BASSETT, Va. -- Bassett Furniture Industries, Inc. announced strong sales growth for its 2015 fiscal year. The company plans to start a new online custom furniture visualizer and open a new manufacturing plant in Texas.
"Fiscal 2015 proved to be another strong year of sales and earnings growth for Bassett," said ed Robert H. Spilman Jr., president and chief executive officer. "Several operational milestones were accomplished in driving consolidated net revenue to $431 million, a 27 percent increase compared to 2014, resulting in a 72 percent increase in operating income to $26.0 million, or 6.0 percent of sales.”
Consolidated sales were $115.6 million for the fourth quarter of 2015 compared to $94.7 million for the fourth quarter of 2014, an increase of 22 percent. Excluding the sales from the recently acquired Zenith Freight Lines, LLC, consolidated sales increased 7 percent.
Bassett’s start-up solid wood custom dining line, Bench Made, exceeded the sales plan and became profitable in the third month of operation.
"Primarily through organic growth and partially due to the Zenith acquisition, Bassett's revenues have increased almost $200 million over the last five years," added Spilman. "Accompanying this growth has been a five-fold increase in annual operating profit.
Bassett plans to open more retail stores, with at least three opening in 2016. Bassett has 93 company- and licensee-owned stores.
Among other internet enhancements, the company plans to unveil a new custom furniture visualizer in March designed to faster convey capabilities to the e-commerce customer. Also significant is the second phase of Bassett’s store assortment makeover that began with the introduction of new wood items and finishes last spring.
Wholesale sales grew by 6 percent in the quarter, and shipments of $252 million for the year represented a 13 percent growth rate.
The upholstery division completed another strong year with plans to begin production in a new manufacturing facility in Grand Prairie, Texas in early March. The new plant will begin by producing a portion of the upholstery assortment for customers and stores in the Texas area and west. Domestic wood production grew by 31 percent for the year thanks to double digit growth in the existing casual dining program and the new volume from the Bench Made line.
For more information, visit the Company's website at bassettfurniture.com.
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