Note 19 - Segment Information

12 Months Ended

Nov. 29, 2014

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.

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:

	2014			2013			2012
Net Sales
Wholesale	$	223,993		$	215,451		$	185,187
Retail		216,631			199,380			171,633
Inter-company elimination		(99,886	)		(93,545	)		(87,148	)
Consolidated	$	340,738		$	321,286		$	269,672
Income (loss) from Operations
Wholesale	$	14,120		$	10,883		$	7,500
Retail		(528	)		(1,452	)		(2,067	)
Inter-company elimination		1,539			574			717
Restructuring and asset impairment charges
Wholesale		-			-			(588	)
Retail		-			-			(123	)
Lease exit costs		-			-			(359	)
Consolidated income (loss) from operations	$	15,131		$	10,005		$	5,080
Depreciation and Amortization
Wholesale	$	1,572		$	1,342		$	1,171
Retail		5,344			4,372			3,760
Investments and real estate		400			484			542
Consolidated	$	7,316		$	6,198		$	5,473
Capital Expenditures
Wholesale	$	4,527		$	3,839		$	3,092
Retail		13,836			10,846			5,898
Investments and real estate		-			-			10
Consolidated	$	18,363		$	14,685		$	9,000
Identifiable Assets
Wholesale	$	124,848		$	109,958		$	145,861
Retail		86,471			77,331			68,583
Investments and real estate		29,427			38,560			12,736
Consolidated	$	240,746		$	225,849		$	227,180

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

	2014		2013		2012
Wood		39%		41%		43%
Upholstery		61%		59%		57%
		100%		100%		100%