BASSETT FURNITURE INDUSTRIES INC

For the period ended Sep 30, 2026. Filed Sep 30, 2026.

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Sep 30, 2026 · Filed Sep 30, 2026

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Contents

EX-99.1 · Forward-Looking Statements

Forward-Looking Statements

Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “plans,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the third fiscal quarter of 2026, constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Bassett claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially from those indicated in the forward-looking statements. Expectations included in the forward-looking statements are based on preliminary information, as well as certain assumptions which management believes to be reasonable at this time. The following important factors affect Bassett and could cause actual results to differ materially from those indicated in the forward looking statements: the effects of national and global economic or other conditions and future events on the retail demand for home furnishings and the ability of Bassett’s customers and consumers to obtain credit; the success of marketing, logistics, retail and other initiatives; and the economic, competitive, governmental and other factors identified in Bassett’s filings with the Securities and Exchange Commission. Any forward-looking statement that Bassett makes speaks only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indication of future performance, unless expressed as such, and should only be viewed as historical data.

Table 1

BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income - unaudited

(In thousands, except for per share data)

· · Quarter Ended · · · Nine Months Ended ·
· · August 29, 2026 · · · August 30, 2025 · · · August 29, 2026 · · · August 30, 2025 ·
· · · · · · Percent of · · · · · · · Percent of · · · · · · · Percent of · · · · · · · Percent of ·
· · Amount · · · Net Sales · · · Amount · · · Net Sales · · · Amount · · · Net Sales · · · Amount · · · Net Sales ·

Net sales	$82,838	100.0%	$80,103	100.0%	$246,931	100.0%	$246,613	100.0%
Cost of goods sold	35,222	42.5%	35,109	43.8%	106,803	43.3%	107,880	43.7%
Gross profit	47,616	57.5%	44,994	56.2%	140,128	56.7%	138,733	56.3%

Selling, general and administrative expenses	44,690	53.9%	44,401	55.4%	133,234	54.0%	133,188	54.0%
New store preopening costs	144	0.2%	-	0.0%	712	0.3%	-	0.0%
Income from operations	2,782	3.4%	593	0.7%	6,182	2.5%	5,545	2.2%

Interest income	480	0.6%	472	0.6%	1,479	0.6%	1,552	0.6%
Other income (loss), net	(375)	-0.5%	30	0.0%	(480)	-0.2%	(851)	-0.3%
Income before income taxes	2,887	3.5%	1,095	1.4%	7,181	2.9%	6,246	2.5%

Income tax expense	786	0.9%	294	0.4%	1,925	0.8%	1,673	0.7%
Net income	$2,101	2.5%	$801	1.0%	5,256	2.1%	4,573	1.9%


Basic and diluted earnings per share	$0.24		$0.09		$0.61		$0.53

Table 2

BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

· · (Unaudited) · · · · ·
· · August 29, 2026 · · · November 29, 2025 ·
Assets
Current assets
Cash and cash equivalents	$35,372	$41,277
Short-term investments	18,023	17,963
Accounts receivable, net	14,273	14,410
Inventories, net	59,279	61,790
Recoverable income taxes	424	2,878
Other current assets	7,899	7,224
Total current assets	135,270	145,542

Property and equipment, net	73,441	73,175

Other long-term assets
Deferred income taxes, net	6,267	5,979
Goodwill	7,664	7,217
Intangible assets	6,867	6,910
Right of use assets under operating leases	73,194	76,727
Other	9,438	8,269
Total long-term assets	103,430	105,102
Total assets	$312,141	$323,819

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$12,461	$14,739
Accrued compensation and benefits	6,878	10,227
Customer deposits	23,848	24,969
Current portion of operating lease obligations	17,661	19,299
Other accrued expenses	8,515	7,750
Total current liabilities	69,363	76,984

Long-term liabilities
Post employment benefit obligations	12,238	11,379
Long-term portion of operating lease obligations	65,052	69,353
Other long-term liabilities	560	996
Total long-term liabilities	77,850	81,728


Stockholders’ equity
Common stock	43,198	43,256
Retained earnings	120,982	121,128
Additional paid-in-capital	56	-
Accumulated other comprehensive income	692	723
Total stockholders' equity	164,928	165,107
Total liabilities and stockholders’ equity	$312,141	$323,819

Table 3

BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows - unaudited

(In thousands)

· · Nine Months Ended ·
· · August 29, 2026 · · · August 30, 2025 ·
Operating activities:
Net income	$5,256	$4,573
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,747	6,626
Deferred income taxes	(288)	1,307
Other, net	509	841
Changes in operating assets and liabilities:
Accounts receivable	137	46
Inventories	2,581	(6,494)
Recoverable income taxes and other current assets	1,779	1,690
Right of use assets under operating leases	12,769	12,768
Customer deposits	(1,143)	(2,593)
Accounts payable and other liabilities	(5,243)	393
Obligations under operating leases	(15,091)	(13,431)
Net provided by operating activities	8,013	5,726

Investing activities:
Purchases of property and equipment	(6,875)	(3,737)
Cash paid for licensee acquisition	(470)	-
Other	(621)	(408)
Net cash used in investing activities	(7,966)	(4,145)

Financing activities:
Cash dividends	(5,179)	(5,210)
Issuance of common stock	265	249
Repurchases of common stock	(779)	(1,522)
Taxes paid related to net share settlement of equity awards	(76)	(136)
Repayments of finance lease obligations	(183)	(100)
Net cash used in financing activities	(5,952)	(6,719)
Change in cash and cash equivalents	(5,905)	(5,138)
Cash and cash equivalents - beginning of period	41,277	39,551
Cash and cash equivalents - end of period	$35,372	$34,413

Table 4

BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES

Segment Information - unaudited

(In thousands)

· · Quarter Ended · · · Nine Months Ended ·
· · August 29, 2026 · · · August 30, 2025 · · · August 29, 2026 · · · August 30, 2025 ·
Sales Revenue
Wholesale sales	$53,692	$50,787	$159,800	$157,943
Less: Sales to retail segment	(25,089)	(22,575)	(75,196)	(70,747)
Wholesale sales to external customers	28,603	28,212	84,604	87,196
Retail sales	54,235	51,891	162,327	159,417
Consolidated net sales	$82,838	$80,103	$246,931	$246,613


Income (Loss) before Income Taxes
Income (Loss) from Operations
Wholesale	$9,317	$8,055	$25,940	$25,030
Retail excluding new store pre-opening costs	(109)	(333)	(906)	101
New store pre-opening costs	(144)	-	(712)	-
Corporate and other (1)	(6,620)	(7,419)	(18,797)	(20,166)
Inter-company elimination	338	290	657	580
Consolidated income from operations	2,782	593	6,182	5,545

Interest income	480	472	1,479	1,552
Other income (loss), net	(375)	30	(480)	(851)
Consolidated income before income taxes	$2,887	$1,095	$7,181	$6,246

(1)	Corporate and Other includes the shared Corporate costs that are benefiting both the Wholesale and Retail segments.

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