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Note 12 - Segment Information | 6 Months Ended
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May 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 12. Segment Information We have strategically aligned our business into two 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 retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which includes Lane Venture.
| ● | Retail – Company-owned stores. Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores and the Company-owned distribution network utilized to deliver products to our retail customers.
In addition to the two reportable segments described above, we include our remaining business activities and assets in a reconciling category known as Corporate and other. This category includes the shared costs of corporate functions such as treasury and finance, information technology, accounting, human resources, legal and others, including certain product development and marketing functions benefitting both wholesale and retail operations. In addition to property and equipment and various other assets associated with the shared corporate functions, the identifiable assets of Corporate and other include substantially all of our cash and our investments in CDs. We consider our corporate functions to be other business activities and have aggregated them with any of our operating segments that do not meet the requirements to be reportable segments. As of and for the three and six months ended June 1, 2024, the only such operating segment included in Corporate and other is Noa Home, which was acquired on September 2, 2022, subsequently closed during fiscal 2024 and substantially liquidated as of November 30, 2024. All sales reported in our Corporate and other category during fiscal 2024 were attributable to Noa Home, which generated substantially all of its sales outside of the United States. 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, 2025 |  |  | June 1, 2024 |  |  | May 31, 2025 |  |  | June 1, 2024 |
Sales Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale sales of furniture and accessories |  | $ | 54,229 |  |  | $ | 52,609 |  |  | $ | 107,156 |  |  | $ | 107,310 |
Less: Sales to retail segment |  |  | (24,113 | ) |  |  | (20,751 | ) |  |  | (48,172 | ) |  |  | (44,514 | )
Wholesale sales to external customers |  |  | 30,116 |  |  |  | 31,858 |  |  |  | 58,984 |  |  |  | 62,796 |
Retail sales of furniture and accessories |  |  | 54,232 |  |  |  | 50,468 |  |  |  | 107,526 |  |  |  | 104,222 |
Corporate and other - Noa Home |  |  | - |  |  |  | 1,084 |  |  |  | - |  |  |  | 2,946 |
Consolidated net sales of furniture and accessories |  | $ | 84,348 |  |  | $ | 83,410 |  |  | $ | 166,510 |  |  | $ | 169,964 |
Income (Loss) before Income Taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale |  | $ | 8,290 |  |  | $ | 5,687 |  |  | $ | 16,975 |  |  | $ | 12,446 |
Retail - Company-owned stores |  |  | 482 |  |  |  | (2,222 | ) |  |  | 434 |  |  |  | (3,834 | )
Net expenses - Corporate and other |  |  | (6,521 | ) |  |  | (6,942 | ) |  |  | (12,747 | ) |  |  | (14,537 | )
Inter-company elimination |  |  | 246 |  |  |  | 530 |  |  |  | 290 |  |  |  | 621 |
Asset impairment charges (see Note 9) |  |  | - |  |  |  | (5,515 | ) |  |  | - |  |  |  | (5,515 | )
Consolidated income (loss) from operations |  |  | 2,497 |  |  |  | (8,462 | ) |  |  | 4,952 |  |  |  | (10,819 | )
Interest income |  |  | 521 |  |  |  | 627 |  |  |  | 1,080 |  |  |  | 1,383 |
Other loss, net |  |  | (422 | ) |  |  | (276 | ) |  |  | (881 | ) |  |  | (380 | )
Consolidated income (loss) before income taxes |  | $ | 2,596 |  |  | $ | (8,111 | ) |  | $ | 5,151 |  |  | $ | (9,816 | )
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale |  | $ | 596 |  |  | $ | 629 |  |  | $ | 1,186 |  |  | $ | 1,248 |
Retail - Company-owned stores |  |  | 982 |  |  |  | 1,337 |  |  |  | 1,992 |  |  |  | 2,717 |
Corporate and other |  |  | 654 |  |  |  | 661 |  |  |  | 1,300 |  |  |  | 1,326 |
Consolidated |  | $ | 2,232 |  |  | $ | 2,627 |  |  | $ | 4,478 |  |  | $ | 5,291 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale |  | $ | 362 |  |  | $ | 371 |  |  | $ | 1,115 |  |  | $ | 534 |
Retail - Company-owned stores |  |  | 712 |  |  |  | 837 |  |  |  | 781 |  |  |  | 2,170 |
Corporate and other |  |  | 331 |  |  |  | 399 |  |  |  | 379 |  |  |  | 979 |
Consolidated |  | $ | 1,405 |  |  | $ | 1,607 |  |  | $ | 2,275 |  |  | $ | 3,683 |
|  | As of |  |  | As of |
Identifiable Assets |  | May 31, 2025 |  |  | November 30, 2024 |
Wholesale |  | $ | 89,314 |  |  | $ | 88,533 |
Retail - Company-owned stores |  |  | 149,197 |  |  |  | 158,084 |
Corporate and other |  |  | 92,822 |  |  |  | 94,553 |
Consolidated |  | $ | 331,333 |  |  | $ | 341,170 |
See Note 13, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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