February 20, 2024, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Bassett Furniture Industries, Inc. (NASDAQ: BSET) titled, “Initiating Coverage of Bassett Furniture Industries, Inc.: A Survivor Pursuing Success”. The report can be accessed here.

Bassett Furniture Industries, Inc., headquartered in the town of Bassett in Henry County, Virginia, was founded in 1902 to manufacture wood furniture. Today, it manufactures, sources, and markets a variety of wood and upholstered furniture.

In the 1990s, Bassett initiated a company-branded retail strategy. Today, its 57 company-owned and 31 independently-owned stores place the Bassett Home Furnishings Stores network as one of the 100 largest furniture retailers, according to the trade publication Furniture Today.

Since its beginning, Bassett has been and remains financially conservative. In an industry that experienced massive change over decades and where many previously considered stalwart competitors disappeared (e.g., Broyhill, Thomasville, Kroehler, Klaussner, Mitchell Gold, to name only a few – some old and some recent), Bassett still exists and is, arguably, at the headwaters of a better future.

Bassett’s equity trades at a discount to its peers measured on price/sales or price/book. The company publishes GAAP earnings and has historically not adjusted for one-time events and non-operating gains and losses. As a result, valuation on earnings are difficult to compare with peers.

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