BASSETT FURNITURE INDUSTRIES INC Revenue Disclosure
|
19. |
Revenue Recognition |
Disaggregated revenue information for sales of furniture and accessories by product category for fiscal years 2025, 2024 and 2023, excluding intercompany transactions between our segments, is as follows:
|
2025 |
2024 |
2023 |
||||||||||||||||||||||||||||||||||||||||||||||
|
Wholesale |
Retail |
Corporate & Other |
Total |
Wholesale |
Retail |
Corporate & Other (2) |
Total |
Wholesale |
Retail |
Corporate & Other (2) |
Total |
|||||||||||||||||||||||||||||||||||||
|
Bassett Custom Upholstery |
$ | 76,923 | $ | 117,231 | $ | - | $ | 194,154 | $ | 79,281 | $ | 111,943 | $ | - | $ | 191,224 | $ | 89,005 | $ | 134,000 | $ | - | $ | 223,005 | ||||||||||||||||||||||||
|
Bassett Leather |
16,484 | 9,121 | - | 25,605 | 15,705 | 4,990 | - | 20,695 | 26,701 | 1,951 | - | 28,652 | ||||||||||||||||||||||||||||||||||||
|
Bassett Custom Wood |
12,357 | 31,885 | - | 44,242 | 13,735 | 32,201 | - | 45,936 | 17,357 | 36,732 | - | 54,089 | ||||||||||||||||||||||||||||||||||||
|
Bassett Casegoods |
12,835 | 29,218 | - | 42,053 | 11,720 | 26,179 | - | 37,899 | 12,329 | 32,252 | - | 44,581 | ||||||||||||||||||||||||||||||||||||
|
Accessories, mattresses and other (1) |
- | 29,226 | - | 29,226 | - | 29,250 | 4,919 | 34,169 | - | 31,005 | 8,804 | 39,809 | ||||||||||||||||||||||||||||||||||||
|
Consolidated Furniture and Accessories revenue |
$ | 118,599 | $ | 216,681 | $ | - | $ | 335,280 | $ | 120,441 | $ | 204,563 | $ | 4,919 | $ | 329,923 | $ | 145,392 | $ | 235,940 | $ | 8,804 | $ | 390,136 | ||||||||||||||||||||||||
|
(1) |
Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans. |
|
(2) |
For fiscal 2023 and 2024, Corporate and other reconciling category includes the sales of Noa Home, which was acquired on September 2, 2022 and closed at the end of fiscal 2024 following the decision in the second quarter of fiscal 2024 to cease operations and liquidate the remaining inventory. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 10, 2025 | |
| 2023 | Jan 25, 2024 | |
| 2022 | Jan 24, 2023 | |
| 2021 | Jan 31, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.