Bassett Furniture Industries: Plummets after results disappoint

Bassett Furniture Industries

09/07/2020 17:02

** Shares of the U.S. maker and retailer of home furnishings
 BSET.O  fall as much as 10.5% to $7.58
    ** Stock breaks eight-day winning streak and set to post
biggest one-day pct loss in nearly a month 
    ** Co reports Q2 loss after sales plunge 41% to $63.8 mln,
due to a slump in store traffic as a result of the COVID-19
pandemic  urn:newsml:reuters.com:*:nGNX7WWgBs
    ** Says finding it difficult to return to desired staffing
levels, particularly in its upholstery manufacturing plants, as
virus spreads
    ** CEO Rob Spilman says goal is to return Bassett to
profitability in 2021
    ** Given the economic turmoil that the pandemic has created,
we are uncertain as to our ability to continue to sell at the
current pace for the remainder of 2020 - Spilman 
    ** YTD, stock has fallen about 54%

 (Reporting by Ankit Ajmera in Bengaluru)
 ((ankit.ajmera@thomsonreuters.com))