Note 13 - Segment Information

3 Months Ended

Mar. 01, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13. 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 fiscal 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.

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 our segment information:

	Quarter Ended
	March 1, 2014			March 2, 2013
Net Sales
Wholesale	$	51,086		$	53,960
Retail - Company-owned stores		47,124			49,957
Inter-company elimination		(22,563	)		(24,068	)
Consolidated	$	75,647		$	79,849
Income (loss) from Operations
Wholesale	$	2,348		$	3,001
Retail - Company-owned stores		(1,772	)		(571	)
Inter-company elimination		510			(66	)
Consolidated	$	1,086		$	2,364
Depreciation and Amortization
Wholesale	$	325		$	341
Retail - Company-owned stores		1,257			967
Investments and real estate		110			126
Consolidated	$	1,692		$	1,434
Capital Expenditures
Wholesale	$	1,437		$	648
Retail - Company-owned stores		5,462			1,973
Investments and real estate		-			-
Consolidated	$	6,899		$	2,621

	As of		As of
	March 1, 2014		November 30, 2013
Identifiable Assets
Wholesale	$	107,957	$	109,958
Retail - Company-owned stores		84,630		77,331
Investments and real estate		33,450		38,560
Consolidated	$	226,037	$	225,849