BASSETT FURNITURE INDUSTRIES Reports 4th Quarter FY2022 Results: Revenue Down 0.2%, Net Income 6.8% Lower

Earnings report

Its products range from bedroom, dining room and living room furniture to office furniture, home décor and outdoor furniture. On January 24 2023, BASSETT FURNITURE INDUSTRIES ($NASDAQ:BSET) reported its earnings results for the fourth quarter of FY2022 (ending November 30 2022). Total revenue for the period amounted to USD 5.0 million, representing a decrease of 0.2% compared to the same period last year. Net income for the quarter stood at USD 121.0 million, 6.8% lower than the same quarter in the prior year. The company attributed the drop in net income to higher operating expenses and higher taxes.

Overall, BASSETT FURNITURE INDUSTRIES’ fourth quarter FY2022 results indicate that the company continues to be a profitable and stable business. Although its revenue and net income decreased slightly, its gross profit margin improved and its debt decreased. Going forward, the company will focus on further improving its financial performance by increasing its revenue and reducing costs.

Price History

On Tuesday, Bassett Furniture Industries released its 4th quarter financial results for the fiscal year 2022. The company reported that its total revenue was down 0.2% from the same time last year, and its net income was 6.8% lower than the previous year. Despite the decrease in financial performance, the stock opened at $18.9 and closed at $18.9, up by 4.5% from the previous closing price of 18.1. This signals to investors that Bassett Furniture Industries is still a viable investment choice, despite the lower financial performance. The company appears committed to continuing to invest in new initiatives and creating a stronger business model that can capitalize on the current market conditions. Bassett Furniture Industries is a leading manufacturer of home furnishings with a focus on quality, craftsmanship, and innovation.

The company produces a wide range of furniture products for both residential and commercial customers, including sofas, beds, tables, chairs, and more. As consumer preferences continue to evolve, Bassett Furniture Industries is investing in new technologies and designs to meet customer needs. The company is also committed to sustainability and environmental responsibility, offering several eco-friendly furniture lines that are made with sustainable materials. Given the current economic conditions and the difficult market environment, Bassett Furniture Industries is taking the necessary steps to ensure that it remains a leader in the home furnishings industry. Investors should keep an eye on the company’s financial performance in the coming quarters and look for opportunities to capitalize on any potential growth or value created by the company’s investments in new initiatives. Live Quote…

About the Company

Income Snapshot

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Cash Flow Snapshot

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Balance Sheet Snapshot

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Key Ratios Snapshot

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VI Analysis

BASSETT FURNITURE INDUSTRIES is a company that has long-term potential, and this is reflected in its fundamentals. With the help of the VI App, analyzing the company’s fundamentals is made easy. According to the VI Risk Rating, BASSETT FURNITURE INDUSTRIES is a medium risk investment, both from a financial and a business perspective. The VI App has detected two risk warnings in the company’s income sheet and cashflow statement. The company’s earnings, working capital, debt-to-equity ratio and other metrics are important indicators of a company’s performance and long-term potential. It is also important to look at its financial statements to get an idea of its liquidity, profitability and solvency. Furthermore, BASSETT FURNITURE INDUSTRIES’ operations should also be assessed for efficiency and effectiveness. In addition to the financial and operational considerations, it is also important to consider the company’s competitive environment, customer base and market trends. All of these factors should be taken into account when assessing the company’s long-term potential. Ultimately, the VI App can provide a comprehensive view of BASSETT FURNITURE INDUSTRIES’ fundamentals and risk profile. By registering with the app, users can gain access to the company’s risk warnings and other important metrics. With this information, investors can make informed decisions about their investments in BASSETT FURNITURE INDUSTRIES. More…

VI Peers

Bassett Furniture Industries Inc is a leading furniture manufacturer that competes with other leading companies such as Dorel Industries Inc, The Lovesac Co, and DFS Furniture PLC. The company has been in business for over 100 years and has a reputation for quality products. Bassett Furniture Industries Inc is a publicly traded company on the New York Stock Exchange. The company’s headquarters is located in Bassett, Virginia.

– Dorel Industries Inc ($TSX:DII.B)

Dorel Industries Inc is a Canadian company that designs, manufactures, and markets juvenile and adult consumer products. The company has a market cap of 166.2M as of 2022 and a Return on Equity of -9.02%.

Dorel Industries is a diversified company with operations in three main business segments: Juvenile, Home Furnishings, and Recreation/Leisure. The Juvenile segment designs, manufactures, and markets juvenile products, such as strollers, car seats, high chairs, and playards, under the brands Maxi-Cosi, Quinny, Baby Art, and Tiny Love. The Home Furnishings segment designs, manufactures, and markets home furnishings products, such as sofas, chairs, and mattresses, under the brands Dorel Home Products and Simmons. The Recreation/Leisure segment designs, manufactures, and markets recreation and leisure products, such as bicycles, scooters, and trampolines, under the brands Cannondale, Schwinn, GT, Mongoose, IronHorse, and Dorel Sports.

Dorel Industries has a long history dating back to 1962 when it was founded as a manufacturer of children’s furniture. Since then, the company has grown through a series of acquisitions and has established itself as a leading player in the juvenile, home furnishings, and recreation/leisure market segments.

– The Lovesac Co ($NASDAQ:LOVE)

The Lovesac Company is a furniture company that designs, manufactures, and sells bean bag chairs and related accessories. The company has a market cap of $343.47 million and a return on equity of 15.26%. The company’s products are sold through a network of company-owned stores and e-commerce website. Lovesac was founded in 1995 and is headquartered in Stamford, Connecticut.

– DFS Furniture PLC ($LSE:DFS)

DFS Furniture PLC is a UK-based company that manufactures and sells furniture. The company has a market cap of 271.97M as of 2022 and a Return on Equity of 19.51%. DFS Furniture PLC is a publicly traded company listed on the London Stock Exchange. The company was founded in 1969 and has its headquarters in Derbyshire, England.

Summary

Investing in BASSETT FURNITURE INDUSTRIES can be a profitable endeavor for investors. The company reported its earnings results for the fourth quarter of FY2022 (ending November 30 2022) on January 24 2023, with total revenue for the period amounting to USD 5.0 million, a decrease of 0.2% compared to the same period last year. Despite the slight dip in revenue, net income stood at USD 121.0 million, which was 6.8% lower than the same quarter in the prior year. Despite the dip in net income, the stock price moved up the same day indicating that investors may be bullish on the company’s prospects.

Despite a challenging economic environment, BASSETT FURNITURE INDUSTRIES has been able to remain resilient and continue to generate profits. Investors may want to consider this company as a potential long-term investment opportunity if they seek a steady return on their capital.