Note 13 - Segment Information

6 Months Ended

May 31, 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 and retained earnings.

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						Six Months Ended
	May 31, 2014			June 1, 2013			May 31, 2014			June 1, 2013
Net Sales
Wholesale	$	56,184		$	53,933		$	107,270		$	107,893
Retail - Company-owned stores		53,290			51,470			100,414			101,427
Inter-company elimination		(24,289	)		(24,180	)		(46,852	)		(48,248	)
Consolidated	$	85,185		$	81,223		$	160,832		$	161,072
Income (loss) from Operations
Wholesale	$	4,257		$	2,849		$	6,605		$	5,850
Retail - Company-owned stores		(666	)		277			(2,438	)		(294	)
Inter-company elimination		300			284			810			218
Consolidated	$	3,891		$	3,410		$	4,977		$	5,774
Depreciation and Amortization
Wholesale	$	336		$	332		$	661		$	673
Retail - Company-owned stores		1,300			999			2,557			1,966
Investments and real estate		110			125			220			251
Consolidated	$	1,746		$	1,456		$	3,438		$	2,890
Capital Expenditures
Wholesale	$	1,788		$	1,474		$	3,225		$	2,122
Retail - Company-owned stores		3,522			1,089			8,984			3,062
Investments and real estate		-			-			-			-
Consolidated	$	5,310		$	2,563		$	12,209		$	5,184

	As of May 31, 2014		As of November 30, 2013
Identifiable Assets
Wholesale	$	109,746	$	109,958
Retail - Company-owned stores		87,505		77,331
Investments and real estate		29,607		38,560
Consolidated	$	226,858	$	225,849