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Note 12 - Segment Information | 3 Months Ended
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Feb. 28, 2026
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 12. Segment Information We report segment information consistent with the way our chief operating decision maker (the “CODM”), a single individual who serves as our Board Chair, President and Chief Executive Officer, evaluates the operating results and performance of the Company. 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 months ended February 28, 2026 and March 1, 2025, Corporate and other included no other operating segments. 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. For the purpose of evaluating segment performance and allocating resources, our CODM uses a measure of income (loss) from operations excluding special items. These excluded items include such things as asset impairment charges, restructuring charges, and other unusual or infrequent gains and losses which management does not expect to recur on a regular routine basis. During the three months ended February 28, 2026 and March 1, 2025, there were no special items recognized in our results of operations. The CODM assesses performance by regularly reviewing each segment’s significant expense categories which include total cost of goods sold and total SG&A expenses. If these significant expense categories deviate from expected results, the CODM will delegate to his direct reports the task of investigating the underlying causes and, when necessary, making recommendations for remedial action to the CODM for his consideration and approval. The following tables present our segment information:
|  | Quarter Ended February 28, 2026 |
|  |  |  |  |  |  |  |  |  | Corporate & |  |  | Intersegment |  |  |  |  |
|  | Wholesale |  |  | Retail |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Net sales to external customers |  | $ | 27,795 |  |  | $ | 52,545 |  |  | $ | - |  |  | $ | - |  |  | $ | 80,340 |
Intersegment sales |  |  | 25,166 |  |  |  | - |  |  |  | - |  |  |  | (25,166 | ) |  |  | - |
Total net sales |  |  | 52,961 |  |  |  | 52,545 |  |  |  | - |  |  |  | (25,166 | ) |  |  | 80,340 |
Cost of goods sold |  |  | 34,467 |  |  |  | 25,477 |  |  |  | - |  |  |  | (24,769 | ) |  |  | 35,175 |
SG&A expense |  |  | 10,099 |  |  |  | 28,007 |  |  |  | 6,118 |  |  |  | (311 | ) |  |  | 43,913 |
Other segment items - new store pre-opening costs |  |  | - |  |  |  | 95 |  |  |  | - |  |  |  | - |  |  |  | 95 |
Income (loss) from operations |  | $ | 8,395 |  |  | $ | (1,034 | ) |  | $ | (6,118 | ) |  | $ | (86 | ) |  |  | 1,157 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 553 |
Other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (192 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,518 |
|  | Quarter Ended March 1, 2025 |
|  |  |  |  |  |  |  |  |  | Corporate & |  |  | Intersegment |  |  |  |  |
|  | Wholesale |  |  | Retail |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Net sales to external customers |  | $ | 28,868 |  |  | $ | 53,294 |  |  | $ | - |  |  | $ | - |  |  | $ | 82,162 |
Intersegment sales |  |  | 24,059 |  |  |  | - |  |  |  | - |  |  |  | (24,059 | ) |  |  | - |
Total net sales |  |  | 52,927 |  |  |  | 53,294 |  |  |  | - |  |  |  | (24,059 | ) |  |  | 82,162 |
Cost of goods sold |  |  | 34,191 |  |  |  | 24,937 |  |  |  | - |  |  |  | (23,796 | ) |  |  | 35,332 |
SG&A expense |  |  | 10,051 |  |  |  | 28,405 |  |  |  | 6,226 |  |  |  | (307 | ) |  |  | 44,375 |
Income (loss) from operations |  | $ | 8,685 |  |  | $ | (48 | ) |  | $ | (6,226 | ) |  | $ | 44 |  |  |  | 2,455 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 559 |
Other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (459 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,555 |
|  | Quarter Ended |
|  | February 28, 2026 |  |  | March 1, 2025 |
Depreciation and Amortization |  |  |  |  |  |  |  |
Wholesale |  | $ | 586 |  |  | $ | 590 |
Retail - Company-owned stores |  |  | 1,003 |  |  |  | 1,010 |
Corporate and other |  |  | 647 |  |  |  | 646 |
Consolidated |  | $ | 2,236 |  |  | $ | 2,246 |
Capital Expenditures |  |  |  |  |  |  |  |
Wholesale |  | $ | 46 |  |  | $ | 754 |
Retail - Company-owned stores |  |  | 631 |  |  |  | 69 |
Corporate and other |  |  | 186 |  |  |  | 48 |
Consolidated |  | $ | 863 |  |  | $ | 871 |
|  | As of |  |  | As of |
Identifiable Assets |  | February 28, 2026 |  |  | November 29, 2025 |
Wholesale |  | $ | 95,222 |  |  | $ | 92,805 |
Retail - Company-owned stores |  |  | 141,035 |  |  |  | 140,507 |
Corporate and other |  |  | 79,897 |  |  |  | 90,507 |
Consolidated |  | $ | 316,154 |  |  | $ | 323,819 |
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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