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Note 13 - Segment Information
9 Months Ended
Aug. 30, 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 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

   

Nine Months Ended

 
   

August 30,

2014

   

August 31,

2013

   

August 30,

2014

   

August 31,

2013

 

Net Sales

                               

Wholesale

  $ 56,069     $ 52,927     $ 163,339     $ 160,820  

Retail - Company-owned stores

    53,987       46,245       154,401       147,672  

Inter-company elimination

    (24,870 )     (22,020 )     (71,722 )     (70,268 )

Consolidated

  $ 85,186     $ 77,152     $ 246,018     $ 238,224  
                                 

Income (loss) from Operations

                               

Wholesale

  $ 3,216     $ 2,367     $ 9,821     $ 8,218  

Retail - Company-owned stores

    (167 )     (1,509 )     (2,605 )     (1,803 )

Inter-company elimination

    350       (35 )     1,160       182  

Consolidated

  $ 3,399     $ 823     $ 8,376     $ 6,597  
                                 

Depreciation and Amortization

                               

Wholesale

  $ 447     $ 325     $ 1,108     $ 998  

Retail - Company-owned stores

    1,451       1,114       4,008       3,080  

Investments and real estate

    92       117       312       367  

Consolidated

  $ 1,990     $ 1,556     $ 5,428     $ 4,445  
                                 

Capital Expenditures

                               

Wholesale

  $ 788     $ 731     $ 4,013     $ 2,853  

Retail - Company-owned stores

    2,690       3,632       11,674       6,694  

Investments and real estate

    -       -       -       -  

Consolidated

  $ 3,478     $ 4,363     $ 15,687     $ 9,547  

   

As of

   

As of

 

 

 

August 30,

2014

   

November 30,

2013

 
Identifiable Assets            

Wholesale

  $ 113,017     $ 109,958  

Retail - Company-owned stores

    88,254       77,331  

Investments and real estate

    29,515       38,560  

Consolidated

  $ 230,786     $ 225,849