Bassett Furniture (BSET) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 350%. A quarter ago, it was expected that this furniture seller would post a loss of $0.59 per share when it actually produced a loss of $0.30, delivering a surprise of 49.15%.Over the last four quarter ...

2024. We were in compliance with the amended covenants at November 25, 2023 and expect to be in compliance at March 2, 2024. The respective ratios revert back to the previous values for the quarter ended June 1, 2024. We are in negotiations with our bank and plan to have an amended, restated or new agreement with a similar line of credit in place by the end of the second quarter of 2024. Total interest paid during fiscal 2023, 2022 and 2021 was not material. 45 10. Post-Employment Benefit Obligations Manage ...

With 89 BHF stores at August 26, 2023, we have leveraged our strong brand name in furniture into a network of Company-owned and licensed stores that focus on providing consumers with a friendly and casual environment for buying furniture and accessories. Our store program is designed to provide a single source home furnishings retail store that provides a unique combination of stylish, quality furniture and accessories with a high level of customer service. In order for the Bassett brand to reach markets th ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________ to _______________________ Commission File No. 000-00209 BASSETT FURNITURE INDUSTRIES, INCORPORATED (Exact name of Registrant as specified in its charter) (276) 629-6000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the Registrant (1) has filed all reports requi ...

FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 3525 Fairystone Park Highway Bassett, Virginia 24055 (Address of principal executive offices) (Zip Code) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files ...

(1)Included in property & equipment, net in our consolidated balance sheet. (2)Included in other current liabilites and accrued expenses in our consolidated balance sheet. (3)Included in other long-term liabilites and accrued expenses in our consolidated balance sheet. Our right-of-use assets under operating leases by segment as of November 26, 2022 and November 27, 2021 are as follows: The components of our lease cost for 2022, 2021 and 2020 were as follows: Supplemental lease disclosures as of November 26 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol Name of exchange on which registered Common Stock ($5.00 par value) BSET NASDAQ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 27, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________ to ____________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 28, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________ to _______________________ Commission File No. 000-00209 BASSETT FURNITURE INDUSTRIES, INCORPORATED (Exact name of Registrant as specified in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol Name of exchange on which registered Common Stock ($5.00 par value) BSET NASDAQ Large Accelerated Filer ☐ Accelerated Filer ☒ Non-accelerated Filer ☐Smaller Reporting Company☐ Emerging Growth Company☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 26, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Financial Performance - Total net sales revenue for fiscal 2021 increased by $100,671, or 26.1%, compared to the prior year, primarily due to a strong recovery in demand for home furnishings following the COVID-19 pandemic [132]. - The company reported total net sales of $486,534 for fiscal 2021, with furniture and accessories contributing $430,886, and logistics services generating $55,648 [131]. - Total sales revenue for the fiscal year ended November 27, 2021, was $486.534 million, a significant increase from $385.863 million in 2020, representing a growth of approximately 26.1% [141]. - Net sales for the fiscal year ended November 27, 2021, increased by $74,254, or 33.6%, compared to the prior year, primarily due to a strong recovery in demand for home furnishings following the COVID-19 pandemic [160]. - Net sales for fiscal 2021 increased by $35,886 or 16.9% compared to fiscal 2020, primarily due to a strong recovery in demand for home furnishings following COVID-19 disruptions [166]. Segment Performance - Sales of furniture and accessories for fiscal 2021 increased by $34,447, or 7.6%, over fiscal 2019, driven by strong demand and growth in the wholesale business [132]. - The wholesale segment generated sales revenue of $295.329 million, while the retail segment contributed $247.827 million for the fiscal year ended November 27, 2021 [141]. - Retail segment net sales were $247,827 for the fiscal year ended November 27, 2021, a 16.9% increase from the previous year, but a 7.8% decrease compared to fiscal 2019 [163]. - The logistics segment reported revenue of $55.648 million for the fiscal year ended November 27, 2021, up from $48.191 million in 2020 [141]. - Shipments to the open market increased by 41% for fiscal 2021 over fiscal 2019, driven by growth from existing dealers and an expanded dealer base [161]. Cost and Expenses - Cost of furniture and accessories sold as a percentage of total revenue for fiscal 2021 was 43.1%, an increase from 42.4% in 2020, primarily due to rising raw material and freight costs [133]. - SG&A expenses as a percentage of sales for fiscal 2021 decreased to 40.5% from 45.7% in 2020, reflecting improved leverage on fixed costs due to higher sales volume [133]. - SG&A expenses totaled $196.831 million for the fiscal year ended November 27, 2021, compared to $176.368 million in 2020, indicating a rise of approximately 11.6% [141]. - SG&A expenses for the wholesale segment increased by $12,307, or 19.4%, compared to the prior year, but as a percentage of sales, it decreased from 28.7% to 25.7% [155]. Operational Metrics - Income from operations for the consolidated entity was $25.999 million for the fiscal year ended November 27, 2021, compared to a loss of $1.018 million in 2020 [144]. - The cost of furniture and accessories sold was $209.799 million for the fiscal year ended November 27, 2021, reflecting an increase from $163.567 million in 2020 [141]. - Gross profit for the wholesale segment was $93,303, representing a 37.0% increase from the previous year, with gross margins improving due to better leverage on fixed costs [155]. - The retail segment reported a gross profit of $129,372, which is a 23.6% increase from the previous year, with gross profit margin improving to 52.2% [163]. - Loss from operations in the retail segment improved to $7,044, compared to a loss of $9,497 in the previous year, indicating a significant operational recovery [163]. Challenges and Risks - The company faced ongoing logistical challenges due to COVID-related labor shortages and supply chain disruptions, impacting order fulfillment and increasing backlogs [160]. - The wholesale backlog reached $90,057 as of November 27, 2021, up from $54,874 at November 28, 2020, indicating ongoing supply chain disruptions and increased demand [160]. - The company is exposed to market risks from changes in raw material costs, particularly wood and foam products, and manages fuel price risks through surcharges [212]. Cash Flow and Investments - Cash provided by operations decreased to $14,563 in fiscal 2021, down $22,112 from $36,675 in fiscal 2020, primarily due to increased inventory investments [177]. - The overall cash position decreased by $11,425 during fiscal 2021, contrasting with an increase of $26,112 in fiscal 2020 [178]. - Net cash used in investing activities increased to $11,571 in fiscal 2021, up $7,824 from the previous year, due to higher capital expenditures [178]. - Anticipated capital expenditures for fiscal 2022 are projected to be between $25 million and $30 million, with approximately half allocated for a new retail store and renovations [187]. Shareholder Returns - Total dividends declared and paid in fiscal 2021 amounted to $5,210, or $0.53 per share, along with a special dividend of $2,479, or $0.25 per share [186]. - The company repurchased 204,714 shares for $5,566, with a weighted-average effect on earnings per share of approximately $0.02 [186]. Assets and Liabilities - The company had $52,089 in cash and cash equivalents as of November 27, 2021, indicating sufficient liquidity for future operations [178]. - The company has net deferred tax assets of $3,189, which are expected to reduce future cash outlays for income taxes [175]. - The allowance for credit losses was $796, representing 2.7% of gross accounts receivable as of November 27, 2021, down from 5.1% the previous year [199]. - Reserves for excess and obsolete inventory were $4,816, representing 5.8% of inventories on a LIFO basis as of November 27, 2021 [200]. - The company has guaranteed lease obligations totaling $1,845 million and $1,811 million as of November 27, 2021, and November 28, 2020, respectively [214].