0001437749-24-031014 | 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:

	August 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(379	)	$	133

Intangibles not subject to amortization:
Trade names							6,849
Goodwill							7,217
Total goodwill and other intangible assets						$	14,199

	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

See Note 9 regarding the impairment of the trade name intangible asset for Noa Home.

There were no changes in the carrying amounts of goodwill during the nine months ended August 31, 2024.

The carrying amounts of goodwill by reportable segment, including accumulated impairment losses, at both August 31, 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 and nine months ended August 31, 2024 and August 26, 2023 was as follows:

	Quarter Ended				Nine Months Ended

	August 31, 2024		August 26, 2023		August 31, 2024		August 26, 2023

Intangible asset amortization expense	$	14	$	14	$	43	$	43

Estimated future amortization expense for intangible assets that exist at August 31, 2024 is as follows:

Remainder of fiscal 2024	$	14
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Fiscal 2029		-
Total	$	133

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Aug. 31, 2024	Oct. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 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)		8,801,137
Entity Central Index Key	0000010329
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Accrued compensation and benefits	$ 7,072	$ 7,012
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	792	792
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 6,280	$ 6,220

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	Aug. 31, 2024	Nov. 25, 2023
Postemployment Benefits Liability, Noncurrent		$ 10,885	$ 10,207
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,657	1,655
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		3,277	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		1,221	1,234
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 5,851	$ 5,778

Note 8 - Post Employment Benefit Obligations

9 Months Ended

Aug. 31, 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 $5,851 and $5,778 as of August 31, 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. We are accounting for the LTC Awards as a defined benefit pension plan. Currently, two of those employees have retired and are receiving benefits. The liability for the LTC Awards was $1,221 and $1,234 as of August 31, 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:

	August 31, 2024		November 25, 2023
Accrued compensation and benefits	$	792	$	792
Post employment benefit obligations		6,280		6,220
Total pension liability	$	7,072	$	7,012

Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 31, 2024 and August 26, 2023 are as follows:

	Quarter Ended					Nine Months Ended
	August 31, 2024			August 26, 2023		August 31, 2024			August 26, 2023
Service cost	$	3		$	7	$	10		$	20
Interest cost		98			93		293			278
Amortization of prior service costs		26			31		77			94
Amortization of loss		(16	)		-		(48	)		-
Net periodic pension cost	$	111		$	131	$	332		$	392

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 $1,657 and $1,655 as of August 31, 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 $3,277 and $2661 as of August 31, 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:

	August 31, 2024		November 25, 2023
Accrued compensation and benefits	$	329	$	329
Post employment benefit obligations		4,605		3,987
Total deferred compensation liability	$	4,934	$	4,316

We recognized expense under our deferred compensation arrangements during the three and nine months ended August 31, 2024 and August 26, 2023 as follows:

	Quarter Ended				Nine Months Ended
	August 31, 2024		August 26, 2023		August 31, 2024		August 26, 2023
Deferred compensation expense (benefit)	$	255	$	166	$	881	$	363

Note 11 - Earnings (Loss) Per Share

9 Months Ended

Aug. 31, 2024

Earnings Per Share [Text Block]

11. 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 August 31, 2024:

Basic loss per share	$	(4,505	)		8,725,008	$	(0.52	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted loss per share - continuing operations	$	(4,505	)		8,725,008	$	(0.52	)

For the quarter ended August 26, 2023:

Basic earnings per share	$	(2,591	)		8,736,096	$	(0.30	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted earnings per share	$	(2,591	)		8,736,096	$	(0.30	)

For the nine months ended August 31, 2024:

Basic earnings per share - continuing operations	$	(12,899	)		8,742,766	$	(1.48	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted earnings per share - continuing operations	$	(12,899	)		8,742,766	$	(1.48	)

For the nine months ended August 26, 2023:

Basic earnings per share - continuing operations	$	930			8,804,718	$	0.11
Add effect of dilutive securities:
Restricted shares		-			15,934		-
Diluted earnings per share - continuing operations	$	930			8,820,652	$	0.11

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

For the three and nine months ended August 31, 2024 and August 26, 2023, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

Quarter Ended

Nine Months Ended

August 31, 2024

August 26, 2023

August 31, 2024

August 26, 2023

Unvested shares

64,409

100,313

64,409

66,113

Note 5 - Inventories

9 Months Ended

Aug. 31, 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:

	August 31, 2024			November 25, 2023
Wholesale finished goods	$	24,188		$	27,521
Work in process		453			637
Raw materials and supplies		16,223			18,655
Retail merchandise		33,285			33,090
Total inventories on first-in, first-out method		74,149			79,903
LIFO adjustment		(11,942	)		(11,738	)
Reserve for excess and obsolete inventory		(6,069	)		(5,183	)
	$	56,138		$	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			Corporate & Other (1)		Total

Balance at November 25, 2023	$	4,145		$	1,038		$	-	$	5,183
Additions charged to expense		3,930			524			500		4,954
Write-offs		(3,700	)		(368	)		-		(4,068	)
Balance at August 31, 2024	$	4,375		$	1,194		$	500	$	6,069

(1)

Consists of a $500 reserve established against the retail inventory held by Noa Home due to our decision to cease operations by selling the remaining inventory in an orderly fashion over the next several months.

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 5 - Inventories (Tables)

9 Months Ended

Aug. 31, 2024

Schedule of Inventory, Current [Table Text Block]

	August 31, 2024			November 25, 2023
Wholesale finished goods	$	24,188		$	27,521
Work in process		453			637
Raw materials and supplies		16,223			18,655
Retail merchandise		33,285			33,090
Total inventories on first-in, first-out method		74,149			79,903
LIFO adjustment		(11,942	)		(11,738	)
Reserve for excess and obsolete inventory		(6,069	)		(5,183	)
	$	56,138		$	62,982

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

	Wholesale Segment			Retail Segment			Corporate & Other (1)		Total

Balance at November 25, 2023	$	4,145		$	1,038		$	-	$	5,183
Additions charged to expense		3,930			524			500		4,954
Write-offs		(3,700	)		(368	)		-		(4,068	)
Balance at August 31, 2024	$	4,375		$	1,194		$	500	$	6,069

Note 14 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Beginning of period			$ 183,441
End of period	$ 165,036		165,036
Net income for the period	(4,505)	$ (2,591)	(12,899)	$ 930
Amortization of pension costs, net of tax	(16)	(31)	(46)	(98)
Common Stock [Member]
Beginning of period	43,808	43,900	43,842	44,759
Issuance of common stock	100	101	291	288
Purchase and retirement of common stock	(234)	(201)	(459)	(1,247)
End of period	$ 43,674	$ 43,800	$ 43,674	$ 43,800
Beginning of period (in shares)	8,761,332	8,779,912	8,768,221	8,951,839
Issuance of common stock (in shares)	20,139	19,996	58,256	57,406
Purchase and retirement of common stock (in shares)	(46,843)	(40,143)	(91,849)	(249,480)
End of period (in shares)	8,734,628	8,759,765	8,734,628	8,759,765
Additional Paid-in Capital [Member]
Beginning of period	$ 52	$ 0	$ 93	$ 0
End of period	0	0	0	0
Issuance of common stock	(4)	(2)	(16)	(12)
Purchase and retirement of common stock	(246)	(210)	(671)	(624)
Stock based compensation	198	212	594	636
Retained Earnings [Member]
Beginning of period	127,807	149,393	139,354	150,800
End of period	121,388	145,031	121,388	145,031
Purchase and retirement of common stock	(158)	(196)	(158)	(2,293)
Net income for the period	(4,505)	(2,591)	(12,899)	930
Cash dividends declared	(1,756)	(1,575)	(4,909)	(4,406)
AOCI Attributable to Parent [Member]
Beginning of period	(7)	(108)	152	50
End of period	(25)	(54)	(25)	(54)
Amortization of pension costs, net of tax	6	23	21	70
AOCI Attributable to Parent [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning of period	$ (24)	$ 31	$ (198)	$ (174)

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Aug. 31, 2024 USD ($)
Remainder of fiscal 2024	$ 14
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Fiscal 2028	0
Fiscal 2029	0
Total	$ 133

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023
Operating activities:
Net income (loss)	$ (12,899)	$ 930
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	7,613	7,502
Asset impairment charges	5,515	0
Gain on revaluation of contingent consideration	(0)	(1,013)
Inventory valuation charges	4,954	3,814
Deferred income taxes	(2,765)	473
Other, net	937	1,781
Accounts receivable	762	2,499
Inventories	1,890	14,797
Other current assets	(1,213)	(289)
Right of use assets under operating leases	13,029	13,668
Customer deposits	912	(12,337)
Accounts payable and other liabilities	(5,364)	(6,586)
Obligations under operating leases	(15,694)	(14,990)
Net cash provided by (used in) operating activities	(2,323)	10,249
Investing activities:
Purchases of property and equipment	(4,720)	(14,657)
Proceeds from the disposal of discontinued operations, net	0	1,000
Other	(909)	(1,664)
Net cash used in investing activities	(5,629)	(15,321)
Financing activities:
Cash dividends	(4,909)	(4,406)
Other issuance of common stock	275	275
Repurchases of common stock	(1,127)	(4,056)
Taxes paid related to net share settlement of equity awards	(161)	(109)
Repayments of finance lease obligations	(210)	(208)
Net cash used in financing activities	(6,132)	(8,504)
Effect of exchange rate changes on cash and cash equivalents	6	(37)
Change in cash and cash equivalents	(14,078)	(13,613)
Cash and cash equivalents - beginning of period	52,407	61,625
Cash and cash equivalents - end of period	$ 38,329	$ 48,012

Note 4 - Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Gross accounts receivable	$ 14,026	$ 14,271
Allowance for doubtful accounts	(1,052)	(535)
Accounts receivable, net	$ 12,974	$ 13,736

Note 7 - Bank Credit Facility (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	May 15, 2024	Aug. 31, 2024
Secured Overnight Financing Rate	us-gaap:SecuredOvernightFinancingRateSofrMember
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000
Letters of Credit Outstanding, Amount		$ 6,013
Debt Instrument, Basis Spread on Variable Rate		1.75%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Debt Instrument, Covenant, Minimum Tangible Net Worth		$ 120,000
Debt Instrument, Covenant, Letters of Credit Outstanding, Minimum Amount		$ 8,250
Debt Instrument, Covenant, Fixed Charge Coverage Ratio		1.2
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio		3.35

Note 11 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Aug. 31, 2024

Aug. 26, 2023

Aug. 31, 2024

Aug. 26, 2023

Basic loss per share - continuing operations, Net Income

$ (4,505)

$ (2,591)

$ (12,899)

$ 930

Basic loss per share - continuing operations, Weighted Average Shares (in shares)

8,725,008

8,736,096

8,742,766

8,804,718

Basic loss per share - continuing operations, Net Income Per Share (in dollars per share)

$ (0.52)

$ (0.3)

$ (1.48)

$ 0.11

Options and restricted shares, Weighted Average Shares (in shares)

^[1]

15,934

Diluted loss per share - continuing operations, Net Income

$ (4,505)

$ (2,591)

$ (12,899)

$ 930

Diluted loss per share - continuing operations, Weighted Average Shares (in shares)

8,725,008

8,736,096

8,742,766

8,820,652

Diluted loss per share - continuing operations, Net Income Per Share (in dollars per share)

$ (0.52)

$ (0.3)

$ (1.48)

$ 0.11

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

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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The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Note 3 - Financial Instruments and Investments

9 Months Ended

Aug. 31, 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 $17,834 and $17,775 at August 31, 2024 and November 25, 2023, respectively, consisted of CDs. At August 31, 2024, the CDs had original terms averaging seven months, bearing interest at rates ranging from 0.7% to 5.4% and the weighted average remaining time to maturity was approximately five months and the weighted average yield of the CDs was approximately 4.69%. 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 August 31, 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.

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Note 14 - Changes to Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 684	$ 486

Note 13 - Revenue Recognition

9 Months Ended

Aug. 31, 2024

Revenue from Contract with Customer [Text Block]

13. 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 $23,700 and $22,788 as of August 31, 2024 and November 25, 2023, respectively. Substantially all 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 nine months ended August 31, 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 August 31, 2024 and November 25, 2023, our balance of prepaid commissions included in other current assets was $2,559 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 and nine months ended August 31, 2024 and August 26, 2023, excluding intercompany transactions between our segments, is a follows:

	Quarter Ended
	August 31, 2024								August 26, 2023
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	17,854	$	25,631	$	-	$	43,485	$	19,985	$	30,177	$	-	$	50,162
Bassett Leather		3,730		1,229		-		4,959		6,743		337		-		7,080
Bassett Custom Wood		2,748		7,617		-		10,365		3,564		7,697		-		11,261
Bassett Casegoods		3,043		5,909		-		8,952		2,865		7,027		-		9,892
Accessories, mattresses and other (1)		-		6,870		988		7,858		-		7,026		1,796		8,822
Consolidated net sales of furniture and accessories	$	27,375	$	47,256	$	988	$	75,619	$	33,157	$	52,264	$	1,796	$	87,217

	Nine Months Ended
	August 31, 2024								August 26, 2023
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	60,046	$	82,690	$	-	$	142,736	$	68,641	$	101,047	$	-	$	169,688
Bassett Leather		11,254		3,173		-		14,427		19,630		1,408		-		21,038
Bassett Custom Wood		9,933		24,336		-		34,269		12,642		27,164		-		39,806
Bassett Casegoods		8,938		19,684		-		28,622		9,473		24,848		-		34,321
Accessories, mattresses and other (1)		-		21,595		3,934		25,529		-		23,537		7,044		30,581
Consolidated net sales of furniture and accessories	$	90,171	$	151,478	$	3,934	$	245,583	$	110,386	$	178,004	$	7,044	$	295,434

(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 and August 26, 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.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Current assets
Cash and cash equivalents	$ 38,329	$ 52,407
Short-term investments	17,834	17,775
Accounts receivable, net	12,974	13,736
Inventories	56,138	62,982
Recoverable income taxes	2,846	2,574
Other current assets	9,421	8,480
Total current assets	137,542	157,954
Property and equipment, net	78,564	83,981
Deferred income taxes	7,410	4,645
Goodwill and other intangible assets	14,199	16,067
Right of use assets under operating leases	90,274	100,888
Other	7,873	6,889
Total long-term assets	119,756	128,489
Total assets	335,862	370,424
Current liabilities
Accounts payable	14,232	16,338
Accrued compensation and benefits	6,595	8,934
Customer deposits	23,700	22,788
Current portion operating lease obligations	18,504	18,827
Other current liabilites and accrued expenses	10,086	11,003
Total current liabilities	73,117	77,890
Long-term liabilities
Post employment benefit obligations	10,885	10,207
Long-term portion of operating lease obligations	85,310	97,357
Other long-term liabilities	1,514	1,529
Total long-term liabilities	97,709	109,093
Stockholders’ equity
Common stock	43,674	43,842
Retained earnings	121,387	139,354
Additional paid-in capital	0	93
Accumulated other comprehensive income (loss)	(25)	152
Total stockholders' equity	165,036	183,441
Total liabilities and stockholders’ equity	$ 335,862	$ 370,424

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($)
$ in Thousands

9 Months Ended

Aug. 31, 2024

Aug. 26, 2023

$ 5,183

4,954

$ 3,814

(4,068)

Operating Segments [Member] | Wholesale Segment [Member]

6,069

4,145

3,930

(3,700)

Operating Segments [Member] | Retail Segment [Member]

4,375

1,038

524

(368)

Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]

1,194

^[1]

^[1]

500

^[1]

^[1]

$ 500

[1]	Consists of a $500 reserve established against the retail inventory held by Noa Home due to our decision to cease operations by selling the remaining inventory in an orderly fashion over the next several months.

Note 9 - Other Gains and Losses

9 Months Ended

Aug. 31, 2024

Other Gains and Losses [Text Block]

9. Other Gains and Losses

Fiscal 2024

During the three and nine months ended August 31, 2024, we recognized a charge of $1,240 to accrue the remaining minimum charges payable under a contract for logistical services which our wholesale segment ceased utilizing during the third fiscal quarter of 2024. These minimum payments will continue through January of 2026.

During the nine months ended August 31, 2024, we recognized non-cash charges for asset impairments totaling $5,515 which consisted of the following:

●

$2,887 in our retail segment which included $1,978 related to the impairment of leasehold improvements and $750 from the impairment of right-of-use assets at certain underperforming retail stores, as well as $159 for the impairment of right-of-use assets at certain warehouse locations resulting from the consolidation of our retail warehouses.

●

$727 for the impairment of plant and equipment in our wholesale segment related to the consolidation of our domestic wood production facilities.

●

$1,901 for the impairment of long-lived assets at Noa Home. During the second quarter we concluded that Noa Home was not likely to achieve profitability in the foreseeable future and have decided to cease operations by selling the remaining inventory in an orderly fashion over the next several months. $1,827 of these charges are for the full impairment of the Noa Home trade name intangible asset, and $74 relates to the full impairment of customized software used in the Noa Home operations.

Our estimates of the fair value of the impaired right-of-use assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurement and Disclosure.

Fiscal 2023

During the nine months ended August 26, 2023, we recognized a non-cash gain of $1,013 resulting from the write-down of our contingent consideration obligation to the former owners of Noa Home. Subsequent to the acquisition of Noa Home on September 2, 2022, the parties concluded that the revenue and EBITDA targets originally set forth in the purchase agreement by which the Noa Home co-founders were to earn the contingent consideration were likely not to be met within the originally anticipated time frame and therefore agreed to replace the contingent consideration payable that was recognized at the acquisition date with two fixed payments of C$200 each. The first payment was made in June of 2023 and the second payment will be made in December of 2024.

Note 12 - Segment Information

9 Months Ended

Aug. 31, 2024

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 periods ended August 31, 2024 and August 26, 2023, the only such operating segment included in Corporate and other is Noa Home, which was acquired on September 2, 2022. All sales reported in our Corporate and other category are attributable to Noa Home, which generates substantially all of its sales outside of the United States. During the second fiscal quarter of 2024 we concluded that Noa Home was not likely to achieve profitability in the foreseeable future and have decided to cease operations by selling the remaining inventory in an orderly fashion over the next several months.

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						Nine Months Ended
	August 31, 2024			August 26, 2023			August 31, 2024			August 26, 2023
Sales Revenue
Wholesale sales of furniture and accessories	$	47,828		$	56,660		$	155,138		$	188,318
Less: Sales to retail segment		(20,453	)		(23,503	)		(64,967	)		(77,932	)
Wholesale sales to external customers		27,375			33,157			90,171			110,386
Retail sales of furniture and accessories		47,256			52,264			151,478			178,004
Corporate and other - Noa Home		988			1,796			3,934			7,044
Consolidated net sales of furniture and accessories	$	75,619		$	87,217		$	245,583		$	295,434

Income (Loss) before Income Taxes:
Income (loss) from operations:
Wholesale	$	4,440		$	6,340		$	16,886		$	22,339
Retail - Company-owned stores		(2,840	)		(3,036	)		(6,674	)		(751	)
Net expenses - Corporate and other		(6,963	)		(7,420	)		(21,500	)		(22,140	)
Inter-company elimination		246			312			867			917
Asset impairment charges (see Note 9)		-			-			(5,515	)		-
Loss on contract abandonment (see Note 9)		(1,240	)		-			(1,240	)
Gain on revaluation of contingent consideration (see Note 9)		-			-			-			1,013
Consolidated income (loss) from operations		(6,357	)		(3,804	)		(17,176	)		1,378

Interest income		692			923			2,075			1,644
Other loss, net		(109	)		(309	)		(489	)		(1,381	)
Consolidated income (loss) before income taxes	$	(5,774	)	$	(3,190	)	$	(15,590	)	$	1,641

Depreciation and Amortization
Wholesale	$	587		$	618		$	1,835		$	1,838
Retail - Company-owned stores		1,073			1,335			3,790			4,167
Corporate and other		662			640			1,988			1,497
Consolidated	$	2,322		$	2,593		$	7,613		$	7,502

Capital Expenditures
Wholesale	$	385		$	715		$	919		$	2,064
Retail - Company-owned stores		510			4,776			2,680			7,798
Corporate and other		142			1,761			1,121			4,795
Consolidated	$	1,037		$	7,252		$	4,720		$	14,657

	As of		As of
	August 31, 2024		November 25, 2023
Identifiable Assets
Wholesale	$	88,835	$	99,004
Retail - Company-owned stores		155,271		166,604
Corporate and other		91,756		104,816
Consolidated	$	335,862	$	370,424

See Note 13, 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.

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Note 2 - Interim Financial Presentation and Other Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Effective Income Tax Rate Reconciliation, Percent	22.00%	18.80%	17.30%	43.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 3,476	$ 6,026

Note 8 - Post Employment Benefit Obligations (Tables)

9 Months Ended

Aug. 31, 2024

Schedule of Pension Liability [Table Text Block]

	August 31, 2024		November 25, 2023
Accrued compensation and benefits	$	792	$	792
Post employment benefit obligations		6,280		6,220
Total pension liability	$	7,072	$	7,012

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended					Nine Months Ended
	August 31, 2024			August 26, 2023		August 31, 2024			August 26, 2023
Service cost	$	3		$	7	$	10		$	20
Interest cost		98			93		293			278
Amortization of prior service costs		26			31		77			94
Amortization of loss		(16	)		-		(48	)		-
Net periodic pension cost	$	111		$	131	$	332		$	392

Schedule of Deferred Compensation Liability [Table Text Block]

	August 31, 2024		November 25, 2023
Accrued compensation and benefits	$	329	$	329
Post employment benefit obligations		4,605		3,987
Total deferred compensation liability	$	4,934	$	4,316

Recognized Deferred Compensation Expense [Table Text Block]

	Quarter Ended				Nine Months Ended
	August 31, 2024		August 26, 2023		August 31, 2024		August 26, 2023
Deferred compensation expense (benefit)	$	255	$	166	$	881	$	363

Note 13 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Contract with Customer, Liability, Current	$ 23,700	$ 22,788
Other Current Assets [Member] \| Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 2,559	$ 2,245

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Service cost	$ 3	$ 7	$ 10	$ 20
Interest cost	98	93	293	278
Amortization of prior service costs	26	31	77	94
Amortization of loss	(16)	0	(48)	0
Net periodic pension cost	$ 111	$ 131	$ 332	$ 392

Note 6 - Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Aug. 31, 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)
Goodwill	0
Corporate Segment and Other Operating Segment [Member]
Goodwill, Gross	5,409
Goodwill accumulated impairment	(5,409)
Goodwill	$ 0

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Consolidated net sales of furniture and accessories

Note 12 - Segment Information - Segment Information by Segment (Details) - USD ($)
$ in Thousands

2 Months Ended

3 Months Ended

9 Months Ended

Aug. 06, 2023

Aug. 31, 2024

Aug. 26, 2023

Aug. 31, 2024

Aug. 26, 2023

Nov. 25, 2023

$ 87,217

$ 75,619

$ 87,217

$ 245,583

$ 295,434

$ 335,862

335,862

$ 370,424

Asset impairment charges (see Note 9)

(6,357)

(3,804)

(17,176)

1,378

(5,515)

Loss on contract abandonment (see Note 9)

(1,240)

Gain on revaluation of contingent consideration

1,013

Interest income

692

923

2,075

1,644

Other loss, net

(109)

(309)

(489)

(1,381)

Income (loss) before income taxes

(5,774)

(3,190)

(15,590)

1,641

2,322

2,593

7,613

7,502

Wholesale Segment [Member]

1,037

7,252

4,720

14,657

Consolidated net sales of furniture and accessories

33,157

27,375

33,157

90,171

110,386

Retail Segment [Member]

Consolidated net sales of furniture and accessories

52,264

47,256

151,478

178,004

Corporate Segment and Other Operating Segment [Member]

Consolidated net sales of furniture and accessories

$ 1,796

988

^[1]

3,934

^[1]

7,044

91,756

104,816

(6,963)

(7,420)

(21,500)

(22,140)

662

640

1,988

1,497

Operating Segments [Member] | Wholesale Segment [Member]

142

1,761

1,121

4,795

Consolidated net sales of furniture and accessories

47,828

56,660

155,138

188,318

88,835

99,004

4,440

6,340

16,886

22,339

587

618

1,835

1,838

Operating Segments [Member] | Retail Segment [Member]

385

715

919

2,064

Consolidated net sales of furniture and accessories

47,256

52,264

151,478

178,004

$ 155,271

155,271

$ 166,604

1,073

1,335

3,790

4,167

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

510

4,776

2,680

7,798

Consolidated net sales of furniture and accessories

988

1,796

3,934

7,044

Operating Segments [Member] | Retail Segments [Member]

Intersegment Eliminations [Member]

(2,840)

(3,036)

(6,674)

(751)

Intersegment Eliminations [Member] | Wholesale Segment [Member]

246

312

867

917

Consolidated net sales of furniture and accessories

$ (20,453)

$ (23,503)

$ (64,967)

$ (77,932)

[1]	Corporate and other for the three and nine months ended August 31, 2024 and August 26, 2023 includes the sales of Noa Home.

Note 11 - Earnings (Loss) Per Share (Tables)

9 Months Ended

Aug. 31, 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 August 31, 2024:

Basic loss per share	$	(4,505	)		8,725,008	$	(0.52	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted loss per share - continuing operations	$	(4,505	)		8,725,008	$	(0.52	)

For the quarter ended August 26, 2023:

Basic earnings per share	$	(2,591	)		8,736,096	$	(0.30	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted earnings per share	$	(2,591	)		8,736,096	$	(0.30	)

For the nine months ended August 31, 2024:

Basic earnings per share - continuing operations	$	(12,899	)		8,742,766	$	(1.48	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted earnings per share - continuing operations	$	(12,899	)		8,742,766	$	(1.48	)

For the nine months ended August 26, 2023:

Basic earnings per share - continuing operations	$	930			8,804,718	$	0.11
Add effect of dilutive securities:
Restricted shares		-			15,934		-
Diluted earnings per share - continuing operations	$	930			8,820,652	$	0.11

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

Quarter Ended

Nine Months Ended

August 31, 2024

August 26, 2023

August 31, 2024

August 26, 2023

Unvested shares

64,409

100,313

64,409

66,113

Note 11 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Unvested Shares [Member]
Unvested shares (in shares)	64,409	100,313	64,409	66,113

Note 14 - Changes to Stockholders' Equity (Tables)

9 Months Ended

Aug. 31, 2024

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended						Nine Months Ended

	August 31, 2024			August 26, 2023			August 31, 2024			August 26, 2023
Common Stock:

Beginning of period	$	43,808		$	43,900		$	43,842		$	44,759
Issuance of common stock		100			101			291			288
Purchase and retirement of common stock		(234	)		(201	)		(459	)		(1,247	)
End of period	$	43,674		$	43,800		$	43,674		$	43,800

Common Shares Issued and Outstanding:

Beginning of period		8,761,332			8,779,912			8,768,221			8,951,839
Issuance of common stock		20,139			19,996			58,256			57,406
Purchase and retirement of common stock		(46,843	)		(40,143	)		(91,849	)		(249,480	)
End of period		8,734,628			8,759,765			8,734,628			8,759,765

Additional Paid-in Capital:

Beginning of period	$	52		$	-		$	93		$	-
Issuance of common stock		(4	)		(2	)		(16	)		(12	)
Purchase and retirement of common stock		(246	)		(210	)		(671	)		(624	)
Stock based compensation		198			212			594			636
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	127,807		$	149,393		$	139,354		$	150,800
Net income (loss) for the period		(4,505	)		(2,591	)		(12,899	)		930
Purchase and retirement of common stock		(158	)		(196	)		(158	)		(2,293	)
Cash dividends declared		(1,756	)		(1,575	)		(4,909	)		(4,406	)
End of period	$	121,388		$	145,031		$	121,388		$	145,031

Accumulated Other Comprehensive Loss:

Beginning of period	$	(7	)	$	(108	)	$	152		$	50
Cumulative translation adjustments, net of tax		(24	)		31			(198	)		(174	)
Amortization of pension costs, net of tax		6			23			21			70
End of period	$	(25	)	$	(54	)	$	(25	)	$	(54	)

Note 4 - Accounts Receivable - Schedule of Credit Losses for Financing Receivables (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2024 USD ($)
Balance	$ 535
Additions charged to expense	595
Write-offs against allowance	(78)
Balance	$ 1,052

Note 12 - Segment Information (Tables)

9 Months Ended

Aug. 31, 2024

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

	Quarter Ended						Nine Months Ended
	August 31, 2024			August 26, 2023			August 31, 2024			August 26, 2023
Sales Revenue
Wholesale sales of furniture and accessories	$	47,828		$	56,660		$	155,138		$	188,318
Less: Sales to retail segment		(20,453	)		(23,503	)		(64,967	)		(77,932	)
Wholesale sales to external customers		27,375			33,157			90,171			110,386
Retail sales of furniture and accessories		47,256			52,264			151,478			178,004
Corporate and other - Noa Home		988			1,796			3,934			7,044
Consolidated net sales of furniture and accessories	$	75,619		$	87,217		$	245,583		$	295,434

Income (Loss) before Income Taxes:
Income (loss) from operations:
Wholesale	$	4,440		$	6,340		$	16,886		$	22,339
Retail - Company-owned stores		(2,840	)		(3,036	)		(6,674	)		(751	)
Net expenses - Corporate and other		(6,963	)		(7,420	)		(21,500	)		(22,140	)
Inter-company elimination		246			312			867			917
Asset impairment charges (see Note 9)		-			-			(5,515	)		-
Loss on contract abandonment (see Note 9)		(1,240	)		-			(1,240	)
Gain on revaluation of contingent consideration (see Note 9)		-			-			-			1,013
Consolidated income (loss) from operations		(6,357	)		(3,804	)		(17,176	)		1,378

Interest income		692			923			2,075			1,644
Other loss, net		(109	)		(309	)		(489	)		(1,381	)
Consolidated income (loss) before income taxes	$	(5,774	)	$	(3,190	)	$	(15,590	)	$	1,641

Depreciation and Amortization
Wholesale	$	587		$	618		$	1,835		$	1,838
Retail - Company-owned stores		1,073			1,335			3,790			4,167
Corporate and other		662			640			1,988			1,497
Consolidated	$	2,322		$	2,593		$	7,613		$	7,502

Capital Expenditures
Wholesale	$	385		$	715		$	919		$	2,064
Retail - Company-owned stores		510			4,776			2,680			7,798
Corporate and other		142			1,761			1,121			4,795
Consolidated	$	1,037		$	7,252		$	4,720		$	14,657

	As of		As of
	August 31, 2024		November 25, 2023
Identifiable Assets
Wholesale	$	88,835	$	99,004
Retail - Company-owned stores		155,271		166,604
Corporate and other		91,756		104,816
Consolidated	$	335,862	$	370,424

Note 4 - Accounts Receivable (Tables)

9 Months Ended

Aug. 31, 2024

Schedule Of Accounts Receivable [Table Text Block]

	August 31, 2024			November 25, 2023
Gross accounts receivable	$	14,026		$	14,271
Allowance for doubtful accounts		(1,052	)		(535	)
Accounts receivable, net	$	12,974		$	13,736

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

Balance at November 25, 2023	$	535
Additions charged to expense		595
Write-offs against allowance		(78	)
Balance at August 31, 2024	$	1,052

Note 6 - Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Aug. 31, 2024

Schedule of Intangible Assets and Goodwill [Table Text Block]

	August 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(379	)	$	133

Intangibles not subject to amortization:
Trade names							6,849
Goodwill							7,217
Total goodwill and other intangible assets						$	14,199

	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				Nine Months Ended

	August 31, 2024		August 26, 2023		August 31, 2024		August 26, 2023

Intangible asset amortization expense	$	14	$	14	$	43	$	43

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

Remainder of fiscal 2024	$	14
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Fiscal 2029		-
Total	$	133

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 1 - Basis of Presentation

9 Months Ended

Aug. 31, 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 40 weeks of operations for the nine months ended August 31, 2024 as compared with 39 weeks included in the nine months ended August 26, 2023.

Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income or Stockholders' equity.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Net income (loss)	$ (4,505)	$ (2,591)	$ (12,899)	$ 930
Other comprehensive income (loss):
Foreign currency translation adjustments	(32)	42	(266)	(237)
Income taxes related to foreign currency translation adjustments	8	(11)	68	63
Amortization associated with Long Term Cash Awards (LTCA)	16	31	46	98
Income taxes related to LTCA	(4)	(8)	(12)	(28)
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	(5)	0	(16)	0
Income taxes related to SERP	1	0	4	0
Other comprehensive income (loss), net of tax	(16)	54	(176)	(104)
Total comprehensive income (loss)	$ (4,521)	$ (2,537)	$ (13,075)	$ 826

Note 14 - Changes to Stockholders' Equity

9 Months Ended

Aug. 31, 2024

Equity [Text Block]

14. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three and nine months ended August 31, 2024 and August 26, 2023:

	Quarter Ended						Nine Months Ended

	August 31, 2024			August 26, 2023			August 31, 2024			August 26, 2023
Common Stock:

Beginning of period	$	43,808		$	43,900		$	43,842		$	44,759
Issuance of common stock		100			101			291			288
Purchase and retirement of common stock		(234	)		(201	)		(459	)		(1,247	)
End of period	$	43,674		$	43,800		$	43,674		$	43,800

Common Shares Issued and Outstanding:

Beginning of period		8,761,332			8,779,912			8,768,221			8,951,839
Issuance of common stock		20,139			19,996			58,256			57,406
Purchase and retirement of common stock		(46,843	)		(40,143	)		(91,849	)		(249,480	)
End of period		8,734,628			8,759,765			8,734,628			8,759,765

Additional Paid-in Capital:

Beginning of period	$	52		$	-		$	93		$	-
Issuance of common stock		(4	)		(2	)		(16	)		(12	)
Purchase and retirement of common stock		(246	)		(210	)		(671	)		(624	)
Stock based compensation		198			212			594			636
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	127,807		$	149,393		$	139,354		$	150,800
Net income (loss) for the period		(4,505	)		(2,591	)		(12,899	)		930
Purchase and retirement of common stock		(158	)		(196	)		(158	)		(2,293	)
Cash dividends declared		(1,756	)		(1,575	)		(4,909	)		(4,406	)
End of period	$	121,388		$	145,031		$	121,388		$	145,031

Accumulated Other Comprehensive Loss:

Beginning of period	$	(7	)	$	(108	)	$	152		$	50
Cumulative translation adjustments, net of tax		(24	)		31			(198	)		(174	)
Amortization of pension costs, net of tax		6			23			21			70
End of period	$	(25	)	$	(54	)	$	(25	)	$	(54	)

The balance of cumulative translation adjustments, net of tax, was a net loss of $684 and $486 at August 31, 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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Note 10 - Commitments and Contingencies

9 Months Ended

Aug. 31, 2024

Commitments Contingencies and Guarantees [Text Block]

10. 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 licensee lease obligation guarantees in the amounts of $5,226 and $1,845 at August 31, 2024 and November 25, 2023, respectively. The remaining term under these lease guarantees extends for six 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 these lease guarantees (an estimate of the cost to the Company to perform on the guarantee) at August 31, 2024 and November 25, 2023 was not material.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Net sales of furniture and accessories	$ 75,619	$ 87,217	$ 245,583	$ 295,434
Cost of furniture and accessories sold	35,526	42,173	113,863	140,360
Gross profit	40,093	45,044	131,720	155,074
Selling, general and administrative expenses	45,210	48,848	142,141	154,709
Loss on contract abandonment	1,240	0	1,240	0
Asset impairment charges	0	0	5,515	0
Gain on revaluation of contingent consideration	0	0	0	1,013
Interest (loss) from operations	(6,357)	(3,804)	(17,176)	1,378
Interest income	692	923	2,075	1,644
Other loss, net	(109)	(309)	(489)	(1,381)
Income (loss) before income taxes	(5,774)	(3,190)	(15,590)	1,641
Income tax expense (benefit)	(1,269)	(599)	(2,691)	711
Net income (loss)	$ (4,505)	$ (2,591)	$ (12,899)	$ 930
Basic earnings (loss) per share (in dollars per share)	$ (0.52)	$ (0.3)	$ (1.48)	$ 0.11
Diluted earnings (loss) per share (in dollars per share)	(0.52)	(0.3)	(1.48)	0.11
Regular dividends per share (in dollars per share)	$ 0.2	$ 0.18	$ 0.54	$ 0.5

Note 12 - Segment Information (Details Textual)	9 Months Ended
Note 12 - Segment Information (Details Textual)	Aug. 31, 2024
Number of Reportable Segments	2

Note 9 - Other Gains and Losses (Details Textual) $ in Thousands, $ in Millions	3 Months Ended			9 Months Ended
	Aug. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)	Aug. 26, 2023 USD ($)	Aug. 31, 2024 USD ($)	Aug. 26, 2023 USD ($)	Dec. 31, 2024 CAD ($)
Loss on Contract Termination	$ 1,240	$ 1,240	$ 0	$ 1,240	$ 0
Asset Impairment Charges, Excluding Goodwill	0		0	5,515	0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ (0)		$ (0)	(0)	(1,013)
Noa Home Inc. [Member]
Tangible Asset Impairment Charges				1,901
Impairment, Long-Lived Asset, Held-for-Use				74
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)				1,827
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					$ (1,013)
Noa Home Inc. [Member] \| Forecast [Member]
Business Combination, Contingent Consideration, Liability						$ 0.2
Retail Segment [Member]
Tangible Asset Impairment Charges				2,887
Retail Segment [Member] \| Underperforming Retail Stores [Member]
Operating Lease, Impairment Loss				750
Retail Segment [Member] \| Warehouse Locations [Member]
Operating Lease, Impairment Loss				159
Retail Segment [Member] \| Leasehold Improvements [Member]
Impairment, Long-Lived Asset, Held-for-Use				1,978
Wholesale Segment [Member]
Tangible Asset Impairment Charges				$ 727

Note 7 - Bank Credit Facility

9 Months Ended

Aug. 31, 2024

Debt Disclosure [Text Block]

7. Bank Credit Facility

On May 15, 2024, we entered into the Eighth Amended and Restated Credit Agreement with our bank (the “Credit Facility”). This credit facility provides for a line of credit of up to $25,000. At August 31, 2024, we had $6,013 outstanding under standby letters of credit against our line. The line bears interest at the One-Month Term Secured Overnight Financing Rate (“One-Month Term SOFR”) plus 1.75% and is secured by our accounts receivable and inventory. Our bank charges a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the Credit Facility, Consolidated Minimum Tangible Net Worth (as defined in the Credit Facility) shall at no time be less than $120,000. In addition, we must maintain the following financial covenants, measured quarterly on a rolling twelve-month basis and commencing as of the end of the first fiscal quarter after the first date that the used commitment (the sum of any outstanding advances plus standby letters of credit) equals or exceeds $8,250:

●

Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Facility) of not less than 1.2 times and

●

Consolidated Lease Adjusted Leverage to EBITDAR Ratio (as defined in the Credit Facility) not to exceed 3.35 times.

Since our used commitment was less than $8,250 at August 31, 2024, we were not required to test the Consolidated Fixed Charge Coverage Ratio or the Consolidated Lease Adjusted Leverage to EBITDAR Ratio. Had we been required to test those ratios, we would not have been able to achieve the required levels for either of these ratios. Consequently, our availability under the Credit Facility is currently limited to an additional $2,237.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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Note 4 - Accounts Receivable

9 Months Ended

Aug. 31, 2024

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

4. Accounts Receivable

Accounts receivable consists of the following:

	August 31, 2024			November 25, 2023
Gross accounts receivable	$	14,026		$	14,271
Allowance for doubtful accounts		(1,052	)		(535	)
Accounts receivable, net	$	12,974		$	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 nine months ended August 31, 2024 was as follows:

Balance at November 25, 2023	$	535
Additions charged to expense		595
Write-offs against allowance		(78	)
Balance at August 31, 2024	$	1,052

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.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Aug. 31, 2024	Aug. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information (c) During the fiscal quarter ended August 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K) for the purchase or sale of the Company’s securities.
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Accrued compensation and benefits	$ 4,934	$ 4,316
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	329	329
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 4,605	$ 3,987

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 5,226	$ 1,845

Note 2 - Interim Financial Presentation and Other Information

9 Months Ended

Aug. 31, 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 and nine months ended August 31, 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 or loss and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income or loss could have a significant impact on our effective tax rate for the respective quarter.

Our effective tax rate was 22.0% and 17.3% for the three and nine months ended August 31, 2024, respectively. The effective rates for the three and nine months ended August 31, 2024 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.

Our effective tax rate was 18.8% and 43.3% for the three and nine months ended August 26, 2023, respectively. The effective rates for the three and nine months ended August 26, 2023 differ from the federal statutory rate of 21% primarily due to the non-taxable gain on revaluation of contingent consideration associated with the acquisition of Noa Home (see Note 9), increases in the valuation allowance placed on deferred tax assets associated with Noa Home and the effects of state income taxes and various permanent differences.

Non-cash Investing and Financing Activity

During the nine months ended August 31, 2024 and August 26, 2023, $3,476 and $6,026, respectively, of lease right-of-use assets were added through the recognition of the corresponding lease obligations.

Note 3 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2024	Nov. 25, 2023
Short-Term Investments	$ 17,834	$ 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	5.40%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	4.69%
Certificates of Deposit [Member]
Short-Term Investments	$ 17,834	$ 17,775

Note 15 - Recent Accounting Pronouncements

9 Months Ended

Aug. 31, 2024

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

15. 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 August 31, 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 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 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		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Intangible asset amortization expense	$ 14	$ 14	$ 43	$ 43

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Intangibles subject to amortization, Intangible Assets, Net	$ 133
Trade names	6,849	$ 8,675
Goodwill	7,217	7,217
Total goodwill and other intangible assets	14,199	16,067
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(379)	(337)
Intangibles subject to amortization, Intangible Assets, Net	$ 133	$ 175

Note 13 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

2 Months Ended

3 Months Ended

9 Months Ended

Aug. 06, 2023

Aug. 31, 2024

Aug. 26, 2023

Aug. 31, 2024

Aug. 26, 2023

Wholesale Segment [Member]

$ 87,217

$ 75,619

$ 87,217

$ 245,583

$ 295,434

33,157

27,375

$ 33,157

90,171

110,386

Retail Segment [Member]

Corporate Segment and Other Operating Segment [Member]

52,264

47,256

151,478

178,004

Bassett Custom Upholstery [Member]

1,796

988

^[1]

3,934

^[1]

7,044

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

50,162

43,485

142,736

169,688

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

19,985

17,854

60,046

68,641

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

30,177

25,631

82,690

101,047

^[1]

Bassett Leather [Member]

Bassett Leather [Member] | Wholesale Segment [Member]

7,080

4,959

14,427

21,038

Bassett Leather [Member] | Retail Segment [Member]

6,743

3,730

11,254

19,630

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

337

1,229

3,173

1,408

Bassett Custom Wood [Member]

^[1]

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

11,261

10,365

34,269

39,806

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

3,564

2,748

9,933

12,642

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

7,697

7,617

24,336

27,164

Bassett Casegoods [Member]

^[1]

Bassett Casegoods [Member] | Wholesale Segment [Member]

9,892

8,952

28,622

34,321

Bassett Casegoods [Member] | Retail Segment [Member]

2,865

3,043

8,938

9,473

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

7,027

5,909

19,684

24,848

Accessories, Mattresses and Other [Member]

^[1]

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

^[2]

8,822

7,858

25,529

^[1]

30,581

^[1]

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

^[2]

^[1]

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

^[2]

7,026

6,870

21,595

^[1]

23,537

^[1]

$ 1,796

^[2]

$ 988

^[1]

$ 3,934

^[1],[2]

$ 7,044

^[1],[2]

[1]	Corporate and other for the three and nine months ended August 31, 2024 and August 26, 2023 includes the sales of Noa Home.
[2]	Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans.

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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