v3.26.3
Note 13 - Revenue Recognition
 9 Months Ended
Aug. 29, 2026
Notes to Financial Statements  
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 control of the product transfers to the customer. 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 $14,273, $14,410, $13,135 and $13,181 at August 29, 2026, November 29, 2025, August 30, 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 $23,848, $24,969, $23,149 and $25,742 as of August 29, 2026, November 29, 2025, August 30, 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 nine months ended August 29, 2026. Similarly, substantially all of the customer deposits held at August 29, 2026 are expected to be recognized as revenue within the next twelve months.

 

Sales commissions are expensed as part of SG&A 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 29, 2026, November 29, 2025, August 30, 2025 and November 30, 2024, our balance of prepaid commissions included in other current assets was $2,568, $2,662, $2,537 and $2,928, respectively.

 

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

 

Disaggregated revenue information for sales of furniture and accessories by product category for the three and nine months ended August 29, 2026 and August 30, 2025, excluding intercompany transactions between our segments, is as follows:

 

   

Quarter Ended

  
   

August 29, 2026

    

August 30, 2025

  
   

 

Wholesale

    

Retail

    

Total

    

Wholesale

    

Retail (1)

    

Total

  

Bassett Custom Upholstery

   $ 19,759     $ 31,064     $ 50,823     $ 18,704     $ 30,387     $ 49,091  

Bassett Leather Imports

     3,816       731       4,547       3,865       490       4,355  

Bassett Custom Wood

     2,626       8,017       10,643       2,669       6,783       9,452  

Bassett Casegoods

     2,402       7,366       9,768       2,974       7,308       10,282  

Accessories, mattresses and other (2)

     -       7,057       7,057       -       6,923       6,923  

Consolidated net sales of furniture and accessories

   $ 28,603     $ 54,235     $ 82,838     $ 28,212     $ 51,891     $ 80,103  

 

   

Nine Months Ended

  
   

August 29, 2026

    

August 30, 2025

  
   

 

Wholesale

    

Retail

    

Total

    

Wholesale

    

Retail (1)

    

Total

  

Bassett Custom Upholstery

   $ 56,879     $ 92,688     $ 149,567     $ 57,555     $ 92,572     $ 150,127  

Bassett Leather Imports

     11,916       2,050       13,966       11,894       1,058       12,952  

Bassett Custom Wood

     8,137       24,277       32,414       9,016       22,957       31,973  

Bassett Casegoods

     7,672       22,173       29,845       8,731       21,031       29,762  

Accessories, mattresses and other (2)

     -       21,139       21,139       -       21,799       21,799  

Consolidated net sales of furniture and accessories

   $ 84,604     $ 162,327     $ 246,931     $ 87,196     $ 159,417     $ 246,613  

 

(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.