{"id":454815,"date":"2021-03-10T09:03:20","date_gmt":"2021-03-10T14:03:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454815"},"modified":"2021-03-10T09:03:20","modified_gmt":"2021-03-10T14:03:20","slug":"bassett-announces-first-quarter-wholesale-orders-and-backlog","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bassett-announces-first-quarter-wholesale-orders-and-backlog\/","title":{"rendered":"Bassett Announces First Quarter Wholesale Orders and Backlog"},"content":{"rendered":"
\n

BASSETT, Va., March 10, 2021 (GLOBE NEWSWIRE) — Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that wholesale orders for the quarter ended February 27, 2021 were $83.0 million a 44% increase over the prior year period. In addition, the Company announced that the wholesale shipping backlog was $67.5 million a 362% increase over the backlog reported at February 29, 2020 and a 23% increase over the backlog at November 28, 2020.<\/p>\n

The Company also announced that it is in lease negotiations for a 123,000 square foot manufacturing facility in Newton, North Carolina to increase its upholstery manufacturing capacity. It hopes to finalize a lease by the end of March with manufacturing to commence by June 2021. \u201cWe are excited at the prospect of adding this additional location so close to our existing upholstery manufacturing platform,\u201d said Rob Spilman, Chairman and Chief Executive Officer. \u201cIf negotiations are successful, this will provide us with additional capacity to begin to reduce the above backlog to a more manageable level.\u201d<\/p>\n

\n About Bassett Furniture Industries, Inc.<\/u>
\n
Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 97 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. Bassett\u2019s retail strategy includes stylish, custom-built furniture that features 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 and a logistics business specializing in home furnishings. For more information, visit the Company\u2019s website at bassettfurniture.com. (BSET-E)<\/p>\n

\n Certain of the statements in this release, particularly those preceded by, followed by or including the words \u201cbelieves,\u201d \u201cplans,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cshould,\u201d \u201cestimates,\u201d or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the first fiscal quarter of 2021, constitute \u201cforward looking statements\u201d 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 (including, without limitation, the effects on revenue, supply and demand resulting from the duration and extent of the COVID-19 pandemic) and future events on the retail demand for home furnishings and the ability of Bassett\u2019s customers and consumers to obtain credit; the success of marketing, logistics, retail and other initiatives; and the economic, competitive, governmental and other factors identified in Bassett\u2019s 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.<\/strong>\ufeff<\/p>\n

\n J. Michael Daniel<\/strong>
\n
\n Senior Vice President and<\/strong>
\n
\n Chief Financial Officer<\/strong>
\n
(276) 629-6614 \u2013 Investors
mdaniel@bassettfurniture.com<\/p>\n

\n Peter D. Morrison<\/strong>
\n
\n Vice President of Communications<\/strong>
\n
(276) 629-6450 \u2013 Media<\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

BASSETT, Va., March 10, 2021 (GLOBE NEWSWIRE) — Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that wholesale orders for the quarter ended February 27, 2021 were $83.0 million a 44% increase over the prior year period. In addition, the Company announced that the wholesale shipping backlog was $67.5 million a 362% increase over the backlog reported at February 29, 2020 and a 23% increase over the backlog at November 28, 2020. The Company also announced that it is in lease negotiations for a 123,000 square foot manufacturing facility in Newton, North Carolina to increase its upholstery manufacturing capacity. It hopes to finalize a lease by the end of March with manufacturing to commence by June 2021. \u201cWe are excited … <\/p>\n

Continue reading “Bassett Announces First Quarter Wholesale Orders and Backlog”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-454815","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBassett Announces First Quarter Wholesale Orders and Backlog - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bassett-announces-first-quarter-wholesale-orders-and-backlog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bassett Announces First Quarter Wholesale Orders and Backlog - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BASSETT, Va., March 10, 2021 (GLOBE NEWSWIRE) — Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that wholesale orders for the quarter ended February 27, 2021 were $83.0 million a 44% increase over the prior year period. In addition, the Company announced that the wholesale shipping backlog was $67.5 million a 362% increase over the backlog reported at February 29, 2020 and a 23% increase over the backlog at November 28, 2020. The Company also announced that it is in lease negotiations for a 123,000 square foot manufacturing facility in Newton, North Carolina to increase its upholstery manufacturing capacity. 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