Movers and SHAKERS
Bassett Furniture (BSET)
Orders Continue to be Strong; Raising PT
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.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q Wholesale Orders. Yesterday, Bassett Furniture reported wholesale orders for the fiscal first quarter ended February 27th of $83.0 million, a 44% increase over the prior year period, which was before the COVID crisis hit. Wholesale backlog has now increased to $67.5 million, up 362% year-over-year but also up a significant 23% over the backlog as of November 28, 2020. We believe this backlog is the highest level in probably 20 plus years.
Expanding Manufacturing. To take advantage of the strong order book and to reduce the large backlog, Bassett also announced that it is in negotiations to lease a 123,000 square foot manufacturing facility near its current facilities in Newton, North Carolina with manufacturing expected to commence by June 2021. We anticipate management providing additional detail about the potential new facility ...
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.