Movers and SHAKERS
Bassett Furniture (BSET)
Strong 1Q21 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.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q21 Results. Bassett reported strong 1Q21 results with revenue of $113.7 million and EPS of $0.40. This compares to $112.1 million and $0.12, respectively, in 1Q20, which was unaffected by COVID issues. We had projected revenue of $113.5 million and EPS of $0.24 while consensus was at $114 million and $0.23, respectively.
Environment Remains Positive. All sales channel recoded written business increases, which resulted in a 44% y-o-y increase in net orders. Wholesale backlog at the end of 1Q21 was $67.5 million, up from $54.9 million at November 28, 2020. Orders from independent dealers jumped 98%, BHF network orders rose 14%, while Lane Venture orders increased 75%. Retail written sales rose 4.1% in the quarter ...
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.