Latest news with #BSET
Washington Post
10-07-2025
- Business
- Washington Post
Bassett: Fiscal Q2 Earnings Snapshot
BASSETT, Va. — BASSETT, Va. — Bassett Furniture Industries Inc. (BSET) on Wednesday reported fiscal second-quarter net income of $1.9 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Bassett, Virginia-based company said it had net income of 22 cents. The furniture seller posted revenue of $84.3 million in the period.
Yahoo
09-07-2025
- Business
- Yahoo
Bassett: Fiscal Q2 Earnings Snapshot
BASSETT, Va. (AP) — BASSETT, Va. (AP) — Bassett Furniture Industries Inc. (BSET) on Wednesday reported fiscal second-quarter net income of $1.9 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Bassett, Virginia-based company said it had net income of 22 cents. The furniture seller posted revenue of $84.3 million in the period. Bassett shares have risen 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.99, a climb of 29% in the last 12 months. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on BSET at
Yahoo
09-07-2025
- Business
- Yahoo
Bassett Reports Fiscal Second Quarter Results
BASSETT, Va., July 09, 2025 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported today its results of operations for its second quarter ended May 31, 2025. Q2 Consolidated Business Highlights: [FY 25 vs. FY 24, unless otherwise specified] Revenues increased 1.1% from the prior year quarter. Excluding sales from Noa Home Inc. which closed in late 2024, consolidated revenues increased 2.5%. Operating income was $2.5 million or 3.0% of sales as compared to a loss of $(8.5) million for the prior year quarter which included $5.5 million of asset impairment charges and $2.7 million of additional inventory valuation charges. Gross margin at 55.6% represented a 310 basis point improvement over the prior year as the Company recorded the above-mentioned inventory valuation charges in the second quarter of 2024. Excluding those charges, gross margin would have been essentially flat to the prior year quarter. Selling, general and administrative expenses were 52.7% of sales, 330 basis points lower than the prior year, reflecting benefits from the prior year restructuring plan and on-going cost containment activities. Generated $7.0 million of operating cash flow. Diluted earnings per share of $0.22 as compared to a loss of $(0.82) in the prior year. Fiscal 2025 Second Quarter Overview (Dollars in millions) Sales Operating Income (Loss) 2nd Qtr Dollar % 2nd Qtr % of 2nd Qtr % of 2025 2024 Change Change 2025 Sales 2024 Sales Consolidated (1) $ 84.3 $ 83.4 $ 0.9 1.1 % $ 2.5 3.0 % $ (8.5 ) -10.1 % Wholesale $ 54.2 $ 52.6 $ 1.6 3.1 % $ 8.3 15.3 % $ 5.7 10.8 % Retail $ 54.2 $ 50.5 $ 3.7 7.5 % $ 0.5 0.9 % $ (2.2 ) -4.4 % Corporate & Other (2) $ - $ 1.1 $ (1.1 ) -100.0 % $ (6.5 ) N/A $ (6.9 ) N/A (1) Our consolidated results for the quarter include certain intercompany eliminations. Consolidated results for the 2nd quarter of 2024 include asset impairment charges of $5.5 million which are not allocated to our segment operating results. See Table 4, "Segment Information" below for an illustration of the effects of these items on our consolidated sales and operating income. (2) Corporate and Other includes the operations of Noa Home Inc. (fiscal 2024 only) along with the shared Corporate costs that are benefiting both the Wholesale and Retail segments. 'We're pleased with both revenue and operating income improvements in the second quarter, despite the ongoing challenges affecting consumer confidence and purchasing decisions, including a historically weak housing market and uncertainty about the impact of trade tariffs on the cost of goods,' said Robert H. Spilman, Jr., Bassett Chairman and Chief Executive Officer. 'Our rigorous attention to increased operating efficiency, product launches, expanded e-commerce capabilities and more customized marketing helped us weather this tepid home furnishings market. We believe these advantages and our strong US manufacturing base position Bassett well to serve both wholesale and retail markets for the second half of fiscal 2025.' Conference Call and Webcast The Company will hold a conference call to discuss its quarterly results on July 10, 2025, at 9:00 am ET. The public is invited to listen to the conference call by webcast, accessible through the Company's investor relations website, Participants can also listen to the conference call via A replay and transcript of the conference call will be available on demand on the investor relations site. About Bassett Furniture Industries, Inc. Bassett Furniture Industries, Inc. (NASDAQ: BSET) is a leading provider of high-quality home furnishings with a wide range of distribution types. Bassett sales approximately 60% of its products through its network of 87 company- and licensee-owned stores which feature the latest on-trend furniture styles, the Company's capabilities in custom furniture design and manufacturing, free in-home design visits, and coordinated decorating accessories in a professional and friendly environment. Bassett also has a significant traditional wholesale business with more than 1,000 open market accounts. Most of the open market sales are through Bassett Design Centers and Bassett Custom Studios which function as a store within a multi-line store featuring the Company's custom furniture capabilities. The wholesale business, including the Lane Venture outdoor brand, also services general furniture stores and a growing number of interior design firms. Bassett products are also directly available to consumers at (BSET-E) Forward-Looking StatementsCertain of the statements in this release, particularly those preceded by, followed by or including the words 'believes,' 'plans,' 'expects,' 'anticipates,' 'intends,' 'should,' 'estimates,' or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the second fiscal quarter of 2025, constitute 'forward looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Bassett claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially from those indicated in the forward-looking statements. Expectations included in the forward-looking statements are based on preliminary information, as well as certain assumptions which management believes to be reasonable at this time. The following important factors affect Bassett and could cause actual results to differ materially from those indicated in the forward looking statements: the effects of national and global economic or other conditions and future events on the retail demand for home furnishings and the ability of Bassett's customers and consumers to obtain credit; the success of marketing, logistics, retail and other initiatives; and the economic, competitive, governmental and other factors identified in Bassett's filings with the Securities and Exchange Commission. Any forward-looking statement that Bassett makes speaks only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indication of future performance, unless expressed as such, and should only be viewed as historical data. Table 1 BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations - unaudited (In thousands, except for per share data) Quarter Ended Six Months Ended* May 31, 2025 June 1, 2024 May 31, 2025 June 1, 2024 Percent of Percent of Percent of Percent of Amount Net Sales Amount Net Sales Amount Net Sales Amount Net Sales Net sales of furniture and accessories $ 84,348 100.0 % $ 83,410 100.0 % $ 166,510 100.0 % $ 169,964 100.0 % Cost of furniture and accessories sold 37,439 44.4 % 39,650 47.5 % 72,771 43.7 % 78,337 46.1 % Gross profit 46,909 55.6 % 43,760 52.5 % 93,739 56.3 % 91,627 53.9 % Selling, general and administrative expenses 44,412 52.7 % 46,707 56.0 % 88,787 53.3 % 96,931 57.0 % Asset impairment charges - 0.0 % 5,515 6.6 % - 0.0 % 5,515 3.2 % Income (loss) from operations 2,497 3.0 % (8,462 ) -10.1 % 4,952 3.0 % (10,819 ) -6.4 % Interest income 521 0.6 % 627 0.8 % 1,080 0.6 % 1,383 0.8 % Other loss, net (422 ) -0.5 % (276 ) -0.3 % (881 ) -0.5 % (380 ) -0.2 % Income (loss) before income taxes 2,596 3.1 % (8,111 ) -9.7 % 5,151 3.1 % (9,816 ) -5.8 % Income tax expense (benefit) 678 0.8 % (910 ) -1.1 % 1,379 0.8 % (1,422 ) -0.8 % Net income (loss) 1,918 2.3 % (7,201 ) -8.6 % 3,772 2.3 % (8,394 ) -4.9 % Basic and diluted earnings (loss) per share $ 0.22 $ (0.82 ) $ 0.43 $ (0.96 ) *26 weeks in fiscal 2025 versus 27 weeks in fiscal 2024. Table 2 BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) (Unaudited) Assets May 31, 2025 November 30, 2024 Current assets Cash and cash equivalents $ 39,433 $ 39,551 Short-term investments 20,385 20,360 Accounts receivable, net 12,883 13,181 Inventories, net 59,362 54,965 Recoverable income taxes 4,607 4,240 Other current assets 7,523 9,242 Total current assets 144,193 141,539 Property and equipment, net 75,088 77,047 Other long-term assets Deferred income taxes, net 5,493 6,867 Goodwill 7,217 7,217 Intangible assets 6,939 6,968 Right of use assets under operating leases 84,877 93,624 Other 7,526 7,908 Total long-term assets 112,052 122,584 Total assets $ 331,333 $ 341,170 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 14,533 $ 13,303 Accrued compensation and benefits 7,798 6,898 Customer deposits 24,029 25,742 Current portion of operating lease obligations 19,702 18,050 Other accrued expenses 8,462 9,410 Total current liabilities 74,524 73,403 Long-term liabilities Post employment benefit obligations 10,814 10,882 Long-term portion of operating lease obligations 78,116 88,395 Other long-term liabilities 1,103 1,163 Total long-term liabilities 90,033 100,440 Stockholders' equity Common stock 43,410 43,681 Retained earnings 122,597 122,847 Additional paid-in-capital - 6 Accumulated other comprehensive income 769 793 Total stockholders' equity 166,776 167,327 Total liabilities and stockholders' equity $ 331,333 $ 341,170 Table 3 BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows - unaudited (In thousands) Six Months Ended* May 31, 2025 June 1, 2024 Operating activities: Net income (loss) $ 3,772 $ (8,394 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 4,478 5,291 Asset impairment charges - 5,515 Inventory valuation charges 1,292 3,879 Deferred income taxes 1,374 (1,440 ) Other, net 642 689 Changes in operating assets and liabilities: Accounts receivable 298 241 Inventories (5,689 ) 2,228 Other current and long-term assets 1,352 (1,217 ) Right of use assets under operating leases 8,474 8,707 Customer deposits (1,713 ) 233 Accounts payable and other liabilities 978 (6,930 ) Obligations under operating leases (8,355 ) (10,721 ) Net cash provided by (used in) operating activities 6,903 (1,919 ) Investing activities: Purchases of property and equipment (2,275 ) (3,683 ) Other (74 ) (383 ) Net cash used in investing activities (2,349 ) (4,066 ) Financing activities: Cash dividends (3,476 ) (3,153 ) Other issuance of common stock 165 179 Repurchases of common stock (1,158 ) (489 ) Taxes paid related to net share settlement of equity awards (136 ) (161 ) Repayments of finance lease obligations (67 ) (153 ) Net cash used in financing activities (4,672 ) (3,777 ) Effect of exchange rate changes on cash and cash equivalents - 1 Change in cash and cash equivalents (118 ) (9,761 ) Cash and cash equivalents - beginning of period 39,551 52,407 Cash and cash equivalents - end of period $ 39,433 $ 42,646 *26 weeks in fiscal 2025 versus 27 weeks in fiscal 2024. Table 4 BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES Segment Information - unaudited (In thousands) Quarter Ended Six Months Ended* May 31, 2025 June 1, 2024 May 31, 2025 June 1, 2024 Sales Revenue Wholesale sales of furniture and accessories $ 54,229 $ 52,610 $ 107,156 $ 107,310 Less: Sales to retail segment (24,113) (20,752) (48,172) (44,514) Wholesale sales to external customers 30,116 31,858 58,984 62,796 Retail sales of furniture and accessories 54,232 50,468 107,526 104,222 Corporate & Other - Noa Home (1) - 1,084 - 2,946 Consolidated net sales of furniture and accessories $ 84,348 $ 83,410 $ 166,510 $ 169,964 Income (Loss) before Income Taxes Income (Loss) from Operations Wholesale $ 8,290 $ 5,687 $ 16,975 $ 12,446 Retail 482 (2,222) 434 (3,834) Net expenses - Corporate and other (1) (6,521) (6,942) (12,747) (14,537) Inter-company elimination 246 530 290 621 Asset impairment charges - (5,515) - (5,515) Consolidated income (loss) from operations 2,497 (8,462) 4,952 (10,819) Interest income 521 627 1,080 1,383 Other loss, net (422) (276) (881) (380) Consolidated income (loss) before income taxes $ 2,596 $ (8,111) $ 5,151 $ (9,816) *26 weeks in fiscal 2025 versus 27 weeks in fiscal 2024. (1) Corporate and Other includes the operations of Noa Home Inc. (fiscal 2024 only) along with the shared Corporate costs that are benefiting both the Wholesale and Retail segments. Contacts:J. Michael DanielSenior Vice President and Chief Financial Officer(276) 629-6620 – Investorsmdaniel@ Peter D. MorrisonVice President of Communications (276) 629-6450 – MediaError while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
With 62% ownership, Bassett Furniture Industries, Incorporated (NASDAQ:BSET) boasts of strong institutional backing
Institutions' substantial holdings in Bassett Furniture Industries implies that they have significant influence over the company's share price A total of 10 investors have a majority stake in the company with 52% ownership Past performance of a company along with ownership data serve to give a strong idea about prospects for a business Our free stock report includes 1 warning sign investors should be aware of before investing in Bassett Furniture Industries. Read for free now. To get a sense of who is truly in control of Bassett Furniture Industries, Incorporated (NASDAQ:BSET), it is important to understand the ownership structure of the business. With 62% stake, institutions possess the maximum shares in the company. Put another way, the group faces the maximum upside potential (or downside risk). Given the vast amount of money and research capacities at their disposal, institutional ownership tends to carry a lot of weight, especially with individual investors. As a result, a sizeable amount of institutional money invested in a firm is generally viewed as a positive attribute. Let's take a closer look to see what the different types of shareholders can tell us about Bassett Furniture Industries. Check out our latest analysis for Bassett Furniture Industries Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing. We can see that Bassett Furniture Industries does have institutional investors; and they hold a good portion of the company's stock. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Bassett Furniture Industries' earnings history below. Of course, the future is what really matters. Investors should note that institutions actually own more than half the company, so they can collectively wield significant power. Hedge funds don't have many shares in Bassett Furniture Industries. GAMCO Investors, Inc. is currently the largest shareholder, with 8.7% of shares outstanding. Meanwhile, the second and third largest shareholders, hold 8.7% and 7.9%, of the shares outstanding, respectively. On further inspection, we found that more than half the company's shares are owned by the top 10 shareholders, suggesting that the interests of the larger shareholders are balanced out to an extent by the smaller ones. While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. We can report that insiders do own shares in Bassett Furniture Industries, Incorporated. It has a market capitalization of just US$148m, and insiders have US$11m worth of shares, in their own names. It is good to see some investment by insiders, but we usually like to see higher insider holdings. It might be worth checking if those insiders have been buying. The general public, who are usually individual investors, hold a 30% stake in Bassett Furniture Industries. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies. I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Be aware that Bassett Furniture Industries is showing 1 warning sign in our investment analysis , you should know about... Ultimately the future is most important. You can access this free report on analyst forecasts for the company. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-04-2025
- Business
- Yahoo
Bassett: Fiscal Q1 Earnings Snapshot
BASSETT, Va. (AP) — BASSETT, Va. (AP) — Bassett Furniture Industries Inc. (BSET) on Wednesday reported fiscal first-quarter net income of $1.9 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Bassett, Virginia-based company said it had profit of 21 cents. The furniture seller posted revenue of $82.2 million in the period. Bassett shares have increased 15% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.84, an increase of 10% in the last 12 months. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on BSET at Sign in to access your portfolio
