Note 13 - Segment Information

9 Months Ended

Aug. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13. Segment Information

We have strategically aligned our business into three reportable segments: Wholesale, Retail Company-owned stores and Investments and 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						Nine Months Ended
	August 31, 2013			August 25, 2012			August 31, 2013			August 25, 2012
Net Sales
Wholesale	$	52,927		$	44,805		$	160,820		$	133,355
Retail		46,245			41,178			147,672			122,800
Inter-company elimination		(22,020	)		(21,545	)		(70,268	)		(63,295	)
Consolidated	$	77,152		$	64,438		$	238,224		$	192,860
Income (loss) from Operations
Wholesale	$	2,367		$	1,711		$	8,218		$	5,575
Retail		(1,509	)		(1,503	)		(1,803	)		(2,437	)
Inter-company elimination		(35	)		558			182			497
Restructuring and asset impairment charges		-			-			-			(711	)
Lease exit costs		-			-			-			(359	)
Consolidated	$	823		$	766		$	6,597		$	2,565
Depreciation and Amortization
Wholesale	$	325		$	259		$	998		$	825
Retail		1,114			929			3,080			2,700
Investments & real estate		117			128			367			406
Consolidated	$	1,556		$	1,316		$	4,445		$	3,931
Capital Expenditures
Wholesale	$	731		$	1,268		$	2,853		$	2,303
Retail		3,632			1,238			6,694			4,545
Investments & real estate		-			-			-			10
Consolidated	$	4,363		$	2,506		$	9,547		$	6,858

Identifiable Assets	As of August 31, 2013		As of November 24, 2012
Wholesale	$	109,180	$	145,861
Retail		75,899		68,583
Investments & real estate		40,493		12,736
Consolidated	$	225,572	$	227,180