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Note 14 - Revenue Recognition
 9 Months Ended
Aug. 30, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

14. Revenue Recognition

 

We recognize revenue when we transfer promised goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. All wholesale and retail revenues are recorded net of estimated returns and allowances based on historical patterns. Our accounts receivable, net, which are associated with our wholesale segment, were $13,135, $13,181 and $13,736 at August 30, 2025, November 30, 2024 and November 25, 2023. We typically collect a significant portion of the purchase price from our retail customers as a deposit upon order, with the balance typically collected at the time delivery is scheduled. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $23,149, $25,742 and $22,788 as of August 30, 2025, November 30, 2024 and November 25, 2023, respectively. Substantially all of the customer deposits held as of November 30, 2024 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the nine months ended August 30, 2025. Similarly, substantially all of the customer deposits held at August 30, 2025 are expected to be recognized as revenue within the next twelve months.

 

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At August 30, 2025 and November 30, 2024, our balance of prepaid commissions included in other current assets was $2,537 and $2,928, respectively.

 

We exclude from revenue all amounts collected from customers for sales tax. We do not disclose amounts allocated to remaining unsatisfied performance obligations as they are expected to be satisfied within one year or less.

 

Disaggregated revenue information for sales of furniture and accessories by product category for the three and nine months ended August 30, 2025 and August 31, 2024, excluding intercompany transactions between our segments, is a follows:

 

   

Quarter Ended

  
   

August 30, 2025

    

August 31, 2024

  
   

Wholesale

    

Retail

    

Corporate

& Other

    

Total

    

Wholesale

    

Retail

    

Corporate

& Other (2)

    

Total

  

Bassett Custom Upholstery

   $ 18,704     $ 28,606     $ -     $ 47,310     $ 17,511     $ 25,631     $ -     $ 43,142  

Bassett Leather

     3,865       2,271       -       6,136       3,730       1,229       -       4,959  

Bassett Custom Wood

     2,669       6,783       -       9,452       2,959       7,617       -       10,576  

Bassett Casegoods

     2,974       7,307       -       10,281       3,175       5,909       -       9,084  

Accessories, mattresses and other (1)

     -       6,924       -       6,924       -       6,870       988       7,858  

Consolidated net sales of furniture and accessories

   $ 28,212     $ 51,891     $ -     $ 80,103     $ 27,375     $ 47,256     $ 988     $ 75,619  

 

   

Nine Months Ended

  
   

August 30, 2025

    

August 31, 2024

  
   

Wholesale

    

Retail

    

Corporate

& Other

    

Total

    

Wholesale

    

Retail

    

Corporate

& Other (2)

    

Total

  

Bassett Custom Upholstery

   $ 57,555     $ 87,641     $ -     $ 145,196     $ 59,169     $ 82,690     $ -     $ 141,859  

Bassett Leather

     11,894       5,990       -       17,884       11,254       3,173       -       14,427  

Bassett Custom Wood

     9,016       22,957       -       31,973       10,510       24,336       -       34,846  

Bassett Casegoods

     8,731       21,031       -       29,762       9,238       19,684       -       28,922  

Accessories, mattresses and other (1)

     -       21,798       -       21,798       -       21,595       3,934       25,529  

Consolidated net sales of furniture and accessories

   $ 87,196     $ 159,417     $ -     $ 246,613     $ 90,171     $ 151,478     $ 3,934     $ 245,583  

 

(1) Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans.

(2) Corporate and other for the three and nine months ended August 31, 2024 includes the sales of Noa Home, which was acquired on September 2, 2022, closed during fiscal 2024 and substantially liquidated as of November 30, 2024.