After a tough year marked by declining sales and restructuring, Bassett Furniture is turning to ecommerce and an enhanced digital strategy to drive future growth.
For its fiscal year ending Nov. 30, 2024, Bassett Furniture reported a 16.7% drop in sales, falling to $207.5 million from $248.9 million in 2023, with a net loss of $14.4 million compared to a loss of $2.5 million in 2023.
In response, the company announced a restructuring plan aimed at saving $8 million to $9 million annually. That includes reducing its workforce by 11%, which will save approximately $2.5 million.
Bassett Furniture focuses on ecommerce
Bassett Furniture’s five-point strategy also targets $5.5 million to $6.5 million in cost savings, with a strong focus on expanding ecommerce and omnichannel efforts, streamlining U.S. manufacturing, and optimizing inventory. It also plans to close the Noa Home online business.
Bassett Furniture has already made strides in its digital transformation, overhauling its ecommerce site in late 2023 with improvements such as faster site search and better personalization. While ecommerce currently makes up a small portion of total sales, Bassett Furniture sees it as key to its turnaround.
CEO Rob Spilman shared on the year-end earnings call that ecommerce orders have risen 27% year over year, with customers increasingly researching products online before visiting stores.
“We’re excited about our new collections, strengthening our distribution programs, and reaching more consumers through our ecommerce site,” Spilman told investors. “Price value messaging will be a major focus for 2025, as early responses indicate it’s resonating with our customers.”
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