Note 13 - Segment Information

6 Months Ended

Jun. 01, 2013

Segment Reporting Disclosure [Abstract]

Segment Reporting Disclosure [Text Block]

13. 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 (Company-owned and licensee-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 and real estate segment consists of our short-term investments, our holdings of retail real estate leased or previously leased as licensee stores and our equity investment in Zenith. We also hold an investment in Fortress, which we fully reserved during the first quarter of fiscal 2012. Although this segment does not have operating earnings, income from the segment is included in other loss, net, in our condensed consolidated statements of income and retained earnings.

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 inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate.

The following table presents our segment information:

	Quarter Ended						Six Months Ended
	June 1, 2013			May 26, 2012			June 1, 2013			May 26, 2012
Net Sales
Wholesale	$	53,933		$	45,940		$	107,893		$	88,550
Retail		51,470			42,805			101,427			81,622
Inter-company elimination		(24,180	)		(21,291	)		(48,248	)		(41,750	)
Consolidated	$	81,223		$	67,454		$	161,072		$	128,422
Income (loss) from Operations
Wholesale	$	2,849		$	2,033		$	5,850		$	3,864
Retail		277			66			(294	)		(933	)
Inter-company elimination		284			127			218			(62	)
Restructuring and asset impairment charges		-			(475	)		-			(711	)
Lease exit costs		-			(131	)		-			(359	)
Consolidated	$	3,410		$	1,620		$	5,774		$	1,799
Depreciation and Amortization
Wholesale	$	332		$	285		$	673		$	566
Retail		999			875			1,966			1,771
Investments & real estate		125			139			251			278
Consolidated	$	1,456		$	1,299		$	2,890		$	2,615
Capital Expenditures
Wholesale	$	1,474		$	642		$	2,122		$	1,035
Retail		1,089			1,792			3,062			3,307
Investments & real estate		-			-			-			10
Consolidated	$	2,563		$	2,434		$	5,184		$	4,352

Identifiable Assets	As of June 1,		As of November 24,
Wholesale	$	140,582	$	145,861
Retail		71,411		68,583
Investments & real estate		13,610		12,736
Consolidated	$	225,603	$	227,180