Bassett Furniture Posts 4Q Profit

January 23, 2015  by in Financial Reports, Industry   

Net sales for the quarter were $94.7 million, a 14 percent increase from net sales of $83.1 million in the same quarter last year.

For the year, the company reported profit of $9.3 million compared to $5.1 million in the previous year. Net sales for the year were $340.7 million, a 6 percent increase from net sales of $321.3 million posted in fiscal 2013.

"Our fourth quarter performance capped a stellar year for Bassett in 2014", said Robert H. Spilman Jr., president and CEO. "After a sluggish start, our business began to strengthen in the late spring and has continued at a brisk pace since then.”

Looking ahead to 2015, Spilman said the company will put great emphasis on wholesale revenue growth through a variety of strategies.

"Foremost will be our ongoing Bassett Home Furnishings corporate store expansion as we plan to open two to four new stores and reposition at least two others,” he said. “We also plan to open at least one new licensed store as well. Accompanying the recent debut of the improved Bassettfurniture.com website was the late December launch of Bassett Baby and Kids. This effort is intended to leverage our 70 year history in the juvenile and youth furniture category and will initially be solely available on our website and in certain Bassett Home Furnishings retail stores.”

Spilman said the company will also unveil a domestic, handmade dining program called Bench Made. The dining collection will land in retail stores by spring.

“Partnering with nearby hardwood component manufacturers, we will prepare, distress, finish and assemble an assortment of solid maple tables and chairs in a newly renovated Bassett-owned facility located in Bassett, Va. — a true startup,” he said.

Bassett also plans to reveal a makeover to its imported case goods line with a new “upscale casual vibe that we believe speaks to the Bassett consumer …” Spilman said. Those products are expected to hit stores in throughout this year coinciding with peak holiday selling periods.

The complete earnings release is available online.