• An Ethan Allen for classic and customizable home furnishings.
• A Pottery Barn that manufactures its own custom furniture.

Bassett Furniture Industries (BSET) offers the following major products:

• Residential Furniture: Manufactures and retails a wide range of upholstered and wood furniture for living rooms, dining rooms, and bedrooms.
• Custom Upholstery: Provides personalized options for sofas, sectionals, and chairs, allowing customers to choose fabrics, styles, and configurations.
• Home Accents and Accessories: Offers occasional tables, lighting, rugs, and decorative items to complement their furniture collections.

Bassett Furniture Industries (BSET) Major Customers

Bassett Furniture Industries (BSET) operates with a mixed business model, serving both other businesses (B2B) through its wholesale segment and individual consumers (B2C) through its retail segment. Based on recent financial disclosures, the wholesale segment typically generates a larger portion of the company's net sales compared to the retail segment, indicating that Bassett sells primarily to other companies.

However, Bassett Furniture Industries' annual reports (10-K filings) consistently state that no single customer accounted for more than 10% of its net sales for the most recent fiscal years. This means there are no individually identifiable "major customer companies" that represent a significant, reportable concentration of revenue for Bassett Furniture Industries to list by name and symbol.

Instead of specific named companies, Bassett's wholesale operations serve a diversified base of customers within the following categories:

• Independent Furniture Retailers: A broad network of third-party furniture stores across various regions that purchase Bassett's products to resell to their own customer base. These retailers are numerous, typically not publicly traded, and contribute to a diversified customer base.
• Hospitality Sector Clients: Businesses within the hospitality industry, such as hotels, resorts, and other commercial lodging establishments, that furnish their properties with Bassett's furniture for commercial use.
• Interior Design and Contract Firms: Professional interior designers, decorators, and contract specifiers who select and purchase Bassett furniture for a wide range of projects, including high-end residential, commercial, and model homes.

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Robert H. Spilman Jr.

Chairman, President and Chief Executive Officer

Robert H. Spilman Jr. has served as the President and Chief Executive Officer of Bassett Furniture Industries since 2000, and as Chairman of the Board since 2016. He has been with the company for four decades, following in the footsteps of his father, Robert H. Spilman Sr., who also served as CEO. Mr. Spilman Jr. is an alumnus of Vanderbilt University. He has also served as a director of Dominion Energy, Inc. since 2009, including as independent Lead Director from 2020 to 2024. Additionally, he was a director of Harris Teeter Supermarkets, Inc. from 2002 to 2014.

J. Michael Daniel

Senior Vice President, Chief Financial and Administrative Officer

J. Michael Daniel has been the Senior Vice President and Chief Financial and Administrative Officer of Bassett Furniture Industries since 2019. He previously served as the Senior Vice President and Chief Financial Officer, and before that, as Corporate Controller and Interim Chief Financial Officer from April 2009 through December 2009. Mr. Daniel joined Bassett in December 2006 as a consultant and became Corporate Controller in March 2007. Prior to his time at Bassett, he was with Sealy, Inc., an international bedding manufacturer, from 1998 to 2006, where he was Director of Corporate Accounting and Financial Controls. He also worked for the international accounting firm Ernst & Young from 1985 to 1998, achieving the level of Senior Manager. Mr. Daniel is a Certified Public Accountant and holds a double major in Accounting and Information Systems from Appalachian State University.

John E. Bassett III

Senior Vice President, Chief Operations Officer

John E. Bassett III has served as the Senior Vice President and Chief Operations Officer of Bassett Furniture Industries since 2019. He has held various positions within the company, including Vice President of Wood Manufacturing from 1997 to 2001, Vice President of Global Sourcing from 2001 to 2007, and Vice President of Wood in 2008. Mr. Bassett has been with Bassett Furniture Industries since 1981, and previously served as the Vice President and General Manager of Bassett Table, a subsidiary of the company, from 1988 to 1997.

Bruce R. Cohenour

Senior Vice President, Chief Sales Officer

Bruce R. Cohenour serves as the Senior Vice President and Chief Sales Officer of Bassett Furniture Industries, a position he has held since 2019. Prior to this role, he was the Senior Vice President of Sales and Merchandising for the company, and also served as Senior Vice President of Upholstery Merchandising in 2011. Before joining Bassett, Mr. Cohenour was the President of the Case Goods Division at Hooker Furniture Corp. from 2007 to 2010.

Anthony L. Chivari

Senior Vice President, Chief Marketing Officer

Anthony L. Chivari has been the Chief Marketing Officer and Senior Vice President of Bassett Furniture Industries since October 2024. His previous experience includes similar positions at 1-800-Flowers.com, Gem Shopping Network, and Things Remembered.

Key Risks to Bassett Furniture Industries (BSET)

1. Dependence on Consumer Spending and Macroeconomic Conditions: Bassett Furniture Industries' performance is highly sensitive to consumer spending habits and broader macroeconomic factors. Economic downturns, declining consumer confidence, elevated interest rates, and challenges in the housing market can significantly reduce demand for furniture, which is largely considered a discretionary purchase. The company's retail segment has particularly struggled, reporting operating losses and underperforming.
2. Cybersecurity Threats: The company recently experienced a substantial cybersecurity breach in July 2024, which led to a halt in manufacturing operations and disrupted business activities. While the investigation into the full extent and financial impact is ongoing, the incident has materially affected operations and highlights a significant and immediate risk to the company's stability and profitability.
3. Supply Chain Disruptions and Input Cost Volatility: Bassett Furniture is exposed to risks associated with disruptions in its supply chain and volatility in the cost and availability of raw materials. For instance, the price of foam, a key component, is subject to significant fluctuations due to its dependence on oil costs and refinery capacity. Past supply chain issues have also led to considerable delays in order fulfillment.

The clear emerging threat to Bassett Furniture Industries (BSET) is the continued rise and market penetration of digitally native, direct-to-consumer (DTC) furniture brands. These companies leverage online platforms, often employ streamlined supply chains, and focus on modern aesthetics with competitive pricing, directly appealing to a growing segment of consumers who prefer to shop for furniture online and bypass traditional showrooms and multi-brand retailers. Examples include companies like Article, Burrow, and Joybird, which operate with a different cost structure and go-to-market strategy than traditional manufacturers and retailers like Bassett, thereby posing a direct challenge to their established business model and market share.

Bassett Furniture Industries (BSET) operates within the home furnishings and furniture markets. The addressable market for their main products in the U.S. is substantial.

• The U.S. home decor market, which includes furniture, was estimated at USD 215.21 billion in 2025.
• More specifically, the U.S. furniture market was estimated at USD 172.33 billion in 2024 and is expected to grow to USD 180.55 billion in 2025. Another estimate places the U.S. furniture market at USD 193.60 billion in 2025.

The market sizes provided are for the U.S. region.

Expected Drivers of Future Revenue Growth for Bassett Furniture Industries (BSET)

• Expansion of E-commerce and Omnichannel Model: Bassett Furniture Industries anticipates revenue growth through continued investments in its e-commerce platform, bassettfurniture.com, aiming to drive traffic and increase online order values. The company is focused on enhancing its omnichannel model, integrating digital and physical retail experiences to improve customer engagement and sales.
• New Product Launches and Product Innovation: A key driver for future revenue growth is the acceleration of new ideas and innovative product introductions across all categories. Management emphasizes a focus on product launches, strong custom upholstery offerings, and successful new product lines to support performance and position the company competitively.
• Strategic Retail Store Management and Investments: Bassett plans to dedicate capital investment to existing retail store remodels and potential new store openings. This strategic approach to its physical retail footprint, alongside an ongoing evaluation of store performance for optimal store count, is expected to contribute to revenue growth.
• Improved Operating Efficiency and Cost Containment: Efforts to reduce the company's cost structure and enhance operating efficiency across both wholesale and retail segments are expected to support revenue growth by improving profitability and allowing for competitive pricing strategies. This includes benefits from prior restructuring plans and ongoing cost optimization activities.
• Strengthening Wholesale Segment and Custom Upholstery: The company has seen improved margins and increased shipments within its wholesale segment, particularly in its custom upholstery business, due to manufacturing efficiency gains and improved customer mix. Leveraging these strengths in its wholesale operations is expected to contribute to overall revenue expansion.

Share Repurchases

• Bassett Furniture Industries repurchased $15.122 million in shares in 2022, $4.176 million in 2023, and $1.42 million in 2024.
• In July 2021, the Board of Directors increased the share repurchase authorization by approximately $16 million, bringing the total limit back to $20 million.
• As of November 30, 2024, approximately $20.403 million remained available for share repurchases under the company's plan, which was originally announced in 1998 and had its remaining limit increased to $40 million on March 9, 2022.

Share Issuance

• Bassett Furniture Industries reported negative figures for "Issuance (Purchase) of Equity Shares" in its cash flow statements from 2020 to 2024, indicating share repurchases rather than issuances.

Outbound Investments

• In the fourth quarter of fiscal 2022, Bassett Furniture Industries acquired Noa Home Inc., a mid-priced e-commerce furniture retailer.
• After nearly two years of operating losses, Bassett decided to cease Noa Home's operations and substantially completed its liquidation by November 30, 2024.

Capital Expenditures

• Capital expenditures were approximately $16.99 million in 2022, $13.07 million in 2023, and $10.37 million in 2024.
• Expected capital expenditures for fiscal 2025 are projected to be between $8 million and $12 million, primarily focused on store remodels and technology enhancements, including e-commerce. The projected range was later reduced to between $5 million and $7 million, with some planned build-outs of new stores pushed to early fiscal 2026.
• For fiscal 2022, anticipated capital expenditures were approximately $25 million to $30 million, with about half allocated to purchasing and renovating a new retail store site and repositioning two other retail locations, and the remainder for expanding and upgrading outdoor furniture manufacturing facilities, technology, and other manufacturing upgrades.