Note 17 - Segment Information

3 Months Ended

Feb. 25, 2012

Notes To Financial Statements

Segment Reporting Disclosure [Text Block]

17. Segment Information

We have strategically aligned our business into three reportable segments: Wholesale, Retail and Investments/Real Estate. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (licensee-owned stores and Company-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. We eliminate the sales between our wholesale and retail segments as well as the imbedded profit in the retail inventory for the consolidated presentation in our financial statements.

Our retail segment consists of Company-owned stores. Our retail segment includes the revenues, expenses, assets and liabilities (including real estate) and capital expenditures directly related to these stores.

Our investments/real estate segment consists of our investments and retail real estate related to licensee stores. Although this segment does not have operating earnings, income or loss from the segment is included in other income (loss), net, in our condensed consolidated statements of operations and retained earnings. Our entire investment in IHFC was sold during the second quarter of 2011. See Note 7 for further discussion of IHFC.

Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores. Inter-company income elimination represents the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the end retail consumer.

The following table presents our segment information:

	Quarter Ended
	February 25, 2012			February 26, 2011
Net Sales
Wholesale	$	42,611		$	45,969
Retail		38,816			36,980
Inter-company elimination		(20,459	)		(18,685	)
Consolidated	$	60,968		$	64,264
Income (loss) from Operations
Wholesale	$	1,831		$	(3,891	)
Retail		(999	)		(1,792	)
Inter-company elimination		(189	)		197
Restructuring and asset impairment charges		(236	)		(879	)
Lease exit costs		(228	)		(884	)
Consolidated	$	179		$	(7,249	)
Depreciation and Amortization
Wholesale	$	281		$	340
Retail		896			854
Investments/real estate		139			271
Consolidated	$	1,316		$	1,465
Capital Expenditures
Wholesale	$	393		$	62
Retail		1,515			424
Investments & real estate		10			-
Consolidated	$	1,918		$	486
Identifiable Assets	As of February 25, 2012			As of November 26, 2011
Wholesale	$	132,151		$	142,361
Retail		61,922			60,811
Investments/real estate		19,138			20,002
Consolidated	$	213,211		$	223,174