This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bassett Announces 11% Sales Increase For The Fourth Quarter & The Potential Sale Of The International Home Furnishings Center

The wholesale backlog, representing orders received but not yet shipped to dealers and company stores, was $12.5 million at November 27, 2010 as compared with $10.3 million at November 28, 2009. The $2.2 million increase is primarily due to the improvement in order levels as compared to the fourth quarter of 2009.

"As noted, we were able to reduce our backlog on imported wood items during the quarter, which had a positive effect on our wholesale revenue," continued Mr. Spilman. "We were also able to generate a 5.6% increase in wholesale written orders during the period. The introduction of our "Go To" program of promotionally priced wood products at the High Point market was well received and will be promoted aggressively in 2011. Those products will be stocked at our three U.S. distribution centers and in our Asia warehouse. The domestic upholstery product that we introduced last spring and are manufacturing at our recently re-opened facility in Newton, NC is performing very well at retail and already comprises approximately 15% of our total upholstery volume. We will expand this assortment at the next High Point show as we seek to leverage our superior U.S. value and service propositions to take market share."

Retail Segment

At November 27, 2010, the total store network included 54 licensee-owned stores and 47 Company-owned and operated stores. During the three months ended November 27, 2010, the Company acquired certain assets of, and now operates one additional licensee store, while another store acquired during the first quarter of 2010 was closed at the end of the fourth quarter. The following table summarizes the changes in store count during the year ended November 27, 2010:
  November 28, New Stores Stores November 27,
  2009 Stores Acquired Closed 2010
Company-owned stores  36  2  11  (2)  47
Licensee-owned stores  68  -   (11)  (3)  54
Total  104  2  -   (5)  101

The Company-owned stores had sales of $34.8 million in the fourth quarter of 2010 as compared to $27.5 million in the fourth quarter of 2009, an increase of 26.6%. The increase was comprised of a $7.1 million increase from the net addition of 11 stores since the end of the fourth quarter of 2009, and a $0.2 million, or 0.7% increase in comparable store sales ("comparable" stores include those locations that have been open and operated by the Company for all of each comparable reporting period). 

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.75 -0.53%
FB $118.05 0.20%
GOOG $705.04 0.51%
TSLA $210.16 -0.65%
YHOO $36.86 -0.22%


Chart of I:DJI
DOW 17,601.85 -58.86 -0.33%
S&P 500 2,041.39 -9.24 -0.45%
NASDAQ 4,687.7910 -29.3030 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs