巴西特家具 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE 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) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ At March 26, 2026 8,647,234 shares of common stock of the Registrant were outstanding. 1 of 31 PAGE ITEM PART I - FINANCIAL INFORMATION1.Condensed Consolidated Financial Statements as of February 28, 2026 (unaudited) and November 29, 2025 and for the three monthsended February 28, 2026 (unaudited) and March 1, 2025 (unaudited)Condensed Consolidated Statements of Income3Condensed Consolidated Statements of Comprehensive Income4Condensed Consolidated Balance Sheets5Condensed Consolidated Statements of Cash Flows6Notes to Condensed Consolidated Financial Statements72.Management's Discussion and Analysis of Financial Condition and Results of Operations193.Quantitative and Qualitative Disclosures About Market Risk284.Controls and Procedures28PART II - OTHER INFORMATION1.Legal Proceedings292.Unregistered Sales of Equity Securities and Use of Proceeds293.Defaults Upon Senior Securities295.Other Information296.Exhibits292 of 31 Post employment benefit obligations11,62911,379Long-term portion of operating lease obligations67,36569,353Other long-term liabilities891996Total long-term liabilities79,88581,728 PART I – FINANCIAL INFORMATION – CONTINUEDITEM 1. FINANCIAL STATEMENTSBASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE PERIODS ENDED FEBRUARY 28, 2026 AND MARCH 1, 2025 – UNAUDITED(In thousands) PART I-FINANCIAL INFORMATION-CONTINUEDBASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-UNAUDITEDFEBRUARY 28, 2026(Dollars in thousands except share and per share data) 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”)for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fairpresentation have been included. References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting StandardsBoard (“FASB”) as the source of authoritative GAAP. The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, orthe “Company”) and our subsidiaries, all of which are wholly owned. In accordance with ASC Topic 810, we have evaluated our licensees andcertain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus wouldrequire consolidation in our financial statements. As of and for the periods ended February 28, 2026 and March 1, 2025 and as of November29, 2025 we have concluded that none of the evaluated entities represent VIEs. Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net ofestimates for returns and allowances. We exclude from revenues amounts collected from customers for sales tax. Certain amounts for the three months ended March 1, 2025 have been