Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023.</li><li>Sequentially, the data shows sales continue to scrape along the bottom.</li><li>Furniture and furnishings retail sales rose ~1.8% versus December and were the highest since July. </li></ul>

January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023.Sequentially, the data shows sales continue to scrape along the bottom.Furniture and furnishings retail sales rose ~1.8% versus December and were the highest since July. 

Furniture/Furnishings Weekly - Furniture/Furnishings Retail Scraping Along the Bottom

Equity Bottom-Up

Bassett Furniture Inds / Equity Bottom-Up

<ul><li>We are initiating coverage of Bassett Furniture Industries, Inc., publicly traded under the ticker BSET.</li><li>Bassett primarily operates in two segments: Retail and Wholesale.</li><li>A third segment, Corporate &amp; Other, accounts for corporate and unallocated expenses, as well as the operating results of Noa Home, a recent e-commerce acquisition.</li></ul>

We are initiating coverage of Bassett Furniture Industries, Inc., publicly traded under the ticker BSET.Bassett primarily operates in two segments: Retail and Wholesale.A third segment, Corporate &amp; Other, accounts for corporate and unallocated expenses, as well as the operating results of Noa Home, a recent e-commerce acquisition.

Bassett Furniture Industries, Inc. - A Survivor Pursuing Success

<ul><li>Mattress sales and companies tied to the mattress supply chain showed weakness in sales results reported last week.</li><li>After market close on Thursday, supplier Leggett &amp; Platt (LEG) reported 4QFY23 adjusted EPS of $0.26.</li><li>On January 16, management disclosed a massive restructuring plan, causing analysts’ estimates to change before the “print”. </li></ul>

Mattress sales and companies tied to the mattress supply chain showed weakness in sales results reported last week.After market close on Thursday, supplier Leggett &amp; Platt (LEG) reported 4QFY23 adjusted EPS of $0.26.On January 16, management disclosed a massive restructuring plan, causing analysts’ estimates to change before the “print”. 

Furniture/Furnishings Weekly - Earnings from LEG, FLXS, and TPX

<ul><li>In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for consumers.</li><li>Monthly jobs data trounced expectations. The Bureau of Labor Statistics reported 353,000 net new jobs in January, double the expected 176,500.</li><li>The January statistics follow a strong December of 333,000. </li></ul>

In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for consumers.Monthly jobs data trounced expectations. The Bureau of Labor Statistics reported 353,000 net new jobs in January, double the expected 176,500.The January statistics follow a strong December of 333,000. 

Furniture/Furnishings Weekly - Jobs Data Encouraging for Consumer; Kudos to Steelcase

<ul><li>For its 4QFY23 (November), Bassett Furniture Industries, Inc. reported a GAAP EPS loss of $0.47 on sales of $94.7 million.</li><li>GAAP EPS included a goodwill impairment of $0.63. Excluding the impairment, operating EPS was $0.15, ahead of an expected loss of $0.06.</li><li>Revenue beat analysts’ expectations of $90 million.</li></ul>

For its 4QFY23 (November), Bassett Furniture Industries, Inc. reported a GAAP EPS loss of $0.47 on sales of $94.7 million.GAAP EPS included a goodwill impairment of $0.63. Excluding the impairment, operating EPS was $0.15, ahead of an expected loss of $0.06.Revenue beat analysts’ expectations of $90 million.

Furniture/Furnishings Weekly - Bassett Adjusted Results Top Expectations

United States

Bassett Furniture Industries, Incorporated manufactures and sells a full line of furniture for the home.  The Company offers bedroom and dining suites, occasional tables and entertainment units, upholstered sofas and love seats, recliners, and mattresses, among other products.  Bassett's products are sold through retailers, including Bassett Furniture Direct.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bassett Furniture Inds (BSET US)

Furniture/Furnishings Weekly - Furniture/Furnishings Retail Scraping Along the Bottom

January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023. Sequentially, the data shows sales...

Water Tower Research

Bassett Furniture Industries, Inc. - A Survivor Pursuing Success

A third segment, Corporate & Other, accounts for corporate and unallocated expenses, as well as the operating results of Noa Home, a recent e...

Water Tower Research

Furniture/Furnishings Weekly - Earnings from LEG, FLXS, and TPX

After market close on Thursday, supplier Leggett & Platt (LEG) reported 4QFY23 adjusted EPS of $0.26. On January 16, management disclosed a massive...

Water Tower Research

Furniture/Furnishings Weekly - Jobs Data Encouraging for Consumer; Kudos to Steelcase

In a quiet week for company news and earnings in the furniture/furnishings space, some economic statistics provided a lift to the outlook for...

Water Tower Research

Furniture/Furnishings Weekly - Bassett Adjusted Results Top Expectations

GAAP EPS included a goodwill impairment of $0.63. Excluding the impairment, operating EPS was $0.15, ahead of an expected loss of $0.06.

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)