Note 18 - Segment Information

6 Months Ended

May 26, 2012

Segment Reporting Disclosure [Text Block]

18. 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 loss, net, in our condensed consolidated statements of income 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							Six Months Ended
	May 26, 2012				May 28, 2011			May 26, 2012			May 28, 2011
Net Sales
Wholesale	$	45,940			$	45,751		$	88,550		$	91,720
Retail		42,805				38,009			81,622			74,988
Inter-company elimination		(21,291	)			(17,499	)		(41,750	)		(36,183	)
Consolidated	$	67,454			$	66,261		$	128,422		$	130,525
Income (loss) from Operations
Wholesale	$	2,033			$	(4,153	)	$	3,864		$	(8,044	)
Retail		66				(343	)		(933	)		(2,135	)
Inter-company elimination		127				614			(62	)		811
Licensee debt cancellation charge		-				(6,447	)		-			(6,447	)
Restructuring and asset impairment charges		(475	)			(1,080	)		(711	)		(1,959	)
Lease exit costs		(131	)			(2,844	)		(359	)		(3,728	)
Consolidated	$	1,620			$	(14,253	)	$	1,799		$	(21,502	)
Depreciation and Amortization
Wholesale	$	285			$	348		$	566		$	688
Retail		875				797			1,771			1,651
Investments/real estate		139				297			278			568
Consolidated	$	1,299			$	1,442		$	2,615		$	2,907
Capital Expenditures
Wholesale	$	642			$	70		$	1,035		$	132
Retail		1,792				408			3,307			832
Investments & real estate		-				-			10
Consolidated	$	2,434			$	478		$	4,352		$	964
	As of			As of
Identifiable Assets	May 26, 2012			November 26, 2011
Wholesale	$	138,270			$	142,361
Retail		64,331				60,811
Investments/real estate		19,023				20,002
Consolidated	$	221,624			$	223,174