BASSETT, Va. -- Bassett Furniture Industries, Inc.’s wood division, the Peninsula collection, Wood Haven bedroom, Bench Made bedroom, and several new occasional offerings hit company stores in December in advance of the key holiday selling weekends that start the year. In upholstery, the Designer Comfort and American Casual collections arrived in the stores on the same schedule. Sales of these new lines helped offset sales declines earlier in the year.

Bassett announced its results of operations for its fiscal fourth quarter. Consolidated sales were $113.8 million for the fourth quarter of 2016 compared to $115.6 million for the fourth quarter of 2015, a decrease of 1.5 percent. 

Wholesale sales were $62.6 million for the fourth quarter of 2016 compared to $64.5 million for the fourth quarter of 2015, a decrease of 3.0 percent.

Company-owned store sales were $69.9 million for the fourth quarter of 2016 compared to $66.3 million for the fourth quarter of 2015, an increase of 5.5 percent.

Bassett reported sales of $432 million for the fiscal year 2016, with sales for the wholesale segment reaching $240.3 million.

"Led by a strong performance from our corporate retail segment, we closed the year on a high note," commented Robert H. Spilman, Jr., chairman and CEO. "After a sluggish start to the year, both our corporate and licensed retail store groups finished 2016 positively, largely due to the comparable store sales momentum that they generated during the second half of the year.”

Net sales for the wholesale segment were $62.6 million for the fourth quarter of 2016 as compared to $64.5 million for the fourth quarter of 2015, a decrease of $1.9 million or 3.0%. This decrease was driven by lower shipments to the open market (outside the Bassett Home Furnishings network) partially offset by a 5.7% increase in shipments to the Bassett Home Furnishings network as compared to the prior year period.

The decrease in sales to the open market was primarily due to lower sales of imported product primarily from the discontinuation of a relationship with a significant customer and loss of sales from the HGTV Home Collection brand, exited late in 2015.

Gross margins for the wholesale segment increased due primarily to improved margins in the imported wood product as significant margin adjustments were necessary in the fourth quarter of 2015 as the Company was exiting the HGTV Home Collection brand. 

"Our product assortment continues to undergo an important makeover as we seek more sales," said Spilman. "From our wood division, the Peninsula collection, the Wood Haven bedroom, the Bench Made bedroom, and several new occasional offerings hit our stores in December in advance of the key holiday selling weekends that start the year. In upholstery, the Designer Comfort and American Casual collections arrived in the stores on the same schedule.

“In addition to these assortment changes, two other new product offerings are significant as we look ahead. A revamped casual dining program was introduced at the October High Point Market which will begin shipping to our dealers and stores in February. This program has been a stalwart contributor to our wood sales for over 15 years and we have made capital investments in finishing technology in our Martinsville, Virginia, manufacturing facility to produce the latest advancements in today's marketplace.

“In addition to the work at the Martinsville facility, we will move our Zenith Logistics Texas distribution center and our Texas upholstery factory into a new 375,000 square foot building in mid-February. By housing both of these entities under one roof, we expect to gain efficiency and cut costs. The October show also included the debut of Club Level by Bassett, a major foray into the growing motion upholstery category.

For more information, see http://bassettfurniture.com.