Financial Performance - Consolidated net sales of furniture and accessories for the nine months ended August 28, 2021, totaled $316,522 million, compared to $232,283 million for the same period in 2020, representing an increase of 36.3%[84]. - Consolidated total sales revenue for the nine months ended August 28, 2021, was $356,638, an increase from $267,480 for the same period in 2020, representing a growth of approximately 33.2%[132]. - Income from operations for the nine months ended August 28, 2021, was $18,890, compared to a loss of $11,067 for the same period in 2020, indicating a significant turnaround[126]. - For the quarter ended August 28, 2021, total sales revenue was $104,870, compared to $80,341 for the quarter ended August 29, 2020, marking a year-over-year increase of 30.5%[135]. - Net sales for the three months ended August 28, 2021, increased by $17,630, and for the nine months, they increased by $65,783 compared to the prior year periods[140]. Inventory and Assets - For the three and nine months ended August 28, 2021, total inventories amounted to $73,827, an increase from $54,886 as of November 28, 2020, reflecting a growth of approximately 34.4%[42]. - The balance of reserves for excess quantities and obsolete inventory was $4,444 as of August 28, 2021, down from $4,522 as of November 28, 2020, reflecting a decrease of 1.7%[43]. - The balance of prepaid commissions included in other current assets was $6,073 million as of August 28, 2021, up from $4,279 million as of November 28, 2020, indicating a 42% increase[81]. - The company holds a substantial investment in retail real estate with a net book value of $17,071 million as of August 28, 2021[161]. Liabilities and Debt - The company’s total liabilities related to the unfunded Supplemental Retirement Income Plan were $8,444 as of August 28, 2021, slightly down from $8,565 as of November 28, 2020[49]. - The total liability for all deferred compensation arrangements was $3,372 million as of August 28, 2021, compared to $2,927 million as of November 28, 2020, reflecting an increase of 15.2%[56]. - The company has guaranteed lease obligations of licensee operators amounting to $1,959 million as of August 28, 2021, compared to $1,811 million as of November 28, 2020, indicating a rise of 8.2%[69]. Taxation - The effective tax rates for the three and nine months ended August 28, 2021, were 27.2% and 27.3%, respectively, differing from the federal statutory rate of 21% primarily due to state income taxes and tax deficiencies of $117[30]. - The effective tax rates for the three and nine months ended August 28, 2021, were 27.2% and 27.3%, respectively, differing from the federal statutory rate of 21% due to state income taxes and stock-based compensation[154]. Operational Costs - Cost of furniture and accessories sold as a percentage of total revenue increased due to rising raw material and freight costs, despite improved leverage on fixed costs[112]. - SG&A expenses as a percentage of sales decreased significantly due to higher sales volume and maintained expense reductions from fiscal 2020[112]. - SG&A expenses for the nine months ended August 28, 2021, totaled $145,474, compared to $130,225 for the same period in 2020, representing an increase of 11.7%[132]. Logistical Services - The company’s revenues from logistical services are generated by its wholly-owned subsidiary, Zenith Freight Lines, LLC, although specific revenue figures were not disclosed[21]. - Zenith Freight Lines, LLC, which provides logistical services, generates approximately 65% of its revenue from non-Bassett customers[99]. - Logistical services revenue for the three months ended August 28, 2021, increased by $3,352 million, representing a significant recovery from the prior year due to the impact of the COVID-19 pandemic[149]. Shareholder Activities - The company has $19,348 million remaining authorized under its existing share repurchase plan as of August 28, 2021[157]. - During the nine months ended August 28, 2021, 7,105 restricted shares with an aggregate fair value of $175 million were granted to non-employee directors under the 2021 Stock Incentive Plan[60]. Manufacturing and Production - The company opened an additional 123,000 square foot upholstery manufacturing facility in Newton, NC, to address growing backlogs and expand its product offerings[107]. - Approximately 75% of the products sold are manufactured in the United States, with additional sourcing from Vietnam, Thailand, and China[96]. - The company plans to emphasize its "Made in America" story and utilize locally sourced materials, rebranding its Custom Upholstery line under the Bench Made program[103]. Impairment Charges - The company incurred $1,070 million of non-cash impairment charges in its wholesale segment during the nine months ended August 29, 2020, primarily due to the closure of a manufacturing facility[65]. - The company recorded $11,114 in non-cash asset impairment charges during the nine months ended August 29, 2020, primarily related to underperforming retail stores[127]. - The company recognized a non-cash goodwill impairment charge of $1,971 during the nine months ended August 29, 2020, due to the impact of the COVID-19 pandemic[128].

Bassett Furniture NASDAQ: BSET August 2021 1 Safe Harbor 2 Certain of the statements in this presentation, particularly those preceded by, followed by or including the words "believes," "expects," "anticipates," "intends," "should," "estimates," or similar expressions, or those relating to or anticipating financial results for periods beyond the end of the second fiscal quarter of 2021, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. For t ...

Financial Performance - Total sales revenue for the quarter ended May 29, 2021, was $124.059 million, a significant increase from $63.801 million for the same period in 2020, representing a growth of 94.3%[9] - Net income for the quarter ended May 29, 2021, was $5.974 million, compared to a net loss of $20.352 million for the same quarter in 2020, marking a turnaround in performance[9] - Basic earnings per share for the quarter ended May 29, 2021, was $0.60, compared to a loss of $2.04 per share in the same quarter of the previous year[9] - Income from operations for the three months ended May 29, 2021, was $8,379, a significant recovery from a loss of $31,229 in the prior year[106] - Income from operations for the six months ended May 29, 2021, was $14,400, a significant recovery from a loss of $29,019 in the same period last year[106] - The total sales revenue for the six months ended May 29, 2021, was $237.732 million, compared to $175.921 million for the same period in 2020, reflecting a growth of 35.1%[9] Expenses and Costs - Selling, general, and administrative expenses increased to $50.001 million for the quarter ended May 29, 2021, from $37.730 million in the same quarter of 2020, reflecting a rise of 32.5%[9] - The cost of furniture and accessories sold for the quarter was $52.911 million, up from $29.452 million in the prior year, indicating an increase of 79.8%[9] - SG&A expenses as a percentage of sales decreased to 41.2% for the six months ended May 29, 2021, down from 51.2% in the previous year[107] - Cost of furniture and accessories sold as a percentage of total revenue improved to 42.6% for the six months ended May 29, 2021, compared to 42.5% in the prior year[107] Inventory and Assets - Total inventories as of May 29, 2021, amounted to $67,301, an increase of 22.5% from $54,886 on November 28, 2020[42] - The wholesale segment's reserve for excess quantities and obsolete inventory decreased to $3,155 from $3,421, while the retail segment's reserve increased to $1,119 from $1,101, resulting in a total reserve of $4,274[43] - The balances of assets recognized for shipping revenues earned but not billed were $962 as of May 29, 2021, compared to $783 on November 28, 2020[79] - The company has a substantial investment in retail real estate, with a net book value of $17,199 for properties totaling 201,096 square feet as of May 29, 2021[152] Dividends and Shareholder Returns - The company declared regular dividends of $0.125 per share for the quarter ended May 29, 2021, consistent with the previous year[9] - Stock compensation expense for the quarter ended May 29, 2021, was $48, compared to $124 for the same quarter in 2020, reflecting a decrease of 61.3%[62] - The company granted 7,105 restricted shares with an aggregate fair value of $175 to non-employee directors under the 2021 Stock Incentive Plan[59] Operational Challenges - The company continues to face uncertainties related to the ongoing impact of the COVID-19 pandemic, including potential labor shortages and supply chain disruptions[27] - Supply chain disruptions have caused significant delays in order fulfillment, resulting in abnormally high backlogs, with inflationary pressures leading to multiple wholesale price increases[102] - The company faced ongoing logistical challenges due to COVID-related labor shortages and supply chain disruptions, impacting order fulfillment and increasing backlogs[132] Sales Performance - Consolidated net sales of furniture and accessories for the three months ended May 29, 2021, were $109.997 million, compared to $53.000 million for the same period in 2020, representing a 107% increase[80] - Wholesale orders for the first half of fiscal 2021 increased by 90% compared to the same period in 2020 and represented a 36% increase compared to pre-pandemic levels in the first half of fiscal 2019[102] - The Bassett Custom Upholstery segment generated $61.338 million in total sales for the three months ended May 29, 2021, compared to $29.348 million for the same period in 2020, reflecting a 109% increase[80] - The Bassett Leather segment reported total sales of $18.236 million for the three months ended May 29, 2021, compared to $8.500 million for the same period in 2020, marking a 114% increase[80] - Retail sales for the quarter ended May 29, 2021, totaled $62,483, representing an increase of $29,312 or 88.4% compared to $33,171 for the same period in 2020[136] Financial Position and Liquidity - The company has $63,491 in cash and cash equivalents as of May 29, 2021, indicating sufficient liquidity to fund operations for the foreseeable future[148] - The bank credit facility provides a line of credit of up to $25,000, with $3,181 outstanding under standby letters of credit, leaving $21,819 available[149] - The effective tax rate for the quarter ended May 29, 2021, was 25.8%, differing from the federal statutory rate of 21% primarily due to state income taxes and other permanent differences[30] Future Outlook - The company continues to evaluate store performance, acknowledging a decline in retail traffic over the past three years and the need for potential store count adjustments[98] - The company plans to emphasize its "Made in America" story and utilize locally harvested materials, rebranding its premier Custom Upholstery line under the Bench Made program[99] - The company opened an additional upholstery manufacturing facility in Newton, NC, with a production area of 123,000 square feet, dedicated to the "Everyday Value" product line[103]

Revenue and Sales Performance - Revenue from furniture and accessories for the three months ended February 27, 2021, was $25,914 million, an increase from $23,551 million for the same period in 2020, representing an increase of 10.0%[18] - Total wholesale shipments amounted to $70,264 million for the quarter ended February 27, 2021, a 8.6% increase from $65,017 million for the same period in 2020[67] - Net sales for the wholesale segment for the three months ended February 27, 2021 increased by $5,247 or 8.1% over the prior year period[108] - Retail net sales for the three months ended February 27, 2021 declined by $5,451 or 8.3% from the prior year period, despite a 4.1% increase in written sales[112] - Wholesale orders for Q1 2021 increased by 44% compared to pre-pandemic levels in Q1 2020, resulting in a wholesale backlog of $67,469[95] - The wholesale segment accounted for 61.7% of total shipments, with Bassett Custom Upholstery leading at $43,348[67] Inventory and Accounts Receivable - Total inventories as of February 27, 2021, amounted to $62,936 million, compared to $54,886 million as of November 28, 2020, reflecting an increase of 14.6%[39] - The company reported a total of $76,498 million in inventories on a first-in, first-out method as of February 27, 2021, compared to $68,299 million as of November 28, 2020, an increase of 12.3%[39] - Net accounts receivable as of February 27, 2021, was $24,720 million, up from $22,340 million as of November 28, 2020, indicating an increase of 10.6%[35] - The company’s gross accounts receivable increased to $25,914 million as of February 27, 2021, from $23,551 million as of November 28, 2020, representing an increase of 10.0%[35] - The allowance for doubtful accounts decreased to $1,194 million as of February 27, 2021, from $1,211 million as of November 28, 2020, showing a reduction of 1.4%[36] Financial Position and Cash Flow - The company had cash and cash equivalents totaling $62,748 as of February 27, 2021, indicating sufficient liquidity for operations[120] - Operating cash flow for Q1 2021 was $4,984, an increase of $10,277 compared to Q1 2020, primarily due to higher operating income and increased customer deposits[119] - Overall cash position decreased by $766 in Q1 2021, an improvement of $6,732 compared to a decrease of $7,498 in Q1 2020[120] - Net cash used in investing activities increased by $1,112 to $1,189 in Q1 2021, compared to a net use of $77 in the prior year[120] - Net cash used in financing activities increased by $2,383 to $4,561 in Q1 2021, primarily due to a special dividend of $2,479 declared and paid[120] Operating Expenses and Profitability - SG&A expenses as a percentage of sales for the wholesale segment decreased by 240 basis points due to higher sales volume and expense reductions[108] - Gross margins for the first quarter of 2021 increased by 150 basis points driven by lower promotional activity and improved clearance margins[112] - Income from operations for Q1 2021 was $459 million, a decline of $376 million or 45.0% from $835 million in Q1 2020[113][114] - Net periodic pension cost decreased to $125 million for the three months ended February 27, 2021, compared to $142 million for the same period in 2020, representing a reduction of about 12%[49] Tax and Liabilities - The effective tax rate for the quarter ended February 27, 2021, was 29.4%, down from 34.5% for the quarter ended February 29, 2020[28] - The total deferred compensation liability increased to $3,197 million as of February 27, 2021, up from $2,927 million on November 28, 2020, reflecting a growth of approximately 9.2%[52] - The liability for the Supplemental Retirement Income Plan was $8,525 as of February 27, 2021, down from $8,565[45] Store Operations and Market Strategy - The retail segment consists of 97 Bassett Home Furnishings stores as of February 27, 2021, focusing on providing a high level of customer service and stylish furniture[82] - The company plans to continue evaluating store performance due to declining store traffic over the past three years, suggesting potential future reductions in store count[90] - The company emphasizes its "Made in America" story and has rebranded its premier Custom Upholstery line to highlight artisan craftsmanship and domestic materials[92] - The company has expanded its Bench Made solid wood dining offerings to include more contemporary styles, enhancing its product range[92] Logistics and Supply Chain - The logistics segment's total operating costs were $19,621 million for the three months ended February 27, 2021, down from $20,480 million for the same period in 2020, reflecting a decrease of about 4.2%[62] - Logistical services revenue for Q1 2021 declined by $1,234 or 5.8% from the prior year period, with operating income decreasing by 45%[113] - The company has faced logistical challenges due to COVID-related labor shortages and supply chain disruptions, impacting order fulfillment and increasing backlogs[96][112] - Zenith Freight Lines, LLC generated approximately 60% of its revenue from services provided to non-Bassett customers, indicating a diversified revenue stream[87]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C., 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 28, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-00209 BASSETT FURNITURE INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) 54-0135270 (I.R.S. Employer Virginia (Stat ...

Financial Performance - Total sales revenue for the quarter ended August 29, 2020, was $91,559,000, a decrease of 16.3% compared to $109,419,000 for the same quarter in 2019[10]. - Net income for the quarter was $2,178,000, slightly up from $2,157,000 in the previous year, despite a net loss of $16,964,000 for the nine months ended August 29, 2020[11]. - Basic earnings per share for the quarter was $0.22, compared to $0.21 for the same quarter last year[11]. - Income from operations for the nine months ended August 29, 2020, was a loss of $11,067 million, compared to a profit of $5,885 million for the same period in 2019[133]. - The company experienced a 21% decrease in revenues and a net operating loss of $16,964 for the nine months ended August 29, 2020, due to COVID-19 disruptions[104]. Assets and Liabilities - Total current assets increased to $145,918,000 as of August 29, 2020, from $136,786,000 as of November 30, 2019[14]. - Total liabilities increased to $240,852,000 as of August 29, 2020, compared to $97,096,000 as of November 30, 2019[14]. - Cash and cash equivalents increased to $31,029,000 as of August 29, 2020, from $19,687,000 as of November 30, 2019[14]. - The total pension liability, including the Supplemental Plan and LTC Awards, was $10,099 million as of August 29, 2020, slightly up from $10,090 million as of November 30, 2019[55]. - Deferred compensation liability increased from $2,661 million as of November 30, 2019, to $2,844 million as of August 29, 2020, marking a growth of 6.9%[59]. Inventory and Impairment - The company reported a decrease in inventory to $58,601,000 from $66,302,000 year-over-year[14]. - The company incurred asset impairment charges of $12,184,000 in the nine months ended August 31, 2019[11]. - The company reported a goodwill impairment charge of $1,971 million and asset impairment charges totaling $12,184 million[16]. - Inventory valuation charges amounted to $3,814 million, reflecting an increase from $1,753 million in the prior period[16]. - The balance for reserves for excess quantities and obsolete inventory increased from $2,362 million as of November 30, 2019, to $4,556 million as of August 29, 2020, reflecting a rise of 93.6%[43]. Cash Flow and Operating Activities - Net cash provided by operating activities was $17,483 million, a significant increase compared to a net cash used of $2,059 million in the previous period[16]. - Cash dividends paid were $3,306 million, down from $3,867 million in the previous period[16]. - The company reported a net cash used in investing activities of $1,201 million, a decrease from $6,038 million in the prior period[16]. - The overall cash position improved by $11,342 during the first nine months of fiscal 2020, compared to a decrease of $18,830 in the prior year[155]. Operational Adjustments and COVID-19 Impact - The company implemented a 21% permanent workforce reduction and temporary salary reductions to maintain liquidity during the pandemic[104]. - The company negotiated rent abatements and deferrals with landlords as part of its response to the financial impact of COVID-19[72]. - The company temporarily closed stores and manufacturing locations due to COVID-19, impacting order fulfillment and creating significant backlogs[170]. - Logistical challenges from COVID-related labor shortages and supply chain disruptions have created delays in order fulfillment[170]. - The company faced significant disruptions in non-essential retail commerce due to the COVID-19 pandemic, which may adversely affect financial condition[169]. Sales and Revenue Trends - Wholesale orders for Q3 2020 increased by 26% compared to 2019, indicating strong demand post-reopening[105]. - Logistics revenue for Q3 2020 was $11,218, reflecting a 1.5% increase from $11,050 in Q3 2019[121]. - The retail segment reported net sales decreased by $18,395 or 27.6% for the quarter ended August 29, 2020, and by $51,575 or 26.0% for the nine months ended August 29, 2020[145]. - The company expects manufacturing and shipping pace to increase and backlogs to decrease by the end of Q4 2020[106]. - Digital outreach strategies led to a 63% increase in website traffic and a 118% increase in web orders for Q3 2020 compared to 2019[116]. Tax and Compliance - The company’s effective tax rates for the three and nine months ended August 29, 2020 were 36.8% and (36.5%), respectively[31]. - The effective tax rates for the three and nine months ended August 29, 2020 were 36.8% and (36.5%), respectively, influenced by the carryback of net operating losses[153]. Future Outlook and Strategic Initiatives - The company plans to emphasize its "Made in America" story and utilize locally harvested materials in new product offerings[120]. - The company is evaluating its inventory assortment to simplify product offerings and align with its omnichannel marketing strategy[142]. - The company has $9,097,000 remaining for stock repurchases under its plan, which was originally announced in 1998 and increased in 2018[172].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol Name of exchange on which registered Common Stock ($5.00 par value) BSET NASDAQ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________ to _______________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________________ to _______________________ Commission File No. 000-00209 BASSETT FURNITURE INDUSTRIES, INCORPORATED (Exact name of Registrant as specifi ...

Financial Performance - Net sales for fiscal 2019 were $452,087 thousand, a slight decrease of 1.7% compared to $456,855 thousand in fiscal 2018[99]. - Operating income for fiscal 2019 was $(595) thousand, a significant decline from $14,084 thousand in fiscal 2018, impacted by asset impairment charges and litigation costs totaling $8,041 thousand[99]. - Net income for fiscal 2019 was $(1,928) thousand, compared to a net income of $8,218 thousand in fiscal 2018, resulting in diluted earnings per share of $(0.19) versus $0.77[99]. - Total sales revenue for 2019 was $452,087, a decrease of 1.7% from $456,855 in 2018[224]. - Net income for 2019 was a loss of $1,928, compared to a profit of $8,218 in 2018, representing a significant decline[228]. - The company incurred asset impairment charges of $4,431 in 2019, compared to $469 in 2018[228]. - Basic loss per share for 2019 was $(0.19), down from earnings of $0.77 per share in 2018[224]. - The company reported a net loss of $1,928,000, resulting in a basic and diluted loss per share of $0.19[382]. Assets and Liabilities - Total assets decreased to $275,766 thousand in fiscal 2019 from $291,641 thousand in fiscal 2018, reflecting a decline in cash and cash equivalents[219]. - Long-term liabilities increased to $24,825 thousand in fiscal 2019 from $19,513 thousand in fiscal 2018, primarily due to post-employment benefit obligations[219]. - The company reported a current ratio of 1.89 to 1 in fiscal 2019, an improvement from 1.82 to 1 in fiscal 2018, indicating better short-term financial health[99]. - Cash and cash equivalents at the end of 2019 were $19,687, down from $33,468 at the end of 2018[229]. - The company has guaranteed lease obligations for licensee operators amounting to $1,776,000 as of November 30, 2019[377]. Cash Flow and Dividends - Cash dividends declared in fiscal 2019 were $5,133 thousand, slightly up from $5,041 thousand in fiscal 2018, with cash dividends per share increasing to $0.50 from $0.47[99]. - Cash dividends paid in 2019 totaled $5,133, a decrease from $8,800 in 2018[229]. - Net cash provided by operating activities decreased to $9,809 in 2019, down from $29,907 in 2018[228]. - The company reported a net cash used in investing activities of $(11,173) in 2019, compared to $(31,973) in 2018[229]. Inventory and Receivables - The company’s accounts receivable increased to $21,378 thousand in fiscal 2019 from $19,055 thousand in fiscal 2018, indicating improved sales collection[219]. - The company’s inventories rose to $66,302 thousand in fiscal 2019, up from $64,192 thousand in fiscal 2018, reflecting inventory management strategies[219]. - Total inventories as of November 30, 2019, were $66,302, up from $64,192 as of November 24, 2018[312]. Operational Insights - Selling, general and administrative expenses increased to $264,280 in 2019, up from $260,339 in 2018[224]. - The company plans to continue focusing on cost management and operational efficiency to improve future performance[226]. - The company operates 103 retail stores, of which 70 are company-owned and 33 are independently operated[233]. Acquisitions and Investments - Bassett acquired Lane Venture on December 21, 2017, integrating its operations into the wholesale segment since the acquisition date[235]. - The company acquired Lane Venture for $15,556 in cash, which included identifiable assets valued at $12,622 and liabilities assumed of $1,209, resulting in goodwill of $4,143[291]. - The company expects synergies from the acquisition of Lane Venture to enhance its manufacturing and distribution capabilities in the outdoor furnishings market[294]. Taxation and Compliance - The total income tax provision for fiscal 2019 was $188, a significant decrease from $3,988 in fiscal 2018, primarily due to a federal tax rate reduction from 35% to 21%[359]. - The effective income tax rate for fiscal 2019 was (10.8)%, compared to 32.7% in fiscal 2018, influenced by the impairment of non-deductible goodwill[360]. - The company has state net operating loss carryforwards of $4,095 available to offset future taxable state income, expiring between 2021 and 2027[362]. Employee Compensation and Benefits - The total intrinsic value of options exercised in 2019 was $34,000, compared to $75,000 in 2018, a decrease of about 54.7%[353]. - Non-vested restricted shares outstanding increased from 81,036 shares at the end of 2018 to 90,153 shares at the end of 2019, an increase of approximately 11.2%[354]. - The company expects to fund the remaining cash flows for the Supplemental Retirement Income Plan through operations[338]. Market Risks - The company has potential exposure to market risk related to commercial real estate, with retail real estate holdings valued at $17,845 thousand as of November 30, 2019[211]. - Approximately 28% of the aggregate credit risk exposure, net of reserves, was attributable to five customers as of November 30, 2019, compared to 33% in the previous year[253]. - Total credit risk exposure related to customers was $23,297,000 as of November 30, 2019, compared to $21,050,000 in 2018[257].

Financial Performance - Total sales revenue for the quarter ended August 31, 2019, was $109,419,000, a decrease of 2% from $112,956,000 for the same quarter in 2018[8] - Net income for the quarter ended August 31, 2019, was $2,157,000, down 27% from $2,945,000 in the same quarter of 2018[9] - Basic earnings per share for the quarter ended August 31, 2019, was $0.21, compared to $0.28 for the same quarter in 2018, reflecting a 25% decrease[9] - The company reported a total comprehensive income of $2,215,000 for the quarter ended August 31, 2019, compared to $3,025,000 for the same quarter in 2018, a decrease of 26.8%[10] - The company’s logistics revenue for the quarter ended August 31, 2019, was $11,050,000, down from $13,149,000 in the same quarter of 2018, a decline of 16%[8] - Income from operations for the consolidated entity for the three months ended August 31, 2019, was $3,400, down from $4,324 in the same period of 2018, representing a decline of about 21.3%[86] - The wholesale segment reported net sales of $62,690,000 for the quarter, a decrease of 1.8% from $63,847,000 in the prior year[133] - Retail segment net sales for Q3 2019 were $66.54 million, a 1.7% increase from $65.43 million in Q3 2018[141] Assets and Liabilities - Total current assets decreased to $131,803,000 as of August 31, 2019, from $148,547,000 as of November 24, 2018, representing a decline of 11%[12] - Total assets decreased to $275,416,000 as of August 31, 2019, from $291,641,000 as of November 24, 2018, indicating a reduction of approximately 5.5%[12] - Total stockholders' equity decreased to $183,946,000 as of August 31, 2019, from $190,309,000 as of November 24, 2018, a decline of about 3.5%[12] - Total liabilities decreased to $91,470,000 as of August 31, 2019, from $101,332,000 as of November 24, 2018, a decrease of 9.7%[12] - The total pension liability as of August 31, 2019, was $11,212, down from $11,652 as of November 24, 2018[61] Cash Flow and Investments - Net cash used in operating activities was $(2,059) million, a decrease from $11,630 million in the previous period[15] - Net cash used in investing activities was $(6,038) million, compared to $(25,890) million in the prior period[15] - Net cash used in financing activities totaled $(10,733) million, down from $(13,926) million year-over-year[15] - Cash and cash equivalents at the end of the period were $14,638 million, a decrease from $25,763 million[15] - The company reported a cash dividend payment of $(3,867) million, down from $(7,462) million in the previous period[15] - The company’s short-term investments amounted to $17,643 million, with a weighted average yield of approximately 2.31%[40] Expenses - Selling, general, and administrative expenses for the quarter ended August 31, 2019, were $63,519,000, slightly up from $63,279,000 in the same quarter of 2018[9] - SG&A expenses for the quarter were $63,519,000, which is 58.1% of total sales revenue[120] - SG&A expenses as a percentage of sales increased to 29.6% in Q3 2019 from 28.1% in Q3 2018, driven by higher freight and marketing costs[134] Inventory and Production - Total inventories increased to $76,566 million from $74,284 million, with a reserve for excess and obsolete inventory of $(2,556) million[47] - The total balance for excess quantities and obsolete inventory was $2,556, with the wholesale segment at $2,240 and the retail segment at $316[49] - Additions charged to expense for the wholesale segment included a $390 inventory valuation charge due to exiting the juvenile furniture line of business[49] - The company’s manufacturing capabilities include factories in North Carolina, Texas, and Virginia, focusing on custom furniture production[111] Acquisitions and Expansion - The acquisition of Lane Venture was completed for a total cash consideration of $15,556 million, with goodwill recognized at $4,143 million[33] - The acquisition of Lane Venture for $15,556 million has allowed the company to enter the outdoor furniture market, with plans to introduce a Bassett-branded line in fiscal Q1 2020[113] - The company plans to open a new licensee store in Thornton, CO, with a size of 23,000 sq. ft., expected to open in Q4 2019/Q1 2020[116] - The company has executed leases for a corporate repositioning store in Palm Beach, FL, with a size of 15,000 sq. ft., planned to open in Q4 2019[116] Market and Customer Insights - Approximately 60% of Zenith Freight Lines' revenue is generated from services provided to non-Bassett customers, indicating a diversified revenue stream[112] - Website traffic increased by 16% for the quarter ended August 31, 2019, compared to the prior year period[118] - New digital outreach strategies are planned to be implemented on a market-by-market basis to enhance customer engagement[118] Legal and Compliance - The company has ongoing legal and environmental matters but does not expect a material adverse effect on its financial position or future results of operations[178]