BASSETT, VA --

Bassett Furniture Ind. reported consolidated sales for the fourth quarter ended November 27, 2010 of $66.0 million as compared to $59.5 million for the quarter ended November 28, 2009, an increase of 10.9%. The company also said it is actively involved in selling its interest in the International Home Furnishings Center Inc.

Bassett said this sales increase was primarily driven by a 10.1% increase in total wholesale shipments and increased sales at retail due primarily to additional company-owned stores. It also included proceeds of approximately $500,000 gained from the antidumping duties collected from Chinese wood bedroom furniture importers.

"We are pleased to report an 11% sales increase for the fourth quarter of 2010," said Robert H. Spilman Jr., president and CEO. "While we do not believe that the overall pace of sales has improved significantly on an industry-wide basis, we are making progress on several fronts to grow our top line."

Bassett also announced that it is engaged in negotiations for the sale of its 46.9% interest in International Home Furnishings Center Inc.  in High Point, NC. No definitive agreement for the sale has been reached. Bassett is one of four shareholders of IHFC.

"The proposed sale of IHFC offers us the opportunity to unlock value in a key non-core asset that we believe is not currently fully recognized in the company's stock price as well as to significantly strengthen our already strong balance sheet," said Spilman. "Although there can be no assurance that an agreement among all of the required parties will be reached, we hope to complete the sale by the end of February."

Read Bassett Furniture Industries' financial report.

Posted by Rich Christianson

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