Bassett Furniture declares special dividend that is more than triple its regular dividend

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Bassett Furniture Industries Inc.












BSET, -0.65%










said Tuesday that it will pay a year-end special dividend of 35 cents a share, payable Dec. 15 to shareholders of record on Dec. 1. The previously announced regular quarterly dividend of 11 cents a share will be paid out on Nov. 24. The home furnishings maker and marketer said it plans to open at least six new stores in 2018, and to make “significant” investments in technology, improve its retail real estate portfolio and replace a portion of its truck fleet with new equipment. “Despite these upcoming investments, management and our Board of Directors believe that the strength of our balance sheet makes this special dividend an appropriate use of capital at this time,” said Chief Executive Rob Spilman. The stock, which was still inactive in premarket trade, has soared 25% year to date, while the S&P 500












SPX, +0.13%










has climbed 16%.

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