Movers and SHAKERS
Bassett Furniture (BSET)
Furniture Demand Remains Strong; Reports 3Q21 Results
Bassett Furniture Industries Inc is a manufacturer, importer, and retailer of home furnishings products in the United States. It operates through the following segments: The Wholesale segment focuses on the design, manufacture, sourcing, sale, and distribution of furniture products. The Retail segment consists of company-owned stores. The Logistical Services segment offers shipping, delivery, and warehousing services.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
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3Q21 Results. Revenue came in at $118.9 million, up 29.8% y-o-y and was up 8.7% compared to the non-COVID impacted 3Q19. Wholesale sales rose 32.1%, while Retail sales increased 10.5% and Logistics segment revenue was up 19.1%. Bassett reported net income of $3.0 million, or $0.31 per share, compared to net income of $2.2 million, or $0.22 per share, last year. We had forecast revenue of $120 million and EPS of $0.32.
Backlog Continues to Climb. Wholesale backlog hit $92.8 million at the end of the quarter, up from $87.7 million at the end of the second quarter, and up from $37.4 million a year ago. Backlog continued to grow in the fourth quarter on the back of strong Labor Day retail sales. Written sales increased 2.6% in the quarter ...
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