Movers and SHAKERS
Bassett Furniture (BSET)
Orders, Shipments, and Backlog Remain Strong
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.
Strong Operating Environment. The operating environment remains strong. Orders for March 2021 (a five week fiscal month) increased 125% over March 2020 and 52% over March 2019. Shipments for March 2021 increased 59% over March 2020 and 21% over March 2019. Wholesale backlogs ended March 2021 9% higher than at the end of the Company’s first fiscal quarter ended February 27, 2021. Incoming orders continue to exceed expectations with all segments experiencing strong sales. BSET shares jumped 11% to $29.68 on the news.
Key Industry Drivers Still Positive. Key industry indicators remain positive: the housing market continues to be red hot, with low inventory, fast selling times, and low mortgage rates, although rapidly rising average home prices could slow the momentum. Weekly unemployment claims continue to trend down, the overall unemployment rate has declined to 6%, the latest JOLTS report indicated the number ...
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.