Movers and SHAKERS
Bassett Furniture (BSET)
Post COVID Recovery Continues
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.
2Q21 Results. Revenue of $124.1 million jumped 94% y-o-y and was up 15% compared to the non-COVID impacted 2Q19. Wholesale sales rose 129.7%, while Retail sales increased 29.3% and Logistics segment revenue was up 7.0%. Bassett reported net income of $6.0M, or $0.60 per share, compared to a net loss of $20.4 million, or $2.04 per share, last year, which included impairment charges and litigation expenses. We had forecast revenue of $116 million and EPS of $0.35.
Strong Orders = Elevated Backlog. Wholesale orders of $96 million rose 172% versus 2Q20 and were up 51% over 2Q19. Basset saw strong demand in its Bassett Design Center Network, up 212% and 87%, respectively compared to 2020 and 2019. Basset Club Level was up 328% versus 2019. And Bassett's outdoor offerings were up 112% and 124%, respectively, over 2020 and 2019. Backlog in the quarter increased ...
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.