balance Sheet: The company ended the quarter with $59.2 million in cash and no debt.
E-commerce Momentum: Online sales rose 14% in Q4 and 27% for the full year, with double-digit conversion rate growth.
