Tag: Furniture

Bassett Furniture (BSET) – A Disappointing Fiscal Third Quarter, Downgrading to Market Perform

Posted on by cpereira@noblefcm.com


Thursday, September 07, 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.

Preliminary Results. Basset released preliminary results for the fiscal third quarter ended August 26th that are well below our and consensus estimates. A 27% drop in wholesale shipments in the quarter combined with several unusual events related to store closures and ongoing discounting of the Club Level line negatively impacted the quarter.

Details. Net sales are expected to be approximately $87 million, a 26% drop y-o-y and well below our $101 million estimate and the consensus $98.9 million estimate. The low estimate for the quarter was $97 million. The Company is projecting an operating and net loss for the quarter. We had projected net income of $1.5 million and the consensus estimate called for net income of $2.2 million.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bassett Furniture (BSET) – An Acquisition Offer for $21/Share

Posted on by cpatches


Wednesday, October 12, 2022

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, Senior Research Analyst, 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.

Acquisition Proposal. Yesterday, CSC Generation Holdings, Inc. released correspondence sent to Bassett Furniture Industries, Incorporated offering to purchase the Company for $21 per share in an all-cash acquisition. According to the letter, CSC “submitted bona fide, attractive acquisition proposals to the Board of Directors of the Company on June 30, 2022 and September 26, 2022, the Board has been unwilling to engage with us in any meaningful way.”

Who Is CSC? Founded in 2016, CSC has a successful track record of acquiring store and catalogue-based companies and then transforming them into high-performance, digital-first brands through CSC’s proven omni-channel technology platform, operating expertise and scale. CSC is backed by world-class institutional investors, including Altos Ventures, Khosla Ventures, Panasonic, and the family offices of domain experts in the industry, such as the founders of Wayfair and Build.com. Since its founding, CSC has acquired and successfully integrated a number of well-known brands, such as Sur La Table and One Kings Lane.


Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bassett Furniture (BSET) – Reports Fiscal Third Quarter Results

Posted on by cpatches


Friday, September 30, 2022

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, Senior Research Analyst, 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.

3Q22 Results. Revenue for the fiscal third quarter ended August 27, 2022 was $118 million, up 12.5% over the prior year period. Wholesale revenue rose 8.3% to $79 million, while Retail revenue rose 21.0% to $70.9 million. Excluding a $4.6 million one-time gain, operating income was $6.1 million, up 22.1%. Bassett reported net income from continuing operations of $7.8 million, or $0.84 per share, compared to net income from continuing operations of $3.4 million, or $0.35 per share, in the prior year. We had forecast revenue of $120 million and EPS from continuing operations of $0.65.

Retail the Star. Once again, Bassett’s retail network was the quarter’s star performer, with “best ever” third quarter deliveries of $70.9 million and $4.5 million of operating profit. Segment operating profits in the first nine months exceed any full year performance to date.


Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.