Bassett Furniture Sets Special Dividend

November 11, 2014  by in Financial Reports, Furniture Retailing, Industry   

The dividend is payable Dec. 19 to shareholders of record as of Dec. 5.

"We are pleased to announce this special dividend at year end," said Robert H. Spilman Jr., president and CEO. "2014 has been another year of improved performance for Bassett as sales and operating profit have increased significantly. In support of these efforts, the company has invested $15 million in new store openings and relocations and domestic manufacturing infrastructure."

Spilman said business continues to improve and that newly opened or relocated Bassett Home Furnishings stores have had encouraging results over the last three years.

"We expect to open three to five more new stores in 2015," he said. "We will continue to closely monitor the operating results of the newer stores to challenge the rate at which we will grow our store count. Our balance sheet is fundamental to our growth strategy and we will primarily utilize it for this purpose. In concert, management and our board of directors will continue to review the company's capital allocation and, when deemed appropriate, will consider a return of capital to shareholders. It is in this context that today's special dividend has been declared."