Bassett Furniture Industries Inc. Files 2024 10-K Report

TL;DR

Bassett Furniture dropped its 2024 10-K. Check financials.

AI Summary

Bassett Furniture Industries Inc. reported its fiscal year 2024 results ending November 30, 2024. The company's financial performance and operational details are outlined in this 10-K filing. Specific financial figures and operational strategies are detailed within the report, providing a comprehensive overview of the company's standing.

Why It Matters

This filing provides investors and stakeholders with a detailed look at Bassett Furniture's financial health and operational performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 500,000 — Operating Lease Liability Noncurrent (Indicates significant long-term lease obligations.)

Key Players & Entities

• BASSETT FURNITURE INDUSTRIES INC (company) — Filer
• 2024 (date) — Fiscal Year End
• 1130 (date) — Fiscal Year End Month/Day
• 540135270 (dollar_amount) — IRS Number
• VA (location) — State of Incorporation

FAQ

Key Financial Figures

• $5.00 — nge on which registered Common Stock ($5.00 par value) BSET NASDAQ Securities
• $2,401 — we recognized non-cash charges totaling $2,401 related to the impairment of certain lo
• $962 — rter of 2024, we recognized a charge of $962 associated with the transfer of the cum
• $21,750 — ore network or independent dealers, was $21,750 at November 30, 2024 and $18,478 at Nov
• $18,478 — s, was $21,750 at November 30, 2024 and $18,478 at November 25, 2023. 3 We use lumber

Filing Documents

• bset20241130_10k.htm (10-K) — 2851KB
• ex_773286.htm (EX-19) — 44KB
• ex_767781.htm (EX-21) — 11KB
• ex_767782.htm (EX-23.A) — 4KB
• ex_767783.htm (EX-31.A) — 13KB
• ex_767784.htm (EX-31.B) — 13KB
• ex_767785.htm (EX-32.A) — 7KB
• ex_767786.htm (EX-32.B) — 7KB
• 0001437749-25-003216.txt ( ) — 13256KB
• bset-20241130.xsd (EX-101.SCH) — 107KB
• bset-20241130_def.xml (EX-101.DEF) — 711KB
• bset-20241130_lab.xml (EX-101.LAB) — 621KB
• bset-20241130_pre.xml (EX-101.PRE) — 770KB
• bset-20241130_cal.xml (EX-101.CAL) — 108KB
• bset20241130_10k_htm.xml (XML) — 2458KB

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 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 Information about our Executive Officers 12 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6. [Reserved] 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 65 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III Item 10. Directors, Executive Officers and Corporate Governance 65 Item 11.

Executive Compensation

Executive Compensation 65 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 65 Item 13. Certain Relationships and Related Transactions, and Director Independence 65 Item 14. Principal Accountant Fees and Services 65 Item 15. Exhibits 66 Item 16. Form 10-K Summary 67 PART IV

SIGNATURES

SIGNATURES 68 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 2024, 2023 and 2022 mean the fiscal years ended November 30, 2024, November 25,2023 and November 26, 2022. Please note that fiscal 2024 contained 53 weeks while fiscal 2023 and 2022 each 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 the web and consumer demand for home furnishings ability of our customers and consumers to obtain affordable credit due to increased interest rates the profitability of the stores (independent licensees and Company-owned retail stores) which may result in future store c

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 website at www.bassettfurniture.com. We were founded in 1902 and incorporated under the laws of Virginia in 1930. Our rich 122-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 30, 2024, 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 ability to effectively distribute our products throughout the United States and ultimately gain market share. The BHF stores feature custom

View Full Filing

View this 10-K filing on SEC EDGAR