Note 19 - Segment Information

12 Months Ended

Nov. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

19. Segment Information

We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting, and as described below:

● Wholesale. 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 stores 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.

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

● Investments and Real Estate. Our investments and real estate segment consists of our short-term investments, our holdings of 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 2012. Although this segment does not have operating earnings, income or loss from the segment is included in other income (loss), net, in our consolidated statements of income. During fiscal 2011, other income included the gain on the sale of our equity interest in IHFC as well as our equity in the income of IHFC for fiscal 2011 through the date of the sale. See Note 10 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 includes 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 retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate.

The following table presents segment information for each of the last three fiscal years:

	2013			2012			2011
Net Sales
Wholesale	$	215,451		$	185,187		$	177,372
Retail		199,380			171,633			147,961
Inter-company elimination		(93,545	)		(87,148	)		(72,125	)
Consolidated	$	321,286		$	269,672		$	253,208
Income (loss) from Operations
Wholesale	$	10,883		$	7,500		$	(4,394	)
Retail		(1,452	)		(2,067	)		(4,495	)
Inter-company elimination		574			717			942
Restructuring and asset impairment charges
Wholesale		-			(588	)		(1,311	)
Retail		-			(123	)		(1,189	)
Licensee debt cancellation charges		-			-			(6,447	)
Lease exit costs		-			(359	)		(3,728	)
Consolidated income (loss) from operations	$	10,005		$	5,080		$	(20,622	)
Depreciation and Amortization
Wholesale	$	1,342		$	1,171		$	1,246
Retail		4,372			3,760			3,421
Investments and real estate		484			542			847
Consolidated	$	6,198		$	5,473		$	5,514
Capital Expenditures
Wholesale	$	3,839		$	3,092		$	690
Retail		10,846			5,898			3,478
Investments and real estate		-			10			-
Consolidated	$	14,685		$	9,000		$	4,168
Identifiable Assets
Wholesale	$	109,958		$	145,861		$	142,361
Retail		77,331			68,583			60,811
Investments and real estate		38,560			12,736			20,002
Consolidated	$	225,849		$	227,180		$	223,174

A breakdown of wholesale sales by product category for each of the last three fiscal years is provided below:

	2013			2012			2000
Wood		41	%		43	%		44	%
Upholstery		59	%		57	%		56	%
		100	%		100	%		100	%