Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today
its results of operations for its fourth quarter ended November 25,
2023.
Fiscal 2023 Fourth Quarter Highlights (Dollars
in millions)
|
Sales |
|
Operating Income (Loss) |
|
4th Qtr |
|
Dollar |
% |
|
4th Qtr |
% of |
|
4th Qtr |
% of |
|
|
2023 |
|
2022 |
|
Change |
Change |
|
2023 |
|
Sales |
|
|
2022 |
|
Sales |
Consolidated (1) |
$ |
94.7 |
$ |
121.0 |
|
$ |
(26.3 |
) |
-21.7 |
% |
|
$ |
(4.5 |
) |
-4.8 |
% |
|
$ |
6.7 |
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
$ |
60.6 |
$ |
74.6 |
|
$ |
(14.0 |
) |
-18.8 |
% |
|
$ |
8.4 |
|
13.9 |
% |
|
$ |
10.3 |
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
57.9 |
$ |
74.5 |
|
$ |
(16.6 |
) |
-22.3 |
% |
|
$ |
0.2 |
|
0.3 |
% |
|
$ |
5.5 |
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate & Other (2) |
$ |
1.8 |
$ |
2.0 |
|
$ |
(0.2 |
) |
-10.0 |
% |
|
$ |
(7.8 |
) |
N/A |
|
$ |
(9.4 |
) |
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our consolidated results include certain intercompany
eliminations. See Table 4, “Segment Information” below for an
illustration of the |
effects of these items on our consolidated sales and operating
income. |
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|
(2) Corporate and Other includes the operations of Noa Home Inc.
for 2023 along with the shared Corporate costs that are benefiting
both |
the Wholesale and Retail segments. This represents a change in our
segment presentation from prior year periods. Previously, those
shared |
Corporate costs had been included in the Wholesale segment and the
operations of Noa Home Inc. were included in the Retail
segment. |
Prior period results have been restated to conform to the current
presentation. |
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|
The comparison to last year’s pandemic-fueled
results plagued us again in our fourth quarter as consolidated
sales fell by 21.7% resulting in considerably reduced operating
results. Due to a noncash goodwill impairment charge discussed
below, we recorded a loss for the quarter. Excluding the charge,
the GAAP reported earnings per share of ($0.47) would have been
$0.15 as compared to $0.61 in the fourth quarter of 2022. Year over
year comparisons will be more favorable as 2024 unfolds but the
difficult sales environment for home furnishings persists for the
moment. That said, we improved our quarterly gross margin to 54.3%
and produced an operating profit for the period if you exclude the
goodwill impairment charge. We strengthened our balance sheet by
virtue of generating $8.4 million of operating cash flow, ending
the quarter with $70.2 million in cash and cash equivalents and no
debt. We paid our regular quarterly dividend of $0.18 per share on
November 24, 2023, and on January 11th our Board of Directors
approved the next installment payable on March 1, 2024.
From a wholesale perspective, all categories
experienced order declines although our Club Level, Bench Made
domestic wood and domestic upholstery held up slightly better than
the remaining product lines. Incoming wholesale orders were very
similar for the final nine months of the year and appear to have
stabilized, albeit at a relatively low level. We do sense that the
massive inventory buildup at our open market accounts has finally
begun to subside, which should provide new opportunities. Over the
course of the year, we made necessary headcount adjustments to our
domestic manufacturing footprint and remain vigilant as we match
our backlogs with our production capacity. We ended the quarter and
the year with $36.0 million of wholesale inventory, a 38.7%
reduction compared to year end 2022. As expected, we did see a nice
improvement in the overall margins compared to the third quarter of
2023 as we continue to cycle through excess Club Level inventory
and imported wood product that both had the inflated container
freight from 2022. We essentially cut the excess Club Level
inventory in half over the course of the fourth quarter to
approximately $3.5 million and expect to sell the remainder over
the first two quarters of 2024. In spite of a 16.7% decrease in
domestic upholstery sales from our Newton facility compared to the
fourth quarter of 2022, we slightly increased our operating profit;
a testament to the operational efficiencies of our associates in
those facilities. We expect to continue to see margin improvement
in our wholesale operations over the course of 2024.
On the back of improved gross margins, corporate
retail operated profitably but significantly behind last year’s
strong quarter as delivered sales fell by 22.2%. Close ratios were
at all-time highs, our average order value improved, and design
projects accounted for over 45% of sales. Our design staffs are
doing a tremendous job of maximizing their opportunities and
building bigger tickets. In short, the stores operated quite well
under challenging circumstances. We believe that there is room to
further improve our gross margins through new pricing and
promotional strategies and by employing increased discipline in the
disposition of our clearance merchandise. In late October, we
completed an extensive remodeling of the first Bassett store,
originally opened in Austin, Texas in 1997. We also completed the
upfit of the location we purchased in Tampa, FL in 2022 with the
doors opening for business in mid-January. Located in a heavily
trafficked retail corridor, our fifth Florida location combines all
of the elements behind the Bassett brand today. We also plan for
one other opening in the Houston area later in the first quarter of
2024. After that, we will focus on refurbishing five to six of our
legacy stores over the remainder of the year.
In the five quarters of ownership of Noa Home
Inc., we have collaborated with the Noa team to open Western
Canadian distribution, increase gross margins, better align
advertising expenditures with sales, and establish a more
disciplined financial reporting environment. In the next few
months, we plan to exit the Australian e-commerce market, where we
primarily sell mattresses, to concentrate on North America where we
primarily sell furniture. However, the overall environment for
e-commerce furniture sales has significantly softened since our
purchase of Noa resulting in financial performance well below the
original projections. Consequently, we recorded a noncash goodwill
impairment charge of $5.4 million during the quarter.
We completed the migration to our new world
class e-commerce platform just prior to the end of our third
quarter in August of 2023. Since then, we have seen increased
engagement as visitors are spending more time on our website as
they view a greater number of pages. Our average order value has
increased and more purchases are being made at the premium end of
our line. Our ultimate goal is to provide a seamless omnichannel
experience for our customers allowing them to shop on-line or in
the store. We expect the more complicated projects will continue to
use the talents of our design consultants as customers will need
assistance in maneuvering through our options in our best-in-class
custom furniture offerings. Additional enhancements to
bassettfurniture.com are planned during 2024 that will improve
brand engagement and customer visualization resulting in what we
believe will be higher store and web sales.
Favorable demographics provide optimism for the
future of home furnishings as millennial household formation
unfolds. The post pandemic boom has led to a period of difficulty
and disruption as witnessed by the bankruptcies of several
prominent players in 2023. Although last year and early 2024 have
been challenging, we have seen downturns before and we have a
positive outlook on the future, perhaps with anticipated interest
rate reductions later this year. In the meantime, we will focus our
attention on product innovation, improving sales technology,
updating our stores, enhancing margins, bringing in new talent, and
prudently managing our balance sheet as we anticipate the
inevitable upswing in the home furnishings space.
Robert H. Spilman, Jr., Chairman and CEO
About Bassett Furniture Industries, Inc. Bassett
Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer
and marketer of high quality home furnishings. With 88 company- and
licensee-owned stores at the time of this release, Bassett has
leveraged its strong brand name in furniture into a network of
corporate and licensed stores that focus on providing consumers
with a friendly environment for buying furniture and accessories.
Bassett’s retail strategy includes stylish, custom-built furniture
that features the latest on-trend furniture styles, free in-home
design visits, and coordinated decorating accessories. Bassett also
has a traditional wholesale business with more than 700 accounts on
the open market, across the United States and internationally and a
logistics business specializing in home furnishings. For more
information, visit the Company’s website at bassettfurniture.com.
(BSET-E)
Certain 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 fourth fiscal quarter of 2023,
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 |
|
Year Ended |
|
November 25, 2023 |
|
November 26, 2022 |
|
November 25, 2023 |
|
November 26, 2022 |
|
|
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 |
$ |
94,702 |
|
100.0 |
% |
|
$ |
121,019 |
|
100.0 |
% |
|
$ |
390,136 |
|
100.0 |
% |
|
$ |
485,601 |
|
100.0 |
% |
Cost of furniture and accessories sold |
|
43,288 |
|
45.7 |
% |
|
|
56,784 |
|
46.9 |
% |
|
|
183,648 |
|
47.1 |
% |
|
|
237,262 |
|
48.9 |
% |
Gross profit |
|
51,414 |
|
54.3 |
% |
|
|
64,235 |
|
53.1 |
% |
|
|
206,488 |
|
52.9 |
% |
|
|
248,339 |
|
51.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
50,518 |
|
53.3 |
% |
|
|
57,532 |
|
47.5 |
% |
|
|
205,227 |
|
52.6 |
% |
|
|
218,069 |
|
44.9 |
% |
Goodwill impairment charge |
|
5,409 |
|
5.7 |
% |
|
|
- |
|
0.0 |
% |
|
|
5,409 |
|
1.4 |
% |
|
|
- |
|
0.0 |
% |
Gain on revaluation of contingent consideration |
|
- |
|
0.0 |
% |
|
|
- |
|
0.0 |
% |
|
|
1,013 |
|
0.3 |
% |
|
|
- |
|
0.0 |
% |
Gain on sale of real estate |
|
- |
|
0.0 |
% |
|
|
- |
|
0.0 |
% |
|
|
- |
|
0.0 |
% |
|
|
4,595 |
|
8.9 |
% |
Income (loss) from operations |
|
(4,513 |
) |
-4.8 |
% |
|
|
6,703 |
|
5.5 |
% |
|
|
(3,135 |
) |
-0.8 |
% |
|
|
34,865 |
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
883 |
|
1.7 |
% |
|
|
170 |
|
0.3 |
% |
|
|
2,528 |
|
4.9 |
% |
|
|
302 |
|
0.6 |
% |
Other loss, net |
|
(500 |
) |
-0.5 |
% |
|
|
877 |
|
0.7 |
% |
|
|
(1,881 |
) |
-0.5 |
% |
|
|
(1,105 |
) |
-0.2 |
% |
Income (loss) from continuing operations before income taxes |
|
(4,130 |
) |
-4.4 |
% |
|
|
7,750 |
|
6.4 |
% |
|
|
(2,488 |
) |
-0.6 |
% |
|
|
34,062 |
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
(28 |
) |
-0.0 |
% |
|
|
2,197 |
|
1.8 |
% |
|
|
683 |
|
0.2 |
% |
|
|
8,702 |
|
1.8 |
% |
Income (loss) from continuing operations |
|
(4,102 |
) |
-4.3 |
% |
|
|
5,553 |
|
4.6 |
% |
|
|
(3,171 |
) |
-0.8 |
% |
|
|
25,360 |
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
Income from operations of logistical services |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,712 |
|
|
Gain on disposal (less adjustments) |
|
- |
|
|
|
|
(528 |
) |
|
|
|
- |
|
|
|
|
52,534 |
|
|
Income tax expense |
|
- |
|
|
|
|
(1 |
) |
|
|
|
- |
|
|
|
|
14,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations - net of tax |
|
- |
|
|
|
|
(527 |
) |
|
|
|
- |
|
|
|
|
39,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(4,102 |
) |
|
|
$ |
5,026 |
|
|
|
$ |
(3,171 |
) |
|
|
$ |
65,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
(0.47 |
) |
|
|
$ |
0.61 |
|
|
|
$ |
(0.36 |
) |
|
|
$ |
2.70 |
|
|
Income (loss) from discontinued operations |
|
- |
|
|
|
|
(0.06 |
) |
|
|
|
- |
|
|
|
|
4.26 |
|
|
Basic and diluted earnings (loss) per share |
$ |
(0.47 |
) |
|
|
$ |
0.55 |
|
|
|
$ |
(0.36 |
) |
|
|
$ |
6.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2 |
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
(Unaudited) |
|
|
Assets |
|
November 25, 2023 |
|
November 26, 2022 |
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
52,407 |
|
$ |
61,625 |
Short-term investments |
|
|
17,775 |
|
|
17,715 |
Accounts receivable, net |
|
|
13,736 |
|
|
17,838 |
Inventories, net |
|
|
62,982 |
|
|
85,477 |
Recoverable income taxes |
|
|
2,574 |
|
|
2,353 |
Other current assets |
|
|
8,480 |
|
|
11,487 |
Total current assets |
|
|
157,954 |
|
|
196,495 |
|
|
|
|
|
Property and equipment, net |
|
|
83,981 |
|
|
77,001 |
|
|
|
|
|
Other long-term assets |
|
|
|
|
Deferred income taxes, net |
|
|
4,645 |
|
|
5,528 |
Goodwill and other intangible assets |
|
|
16,067 |
|
|
21,727 |
Right of use assets under operating leases |
|
|
100,888 |
|
|
99,472 |
Other |
|
|
6,889 |
|
|
6,050 |
Total long-term assets |
|
|
128,489 |
|
|
132,777 |
Total assets |
|
$ |
370,424 |
|
$ |
406,273 |
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
16,338 |
|
$ |
20,359 |
Accrued compensation and benefits |
|
|
8,934 |
|
|
12,921 |
Customer deposits |
|
|
22,788 |
|
|
35,963 |
Current portion of operating lease obligations |
|
|
18,827 |
|
|
18,819 |
Other accrued expenses |
|
|
11,003 |
|
|
12,765 |
Total current liabilities |
|
|
77,890 |
|
|
100,827 |
|
|
|
|
|
Long-term liabilities |
|
|
|
|
Post employment benefit obligations |
|
|
10,207 |
|
|
9,954 |
Long-term portion of operating lease obligations |
|
|
97,357 |
|
|
97,477 |
Other long-term liabilities |
|
|
1,529 |
|
|
2,406 |
Total long-term liabilities |
|
|
109,093 |
|
|
109,837 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
Common stock |
|
|
43,842 |
|
|
44,759 |
Retained earnings |
|
|
139,354 |
|
|
150,800 |
Additional paid-in-capital |
|
|
93 |
|
|
- |
Accumulated other comprehensive income (loss) |
|
|
152 |
|
|
50 |
Total stockholders' equity |
|
|
183,441 |
|
|
195,609 |
Total liabilities and stockholders’ equity |
|
$ |
370,424 |
|
$ |
406,273 |
|
|
|
|
|
Table 3 |
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES |
Consolidated Statements of Cash Flows - unaudited |
(In thousands) |
|
|
|
|
|
|
|
Year Ended |
|
|
November 25, 2023 |
|
November 26, 2022 |
Operating activities: |
|
|
|
|
Net income |
|
$ |
(3,171 |
) |
|
$ |
65,345 |
|
Adjustments to reconcile net income to net cash provided by (used
in) |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
10,141 |
|
|
|
11,309 |
|
Gain on disposal of discontinued operations |
|
|
- |
|
|
|
(52,534 |
) |
Gain on sale of property and equipment |
|
|
5 |
|
|
|
(4,595 |
) |
Goodwill impairment charges |
|
|
5,409 |
|
|
|
- |
|
Gain on revaluation of contingent consideration |
|
|
(1,013 |
) |
|
|
- |
|
Inventory valuation charges |
|
|
4,626 |
|
|
|
3,648 |
|
Deferred income taxes |
|
|
831 |
|
|
|
(2,339 |
) |
Other, net |
|
|
2,031 |
|
|
|
(302 |
) |
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
|
4,102 |
|
|
|
3,169 |
|
Inventories |
|
|
17,869 |
|
|
|
(9,536 |
) |
Other current and long-term assets |
|
|
1,773 |
|
|
|
5,944 |
|
Right of use assets under operating leases |
|
|
18,680 |
|
|
|
20,531 |
|
Customer deposits |
|
|
(13,175 |
) |
|
|
(16,588 |
) |
Accounts payable and other liabilities |
|
|
(9,188 |
) |
|
|
(4,073 |
) |
Obligations under operating leases |
|
|
(20,196 |
) |
|
|
(22,949 |
) |
Net cash provided by (used in) operating
activities |
|
|
18,724 |
|
|
|
(2,970 |
) |
|
|
|
|
|
Investing activities: |
|
|
|
|
Purchases of property and equipment |
|
|
(17,489 |
) |
|
|
(21,296 |
) |
Proceeds from sale of property and equipment |
|
|
500 |
|
|
|
8,226 |
|
Proceeds from disposal of discontinued operations, net |
|
|
1,000 |
|
|
|
84,534 |
|
Cash paid for business acquisition, net of cash acquired |
|
|
- |
|
|
|
(5,582 |
) |
Other |
|
|
(1,774 |
) |
|
|
(40 |
) |
Net cash used in investing activities |
|
|
(17,763 |
) |
|
|
65,842 |
|
|
|
|
|
|
Financing activities: |
|
|
|
|
Cash dividends |
|
|
(5,982 |
) |
|
|
(20,162 |
) |
Other issuance of common stock |
|
|
318 |
|
|
|
424 |
|
Repurchases of common stock |
|
|
(4,176 |
) |
|
|
(15,122 |
) |
Taxes paid related to net share settlement of equity awards |
|
|
(109 |
) |
|
|
(19 |
) |
Repayments of finance lease obligations |
|
|
(278 |
) |
|
|
(684 |
) |
Net cash used in financing activities |
|
|
(10,227 |
) |
|
|
(35,563 |
) |
Effect of exchange rate changes on cash and cash
equivalents |
|
|
48 |
|
|
|
(58 |
) |
Change in cash and cash equivalents |
|
|
(9,218 |
) |
|
|
27,251 |
|
Cash and cash equivalents - beginning of
period |
|
|
61,625 |
|
|
|
34,374 |
|
Cash and cash equivalents - end of period |
|
$ |
52,407 |
|
|
$ |
61,625 |
|
|
|
|
|
|
Table 4 |
|
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES |
|
Segment Information - unaudited |
|
(In thousands) |
|
|
|
Quarter Ended |
|
|
|
Year Ended |
|
|
|
November 25, 2023 |
|
|
|
November 26, 2022 |
|
|
|
November 25, 2023 |
|
|
|
November 26, 2022 |
|
Sales Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale sales of furniture and accessories |
$ |
60,593 |
|
|
$ |
74,624 |
|
|
$ |
248,911 |
|
|
$ |
324,569 |
|
Less: Sales to retail segment |
|
(25,587 |
) |
|
|
(29,913 |
) |
|
|
(103,519 |
) |
|
|
(125,889 |
) |
Wholesale sales to external customers |
|
35,006 |
|
|
|
44,711 |
|
|
|
145,392 |
|
|
|
198,680 |
|
Retail sales of furniture and accessories |
|
57,936 |
|
|
|
74,506 |
|
|
|
235,940 |
|
|
|
285,119 |
|
Corporate & Other (1) |
|
1,760 |
|
|
|
1,802 |
|
|
|
8,804 |
|
|
|
1,802 |
|
Consolidated net sales of furniture and accessories |
|
94,702 |
|
|
|
121,019 |
|
|
|
390,136 |
|
|
|
485,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
$ |
8,360 |
|
|
$ |
10,323 |
|
|
$ |
30,699 |
|
|
$ |
41,979 |
|
Retail |
|
215 |
|
|
|
5,548 |
|
|
|
(536 |
) |
|
|
19,352 |
|
Net expenses - Corporate and other (1) |
|
(7,786 |
) |
|
|
(9,364 |
) |
|
|
(29,926 |
) |
|
|
(30,997 |
) |
Inter-company elimination |
|
107 |
|
|
|
196 |
|
|
|
1,024 |
|
|
|
(64 |
) |
Goodwill impairment charge |
|
(5,409 |
) |
|
|
- |
|
|
|
(5,409 |
) |
|
|
|
|
Gain on revaluation of contingent consideration |
|
- |
|
|
|
- |
|
|
|
1,013 |
|
|
|
- |
|
Gain on sale of real estate |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,595 |
|
Consolidated |
$ |
(4,513 |
) |
|
$ |
6,703 |
|
|
$ |
(3,135 |
) |
|
$ |
34,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Corporate and Other includes the operations of Noa Home Inc.
for 2023 along with the shared |
|
|
|
|
|
|
|
|
|
Corporate costs that are benefiting both the Wholesale and Retail
segments. This represents a |
|
|
|
|
|
|
|
|
|
change in our segment presentation from prior year periods.
Previously, those shared Corporate costs |
|
|
|
|
|
|
had been included in the Wholesale segment and the operations of
Noa Home Inc. were included |
|
|
|
|
|
|
|
|
|
in the Retail segment. Prior period results have been restated to
conform to the current presentation. |
|
|
|
|
|
|
J. Michael DanielSenior
Vice President andChief Financial
Officermdaniel@bassettfurniture.com
Peter D. Morrison Vice
President of Communications (276) 629-6450 – Media
Bassett Furniture Indust... (NASDAQ:BSET)
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