Bassett Announces First Quarter Wholesale Orders and Backlog

About this update from Bassett Furniture Industries, Incorporated

[{"type":"text","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. It hopes to finalize a lease by the end of March with manufacturing to commence by June 2021. “We are excited at the prospect of adding this additional location so close to our existing upholstery manufacturing platform,” said Rob Spilman, Chairman and Chief Executive Officer. “If negotiations are successful, this will provide us with additional capacity to begin to reduce the above backlog to a more manageable level.” About Bassett Furniture Industries, Inc. 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’s 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’s website at bassettfurniture.com. (BSET-E) Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “plans,” “expects,” “anticipates,” “intends,” “should,” “estimates,” 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 “forward looking statements”...

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