Bassett Announces Fiscal Fourth Quarter Results
January 19 2017 - 9:00AM
Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today
its results of operations for its fiscal quarter ended November 26,
2016.
Fiscal 2016 Fourth Quarter Highlights
- Consolidated sales were $113.8 million for the fourth quarter
of 2016 compared to $115.6 million for the fourth quarter of 2015,
a decrease of 1.5%.
- Operating income for the quarter was $9.0 million or 7.9% of
sales as compared to $8.7 million or 7.5% of sales for the prior
year quarter.
- Wholesale sales were $62.6 million for the fourth quarter of
2016 compared to $64.5 million for the fourth quarter of 2015, a
decrease of 3.0%. Wholesale operating profit for the quarter
was $4.3 million or 6.9% of sales as compared to $4.1 million or
6.4% of sales for the prior year quarter.
- Company-owned store sales were $69.9 million for the fourth
quarter of 2016 compared to $66.3 million for the fourth quarter of
2015, an increase of 5.5%. This included a comparable store
sales increase of 4.3% compared to the prior year quarter.
Comparable store operating income was $3.4 million or 5.2% of sales
for the current year quarter as compared to $2.9 million or 4.6% of
sales for the prior year quarter. Total retail operating
income was $2.9 million or 4.1% of sales for the quarter as
compared to $2.2 million or 3.3% of sales for the prior year
quarter. Comparable store written sales for the quarter
increased 3.3%.
- Revenue for Zenith was $24.2 million for the fourth quarter of
2016 compared to $25.6 million for the fourth quarter of 2015, a
5.5% decrease. Zenith’s operating profit for the quarter was
$1.4 million or 5.9% of sales as compared to $1.4 million or 5.6%
of sales for the prior year quarter.
- Net income for the quarter was $5.0 million or $0.47 per
diluted share as compared to $5.7 million or $0.52 per diluted
share for the prior year quarter.
“Led by a strong performance from our corporate
retail segment, we closed the year on a high note,” commented
Robert H. Spilman, Jr., Chairman and CEO. “After a sluggish
start to the year, both our corporate and licensed retail store
groups finished 2016 positively, largely due to the comparable
store sales momentum that they generated during the second half of
the year. We look ahead to a new year that will see us make
significant investments in our store network, expand our digital
presence, upgrade our manufacturing facilities and broaden our
logistics platform.”
Wholesale
Segment
Net sales for the wholesale segment were $62.6
million for the fourth quarter of 2016 as compared to $64.5 million
for the fourth quarter of 2015, a decrease of $1.9 million or
3.0%. This decrease was driven by lower shipments to the open
market (outside the Bassett Home Furnishings network) partially
offset by a 5.7% increase in shipments to the Bassett Home
Furnishings network as 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 35.5% for the fourth quarter
of 2016 as compared to 33.9% for the fourth quarter of 2015. This
increase is due primarily to improved margins in the imported wood
product as significant margin adjustments were necessary in the
fourth quarter of 2015 as the Company was exiting the HGTV Home
Collection brand. Wholesale SG&A for the fourth quarter
of 2016 was $17.9 million as compared to $17.7 million for the
prior year period. SG&A as a percentage of sales increased to
28.7% as compared to 27.5% for the fourth quarter of 2015. This
increase in SG&A as a percentage of sales was primarily driven
by higher marketing and advertising costs. Operating income
was $4.3 million or 6.9% of sales as compared to $4.1 million or
6.4% of sales in the prior year.
“Our product assortment continues to undergo an
important makeover as we seek more sales,” continued Spilman.
“From our wood division, the Peninsula collection, the Wood Haven
bedroom, the Bench Made bedroom, and several new occasional
offerings hit our stores in December in advance of the key holiday
selling weekends that start the year. In upholstery, the
Designer Comfort and American Casual collections arrived in the
stores on the same schedule. In addition to these assortment
changes, two other new product offerings are significant as we look
ahead. A revamped casual dining program was introduced at the
October High Point Market which will begin shipping to our dealers
and stores in February. This program has been a stalwart
contributor to our wood sales for over 15 years and we have made
capital investments in finishing technology in our Martinsville,
Virginia manufacturing facility to produce the latest advancements
in today’s marketplace. In addition to the work at the
Martinsville facility, we will move our Zenith Logistics Texas
distribution center and our Texas upholstery factory into a new
375,000 square foot building in mid-February. By housing both
of these entities under one roof, we expect to gain efficiency and
cut costs. The October show also included the debut of Club
Level by Bassett, a major foray into the growing motion upholstery
category. Primarily aimed at the open market channel but also
featured in select Bassett stores, Club Level was met with
enthusiasm by our independent dealer base and is already showing
potential with the initial retail sell through results. Taken
collectively, this new product effort will be a key determinant in
the fortunes of Bassett in 2017 and our management will spend
significant time in the field to make it successful.”
Retail Segment
Net sales for the 59 Company-owned Bassett Home
Furnishings stores were $69.9 million for the fourth quarter of
2016 as compared to $66.3 million for the fourth quarter of 2015,
an increase of $3.6 million or 5.5%. The increase was due to a $2.8
million or 4.3% increase in comparable store sales along with a
$0.9 million increase 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 3.3% for the fourth
quarter of 2016 as compared to the fourth quarter of
2015.
The consolidated retail operating profit for the
fourth quarter of 2016 was $2.9 million as compared to $2.2 million
for the fourth quarter of 2015, an increase of $0.7 million.
The 56 comparable stores generated operating income of $3.4 million
for the quarter, or 5.2% of sales, as compared to $2.9 million, or
4.6% of sales, for the prior year quarter. Gross margins for
comparable stores were 50.2% for the fourth quarter of 2016
compared to 50.4% for the fourth quarter of 2015. SG&A
expenses for comparable stores increased $0.8 million to $30.0
million or 45.0% of sales as compared to 45.8% of sales for the
fourth quarter of 2015. The decrease in SG&A as a percentage of
sales was primarily due to greater leverage of fixed costs due to
higher sales volumes for the comparable stores.
“We were pleased with the performance of our
retail segment during the second half of the year and we look to
the future with excitement as we work to expand our 59 store
corporately owned network,” said Spilman. “2016 was
foundational to our blueprint for store expansion in 2017 and
beyond. This included repositioning one store, closing three,
and opening two new ones in the year just ended. Furthermore,
a tremendous amount of site selection and real estate negotiations
took place during the year as we prepare to open six new stores and
reposition two others over the course of 2017. Four of the
new stores are expansions of existing markets and the other two are
brand new. Therefore, 2017 will be a year of investment as we
absorb in excess of $2 million more in preopening and startup costs
than we experienced in 2016. In addition to these up front
expenses, proper site selection, store economics, and staffing are
major challenges that must be met in order to successfully execute
store expansion and these factors cannot be compromised.
While we do not provide financial forecasts externally, we do
believe that we have the ability to open five to six new stores
annually in addition to strategically repositioning stores when
warranted. With a track record of six consecutive years of
positive same store sales and our focus on store productivity, we
are intent on taking our concept to new markets and consistently
growing our overall store count in the years to come.”
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
fourth 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 |
|
Year Ended |
|
November 26, 2016 |
|
November 28, 2015 |
|
November 26, 2016 |
|
November 28, 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 |
$ |
100,339 |
|
|
|
$ |
101,283 |
|
|
|
$ |
377,196 |
|
|
|
$ |
387,405 |
|
|
Logistics |
|
13,447 |
|
|
|
|
14,272 |
|
|
|
|
54,842 |
|
|
|
|
43,522 |
|
|
Total
sales revenue |
|
113,786 |
|
100.0 |
% |
|
|
115,555 |
|
100.0 |
% |
|
|
432,038 |
|
100.0 |
% |
|
|
430,927 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of furniture and
accessories sold |
|
43,023 |
|
37.8 |
% |
|
|
45,615 |
|
39.5 |
% |
|
|
167,519 |
|
38.8 |
% |
|
|
179,291 |
|
41.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses excluding |
|
|
|
|
|
|
|
|
|
|
|
new store
pre-opening costs |
|
61,333 |
|
53.9 |
% |
|
|
60,847 |
|
52.7 |
% |
|
|
235,178 |
|
54.4 |
% |
|
|
224,050 |
|
52.0 |
% |
New store pre-opening
costs |
|
421 |
|
0.4 |
% |
|
|
387 |
|
0.3 |
% |
|
|
1,148 |
|
0.3 |
% |
|
|
623 |
|
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 |
|
9,009 |
|
7.9 |
% |
|
|
8,706 |
|
7.5 |
% |
|
|
28,193 |
|
6.5 |
% |
|
|
25,989 |
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement gain on
acquisition of affiliate |
|
- |
|
0.0 |
% |
|
|
- |
|
0.0 |
% |
|
|
- |
|
0.0 |
% |
|
|
7,212 |
|
1.7 |
% |
Income from Continued
Dumping & Subsidy Offset Act |
|
240 |
|
0.2 |
% |
|
|
90 |
|
0.1 |
% |
|
|
240 |
|
0.1 |
% |
|
|
1,156 |
|
0.3 |
% |
Other loss, net |
|
(752 |
) |
-0.7 |
% |
|
|
(797 |
) |
-0.7 |
% |
|
|
(2,656 |
) |
-0.6 |
% |
|
|
(2,489 |
) |
-0.6 |
% |
Income before income
taxes |
|
8,497 |
|
7.5 |
% |
|
|
7,999 |
|
6.9 |
% |
|
|
25,777 |
|
6.0 |
% |
|
|
31,868 |
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
3,452 |
|
3.0 |
% |
|
|
2,317 |
|
2.0 |
% |
|
|
9,948 |
|
2.3 |
% |
|
|
11,435 |
|
2.7 |
% |
Net income |
$ |
5,045 |
|
4.4 |
% |
|
$ |
5,682 |
|
4.9 |
% |
|
$ |
15,829 |
|
3.7 |
% |
|
$ |
20,433 |
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
0.47 |
|
|
|
$ |
0.53 |
|
|
|
$ |
1.47 |
|
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.47 |
|
|
|
$ |
0.52 |
|
|
|
$ |
1.46 |
|
|
|
$ |
1.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands) |
|
|
|
(Unaudited) |
|
|
Assets |
|
November 26, 2016 |
|
November 28, 2015 |
Current
assets |
|
|
|
|
Cash and cash
equivalents |
|
$ |
35,144 |
|
|
$ |
36,268 |
|
Short-term
investments |
|
|
23,125 |
|
|
|
23,125 |
|
Accounts
receivable, net |
|
|
18,358 |
|
|
|
21,197 |
|
Inventories,
net |
|
|
53,215 |
|
|
|
59,896 |
|
Other current
assets |
|
|
10,727 |
|
|
|
6,798 |
|
Total current
assets |
|
|
140,569 |
|
|
|
147,284 |
|
|
|
|
|
|
Property and equipment,
net |
|
|
104,655 |
|
|
|
96,104 |
|
|
|
|
|
|
Other long-term
assets |
|
|
|
|
Deferred income
taxes, net |
|
|
8,071 |
|
|
|
13,471 |
|
Goodwill and
other intangible assets |
|
|
17,360 |
|
|
|
17,682 |
|
Other |
|
|
7,612 |
|
|
|
8,002 |
|
Total long-term
assets |
|
|
33,043 |
|
|
|
39,155 |
|
Total
assets |
|
$ |
278,267 |
|
|
$ |
282,543 |
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts
payable |
|
$ |
21,281 |
|
|
$ |
20,916 |
|
Accrued
compensation and benefits |
|
|
13,602 |
|
|
|
14,345 |
|
Customer deposits |
|
|
25,181 |
|
|
|
23,999 |
|
Dividends payable |
|
|
3,218 |
|
|
|
2,184 |
|
Current portion of long-term debt |
|
|
3,290 |
|
|
|
5,273 |
|
Other accrued liabilities |
|
|
10,441 |
|
|
|
13,133 |
|
Total current
liabilities |
|
|
77,013 |
|
|
|
79,850 |
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
Post
employment benefit obligations |
|
|
12,760 |
|
|
|
12,694 |
|
Long-term
debt |
|
|
3,821 |
|
|
|
8,500 |
|
Other long-term
liabilities |
|
|
3,968 |
|
|
|
4,133 |
|
Total long-term
liabilities |
|
|
20,549 |
|
|
|
25,327 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
Common
stock |
|
|
53,615 |
|
|
|
54,580 |
|
Retained
earnings |
|
|
129,388 |
|
|
|
120,904 |
|
Additional
paid-in-capital |
|
|
255 |
|
|
|
4,560 |
|
Accumulated
other comprehensive loss |
|
|
(2,553 |
) |
|
|
(2,678 |
) |
Total stockholders'
equity |
|
|
180,705 |
|
|
|
177,366 |
|
Total
liabilities and stockholders’ equity |
|
$ |
278,267 |
|
|
$ |
282,543 |
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Consolidated Statements of Cash Flows - unaudited |
(In thousands) |
|
|
|
|
|
|
|
Year Ended |
|
|
November 26, 2016 |
|
November 28, 2015 |
Operating
activities: |
|
|
|
|
Net income |
|
$ |
15,829 |
|
|
$ |
20,433 |
|
Adjustments to
reconcile net income to net cash provided by |
|
|
|
|
(used in)
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
12,249 |
|
|
|
10,137 |
|
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 |
|
|
914 |
|
|
|
1,283 |
|
Deferred
income taxes |
|
|
5,324 |
|
|
|
1,930 |
|
Collateral deposited with insurance carrier |
|
|
(300 |
) |
|
|
- |
|
Excess
tax benefits from stock-based compensation |
|
|
87 |
|
|
|
1,998 |
|
Other,
net |
|
|
1,055 |
|
|
|
2,082 |
|
Changes
in operating assets and liabilities |
|
|
|
|
Accounts
receivable |
|
|
3,228 |
|
|
|
(2,354 |
) |
Inventories |
|
|
6,681 |
|
|
|
(2,624 |
) |
Other
current and long-term assets |
|
|
(3,629 |
) |
|
|
1,494 |
|
Customer
deposits |
|
|
1,182 |
|
|
|
1,796 |
|
Accounts
payable and accrued liabilities |
|
|
(3,558 |
) |
|
|
5,128 |
|
Net cash provided by operating activities |
|
|
39,062 |
|
|
|
34,396 |
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
Purchases of property
and equipment |
|
|
(21,501 |
) |
|
|
(13,974 |
) |
Proceeds from sale of
retail real estate and property and equipment |
|
|
667 |
|
|
|
2,981 |
|
Cash paid for business
acquisition, net of cash acquired |
|
|
- |
|
|
|
(7,323 |
) |
Capital contribution to
affiliate |
|
|
- |
|
|
|
(1,345 |
) |
Net cash used in investing activities |
|
|
(20,834 |
) |
|
|
(19,661 |
) |
|
|
|
|
|
Financing
activities: |
|
|
|
|
Cash
dividends |
|
|
(6,311 |
) |
|
|
(5,786 |
) |
Proceeds from the
exercise of stock options |
|
|
114 |
|
|
|
4,031 |
|
Other issuance of
common stock |
|
|
182 |
|
|
|
325 |
|
Repurchases of common
stock |
|
|
(6,393 |
) |
|
|
(2,071 |
) |
Taxes paid related to
net share settlement of equity awards |
|
|
(77 |
) |
|
|
(178 |
) |
Repayments of notes
payable |
|
|
(14,251 |
) |
|
|
(2,768 |
) |
Proceeds from equipment
loans |
|
|
7,384 |
|
|
|
1,307 |
|
Net cash used in financing activities |
|
|
(19,352 |
) |
|
|
(5,140 |
) |
Change in cash
and cash equivalents |
|
|
(1,124 |
) |
|
|
9,595 |
|
Cash and cash
equivalents - beginning of period |
|
|
36,268 |
|
|
|
26,673 |
|
|
|
|
|
|
Cash and cash
equivalents - end of period |
|
$ |
35,144 |
|
|
$ |
36,268 |
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Segment Information - unaudited |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
|
November 26, 2016 |
|
November 28, 2015 |
|
November 26, 2016 |
|
November 28, 2015 |
Net Sales |
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
62,561 |
|
|
$ |
64,505 |
|
|
$ |
240,346 |
|
|
$ |
252,180 |
|
Retail -
Company-owned stores |
|
|
69,913 |
|
|
|
66,266 |
|
|
|
254,667 |
|
|
|
249,379 |
|
Logistical services |
|
|
24,227 |
|
|
|
25,643 |
|
|
|
95,707 |
|
|
|
77,250 |
|
Inter-company eliminations: |
|
|
|
|
|
|
|
|
Furniture and accessories |
|
|
(32,135 |
) |
|
|
(29,488 |
) |
|
|
(117,817 |
) |
|
|
(114,154 |
) |
Logistical services |
|
|
(10,780 |
) |
|
|
(11,371 |
) |
|
|
(40,865 |
) |
|
|
(33,728 |
) |
Consolidated |
|
$ |
113,786 |
|
|
$ |
115,555 |
|
|
$ |
432,038 |
|
|
$ |
430,927 |
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
4,292 |
|
|
$ |
4,100 |
|
|
$ |
18,672 |
|
|
$ |
15,618 |
|
Retail |
|
|
2,868 |
|
|
|
2,203 |
|
|
|
4,333 |
|
|
|
6,170 |
|
Logistical services |
|
|
1,432 |
|
|
|
1,439 |
|
|
|
3,511 |
|
|
|
3,528 |
|
Inter-company elimination |
|
|
417 |
|
|
|
964 |
|
|
|
1,677 |
|
|
|
1,647 |
|
Lease
exit costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(419 |
) |
Asset
impairment charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(106 |
) |
Management restructuring costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(449 |
) |
Consolidated |
|
$ |
9,009 |
|
|
$ |
8,706 |
|
|
$ |
28,193 |
|
|
$ |
25,989 |
|
|
|
|
|
|
|
|
|
|
BASSETT FURNITURE INDUSTRIES, INC. AND
SUBSIDIARIES |
Rollforward of BHF Store Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
November 28, |
|
|
November 26, |
|
|
2015 |
Opened* |
Closed* |
2016 |
|
|
|
|
|
|
Company-owned stores |
|
60 |
2 |
(3 |
) |
59 |
Licensee-owned stores |
|
33 |
- |
(2 |
) |
31 |
|
|
|
|
|
|
Total |
|
93 |
2 |
(5 |
) |
90 |
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
Year Ended |
|
Year Ended |
|
|
November 26, 2016 |
|
November 28, 2015 |
|
November 26, 2016 |
|
November 28, 2015 |
|
|
|
Percent of |
|
|
Percent of |
|
|
Percent of |
|
|
Percent of |
|
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
66,637 |
|
100.0 |
% |
|
$ |
63,865 |
|
100.0 |
% |
|
$ |
243,062 |
|
100.0 |
% |
|
$ |
239,713 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
33,190 |
|
49.8 |
% |
|
|
31,688 |
|
49.6 |
% |
|
|
121,735 |
|
50.1 |
% |
|
|
119,178 |
|
49.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
33,447 |
|
50.2 |
% |
|
|
32,177 |
|
50.4 |
% |
|
|
121,327 |
|
49.9 |
% |
|
|
120,535 |
|
50.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense* |
|
30,009 |
|
45.0 |
% |
|
|
29,248 |
|
45.8 |
% |
|
|
114,097 |
|
46.9 |
% |
|
|
112,484 |
|
46.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from operations |
$ |
3,438 |
|
5.2 |
% |
|
$ |
2,929 |
|
4.6 |
% |
|
$ |
7,230 |
|
3.0 |
% |
|
$ |
8,051 |
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Stores |
|
All Other Stores |
|
|
Quarter Ended |
|
Quarter Ended |
|
Year Ended |
|
Year Ended |
|
|
November 26, 2016 |
|
November 28, 2015 |
|
November 26, 2016 |
|
November 28, 2015 |
|
|
|
Percent of |
|
|
Percent of |
|
|
Percent of |
|
|
Percent of |
|
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
Amount |
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
3,276 |
|
100.0 |
% |
|
$ |
2,401 |
|
100.0 |
% |
|
$ |
11,605 |
|
100.0 |
% |
|
$ |
9,666 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
1,584 |
|
48.4 |
% |
|
|
1,257 |
|
52.4 |
% |
|
|
6,473 |
|
55.8 |
% |
|
|
5,198 |
|
53.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
1,692 |
|
51.6 |
% |
|
|
1,144 |
|
47.6 |
% |
|
|
5,132 |
|
44.2 |
% |
|
|
4,468 |
|
46.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense |
|
1,841 |
|
56.2 |
% |
|
|
1,483 |
|
61.8 |
% |
|
|
6,881 |
|
59.3 |
% |
|
|
5,726 |
|
59.2 |
% |
|
Pre-opening store
costs** |
|
421 |
|
12.9 |
% |
|
|
387 |
|
16.1 |
% |
|
|
1,148 |
|
9.9 |
% |
|
|
623 |
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
$ |
(570 |
) |
-17.4 |
% |
|
$ |
(726 |
) |
-30.2 |
% |
|
$ |
(2,897 |
) |
-25.0 |
% |
|
$ |
(1,881 |
) |
-19.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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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