0001437749-24-010760 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	March 2, 2024
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(350	)	$	162

Intangibles not subject to amortization:
Trade names							8,690
Goodwill							7,217
Total goodwill and other intangible assets						$	16,069

	November 25, 2023
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(337	)	$	175

Intangibles not subject to amortization:
Trade names							8,675
Goodwill							7,217
Total goodwill and other intangible assets						$	16,067

There were no changes in the carrying amounts of goodwill during the three months ended March 2, 2024.

The carrying amounts of goodwill by reportable segment, including accumulated impairment losses, at both March 2, 2024 and November 25, 2023 were as follows:

	Original		Accumulated
	Recorded		Impairment			Carrying
	Value		Losses			Amount

Wholesale	$	9,188	$	(1,971	)	$	7,217
Retail		1,926		(1,926	)		-
Corporate and other		5,409		(5,409	)		-

Total goodwill	$	16,523	$	(9,306	)	$	7,217

Amortization expense associated with intangible assets during the three months ended March 2, 2024 and February 25, 2023 was as follows:

	Quarter Ended
	March 2, 2024		February 25, 2023

Intangible asset amortization expense	$	14	$	14

Estimated future amortization expense for intangible assets that exist at March 2, 2024 is as follows:

Remainder of fiscal 2024	$	43
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Fiscal 2029		-
Total	$	162

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 02, 2024	Apr. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 02, 2024
Document Transition Report	false
Entity File Number	000-00209
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES, INCORPORATED
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 Fairystone Park Highway
Entity Address, City or Town	Bassett
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,828,751
Entity Central Index Key	0000010329
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Accrued compensation and benefits	$ 4,758	$ 4,316
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	329	329
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 4,429	$ 3,987

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Service cost	$ 3	$ 7
Interest cost	98	93
Amortization of prior service costs	25	31
Amortization of loss	(16)	0
Net periodic pension cost	$ 110	$ 131

Note 8 - Post Employment Benefit Obligations

3 Months Ended

Mar. 02, 2024

Postemployment Benefits Disclosure [Text Block]

8. Post Employment Benefit Obligations

Defined Benefit Plans

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $5,784 and $5,778 as of March 2, 2024 and November 25, 2023, respectively.

We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second quarter of fiscal 2017. The Management Savings Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. As part of the Management Savings Plan, we have made Long Term Cash Awards (“LTC Awards”) totaling $2,000 to five management employees in the amount of $400 each. Currently, two of those employees have retired and are receiving benefits. The liability for the LTC Awards was $1,257 and $1,234 as of March 2, 2024 and November 25, 2023, respectively.

The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets:

	March 2, 2024		November 25, 2023
Accrued compensation and benefits	$	792	$	792
Post employment benefit obligations		6,249		6,220
Total pension liability	$	7,041	$	7,012

Components of net periodic pension costs for our defined benefit plans for the three months ended March 2, 2024 and November 25, 2023 are as follows:

	Quarter Ended
	March 2, 2024			February 25, 2023
Service cost	$	3		$	7
Interest cost		98			93
Amortization of prior service costs		25			31
Amortization of loss		(16	)		-
Net periodic pension cost	$	110		$	131

The components of net periodic pension cost other than the service cost component, which is included in selling, general and administrative expenses, are included in other loss, net in our condensed consolidated statements of operations.

Deferred Compensation Plans

We have an unfunded deferred compensation plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. Our liability under this plan was $1,642 and $1,655 as of March 2, 2024 and November 25, 2023, respectively.

We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was $3,117 and $2661 as of March 2, 2024 and November 25, 2023, respectively.

Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets:

	March 2, 2024		November 25, 2023
Accrued compensation and benefits	$	329	$	329
Post employment benefit obligations		4,429		3,987
Total deferred compensation liability	$	4,758	$	4,316

We recognized expense under our deferred compensation arrangements during the three months ended March 2, 2024 and February 25, 2023 as follows:

	Quarter Ended
	March 2, 2024		February 25, 2023
Deferred compensation expense (benefit)	$	455	$	78

Note 11 - Segment Information

3 Months Ended

Mar. 02, 2024

Segment Reporting Disclosure [Text Block]

11. 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 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.

●

Corporate and other – Corporate and other 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 our other insignificant operating segment, Noa Home, which was acquired on September 2, 2022.

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
	March 2, 2024			February 25, 2023
Sales Revenue
Wholesale sales of furniture and accessories	$	54,700		$	69,884
Less: Sales to retail segment		(23,762	)		(30,099	)
Wholesale sales to external customers		30,938			39,785
Retail sales of furniture and accessories		53,754			64,962
Corporate and other		1,862			2,951
Consolidated net sales of furniture and accessories	$	86,554		$	107,698

Income (Loss) from Operations
Wholesale	$	6,760		$	8,994
Retail - Company-owned stores		(1,612	)		1,530
Net expenses - Corporate and other		(7,595	)		(7,771	)
Inter-company elimination		90			(51	)
Consolidated	$	(2,357	)	$	2,702

Depreciation and Amortization
Wholesale	$	619		$	606
Retail - Company-owned stores		1,380			1,299
Corporate and other		665			435
Consolidated	$	2,664		$	2,340

Capital Expenditures
Wholesale	$	163		$	637
Retail - Company-owned stores		1,333			1,282
Corporate and other		580			1,422
Consolidated	$	2,076		$	3,341

	As of		As of
Identifiable Assets	March 2, 2024		November 25, 2023
Wholesale	$	98,491	$	99,004
Retail - Company-owned stores		167,849		166,604
Corporate and other		95,105		104,816
Consolidated	$	361,445	$	370,424

See Note 12, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Inventories

3 Months Ended

Mar. 02, 2024

Inventory Disclosure [Text Block]

5. Inventories

Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first-out (LIFO) method, or market. Imported inventories and those applicable to our Lane Venture and Bassett Outdoor lines are valued at the lower of cost, which is determined using the first-in, first-out (FIFO) method, or net realizable value.

Inventories were comprised of the following:

	March 2, 2024			November 25, 2023
Wholesale finished goods	$	26,450		$	27,521
Work in process		696			637
Raw materials and supplies		18,758			18,655
Retail merchandise		33,826			33,090
Total inventories on first-in, first-out method		79,730			79,903
LIFO adjustment		(11,772	)		(11,738	)
Reserve for excess and obsolete inventory		(5,001	)		(5,183	)
	$	62,957		$	62,982

We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses.

Activity in the reserves for excess quantities and obsolete inventory by segment are as follows:

	Wholesale Segment			Retail Segment			Total

Balance at November 25, 2023	$	4,145		$	1,038		$	5,183
Additions charged to expense		621			136			757
Write-offs		(817	)		(122	)		(939	)
Balance at March 2, 2024	$	3,949		$	1,052		$	5,001

Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2024 and do not anticipate that our methodology is likely to change in the future.

Note 8 - Post Employment Benefit Obligations (Tables)

3 Months Ended

Mar. 02, 2024

Schedule of Pension Liability [Table Text Block]

	March 2, 2024		November 25, 2023
Accrued compensation and benefits	$	792	$	792
Post employment benefit obligations		6,249		6,220
Total pension liability	$	7,041	$	7,012

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended
	March 2, 2024			February 25, 2023
Service cost	$	3		$	7
Interest cost		98			93
Amortization of prior service costs		25			31
Amortization of loss		(16	)		-
Net periodic pension cost	$	110		$	131

Schedule of Deferred Compensation Liability [Table Text Block]

	March 2, 2024		November 25, 2023
Accrued compensation and benefits	$	329	$	329
Post employment benefit obligations		4,429		3,987
Total deferred compensation liability	$	4,758	$	4,316

Recognized Deferred Compensation Expense [Table Text Block]

	Quarter Ended
	March 2, 2024		February 25, 2023
Deferred compensation expense (benefit)	$	455	$	78

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	Mar. 02, 2024	Nov. 25, 2023
Postemployment Benefits Liability, Noncurrent		$ 10,678	$ 10,207
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,642	1,655
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		3,117	2,661
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Postemployment Benefits Liability, Noncurrent		1,257	1,234
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 5,784	$ 5,778

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Operating activities:
Net income (loss)	$ (1,193)	$ 1,445
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,664	2,340
Deferred income taxes	(922)	132
Other, net	302	852
Accounts receivable	(206)	(470)
Inventories	25	6,466
Other current assets	(3,167)	30
Right of use assets under operating leases	4,375	4,587
Customer deposits	(24)	(4,923)
Accounts payable and other liabilities	(3,374)	(4,596)
Obligations under operating leases	(6,219)	(5,300)
Net cash provided by (used in) operating activities	(7,739)	563
Investing activities:
Purchases of property and equipment	(2,076)	(3,341)
Other	(270)	(563)
Net cash provided by (used in) investing activities	(2,346)	(3,904)
Financing activities:
Cash dividends	(1,573)	(1,421)
Other issuance of common stock	86	80
Repurchases of common stock	0	(1,844)
Taxes paid related to net share settlement of equity awards	(161)	(109)
Repayments of finance lease obligations	(74)	(69)
Net cash used in financing activities	(1,722)	(3,363)
Effect of exchange rate changes on cash and cash equivalents	9	(29)
Change in cash and cash equivalents	(11,798)	(6,733)
Cash and cash equivalents - beginning of period	52,407	61,625
Cash and cash equivalents - end of period	$ 40,609	$ 54,892

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023	Nov. 24, 2023
Wholesale finished goods	$ 26,450	$ 27,521
Work in process	696	637
Raw materials and supplies	18,758	18,655
Retail merchandise	33,826	33,090
Total inventories on first-in, first-out method	79,730	79,903
LIFO adjustment	(11,772)	(11,738)
Reserve for excess and obsolete inventory	(5,001)	(5,183)	$ (5,183)
Inventory, Net	$ 62,957	$ 62,982

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Accrued compensation and benefits	$ 7,041	$ 7,012
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	792	792
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 6,249	$ 6,220

Note 11 - Segment Information - Segment Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 02, 2024

Feb. 25, 2023

Nov. 25, 2023

Consolidated net sales of furniture and accessories

$ 361,445

$ 370,424

86,554

$ 107,698

(2,357)

2,702

2,664

2,340

Wholesale Segment [Member]

2,076

3,341

Consolidated net sales of furniture and accessories

30,938

39,785

Retail Segment [Member]

Consolidated net sales of furniture and accessories

53,754

64,962

Corporate and Other [Member]

Consolidated net sales of furniture and accessories

95,105

104,816

1,862

^[1],[2]

2,951

(7,595)

(7,771)

665

435

Operating Segments [Member] | Wholesale Segment [Member]

580

1,422

Consolidated net sales of furniture and accessories

98,491

99,004

54,700

69,884

6,760

8,994

619

606

Operating Segments [Member] | Retail Segment [Member]

163

637

Consolidated net sales of furniture and accessories

167,849

$ 166,604

53,754

64,962

1,380

1,299

Operating Segments [Member] | Corporate and Other [Member]

1,333

1,282

Consolidated net sales of furniture and accessories

1,862

2,951

Operating Segments [Member] | Retail Segments [Member]

Intersegment Eliminations [Member]

(1,612)

1,530

Intersegment Eliminations [Member] | Wholesale Segment [Member]

(51)

Consolidated net sales of furniture and accessories

$ (23,762)

$ (30,099)

[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]	Our Corporate and other segment for the three months ended March 2, 2024 and February 25, 2023 includes the sales of Noa Home.

Note 3 - Financial Instruments and Investments

3 Months Ended

Mar. 02, 2024

Fair Value Disclosures [Text Block]

3. Financial Instruments and Investments

Financial Instruments

Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit (CDs), accounts receivable, and accounts payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in CDs, accounts receivable, and accounts payable approximate fair value.

Investments

Our short-term investments of $17,775 at both March 2, 2024 and November 25, 2023 consisted of CDs. At March 2, 2024, the CDs had original terms averaging seven months, bearing interest at rates ranging from 0.7% to 5.45% and the weighted average remaining time to maturity was approximately five months and the weighted average yield of the CDs was approximately 5.04%. Each CD is placed with a federally insured financial institution and all deposits are within federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at March 2, 2024 and November 25, 2023 approximates their fair value.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 13 - Changes to Stockholders' Equity

3 Months Ended

Mar. 02, 2024

Equity [Text Block]

13. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three months ended March 2, 2024 and February 25, 2023:

	Quarter Ended
	March 2, 2024			February 25, 2023
Common Stock:

Beginning of period	$	43,842		$	44,759
Issuance of common stock		93			92
Purchase and retirement of common stock		(52	)		(540	)

End of period	$	43,883		$	44,311

Common Shares Issued and Outstanding:

Beginning of period		8,768,221			8,951,839
Issuance of common stock		18,488			18,381
Purchase and retirement of common stock		(10,360	)		(108,083	)

End of period		8,776,349			8,862,137

Additional Paid-in Capital:

Beginning of period	$	93		$	-
Issuance of common stock		(7	)		(12	)
Purchase and retirement of common stock		(109	)		(200	)
Stock based compensation		198			212

End of period	$	175		$	-

Retained Earnings:

Beginning of period	$	139,354		$	150,800
Net income (loss) for the period		(1,193	)		1,445
Purchase and retirement of common stock		-			(1,213	)
Cash dividends declared		(1,573	)		(1,421	)

End of period	$	136,588		$	149,611

Accumulated Other Comprehensive Loss:

Beginning of period	$	152		$	50
Cumulative translation adjustments, net of tax		(167	)		(136	)
Amortization of pension costs, net of tax		7			24

End of period	$	(8	)	$	(62	)

The balance of cumulative translation adjustments, net of tax, was a net loss of $654 and $486 at March 2, 2024 and November 25, 2023, respectively.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Current assets
Cash and cash equivalents	$ 40,609	$ 52,407
Short-term investments	17,775	17,775
Accounts receivable, net	13,942	13,736
Inventories	62,957	62,982
Recoverable income taxes	2,206	2,574
Other current assets	12,016	8,480
Total current assets	149,505	157,954
Property and equipment, net	83,590	83,981
Deferred income taxes	5,567	4,645
Goodwill and other intangible assets	16,069	16,067
Right of use assets under operating leases	99,390	100,888
Other	7,324	6,889
Total long-term assets	128,350	128,489
Total assets	361,445	370,424
Current liabilities
Accounts payable	14,635	16,338
Accrued compensation and benefits	7,679	8,934
Customer deposits	22,763	22,788
Current portion operating lease obligations	17,530	18,827
Other current liabilites and accrued expenses	10,678	11,003
Total current liabilities	73,285	77,890
Long-term liabilities
Post employment benefit obligations	10,678	10,207
Long-term portion of operating lease obligations	95,312	97,357
Other long-term liabilities	1,532	1,529
Total long-term liabilities	107,522	109,093
Stockholders’ equity
Common stock	43,883	43,842
Retained earnings	136,588	139,354
Additional paid-in capital	175	93
Accumulated other comprehensive income (loss)	(8)	152
Total stockholders' equity	180,638	183,441
Total liabilities and stockholders’ equity	$ 361,445	$ 370,424

Note 6 - Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Goodwill, Gross	$ 16,523
Goodwill accumulated impairment	(9,306)
Goodwill	7,217	$ 7,217
Wholesale Segment [Member]
Goodwill, Gross	9,188
Goodwill accumulated impairment	(1,971)
Goodwill	7,217
Retail Segment [Member]
Goodwill, Gross	1,926
Goodwill accumulated impairment	(1,926)
Corporate and Other [Member]
Goodwill, Gross	5,409
Goodwill accumulated impairment	$ (5,409)

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note 9 - Commitments and Contingencies

3 Months Ended

Mar. 02, 2024

Commitments Contingencies and Guarantees [Text Block]

9. Commitments and Contingencies

We are involved in various legal and environmental matters which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

Lease Guarantees

We were contingently liable under a licensee lease obligation guarantee in the amounts of $1,750 and $1,845 at March 2, 2024 and November 25, 2023, respectively. The remaining term under this lease guarantee extends for four and a half years.

In the event of default by the licensee, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement licensee or liquidating the collateral (primarily inventory). The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligation, net of recorded reserves. The fair value of this lease guarantee (an estimate of the cost to the Company to perform on the guarantee) at March 2, 2024 and November 25, 2023 was not material.

Note 12 - Revenue Recognition

3 Months Ended

Mar. 02, 2024

Revenue from Contract with Customer [Text Block]

12. 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. 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 $22,763 and $22,788 as of March 2, 2024 and November 25, 2023, respectively. Approximately 85% of the customer deposits held as of November 25, 2023 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the three months ended March 2, 2024.

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 March 2, 2024 and November 25, 2023, our balance of prepaid commissions included in other current assets was $2,451 and $2,245, 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 months ended March 2, 2024 and February 25, 2023, excluding intercompany transactions between our segments, is a follows:

	Quarter Ended
	March 2, 2024								February 25, 2023
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	20,375	$	29,803	$	-	$	50,178	$	24,506	$	36,159	$	-	$	60,665
Bassett Leather		3,955		827		-		4,782		6,805		494		-		7,299
Bassett Custom Wood		3,751		8,198		-		11,949		4,876		9,669		-		14,545
Bassett Casegoods		2,857		7,385		-		10,242		3,598		10,050		-		13,648
Accessories, mattresses and other (1)		-		7,541		1,862		9,403		-		8,590		2,951		11,541
Consolidated net sales of furniture and accessories	$	30,938	$	53,754	$	1,862	$	86,554	$	39,785	$	64,962	$	2,951	$	107,698

(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)

Our Corporate and other segment for the three months ended March 2, 2024 and February 25, 2023 includes the sales of Noa Home.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org//606/tableOfContent

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Gross accounts receivable	$ 14,689	$ 14,271
Allowance for doubtful accounts	(747)	(535)
Accounts receivable, net	$ 13,942	$ 13,736

Note 11 - Segment Information (Tables)

3 Months Ended

Mar. 02, 2024

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Quarter Ended
	March 2, 2024			February 25, 2023
Sales Revenue
Wholesale sales of furniture and accessories	$	54,700		$	69,884
Less: Sales to retail segment		(23,762	)		(30,099	)
Wholesale sales to external customers		30,938			39,785
Retail sales of furniture and accessories		53,754			64,962
Corporate and other		1,862			2,951
Consolidated net sales of furniture and accessories	$	86,554		$	107,698

Income (Loss) from Operations
Wholesale	$	6,760		$	8,994
Retail - Company-owned stores		(1,612	)		1,530
Net expenses - Corporate and other		(7,595	)		(7,771	)
Inter-company elimination		90			(51	)
Consolidated	$	(2,357	)	$	2,702

Depreciation and Amortization
Wholesale	$	619		$	606
Retail - Company-owned stores		1,380			1,299
Corporate and other		665			435
Consolidated	$	2,664		$	2,340

Capital Expenditures
Wholesale	$	163		$	637
Retail - Company-owned stores		1,333			1,282
Corporate and other		580			1,422
Consolidated	$	2,076		$	3,341

	As of		As of
Identifiable Assets	March 2, 2024		November 25, 2023
Wholesale	$	98,491	$	99,004
Retail - Company-owned stores		167,849		166,604
Corporate and other		95,105		104,816
Consolidated	$	361,445	$	370,424

Note 13 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Beginning of period	$ 183,441
End of period	180,638
Net income for the period	(1,193)	$ 1,445
Amortization of pension costs, net of tax	(15)	(32)
Common Stock [Member]
Beginning of period	43,842	44,759
Issuance of common stock	93	92
Purchase and retirement of common stock	(52)	(540)
End of period	$ 43,883	$ 44,311
Beginning of period (in shares)	8,768,221	8,951,839
Issuance of common stock (in shares)	18,488	18,381
Purchase and retirement of common stock (in shares)	(10,360)	(108,083)
End of period (in shares)	8,776,349	8,862,137
Issuance of common stock	$ (93)	$ (92)
Additional Paid-in Capital [Member]
Beginning of period	93	0
Issuance of common stock	7	12
End of period	175	0
Issuance of common stock	(7)	(12)
Purchase and retirement of common stock	(109)	(200)
Stock based compensation	198	212
Retained Earnings [Member]
Beginning of period	139,354	150,800
End of period	136,588	149,611
Purchase and retirement of common stock	0	(1,213)
Net income for the period	(1,193)	1,445
Cash dividends declared	(1,573)	(1,421)
AOCI Attributable to Parent [Member]
Beginning of period	152	50
End of period	(8)	(62)
Amortization of pension costs, net of tax	7	24
AOCI Attributable to Parent [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning of period	$ (167)	$ (136)

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Deferred compensation expense (benefit)	$ 455	$ 78

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Mar. 02, 2024 USD ($)
Remainder of fiscal 2024	$ 43
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Fiscal 2028	0
Fiscal 2029	0
Total	$ 162

Note 13 - Changes to Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 654	$ 486

Note 12 - Revenue Recognition (Tables)

3 Months Ended

Mar. 02, 2024

Disaggregation of Revenue [Table Text Block]

	Quarter Ended
	March 2, 2024								February 25, 2023
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	20,375	$	29,803	$	-	$	50,178	$	24,506	$	36,159	$	-	$	60,665
Bassett Leather		3,955		827		-		4,782		6,805		494		-		7,299
Bassett Custom Wood		3,751		8,198		-		11,949		4,876		9,669		-		14,545
Bassett Casegoods		2,857		7,385		-		10,242		3,598		10,050		-		13,648
Accessories, mattresses and other (1)		-		7,541		1,862		9,403		-		8,590		2,951		11,541
Consolidated net sales of furniture and accessories	$	30,938	$	53,754	$	1,862	$	86,554	$	39,785	$	64,962	$	2,951	$	107,698

Note 12 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Contract with Customer, Liability, Current	$ 22,763	$ 22,788
Beginning Performance Obligation Satisfied During Period		85.00%
Other Current Assets [Member] \| Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 2,451	$ 2,245

Note 3 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Nov. 25, 2023
Short-Term Investments	$ 17,775	$ 17,775
Certificates of Deposit, Average Term	7 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.70%
Maximum [Member]
Interest Rate of Certificates of Deposit	5.45%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	5.04%
Certificates of Deposit [Member]
Short-Term Investments	$ 17,775	$ 17,775

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 02, 2024 USD ($)
Balance	$ 5,183
Additions charged to expense	757
Write-offs	(939)
Balance	5,001
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	4,145
Additions charged to expense	621
Write-offs	(817)
Balance	3,949
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,038
Additions charged to expense	136
Write-offs	(122)
Balance	$ 1,052

Note 13 - Changes to Stockholders' Equity (Tables)

3 Months Ended

Mar. 02, 2024

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended
	March 2, 2024			February 25, 2023
Common Stock:

Beginning of period	$	43,842		$	44,759
Issuance of common stock		93			92
Purchase and retirement of common stock		(52	)		(540	)

End of period	$	43,883		$	44,311

Common Shares Issued and Outstanding:

Beginning of period		8,768,221			8,951,839
Issuance of common stock		18,488			18,381
Purchase and retirement of common stock		(10,360	)		(108,083	)

End of period		8,776,349			8,862,137

Additional Paid-in Capital:

Beginning of period	$	93		$	-
Issuance of common stock		(7	)		(12	)
Purchase and retirement of common stock		(109	)		(200	)
Stock based compensation		198			212

End of period	$	175		$	-

Retained Earnings:

Beginning of period	$	139,354		$	150,800
Net income (loss) for the period		(1,193	)		1,445
Purchase and retirement of common stock		-			(1,213	)
Cash dividends declared		(1,573	)		(1,421	)

End of period	$	136,588		$	149,611

Accumulated Other Comprehensive Loss:

Beginning of period	$	152		$	50
Cumulative translation adjustments, net of tax		(167	)		(136	)
Amortization of pension costs, net of tax		7			24

End of period	$	(8	)	$	(62	)

Note 6 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 02, 2024

Schedule of Intangible Assets and Goodwill [Table Text Block]

	March 2, 2024
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(350	)	$	162

Intangibles not subject to amortization:
Trade names							8,690
Goodwill							7,217
Total goodwill and other intangible assets						$	16,069

	November 25, 2023
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(337	)	$	175

Intangibles not subject to amortization:
Trade names							8,675
Goodwill							7,217
Total goodwill and other intangible assets						$	16,067

Schedule of Goodwill [Table Text Block]

	Original		Accumulated
	Recorded		Impairment			Carrying
	Value		Losses			Amount

Wholesale	$	9,188	$	(1,971	)	$	7,217
Retail		1,926		(1,926	)		-
Corporate and other		5,409		(5,409	)		-

Total goodwill	$	16,523	$	(9,306	)	$	7,217

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	Quarter Ended
	March 2, 2024		February 25, 2023

Intangible asset amortization expense	$	14	$	14

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Remainder of fiscal 2024	$	43
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Fiscal 2029		-
Total	$	162

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Note 10 - Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 02, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Net Income (Loss)			Weighted Average Shares		Net Income (Loss) Per Share
For the quarter ended March 2, 2024:

Basic loss per share	$	(1,193	)		8,740,637	$	(0.14	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted loss per share - continuing operations	$	(1,193	)		8,740,637	$	(0.14	)


For the quarter ended February 25, 2023:

Basic earnings per share	$	1,445			8,867,881	$	0.16
Add effect of dilutive securities:
Options and restricted shares		-			29,122		-
Diluted earnings per share	$	1,445			8,897,003	$	0.16

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Quarter Ended
	March 2, 2024		February 25, 2023

Unvested shares		61,413		51,000

Note 1 - Basis of Presentation

3 Months Ended

Mar. 02, 2024

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative GAAP.

The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees represent VIEs.

Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of operations net of estimates for returns and allowances.

Our fiscal year, which ends on the last Saturday of November, periodically results in a 53-week year instead of the normal 52 weeks. The current fiscal year ending November 30, 2024 is a 53-week year, with the additional week being included in our first fiscal quarter. Accordingly, the information presented below includes 14 weeks of operations for the quarter ended March 2, 2024 as compared with 13 weeks included in the quarter ended February 25, 2023.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Net income (loss)	$ (1,193)	$ 1,445
Other comprehensive income:
Foreign currency translation adjustments	(225)	(186)
Income taxes related to foreign currency translation adjustments	58	50
Amortization associated with Long Term Cash Awards (LTCA)	15	32
Income taxes related to LTCA	(4)	(8)
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	(6)	0
Income taxes related to SERP	1	0
Other comprehensive income (loss), net of tax	(161)	(112)
Total comprehensive income (loss)	$ (1,354)	$ 1,333

Note 14 - Recent Accounting Pronouncements

3 Months Ended

Mar. 02, 2024

Accounting Standards Update and Change in Accounting Principle [Text Block]

14. Recent Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2025 fiscal year. Early adoption is permitted. As of March 2, 2024 we do not hold any investments in equity securities, therefore we do not currently expect that this guidance will have a material impact upon our financial position and results of operations.

In November 2023, the FASB issued Accounting Standards Update 2023-07 – Segment Reporting (Topic ASC 740) Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update require: that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”); and that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. The amendments in ASU 2022-03 will become effective for us as for our 2025 fiscal year and for interim periods beginning with our 2026 fiscal year. Early adoption is permitted. We do not expect that this guidance will have a material impact upon our financial position and results of operations.

In December 2023, the FASB issued Accounting Standards Update 2023-09 – Income Taxes (Topic ASC 740) Income Taxes. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2026 fiscal year. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We do not expect that this guidance will have a material impact upon our financial position and results of operations.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Note 10 - Earnings (Loss) Per Share

3 Months Ended

Mar. 02, 2024

Earnings Per Share [Text Block]

10. Earnings (Loss) Per Share

The following reconciles basic and diluted earnings (loss) per share:

	Net Income (Loss)			Weighted Average Shares		Net Income (Loss) Per Share
For the quarter ended March 2, 2024:

Basic loss per share	$	(1,193	)		8,740,637	$	(0.14	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted loss per share - continuing operations	$	(1,193	)		8,740,637	$	(0.14	)


For the quarter ended February 25, 2023:

Basic earnings per share	$	1,445			8,867,881	$	0.16
Add effect of dilutive securities:
Options and restricted shares		-			29,122		-
Diluted earnings per share	$	1,445			8,897,003	$	0.16

*Due to the net loss for the period, potentially dilutive securities would have been anti-dilutive and are therefore excluded.

For the three months ended March 2, 2024 and February 25, 2023, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

	Quarter Ended
	March 2, 2024		February 25, 2023

Unvested shares		61,413		51,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Net sales of furniture and accessories	$ 86,554	$ 107,698
Cost of furniture and accessories sold	38,687	50,501
Gross profit	47,867	57,197
Selling, general and administrative expenses	50,224	54,495
Income (loss) from operations	(2,357)	2,702
Interest income	756	152
Other loss, net	(104)	(567)
Income (loss) before income taxes	(1,705)	2,287
Income tax expense (benefit)	(512)	842
Net income (loss)	$ (1,193)	$ 1,445
Basic earnings (loss) per share (in dollars per share)	$ (0.14)	$ 0.16
Diluted earnings (loss) per share (in dollars per share)	(0.14)	0.16
Regular dividends per share (in dollars per share)	$ 0.18	$ 0.16

Note 12 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 02, 2024

Feb. 25, 2023

Wholesale Segment [Member]

$ 86,554

$ 107,698

30,938

39,785

Retail Segment [Member]

Corporate and Other [Member]

53,754

64,962

Bassett Custom Upholstery [Member]

1,862

^[1],[2]

2,951

Bassett Custom Upholstery [Member] | Wholesale Segment [Member]

50,178

60,665

Bassett Custom Upholstery [Member] | Retail Segment [Member]

20,375

24,506

Bassett Custom Upholstery [Member] | Corporate and Other [Member]

29,803

36,159

^[1],[2]

Bassett Leather [Member]

Bassett Leather [Member] | Wholesale Segment [Member]

4,782

7,299

Bassett Leather [Member] | Retail Segment [Member]

3,955

6,805

Bassett Leather [Member] | Corporate and Other [Member]

827

494

Bassett Custom Wood [Member]

^[1],[2]

Bassett Custom Wood [Member] | Wholesale Segment [Member]

11,949

14,545

Bassett Custom Wood [Member] | Retail Segment [Member]

3,751

4,876

Bassett Custom Wood [Member] | Corporate and Other [Member]

8,198

9,669

Bassett Casegoods [Member]

^[1],[2]

Bassett Casegoods [Member] | Wholesale Segment [Member]

10,242

13,648

Bassett Casegoods [Member] | Retail Segment [Member]

2,857

3,598

Bassett Casegoods [Member] | Corporate and Other [Member]

7,385

10,050

Accessories, Mattresses and Other [Member]

^[1],[2]

Accessories, Mattresses and Other [Member] | Wholesale Segment [Member]

^[1]

9,403

11,541

Accessories, Mattresses and Other [Member] | Retail Segment [Member]

^[1]

Accessories, Mattresses and Other [Member] | Corporate and Other [Member]

^[1]

7,541

8,590

^[1]

$ 1,862

^[2]

$ 2,951

[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]	Our Corporate and other segment for the three months ended March 2, 2024 and February 25, 2023 includes the sales of Noa Home.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 10 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Unvested Shares [Member]
Unvested shares (in shares)	61,413	51,000

Note 7 - Bank Credit Facility

3 Months Ended

Mar. 02, 2024

Debt Disclosure [Text Block]

7. Bank Credit Facility

Our bank credit facility provides for a line of credit of up to $25,000. At March 2, 2024, we had $3,731 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,269. The line bears interest at the One-Month Term Secured Overnight Financing Rate (“One-Month Term SOFR”) plus 1.5% and is unsecured. Our bank charges a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the facility, we must maintain the following financial covenants, measured quarterly on a rolling twelve-month basis:

●

Consolidated fixed charge coverage ratio of not less than 1.4 times,

●

Consolidated lease-adjusted leverage ratio not to exceed 3.0 times, and

●

Minimum tangible net worth of $140,000.

Due to our results of operations in 2023, we were not in compliance with certain of these covenants at the end of our 2023 fiscal year. Consequently, our bank agreed to reduce the consolidated fixed charge coverage ratio to 1.0 times and increase the consolidated lease-adjusted leverage ratio to 3.75 times, as defined, for the year ended November 25, 2023 and the quarter ended March 2, 2024. We were in compliance with the amended covenants at November 25, 2023 and at March 2, 2024. The respective ratios will revert back to the previous values for the quarter ending June 1, 2024. We are in negotiations with our bank and plan to have an amended, restated or new agreement with a similar line of credit in place by the end of the second quarter of 2024.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 4 - Accounts Receivable

3 Months Ended

Mar. 02, 2024

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

4. Accounts Receivable

Accounts receivable consists of the following:

	March 2, 2024			November 25, 2023
Gross accounts receivable	$	14,689		$	14,271
Allowance for doubtful accounts		(747	)		(535	)
Accounts receivable, net	$	13,942		$	13,736

We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. The allowance for credit losses is based on a review of specifically identified accounts in addition to an overall aging analysis which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectability of accounts receivable within each pool based on historical experience, current payment practices and current economic trends based on our expectations over the expected life of the receivables, which is generally ninety days or less. Actual credit losses could differ from those estimates.

Activity in the allowance for credit losses for the three months ended March 2, 2024 was as follows:

	2024

Balance at November 25, 2023	$	535
Additions charged to expense		224
Write-offs against allowance		(12	)
Balance at March 2, 2024	$	747

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 3.

Note 5 - Inventories (Tables)

3 Months Ended

Mar. 02, 2024

Schedule of Inventory, Current [Table Text Block]

	March 2, 2024			November 25, 2023
Wholesale finished goods	$	26,450		$	27,521
Work in process		696			637
Raw materials and supplies		18,758			18,655
Retail merchandise		33,826			33,090
Total inventories on first-in, first-out method		79,730			79,903
LIFO adjustment		(11,772	)		(11,738	)
Reserve for excess and obsolete inventory		(5,001	)		(5,183	)
	$	62,957		$	62,982

Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]

	Wholesale Segment			Retail Segment			Total

Balance at November 25, 2023	$	4,145		$	1,038		$	5,183
Additions charged to expense		621			136			757
Write-offs		(817	)		(122	)		(939	)
Balance at March 2, 2024	$	3,949		$	1,052		$	5,001

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,750	$ 1,845

Note 11 - Segment Information (Details Textual)	3 Months Ended
Note 11 - Segment Information (Details Textual)	Mar. 02, 2024
Number of Reportable Segments	3

Note 2 - Interim Financial Presentation and Other Information

3 Months Ended

Mar. 02, 2024

Condensed Financial Statements [Text Block]

2. Interim Financial Presentation and Other Information

All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three months ended March 2, 2024 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended November 25, 2023.

Income Taxes

We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter.

Our effective tax rate was 30.0% and 36.8% for the three months ended March 2, 2024 and February 25, 2023, respectively. The effective rates for the three months ended March 2, 2024 and February 25, 2023 differ from the federal statutory rate of 21% primarily due to increases in the valuation allowance placed on deferred tax assets associated with Noa Home Inc. (“Noa Home”), the effects of state income taxes and various permanent differences.

Non-cash Investing and Financing Activity

During the three months ended March 2, 2024 and February 25, 2023, $3,044 and $3,406, respectively, of lease right-of-use assets were added through the recognition of the corresponding lease obligations.

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Mar. 02, 2024 USD ($)
Balance	$ 535
Additions charged to expense	224
Write-offs against allowance	(12)
Balance	$ 747

Note 4 - Accounts Receivable (Tables)

3 Months Ended

Mar. 02, 2024

Schedule Of Accounts Receivable [Table Text Block]

	March 2, 2024			November 25, 2023
Gross accounts receivable	$	14,689		$	14,271
Allowance for doubtful accounts		(747	)		(535	)
Accounts receivable, net	$	13,942		$	13,736

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

	2024

Balance at November 25, 2023	$	535
Additions charged to expense		224
Write-offs against allowance		(12	)
Balance at March 2, 2024	$	747

Note 7 - Bank Credit Facility (Details Textual) - Bank One [Member] $ in Thousands	3 Months Ended
	Mar. 02, 2024 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Letters of Credit Outstanding, Amount	3,731
Line of Credit Facility, Remaining Borrowing Capacity	$ 21,269
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.4
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio	3
Debt Instrument, Covenant, Minimum Tangible Net Worth	$ 140,000
Debt Instrument, Fixed Charge Coverage Ratio	1
Debt Instrument, Lease-adjusted Leverage Ratio	3.75
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%

Note 6 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Intangible asset amortization expense	$ 14	$ 14

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 02, 2024	Nov. 25, 2023
Intangibles subject to amortization, Intangible Assets, Net	$ 162
Trade names	8,690	$ 8,675
Goodwill	7,217	7,217
Total goodwill and other intangible assets	16,069	16,067
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(350)	(337)
Intangibles subject to amortization, Intangible Assets, Net	$ 162	$ 175

+ References + Details

Note 10 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 02, 2024	Feb. 25, 2023
Basic loss per share - continuing operations, Net Income	$ (1,193)	$ 1,445
Basic loss per share - continuing operations, Weighted Average Shares (in shares)	8,740,637	8,867,881
Basic loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.14)	$ 0.16
Options and restricted shares, Weighted Average Shares (in shares)	0	29,122
Diluted loss per share - continuing operations, Net Income	$ (1,193)	$ 1,445
Diluted loss per share - continuing operations, Weighted Average Shares (in shares)	8,740,637	8,897,003
Diluted loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.14)	$ 0.16

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
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