Bassett Furniture Industries Inc. Files 2023 Annual Report (10-K)
Ticker: BSET · Form: 10-K · Filed: Jan 25, 2024 · CIK: 10329
| Field | Detail |
|---|---|
| Company | Bassett Furniture Industries INC (BSET) |
| Form Type | 10-K |
| Filed Date | Jan 25, 2024 |
| Risk Level | medium |
| Pages | 14 |
| Reading Time | 16 min |
| Key Dollar Amounts | $5.00, $4 million, $18,478, $35,336 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: 10-K, Annual Report, Bassett Furniture, Financials, Furniture Industry
TL;DR
<b>Bassett Furniture Industries Inc. has filed its 2023 10-K report, detailing financial performance and segment data for the fiscal year ending November 25, 2023.</b>
AI Summary
BASSETT FURNITURE INDUSTRIES INC (BSET) filed a Annual Report (10-K) with the SEC on January 25, 2024. Bassett Furniture Industries Inc. filed its 10-K report for the fiscal year ending November 25, 2023. The filing covers the fiscal year 2023, with data points for 2020, 2021, 2022, and 2023. The company's Standard Industrial Classification is 'WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED)' [2511]. The filing includes details on valuation allowance for deferred tax assets and allowance for credit losses for multiple fiscal years. Key segments mentioned include Retail, Wholesale, and Accessories/Mattresses/Other.
Why It Matters
For investors and stakeholders tracking BASSETT FURNITURE INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bassett Furniture's financial health and operational segments for the fiscal year 2023, crucial for investors assessing performance and future outlook. The detailed segment information (Retail, Wholesale, Accessories/Mattresses/Other) allows stakeholders to understand the performance drivers and potential areas of growth or concern within the company's business structure.
Risk Assessment
Risk Level: medium — BASSETT FURNITURE INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information, but lacks immediate red flags or significant positive disclosures that would skew sentiment. The risk is medium due to the nature of a comprehensive annual report which can reveal underlying business challenges or strengths.
Analyst Insight
Investors should review the detailed financial statements and risk factors within the 10-K to assess Bassett Furniture's performance and strategic positioning in the furniture market.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Retail Segment | ||
| Wholesale Segment | ||
| Accessories, Mattresses and Other | ||
| Corporate and Other |
Key Numbers
- 2023-11-25 — Fiscal Year End (Conformed period of report)
- 2024-01-25 — Filing Date (As of date)
- 500,000 — Value (Associated with valuation allowance for deferred tax assets or allowance for credit losses in prior years.)
- 16 — Number (Possibly related to number of segments or other quantifiable data points not fully detailed in snippet.)
- 5 — Number (Possibly related to number of segments or other quantifiable data points not fully detailed in snippet.)
- 12 — Number (Possibly related to number of segments or other quantifiable data points not fully detailed in snippet.)
- 6 — Number (Possibly related to number of segments or other quantifiable data points not fully detailed in snippet.)
- 5 — Number (Possibly related to number of segments or other quantifiable data points not fully detailed in snippet.)
Key Players & Entities
- BASSETT FURNITURE INDUSTRIES INC (company) — Filer name
- 2023-11-25 (date) — Fiscal year end date
- 2024-01-25 (date) — Filing date
- VA (location) — State of incorporation
- 2511 (other) — Standard Industrial Classification
Forward-Looking Statements
- Bassett Furniture will continue to report on its valuation allowances for deferred tax assets and credit losses in future filings. (BASSETT FURNITURE INDUSTRIES INC) — high confidence, target: 2024-11-25
FAQ
When did BASSETT FURNITURE INDUSTRIES INC file this 10-K?
BASSETT FURNITURE INDUSTRIES INC filed this Annual Report (10-K) with the SEC on January 25, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by BASSETT FURNITURE INDUSTRIES INC (BSET).
Where can I read the original 10-K filing from BASSETT FURNITURE INDUSTRIES INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BASSETT FURNITURE INDUSTRIES INC.
What are the key takeaways from BASSETT FURNITURE INDUSTRIES INC's 10-K?
BASSETT FURNITURE INDUSTRIES INC filed this 10-K on January 25, 2024. Key takeaways: Bassett Furniture Industries Inc. filed its 10-K report for the fiscal year ending November 25, 2023.. The filing covers the fiscal year 2023, with data points for 2020, 2021, 2022, and 2023.. The company's Standard Industrial Classification is 'WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED)' [2511]..
Is BASSETT FURNITURE INDUSTRIES INC a risky investment based on this filing?
Based on this 10-K, BASSETT FURNITURE INDUSTRIES INC presents a moderate-risk profile. The filing is a standard 10-K, which inherently contains detailed financial and operational information, but lacks immediate red flags or significant positive disclosures that would skew sentiment. The risk is medium due to the nature of a comprehensive annual report which can reveal underlying business challenges or strengths.
What should investors do after reading BASSETT FURNITURE INDUSTRIES INC's 10-K?
Investors should review the detailed financial statements and risk factors within the 10-K to assess Bassett Furniture's performance and strategic positioning in the furniture market. The overall sentiment from this filing is neutral.
Filing Stats: 4,115 words · 16 min read · ~14 pages · Grade level 13.7 · Accepted 2024-01-25 16:58:47
Key Financial Figures
- $5.00 — nge on which registered Common Stock ($5.00 par value)   BSET   N
- $4 million — me makeover capabilities. We spent over $4 million on developing and implementing the new
- $18,478 — ore network or independent dealers, was $18,478 at November 25, 2023 and $35,336 at Nov
- $35,336 — s, was $18,478 at November 25, 2023 and $35,336 at November 26, 2022.   3  
Filing Documents
- bset20231125_10k.htm (10-K) — 2311KB
- ex_615370.htm (EX-21) — 12KB
- ex_615371.htm (EX-23.A) — 4KB
- ex_615372.htm (EX-31.A) — 12KB
- ex_615373.htm (EX-31.B) — 12KB
- ex_615374.htm (EX-32.A) — 7KB
- ex_615375.htm (EX-32.B) — 7KB
- ex_618626.htm (EX-97) — 12KB
- 0001437749-24-002203.txt ( ) — 11747KB
- bset-20231125.xsd (EX-101.SCH) — 105KB
- bset-20231125_def.xml (EX-101.DEF) — 694KB
- bset-20231125_lab.xml (EX-101.LAB) — 605KB
- bset-20231125_pre.xml (EX-101.PRE) — 748KB
- bset-20231125_cal.xml (EX-101.CAL) — 105KB
- bset20231125_10k_htm.xml (XML) — 2126KB
FORWARD-LOOKING STATEMENTs
FORWARD-LOOKING STATEMENTs 1 PART I Item 1.
Business
Business 2 Item 1A.
Risk Factors
Risk Factors 7 Item 1B. Unresolved Staff Comments 9 Item 1C. Cybersecurity 9 Item 2.
Properties
Properties 9 Item 3.
Legal Proceedings
Legal Proceedings 10 Item 4. Mine Safety Disclosures 10   Information about our Executive Officers 10   PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6. [Reserved] 11 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12 Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 25 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 26 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 61 Item 9A.
Controls and Procedures
Controls and Procedures 61 Item 9B. Other Information 63 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63   PART III Item 10. Directors, Executive Officers and Corporate Governance 63 Item 11.
Executive Compensation
Executive Compensation 63 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 Item 13. Certain Relationships and Related Transactions, and Director Independence 63 Item 14. Principal Accountant Fees and Services 63
 
Item 15.  Exhibits 64 Item 16. Form 10-K Summary 65       PART IV
SIGNATURES
SIGNATURES 66           As used herein, unless the context otherwise requires, “ Bassett, ” the “ Company, ” “ we, ” “ us ” and “ our ” refer to Bassett Furniture Industries, Incorporated and its subsidiaries. References to 2023, 2022 and 2021 mean the fiscal years ended November 25,2023, November 26, 2022 and November 27, 2021. All three years contained 52 weeks.       SAFE-HARBOR, FORWARD-LOOKING STATEMENTS   This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of Bassett Furniture Industries, Incorporated and subsidiaries. Such forward-looking statements are identified by use of forward-looking words such as “anticipates”, “believes”, “plans”, “estimates”, “expects”, “aimed” and “intends” or words or phrases of similar expression. These forward-looking statements involve certain risks and uncertainties. No assurance can be given that any such matters will be realized. Important factors, which should be read in conjunction with Item 1A “Risk Factors”, that could cause actual results to differ materially from those contemplated by such forward-looking statements include:     ● fluctuations in the cost and availability of raw materials, fuel, labor, delivery costs and sourced products, including those which may result from supply chain disruptions and shortages and the imposition of new or increased duties, tariffs, retaliatory tariffs and trade limitations with respect to foreign-sourced products     ● competitive conditions in the home furnishings industry     ● overall retail traffic levels in stores and on t
         BUSINESS
ITEM 1.          BUSINESS   (dollar amounts in thousands except per share data)   General   Bassett is a leading retailer, manufacturer and marketer of branded home furnishings. Our products are sold primarily through a network of Company-owned and licensee-owned branded stores under the Bassett Home Furnishings (“BHF”) name, with additional distribution through other wholesale channels including multi-line furniture stores, many of which feature Bassett galleries or design centers. We also sell our products through our newly redesigned website at www.bassettfurniture.com . We were founded in 1902 and incorporated under the laws of Virginia in 1930. Our rich 121-year history has instilled the principles of quality, value, and integrity in everything we do, while simultaneously providing us with the expertise to respond to ever-changing consumer tastes and meet the demands of a global economy.   With 87 BHF stores at November 25, 2023, we have leveraged our strong brand name in furniture into a network of Company-owned and licensed stores that focus on providing consumers with a friendly and casual environment for buying furniture and accessories.  Our store program is designed to provide a single source home furnishings retail store that provides a unique combination of stylish, quality furniture and accessories with a high level of customer service.  In order for the Bassett brand to reach markets that cannot be effectively served by our retail store network, we also distribute our products through other wholesale channels including multi-line furniture stores, many of which feature Bassett galleries or design centers. We use a network of over 30 independent sales representatives who have stated geographical territories. These sales representatives are compensated based on a standard commission rate. We believe this blended strategy provides us the greatest a