0001437749-26-010901 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

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

4. Accounts Receivable

Accounts receivable consists of the following:

	February 28, 2026			November 29, 2025
Gross accounts receivable	$	15,125		$	14,839
Allowance for credit losses		(463	)		(429	)
Accounts receivable, net	$	14,662		$	14,410

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 conditions. Actual credit losses could differ from those estimates. We have elected to use the practical expedient under ASC Topic 326 which allows us to assume that current conditions as of the balance sheet date do not change over the expected life of the receivables, which is generally ninety days or less.

Activity in the allowance for credit losses for the three months ended February 28, 2026 and March 1, 2025 was as follows:

	Three Months Ended
	February 28, 2026			March 1, 2025

Beginning balance	$	429		$	1,097
Additions charged to expense		47			18
Write-offs against allowance		(13	)		(618	)
Ending balance	$	463		$	497

Substantially all of the accounts receivable written off against the reserve during the three months ended February 28, 2026 and March 1, 2025 originated during our fiscal years ended November 29, 2025 and November 30, 2024, respectively.

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.

Note 3 - Financial Instruments and Investments	3 Months Ended
Feb. 28, 2026
Notes to Financial Statements
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, accounts receivable, and accounts payable approximate fair value. Investments Our short-term investments of $17,963 at both February 28, 2026 and November 29, 2025 consisted of CDs. At February 28, 2026, the CDs had original terms averaging seven months, bearing interest at rates ranging from 2.0% to 4.1% and the weighted average remaining time to maturity was approximately five months and the weighted average yield of the CDs was approximately 3.6%. 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 February 28, 2026 and November 29, 2025 approximates their fair value.

Note 3 - Financial Instruments and Investments

3 Months Ended

Feb. 28, 2026

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, accounts receivable, and accounts payable approximate fair value.

Investments

Our short-term investments of $17,963 at both February 28, 2026 and November 29, 2025 consisted of CDs. At February 28, 2026, the CDs had original terms averaging seven months, bearing interest at rates ranging from 2.0% to 4.1% and the weighted average remaining time to maturity was approximately five months and the weighted average yield of the CDs was approximately 3.6%. 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 February 28, 2026 and November 29, 2025 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 11 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Basic earnings per share - continuing operations, Net Income	$ 1,116	$ 1,854
Basic earnings per share - continuing operations, Weighted Average Shares (in shares)	8,615,587	8,678,770
Basic earnings per share - continuing operations, Net Income Per Share (in dollars per share)	$ 0.13	$ 0.21
Restricted shares, Weighted Average Shares (in shares)	36,291	27,665
Diluted earnings per share - continuing operations, Net Income	$ 1,116	$ 1,854
Diluted earnings per share - continuing operations, Weighted Average Shares (in shares)	8,651,878	8,706,435
Diluted earnings per share - continuing operations, Net Income Per Share (in dollars per share)	$ 0.13	$ 0.21

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 9 - Post Employment Benefit Obligations

3 Months Ended

Feb. 28, 2026

Postemployment Benefits Disclosure [Text Block]

9. 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 $5,617 and $5,611 as of February 28, 2026 and November 29, 2025, 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, non-qualified 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 current and former 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 $1,393 and $1,379 as of February 28, 2026 and November 29, 2025, respectively.

Components of net periodic pension costs for our defined benefit plans for the three months ended February 28, 2026 and March 1, 2025 are as follows:

	Quarter Ended
	February 28, 2026			March 1, 2025
Service cost	$	-		$	4
Interest cost		74			81
Amortization of loss		(14	)		(16	)
Net periodic pension cost	$	60		$	69

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 income.

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 $1,580 and $1,562 as of February 28, 2026 and November 29, 2025, 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 $4,181 and $3,968 as of February 28, 2026 and November 29, 2025, respectively.

The non-current portion of the obligations under our defined benefit and deferred compensation plans are included in post employment benefit obligations in the accompanying balance sheets as follows:

	February 28, 2026		November 29, 2025
Defined benefit plans:
Supplemental Plan	$	4,922	$	4,917
LTC Awards		1,273		1,258

Total defined benefit plans		6,195		6,175
Deferred compensation plans:
Management Savings Plan		4,181		3,968
Deferred Compensation Plan		1,253		1,236

Total deferred compensation plans		5,434		5,204

Post employment benefit obligations	$	11,629	$	11,379

The current portion of these post employment benefit obligations totaled $1,142 at both February 28, 2026 and November 29, 2025 and is included in accrued compensation and benefits in the accompanying condensed consolidated balance sheets.

We recognized expense under our deferred compensation arrangements during the three months ended February 28, 2026 and March 1, 2025 of $12 and $34, respectively.

Note 6 - Goodwill (Tables)

3 Months Ended

Feb. 28, 2026

Schedule of Goodwill [Table Text Block]

	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

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

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Note 13 - Revenue Recognition (Tables)

3 Months Ended

Feb. 28, 2026

Disaggregation of Revenue [Table Text Block]

	Quarter Ended
	February 28, 2026						March 1, 2025 (1)
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	17,979	$	28,663	$	46,642	$	18,849	$	31,187	$	50,036
Bassett Leather Imports		4,089		1,208		5,297		4,112		234		4,346
Bassett Custom Wood		2,822		8,141		10,963		3,160		7,706		10,866
Bassett Casegoods		2,905		7,727		10,632		2,747		6,652		9,399
Accessories, mattresses and other (2)		-		6,806		6,806		-		7,515		7,515
Consolidated net sales of furniture and accessories	$	27,795	$	52,545	$	80,340	$	28,868	$	53,294	$	82,162

Note 8 - Bank Credit Facility (Details Textual) - USD ($) $ in Thousands	May 15, 2024	Feb. 28, 2026
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Letters of Credit Outstanding, Amount		$ 5,866
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	8,250
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.2
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio	3.35
Line of Credit Facility, Remaining Borrowing Capacity		$ 19,134

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025	Mar. 01, 2025	Nov. 30, 2024
Gross accounts receivable	$ 15,125	$ 14,839
Allowance for credit losses	(463)	(429)
Net accounts receivable	$ 14,662	$ 14,410	$ 14,218	$ 13,181

Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025
Less accumulated amortization	$ (464)	$ (450)
Intangibles subject to amortization, net	48	62
Trade names	6,848	6,848
Total intangible assets	6,896	6,910
Customer Relationships [Member]
Customer relationships	$ 512	$ 512

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025	Mar. 01, 2025	Nov. 30, 2024
Wholesale finished goods	$ 32,373	$ 30,746
Work in process	478	544
Raw materials and supplies	16,978	16,040
Retail merchandise	34,003	32,503
Total inventories on first-in, first-out method	83,832	79,833
LIFO adjustment	(12,122)	(12,016)
Reserve for excess and obsolete inventory	(6,044)	(6,027)	$ (5,579)	$ (5,395)
Inventory, Net	$ 65,666	$ 61,790

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Balance	$ 429	$ 1,097
Additions charged (recoveries credited) to expense	47	18
Write-offs against allowance	(13)	(618)
Balance	$ 463	$ 497

Note 5 - Inventories

3 Months Ended

Feb. 28, 2026

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:

	February 28, 2026			November 29, 2025
Wholesale finished goods	$	32,373		$	30,746
Work in process		478			544
Raw materials and supplies		16,978			16,040
Retail merchandise		34,003			32,503
Total inventories on first-in, first-out method		83,832			79,833
LIFO adjustment		(12,122	)		(12,016	)
Reserve for excess and obsolete inventory		(6,044	)		(6,027	)
	$	65,666		$	61,790

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:

	Three Months Ended February 28, 2026
	Wholesale Segment			Retail Segment			Total

Balance at November 29, 2025	$	4,585		$	1,442		$	6,027
Additions charged to expense		434			176			610
Write-offs		(427	)		(166	)		(593	)
Balance at February 28, 2026	$	4,592		$	1,452		$	6,044

	Three Months Ended March 1, 2025
	Wholesale Segment			Retail Segment			Total

Balance at November 30, 2024	$	4,158		$	1,237		$	5,395
Additions charged to expense		365			161			526
Write-offs		(192	)		(150	)		(342	)
Balance at March 1, 2025	$	4,331		$	1,248		$	5,579

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 2026 and do not anticipate that our methodology is likely to change in the foreseeable future.

Note 2 - Interim Financial Presentation and Other Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Effective Income Tax Rate Reconciliation, Percent	26.50%	27.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 2,787	$ 0
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	15	4
Closed Stores and Warehouses [Member]
Sublease Income	155	103
One Sublease Location [Member]
Sublease Income	$ 118	$ 114

Note 7 - Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Intangible asset amortization expense	$ 14	$ 14

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Note 9 - Post Employment Benefit Obligations - Schedule of Accumulated and Projected Benefit Obligations (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025
Post employment benefit obligations	$ 11,629	$ 11,379
Defined Benefit Plans [Member]
Post employment benefit obligations	6,195	6,175
Deferred Compensation Plans [Member]
Post employment benefit obligations	5,434	5,204
Supplemental Plan [Member] \| Defined Benefit Plans [Member]
Post employment benefit obligations	4,922	4,917
LTC Awards [Member] \| Defined Benefit Plans [Member]
Post employment benefit obligations	1,273	1,258
Management Savings Plan [member]
Post employment benefit obligations	1,393	1,379
Management Savings Plan [member] \| Deferred Compensation Plans [Member]
Post employment benefit obligations	4,181	3,968
Deferred Compensation Plans [Member] \| Deferred Compensation Plans [Member]
Post employment benefit obligations	$ 1,253	$ 1,236

Note 12 - Segment Information (Tables)

3 Months Ended

Feb. 28, 2026

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

	Quarter Ended February 28, 2026
						Corporate &			Intersegment
	Wholesale		Retail			Other			Eliminations			Consolidated

Net sales to external customers	$	27,795	$	52,545		$	-		$	-		$	80,340
Intersegment sales		25,166		-			-			(25,166	)		-
Total net sales		52,961		52,545			-			(25,166	)		80,340
Cost of goods sold		34,467		25,477			-			(24,769	)		35,175
SG&A expense		10,099		28,007			6,118			(311	)		43,913
Other segment items - new store pre-opening costs		-		95			-			-			95
Income (loss) from operations	$	8,395	$	(1,034	)	$	(6,118	)	$	(86	)		1,157
Interest income													553
Other loss, net													(192	)
Income before income taxes												$	1,518

	Quarter Ended March 1, 2025
						Corporate &			Intersegment
	Wholesale		Retail			Other			Eliminations			Consolidated

Net sales to external customers	$	28,868	$	53,294		$	-		$	-		$	82,162
Intersegment sales		24,059		-			-			(24,059	)		-
Total net sales		52,927		53,294			-			(24,059	)		82,162
Cost of goods sold		34,191		24,937			-			(23,796	)		35,332
SG&A expense		10,051		28,405			6,226			(307	)		44,375
Income (loss) from operations	$	8,685	$	(48	)	$	(6,226	)	$	44			2,455
Interest income													559
Other loss, net													(459	)
Income before income taxes												$	2,555

	Quarter Ended
	February 28, 2026		March 1, 2025
Depreciation and Amortization
Wholesale	$	586	$	590
Retail - Company-owned stores		1,003		1,010
Corporate and other		647		646
Consolidated	$	2,236	$	2,246

Capital Expenditures
Wholesale	$	46	$	754
Retail - Company-owned stores		631		69
Corporate and other		186		48
Consolidated	$	863	$	871

	As of		As of
Identifiable Assets	February 28, 2026		November 29, 2025
Wholesale	$	95,222	$	92,805
Retail - Company-owned stores		141,035		140,507
Corporate and other		79,897		90,507
Consolidated	$	316,154	$	323,819

Note 5 - Inventories (Tables)

3 Months Ended

Feb. 28, 2026

Schedule of Inventory, Current [Table Text Block]

	February 28, 2026			November 29, 2025
Wholesale finished goods	$	32,373		$	30,746
Work in process		478			544
Raw materials and supplies		16,978			16,040
Retail merchandise		34,003			32,503
Total inventories on first-in, first-out method		83,832			79,833
LIFO adjustment		(12,122	)		(12,016	)
Reserve for excess and obsolete inventory		(6,044	)		(6,027	)
	$	65,666		$	61,790

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

	Three Months Ended February 28, 2026
	Wholesale Segment			Retail Segment			Total

Balance at November 29, 2025	$	4,585		$	1,442		$	6,027
Additions charged to expense		434			176			610
Write-offs		(427	)		(166	)		(593	)
Balance at February 28, 2026	$	4,592		$	1,452		$	6,044

	Three Months Ended March 1, 2025
	Wholesale Segment			Retail Segment			Total

Balance at November 30, 2024	$	4,158		$	1,237		$	5,395
Additions charged to expense		365			161			526
Write-offs		(192	)		(150	)		(342	)
Balance at March 1, 2025	$	4,331		$	1,248		$	5,579

Note 6 - Goodwill - Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025
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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Note 12 - Segment Information (Details Textual)	3 Months Ended
Note 12 - Segment Information (Details Textual)	Feb. 28, 2026
Number of Reportable Segments	2

Note 12 - Segment Information

3 Months Ended

Feb. 28, 2026

Segment Reporting Disclosure [Text Block]

12. Segment Information

We report segment information consistent with the way our chief operating decision maker (the “CODM”), a single individual who serves as our Board Chair, President and Chief Executive Officer, evaluates the operating results and performance of the Company. We have strategically aligned our business into two reportable segments as defined in ASC 280, Segment Reporting, and as described below:

●

Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which includes Lane Venture.

●

Retail – Company-owned stores. Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores and the Company-owned distribution network utilized to deliver products to our retail customers.

In addition to the two reportable segments described above, we include our remaining business activities and assets in a reconciling category known as Corporate and other. This category includes the shared costs of corporate functions such as treasury and finance, information technology, accounting, human resources, legal and others, including certain product development and marketing functions benefitting both wholesale and retail operations. In addition to property and equipment and various other assets associated with the shared corporate functions, the identifiable assets of Corporate and other include substantially all of our cash and our investments in CDs. We consider our corporate functions to be other business activities and have aggregated them with any of our operating segments that do not meet the requirements to be reportable segments. As of and for the three months ended February 28, 2026 and March 1, 2025, Corporate and other included no other operating segments.

Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate.

For the purpose of evaluating segment performance and allocating resources, our CODM uses a measure of income (loss) from operations excluding special items. These excluded items include such things as asset impairment charges, restructuring charges, and other unusual or infrequent gains and losses which management does not expect to recur on a regular routine basis. During the three months ended February 28, 2026 and March 1, 2025, there were no special items recognized in our results of operations. The CODM assesses performance by regularly reviewing each segment’s significant expense categories which include total cost of goods sold and total SG&A expenses. If these significant expense categories deviate from expected results, the CODM will delegate to his direct reports the task of investigating the underlying causes and, when necessary, making recommendations for remedial action to the CODM for his consideration and approval.

The following tables present our segment information:

	Quarter Ended February 28, 2026
						Corporate &			Intersegment
	Wholesale		Retail			Other			Eliminations			Consolidated

Net sales to external customers	$	27,795	$	52,545		$	-		$	-		$	80,340
Intersegment sales		25,166		-			-			(25,166	)		-
Total net sales		52,961		52,545			-			(25,166	)		80,340
Cost of goods sold		34,467		25,477			-			(24,769	)		35,175
SG&A expense		10,099		28,007			6,118			(311	)		43,913
Other segment items - new store pre-opening costs		-		95			-			-			95
Income (loss) from operations	$	8,395	$	(1,034	)	$	(6,118	)	$	(86	)		1,157
Interest income													553
Other loss, net													(192	)
Income before income taxes												$	1,518

	Quarter Ended March 1, 2025
						Corporate &			Intersegment
	Wholesale		Retail			Other			Eliminations			Consolidated

Net sales to external customers	$	28,868	$	53,294		$	-		$	-		$	82,162
Intersegment sales		24,059		-			-			(24,059	)		-
Total net sales		52,927		53,294			-			(24,059	)		82,162
Cost of goods sold		34,191		24,937			-			(23,796	)		35,332
SG&A expense		10,051		28,405			6,226			(307	)		44,375
Income (loss) from operations	$	8,685	$	(48	)	$	(6,226	)	$	44			2,455
Interest income													559
Other loss, net													(459	)
Income before income taxes												$	2,555

	Quarter Ended
	February 28, 2026		March 1, 2025
Depreciation and Amortization
Wholesale	$	586	$	590
Retail - Company-owned stores		1,003		1,010
Corporate and other		647		646
Consolidated	$	2,236	$	2,246

Capital Expenditures
Wholesale	$	46	$	754
Retail - Company-owned stores		631		69
Corporate and other		186		48
Consolidated	$	863	$	871

	As of		As of
Identifiable Assets	February 28, 2026		November 29, 2025
Wholesale	$	95,222	$	92,805
Retail - Company-owned stores		141,035		140,507
Corporate and other		79,897		90,507
Consolidated	$	316,154	$	323,819

See Note 13, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

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 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	May 02, 2017	Feb. 28, 2026	Mar. 01, 2025	Nov. 29, 2025	Nov. 28, 2025
Postemployment Benefits Liability, Noncurrent		$ 11,629		$ 11,379
Deferred Compensation Arrangement with Individual, Compensation Expense		12	$ 34
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,580		1,562
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		4,181		3,968
Postemployment Benefits Liability, Current		1,142			$ 1,142
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		1,393		1,379
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 5,617		$ 5,611

Note 14 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Beginning of period	$ 165,107
End of period	164,446
Net income (loss) for the period	1,116	$ 1,854
Common Stock [Member]
Beginning of period	43,256	43,681
Issuance of common stock	63	79
Purchase and retirement of common stock	(70)	(298)
End of period	$ 43,249	$ 43,462
Beginning of period (in shares)	8,651,054	8,736,046
Issuance of common stock (in shares)	12,628	15,735
Purchase and retirement of common stock (in shares)	(14,115)	(59,647)
End of period (in shares)	8,649,567	8,692,134
Additional Paid-in Capital [Member]
Beginning of period	$ 0	$ 6
End of period	0	0
Issuance of common stock	15	2
Purchase and retirement of common stock	(120)	(148)
Stock based compensation	105	140
Retained Earnings [Member]
Beginning of period	121,128	122,847
End of period	120,484	122,556
Purchase and retirement of common stock	(30)	(411)
Net income (loss) for the period	1,116	1,854
Cash dividends declared and paid	(1,730)	(1,734)
AOCI Attributable to Parent [Member]
Beginning of period	723	793
End of period	713	781
Amortization of pension costs, net of tax	$ (10)	$ (12)

Note 13 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025	Mar. 01, 2025	Nov. 30, 2024
Accounts Receivable, after Allowance for Credit Loss, Current	$ 14,662	$ 14,410	$ 14,218	$ 13,181
Contract with Customer, Liability, Current	24,745	24,969	25,352	25,742
Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 2,656	$ 2,662	$ 2,805	$ 2,928

Note 11 - Earnings Per Share

3 Months Ended

Feb. 28, 2026

Earnings Per Share [Text Block]

11. Earnings Per Share

Basic earnings per common share is computed by dividing net income allocable to common shares by the weighted average number of common shares outstanding, adjusted for participating securities, if any. The following reconciles basic and diluted earnings per share:

	Net Income		Weighted Average Shares		Earnings Per Share
For the quarter ended February 28, 2026:

Basic earnings per share	$	1,116		8,615,587	$	0.13
Add effect of dilutive securities:
Restricted shares		-		36,291		-
Diluted earnings per share	$	1,116		8,651,878	$	0.13


For the quarter ended March 1, 2025:

Basic earnings per share	$	1,854		8,678,770	$	0.21
Add effect of dilutive securities:
Restricted shares		-		27,665		-
Diluted earnings per share	$	1,854		8,706,435	$	0.21

For the three months ended February 28, 2026 and March 1, 2025, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

	Quarter Ended
	February 28, 2026		March 1, 2025

Unvested shares		-		61,413

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Feb. 28, 2026	Mar. 26, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2026
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)		8,647,234
Entity Central Index Key	0000010329
Current Fiscal Year End Date	--11-29
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Note 11 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Unvested Shares [Member]
Unvested shares (in shares)	0	61,413

Note 14 - Changes to Stockholders' Equity

3 Months Ended

Feb. 28, 2026

Equity [Text Block]

14. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three months ended February 28, 2026 and March 1, 2025:

	Quarter Ended

	February 28, 2026			March 1, 2025
Common Stock:

Beginning of period	$	43,256		$	43,681
Issuance of common stock		63			79
Purchase and retirement of common stock		(70	)		(298	)

End of period	$	43,249		$	43,462

Common Shares Issued and Outstanding:

Beginning of period		8,651,054			8,736,046
Issuance of common stock		12,628			15,735
Purchase and retirement of common stock		(14,115	)		(59,647	)

End of period		8,649,567			8,692,134

Additional Paid-in Capital:

Beginning of period	$	-		$	6
Issuance of common stock		15			2
Purchase and retirement of common stock		(120	)		(148	)
Stock based compensation		105			140

End of period	$	-		$	-

Retained Earnings:

Beginning of period	$	121,128		$	122,847
Net income for the period		1,116			1,854
Purchase and retirement of common stock		(30	)		(411	)
Cash dividends declared and paid		(1,730	)		(1,734	)

End of period	$	120,484		$	122,556

Accumulated Other Comprehensive Income:

Beginning of period	$	723		$	793
Amortization of pension costs, net of tax		(10	)		(12	)

End of period	$	713		$	781

The entire disclosure for equity.

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

3 Months Ended

Feb. 28, 2026

Mar. 01, 2025

Nov. 29, 2025

$ 80,340

$ 82,162

2,236

2,246

316,154

$ 323,819

80,340

82,162

35,175

35,332

43,913

44,375

Income before income taxes

1,157

2,455

Interest income

553

559

Other loss, net

(192)

(459)

1,518

2,555

Operating Segments [Member]

2,236

2,246

316,154

323,819

Intersegment Eliminations [Member]

863

871

(25,166)

(24,059)

(25,166)

(24,059)

(24,769)

(23,796)

(311)

(307)

Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]

(86)

Wholesale Segment [Member]

Wholesale Segment [Member] | Operating Segments [Member]

27,795

28,868

^[1]

27,795

28,868

586

590

95,222

92,805

25,166

24,059

52,961

52,927

754

34,467

34,191

10,099

10,051

8,395

8,685

Retail Segment [Member]

Retail Segment [Member] | Operating Segments [Member]

52,545

53,294

^[1]

52,545

53,294

1,003

1,010

141,035

140,507

52,545

53,294

631

25,477

24,937

28,007

28,405

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

(1,034)

(48)

6,118

6,226

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

(6,118)

(6,226)

647

646

79,897

$ 90,507

$ 186

$ 48

[1]	(1) Certain amounts within each category have been reclassified to conform to the 2026 presentation.

Note 4 - Accounts Receivable (Tables)

3 Months Ended

Feb. 28, 2026

Schedule Of Accounts Receivable [Table Text Block]

	February 28, 2026			November 29, 2025
Gross accounts receivable	$	15,125		$	14,839
Allowance for credit losses		(463	)		(429	)
Accounts receivable, net	$	14,662		$	14,410

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

	Three Months Ended
	February 28, 2026			March 1, 2025

Beginning balance	$	429		$	1,097
Additions charged to expense		47			18
Write-offs against allowance		(13	)		(618	)
Ending balance	$	463		$	497

Note 7 - Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025
Remainder of fiscal 2026	$ 44
Fiscal 2027	4
Total	$ 48	$ 62

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Service cost	$ 0	$ 4
Interest cost	74	81
Amortization of loss	(14)	(16)
Net periodic pension cost	$ 60	$ 69

Note 15 - Recent Accounting Pronouncements

3 Months Ended

Feb. 28, 2026

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

15. Recent Accounting Pronouncements

Effective November 29, 2025, we adopted 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 enhanced disclosures required by ASU 2023-07 are reflected in our segment disclosures in Note 12. The adoption of this guidance related solely to disclosures and did not have an impact upon our financial position or 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 2023-09 become effective for us as of the end of our 2026 fiscal year. We are still assessing the impact of this guidance on our disclosures and plan to adopt ASU 2023-09 for our financial statements for the year ending November 28, 2026.

In November 2024, the FASB issued Accounting Standards Update 2024-03 – Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic ASC 220-40) Disaggregation of Income Statement Expenses. The amendments in this ASU require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. The amendments in ASU 2024-03 will become effective for us for our 2028 fiscal year and for interim periods beginning with our 2029 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.

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 14 - Changes to Stockholders' Equity (Tables)

3 Months Ended

Feb. 28, 2026

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended

	February 28, 2026			March 1, 2025
Common Stock:

Beginning of period	$	43,256		$	43,681
Issuance of common stock		63			79
Purchase and retirement of common stock		(70	)		(298	)

End of period	$	43,249		$	43,462

Common Shares Issued and Outstanding:

Beginning of period		8,651,054			8,736,046
Issuance of common stock		12,628			15,735
Purchase and retirement of common stock		(14,115	)		(59,647	)

End of period		8,649,567			8,692,134

Additional Paid-in Capital:

Beginning of period	$	-		$	6
Issuance of common stock		15			2
Purchase and retirement of common stock		(120	)		(148	)
Stock based compensation		105			140

End of period	$	-		$	-

Retained Earnings:

Beginning of period	$	121,128		$	122,847
Net income for the period		1,116			1,854
Purchase and retirement of common stock		(30	)		(411	)
Cash dividends declared and paid		(1,730	)		(1,734	)

End of period	$	120,484		$	122,556

Accumulated Other Comprehensive Income:

Beginning of period	$	723		$	793
Amortization of pension costs, net of tax		(10	)		(12	)

End of period	$	713		$	781

Note 7 - Intangible Assets

3 Months Ended

Feb. 28, 2026

Intangible Assets Disclosure [Text Block]

7. Intangible Assets

Intangible assets at February 28, 2026 and November 29, 2025 consisted of the following:

	February 28, 2026			November 29, 2025
Intangibles subject to amortization:
Customer relationships	$	512		$	512
Less accumulated amortization		(464	)		(450	)

Intangibles subject to amortization, net		48			62
Intangibles not subject to amortization:
Trade names		6,848			6,848

Total intangible assets	$	6,896		$	6,910

Amortization expense associated with intangible assets during the three months ended February 28, 2026 and March 1, 2025 was as follows:

	Quarter Ended
	February 28, 2026		March 1, 2025

Intangible asset amortization expense	$	14	$	14

Estimated future amortization expense for intangible assets that exist at February 28, 2026 is as follows:

Remainder of fiscal 2026	$	44
Fiscal 2027		4
Total	$	48

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

3 Months Ended

Feb. 28, 2026

Mar. 01, 2025

Wholesale Segment [Member]

$ 80,340

$ 82,162

27,795

28,868

^[1]

Retail Segment [Member]

Bassett Custom Upholstery [Member]

52,545

53,294

^[1]

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

46,642

50,036

^[1]

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

17,979

18,849

^[1]

28,663

31,187

^[1]

Bassett Leather [Member]

Bassett Leather [Member] | Wholesale Segment [Member]

5,297

4,346

^[1]

Bassett Leather [Member] | Retail Segment [Member]

4,089

4,112

^[1]

Bassett Custom Wood [Member]

1,208

234

^[1]

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

10,963

10,866

^[1]

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

2,822

3,160

^[1]

Bassett Casegoods [Member]

8,141

7,706

^[1]

Bassett Casegoods [Member] | Wholesale Segment [Member]

10,632

9,399

^[1]

Bassett Casegoods [Member] | Retail Segment [Member]

2,905

2,747

^[1]

Accessories, Mattresses and Other [Member]

7,727

6,652

^[1]

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

6,806

^[2]

7,515

^[1]

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

^[2]

^[1]

$ 6,806

^[2]

$ 7,515

^[1]

[1]	(1) Certain amounts within each category have been reclassified to conform to the 2026 presentation.
[2]	(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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Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Net sales	$ 80,340	$ 82,162
Cost of goods sold	35,175	35,332
Gross profit	45,165	46,830
Selling, general and administrative expenses	43,913	44,375
New store pre-opening costs	95	0
Income from operations	1,157	2,455
Interest income	553	559
Other loss, net	(192)	(459)
Income before income taxes	1,518	2,555
Income tax expense	402	701
Net income	$ 1,116	$ 1,854
Basic earnings per share (in dollars per share)	$ 0.13	$ 0.21
Diluted earnings per share (in dollars per share)	0.13	0.21
Regular dividends per share (in dollars per share)	$ 0.2	$ 0.2

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 29, 2025
Current assets
Cash and cash equivalents	$ 32,989	$ 41,277
Short-term investments	17,963	17,963
Accounts receivable, net	14,662	14,410
Inventories	65,666	61,790
Recoverable income taxes	627	2,878
Other current assets	8,117	7,224
Total current assets	140,024	145,542
Property and equipment, net	72,215	73,175
Deferred income taxes	6,049	5,979
Goodwill	7,217	7,217
Intangible assets	6,896	6,910
Right of use assets under operating leases	75,230	76,727
Other	8,523	8,269
Total other long-term assets	103,915	105,102
Total assets	316,154	323,819
Current liabilities
Accounts payable	14,812	14,739
Accrued compensation and benefits	6,857	10,227
Customer deposits	24,745	24,969
Current portion of operating lease obligations	17,671	19,299
Other current liabilites and accrued expenses	7,738	7,750
Total current liabilities	71,823	76,984
Long-term liabilities
Post employment benefit obligations	11,629	11,379
Long-term portion of operating lease obligations	67,365	69,353
Other long-term liabilities	891	996
Total long-term liabilities	79,885	81,728
Stockholders’ equity
Common stock	43,249	43,256
Retained earnings	120,484	121,128
Additional paid-in-capital	0	0
Accumulated other comprehensive income	713	723
Total stockholders' equity	164,446	165,107
Total liabilities and stockholders’ equity	$ 316,154	$ 323,819

Note 10 - Commitments and Contingencies

3 Months Ended

Feb. 28, 2026

Legal Matters and Contingencies [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 $3,902 and $4,148 at February 28, 2026 and November 29, 2025, 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 February 28, 2026 and November 29, 2025 was not material.

Lease Commitments

At February 28, 2026, we had commitments for two leases of real property which are expected to commence during fiscal 2026. Together, these leases call for total annual rents averaging approximately $757 per year for an initial term of ten years. Both leases have two five-year renewal options.

Note 8 - Bank Credit Facility

3 Months Ended

Feb. 28, 2026

Debt Disclosure [Text Block]

8. 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 February 28, 2026, we had $5,866 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.

At February 28, 2026, we were in compliance with the Consolidated Minimum Tangible Net Worth requirement. Since our used commitment was less than $8,250 at February 28, 2026, we were not required to test the Consolidated Fixed Charge Coverage Ratio or the Consolidated Lease Adjusted Leverage to EBITDAR Ratio. However, had we been required to test those ratios, we would have been in full compliance. Our availability under the Credit Facility is currently $19,134. On January 9, 2026, the Credit Facility was amended to extend the expiration to January 31, 2029.

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 2 - Interim Financial Presentation and Other Information (Tables)

3 Months Ended

Feb. 28, 2026

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Quarter Ended
	February 28, 2026		March 1, 2025
Federal	$	1,979	$	-
State		68		20

Total income tax refunds received, net	$	2,047	$	20

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Balance	$ 6,027	$ 5,395
Additions charged to expense	610	526
Write-offs	(593)	(342)
Balance	6,044	5,579
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	4,585	4,158
Additions charged to expense	434	365
Write-offs	(427)	(192)
Balance	4,592	4,331
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,442	1,237
Additions charged to expense	176	161
Write-offs	(166)	(150)
Balance	$ 1,452	$ 1,248

Note 3 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Nov. 29, 2025
Short-Term Investments	$ 17,963	$ 17,963
Certificates of Deposit, Average Term	7 months
Minimum [Member]
Interest Rate of Certificates of Deposit	2.00%
Maximum [Member]
Interest Rate of Certificates of Deposit	4.10%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	3.60%
Certificates of Deposit Terms	5 months

Note 6 - Goodwill

3 Months Ended

Feb. 28, 2026

Goodwill Disclosure [Text Block]

6. Goodwill

The carrying amounts of goodwill by reportable segment, including accumulated impairment losses, at both February 28, 2026 and November 29, 2025 were as follows:

	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

The entire disclosure for goodwill.

+ References + Details

Note 2 - Interim Financial Presentation and Other Information

3 Months Ended

Feb. 28, 2026

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 February 28, 2026 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 29, 2025. Certain prior period amounts have been reclassified to conform to current period presentation.

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 26.5% for the three months ended February 28, 2026. The effective rate differs from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences.

Our effective tax rate was 27.4% for the three months ended March 1, 2025. The effective rate differs from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences.

Supplemental Cash Flow Information

During the three months ended February 28, 2026 and March 1, 2025, $2,787 and $0, respectively, of lease right-of-use assets were added through the recognition of the corresponding lease obligations.

Income tax refunds received, net of taxes paid, during the three months ended February 28, 2026 and March 1, 2025 were as follows:

	Quarter Ended
	February 28, 2026		March 1, 2025
Federal	$	1,979	$	-
State		68		20

Total income tax refunds received, net	$	2,047	$	20

Interest paid during the three months ended February 28, 2026 and March 1, 2025 was $15 and $4, respectively.

Lessor Income

We receive lease income as the lessor on a small number of leased premises which we have subleased to other tenants. Sublease income for closed stores and warehouses is included in selling, general and administrative expense in the accompanying condensed consolidated statements of income and was $155 and $103 for the three months ended February 28, 2026 and March 1, 2025, respectively. We also sublease one location to a licensee. This sublease income is included in other loss, net in the accompanying condensed consolidated statements of income and was $118 and $114 for the three months ended February 28, 2026 and March 1, 2026, respectively.

Note 1 - Basis of Presentation

3 Months Ended

Feb. 28, 2026

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 subsidiaries, all of which are wholly owned. 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. As of and for the periods ended February 28, 2026 and March 1, 2025 and as of November 29, 2025 we have concluded that none of the evaluated entities represent VIEs.

Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances. We exclude from revenues amounts collected from customers for sales tax.

Certain amounts for the three months ended March 1, 2025 have been reclassified to conform to the current year’s presentation. See Note 13, Revenue Recognition.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Mar. 01, 2025
Net income	$ 1,116	$ 1,854
Other comprehensive income (loss):
Other comprehensive (loss) income, net of tax	(10)	(12)
Total comprehensive income	1,106	1,842
Supplemental Employee Retirement Plan [Member]
Other comprehensive income (loss):
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	(14)	(16)
Income taxes related to SERP	$ 4	$ 4

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note 11 - Earnings Per Share (Tables)

3 Months Ended

Feb. 28, 2026

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

	Net Income		Weighted Average Shares		Earnings Per Share
For the quarter ended February 28, 2026:

Basic earnings per share	$	1,116		8,615,587	$	0.13
Add effect of dilutive securities:
Restricted shares		-		36,291		-
Diluted earnings per share	$	1,116		8,651,878	$	0.13


For the quarter ended March 1, 2025:

Basic earnings per share	$	1,854		8,678,770	$	0.21
Add effect of dilutive securities:
Restricted shares		-		27,665		-
Diluted earnings per share	$	1,854		8,706,435	$	0.21

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

	Quarter Ended
	February 28, 2026		March 1, 2025

Unvested shares		-		61,413

Note 7 - Intangible Assets (Tables)

3 Months Ended

Feb. 28, 2026

Schedule of Intangible Assets [Table Text Block]

	February 28, 2026			November 29, 2025
Intangibles subject to amortization:
Customer relationships	$	512		$	512
Less accumulated amortization		(464	)		(450	)

Intangibles subject to amortization, net		48			62
Intangibles not subject to amortization:
Trade names		6,848			6,848

Total intangible assets	$	6,896		$	6,910

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

	Quarter Ended
	February 28, 2026		March 1, 2025

Intangible asset amortization expense	$	14	$	14

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

Remainder of fiscal 2026	$	44
Fiscal 2027		4
Total	$	48

Note 13 - Revenue Recognition

3 Months Ended

Feb. 28, 2026

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. Our accounts receivable, net, which are associated with our wholesale segment, were $14,662, $14,410, $14,218 and $13,181 at February 28, 2026, November 29, 2025, March 1, 2025 and November 30, 2024, respectively. 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 $24,745, $24,969, $25,352 and $25,742 as of February 28, 2026, November 29, 2025, March 1, 2025 and November 30, 2024, respectively. Substantially all of the customer deposits held as of November 29, 2025 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 February 28, 2026. Similarly, substantially all of the customer deposits held at February 28, 2026 are expected to be recognized as revenue within the next twelve months.

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At February 28, 2026, November 29, 2025, March 1, 2025 and November 30, 2024, our balance of prepaid commissions included in other current assets was $2,656, $2,662, $2,805 and $2,928, respectively.

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

Disaggregated revenue information for sales of furniture and accessories by product category for the three months ended February 28, 2026 and March 1, 2025, excluding intercompany transactions between our segments, is as follows:

	Quarter Ended
	February 28, 2026						March 1, 2025 (1)
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	17,979	$	28,663	$	46,642	$	18,849	$	31,187	$	50,036
Bassett Leather Imports		4,089		1,208		5,297		4,112		234		4,346
Bassett Custom Wood		2,822		8,141		10,963		3,160		7,706		10,866
Bassett Casegoods		2,905		7,727		10,632		2,747		6,652		9,399
Accessories, mattresses and other (2)		-		6,806		6,806		-		7,515		7,515
Consolidated net sales of furniture and accessories	$	27,795	$	52,545	$	80,340	$	28,868	$	53,294	$	82,162

(1) Certain amounts within each category have been reclassified to conform to the 2026 presentation.

(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.

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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Note 9 - Post Employment Benefit Obligations (Tables)

3 Months Ended

Feb. 28, 2026