Bassett Announces Fiscal Third Quarter Results
September 29 2016 - 9:00AM
Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today
its results of operations for its fiscal quarter ended August 27,
2016.
Fiscal 2016 Third Quarter Highlights
- Consolidated sales were $104.7 million for the third quarter of
2016 compared to $111.0 million for the third quarter of 2015, a
decrease of 5.7%.
- Operating income for the quarter was $7.5 million or 7.2% of
sales as compared to $7.7 million or 6.9% of sales for the prior
year quarter.
- Wholesale sales were $58.3 million for the third quarter of
2016 compared to $62.2 million for the third quarter of 2015, a
decrease of 6.2%. Wholesale operating profit for the quarter
was $5.6 million or 9.8% of sales as compared to $3.8 million or
6.1% of sales for the prior year quarter. Wholesale operating
income for the current quarter includes $1.4 million for the
settlement of the Polyurethane Foam Antitrust Litigation.
- Company-owned store sales were $61.2 million for the third
quarter of 2016 compared to $62.0 million for the third quarter of
2015, a decrease of 1.3%. This included a comparable store
sales decrease of 0.9% compared to the prior year quarter.
Comparable store operating income was $1.5 million or 2.4% of sales
for the current year quarter as compared to $2.5 million or 4.3% of
sales for the prior year quarter. Total retail operating
income was $0.8 million or 1.3% of sales for the quarter as
compared to $2.0 million or 3.3% of sales for the prior year
quarter. Comparable store written sales for the quarter
increased 7.9%.
- Revenue for Zenith was $23.0 million for the third quarter of
2016 compared to $23.7 million for the third quarter of 2015, a
2.8% decrease. Zenith’s operating profit for the quarter was
$0.7 million or 2.9% of sales as compared to $1.1 million or 4.5%
of sales for the prior year quarter.
- Net income for the quarter was $4.2 million or $0.38 per
diluted share as compared to $4.3 million or $0.39 per diluted
share for the prior year quarter.
“Despite facing an environment of weaker demand for
home furnishings during our third quarter, our level of
profitability remained intact while consolidated sales declined by
5.7%,” said Robert H. Spilman, Jr., Chairman and CEO. “We
were especially encouraged by the 7.9% comparable store written
sales gain that we posted in the period. With our factories
running efficiently and our inventory levels in good shape, we are
positioned to service our Labor Day sales and meet demand for the
historically stronger fall selling season.”
Wholesale
Segment
Net sales for the wholesale segment were $58.3
million for the third quarter of 2016 as compared to $62.2 million
for the third quarter of 2015, a decrease of $3.9 million or
6.2%. This decrease was driven by lower shipments to the open
market (outside the Bassett Home Furnishings network) while
shipments to the Bassett Home Furnishings network were essentially
flat compared to the prior year period. The decrease in sales to
the open market was primarily due to lower sales of imported
product primarily from the discontinuation of our relationship with
a significant customer and loss of sales from the HGTV Home
Collection brand, exited late in 2015. Gross margins for the
wholesale segment were 35.4% for the third quarter of 2016 as
compared to 33.5% for the third quarter of 2015. This
increase is primarily due to the $1.4 million settlement of the
Polyurethane Foam Antitrust Litigation. Excluding the effects
of the legal settlement, the gross margin would have been
33.0%. This decrease is due primarily to lower margins in
domestic wood operations associated with introduction of new
products into the growing Bench Made line. Wholesale SG&A
for the third quarter of 2016 was $15.0 million as compared to
$17.0 million for the prior year period. SG&A as a percentage
of sales decreased to 25.7% as compared to 27.4% for the third
quarter of 2015. This decrease in SG&A as a percentage of sales
was primarily driven by lower bad debt costs and incentive
compensation expenses. Operating income was $5.6 million or
9.8% of sales as compared to $3.8 million or 6.1% of sales in the
prior year.
“Our domestically produced products accounted for
69% of wholesale sales for the quarter as consumers continue to
gravitate to the custom options and high levels of service that
characterize our casual dining, Bench Made, and custom upholstery
product lines,” continued Spilman. “Our wholesale sales
decline was primarily attributable to sales of imported products to
customers outside of our store network, most notably one major
account that we discontinued our relationship with earlier in the
year. We will be introducing a new range of motion upholstery
products designed specifically for non-Bassett store markets at the
upcoming High Point furniture market in three weeks.
Additionally, we are excited about our upcoming late fall retail
product launch as we plan to build on the successful spring
introduction that drove our written comparable store sales gains
this summer.”
Retail Segment
Net sales for the 59 Company-owned Bassett Home
Furnishings stores were $61.2 million for the third quarter of 2016
as compared to $62.0 million for the third quarter of 2015, a
decrease of $0.8 million or 1.3%. The decrease was due to a $0.5
million or 0.9% decrease in comparable store sales along with a
$0.3 million decrease in non-comparable store sales.
While the Company does not recognize sales until
goods are delivered to the consumer, management tracks written
sales (the retail dollar value of sales orders taken, rather than
delivered) as a key store performance indicator. Written
sales for comparable stores increased by 7.9% for the third quarter
of 2016 as compared to the third quarter of 2015.
The consolidated retail operating profit for the
third quarter of 2016 was $0.8 million as compared to $2.0 million
for the third quarter of 2015, a decline of $1.2 million. The
56 comparable stores generated operating income of $1.5 million for
the quarter, or 2.4% of sales, as compared to $2.5 million, or 4.3%
of sales, for the prior year quarter. Gross margins for comparable
stores were 50.2% for the third quarter of 2016 compared to 50.4%
for the third quarter of 2015. SG&A expenses for
comparable stores increased $0.8 million to $28.4 million or 47.8%
of sales as compared to 46.1% of sales for the third quarter of
2015. This increase in SG&A as a percentage of sales was
primarily driven by higher advertising and promotional costs along
with increased health care costs.
“Corporate retail profitability was affected by
several factors in the quarter as delivered comparable sales
declined by (0.9%),” added Spilman. “In addition to higher
advertising and financing expenses designed to drive sales, our new
store opening costs increased significantly as we begin a period of
growth that will accelerate in 2017. Our Hunt Valley,
Maryland location opened during the last week of the quarter.
We have opened two new stores in fiscal 2016 and closed three
locations as leases have expired. Next year, we plan to open
five to six new locations and reposition four others.
Finally, we are focused on continuing our third quarter written
sales momentum and extending our 5+ year run of comparable store
growth. To this end, we currently have initiatives underway
to improve our in-store visual presentation and better communicate
our custom capabilities to the consumer.”
About Bassett Furniture Industries, Inc.Bassett
Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer
and marketer of high quality, mid-priced home furnishings. With 90
company- and licensee-owned stores at the time of this release,
Bassett has leveraged its strong brand name in furniture into a
network of corporate and licensed stores that focus on providing
consumers with a friendly environment for buying furniture and
accessories. The most significant growth opportunity for Bassett
continues to be the Company’s dedicated retail store program.
Bassett’s retail strategy includes affordable custom-built
furniture that is ready for delivery in the home within 30 days.
The stores also feature the latest on-trend furniture styles, free
in-home design visits, and coordinated decorating accessories.
Bassett also has a traditional wholesale business with more than
700 accounts on the open market, across the United States and
internationally. For more information, visit the Company’s
website at bassettfurniture.com. (BSET-E)
Certain of the statements in this release,
particularly those preceded by, followed by or including the words
“believes,” “expects,” “anticipates,” “intends,” “should,”
“estimates,” or similar expressions, or those relating to or
anticipating financial results for periods beyond the end of the
third fiscal quarter of 2016, constitute “forward looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended. For those statements, Bassett claims the
protection of the safe harbor for forward looking statements
contained in the Private Securities Litigation Reform Act of
1995. In many cases, Bassett cannot predict what factors
would cause actual results to differ materially from those
indicated in the forward looking statements. Expectations
included in the forward-looking statements are based on preliminary
information as well as certain assumptions which management
believes to be reasonable at this time. The following
important factors affect Bassett and could cause actual results to
differ materially from those indicated in the forward looking
statements: the effects of national and global economic or
other conditions and future events on the retail demand for home
furnishings and the ability of Bassett’s customers and consumers to
obtain credit; and the economic, competitive, governmental and
other factors identified in Bassett’s filings with the Securities
and Exchange Commission. Any forward-looking statement that
Bassett makes speaks only as of the date of such statement, and
Bassett undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. Comparisons of results for current and any
prior periods are not intended to express any future trends or
indication of future performance, unless expressed as such, and
should only be viewed as historical data.
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Condensed Consolidated Statements of Income -
unaudited |
(In thousands, except for per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
August 27, 2016 |
|
|
August 29, 2015 |
|
|
August 27, 2016 |
|
|
August 29, 2015 |
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Percent of |
|
Amount |
Net Sales |
|
|
Amount |
Net Sales |
|
|
Amount |
Net Sales |
|
|
Amount |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture and accessories |
$ |
91,465 |
|
|
|
|
$ |
97,107 |
|
|
|
|
$ |
276,857 |
|
|
|
|
$ |
286,122 |
|
|
Logistics |
|
13,247 |
|
|
|
|
|
13,904 |
|
|
|
|
|
41,395 |
|
|
|
|
|
29,250 |
|
|
Total sales revenue |
|
104,712 |
|
|
100.0 |
% |
|
|
|
111,011 |
|
|
100.0 |
% |
|
|
|
318,252 |
|
|
100.0 |
% |
|
|
|
315,372 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of furniture and
accessories sold |
|
40,091 |
|
|
38.3 |
% |
|
|
|
44,824 |
|
|
40.4 |
% |
|
|
|
124,496 |
|
|
39.1 |
% |
|
|
|
133,676 |
|
|
42.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
new store pre-opening costs |
|
56,800 |
|
|
54.2 |
% |
|
|
|
58,303 |
|
|
52.5 |
% |
|
|
|
173,845 |
|
|
54.6 |
% |
|
|
|
163,203 |
|
|
51.7 |
% |
New store pre-opening
costs |
|
281 |
|
|
0.3 |
% |
|
|
|
192 |
|
|
0.2 |
% |
|
|
|
727 |
|
|
0.2 |
% |
|
|
|
236 |
|
|
0.1 |
% |
Lease exit costs |
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
419 |
|
|
0.1 |
% |
Asset impairment
charges |
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
106 |
|
|
0.0 |
% |
Management
restructuring costs |
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
449 |
|
|
0.1 |
% |
Income from operations |
|
7,540 |
|
|
7.2 |
% |
|
|
|
7,692 |
|
|
6.9 |
% |
|
|
|
19,184 |
|
|
6.0 |
% |
|
|
|
17,283 |
|
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement gain on
acquisition of affiliate |
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
7,212 |
|
|
2.3 |
% |
Income from Continued
Dumping & Subsidy Offset Act |
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
- |
|
|
0.0 |
% |
|
|
|
1,066 |
|
|
0.3 |
% |
Other loss, net |
|
(647 |
) |
|
-0.6 |
% |
|
|
|
(472 |
) |
|
-0.4 |
% |
|
|
|
(1,904 |
) |
|
-0.6 |
% |
|
|
|
(1,692 |
) |
|
-0.5 |
% |
Income before income
taxes |
|
6,893 |
|
|
6.6 |
% |
|
|
|
7,220 |
|
|
6.5 |
% |
|
|
|
17,280 |
|
|
5.4 |
% |
|
|
|
23,869 |
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
2,728 |
|
|
2.6 |
% |
|
|
|
2,954 |
|
|
2.7 |
% |
|
|
|
6,496 |
|
|
2.0 |
% |
|
|
|
9,118 |
|
|
2.9 |
% |
Net income |
$ |
4,165 |
|
|
4.0 |
% |
|
|
$ |
4,266 |
|
|
3.8 |
% |
|
|
$ |
10,784 |
|
|
3.4 |
% |
|
|
$ |
14,751 |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
0.39 |
|
|
|
|
$ |
0.39 |
|
|
|
|
$ |
1.00 |
|
|
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.38 |
|
|
|
|
$ |
0.39 |
|
|
|
|
$ |
0.99 |
|
|
|
|
$ |
1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
(Unaudited) |
|
|
|
Assets |
|
August 27, 2016 |
|
|
November 28, 2015 |
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
28,051 |
|
|
|
$ |
36,268 |
|
Short-term investments |
|
|
23,125 |
|
|
|
|
23,125 |
|
Accounts receivable, net |
|
|
19,302 |
|
|
|
|
21,197 |
|
Inventories, net |
|
|
53,413 |
|
|
|
|
59,896 |
|
Other current assets |
|
|
11,519 |
|
|
|
|
6,798 |
|
Total current
assets |
|
|
135,410 |
|
|
|
|
147,284 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
105,595 |
|
|
|
|
96,104 |
|
|
|
|
|
|
|
Other long-term
assets |
|
|
|
|
|
Deferred income taxes, net |
|
|
9,006 |
|
|
|
|
13,471 |
|
Goodwill and other intangible
assets |
|
|
17,440 |
|
|
|
|
17,682 |
|
Other |
|
|
8,048 |
|
|
|
|
8,002 |
|
Total long-term
assets |
|
|
34,494 |
|
|
|
|
39,155 |
|
Total
assets |
|
$ |
275,499 |
|
|
|
$ |
282,543 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts payable |
|
$ |
19,569 |
|
|
|
$ |
20,916 |
|
Accrued compensation and
benefits |
|
|
11,927 |
|
|
|
|
14,345 |
|
Customer deposits |
|
|
20,132 |
|
|
|
|
23,999 |
|
Dividends payable |
|
|
- |
|
|
|
|
2,184 |
|
Current portion of long-term
debt |
|
|
5,003 |
|
|
|
|
5,273 |
|
Other accrued liabilities |
|
|
11,077 |
|
|
|
|
13,133 |
|
Total current
liabilities |
|
|
67,708 |
|
|
|
|
79,850 |
|
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
|
Post employment benefit
obligations |
|
|
12,634 |
|
|
|
|
12,694 |
|
Long-term debt |
|
|
9,077 |
|
|
|
|
8,500 |
|
Other long-term liabilities |
|
|
3,915 |
|
|
|
|
4,133 |
|
Total long-term
liabilities |
|
|
25,626 |
|
|
|
|
25,327 |
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
Common stock |
|
|
54,114 |
|
|
|
|
54,580 |
|
Retained earnings |
|
|
128,635 |
|
|
|
|
120,904 |
|
Additional paid-in-capital |
|
|
1,924 |
|
|
|
|
4,560 |
|
Accumulated other comprehensive
loss |
|
|
(2,508 |
) |
|
|
|
(2,678 |
) |
Total stockholders'
equity |
|
|
182,165 |
|
|
|
|
177,366 |
|
Total
liabilities and stockholders’ equity |
|
$ |
275,499 |
|
|
|
$ |
282,543 |
|
|
|
|
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Consolidated Statements of Cash Flows - unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
August 27, 2016 |
|
|
August 29, 2015 |
Operating
activities: |
|
|
|
|
|
Net income |
|
$ |
10,784 |
|
|
|
$ |
14,751 |
|
Adjustments to
reconcile net income to net cash provided by |
|
|
|
|
|
(used in) operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
8,866 |
|
|
|
|
7,302 |
|
Equity in undistributed income of
investments and unconsolidated |
|
|
|
|
|
affiliated companies |
|
|
- |
|
|
|
|
(220 |
) |
Non-cash asset impairment
charges |
|
|
- |
|
|
|
|
106 |
|
Non-cash portion of lease exit
costs |
|
|
- |
|
|
|
|
419 |
|
Remeasurement gain on acquisition
of affiliate |
|
|
- |
|
|
|
|
(7,212 |
) |
Tenant improvement allowances
received from lessors |
|
|
590 |
|
|
|
|
933 |
|
Deferred income taxes |
|
|
4,360 |
|
|
|
|
3,778 |
|
Excess tax benefits from
stock-based compensation |
|
|
87 |
|
|
|
|
2,008 |
|
Other, net |
|
|
256 |
|
|
|
|
1,445 |
|
Changes in operating assets and
liabilities |
|
|
|
|
|
Accounts receivable |
|
|
2,334 |
|
|
|
|
(751 |
) |
Inventories |
|
|
6,483 |
|
|
|
|
(8,165 |
) |
Other current and long-term
assets |
|
|
(4,721 |
) |
|
|
|
(21 |
) |
Customer deposits |
|
|
(3,867 |
) |
|
|
|
(3,196 |
) |
Accounts payable and accrued
liabilities |
|
|
(6,207 |
) |
|
|
|
2,158 |
|
Net cash provided by
operating activities |
|
|
18,965 |
|
|
|
|
13,335 |
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
Purchases of property
and equipment |
|
|
(18,955 |
) |
|
|
|
(11,283 |
) |
Proceeds from sale of
retail real estate and property and equipment |
|
|
632 |
|
|
|
|
2,952 |
|
Cash paid for business
acquisition, net of cash acquired |
|
|
- |
|
|
|
|
(7,323 |
) |
Capital contribution to
affiliate |
|
|
- |
|
|
|
|
(1,345 |
) |
Net cash used in investing
activities |
|
|
(18,323 |
) |
|
|
|
(16,999 |
) |
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
Cash dividends |
|
|
(5,238 |
) |
|
|
|
(4,806 |
) |
Proceeds from the
exercise of stock options |
|
|
114 |
|
|
|
|
4,018 |
|
Other issuance of
common stock |
|
|
182 |
|
|
|
|
254 |
|
Repurchases of common
stock |
|
|
(3,989 |
) |
|
|
|
(1,374 |
) |
Taxes paid related to
net share settlement of equity awards |
|
|
(77 |
) |
|
|
|
(178 |
) |
Repayments of notes
payable |
|
|
(7,235 |
) |
|
|
|
(1,630 |
) |
Proceeds from equipment
loans |
|
|
7,384 |
|
|
|
|
1,307 |
|
Net cash used in financing
activities |
|
|
(8,859 |
) |
|
|
|
(2,409 |
) |
Change in cash
and cash equivalents |
|
|
(8,217 |
) |
|
|
|
(6,073 |
) |
Cash and cash
equivalents - beginning of period |
|
|
36,268 |
|
|
|
|
26,673 |
|
Cash and cash
equivalents - end of period |
|
$ |
28,051 |
|
|
|
$ |
20,600 |
|
|
|
|
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Segment Information - unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
August 27, 2016 |
|
|
August 29, 2015 |
|
|
August 27, 2016 |
|
|
August 29, 2015 |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
58,303 |
|
|
|
$ |
62,165 |
|
|
|
$ |
177,785 |
|
|
|
$ |
187,675 |
|
Retail -
Company-owned stores |
|
|
61,216 |
|
|
|
|
62,009 |
|
|
|
|
184,754 |
|
|
|
|
183,113 |
|
Logistical services |
|
|
22,991 |
|
|
|
|
23,650 |
|
|
|
|
71,480 |
|
|
|
|
51,607 |
|
Inter-company eliminations: |
|
|
|
|
|
|
|
|
|
|
|
Furniture and accessories |
|
|
(28,054 |
) |
|
|
|
(27,067 |
) |
|
|
|
(85,682 |
) |
|
|
|
(84,666 |
) |
Logistical services |
|
|
(9,744 |
) |
|
|
|
(9,746 |
) |
|
|
|
(30,085 |
) |
|
|
|
(22,357 |
) |
Consolidated |
|
$ |
104,712 |
|
|
|
$ |
111,011 |
|
|
|
$ |
318,252 |
|
|
|
$ |
315,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
5,648 |
|
|
|
$ |
3,795 |
|
|
|
$ |
14,380 |
|
|
|
$ |
11,518 |
|
Retail |
|
|
768 |
|
|
|
|
2,037 |
|
|
|
|
1,465 |
|
|
|
|
3,967 |
|
Logistical services |
|
|
674 |
|
|
|
|
1,070 |
|
|
|
|
2,079 |
|
|
|
|
2,089 |
|
Inter-company elimination |
|
|
450 |
|
|
|
|
790 |
|
|
|
|
1,260 |
|
|
|
|
683 |
|
Lease
exit costs |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(419 |
) |
Asset
impairment charges |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(106 |
) |
Management restructuring costs |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(449 |
) |
Consolidated |
|
$ |
7,540 |
|
|
|
$ |
7,692 |
|
|
|
$ |
19,184 |
|
|
|
$ |
17,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Rollforward of BHF Store Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
November 28, |
|
|
August
27, |
|
|
2015 |
Opened* |
Closed* |
2016 |
|
|
|
|
|
|
Company-owned stores |
|
60 |
2 |
|
(3 |
) |
59 |
Licensee-owned stores |
|
33 |
- |
|
(1 |
) |
32 |
|
|
|
|
|
|
Total |
|
93 |
2 |
|
(4 |
) |
91 |
|
|
|
|
|
|
|
|
|
|
|
|
* Does not include openings and closures due to relocation of
existing stores within a market. |
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Supplemental Retail Information--unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56 Comparable Stores |
|
|
|
56 Comparable Stores |
|
Quarter Ended |
|
|
Quarter Ended |
|
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
August 27, 2016 |
|
|
August 29, 2015 |
|
|
|
August 27, 2016 |
|
|
August 29, 2015 |
|
|
Percent of |
|
|
|
Percent of |
|
|
|
|
Percent of |
|
|
|
Percent of |
|
Amount |
Net Sales |
|
|
Amount |
Net Sales |
|
|
|
Amount |
Net Sales |
|
|
Amount |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
59,371 |
|
|
100.0 |
% |
|
|
$ |
59,884 |
|
|
100.0 |
% |
|
|
|
$ |
176,425 |
|
|
100.0 |
% |
|
|
$ |
175,849 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
29,568 |
|
|
49.8 |
% |
|
|
|
29,717 |
|
|
49.6 |
% |
|
|
|
|
88,545 |
|
|
50.2 |
% |
|
|
|
87,490 |
|
|
49.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
29,803 |
|
|
50.2 |
% |
|
|
|
30,167 |
|
|
50.4 |
% |
|
|
|
|
87,880 |
|
|
49.8 |
% |
|
|
|
88,359 |
|
|
50.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense* |
|
28,353 |
|
|
47.8 |
% |
|
|
|
27,621 |
|
|
46.1 |
% |
|
|
|
|
84,088 |
|
|
47.7 |
% |
|
|
|
83,237 |
|
|
47.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
$ |
1,450 |
|
|
2.4 |
% |
|
|
$ |
2,546 |
|
|
4.3 |
% |
|
|
|
$ |
3,792 |
|
|
2.1 |
% |
|
|
$ |
5,122 |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Stores |
|
|
|
All Other Stores |
|
Quarter Ended |
|
|
Quarter Ended |
|
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
August 27, 2016 |
|
|
August 29, 2015 |
|
|
|
August 27, 2016 |
|
|
August 29, 2015 |
|
|
Percent of |
|
|
|
Percent of |
|
|
|
|
Percent of |
|
|
|
Percent of |
|
Amount |
Net Sales |
|
|
Amount |
Net Sales |
|
|
|
Amount |
Net Sales |
|
|
Amount |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,845 |
|
|
100.0 |
% |
|
|
$ |
2,125 |
|
|
100.0 |
% |
|
|
|
$ |
8,329 |
|
|
100.0 |
% |
|
|
$ |
7,264 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
910 |
|
|
49.3 |
% |
|
|
|
1,151 |
|
|
54.2 |
% |
|
|
|
|
4,889 |
|
|
58.7 |
% |
|
|
|
3,942 |
|
|
54.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
935 |
|
|
50.7 |
% |
|
|
|
974 |
|
|
45.8 |
% |
|
|
|
|
3,440 |
|
|
41.3 |
% |
|
|
|
3,322 |
|
|
45.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense |
|
1,336 |
|
|
72.4 |
% |
|
|
|
1,291 |
|
|
60.8 |
% |
|
|
|
|
5,040 |
|
|
60.5 |
% |
|
|
|
4,241 |
|
|
58.4 |
% |
Pre-opening store
costs** |
|
281 |
|
|
15.2 |
% |
|
|
|
192 |
|
|
9.0 |
% |
|
|
|
|
727 |
|
|
8.7 |
% |
|
|
|
236 |
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(682 |
) |
|
-37.0 |
% |
|
|
$ |
(509 |
) |
|
-24.0 |
% |
|
|
|
$ |
(2,327 |
) |
|
-27.9 |
% |
|
|
$ |
(1,155 |
) |
|
-15.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Comparable store SG&A includes retail corporate overhead
and administrative costs. |
|
|
|
|
|
|
|
|
|
**Pre-opening store costs include the accrual for
straight-line rent recorded during the period between |
|
|
|
|
|
|
|
|
|
date of possession and
store opening date, employee payroll and training costs prior to
store opening |
|
|
|
|
|
|
|
|
|
and other various
expenses incurred prior to store opening. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
J. Michael Daniel
Senior Vice President and
Chief Financial Officer
(276) 629-6614 – Investors
Jay S. Moore
Director of Communications
(276) 629-6450 – Media
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