Bassett Furniture Industries, Incorporated (BSET): history, ownership, mission, how it works & makes money

A Brief History of Bassett Furniture Industries, Incorporated (BSET)

Founding and Early Years

Bassett Furniture Industries, Incorporated was founded in 1902 in Bassett, Virginia. Initially, it began as a small company producing wooden furniture.

Growth and Expansion

In 1920, the company introduced its first line of bedroom furniture, which contributed significantly to its growth. By 1944, Bassett had achieved sales of $1 million.

Public Offering

Bassett became publicly traded on the American Stock Exchange in 1982 under the ticker symbol BSET. During this time, the company experienced significant financial milestones.

Financial Performance

As of the fiscal year ending 2022, Bassett reported net sales of approximately $131.5 million and total assets of $91.2 million.

Market Position

As of 2023, Bassett Furniture holds a significant position in the furniture industry, competing with companies such as La-Z-Boy and Ashley Furniture. The company operates approximately 105 showrooms across the United States.

Product Lines

Bassett is known for a variety of product lines including:

• Living Room Furniture
• Bedroom Furniture
• Dining Room Furniture
• Home Office Furniture
• Outdoor Furniture

Recent Developments

In 2023, Bassett Furniture launched a new line of eco-friendly furniture aimed at sustainability, aligning with market trends and consumer demand for environmentally responsible products.

Financial Overview (2023)

For the first half of 2023, Bassett reported an increase in sales attributed to its new product lines and market expansion efforts. Preliminary figures indicate a projected revenue growth of 10% compared to the previous year.

Challenges and Adaptations

Bassett has faced various challenges, including supply chain disruptions and increased shipping costs due to global events. The company has adapted by diversifying its suppliers and investing in technology to enhance online sales capabilities.

Workforce and Employment

As of 2023, Bassett employs approximately 1,200 individuals across its manufacturing and retail operations. The company is committed to providing competitive wages and benefits to its workforce.

Community Engagement

Bassett Furniture is actively involved in community initiatives, including educational programs and local charity support. The company has contributed over $500,000 to various local charities in the past year.

A Who Owns Bassett Furniture Industries, Incorporated (BSET)

Company Ownership Structure

Bassett Furniture Industries, Incorporated (BSET) is publicly traded on the NASDAQ under the ticker symbol BSET. As of the latest filings, the ownership structure includes a mixture of institutional shareholders, individual investors, and company executives.

Major Shareholders

As of the most recent available data, here are the major shareholders of Bassett Furniture:

Institutional Ownership

Institutional ownership has a significant impact on the company’s investment decisions and strategy. The following table summarizes the recent institutional ownership data:

Recent Financial Performance

Bassett Furniture's financial performance in recent quarters shows its resilience in the furniture industry. The following data provides an overview of key financial metrics:

Executive Leadership

The leadership team at Bassett Furniture plays a vital role in its strategic direction. Key executives include:

• George A. Ball - Executive Chairman
• Robert M. Spilman, Jr. - President and CEO
• J. Michael F. N. Schreiber - CFO
• Cynthia C. McKenzie - COO

Recent Developments

Recent strategic moves by Bassett Furniture include expansion efforts and adaptations to market trends:

• New Product Lines aimed at eco-friendly furniture options launched in Q1 2023.
• Increase in E-commerce presence, showing a 20% growth in online sales year-over-year.
• Partnerships with home décor influencers to enhance brand visibility.

Bassett Furniture Industries, Incorporated (BSET) Mission Statement

Overview of the Company

Bassett Furniture Industries, Incorporated (BSET) is a leading manufacturer and retailer of home furnishings. The company operates through multiple channels including retail stores, online platforms, and wholesale distribution.

Mission Statement

The mission of Bassett Furniture Industries is to deliver high-quality, custom-made furniture to enhance customers' homes and lifestyles while providing exceptional service. The company aims to create lasting relationships with customers through superior craftsmanship and a commitment to sustainability.

Core Values

• Quality: Commitment to delivering superior products.
• Customer Satisfaction: Focus on exceptional service and support.
• Innovation: Embracing modern designs and manufacturing techniques.
• Sustainability: Commitment to eco-friendly practices in production.

Financial Performance

As of the fiscal year ending August 2023, Bassett Furniture Industries reported financial results indicating a continuing upward trend in revenue.

Product Offerings

Bassett provides a wide range of products, including:

• Sofas and chairs
• Bedroom furniture
• Dining room sets
• Accent furniture

Market Position

As of 2023, Bassett Furniture holds a significant market position in the furniture industry, recognized for its craftsmanship and customization options.

The company's market share is estimated at approximately 5% within the U.S. furniture market.

Sustainability Initiatives

Bassett is committed to sustainability with initiatives that include:

• Utilizing reclaimed and sustainable wood sources
• Implementing energy-efficient manufacturing processes
• Reducing waste and promoting recycling efforts

Community Engagement

Bassett actively engages in community support through various programs, including:

• Partnerships with local charities
• Employee volunteer initiatives
• Educational programs in craftsmanship and design

How Bassett Furniture Industries, Incorporated (BSET) Works

Company Overview

Bassett Furniture Industries, Incorporated (BSET) is a leading manufacturer and retailer of home furnishings. The company operates through various segments including wholesale and retail. As of the end of the fiscal year 2022, Bassett reported a total revenue of $231.5 million.

Product Offerings

• Furniture: Sofas, chairs, tables, and bedroom sets
• Home Décor: Accessories, rugs, and lighting
• Custom Furniture: Tailored options for customers

Financial Performance

For the fiscal year ended August 27, 2022:

Manufacturing and Supply Chain

Bassett operates several manufacturing facilities across the United States. The company’s supply chain strategy focuses on:

• Vertical integration to control quality
• Utilization of sustainable practices
• Establishing long-term relationships with suppliers

Retail Operations

Bassett Furniture sells products through:

• Company-owned stores: 100+ locations across the U.S.
• Franchise stores
• Online sales: Significant increase observed in e-commerce revenue

As of 2022, e-commerce sales contributed approximately 25% of total sales.

Market Position

As of the fiscal year 2022, Bassett Furniture had a notable market share in the U.S. furniture market:

Sustainability Initiatives

Bassett Furniture has implemented various sustainability initiatives, including:

• Reducing carbon footprint: A 20% reduction target by 2025
• Using reclaimed wood in manufacturing
• Commitment to the Forest Stewardship Council (FSC) certification

Recent Developments

In 2023, Bassett Furniture announced a partnership with various designers to enhance its product line. Key investments include:

• Investing $5 million in a new manufacturing facility to increase capacity
• Launching 50 new products in the upcoming year

The company expects this growth to support a projected revenue increase of 10% in 2023.

How Bassett Furniture Industries, Incorporated (BSET) Makes Money

Revenue Streams

Bassett Furniture Industries generates revenue primarily through the sale of residential furniture and home décor products. The following are the main segments contributing to its revenue:

• Wholesale Sales
• Retail Sales
• Custom Upholstery

Wholesale Sales

Wholesale sales are a significant source of income for Bassett, accounting for approximately 68% of total revenues in the fiscal year 2022. The company sells its products to independent retailers and distributors, leveraging a national network.

Retail Sales

Retail sales account for about 32% of Bassett's total revenues, with their corporate-owned stores and franchised locations driving this segment. As of 2023, Bassett operates around 100 retail locations across the United States.

Custom Upholstery

The custom upholstery segment has grown notably, contributing to higher profit margins. In 2022, this segment reported revenue of approximately $150 million, showcasing an increase from the previous year.

Financial Performance

In fiscal year 2022, Bassett Furniture achieved a total revenue of $610 million, reflecting an annual growth rate of 10% compared to the previous year. The company's gross profit margin stood at 35%.

Cost Structure

Bassett's cost structure consists of the following major components:

• Cost of Goods Sold (COGS)
• Operating Expenses
• Marketing Expenses

Cost of Goods Sold (COGS)

In 2022, COGS for Bassett was reported at approximately $395 million, which translates to a COGS margin of 65%.

Operating Expenses

Operating expenses, including salaries, rent, and utilities, totaled around $120 million for 2022, which is about 20% of total revenue.

Marketing Expenses

Bassett allocates around 5% of its total revenue to marketing, amounting to approximately $30 million in 2022, aimed at brand promotion and customer engagement.

Net Income

For the fiscal year 2022, Bassett reported a net income of $20 million, equating to a net profit margin of 3.3%. The continuous improvement in operational efficiency has been pivotal in achieving profitability.

Market Trends

The furniture industry is evolving, with a growing trend toward e-commerce. In 2022, online sales accounted for about 25% of Bassett's total sales, reflecting an increase in consumer preference for online shopping.

Competitive Landscape

Bassett Furniture competes with several key players in the market, such as:

• La-Z-Boy Incorporated
• Havertys Furniture Companies
• Wayfair Inc.

Each competitor has their own market share dynamics, with Bassett focused on enhancing quality and customer service to maintain competitiveness.

Financial Ratios

For fiscal year 2022, Bassett reported the following financial ratios:

Future Outlook

Bassett anticipates continued growth, with projected revenues hitting approximately $650 million by 2024, driven largely by expanding its e-commerce operations and enhancing product offerings.