Bassett Furniture Industries Incorporated : Investor Presentation - August 2022
August 18, 2022 at 08:24 am EDT
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American furniture
INVESTOR PRESENTATION
August 2022
SAFE HARBOR
Certain of the statements in this presentation, 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 second quarter of 2022, 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.
SETTING THE TABLE
We are one of America's longest serving furniture and home furnishings suppliers, drawing on 120 years of craftmanship.Our
brand is well known and respected.
Our Company today is in a strong industry position. Product, manufacturing and retailing enhancements have materially improved our long-term profit outlook.
Macroeconomic forces are favorable for home furnishings.
Our balance sheet is strong. We are actively returning capital to shareholders in the form of share repurchases as well as a healthy dividend with a current yield in excess of 2%. We are a conservatively managed Company.
FINANCIAL PERFORMANCE
Bassett Furniture has experienced a material improvement in financial performance in recent years.
This improvement is sustainable; being driven by improved customer service, efficient operations and expanded manufacturing capacity.
Net furniture sales
Operating profit (loss)
$ million
$ million
$431
$402
$404
$24.3
$338
$13.5
$5.6
2018
2019
2020
2021
2018
2019
2020
2021
($2.3)
Wholesale order backlog
$ million
$90
$60
$55
$26
$20
2018
2019
2020
2021
Q2 2022
MANUFACTURING/WHOLESALE
One of America's longest-serving furniture manufacturers with 6 manufacturing facilities. Expansion of capacity completed through 125,000 sq ft extension of Newton, NC facility.
Customers include our 95 Bassett branded stores and more than 700 independent store accounts.
Production and shipment rates are running strong following two years of supply-chain induced shortfalls.
Domestic manufacturing presents a significant advantage in a challenging operating environment due to control of supply-chain and minimization of costly freight and ocean container expenses.
Industry leader in custom furniture.
>75% product manufactured domestically
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Bassett Furniture Industries Incorporated published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2022 12:23:04 UTC.
Bassett Furniture Industries, Incorporated is a retailer, manufacturer and marketer of home furnishings. Its products are sold through a network of Company-owned and licensee-owned stores under the Bassett Home Furnishings (BHF) name. Its segments include Wholesale, Retail-Company-owned stores and Corporate and other. The Wholesale segment is involved in the design, manufacturing and sourcing of furniture products that are distributed through its BHF store network (both Company-owned and licensee-owned stores) and various independent retailers. The Wholesale segment includes its wood and upholstery operations, such as Lane Venture. The Retail-Company-owned stores segment consists of 56 BHF stores that provide consumers with a friendly and casual environment for buying furniture and accessories. It also has a traditional wholesale business with over 700 accounts on the open market, across the United States and internationally and a logistics business specializing in home furnishings.
BASSETT FURNITURE INDUSTRIES, INCORPORATED 