Monday, October 02, 2023
Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States. The company operates in three segments: Wholesale, Retail, and Logistical Services. It is involved in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings (BHF) retail stores, as well as independent furniture retailers; and wood and upholstery operations. As of September 16, 2017, the company operated a network of 91 company-and licensee-owned stores. It also provides shipping, delivery, and warehousing services to customers in the furniture industry. In addition, the company owns and leases retail store properties. It also distributes its products through other multi-line furniture stores, Bassett galleries or design centers, specialty stores, and mass merchants. Bassett Furniture Industries was founded in 1902 and is based in Bassett, Virginia.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q23 Results. Bassett reported 3Q23 results in-line with the September 6th lowered expectations. Revenue was $87.2 million, down 26.1% year-over-year. Wholesale revenue declined 28.2% while Retail revenue declined 26.2%. Operating loss was $3.8 million compared to adjusted operating income of $6.1 million last year. Basset reported a net loss of $2.6 million, or $0.30 per share better than we had anticipated as SG&A expenses were reduced.
Uncertain Environment. The operating environment remains uncertain. While traffic and business increases around holiday events, day-to-day store traffic and wholesale order writing between the big events remain very challenging. We do not expect this situation to change until the consumer feels more confident about future prospects for the economy.
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