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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). 

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