Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Jan. 09, 2015 | 31-May-14 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -18 | ||
Entity Common Stock, Shares Outstanding | 10,500,695 | ||
Entity Public Float | $144,819,569 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 10329 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | 29-Nov-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $26,673 | $12,733 |
Short-term investments | 23,125 | 28,125 |
Accounts receivable, net of allowance for doubtful accounts of $1,249 and $1,607 as of November 29, 2014 and November 29, 2013, respectively | 15,228 | 16,080 |
Inventories | 57,272 | 53,069 |
Deferred income taxes, net | 5,268 | 4,418 |
Other current assets | 7,796 | 11,949 |
Total current assets | 135,362 | 126,374 |
Property and equipment, net | 74,812 | 64,271 |
Other long-term assets | ||
Retail real estate | 6,302 | 10,435 |
Deferred income taxes, net | 9,701 | 10,734 |
Other | 14,569 | 14,035 |
Total other long-term assets | 30,572 | 35,204 |
Total assets | 240,746 | 225,849 |
Current liabilities | ||
Accounts payable | 22,251 | 19,892 |
Accrued compensation and benefits | 8,931 | 6,503 |
Customer deposits | 22,202 | 16,214 |
Dividends payable | 2,102 | 2,172 |
Other accrued liabilities | 11,287 | 6,660 |
Total current liabilities | 66,773 | 51,441 |
Long-term liabilities | ||
Post employment benefit obligations | 11,498 | 11,146 |
Real estate notes payable | 1,902 | 2,467 |
Other long-term liabilities | 3,741 | 3,386 |
Total long-term liabilities | 17,141 | 16,999 |
Commitments and Contingencies | ||
Stockholders’ equity | ||
Common stock, $5 par value; 50,000,000 shares authorized; issued and outstanding 10,493,393 at November 29, 2014 and 10,859,318 at November 30, 2013 | 52,467 | 54,297 |
Retained earnings | 106,339 | 104,526 |
Accumulated other comprehensive loss | -1,974 | -1,414 |
Total stockholders' equity | 156,832 | 157,409 |
Total liabilities and stockholders’ equity | $240,746 | $225,849 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable allowance for doubtful accounts (in Dollars) | $1,249 | $1,607 |
Common stock, par value (in Dollars per share) | $5 | $5 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 10,493,393 | 10,859,318 |
Common stock, shares outstanding | 10,493,393 | 10,859,318 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Net sales | $340,738 | $321,286 | $269,672 |
Cost of sales | 158,317 | 155,292 | 128,350 |
Gross profit | 182,421 | 165,994 | 141,322 |
Selling, general and administrative expenses excluding new store pre-opening costs | 166,073 | 155,318 | 134,801 |
New store pre-opening costs | 1,217 | 671 | 371 |
Restructuring and impairment charges | 711 | ||
Lease exit costs | 359 | ||
Income from operations | 15,131 | 10,005 | 5,080 |
Income from Continued Dumping & Subsidy Offset Act | 9,010 | ||
Other than temporary impairment of investments | -806 | ||
Income from unconsolidated affiliated company | 661 | 770 | 347 |
Interest expense | -188 | -255 | -295 |
Retail real estate impairment charges | -416 | ||
Other loss, net | -997 | -1,917 | -1,322 |
Income before income taxes | 14,607 | 8,187 | 12,014 |
Income tax expense (benefit) | 5,308 | 3,091 | -14,699 |
Net income | $9,299 | $5,096 | $26,713 |
Basic income per share (in Dollars per share) | $0.88 | $0.48 | $2.43 |
Diluted income per share (in Dollars per share) | $0.87 | $0.47 | $2.41 |
Dividends per share | |||
Regular dividends (in Dollars per share) | $0.28 | $0.22 | $0.20 |
Special dividend (in Dollars per share) | $0.20 | $0.20 | $1.25 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Net income | $9,299 | $5,096 | $26,713 |
Other comprehensive loss: | |||
Actuarial adjustment to supplemental executive retirement defined benefit plan (SERP) | -918 | -310 | -656 |
Income taxes related to SERP | 358 | 119 | 277 |
Net change in unrealized holding gains | -211 | ||
Income taxes related to unrealized holding gains | -25 | ||
Other comprehensive loss, net of tax | -560 | -191 | -615 |
Total comprehensive income | $8,739 | $4,905 | $26,098 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Operating activities: | |||
Net income | $9,299 | $5,096 | $26,713 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 7,316 | 6,198 | 5,473 |
Equity in undistributed income of investments and unconsolidated affiliated companies | -661 | -770 | -347 |
Provision for restructuring and asset impairment charges | 711 | ||
Lease exit costs | 359 | ||
Other than temporary impairment of investments | 806 | ||
Tenant improvement allowances received from lessors | 3,060 | ||
Collateral deposited with insurance carrier | -1,150 | ||
Impairment and lease exit charges on retail real estate | 416 | ||
Deferred income taxes | 544 | 2,282 | -15,822 |
Other, net | 264 | 677 | 977 |
Changes in operating assets and liabilities | |||
Accounts receivable | 775 | -686 | -2,967 |
Inventories | -4,203 | 4,847 | -11,307 |
Other current and long-term assets | 1,548 | -4,819 | -276 |
Customer deposits | 5,912 | 3,961 | 3,015 |
Accounts payable and accrued liabilities | 7,257 | -6,562 | 621 |
Net cash provided by operating activities | 29,961 | 10,640 | 7,956 |
Investing activities: | |||
Purchases of property and equipment | -17,980 | -14,302 | -9,000 |
Proceeds from sales of property and equipment | 5,157 | 958 | 19 |
Acquisition of retail licensee stores | -549 | ||
Proceeds from sale of affiliate | 2,348 | 2,348 | 1,410 |
Proceeds from maturities and sales of investments | 5,000 | 4,854 | |
Purchases of investments | -28,125 | -1,781 | |
Cash received on notes receivable and other | 320 | 89 | 1,240 |
Net cash used in investing activities | -5,155 | -39,032 | -3,807 |
Financing activities: | |||
Repayments of real estate notes payable | -528 | -549 | -570 |
Issuance of common stock | 608 | 706 | 858 |
Repurchases of common stock | -5,602 | -1,750 | -7,015 |
Taxes paid related to net share settlement of equity awards | -489 | -226 | -16 |
Excess tax benefits from stock-based compensation | 300 | 313 | |
Cash dividends | -5,155 | -2,935 | -21,441 |
Net cash used in financing activities | -10,866 | -4,441 | -28,184 |
Change in cash and cash equivalents | 13,940 | -32,833 | -24,035 |
Cash and cash equivalents - beginning of year | 12,733 | 45,566 | 69,601 |
Cash and cash equivalents - end of year | $26,673 | $12,733 | $45,566 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Nov. 26, 2011 | $56,712 | $96,331 | ($608) | $152,435 | |
Balance (in Shares) at Nov. 26, 2011 | 11,342,332 | ||||
Comprehensive income | |||||
Net income | 26,713 | 26,713 | |||
Actuarial adjustment to SERP, net of tax | -379 | -379 | |||
Net change in unrealized holding gains, net of tax | -236 | -236 | |||
Regular dividends | -2,214 | -2,214 | |||
Special dividend | -13,706 | -13,706 | |||
Issuance of common stock | 694 | 352 | 1,046 | ||
Issuance of common stock (in Shares) | 138,903 | ||||
Purchase and retirement of common stock | -3,222 | -988 | -2,805 | -7,015 | |
Purchase and retirement of common stock (in Shares) | -644,395 | ||||
Stock-based compensation | 636 | 636 | |||
Balance at Nov. 24, 2012 | 54,184 | 104,319 | -1,223 | 157,280 | |
Balance (in Shares) at Nov. 24, 2012 | 10,836,840 | ||||
Comprehensive income | |||||
Net income | 5,096 | 5,096 | |||
Actuarial adjustment to SERP, net of tax | -191 | -191 | |||
Regular dividends | -2,393 | -2,393 | |||
Special dividend | -2,172 | -2,172 | |||
Issuance of common stock | 801 | -104 | 697 | ||
Issuance of common stock (in Shares) | 160,128 | ||||
Purchase and retirement of common stock | -688 | -937 | -324 | -1,949 | |
Purchase and retirement of common stock (in Shares) | -137,650 | ||||
Stock-based compensation | 728 | 728 | |||
Excess tax benefits from stock-based compensation | 313 | 313 | |||
Balance at Nov. 30, 2013 | 54,297 | 104,526 | -1,414 | 157,409 | |
Balance (in Shares) at Nov. 30, 2013 | 10,859,318 | 10,859,318 | |||
Comprehensive income | |||||
Net income | 9,299 | 9,299 | |||
Actuarial adjustment to SERP, net of tax | -560 | -560 | |||
Regular dividends | -2,983 | -2,983 | |||
Special dividend | -2,102 | -2,102 | |||
Issuance of common stock | 348 | 260 | 608 | ||
Issuance of common stock (in Shares) | 69,619 | ||||
Purchase and retirement of common stock | -2,178 | -1,511 | -2,401 | -6,090 | |
Purchase and retirement of common stock (in Shares) | -435,544 | ||||
Stock-based compensation | 951 | 951 | |||
Excess tax benefits from stock-based compensation | 300 | 300 | |||
Balance at Nov. 29, 2014 | $52,467 | $106,339 | ($1,974) | $156,832 | |
Balance (in Shares) at Nov. 29, 2014 | 10,493,393 | 10,493,393 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders’ Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |
Regular dividends per share | $0.28 | $0.22 | $0.20 |
Special dividend per share | $0.20 | $0.20 | $1.25 |
Note_1_Description_of_Business
Note 1 - Description of Business | 12 Months Ended | |
Nov. 29, 2014 | ||
Disclosure Text Block [Abstract] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 | Description of Business |
Bassett Furniture Industries, Incorporated (together with its consolidated subsidiaries, “Bassett”, “we”, “our”, the “Company”) based in Bassett, Va., is a leading manufacturer, marketer and retailer of branded home furnishings. Bassett’s full range of furniture products and accessories, designed to provide quality, style and value, are sold through an exclusive nation-wide network of 94 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 94 stores, the Company owns and operates 60 stores (“Company-owned retail stores”) with the other 34 being independently owned (“licensee operated”). We also distribute our products through other multi-line furniture stores, many of which feature Bassett galleries or design centers, specialty stores and mass merchants. | ||
The Company sourced approximately 42% of its wholesale products from various countries, with the remaining volume produced at its two domestic manufacturing facilities. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies [Text Block] | 2 | Significant Accounting Polcies | |||||||
Basis of Presentation and Principles of Consolidation | |||||||||
The Company’s fiscal year ends on the last Saturday in November, which periodically results in a 53-week year. Fiscal 2013 contained 53 weeks, whereas fiscal 2014 and 2012 each contained 52 weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2014, 2013 and 2012 are to Bassett's fiscal year ended November 29, 2014, November 30, 2013 and November 24, 2012, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. | |||||||||
For comparative purposes, certain amounts in the 2013 and 2012 financial statements have been reclassified to conform to the 2014 presentation. | |||||||||
The equity method of accounting is used for our investment in an affiliated company in which we exercise significant influence but do not maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of this company. | |||||||||
We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 17 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs, and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. | |||||||||
Revenue Recognition | |||||||||
Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 to 60 days for wholesale customers. For retail sales, we typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled. Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us. Revenue is reported net of any taxes collected. | |||||||||
Staff Accounting Bulletin No. 104, Revenue Recognition (“SAB 104”) outlines the four basic criteria for recognizing revenue as follows: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the seller’s price to the buyer is fixed or determinable, and (4) collectability is reasonably assured. SAB 104 further asserts that if collectability of all or a portion of the revenue is not reasonably assured, revenue recognition should be deferred until payment is received. During fiscal 2014 and 2013, there were no dealers for which these criteria were not met. During fiscal 2012 there were two dealers for which these criteria were not met and therefore revenue was being recognized on a cost recovery basis. As of and subsequent to November 24, 2012 there have been no dealers that remained on a cost recovery basis. As of November 24, 2012 there was no deferred gross profit resulting from the cost recovery method carried on our balance sheet as a reduction of accounts receivable. For fiscal 2012, no revenue or cost was deferred during the year under the cost recovery method. | |||||||||
Cash Equivalents | |||||||||
The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments, which consist of certificates of deposit, are not considered cash equivalents since they have original maturities of greater than three months. | |||||||||
Accounts Receivable | |||||||||
Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. The majority of our trade accounts receivable and allowance for doubtful accounts are attributable to amounts owed to us by our licensees, with the remaining receivables due primarily from national account customers and traditional distribution channel customers. The percentages of our trade accounts receivable and related allowance for doubtful accounts owed to us by our licensees were as follows at November 29, 2014 and November 30, 2013: | |||||||||
2014 | 2013 | ||||||||
Portion of trade accounts receivable owed by licensees | 46% | 50% | |||||||
Portion of allowance for doubtful accounts attributable to licensees | 58% | 64% | |||||||
Concentrations of Credit Risk and Major Customers | |||||||||
Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 29, 2014 and November 30, 2013, our aggregate exposure from receivables and guarantees related to customers consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Accounts receivable, net of allowances (Note 4) | $ | 15,228 | $ | 16,080 | |||||
Notes receivable, net of allowances | 592 | 632 | |||||||
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) | 3,046 | 3,523 | |||||||
Total credit risk exposure related to customers | $ | 18,866 | $ | 20,235 | |||||
At November 29, 2014 approximately 24% of the aggregate risk exposure, net of reserves, shown above was attributable to two licensees. At November 30, 2013, approximately 27% of the aggregate risk exposure, net of reserves, shown above was attributable to two licensees. In fiscal 2014, 2013 and 2012, no customer accounted for more than 10% of total net sales. | |||||||||
We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately $4,774, $4,603, and $4,596 in fiscal 2014, 2013, and 2012, respectively. | |||||||||
Inventories | |||||||||
Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first-out (“LIFO”) method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 40% of total inventory before reserves at both November 29, 2014 and November 30, 2013. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. | |||||||||
Property and Equipment | |||||||||
Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations and the administration of the wholesale and Company-owned retail operations. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. | |||||||||
Retail Real Estate | |||||||||
Retail real estate is comprised of owned and leased properties which have been utilized by licensee operated BHF stores, including properties which are now leased or subleased to non-licensee tenants. These properties are located in high traffic, upscale locations that are normally occupied by large successful national retailers. This real estate is stated at cost less accumulated depreciation and is depreciated over the useful lives of the respective assets utilizing the straight line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. As of November 29, 2014 and November 30, 2013, the cost of retail real estate included land totaling $1,990 and $3,502, respectively, and building and leasehold improvements of $8,831 and $11,635, respectively. As of November 29, 2014 and November 30, 2013, accumulated depreciation of retail real estate was $4,631 and $4,834, respectively. Depreciation expense was $400, $484, and $501 in fiscal 2014, 2013, and 2012, respectively, and is included in other loss, net, in our consolidated statements of income. | |||||||||
During the year ended November 29, 2014 we received proceeds from the disposition of retail real estate totaling $5,157. During the first quarter of fiscal 2014 we received $1,407 from the sale of our retail real estate investment property in Henderson, Nevada. This property had been classified as held for sale and included in other current assets in our consolidated balance sheet at November 30, 2013. During the third quarter of fiscal 2014 we received net proceeds in the amount of $3,750 from the sale of our retail real estate investment property located in Denver, Colorado. This asset had been included in retail real estate in our consolidated balance sheet at November 30, 2013. There were no material gains or losses associated with these dispositions during the year ended November 29, 2014. Impairment charges related to retail real estate totaled $416 for 2013 and are included in retail real estate impairment charges in other income, a component of non-operating expense in our Consolidated Statements of Income. There were no retail real estate impairment charges in 2014. | |||||||||
Goodwill | |||||||||
Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wholesale, Retail or Investments and Real Estate. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. | |||||||||
In accordance with ASC Topic 350, Intangibles – Goodwill & Other, the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the two-step process. Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of November 29, 2014. | |||||||||
The first step compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, the second step is performed whereby we must calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. This second step represents a hypothetical application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. | |||||||||
Impairment of Long Lived Assets | |||||||||
We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future. | |||||||||
When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. | |||||||||
Income Taxes | |||||||||
We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. | |||||||||
We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 11. | |||||||||
The Company’s fiscal 2013 and 2012 income tax returns are currently under examination by the IRS. | |||||||||
New Store Pre-Opening Costs | |||||||||
Income (loss) from operations for fiscal 2014, 2013 and 2012 includes new store pre-opening costs of $1,217, $671 and $371, respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition. | |||||||||
Shipping and Handling Costs | |||||||||
Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $16,162, $15,685, and $13,548 for fiscal 2014, 2013 and 2012, respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled $12,844, $10,855, and $9,957 for fiscal 2014, 2013 and 2012, respectively. | |||||||||
Advertising | |||||||||
Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $15,614, $14,750, and $13,296 in fiscal 2014, 2013, and 2012, respectively. | |||||||||
Insurance Reserves | |||||||||
We have self-funded insurance programs in place to cover workers’ compensation and health insurance. For the period from July 2011 through June 2012, workers’ compensation was covered under a guaranteed cost program. These insurance programs are subject to various stop-loss limitations and are partially re-insured through a captive insurance program. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. | |||||||||
Supplemental Cash Flow Information | |||||||||
In addition to the amounts paid, net of cash acquired, for the acquisition of licensee stores reported under investing activities in our consolidated statements of cash flows, the majority of such acquisitions were funded primarily through non-cash transactions in which receivables due from the licensees were settled in exchange for certain inventory and property and equipment of the licensees as well as the assumption of certain liabilities. There were no such acquisitions during fiscal 2014 and 2013, and the value of the non-cash portion of such transactions was $1,592 for 2012. | |||||||||
Recent Accounting Pronouncements | |||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 (ASU 2013-11), which updated the guidance in ASC Topic 740, Income Taxes. The amendments in ASU 2013-11 generally provide guidance for the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance requires an unrecognized tax benefit to be presented as a decrease in a deferred tax asset where a net operating loss, a similar tax loss, or a tax credit carryforward exists and certain criteria are met. This guidance will become effective for us as of the beginning of our 2015 fiscal year and is consistent with our present practice. | |||||||||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), which updated the guidance in ASC Topic 205, Presentation of Financial Statements, and ASC Topic 360, Property, Plant and Equipment. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance will become effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and therefore will become effective for us as of the beginning of our 2016 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. | |||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), which creates ASC Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014-09 supersedes the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU 2014-09 will become effective for us as of the beginning of our 2018 fiscal year. The Company is currently assessing the impact of implementing the new guidance. |
Note_3_Accumulated_Other_Compr
Note 3 - Accumulated Other Comprehensive Loss | 12 Months Ended | ||||
Nov. 29, 2014 | |||||
Disclosure Text Block [Abstract] | |||||
Comprehensive Income (Loss) Note [Text Block] | 3 | Accumulated Other Comprehensive Loss | |||
The activity in accumulated other comprehensive loss for the fiscal years ended November 29, 2014 and November 30, 2013, which is comprised solely of post-retirement benefit costs related to our SERP, is as follows: | |||||
Balance at November 24, 2012 | $ | (1,223 | ) | ||
Actuarial losses | (434 | ) | |||
Net pension amortization reclassified from accumulated other comprehensive loss | 124 | ||||
Tax effects | 119 | ||||
Balance at November 30, 2013 | (1,414 | ) | |||
Actuarial losses | (1,084 | ) | |||
Net pension amortization reclassified from accumulated other comprehensive loss | 166 | ||||
Tax effects | 358 | ||||
Balance at November 29, 2014 | $ | (1,974 | ) | ||
Note_4_Accounts_Receivable
Note 4 - Accounts Receivable | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4 | Accounts Receivable | |||||||
Accounts receivable consists of the following: | |||||||||
November 29, | November 30, | ||||||||
2014 | 2013 | ||||||||
Gross accounts receivable | $ | 16,477 | $ | 17,687 | |||||
Allowance for doubtful accounts | (1,249 | ) | (1,607 | ) | |||||
Net accounts receivable | $ | 15,228 | $ | 16,080 | |||||
Activity in the allowance for doubtful accounts was as follows: | |||||||||
2014 | 2013 | ||||||||
Balance, beginning of the year | $ | 1,607 | $ | 1,789 | |||||
Additions charged to expense | 77 | 361 | |||||||
Write-offs | (435 | ) | (543 | ) | |||||
Balance, end of the year | $ | 1,249 | $ | 1,607 | |||||
We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 7. |
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventory Disclosure [Text Block] | 5 | Inventories | |||||||||||
Inventories consist of the following: | |||||||||||||
November 29, | November 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Wholesale finished goods | $ | 31,399 | $ | 28,450 | |||||||||
Work in process | 298 | 277 | |||||||||||
Raw materials and supplies | 8,109 | 8,029 | |||||||||||
Retail merchandise | 26,428 | 25,167 | |||||||||||
Total inventories on first-in, first-out method | 66,234 | 61,923 | |||||||||||
LIFO adjustment | (7,550 | ) | (7,561 | ) | |||||||||
Reserve for excess and obsolete inventory | (1,412 | ) | (1,293 | ) | |||||||||
$ | 57,272 | $ | 53,069 | ||||||||||
We source a significant amount of our wholesale product from other countries. During 2014, 2013 and 2012, purchases from our two largest vendors located in China and Vietnam were $26,707, $24,217 and $23,416 respectively. | |||||||||||||
We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses. | |||||||||||||
Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: | |||||||||||||
Wholesale Segment | Retail Segment | Total | |||||||||||
Balance at November 26, 2012 | $ | 715 | $ | 374 | $ | 1,089 | |||||||
Additions charged to expense | 2,309 | 383 | 2,692 | ||||||||||
Write-offs | (2,023 | ) | (465 | ) | (2,488 | ) | |||||||
Balance at November 24, 2013 | 1,001 | 292 | 1,293 | ||||||||||
Additions charged to expense | 1,666 | 331 | 1,997 | ||||||||||
Write-offs | (1,607 | ) | (271 | ) | (1,878 | ) | |||||||
Balance at November 30, 2014 | $ | 1,060 | $ | 352 | $ | 1,412 | |||||||
Note_6_Property_and_Equipment
Note 6 - Property and Equipment | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 6 | Property and Equipment | |||||||||||
Property and equipment consist of the following: | |||||||||||||
29-Nov-14 | 30-Nov-13 | ||||||||||||
Land | $ | 11,371 | $ | 11,371 | |||||||||
Buildings and leasehold improvements | 90,204 | 75,965 | |||||||||||
Machinery and equipment | 70,184 | 67,183 | |||||||||||
171,759 | 154,519 | ||||||||||||
Less accumulated depreciation | (96,947 | ) | (90,248 | ) | |||||||||
$ | 74,812 | $ | 64,271 | ||||||||||
Depreciation expense associated with the property and equipment shown above was included in income from operations in our consolidated statements of income as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of goods sold (1) | $ | 542 | $ | 595 | $ | 619 | |||||||
Selling, general and adminstrative expenses (2) | 6,814 | 5,279 | 4,508 | ||||||||||
Total depreciation expense included in income from operations | $ | 7,356 | $ | 5,874 | $ | 5,127 | |||||||
-1 | All associated with our wholesale segment for fiscal 2014, 2013 and 2012. | ||||||||||||
-2 | Includes depreciation associated with our retail segment of $5,782, $4,531 and $3,955 for fiscal 2014. 2013 and 2012. respectively. | ||||||||||||
The net book value of property and equipment utilized by Company-owned stores at November 29, 2014 and November 30, 2013 was $59,879 and $51,748 respectively. |
Note_7_Financial_Instruments_I
Note 7 - Financial Instruments, Investments and Fair Value Measurements | 12 Months Ended | |
Nov. 29, 2014 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Disclosures [Text Block] | 7 | Financial Instruments, Investments and Fair Value Measurements |
Financial Instruments | ||
Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost and equity method investments, accounts payable and long-term debt. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value. Our cost and equity method investments generally involve entities for which it is not practical to determine fair values. | ||
Investments | ||
Our short-term investments at November 29, 2014 consist of certificates of deposit (CDs) with terms generally ranging from six to twelve months, bearing interest at rates ranging from 0.10% to 0.91% with a weighted average yield of approximately 0.21%. At November 29, 2014, the weighted average remaining time to maturity of the CDs was approximately five months. Each CD is placed with a Federally insured financial institution and all deposits are within Federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at November 29, 2014 approximates their fair value. | ||
Prior to November 24, 2012, our investments consisted of a portfolio of marketable securities and our investment in the Fortress Value Recovery Fund I, LLC (“Fortress”), During the fourth quarter of fiscal 2012 we liquidated our entire portfolio of marketable securities, resulting in a net gain of $313 which is included in income from investments in our accompanying consolidated statement of income for the year ended November 24, 2012. Our marketable securities had been classified as available-for-sale and were marked to market and recorded at their fair value. We measured the fair value of our marketable securities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. | ||
Prior to the liquidation of our available for sale securities, unrealized holding gains and losses, net of the related income tax effect, had been excluded from income and were reported as other comprehensive income in stockholders’ equity. The realized earnings from our marketable securities portfolio include realized gains and losses, based upon specific identification, and dividend and interest income. Realized earnings were $453 for fiscal 2012. Realized earnings for the year ended November 24, 2012 include $208 of gains previously recorded in other comprehensive income. These amounts are recorded other loss, net in our consolidated statements of income. | ||
We hold an investment in the Fortress Value Recovery Fund I, LLC (“Fortress”). Due to significant declines in net asset values during the first quarter of fiscal 2012, the highly illiquid nature of the investment, and the high degree of uncertainty regarding our ability to recover our investment in the foreseeable future, we fully impaired the carrying amount of this investment during the year ended November 24, 2012. During the year ended November 29, 2014, we recognized gains of $280 resulting from the partial liquidation of Fortress which is included in other loss, net in our consolidated statement of income. The timing and amount of future receipts, if any, from the liquidation of Fortress, remain uncertain, and will be recognized as gains in other income if and when notification of a distribution is received. | ||
Fair Value Measurement | ||
The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy: | ||
Level 1 Inputs– Quoted prices for identical instruments in active markets. | ||
Level 2 Inputs– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||
Level 3 Inputs– Instruments with primarily unobservable value drivers. | ||
We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our mortgages payable for disclosure purposes (see Note 12) involves Level 3 inputs. Our primary non-recurring fair value estimates, typically involving the valuation of business acquisitions (Note 9 to the Consolidated Financial Statements) and asset impairments (see Note 15) have utilized Level 3 inputs. |
Note_8_Income_from_the_Continu
Note 8 - Income from the Continued Dumping and Subsidy Offset Act | 12 Months Ended | |
Nov. 29, 2014 | ||
Income From Continued Dumping And Subsidy Offset Act [Abstract] | ||
Income From Continued Dumping And Subsidy Offset Act [Text Block] | 8 | Income from the Continued Dumping and Subsidy Offset Act |
During the year ended November 24, 2012, U.S. Customs and Border Protection (“Customs”) made a distribution to us of $9,010 representing our share of the final distribution of duties that have been withheld by Customs under the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”). Certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) filed actions in the United States Court of International Trade challenging the CDSOA's “support requirement” and seeking to share in the distributions. As a result, Customs held back a portion of those distributions (“the Holdback”) pending resolution of the Non-Supporting Producers' claims. The Court of International Trade dismissed all of the actions of the Non-Supporting Producers, who appealed to the United States Court of Appeals for the Federal Circuit (“the Court of Appeals”). The Court of Appeals denied the Non-Supporting Producers’ request for an injunction to block the final distribution of the Holdback and allowed Customs to distribute the funds in April of 2012, including the Company’s share of $9,010. The Court of Appeals ruled against the Non-Supporting Producers, who then each filed petitions for a writ of certiorari with the U.S. Supreme Court to obtain a hearing of their appeal. These petitions have since been denied, effectively ending the appeals process and the possibility that Customs would seek a return of the final distribution. |
Note_9_Licensee_Acquisitions_a
Note 9 - Licensee Acquisitions and Goodwill | 12 Months Ended | ||||
Nov. 29, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | 9 | Licensee Acquisitions and Goodwill | |||
As we continually monitor business relationships with our licensees, we may determine from time to time that it is in our best interest to acquire a licensee’s operations in order to mitigate certain risks associated with the poor performance or potential failure of a licensee. Such risks include loss of receivables or underlying collateral, potential impairment of the value of our investments in real estate used by a licensee or exposure to contingent liabilities under lease guarantees, and potential harm to our market share and brand integrity within a licensee’s market. In addition, we are sometimes approached by our licensees to acquire all or certain stores operated by the licensee. We evaluate such opportunities considering, among other things, the viability of the market and our participation in the store real estate. | |||||
There were no acquisitions of licensee operations during fiscal 2014 and 2013. During fiscal 2012, we acquired one store located in Knoxville, Tennessee and two stores in the Orange County, California market. In both cases our licensees desired to exit those markets but continue operating in other markets. The acquisition price for the Knoxville store was $673, funded through the exchange of $485 in cash and $188 in existing accounts receivable for the net assets acquired from the licensee plus recognized goodwill of $375. The acquisition price for the two Orange County stores was $1,468, funded through the exchange of $64 in cash and $1,404 in existing accounts receivable for the net assets acquired plus recognized goodwill of $921. | |||||
Our acquisitions were accounted for in accordance with ASC Topic 805, Business Combinations. The following table summarizes the net assets acquired and consideration given in the store acquisitions which occurred in fiscal 2012: | |||||
2012 | |||||
Net assets acquired: | |||||
Inventory | $ | 1,480 | |||
Property and equipment/other | 592 | ||||
Goodwill | 1,296 | ||||
Customer deposits and other accrued expenses | (1,227 | ) | |||
Total net assets acquired | $ | 2,141 | |||
Consideration given: | |||||
Accounts receivable | $ | 1,592 | |||
Cash | 549 | ||||
Total consideration | $ | 2,141 | |||
The assets acquired and liabilities assumed were measured at fair value in accordance with ASC 805. Acquired inventory is valued at expected retail sales price less an allowance for direct selling costs and profit thereon. Acquired property and equipment are valued based upon our estimate of replacement cost less an allowance for age and condition at the time of acquisition. Customer deposits and accrued expenses are expected to be settled at face value within a short period following acquisition; therefore face value is assumed to approximate fair value. The inputs into these fair value calculations reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures. See Note 7. | |||||
The pro forma impact of the acquisitions is not presented as we believe it is impractical to do so. We were not able to compile what we believed to be complete, accurate and reliable accounting information to use as a basis for pro forma presentations without an unreasonable effort. Net sales and operating losses generated by these stores subsequent to their acquisition during fiscal 2012 were $1,646 and $62, respectively. | |||||
The carrying value of our goodwill, which is included in other long-term assets in the accompanying consolidated balance sheets, was $1,731 at both November 29, 2014 and November 30, 2013. Of this balance, $1,129 is allocated to our wholesale segment and $602 is allocated to our retail segment. There have been no changes in the carrying value of our goodwill subsequent to the 2012 acquisitions. We perform our annual goodwill impairment review as of the beginning of our fiscal fourth quarter. No impairment charges have been required since fiscal 2009. |
Note_10_Unconsolidated_Affilia
Note 10 - Unconsolidated Affiliated Companies | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 10 | Unconsolidated Affiliated Companies | |||||||||||
Zenith Freight Lines, LLC | |||||||||||||
We own 49% of Zenith Freight Lines, LLC, (“Zenith”) which provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We have contracted with Zenith to provide for substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for several of our Company-owned retail stores. Our investment in Zenith was $7,915 at November 29, 2014 and $7,254 at November 30, 2013 and is recorded in other long-term assets. We paid Zenith approximately $31,308, $29,313 and $25,317, for freight expense and logistical services in fiscal 2014, 2013, and 2012, respectively. At November 29, 2014 and November 30, 2013, we owed Zenith $2,628 and $2,580, respectively, for services rendered to us. We believe the transactions with Zenith are at current market rates. We recorded the following earnings (losses) in income from unconsolidated affiliated companies, net in our consolidated statements of income: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings recognized | $ | 661 | $ | 770 | $ | 347 | |||||||
See Note 21 regarding the announcement of our intention to acquire the remaining 51% of Zenith in 2015. | |||||||||||||
International Home Furnishings Center | |||||||||||||
In connection with the sale of our interest in International Home Furnishings Center, Inc. (“IHFC”) on May 2, 2011, to International Market Centers, L.P. (“IMC”), $6,106 of the sales proceeds were placed in escrow at the time of the sale to cover various contingencies. At various times during fiscal 2012, 2013 and 2014, the contingencies were satisfied without loss to the Company and the funds were released to us. The amounts collected in each year were as follows: | |||||||||||||
Total Escrow Receivable | |||||||||||||
Balance at November 26, 2011 | $ | 6,106 | |||||||||||
Received in fiscal 2012 | (1,410 | ) | |||||||||||
Balance at November 24, 2012 | 4,696 | ||||||||||||
Received in fiscal 2013 | (2,348 | ) | |||||||||||
Balance at November 30, 2013 | 2,348 | ||||||||||||
Received in fiscal 2014 | (2,348 | ) | |||||||||||
Balance at November 29, 2014 | $ | - | |||||||||||
The balance of $2,348 receivable at November 30, 2013 was included in other current assets in our consolidated balance sheet. | |||||||||||||
In addition to the proceeds described above, at the time of the sale we acquired a minority interest in IMC in exchange for $1,000. IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P, Our investment in IMC is included in other long-term assets in the accompanying consolidated balance sheets and is accounted for using the cost method as we do not have significant influence over IMC. |
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 11 | Income Taxes | |||||||||||
The components of the income tax provision (benefit) are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 4,168 | $ | 759 | $ | 1,611 | |||||||
State | 596 | 50 | (487 | ) | |||||||||
Deferred: | |||||||||||||
Increase (decrease) in valuation allowance | (974 | ) | 136 | (18,704 | ) | ||||||||
Federalf | 221 | 1,970 | 2,458 | ||||||||||
State | 1,297 | 176 | 423 | ||||||||||
Total | $ | 5,308 | $ | 3,091 | $ | (14,699 | ) | ||||||
Excess tax benefits in the amount of $300 and $313 were recognized as additional paid-in capital during fiscal 2014 and fiscal 2013, respectively, resulting from the exercise of stock options and the release of restricted shares. | |||||||||||||
A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 34 | % | 35 | % | |||||||
Adjustments to state net operating loss carryforwards | 3.3 | - | - | ||||||||||
Change in income tax valuation allowance | (3.7 | ) | 1.7 | (155.6 | ) | ||||||||
Change in income tax reserves | (1.7 | ) | 0.1 | (3.3 | ) | ||||||||
State income tax, net of federal benefit | 4.9 | 3.7 | 1.5 | ||||||||||
Other | (1.5 | ) | (1.7 | ) | 0.1 | ||||||||
Effective income tax rate | 36.3 | % | 37.8 | % | (122.3 | )% | |||||||
The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows: | |||||||||||||
November 29, | November 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Trade accounts receivable | $ | 483 | $ | 618 | |||||||||
Inventories | 2,384 | 2,277 | |||||||||||
Property and equipment | - | 756 | |||||||||||
Notes receivable | 1,599 | 1,592 | |||||||||||
Retirement benefits | 6,093 | 5,626 | |||||||||||
State net operating loss carryforwards | 1,141 | 2,482 | |||||||||||
Unrealized loss from affiliates | 595 | 988 | |||||||||||
Lease termination accruals | 167 | 349 | |||||||||||
Net deferred rents | 2,251 | 1,256 | |||||||||||
Other | 1,699 | 1,142 | |||||||||||
Gross deferred income tax assets | 16,412 | 17,086 | |||||||||||
Valuation allowance | (70 | ) | (1,044 | ) | |||||||||
Total deferred income tax assets | 16,342 | 16,042 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Unrealized gains from affiliates | 963 | 755 | |||||||||||
Property and equipment | 282 | - | |||||||||||
Prepaid expenses and other | 128 | 135 | |||||||||||
Total deferred income tax liabilities | 1,373 | 890 | |||||||||||
Net deferred income tax assets | $ | 14,969 | $ | 15,152 | |||||||||
Due to the losses incurred prior to fiscal 2011, we were in a cumulative loss position for the three years preceding fiscal 2011which is considered significant negative evidence that is difficult to overcome on a “more likely than not” standard through objectively verifiable data. While our long-term financial outlook remained positive, we concluded that our ability to rely on our long-term outlook and forecasts as to future taxable income was limited due to uncertainty created by the weight of the negative evidence. As a result, we previously recorded a valuation allowance on certain of the deferred tax assets. In fiscal 2011, due to the gain recognized on the sale of our interest in IHFC, we were able to utilize net operating loss carryforwards and credits to significantly offset the taxable gain, resulting in a $17,464 reduction of the valuation allowance. However, as the gain on the sale of IHFC did not represent a source of recurring future taxable income, we continued to record a valuation allowance against substantially all of our deferred tax assets as of November 26, 2011. Due to our positive earnings during fiscal 2012, and the absence of any significant negative evidence to the contrary, we concluded that we could rely on our positive long-term outlook and forecasts as to future taxable income in evaluating our ability to realize our deferred tax assets. Accordingly, the reserve against the majority of our deferred tax assets was removed in fiscal 2012, resulting in a credit to income of $18,704, or $1.70 and $1.69 per basic and diluted share, respectively, which is included in our net income tax benefit for that year. The valuation allowance of $1,044 at November 30, 2013 was primarily related to state net operating loss carryforwards for which it was considered to be more likely than not that they would not be utilized prior to their expiration. During fiscal 2014 we reduced our valuation allowance related to adjustments to state net operating loss carryforwards primarily due to state tax law changes resulting in a credit to income of $974, or $0.09 per basic and diluted share. The remaining balance in the valuation allowance at November 29, 2014 was $70. | |||||||||||||
The following table represents a summary of the valuation allowances against deferred tax assets: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of the year | $ | 1,044 | $ | 908 | $ | 19,612 | |||||||
Additions charged to expense | - | 136 | - | ||||||||||
Deductions reducing expense | (974 | ) | - | (18,704 | ) | ||||||||
Balance, end of the year | $ | 70 | $ | 1,044 | $ | 908 | |||||||
We have state net operating loss carryforwards available to offset future taxable state income of $22,439, which expire in varying amounts between 2015 and 2030. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. | |||||||||||||
Income taxes paid, net of refunds received, during 2014, 2013 and 2012 were $2,367, $2,723, and $2,010, respectively. | |||||||||||||
As of November 29, 2014, the gross amount of unrecognized tax benefits was approximately $1,236 exclusive of interest and penalties. Of this balance, none would benefit the effective tax rate if we were to prevail on all unrecognized tax benefits recorded. As of November 30, 2013, the gross amount of unrecognized tax benefits was approximately $1,497, exclusive of interest and penalties. Of this balance, if we were to prevail on all unrecognized tax benefits recorded, approximately $239 would benefit the effective tax rate. We regularly evaluate, assess and adjust the related liabilities in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period. | |||||||||||||
The following table summarizes the activity related to our gross unrecognized tax benefits: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of the year | $ | 1,497 | $ | 1,228 | $ | 1,502 | |||||||
Gross increases | - | 401 | 10 | ||||||||||
Gross decreases due to settlements | (221 | ) | - | - | |||||||||
Gross decreases primarily due to the expiration of statutes | (40 | ) | (132 | ) | (284 | ) | |||||||
Balance, end of the year | $ | 1,236 | $ | 1,497 | $ | 1,228 | |||||||
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During fiscal 2014, 2013, and 2012, we recognized $7, $23, and $63 of interest expense recovery and $10, $31, and $57 of penalty expense recovery, respectively, related to the unrecognized benefits noted above in our consolidated statements of income. At November 29, 2014 and November 30, 2013, the consolidated balance sheets include accrued interest of $134 and $140, and penalties of $0 and $10, respectively, due to unrecognized tax benefits. At November 29, 2014,$1,370 representing the entire amount of our gross unrecognized tax benefits along with the accrued interest and penalties thereon is included in other accrued liabilities in our consolidated balance sheet as we believe it is likely these uncertain positions will be resolved in 2015. The corresponding balance as November 30, 2013 of $1,647 was included in other long-term liabilities. | |||||||||||||
Significant judgment is required in evaluating the Company's federal and state tax positions and in the determination of its tax provision. Despite our belief that the liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matter. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. The Company also cannot predict when or if any other future tax payments related to these tax positions may occur. | |||||||||||||
We remain subject to examination for tax years 2011 through 2013 for all of our major tax jurisdictions. The Company’s fiscal 2012 and 2013 income tax returns are currently under examination by the IRS. | |||||||||||||
The IRS released the final and re-proposed tangible property regulations in September of 2013. While the regulations are now final, they are effective for tax years beginning on or after January 1, 2014, which for the Company will be fiscal 2015. We have begun to evaluate the changes necessary to comply with the regulations and the related administrative procedures and the new regulations are not expected to have a significant impact on our financial statements. |
Note_12_Real_Estate_Notes_Paya
Note 12 - Real Estate Notes Payable and Bank Credit Facility | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 12 | Real Estate Notes Payable and Bank Credit Facility | |||||||
The real estate notes payable and bank debt are summarized as follows: | |||||||||
Real Estate Notes Payable | |||||||||
November 29, | November 30, | ||||||||
2014 | 2013 | ||||||||
Real estate notes payable | $ | 2,218 | $ | 2,746 | |||||
Current portion of real estate notes payable | (316 | ) | (279 | ) | |||||
$ | 1,902 | $ | 2,467 | ||||||
Certain of our retail real estate properties have been financed through commercial mortgages with an interest rate of 6.73%. These mortgages are collateralized by the respective properties with net book values totaling approximately $6,127 and $6,262 at November 29, 2014 and November 30, 2013, respectively. The current portion of these mortgages, $316 and $279 as of November 29, 2014 and November 30, 2013, respectively, has been included in other accrued liabilities in the accompanying consolidated balance sheets. The long-term portion, $1,902 and $2,467 as of November 29, 2014 and November 30, 2013, respectively, is presented as real estate notes payable in the consolidated balance sheets. | |||||||||
The fair value of these mortgages was $2,196 and $2,684 at November 29, 2014 and November 30, 2013, respectively. In determining the fair value we utilized current market interest rates for similar instruments. The inputs into these fair value calculations reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 7. | |||||||||
Maturities of real estate notes payable are as follows: | |||||||||
Fiscal 2015 | $ | 316 | |||||||
Fiscal 2016 | 338 | ||||||||
Fiscal 2017 | 361 | ||||||||
Fiscal 2018 | 386 | ||||||||
Fiscal 2019 | 413 | ||||||||
Thereafter | 404 | ||||||||
$ | 2,218 | ||||||||
Bank Credit Facility | |||||||||
On December 18, 2012, we entered into a new credit facility with our bank extending us a line of credit of up to $15,000. This credit facility, which matures in December 2015, is secured by our accounts receivable and inventory and contains certain covenants requiring us to maintain certain key financial ratios. We were in compliance with all covenants under the facility at November 29, 2014 and expect to remain in compliance for the foreseeable future. | |||||||||
At November 29, 2014 we had $216 outstanding under standby letters of credit, leaving availability under our credit line of $14,784. | |||||||||
Total interest paid, including bank and mortgage debt, during fiscal 2014, 2013 and 2012 was $176, $244 and $294, respectively. |
Note_13_PostEmployment_Benefit
Note 13 - Post-Employment Benefit Obligations | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||
Postemployment Benefits Disclosure [Text Block] | 13 | Post-Employment Benefit Obligations | |||||||||||
Supplemental Retirement Income Plan | |||||||||||||
We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to 65% of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary 50% of final average annual compensation for a period of 120 months, or (b) post-retirement death, which pays the beneficiary 200% of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of $3,148 at November 29, 2014 and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control. | |||||||||||||
Summarized information for the plan measured as of the end of each year presented, is as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Change in Benefit Obligation: | |||||||||||||
Projected benefit obligation at beginning of year | $ | 9,775 | $ | 9,805 | |||||||||
Service cost | 78 | 71 | |||||||||||
Interest cost | 373 | 350 | |||||||||||
Actuarial losses | 1,084 | 434 | |||||||||||
Benefits paid | (934 | ) | (885 | ) | |||||||||
Projected benefit obligation at end of year | $ | 10,376 | $ | 9,775 | |||||||||
Accumulated Benefit Obligation | $ | 9,748 | $ | 9,215 | |||||||||
Discount rate used to value the ending benefit obligations: | 3.75 | % | 4 | % | |||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||
Current liabilities | $ | 724 | $ | 810 | |||||||||
Noncurrent liabilities | 9,652 | 8,965 | |||||||||||
$ | 10,376 | $ | 9,775 | ||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||
Transition obligation | $ | 170 | $ | 212 | |||||||||
Actuarial loss | 3,046 | 2,085 | |||||||||||
Net amount recognized | $ | 3,216 | $ | 2,297 | |||||||||
Total recognized in net periodic benefit cost and accumulated other comprehensive income: | $ | 1,535 | $ | 855 | |||||||||
2014 | 2013 | 2012 | |||||||||||
Components of Net Periodic Pension Cost: | |||||||||||||
Service cost | $ | 78 | $ | 71 | $ | 54 | |||||||
Interest cost | 373 | 350 | 376 | ||||||||||
Amortization of transition obligation | 42 | 42 | 42 | ||||||||||
Amortization of other loss | 123 | 81 | 11 | ||||||||||
Net periodic pension cost | $ | 616 | $ | 544 | $ | 483 | |||||||
Assumptions used to determine net periodic pension cost: | |||||||||||||
Discount rate | 4 | % | 3.75 | % | 4.25 | % | |||||||
Increase in future compensation levels | 3 | % | 3 | % | 3 | % | |||||||
Estimated Future Benefit Payments (with mortality): | |||||||||||||
Fiscal 2015 | $ | 724 | |||||||||||
Fiscal 2016 | 695 | ||||||||||||
Fiscal 2017 | 667 | ||||||||||||
Fiscal 2018 | 639 | ||||||||||||
Fiscal 2019 | 610 | ||||||||||||
Fiscal 2020 through 2024 | 3,432 | ||||||||||||
Of the $3,216 recognized in accumulated other comprehensive income at November 29, 2014, $42 of net transition obligation and $194 of net loss are expected to be recognized as components of net periodic pension cost during fiscal 2015. | |||||||||||||
Deferred Compensation Plan | |||||||||||||
We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $134, $288, and $312 in fiscal 2014, 2013, and 2012, respectively, associated with the plan. The expense for fiscal 2014 is net of a credit to income of $124 due to a change in our estimate of the future obligation of a former employee. Our liability under this plan was $2,174 and $2,555 as of November 29, 2014 and November 30, 2013, respectively. The non-current portion of this obligation is included in post-employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits. | |||||||||||||
Defined Contribution Plan | |||||||||||||
We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 15% of up to 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $397, $340 and $175 during fiscal 2014, 2013 and 2012, respectively. |
Note_14_Capital_Stock_and_Stoc
Note 14 - Capital Stock and Stock Compensation | 12 Months Ended | |||||||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14 | Capital Stock and Stock Compensation | ||||||||||||||||||||
We account for our stock-based employee and director compensation plans in accordance with ASC 718, Compensation – Stock Compensation. ASC 718 requires recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period) which we recognize on a straight-line basis. Compensation expense related to restricted stock and stock options included in selling, general and administrative expenses in our consolidated statements of income for fiscal 2014, 2013 and 2012 was as follows: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
$ | 951 | $ | 728 | $ | 636 | |||||||||||||||||
Stock Option Plans | ||||||||||||||||||||||
In 1997, we adopted an Employee Stock Plan (the “1997 Plan”), and reserved for issuance 950,000 shares of common stock. An additional 500,000 shares of common stock were authorized for issuance in 2000. In addition, the terms of the 1997 Plan allow for the re-issuance of any stock options which have been forfeited before being exercised. Options granted under the 1997 Plan may be for such terms and exercised at such times as determined by the Organization, Compensation, and Nominating Committee of the Board of Directors. Vesting periods typically range from one to three years. There are no shares available for grant under the 1997 Plan at November 29, 2014, however up to 500,000 shares associated with outstanding grants under the 1997 may become available for grant under the 2010 Plan (see below). | ||||||||||||||||||||||
On April 14, 2010, our shareholders approved the Bassett Furniture Industries, Incorporated 2010 Stock Incentive Plan (the “2010 Plan”). All present and future non-employee directors, key employees and outside consultants for the Company are eligible to receive incentive awards under the 2010 Plan. Our Organization, Compensation and Nominating Committee (the “Compensation Committee”) selects eligible key employees and outside consultants to receive awards under the 2010 Plan in its discretion. Our Board of Directors or any committee designated by the Board of Directors selects eligible non-employee directors to receive awards under the 2010 Plan in its discretion. Five hundred thousand (500,000) shares of common stock are reserved for issuance under the 2010 Plan. In addition, up to 500,000 shares that are represented by outstanding awards under the 1997 Employee Stock Plan which are forfeited, expire or are canceled after the effective date of the 2010 Plan will be added to the reserve and may be used for new awards under the 2010 Plan. Participants may receive the following types of incentive awards under the 2010 Plan: stock options, stock appreciation rights, payment shares, restricted stock, restricted stock units and performance shares. Stock options may be incentive stock options or non-qualified stock options. Stock appreciation rights may be granted in tandem with stock options or as a freestanding award. Non-employee directors and outside consultants are eligible to receive restricted stock and restricted stock units only. We expect to issue new common stock upon the exercise of options. | ||||||||||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The risk free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is based on the estimated average of the life of options using the simplified method, and forfeitures are estimated on the date of grant based on certain historical data. We utilize the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns. | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
There were no new grants of options made in 2014, 2013 or 2012. | ||||||||||||||||||||||
Changes in the outstanding options under our plans during the year ended November 29, 2014 were as follows: | ||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price Per Share | |||||||||||||||||||||
Outstanding at November 30, 2013 | 735,100 | $ | 15.08 | |||||||||||||||||||
Granted | - | - | ||||||||||||||||||||
Exercised | (32,850 | ) | 9.65 | |||||||||||||||||||
Forfeited/Expired | (265,000 | ) | 20.92 | |||||||||||||||||||
Outstanding at November 29, 2014 | 437,250 | 11.94 | ||||||||||||||||||||
Exercisable at November 29, 2014 | 414,500 | $ | 12.16 | |||||||||||||||||||
Changes in the non-vested options under our plans during the year ended November 29, 2014 were as follows: | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||||||||||||
Non-vested options outstanding at November 30, 2013 | 86,500 | $ | 6.31 | |||||||||||||||||||
Granted | - | - | ||||||||||||||||||||
Vested | (63,750 | ) | 5.69 | |||||||||||||||||||
Forfeited/Expired | - | - | ||||||||||||||||||||
Non-vested options outstanding at November 29, 2014 | 22,750 | $ | 8.04 | |||||||||||||||||||
Unrecognized compensation cost related to these non-vested options at November 29, 2014 is $49, all of which is expected to be recognized during fiscal 2015. | ||||||||||||||||||||||
Additional information regarding our outstanding stock options at November 29, 2014 is as follows: | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Range of | Shares | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||
Exercise Prices | ||||||||||||||||||||||
$3.23 | - | $6.45 | 68,000 | 5.6 | $ | 4.38 | 68,000 | $ | 4.38 | |||||||||||||
$6.45 | - | $9.67 | 62,750 | 6.5 | 8.03 | 40,000 | 8.03 | |||||||||||||||
$9.68 | - | $12.90 | 104,000 | 2.9 | 10.6 | 104,000 | 10.6 | |||||||||||||||
$12.91 | - | $16.13 | 52,500 | 2.4 | 14.73 | 52,500 | 14.89 | |||||||||||||||
$16.14 | - | $19.35 | 150,000 | 1.6 | 16.96 | 150,000 | 16.96 | |||||||||||||||
437,250 | 414,500 | |||||||||||||||||||||
Aggregate intrinsic value | $ | 3,349 | $ | 3,084 | ||||||||||||||||||
Additional information regarding activity in our stock options during fiscal 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Total intrinsic value of options exercised | $ | 236 | $ | 387 | $ | 530 | ||||||||||||||||
Total fair value of options vested | 200 | 363 | 371 | |||||||||||||||||||
Total cash received from the exercise of options | 382 | 413 | 536 | |||||||||||||||||||
Excess tax benefits recognized as additional paid-in capital upon the exercise of options | 72 | 106 | - | |||||||||||||||||||
Restricted Shares | ||||||||||||||||||||||
Changes in the outstanding non-vested restricted shares during the year ended November 29, 2014 were as follows: | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||||||||||||
Non-vested restricted shares outstanding at November 30, 2013 | 165,893 | $ | 12.23 | |||||||||||||||||||
Granted | 66,339 | 14.21 | ||||||||||||||||||||
Vested and released | (108,495 | ) | 9.96 | |||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||||
Non-vested restricted shares outstanding at November 29, 2014 | 123,737 | $ | 15.28 | |||||||||||||||||||
Restricted share awards granted in fiscal 2014 included the grant of 54,000 shares on January 15, 2014 which were subject to a performance condition as well as a service condition. The performance condition was based on a measure of the Company’s operating cash flow for 2014 and has now been satisfied. Shares will be issued on the first anniversary. They will remain subject to an additional two-year service requirement and will vest on the third anniversary of the grant. The remaining grants for 2014 consisted of 12,399 restricted shares granted to our non-employee directors on April 1, 2014 which will vest on the first anniversary of the grant. | ||||||||||||||||||||||
During fiscal 2014, 108,495 restricted shares were vested and released, of which 97,200 shares had been granted to employees and 11,295 shares to directors. Of the shares released to employees, 31,234 shares were withheld by the Company to cover withholding taxes of $489. During fiscal 2013, 11,550 shares were withheld to cover withholding taxes of $202 arising from the vesting of restricted shares. Excess tax benefits of $228 and $207 were recognized during fiscal 2014 and 2013, respectively, as additional paid-in capital upon the release of vested shares. Activity related to the vesting and release of restricted shares prior to fiscal 2013 was not material. | ||||||||||||||||||||||
Additional information regarding our outstanding non-vested restricted shares at November 29, 2014 is as follows: | ||||||||||||||||||||||
Remaining | ||||||||||||||||||||||
Restricted | Share Value | Restriction | ||||||||||||||||||||
Grant | Shares | at Grant Date | Period | |||||||||||||||||||
Date | Granted | Per Share | (Years) | |||||||||||||||||||
13-Jul-12 | 1,398 | $ | 11.69 | 0.6 | ||||||||||||||||||
17-Jul-13 | 56,000 | 16.64 | 3.6 | |||||||||||||||||||
15-Jan-14 | 54,000 | 14.12 | 2.1 | |||||||||||||||||||
1-Apr-14 | 12,339 | 14.59 | 0.3 | |||||||||||||||||||
123,737 | ||||||||||||||||||||||
Unrecognized compensation cost related to these non-vested restricted shares at November 29, 2014 is $1,403, expected to be recognized over approximately a three and one-half year period. | ||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||
In 2000, we adopted and implemented an Employee Stock Purchase Plan (“ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at 85% of market value. Under the ESPP we sold 25,677, 38,206 and 42,211 shares to employees in fiscal 2014, 2013 and 2012, respectively, which resulted in an immaterial amount of compensation expense. |
Note_15_Restructuring_Asset_Im
Note 15 - Restructuring, Asset Impairment, and Other Charges | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 15. Restructuring, asset impairment, and other charges | ||||||||
During 2012, our income from operations included the following charges: | |||||||||
Restructuring and asset impairment charges: | |||||||||
Asset impairment charges related to Company-owned retail store closures | $ | 123 | |||||||
Asset impairment charges & demolition costs associated with closed plants | 588 | ||||||||
Total restructuring and asset impairment charges | $ | 711 | |||||||
Lease exit costs | |||||||||
Lease exit costs related to Company-owned retail store closures | $ | 228 | |||||||
Changes in estimates related to previously closed Company-owned retail stores | 131 | ||||||||
Total lease exit costs | $ | 359 | |||||||
Total charges related to restructuring, asset impairment, lease exit costs and debt cancellation included in loss from operations | $ | 1,070 | |||||||
Of the total restructuring, asset impairment charges and lease exit costs incurred in 2012, $719 was incurred in our wholesale segment while $351 was incurred in our retail segment. | |||||||||
The following table summarizes the activity related to our accrued lease exit costs: | |||||||||
2014 | 2013 | ||||||||
Balance, beginning of the year | $ | 907 | $ | 2,614 | |||||
Provisions made to adjust previous estimates | 14 | (176 | ) | ||||||
Payments on unexpired leases | (510 | ) | (1,610 | ) | |||||
Accretion of interest on obligations | 22 | 79 | |||||||
Balance, end of the year | $ | 433 | $ | 907 | |||||
Current portion included in other accrued liabilities | $ | 117 | $ | 474 | |||||
Long-term portion included in other long-term liabilities | 316 | 433 | |||||||
$ | 433 | $ | 907 | ||||||
Restructuring and Asset Impairment Charges | |||||||||
During fiscal 2012, we incurred costs of $203 associated with the demolition of a previously closed manufacturing facility in Bassett, Virginia; non-cash charges of $385 associated with the write-down of a previously closed manufacturing facility in Mt. Airy, North Carolina; and $123 associated with the write off of abandoned leasehold improvements following the relocation of a retail store near Richmond, Virginia. | |||||||||
Lease Exit Costs | |||||||||
During fiscal 2012, we incurred non-cash charges of $228 for lease exit costs associated with the relocation of a retail store near Richmond, Virginia, as well as $131 of non-cash charges to reflect reduced estimates of recoverable lease costs at several previously closed retail locations. |
Note_16_Contingencies
Note 16 - Contingencies | 12 Months Ended |
Nov. 29, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 16. Contingencies |
We are involved in various claims and actions, including environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, it is our opinion that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. |
Note_17_Leases_and_Lease_Guara
Note 17 - Leases and Lease Guarantees | 12 Months Ended | ||||
Nov. 29, 2014 | |||||
Leases Lease Guarantees And Loan Guarantees [Abstract] | |||||
Leases Lease Guarantees And Loan Guarantees [Text Block] | 17. Leases and Lease Guarantees | ||||
Leases | |||||
We lease land and buildings under operating leases that are used in the operation of our Company-owned retail stores as well as in the operation of independent licensee BHF stores. Our decision to exercise renewal options is primarily dependent on the level of business conducted at the location and the profitability thereof. Some store leases contain contingent rental provisions based upon sales volume. Lease terms range from one to 15 years and generally have renewal options of between five and 15 years. The following schedule shows future minimum lease payments under non-cancelable operating leases having remaining terms in excess of one year as of November 29, 2014: | |||||
Fiscal 2015 | $ | 18,243 | |||
Fiscal 2016 | 15,713 | ||||
Fiscal 2017 | 13,194 | ||||
Fiscal 2018 | 10,778 | ||||
Fiscal 2019 | 8,984 | ||||
Thereafter | 25,646 | ||||
$ | 92,558 | ||||
Lease expense was $19,903, $18,403 and $17,123 for 2014, 2013, and 2012, respectively. | |||||
In addition to subleasing certain of these properties, we own retail real estate which we in turn lease to licensee operators of BHF stores. We also own real estate for closed stores which we lease to non-licensees. The following schedule shows minimum future rental income related to pass-through rental expense on subleased property as well as rental income on real estate owned by Bassett. | |||||
Fiscal 2015 | $ | 2,688 | |||
Fiscal 2016 | 1,781 | ||||
Fiscal 2017 | 1,406 | ||||
Fiscal 2018 | 869 | ||||
Fiscal 2019 | 252 | ||||
Thereafter | 132 | ||||
$ | 7,128 | ||||
Real estate rental income (loss), net of expense (including lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was $(248), $(594) and $(468) in 2014, 2013 and 2012, respectively, and is reflected in other expense, net in the accompanying consolidated statements of income. | |||||
Guarantees | |||||
As part of the strategy for our store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to ten years. We were contingently liable under licensee lease obligation guarantees in the amount of $3,164 and $3,698 at November 29, 2014 and November 30, 2013, respectively. | |||||
In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement dealer, liquidating the collateral, and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are estimated to cover the maximum amount of our future payments under the guarantee obligations, net of reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at November 29, 2014 and November 30, 2013, were not material. |
Note_18_Earnings_Per_Share
Note 18 - Earnings Per Share | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 18. Earnings Per Share | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 9,299 | $ | 5,096 | $ | 26,713 | |||||||
Denominator: | |||||||||||||
Denominator for basic income per share - weighted average shares | 10,552,462 | 10,721,652 | 10,992,017 | ||||||||||
Effect of dilutive securities | 140,569 | 150,897 | 103,394 | ||||||||||
Denominator for diluted income per share — weighted average shares and assumed conversions | 10,693,031 | 10,872,549 | 11,095,411 | ||||||||||
Basic income per share: | |||||||||||||
Net income per share — basic | $ | 0.88 | $ | 0.48 | $ | 2.43 | |||||||
Diluted income per share: | |||||||||||||
Net income per share — diluted | $ | 0.87 | $ | 0.47 | $ | 2.41 | |||||||
For fiscal 2014, 2013 and 2012, the following potentially dilutive shares were excluded from the computations as there effect was anti-dilutive: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | 150,000 | 472,500 | 622,500 | ||||||||||
Unvested restricted shares | - | 81,295 | 12,582 | ||||||||||
Total anti-dilutive securities | 150,000 | 553,795 | 635,082 | ||||||||||
Note_19_Segment_Information
Note 19 - Segment Information | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | |||||||||||||
19. Segment Information | |||||||||||||
We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting, and as described below: | |||||||||||||
● | Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned stores retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. | ||||||||||||
● | Retail – Company-owned Stores. Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities (including real estate) and capital expenditures directly related to these stores. | ||||||||||||
● | Investments and Real Estate. Our investments and real estate segment consists of our short-term investments, our holdings of real estate leased or previously leased as licensee stores, and our equity investment in Zenith. We also hold an investment in Fortress, which we fully reserved during the first quarter of 2012. Although this segment does not have operating earnings, income or loss from the segment is included in other income (loss), net, in our consolidated statements of income. | ||||||||||||
Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate. | |||||||||||||
The following table presents segment information for each of the last three fiscal years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net Sales | |||||||||||||
Wholesale | $ | 223,993 | $ | 215,451 | $ | 185,187 | |||||||
Retail | 216,631 | 199,380 | 171,633 | ||||||||||
Inter-company elimination | (99,886 | ) | (93,545 | ) | (87,148 | ) | |||||||
Consolidated | $ | 340,738 | $ | 321,286 | $ | 269,672 | |||||||
Income (loss) from Operations | |||||||||||||
Wholesale | $ | 14,120 | $ | 10,883 | $ | 7,500 | |||||||
Retail | (528 | ) | (1,452 | ) | (2,067 | ) | |||||||
Inter-company elimination | 1,539 | 574 | 717 | ||||||||||
Restructuring and asset impairment charges | |||||||||||||
Wholesale | - | - | (588 | ) | |||||||||
Retail | - | - | (123 | ) | |||||||||
Lease exit costs | - | - | (359 | ) | |||||||||
Consolidated income (loss) from operations | $ | 15,131 | $ | 10,005 | $ | 5,080 | |||||||
Depreciation and Amortization | |||||||||||||
Wholesale | $ | 1,572 | $ | 1,342 | $ | 1,171 | |||||||
Retail | 5,344 | 4,372 | 3,760 | ||||||||||
Investments and real estate | 400 | 484 | 542 | ||||||||||
Consolidated | $ | 7,316 | $ | 6,198 | $ | 5,473 | |||||||
Capital Expenditures | |||||||||||||
Wholesale | $ | 4,527 | $ | 3,839 | $ | 3,092 | |||||||
Retail | 13,836 | 10,846 | 5,898 | ||||||||||
Investments and real estate | - | - | 10 | ||||||||||
Consolidated | $ | 18,363 | $ | 14,685 | $ | 9,000 | |||||||
Identifiable Assets | |||||||||||||
Wholesale | $ | 124,848 | $ | 109,958 | $ | 145,861 | |||||||
Retail | 86,471 | 77,331 | 68,583 | ||||||||||
Investments and real estate | 29,427 | 38,560 | 12,736 | ||||||||||
Consolidated | $ | 240,746 | $ | 225,849 | $ | 227,180 | |||||||
A breakdown of wholesale sales by product category for each of the last three fiscal years is provided below: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Wood | 39% | 41% | 43% | ||||||||||
Upholstery | 61% | 59% | 57% | ||||||||||
100% | 100% | 100% | |||||||||||
Note_20_Quarterly_Results_of_O
Note 20 - Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 20. Quarterly Results of Operations (unaudited) | ||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter (1)(2) | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 75,647 | $ | 85,185 | $ | 85,186 | $ | 94,720 | |||||||||
Gross profit | 40,253 | 45,313 | 45,018 | 51,837 | |||||||||||||
Net income | 843 | 2,551 | 2,256 | 3,649 | |||||||||||||
Basic earnings per share | 0.08 | 0.24 | 0.22 | 0.35 | |||||||||||||
Diluted earnings per share | 0.08 | 0.24 | 0.21 | 0.35 | |||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter (1) | Quarter | Quarter (3) | Quarter (4) | ||||||||||||||
Net sales | $ | 79,849 | $ | 81,223 | $ | 77,152 | $ | 83,062 | |||||||||
Gross profit | 41,360 | 41,826 | 38,723 | 44,085 | |||||||||||||
Net income (loss) | 980 | 1,953 | 556 | 1,607 | |||||||||||||
Basic earnings (loss) per share | 0.09 | 0.18 | 0.05 | 0.15 | |||||||||||||
Diluted earnings (loss) per share | 0.09 | 0.18 | 0.05 | 0.15 | |||||||||||||
The first quarter of fiscal 2013 includes 14 weeks. All other quarters presented above for fiscal 2013 and 2012 consist of 13 week fiscal periods. | |||||||||||||||||
-1 | The first quarter of fiscal 2014 included 13 weeks as compared with 14 weeks for the first quarter of 2013. On an average weekly basis, net sales for the first quarter of fiscal 2014 were $5,819 per week as compared with $5,704 per week for the first quarter of fiscal 2013. | ||||||||||||||||
-2 | Includes $662 of income from death benefits from life insurance policies covering a former executive and a $140 gain from the partial liquidation of our investment in Fortress (see Note 7) | ||||||||||||||||
-3 | Includes $221 of tax benefit from the expiration of the statute of limitations on certain previously unrecognized tax benefits – see Note 11 for further information. | ||||||||||||||||
-4 | Includes $416 charge for impairment related to our investment property located in Henderson, Nevada. See Note 15 for further details | ||||||||||||||||
Note_21_Subsequent_Event
Note 21 - Subsequent Event | 12 Months Ended |
Nov. 29, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 21. Subsequent Event |
On January 21, 2015 we announced our intention to acquire the remaining 51% of Zenith Freight Lines, LLC in a transaction that is expected to close during the first quarter of fiscal 2015. The purchase price is valued at $20,000 to be paid in increments of cash and Bassett common stock over a three year period. See Note 10 regarding our current 49% interest in Zenith. |
Schedule_II_Analysis_of_Valuat
Schedule II - Analysis of Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Bassett Furniture Industries, Incorporated | ||||||||||||||||||||
Schedule II | |||||||||||||||||||||
Analysis of Valuation and Qualifying Accounts | |||||||||||||||||||||
For the Years Ended November 29, 2014, November 30, 2013 and November 24, 2012 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Balance Beginning of Period | Additions Charged to Cost and Expenses | Deductions (1) | Other | Balance End of Period | |||||||||||||||||
For the Year Ended November 24, 2012: | |||||||||||||||||||||
Reserve deducted from assets to which it applies | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 2,092 | $ | 377 | $ | (680 | ) | $ | - | $ | 1,789 | ||||||||||
Notes receivable valuation reserves | $ | 4,140 | $ | (1 | ) | $ | - | $ | - | $ | 4,139 | ||||||||||
Income tax valuation allowance | $ | 19,612 | $ | - | $ | (18,704 | ) | $ | - | $ | 908 | ||||||||||
For the Year Ended November 30, 2013: | |||||||||||||||||||||
Reserve deducted from assets to which it applies | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,789 | $ | 361 | $ | (543 | ) | $ | - | $ | 1,607 | ||||||||||
Notes receivable valuation reserves | $ | 4,139 | $ | - | $ | - | $ | - | $ | 4,139 | |||||||||||
Income tax valuation allowance | $ | 908 | $ | 136 | $ | - | $ | - | $ | 1,044 | |||||||||||
For the Year Ended November 29, 2014: | |||||||||||||||||||||
Reserve deducted from assets to which it applies | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,607 | $ | 77 | $ | (435 | ) | $ | - | $ | 1,249 | ||||||||||
Notes receivable valuation reserves | $ | 4,139 | $ | - | $ | - | $ | - | $ | 4,139 | |||||||||||
Income tax valuation allowance | $ | 1,044 | $ | - | $ | (974 | ) | $ | - | $ | 70 | ||||||||||
-1 | Deductions are for the purpose for which the reserve was created. Deductions from the income tax valuation allowance for the years ended November 24, 2012 and November 29, 2014 were due to the removal of the majority of our valuation allowance, resulting in a net tax benefit for the year. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Receivables, Policy [Policy Text Block] | Accounts Receivable | ||||||||
Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. The majority of our trade accounts receivable and allowance for doubtful accounts are attributable to amounts owed to us by our licensees, with the remaining receivables due primarily from national account customers and traditional distribution channel customers. The percentages of our trade accounts receivable and related allowance for doubtful accounts owed to us by our licensees were as follows at November 29, 2014 and November 30, 2013: | |||||||||
2014 | 2013 | ||||||||
Portion of trade accounts receivable owed by licensees | 46% | 50% | |||||||
Portion of allowance for doubtful accounts attributable to licensees | 58% | 64% | |||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Customers | ||||||||
Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 29, 2014 and November 30, 2013, our aggregate exposure from receivables and guarantees related to customers consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Accounts receivable, net of allowances (Note 4) | $ | 15,228 | $ | 16,080 | |||||
Notes receivable, net of allowances | 592 | 632 | |||||||
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) | 3,046 | 3,523 | |||||||
Total credit risk exposure related to customers | $ | 18,866 | $ | 20,235 | |||||
At November 29, 2014 approximately 24% of the aggregate risk exposure, net of reserves, shown above was attributable to two licensees. At November 30, 2013, approximately 27% of the aggregate risk exposure, net of reserves, shown above was attributable to two licensees. In fiscal 2014, 2013 and 2012, no customer accounted for more than 10% of total net sales. | |||||||||
We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately $4,774, $4,603, and $4,596 in fiscal 2014, 2013, and 2012, respectively. | |||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation | ||||||||
The Company’s fiscal year ends on the last Saturday in November, which periodically results in a 53-week year. Fiscal 2013 contained 53 weeks, whereas fiscal 2014 and 2012 each contained 52 weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2014, 2013 and 2012 are to Bassett's fiscal year ended November 29, 2014, November 30, 2013 and November 24, 2012, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. | |||||||||
For comparative purposes, certain amounts in the 2013 and 2012 financial statements have been reclassified to conform to the 2014 presentation. | |||||||||
The equity method of accounting is used for our investment in an affiliated company in which we exercise significant influence but do not maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of this company. | |||||||||
We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 17 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs, and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change. | |||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||
Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 to 60 days for wholesale customers. For retail sales, we typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled. Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us. Revenue is reported net of any taxes collected. | |||||||||
Staff Accounting Bulletin No. 104, Revenue Recognition (“SAB 104”) outlines the four basic criteria for recognizing revenue as follows: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the seller’s price to the buyer is fixed or determinable, and (4) collectability is reasonably assured. SAB 104 further asserts that if collectability of all or a portion of the revenue is not reasonably assured, revenue recognition should be deferred until payment is received. During fiscal 2014 and 2013, there were no dealers for which these criteria were not met. During fiscal 2012 there were two dealers for which these criteria were not met and therefore revenue was being recognized on a cost recovery basis. As of and subsequent to November 24, 2012 there have been no dealers that remained on a cost recovery basis. As of November 24, 2012 there was no deferred gross profit resulting from the cost recovery method carried on our balance sheet as a reduction of accounts receivable. For fiscal 2012, no revenue or cost was deferred during the year under the cost recovery method. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents | ||||||||
The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments, which consist of certificates of deposit, are not considered cash equivalents since they have original maturities of greater than three months. | |||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||
Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first-out (“LIFO”) method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 40% of total inventory before reserves at both November 29, 2014 and November 30, 2013. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | ||||||||
Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations and the administration of the wholesale and Company-owned retail operations. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. | |||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | ||||||||
Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wholesale, Retail or Investments and Real Estate. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. | |||||||||
In accordance with ASC Topic 350, Intangibles – Goodwill & Other, the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the two-step process. Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of November 29, 2014. | |||||||||
The first step compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, the second step is performed whereby we must calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. This second step represents a hypothetical application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. | |||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long Lived Assets | ||||||||
We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future. | |||||||||
When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. | |||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||||||||
We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. | |||||||||
We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 11. | |||||||||
The Company’s fiscal 2013 and 2012 income tax returns are currently under examination by the IRS. | |||||||||
New Store Pre-Opening Costs [Policy Text Block] | New Store Pre-Opening Costs | ||||||||
Income (loss) from operations for fiscal 2014, 2013 and 2012 includes new store pre-opening costs of $1,217, $671 and $371, respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition. | |||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs | ||||||||
Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $16,162, $15,685, and $13,548 for fiscal 2014, 2013 and 2012, respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled $12,844, $10,855, and $9,957 for fiscal 2014, 2013 and 2012, respectively. | |||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising | ||||||||
Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $15,614, $14,750, and $13,296 in fiscal 2014, 2013, and 2012, respectively. | |||||||||
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Reserves | ||||||||
We have self-funded insurance programs in place to cover workers’ compensation and health insurance. For the period from July 2011 through June 2012, workers’ compensation was covered under a guaranteed cost program. These insurance programs are subject to various stop-loss limitations and are partially re-insured through a captive insurance program. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. | |||||||||
Supplemental Cash Flow Information [Policy Text Block] | Supplemental Cash Flow Information | ||||||||
In addition to the amounts paid, net of cash acquired, for the acquisition of licensee stores reported under investing activities in our consolidated statements of cash flows, the majority of such acquisitions were funded primarily through non-cash transactions in which receivables due from the licensees were settled in exchange for certain inventory and property and equipment of the licensees as well as the assumption of certain liabilities. There were no such acquisitions during fiscal 2014 and 2013, and the value of the non-cash portion of such transactions was $1,592 for 2012. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 (ASU 2013-11), which updated the guidance in ASC Topic 740, Income Taxes. The amendments in ASU 2013-11 generally provide guidance for the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance requires an unrecognized tax benefit to be presented as a decrease in a deferred tax asset where a net operating loss, a similar tax loss, or a tax credit carryforward exists and certain criteria are met. This guidance will become effective for us as of the beginning of our 2015 fiscal year and is consistent with our present practice. | |||||||||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), which updated the guidance in ASC Topic 205, Presentation of Financial Statements, and ASC Topic 360, Property, Plant and Equipment. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance will become effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and therefore will become effective for us as of the beginning of our 2016 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. | |||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), which creates ASC Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014-09 supersedes the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU 2014-09 will become effective for us as of the beginning of our 2018 fiscal year. The Company is currently assessing the impact of implementing the new guidance. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Percentages of Trade Accounts Receivable and Allowance of Doubtful Accounts Attributable to Licensees [Table Text Block] | 2014 | 2013 | |||||||
Portion of trade accounts receivable owed by licensees | 46% | 50% | |||||||
Portion of allowance for doubtful accounts attributable to licensees | 58% | 64% | |||||||
Schedule of Aggregate Exposure from Receivables and Guarantees Related to Customers [Table Text Block] | 2014 | 2013 | |||||||
Accounts receivable, net of allowances (Note 4) | $ | 15,228 | $ | 16,080 | |||||
Notes receivable, net of allowances | 592 | 632 | |||||||
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) | 3,046 | 3,523 | |||||||
Total credit risk exposure related to customers | $ | 18,866 | $ | 20,235 |
Note_3_Accumulated_Other_Compr1
Note 3 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||
Nov. 29, 2014 | |||||
Disclosure Text Block [Abstract] | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance at November 24, 2012 | $ | (1,223 | ) | |
Actuarial losses | (434 | ) | |||
Net pension amortization reclassified from accumulated other comprehensive loss | 124 | ||||
Tax effects | 119 | ||||
Balance at November 30, 2013 | (1,414 | ) | |||
Actuarial losses | (1,084 | ) | |||
Net pension amortization reclassified from accumulated other comprehensive loss | 166 | ||||
Tax effects | 358 | ||||
Balance at November 29, 2014 | $ | (1,974 | ) |
Note_4_Accounts_Receivable_Tab
Note 4 - Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts Receivable [Table Text Block] | November 29, | November 30, | |||||||
2014 | 2013 | ||||||||
Gross accounts receivable | $ | 16,477 | $ | 17,687 | |||||
Allowance for doubtful accounts | (1,249 | ) | (1,607 | ) | |||||
Net accounts receivable | $ | 15,228 | $ | 16,080 | |||||
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | 2014 | 2013 | |||||||
Balance, beginning of the year | $ | 1,607 | $ | 1,789 | |||||
Additions charged to expense | 77 | 361 | |||||||
Write-offs | (435 | ) | (543 | ) | |||||
Balance, end of the year | $ | 1,249 | $ | 1,607 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Schedule of Inventory, Current [Table Text Block] | November 29, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Wholesale finished goods | $ | 31,399 | $ | 28,450 | |||||||||
Work in process | 298 | 277 | |||||||||||
Raw materials and supplies | 8,109 | 8,029 | |||||||||||
Retail merchandise | 26,428 | 25,167 | |||||||||||
Total inventories on first-in, first-out method | 66,234 | 61,923 | |||||||||||
LIFO adjustment | (7,550 | ) | (7,561 | ) | |||||||||
Reserve for excess and obsolete inventory | (1,412 | ) | (1,293 | ) | |||||||||
$ | 57,272 | $ | 53,069 | ||||||||||
Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment [Table Text Block] | Wholesale Segment | Retail Segment | Total | ||||||||||
Balance at November 26, 2012 | $ | 715 | $ | 374 | $ | 1,089 | |||||||
Additions charged to expense | 2,309 | 383 | 2,692 | ||||||||||
Write-offs | (2,023 | ) | (465 | ) | (2,488 | ) | |||||||
Balance at November 24, 2013 | 1,001 | 292 | 1,293 | ||||||||||
Additions charged to expense | 1,666 | 331 | 1,997 | ||||||||||
Write-offs | (1,607 | ) | (271 | ) | (1,878 | ) | |||||||
Balance at November 30, 2014 | $ | 1,060 | $ | 352 | $ | 1,412 |
Note_6_Property_and_Equipment_
Note 6 - Property and Equipment (Tables) | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | 29-Nov-14 | 30-Nov-13 | |||||||||||
Land | $ | 11,371 | $ | 11,371 | |||||||||
Buildings and leasehold improvements | 90,204 | 75,965 | |||||||||||
Machinery and equipment | 70,184 | 67,183 | |||||||||||
171,759 | 154,519 | ||||||||||||
Less accumulated depreciation | (96,947 | ) | (90,248 | ) | |||||||||
$ | 74,812 | $ | 64,271 | ||||||||||
Summary of Depreciation Expense [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Cost of goods sold (1) | $ | 542 | $ | 595 | $ | 619 | |||||||
Selling, general and adminstrative expenses (2) | 6,814 | 5,279 | 4,508 | ||||||||||
Total depreciation expense included in income from operations | $ | 7,356 | $ | 5,874 | $ | 5,127 |
Note_9_Licensee_Acquisitions_a1
Note 9 - Licensee Acquisitions and Goodwill (Tables) | 12 Months Ended | ||||
Nov. 29, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 2012 | ||||
Net assets acquired: | |||||
Inventory | $ | 1,480 | |||
Property and equipment/other | 592 | ||||
Goodwill | 1,296 | ||||
Customer deposits and other accrued expenses | (1,227 | ) | |||
Total net assets acquired | $ | 2,141 | |||
Consideration given: | |||||
Accounts receivable | $ | 1,592 | |||
Cash | 549 | ||||
Total consideration | $ | 2,141 |
Note_10_Unconsolidated_Affilia1
Note 10 - Unconsolidated Affiliated Companies (Tables) | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Note 10 - Unconsolidated Affiliated Companies (Tables) [Line Items] | |||||||||||||
Schedule of Escrow Receivable [Table Text Block] | Total Escrow Receivable | ||||||||||||
Balance at November 26, 2011 | $ | 6,106 | |||||||||||
Received in fiscal 2012 | (1,410 | ) | |||||||||||
Balance at November 24, 2012 | 4,696 | ||||||||||||
Received in fiscal 2013 | (2,348 | ) | |||||||||||
Balance at November 30, 2013 | 2,348 | ||||||||||||
Received in fiscal 2014 | (2,348 | ) | |||||||||||
Balance at November 29, 2014 | $ | - | |||||||||||
Zenith Freight Lines [Member] | |||||||||||||
Note 10 - Unconsolidated Affiliated Companies (Tables) [Line Items] | |||||||||||||
Equity Method Investments [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Earnings recognized | $ | 661 | $ | 770 | $ | 347 |
Note_11_Income_Taxes_Tables
Note 11 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Note 11 - Income Taxes (Tables) [Line Items] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 4,168 | $ | 759 | $ | 1,611 | |||||||
State | 596 | 50 | (487 | ) | |||||||||
Deferred: | |||||||||||||
Increase (decrease) in valuation allowance | (974 | ) | 136 | (18,704 | ) | ||||||||
Federalf | 221 | 1,970 | 2,458 | ||||||||||
State | 1,297 | 176 | 423 | ||||||||||
Total | $ | 5,308 | $ | 3,091 | $ | (14,699 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 34 | % | 35 | % | |||||||
Adjustments to state net operating loss carryforwards | 3.3 | - | - | ||||||||||
Change in income tax valuation allowance | (3.7 | ) | 1.7 | (155.6 | ) | ||||||||
Change in income tax reserves | (1.7 | ) | 0.1 | (3.3 | ) | ||||||||
State income tax, net of federal benefit | 4.9 | 3.7 | 1.5 | ||||||||||
Other | (1.5 | ) | (1.7 | ) | 0.1 | ||||||||
Effective income tax rate | 36.3 | % | 37.8 | % | (122.3 | )% | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 29, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Trade accounts receivable | $ | 483 | $ | 618 | |||||||||
Inventories | 2,384 | 2,277 | |||||||||||
Property and equipment | - | 756 | |||||||||||
Notes receivable | 1,599 | 1,592 | |||||||||||
Retirement benefits | 6,093 | 5,626 | |||||||||||
State net operating loss carryforwards | 1,141 | 2,482 | |||||||||||
Unrealized loss from affiliates | 595 | 988 | |||||||||||
Lease termination accruals | 167 | 349 | |||||||||||
Net deferred rents | 2,251 | 1,256 | |||||||||||
Other | 1,699 | 1,142 | |||||||||||
Gross deferred income tax assets | 16,412 | 17,086 | |||||||||||
Valuation allowance | (70 | ) | (1,044 | ) | |||||||||
Total deferred income tax assets | 16,342 | 16,042 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Unrealized gains from affiliates | 963 | 755 | |||||||||||
Property and equipment | 282 | - | |||||||||||
Prepaid expenses and other | 128 | 135 | |||||||||||
Total deferred income tax liabilities | 1,373 | 890 | |||||||||||
Net deferred income tax assets | $ | 14,969 | $ | 15,152 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of the year | $ | 1,497 | $ | 1,228 | $ | 1,502 | |||||||
Gross increases | - | 401 | 10 | ||||||||||
Gross decreases due to settlements | (221 | ) | - | - | |||||||||
Gross decreases primarily due to the expiration of statutes | (40 | ) | (132 | ) | (284 | ) | |||||||
Balance, end of the year | $ | 1,236 | $ | 1,497 | $ | 1,228 | |||||||
Valuation Allowance of Deferred Tax Assets [Member] | |||||||||||||
Note 11 - Income Taxes (Tables) [Line Items] | |||||||||||||
Summary of Valuation Allowance [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of the year | $ | 1,044 | $ | 908 | $ | 19,612 | |||||||
Additions charged to expense | - | 136 | - | ||||||||||
Deductions reducing expense | (974 | ) | - | (18,704 | ) | ||||||||
Balance, end of the year | $ | 70 | $ | 1,044 | $ | 908 |
Note_12_Real_Estate_Notes_Paya1
Note 12 - Real Estate Notes Payable and Bank Credit Facility (Tables) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | November 29, | November 30, | |||||||
2014 | 2013 | ||||||||
Real estate notes payable | $ | 2,218 | $ | 2,746 | |||||
Current portion of real estate notes payable | (316 | ) | (279 | ) | |||||
$ | 1,902 | $ | 2,467 | ||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal 2015 | $ | 316 | ||||||
Fiscal 2016 | 338 | ||||||||
Fiscal 2017 | 361 | ||||||||
Fiscal 2018 | 386 | ||||||||
Fiscal 2019 | 413 | ||||||||
Thereafter | 404 | ||||||||
$ | 2,218 |
Note_13_PostEmployment_Benefit1
Note 13 - Post-Employment Benefit Obligations (Tables) | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2014 | 2013 | |||||||||||
Change in Benefit Obligation: | |||||||||||||
Projected benefit obligation at beginning of year | $ | 9,775 | $ | 9,805 | |||||||||
Service cost | 78 | 71 | |||||||||||
Interest cost | 373 | 350 | |||||||||||
Actuarial losses | 1,084 | 434 | |||||||||||
Benefits paid | (934 | ) | (885 | ) | |||||||||
Projected benefit obligation at end of year | $ | 10,376 | $ | 9,775 | |||||||||
Accumulated Benefit Obligation | $ | 9,748 | $ | 9,215 | |||||||||
Discount rate used to value the ending benefit obligations: | 3.75 | % | 4 | % | |||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||
Current liabilities | $ | 724 | $ | 810 | |||||||||
Noncurrent liabilities | 9,652 | 8,965 | |||||||||||
$ | 10,376 | $ | 9,775 | ||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||
Transition obligation | $ | 170 | $ | 212 | |||||||||
Actuarial loss | 3,046 | 2,085 | |||||||||||
Net amount recognized | $ | 3,216 | $ | 2,297 | |||||||||
Total recognized in net periodic benefit cost and accumulated other comprehensive income: | $ | 1,535 | $ | 855 | |||||||||
Schedule of Net Benefit Costs [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Components of Net Periodic Pension Cost: | |||||||||||||
Service cost | $ | 78 | $ | 71 | $ | 54 | |||||||
Interest cost | 373 | 350 | 376 | ||||||||||
Amortization of transition obligation | 42 | 42 | 42 | ||||||||||
Amortization of other loss | 123 | 81 | 11 | ||||||||||
Net periodic pension cost | $ | 616 | $ | 544 | $ | 483 | |||||||
Schedule of Assumptions Used [Table Text Block] | Assumptions used to determine net periodic pension cost: | ||||||||||||
Discount rate | 4 | % | 3.75 | % | 4.25 | % | |||||||
Increase in future compensation levels | 3 | % | 3 | % | 3 | % | |||||||
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments (with mortality): | ||||||||||||
Fiscal 2015 | $ | 724 | |||||||||||
Fiscal 2016 | 695 | ||||||||||||
Fiscal 2017 | 667 | ||||||||||||
Fiscal 2018 | 639 | ||||||||||||
Fiscal 2019 | 610 | ||||||||||||
Fiscal 2020 through 2024 | 3,432 |
Note_14_Capital_Stock_and_Stoc1
Note 14 - Capital Stock and Stock Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||||||||||
$ | 951 | $ | 728 | $ | 636 | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares | Weighted Average Exercise Price Per Share | ||||||||||||||||||||
Outstanding at November 30, 2013 | 735,100 | $ | 15.08 | |||||||||||||||||||
Granted | - | - | ||||||||||||||||||||
Exercised | (32,850 | ) | 9.65 | |||||||||||||||||||
Forfeited/Expired | (265,000 | ) | 20.92 | |||||||||||||||||||
Outstanding at November 29, 2014 | 437,250 | 11.94 | ||||||||||||||||||||
Exercisable at November 29, 2014 | 414,500 | $ | 12.16 | |||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares | Weighted Average Grant Date Fair Value Per Share | ||||||||||||||||||||
Non-vested options outstanding at November 30, 2013 | 86,500 | $ | 6.31 | |||||||||||||||||||
Granted | - | - | ||||||||||||||||||||
Vested | (63,750 | ) | 5.69 | |||||||||||||||||||
Forfeited/Expired | - | - | ||||||||||||||||||||
Non-vested options outstanding at November 29, 2014 | 22,750 | $ | 8.04 | |||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||||||||||||
Non-vested restricted shares outstanding at November 30, 2013 | 165,893 | $ | 12.23 | |||||||||||||||||||
Granted | 66,339 | 14.21 | ||||||||||||||||||||
Vested and released | (108,495 | ) | 9.96 | |||||||||||||||||||
Forfeited | - | - | ||||||||||||||||||||
Non-vested restricted shares outstanding at November 29, 2014 | 123,737 | $ | 15.28 | |||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Shares | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||
Exercise Prices | ||||||||||||||||||||||
$3.23 | - | $6.45 | 68,000 | 5.6 | $ | 4.38 | 68,000 | $ | 4.38 | |||||||||||||
$6.45 | - | $9.67 | 62,750 | 6.5 | 8.03 | 40,000 | 8.03 | |||||||||||||||
$9.68 | - | $12.90 | 104,000 | 2.9 | 10.6 | 104,000 | 10.6 | |||||||||||||||
$12.91 | - | $16.13 | 52,500 | 2.4 | 14.73 | 52,500 | 14.89 | |||||||||||||||
$16.14 | - | $19.35 | 150,000 | 1.6 | 16.96 | 150,000 | 16.96 | |||||||||||||||
437,250 | 414,500 | |||||||||||||||||||||
Aggregate intrinsic value | $ | 3,349 | $ | 3,084 | ||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||||||||||
Total intrinsic value of options exercised | $ | 236 | $ | 387 | $ | 530 | ||||||||||||||||
Total fair value of options vested | 200 | 363 | 371 | |||||||||||||||||||
Total cash received from the exercise of options | 382 | 413 | 536 | |||||||||||||||||||
Excess tax benefits recognized as additional paid-in capital upon the exercise of options | 72 | 106 | - | |||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Remaining | |||||||||||||||||||||
Restricted | Share Value | Restriction | ||||||||||||||||||||
Grant | Shares | at Grant Date | Period | |||||||||||||||||||
Date | Granted | Per Share | (Years) | |||||||||||||||||||
13-Jul-12 | 1,398 | $ | 11.69 | 0.6 | ||||||||||||||||||
17-Jul-13 | 56,000 | 16.64 | 3.6 | |||||||||||||||||||
15-Jan-14 | 54,000 | 14.12 | 2.1 | |||||||||||||||||||
1-Apr-14 | 12,339 | 14.59 | 0.3 | |||||||||||||||||||
123,737 |
Note_15_Restructuring_Asset_Im1
Note 15 - Restructuring, Asset Impairment, and Other Charges (Tables) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Restructuring and Related Costs [Table Text Block] | Restructuring and asset impairment charges: | ||||||||
Asset impairment charges related to Company-owned retail store closures | $ | 123 | |||||||
Asset impairment charges & demolition costs associated with closed plants | 588 | ||||||||
Total restructuring and asset impairment charges | $ | 711 | |||||||
Lease exit costs | |||||||||
Lease exit costs related to Company-owned retail store closures | $ | 228 | |||||||
Changes in estimates related to previously closed Company-owned retail stores | 131 | ||||||||
Total lease exit costs | $ | 359 | |||||||
Total charges related to restructuring, asset impairment, lease exit costs and debt cancellation included in loss from operations | $ | 1,070 | |||||||
Schedule of Activity Related to Accrued Lease Exit Costs [Table Text Block] | 2014 | 2013 | |||||||
Balance, beginning of the year | $ | 907 | $ | 2,614 | |||||
Provisions made to adjust previous estimates | 14 | (176 | ) | ||||||
Payments on unexpired leases | (510 | ) | (1,610 | ) | |||||
Accretion of interest on obligations | 22 | 79 | |||||||
Balance, end of the year | $ | 433 | $ | 907 | |||||
Current portion included in other accrued liabilities | $ | 117 | $ | 474 | |||||
Long-term portion included in other long-term liabilities | 316 | 433 | |||||||
$ | 433 | $ | 907 |
Note_17_Leases_and_Lease_Guara1
Note 17 - Leases and Lease Guarantees (Tables) | 12 Months Ended | ||||
Nov. 29, 2014 | |||||
Leases Lease Guarantees And Loan Guarantees [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal 2015 | $ | 18,243 | ||
Fiscal 2016 | 15,713 | ||||
Fiscal 2017 | 13,194 | ||||
Fiscal 2018 | 10,778 | ||||
Fiscal 2019 | 8,984 | ||||
Thereafter | 25,646 | ||||
$ | 92,558 | ||||
Schedule of Future Rental Income [Table Text Block] | Fiscal 2015 | $ | 2,688 | ||
Fiscal 2016 | 1,781 | ||||
Fiscal 2017 | 1,406 | ||||
Fiscal 2018 | 869 | ||||
Fiscal 2019 | 252 | ||||
Thereafter | 132 | ||||
$ | 7,128 |
Note_18_Earnings_Per_Share_Tab
Note 18 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Net income | $ | 9,299 | $ | 5,096 | $ | 26,713 | |||||||
Denominator: | |||||||||||||
Denominator for basic income per share - weighted average shares | 10,552,462 | 10,721,652 | 10,992,017 | ||||||||||
Effect of dilutive securities | 140,569 | 150,897 | 103,394 | ||||||||||
Denominator for diluted income per share — weighted average shares and assumed conversions | 10,693,031 | 10,872,549 | 11,095,411 | ||||||||||
Basic income per share: | |||||||||||||
Net income per share — basic | $ | 0.88 | $ | 0.48 | $ | 2.43 | |||||||
Diluted income per share: | |||||||||||||
Net income per share — diluted | $ | 0.87 | $ | 0.47 | $ | 2.41 | |||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | 150,000 | 472,500 | 622,500 | ||||||||||
Unvested restricted shares | - | 81,295 | 12,582 | ||||||||||
Total anti-dilutive securities | 150,000 | 553,795 | 635,082 |
Note_19_Segment_Information_Ta
Note 19 - Segment Information (Tables) | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Net Sales | |||||||||||||
Wholesale | $ | 223,993 | $ | 215,451 | $ | 185,187 | |||||||
Retail | 216,631 | 199,380 | 171,633 | ||||||||||
Inter-company elimination | (99,886 | ) | (93,545 | ) | (87,148 | ) | |||||||
Consolidated | $ | 340,738 | $ | 321,286 | $ | 269,672 | |||||||
Income (loss) from Operations | |||||||||||||
Wholesale | $ | 14,120 | $ | 10,883 | $ | 7,500 | |||||||
Retail | (528 | ) | (1,452 | ) | (2,067 | ) | |||||||
Inter-company elimination | 1,539 | 574 | 717 | ||||||||||
Restructuring and asset impairment charges | |||||||||||||
Wholesale | - | - | (588 | ) | |||||||||
Retail | - | - | (123 | ) | |||||||||
Lease exit costs | - | - | (359 | ) | |||||||||
Consolidated income (loss) from operations | $ | 15,131 | $ | 10,005 | $ | 5,080 | |||||||
Depreciation and Amortization | |||||||||||||
Wholesale | $ | 1,572 | $ | 1,342 | $ | 1,171 | |||||||
Retail | 5,344 | 4,372 | 3,760 | ||||||||||
Investments and real estate | 400 | 484 | 542 | ||||||||||
Consolidated | $ | 7,316 | $ | 6,198 | $ | 5,473 | |||||||
Capital Expenditures | |||||||||||||
Wholesale | $ | 4,527 | $ | 3,839 | $ | 3,092 | |||||||
Retail | 13,836 | 10,846 | 5,898 | ||||||||||
Investments and real estate | - | - | 10 | ||||||||||
Consolidated | $ | 18,363 | $ | 14,685 | $ | 9,000 | |||||||
Identifiable Assets | |||||||||||||
Wholesale | $ | 124,848 | $ | 109,958 | $ | 145,861 | |||||||
Retail | 86,471 | 77,331 | 68,583 | ||||||||||
Investments and real estate | 29,427 | 38,560 | 12,736 | ||||||||||
Consolidated | $ | 240,746 | $ | 225,849 | $ | 227,180 | |||||||
Schedule of Breakdown of Wholesale Sales by Product Category [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Wood | 39% | 41% | 43% | ||||||||||
Upholstery | 61% | 59% | 57% | ||||||||||
100% | 100% | 100% |
Note_20_Quarterly_Results_of_O1
Note 20 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter (1)(2) | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 75,647 | $ | 85,185 | $ | 85,186 | $ | 94,720 | |||||||||
Gross profit | 40,253 | 45,313 | 45,018 | 51,837 | |||||||||||||
Net income | 843 | 2,551 | 2,256 | 3,649 | |||||||||||||
Basic earnings per share | 0.08 | 0.24 | 0.22 | 0.35 | |||||||||||||
Diluted earnings per share | 0.08 | 0.24 | 0.21 | 0.35 | |||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter (1) | Quarter | Quarter (3) | Quarter (4) | ||||||||||||||
Net sales | $ | 79,849 | $ | 81,223 | $ | 77,152 | $ | 83,062 | |||||||||
Gross profit | 41,360 | 41,826 | 38,723 | 44,085 | |||||||||||||
Net income (loss) | 980 | 1,953 | 556 | 1,607 | |||||||||||||
Basic earnings (loss) per share | 0.09 | 0.18 | 0.05 | 0.15 | |||||||||||||
Diluted earnings (loss) per share | 0.09 | 0.18 | 0.05 | 0.15 |
Note_1_Description_of_Business1
Note 1 - Description of Business (Details) | Nov. 29, 2014 |
Note 1 - Description of Business (Details) [Line Items] | |
Number of Stores | 94 |
Percent of Wholesale Products Sourced from Other Countries | 42.00% |
Number of Domestic Manufacturing Facilities | 2 |
Company-owned Retail Stores [Member] | |
Note 1 - Description of Business (Details) [Line Items] | |
Number of Stores | 60 |
Licensee Operated Retail Stores [Member] | |
Note 1 - Description of Business (Details) [Line Items] | |
Number of Stores | 34 |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Aug. 30, 2014 | Mar. 01, 2014 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Percent of Aggregate Risk Exposure Net of Reserves Attributable to Major Licensees | 24.00% | 27.00% | |||
Number of Major Licensees | 2 | 2 | |||
Percentage of LIFO Inventory | 40.00% | 40.00% | |||
Land | $11,371,000 | $11,371,000 | |||
Buildings and Improvements, Gross | 90,204,000 | 75,965,000 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 96,947,000 | 90,248,000 | |||
Proceeds from Sale of Real Estate | 3,750,000 | 1,407,000 | 5,157,000 | ||
Asset Impairment Charges | 0 | ||||
Pre-Opening Costs | 1,217,000 | 671,000 | 371,000 | ||
Advertising Expense | 15,614,000 | 14,750,000 | 13,296,000 | ||
Non-cash Consideration Given for Store Acquisition | 1,592,000 | ||||
Export Sales [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Revenues | 4,774,000 | 4,603,000 | 4,596,000 | ||
Building and Building Improvements [Member] | Minimum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 39 years | ||||
Machinery and Equipment [Member] | Minimum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Retail Buildings and Improvements [Member] | Minimum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Retail Buildings and Improvements [Member] | Maximum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 39 years | ||||
Retail Real Estate [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Land | 1,990,000 | 3,502,000 | |||
Buildings and Improvements, Gross | 8,831,000 | 11,635,000 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 4,631,000 | 4,834,000 | |||
Depreciation | 400,000 | 484,000 | 501,000 | ||
Asset Impairment Charges | 416,000 | ||||
Minimum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Payment Terms for Wholesale Customers | 30 days | ||||
Maximum [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Payment Terms for Wholesale Customers | 60 days | ||||
Deliver Wholesale Merchandise to Customers [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Shipping, Handling and Transportation Costs | 16,162,000 | 15,685,000 | 13,548,000 | ||
Deliver Retail Merchandise to Customers [Member] | |||||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||||
Shipping, Handling and Transportation Costs | $12,844,000 | $10,855,000 | $9,957,000 |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies (Details) - Percentages of Trade Accounts Receivable and Related Allowance for Doubtful Accounts Due from Licensees | Nov. 29, 2014 | Nov. 30, 2013 |
Percentages of Trade Accounts Receivable and Related Allowance for Doubtful Accounts Due from Licensees [Abstract] | ||
Portion of trade accounts receivable owed by licensees | 46.00% | 50.00% |
Portion of allowance for doubtful accounts attributable to licensees | 58.00% | 64.00% |
Note_2_Significant_Accounting_4
Note 2 - Significant Accounting Policies (Details) - Aggregate Exposure from Receivables and Guarantees Related to Customers (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Aggregate Exposure from Receivables and Guarantees Related to Customers [Abstract] | ||
Accounts receivable, net of allowances (Note 4) | $15,228 | $16,080 |
Notes receivable, net of allowances | 592 | 632 |
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) | 3,046 | 3,523 |
Total credit risk exposure related to customers | $18,866 | $20,235 |
Note_3_Accumulated_Other_Compr2
Note 3 - Accumulated Other Comprehensive Loss (Details) - Activity in Accumulated Other Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | ($1,974) | ($1,414) | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | -1,974 | -1,414 | -1,223 |
Changes before reclassifications | -1,084 | -434 | |
Amounts reclassified from accumulated other comprehensive loss | 166 | 124 | |
Tax effect | $358 | $119 |
Note_4_Accounts_Receivable_Det
Note 4 - Accounts Receivable (Details) - Accounts Receivable (USD $) | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | |||
Accounts Receivable [Abstract] | |||
Gross accounts receivable | $16,477 | $17,687 | |
Allowance for doubtful accounts | -1,249 | -1,607 | -1,789 |
Net accounts receivable | $15,228 | $16,080 |
Note_4_Accounts_Receivable_Det1
Note 4 - Accounts Receivable (Details) - Activity in Allowance for Doubtful Accounts (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Activity in Allowance for Doubtful Accounts [Abstract] | ||
Balance, beginning of the year | $1,607 | $1,789 |
Additions charged to expense | 77 | 361 |
Write-offs | -435 | -543 |
Balance, end of the year | $1,249 | $1,607 |
Note_5_Inventories_Details
Note 5 - Inventories (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Inventory Disclosure [Abstract] | |||
Purchases from Major Vendors | $26,707 | $24,217 | $23,416 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories (USD $) | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
In Thousands, unless otherwise specified | |||
Inventories [Abstract] | |||
Wholesale finished goods | $31,399 | $28,450 | |
Work in process | 298 | 277 | |
Raw materials and supplies | 8,109 | 8,029 | |
Retail merchandise | 26,428 | 25,167 | |
Total inventories on first-in, first-out method | 66,234 | 61,923 | |
LIFO adjustment | -7,550 | -7,561 | |
Reserve for excess and obsolete inventory | -1,412 | -1,293 | -1,089 |
$57,272 | $53,069 |
Note_5_Inventories_Details_Act
Note 5 - Inventories (Details) - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Note 5 - Inventories (Details) - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment [Line Items] | |||
Balance | $1,412 | $1,293 | $1,089 |
Additions charged to expense | 1,997 | 2,692 | |
Write-offs | -1,878 | -2,488 | |
Wholesale Segment [Member] | Operating Segments [Member] | |||
Note 5 - Inventories (Details) - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment [Line Items] | |||
Balance | 1,060 | 1,001 | 715 |
Additions charged to expense | 1,666 | 2,309 | |
Write-offs | -1,607 | -2,023 | |
Retail Segment [Member] | Operating Segments [Member] | |||
Note 5 - Inventories (Details) - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment [Line Items] | |||
Balance | 352 | 292 | 374 |
Additions charged to expense | 331 | 383 | |
Write-offs | ($271) | ($465) |
Note_6_Property_and_Equipment_1
Note 6 - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Note 6 - Property and Equipment (Details) [Line Items] | |||
Property, Plant and Equipment, Net | $74,812 | $64,271 | |
Retail Segment [Member] | |||
Note 6 - Property and Equipment (Details) [Line Items] | |||
Depreciation | 5,782 | 4,531 | 3,955 |
Company-owned Retail Stores [Member] | |||
Note 6 - Property and Equipment (Details) [Line Items] | |||
Property, Plant and Equipment, Net | $59,879 | $51,748 |
Note_6_Property_and_Equipment_2
Note 6 - Property and Equipment (Details) - Property and Equipment (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment [Abstract] | ||
Land | $11,371 | $11,371 |
Buildings and leasehold improvements | 90,204 | 75,965 |
Machinery and equipment | 70,184 | 67,183 |
171,759 | 154,519 | |
Less accumulated depreciation | -96,947 | -90,248 |
$74,812 | $64,271 |
Note_6_Property_and_Equipment_3
Note 6 - Property and Equipment (Details) - Summary of Depreciation Expense (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |||
Note 6 - Property and Equipment (Details) - Summary of Depreciation Expense [Line Items] | ||||||
Depreciation expense | $7,356 | $5,874 | $5,127 | |||
Cost of Sales [Member] | ||||||
Note 6 - Property and Equipment (Details) - Summary of Depreciation Expense [Line Items] | ||||||
Depreciation expense | 542 | [1] | 595 | [1] | 619 | [1] |
Selling, General and Administrative Expenses [Member] | ||||||
Note 6 - Property and Equipment (Details) - Summary of Depreciation Expense [Line Items] | ||||||
Depreciation expense | $6,814 | [2] | $5,279 | [2] | $4,508 | [2] |
[1] | All associated with our wholesale segment for fiscal 2014, 2013 and 2012. | |||||
[2] | Includes depreciation associated with our retail segment of $5,782, $4,531 and $3,955 for fiscal 2014. 2013 and 2012. respectively. |
Note_7_Financial_Instruments_I1
Note 7 - Financial Instruments, Investments and Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 24, 2012 | Nov. 29, 2014 |
Note 7 - Financial Instruments, Investments and Fair Value Measurements (Details) [Line Items] | ||
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 0.21% | |
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | $313 | |
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments | 453 | |
Gain Loss Previously Included in Other Comprehensive Income | 208 | |
Fortress [Member] | ||
Note 7 - Financial Instruments, Investments and Fair Value Measurements (Details) [Line Items] | ||
Gain (Loss) on Investments | $280 | |
Minimum [Member] | ||
Note 7 - Financial Instruments, Investments and Fair Value Measurements (Details) [Line Items] | ||
Maturity of Time Deposits | 6 months | |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 0.10% | |
Maximum [Member] | ||
Note 7 - Financial Instruments, Investments and Fair Value Measurements (Details) [Line Items] | ||
Maturity of Time Deposits | 12 months | |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 0.91% | |
Weighted Average [Member] | ||
Note 7 - Financial Instruments, Investments and Fair Value Measurements (Details) [Line Items] | ||
Maturity of Time Deposits | 5 months |
Note_8_Income_from_the_Continu1
Note 8 - Income from the Continued Dumping and Subsidy Offset Act (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 24, 2012 |
Income From Continued Dumping And Subsidy Offset Act [Abstract] | |
Income from Continued Dumping and Subsidy Offset Act | $9,010 |
Note_9_Licensee_Acquisitions_a2
Note 9 - Licensee Acquisitions and Goodwill (Details) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Operating Income (Loss) | $15,131,000 | $10,005,000 | $5,080,000 |
Goodwill | 1,731,000 | 1,731,000 | |
Wholesale Segment [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Goodwill | 1,129,000 | ||
Retail Segment [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Goodwill | 602,000 | ||
Knoxville [Member] | Cash [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 485,000 | ||
Knoxville [Member] | Accounts Receivable [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 188,000 | ||
Knoxville [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Number of Stores Acquired | 1 | ||
Payments to Acquire Businesses, Gross | 673,000 | ||
Goodwill, Acquired During Period | 375,000 | ||
Orange County [Member] | Cash [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 64,000 | ||
Orange County [Member] | Accounts Receivable [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | 1,404,000 | ||
Orange County [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Number of Stores Acquired | 2 | ||
Payments to Acquire Businesses, Gross | 1,468,000 | ||
Goodwill, Acquired During Period | 921,000 | ||
Retail Stores Acquired [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) [Line Items] | |||
Revenue, Net | 1,646,000 | ||
Operating Income (Loss) | ($62,000) |
Note_9_Licensee_Acquisitions_a3
Note 9 - Licensee Acquisitions and Goodwill (Details) - Net Assets Acquired and Consideration Given (USD $) | 12 Months Ended | ||
Nov. 24, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | |
Note 9 - Licensee Acquisitions and Goodwill (Details) - Net Assets Acquired and Consideration Given [Line Items] | |||
Goodwill | $1,731,000 | $1,731,000 | |
Licensee Acquisitions [Member] | Accounts Receivable [Member] | |||
Consideration given: | |||
Consideration given | 1,592,000 | ||
Licensee Acquisitions [Member] | Cash [Member] | |||
Consideration given: | |||
Consideration given | 549,000 | ||
Licensee Acquisitions [Member] | |||
Note 9 - Licensee Acquisitions and Goodwill (Details) - Net Assets Acquired and Consideration Given [Line Items] | |||
Inventory | 1,480,000 | ||
Property and equipment/other | 592,000 | ||
Goodwill | 1,296,000 | ||
Customer deposits and other accrued expenses | -1,227,000 | ||
Total net assets acquired | 2,141,000 | ||
Consideration given: | |||
Consideration given | $2,141,000 |
Note_10_Unconsolidated_Affilia2
Note 10 - Unconsolidated Affiliated Companies (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | 2-May-11 |
Note 10 - Unconsolidated Affiliated Companies (Details) [Line Items] | ||||
Indemnification Escrow Receivable Current Asset | $2,348 | |||
Cost Method Investments | 1,000 | |||
IHFC [Member] | ||||
Note 10 - Unconsolidated Affiliated Companies (Details) [Line Items] | ||||
Indemnification Escrow Receivable Current Asset | 6,106 | |||
Zenith Freight Lines [Member] | ||||
Note 10 - Unconsolidated Affiliated Companies (Details) [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
Equity Method Investments | 7,915 | 7,254 | ||
Shipping, Handling and Transportation Costs | 31,308 | 29,313 | 25,317 | |
Due to Affiliate | $2,628 | $2,580 |
Note_10_Unconsolidated_Affilia3
Note 10 - Unconsolidated Affiliated Companies (Details) - Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Earnings recognized | $661 | $770 | $347 |
Earnings Recognized [Member] | Zenith Freight Lines [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings recognized | $661 | $770 | $347 |
Note_10_Unconsolidated_Affilia4
Note 10 - Unconsolidated Affiliated Companies (Details) - Escrow Receivable (IHFC [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | Nov. 26, 2011 |
IHFC [Member] | ||||
Note 10 - Unconsolidated Affiliated Companies (Details) - Escrow Receivable [Line Items] | ||||
Balance | $0 | $2,348 | $4,696 | $6,106 |
Received | ($2,348) | ($2,348) | ($1,410) |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 12 Months Ended | |||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | Nov. 26, 2011 | |
Note 11 - Income Taxes (Details) [Line Items] | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $300,000 | $313,000 | ||
Years Company Remained in Cumulative Loss Position | 3 years | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 974,000 | -136,000 | 18,704,000 | 17,464 |
Effect of Change in Deferred Tax Assets Valuation Allowance on Basic Earnings Per Share (in Dollars per share) | $0.09 | $1.70 | ||
Effect of Change in Deferred Tax Assets Valuation Allowance on Diluted Earnings Per Share (in Dollars per share) | $1.69 | |||
Deferred Tax Assets, Valuation Allowance | 70,000 | 1,044,000 | ||
Income Taxes Paid, Net | 2,367,000 | 2,723,000 | 2,010,000 | |
Unrecognized Tax Benefits, Excluding Interest and Penalties | 1,236,000 | 1,497,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 239,000 | |||
Unrecognized Tax Benefits Interest Expense Recovery | 7,000 | 23,000 | 63,000 | |
Unrecognized Tax Benefits Income Tax Penalties Expense Recovery | 10,000 | 31,000 | 57,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 134,000 | 140,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 10,000 | ||
State and Local Jurisdiction [Member] | ||||
Note 11 - Income Taxes (Details) [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -974,000 | |||
Deferred Tax Assets, Valuation Allowance | 1,044,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 22,439,000 | |||
Other Current Liabilities [Member] | ||||
Note 11 - Income Taxes (Details) [Line Items] | ||||
Liability for Uncertain Tax Positions, Current | 1,370,000 | |||
Other Noncurrent Liabilities [Member] | ||||
Note 11 - Income Taxes (Details) [Line Items] | ||||
Liability for Uncertain Tax Positions, Noncurrent | $1,647,000 |
Note_11_Income_Taxes_Details_C
Note 11 - Income Taxes (Details) - Components of Income Tax Provision (Benefit) (USD $) | 12 Months Ended | |||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | Nov. 26, 2011 | |
Current: | ||||
Federal | $4,168,000 | $759,000 | $1,611,000 | |
State | 596,000 | 50,000 | -487,000 | |
Deferred: | ||||
Increase (decrease) in valuation allowance | -974,000 | 136,000 | -18,704,000 | -17,464 |
Federalf | 221,000 | 1,970,000 | 2,458,000 | |
State | 1,297,000 | 176,000 | 423,000 | |
Total | $5,308,000 | $3,091,000 | ($14,699,000) |
Note_11_Income_Taxes_Details_R
Note 11 - Income Taxes (Details) - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |
Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate [Abstract] | |||
Statutory federal income tax rate | 35.00% | 34.00% | 35.00% |
Adjustments to state net operating loss carryforwards | 3.30% | ||
Change in income tax valuation allowance | -3.70% | 1.70% | -155.60% |
Change in income tax reserves | -1.70% | 0.10% | -3.30% |
State income tax, net of federal benefit | 4.90% | 3.70% | 1.50% |
Other | -1.50% | -1.70% | 0.10% |
Effective income tax rate | 36.30% | 37.80% | -122.30% |
Note_11_Income_Taxes_Details_I
Note 11 - Income Taxes (Details) - Income Tax Effects of Temporary Differences and Carryforwards (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Trade accounts receivable | $483 | $618 |
Inventories | 2,384 | 2,277 |
Property and equipment | 756 | |
Notes receivable | 1,599 | 1,592 |
Retirement benefits | 6,093 | 5,626 |
State net operating loss carryforwards | 1,141 | 2,482 |
Unrealized loss from affiliates | 595 | 988 |
Lease termination accruals | 167 | 349 |
Net deferred rents | 2,251 | 1,256 |
Other | 1,699 | 1,142 |
Gross deferred income tax assets | 16,412 | 17,086 |
Valuation allowance | -70 | -1,044 |
Total deferred income tax assets | 16,342 | 16,042 |
Deferred income tax liabilities: | ||
Unrealized gains from affiliates | 963 | 755 |
Property and equipment | 282 | |
Prepaid expenses and other | 128 | 135 |
Total deferred income tax liabilities | 1,373 | 890 |
Net deferred income tax assets | $14,969 | $15,152 |
Note_11_Income_Taxes_Details_S
Note 11 - Income Taxes (Details) - Summary of Valuation Allowances Against Deferred Tax Assets (Valuation Allowance of Deferred Tax Assets [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation Allowance [Line Items] | |||
Balance | $1,044 | $908 | $19,612 |
Additions charged to expense | 136 | ||
Deductions reducing expense | -974 | -18,704 | |
Balance | $70 | $1,044 | $908 |
Note_11_Income_Taxes_Details_A
Note 11 - Income Taxes (Details) - Activity Related to Gross Unrecognized Tax Benefits (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Activity Related to Gross Unrecognized Tax Benefits [Abstract] | ||||
Balance, beginning of the year | $1,497 | $1,228 | $1,502 | |
Balance, end of the year | 1,236 | 1,497 | 1,228 | |
Gross increases | 401 | 10 | ||
Gross decreases due to settlements | -221 | |||
Gross decreases primarily due to the expiration of statutes | ($221) | ($40) | ($132) | ($284) |
Note_12_Real_Estate_Notes_Paya2
Note 12 - Real Estate Notes Payable and Bank Credit Facility (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | Dec. 18, 2012 |
Note 12 - Real Estate Notes Payable and Bank Credit Facility (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.73% | |||
Real Estate Investment Property, Net | $6,302 | $10,435 | ||
Secured Debt, Current | 316 | 279 | ||
Secured Long-term Debt, Noncurrent | 1,902 | 2,467 | ||
Loans Payable, Fair Value Disclosure | 2,196 | 2,684 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | |||
Letters of Credit Outstanding, Amount | 216 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 14,784 | |||
Interest Paid | 176 | 244 | 294 | |
Financed Through Commercial Mortgages [Member] | ||||
Note 12 - Real Estate Notes Payable and Bank Credit Facility (Details) [Line Items] | ||||
Real Estate Investment Property, Net | $6,127 | $6,262 |
Note_12_Real_Estate_Notes_Paya3
Note 12 - Real Estate Notes Payable and Bank Credit Facility (Details) - Real Estate Notes Payable and Bank Debt (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Notes Payable and Bank Debt [Abstract] | ||
Real estate notes payable | $2,218 | $2,746 |
Current portion of real estate notes payable | -316 | -279 |
$1,902 | $2,467 |
Note_12_Real_Estate_Notes_Paya4
Note 12 - Real Estate Notes Payable and Bank Credit Facility (Details) - Maturities of Real Estate Notes Payable (USD $) | Nov. 29, 2014 |
In Thousands, unless otherwise specified | |
Maturities of Real Estate Notes Payable [Abstract] | |
Fiscal 2015 | $316 |
Fiscal 2016 | 338 |
Fiscal 2017 | 361 |
Fiscal 2018 | 386 |
Fiscal 2019 | 413 |
Thereafter | 404 |
$2,218 |
Note_13_PostEmployment_Benefit2
Note 13 - Post-Employment Benefit Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Note 13 - Post-Employment Benefit Obligations (Details) [Line Items] | |||
Percent of Final Average Compensation Provided by Supplemental Retirement Income Plan | 65.00% | ||
Death Benefit Payment Term | 120 months | ||
Current Net Death Benefit | $3,148 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 3,216 | 2,297 | |
Defined Benefit Plan, Future Amortization of Transition Obligation (Asset) | 42 | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | -194 | ||
Pension Expense | 134 | 288 | 312 |
Increase (Decrease) in Deferred Compensation | 124 | ||
Postemployment Benefits Liability, Noncurrent | 11,498 | 11,146 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 15.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 8.00% | ||
Defined Contribution Plan, Cost Recognized | 397 | 340 | 175 |
Payment over 120 Months [Member] | |||
Note 13 - Post-Employment Benefit Obligations (Details) [Line Items] | |||
Death Benefit Percent of Final Average Annual Compensation | 50.00% | ||
A Single Payment [Member] | |||
Note 13 - Post-Employment Benefit Obligations (Details) [Line Items] | |||
Death Benefit Percent of Final Average Annual Compensation | 200.00% | ||
Unfunded Deferred Compensation Plan [Member] | |||
Note 13 - Post-Employment Benefit Obligations (Details) [Line Items] | |||
Postemployment Benefits Liability, Noncurrent | $2,174 | $2,555 |
Note_13_PostEmployment_Benefit3
Note 13 - Post-Employment Benefit Obligations (Details) - Plan Summary (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Change in Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $9,775 | $9,805 | |
Projected benefit obligation at end of year | 10,376 | 9,775 | 9,805 |
Service cost | 78 | 71 | 54 |
Interest cost | 373 | 350 | 376 |
Actuarial losses | 1,084 | 434 | |
Benefits paid | -934 | -885 | |
Accumulated Benefit Obligation | 9,748 | 9,215 | |
Discount rate used to value the ending benefit obligations: | 3.75% | 4.00% | |
Amounts recognized in the consolidated balance sheet: | |||
Current liabilities | 724 | 810 | |
Noncurrent liabilities | 9,652 | 8,965 | |
10,376 | 9,775 | ||
Amounts recognized in accumulated other comprehensive income: | |||
Transition obligation | 170 | 212 | |
Actuarial loss | 3,046 | 2,085 | |
Net amount recognized | 3,216 | 2,297 | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income: | $1,535 | $855 |
Note_13_PostEmployment_Benefit4
Note 13 - Post-Employment Benefit Obligations (Details) - Components of Net Periodic Pension Cost (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Components of Net Periodic Pension Cost: | |||
Service cost | $78 | $71 | $54 |
Interest cost | 373 | 350 | 376 |
Amortization of transition obligation | 42 | 42 | 42 |
Amortization of other loss | 123 | 81 | 11 |
Net periodic pension cost | $616 | $544 | $483 |
Note_13_PostEmployment_Benefit5
Note 13 - Post-Employment Benefit Obligations (Details) - Assumptions Used to Determine Net Periodic Pension Cost | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |
Assumptions used to determine net periodic pension cost: | |||
Discount rate | 4.00% | 3.75% | 4.25% |
Increase in future compensation levels | 3.00% | 3.00% | 3.00% |
Note_13_PostEmployment_Benefit6
Note 13 - Post-Employment Benefit Obligations (Details) - Estimated Future Benefit Payments (USD $) | Nov. 29, 2014 |
In Thousands, unless otherwise specified | |
Estimated Future Benefit Payments (with mortality): | |
Fiscal 2015 | $724 |
Fiscal 2016 | 695 |
Fiscal 2017 | 667 |
Fiscal 2018 | 639 |
Fiscal 2019 | 610 |
Fiscal 2020 through 2024 | $3,432 |
Note_14_Capital_Stock_and_Stoc2
Note 14 - Capital Stock and Stock Compensation (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Apr. 14, 2010 | Dec. 31, 2000 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | Dec. 31, 1997 |
Note 14 - Capital Stock and Stock Compensation (Details) [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 950,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | 500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 500,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $49 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 123,737 | |||||
Payments Related to Tax Withholding for Share-based Compensation (in Dollars) | 489 | 226 | 16 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 1,403 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 25,677 | 38,206 | 42,211 | |||
Performance Shares [Member] | ||||||
Note 14 - Capital Stock and Stock Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 54,000 | |||||
Restricted Stock [Member] | Employees [Member] | ||||||
Note 14 - Capital Stock and Stock Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 97,200 | |||||
Shares Paid for Tax Withholding for Share Based Compensation | 31,234 | 11,550 | ||||
Payments Related to Tax Withholding for Share-based Compensation (in Dollars) | 489 | 202 | ||||
Restricted Stock [Member] | Director [Member] | ||||||
Note 14 - Capital Stock and Stock Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 11,295 | |||||
Restricted Stock [Member] | ||||||
Note 14 - Capital Stock and Stock Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 12,399 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 108,495 | |||||
Proceeds and Excess Tax Benefit from Share-based Compensation (in Dollars) | $228 | $207 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||||
Minimum [Member] | ||||||
Note 14 - Capital Stock and Stock Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Maximum [Member] | ||||||
Note 14 - Capital Stock and Stock Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note_14_Capital_Stock_and_Stoc3
Note 14 - Capital Stock and Stock Compensation (Details) - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Selling, General and Administrative Expenses [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
$951 | $728 | $636 |
Note_14_Capital_Stock_and_Stoc4
Note 14 - Capital Stock and Stock Compensation (Details) - Changes in Outstanding Options (USD $) | 12 Months Ended |
Nov. 29, 2014 | |
Changes in Outstanding Options [Abstract] | |
Outstanding at November 30, 2013 | 735,100 |
Outstanding at November 30, 2013 | $15.08 |
Exercised | -32,850 |
Exercised | $9.65 |
Forfeited/Expired | -265,000 |
Forfeited/Expired | $20.92 |
Outstanding at November 29, 2014 | 437,250 |
Outstanding at November 29, 2014 | $11.94 |
Exercisable at November 29, 2014 | 414,500 |
Exercisable at November 29, 2014 | $12.16 |
Note_14_Capital_Stock_and_Stoc5
Note 14 - Capital Stock and Stock Compensation (Details) - Changes in Non-vested Options (USD $) | 12 Months Ended |
Nov. 29, 2014 | |
Employee Stock Option [Member] | |
Note 14 - Capital Stock and Stock Compensation (Details) - Changes in Non-vested Options [Line Items] | |
Number of shares outstanding | 86,500 |
Weighted average grant date fair value per share | $6.31 |
Number of shares vested | -63,750 |
Weighted average grant date fair value per share, vested | $5.69 |
Number of shares outstanding | 22,750 |
Weighted average grant date fair value per share | $8.04 |
Restricted Stock [Member] | |
Note 14 - Capital Stock and Stock Compensation (Details) - Changes in Non-vested Options [Line Items] | |
Number of shares outstanding | 165,893 |
Weighted average grant date fair value per share | $12.23 |
Number of shares granted | 66,339 |
Weighted average grant date fair value per share, granted | $14.21 |
Number of shares vested | -108,495 |
Weighted average grant date fair value per share, vested | $9.96 |
Number of shares outstanding | 123,737 |
Weighted average grant date fair value per share | $15.28 |
Note_14_Capital_Stock_and_Stoc6
Note 14 - Capital Stock and Stock Compensation (Details) - Additional Information Regarding Outstanding Stock Options (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares, Options outstanding (in Shares) | 437,250 |
Shares, Options exercisable (in Shares) | 414,500 |
(in Dollars) | $3,349 |
(in Dollars) | 3,349 |
(in Dollars) | $3,084 |
Range of $3.23 - $6.45 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $3.23 |
Exercise price range, upper range limit | $6.45 |
Shares, Options outstanding (in Shares) | 68,000 |
Weighted average remaining contractual life , Options outstanding | 5 years 219 days |
Weighted average exercise price, Options outstanding | $4.38 |
Shares, Options exercisable (in Shares) | 68,000 |
Weighted average exercise price, Options exercisable | $4.38 |
Range of $6.45 - $9.67 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $6.45 |
Exercise price range, upper range limit | $9.67 |
Shares, Options outstanding (in Shares) | 62,750 |
Weighted average remaining contractual life , Options outstanding | 6 years 6 months |
Weighted average exercise price, Options outstanding | $8.03 |
Shares, Options exercisable (in Shares) | 40,000 |
Weighted average exercise price, Options exercisable | $8.03 |
Range of $9.68 - $12.90 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $9.68 |
Exercise price range, upper range limit | $12.90 |
Shares, Options outstanding (in Shares) | 104,000 |
Weighted average remaining contractual life , Options outstanding | 2 years 328 days |
Weighted average exercise price, Options outstanding | $10.60 |
Shares, Options exercisable (in Shares) | 104,000 |
Weighted average exercise price, Options exercisable | $10.60 |
Range of $12.91 - $16.13 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $12.91 |
Exercise price range, upper range limit | $16.13 |
Shares, Options outstanding (in Shares) | 52,500 |
Weighted average remaining contractual life , Options outstanding | 2 years 146 days |
Weighted average exercise price, Options outstanding | $14.73 |
Shares, Options exercisable (in Shares) | 52,500 |
Weighted average exercise price, Options exercisable | $14.89 |
Range of $16.14 - $19.35 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | $16.14 |
Exercise price range, upper range limit | $19.35 |
Shares, Options outstanding (in Shares) | 150,000 |
Weighted average remaining contractual life , Options outstanding | 1 year 219 days |
Weighted average exercise price, Options outstanding | $16.96 |
Shares, Options exercisable (in Shares) | 150,000 |
Weighted average exercise price, Options exercisable | $16.96 |
Note_14_Capital_Stock_and_Stoc7
Note 14 - Capital Stock and Stock Compensation (Details) - Additional Information Regarding Activity in Stock Options (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Note 14 - Capital Stock and Stock Compensation (Details) - Additional Information Regarding Activity in Stock Options [Line Items] | |||
Total intrinsic value of options exercised | $236 | $387 | $530 |
Total fair value of options vested | 200 | 363 | 371 |
Total cash received from the exercise of options | 382 | 413 | 536 |
Excess tax benefits recognized as additional paid-in capital upon the exercise of options | 300 | 313 | |
Employee Stock Option [Member] | |||
Note 14 - Capital Stock and Stock Compensation (Details) - Additional Information Regarding Activity in Stock Options [Line Items] | |||
Excess tax benefits recognized as additional paid-in capital upon the exercise of options | $72 | $106 |
Note_14_Capital_Stock_and_Stoc8
Note 14 - Capital Stock and Stock Compensation (Details) - Restricted Stock Awards (USD $) | 12 Months Ended | 0 Months Ended | |||
Nov. 29, 2014 | Jul. 13, 2012 | Jul. 17, 2013 | Jan. 15, 2014 | Apr. 01, 2014 | |
Note 14 - Capital Stock and Stock Compensation (Details) - Restricted Stock Awards [Line Items] | |||||
Restricted shares granted | 123,737 | ||||
July 13, 2012 [Member] | |||||
Note 14 - Capital Stock and Stock Compensation (Details) - Restricted Stock Awards [Line Items] | |||||
Restricted shares granted | 1,398 | ||||
Share value at grant date per share (in Dollars per share) | $11.69 | ||||
Restricted period (years) | 219 days | ||||
July 17, 2013 [Member] | |||||
Note 14 - Capital Stock and Stock Compensation (Details) - Restricted Stock Awards [Line Items] | |||||
Restricted shares granted | 56,000 | ||||
Share value at grant date per share (in Dollars per share) | $16.64 | ||||
Restricted period (years) | 3 years 219 days | ||||
January 15, 2014 [Member] | |||||
Note 14 - Capital Stock and Stock Compensation (Details) - Restricted Stock Awards [Line Items] | |||||
Restricted shares granted | 54,000 | ||||
Share value at grant date per share (in Dollars per share) | $14.12 | ||||
Restricted period (years) | 2 years 36 days | ||||
April 1, 2014 [Member] | |||||
Note 14 - Capital Stock and Stock Compensation (Details) - Restricted Stock Awards [Line Items] | |||||
Restricted shares granted | 12,339 | ||||
Share value at grant date per share (in Dollars per share) | $14.59 | ||||
Restricted period (years) | 109 days |
Note_15_Restructuring_Asset_Im2
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 24, 2012 |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Restructuring, Settlement and Impairment Provisions | $711 |
Gain (Loss) on Contract Termination | -359 |
Wholesale Segment [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Restructuring, Settlement and Impairment Provisions | 719 |
Retail Segment [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Restructuring, Settlement and Impairment Provisions | 351 |
Demolition of Closed Facility [Member] | Bassett [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Restructuring, Settlement and Impairment Provisions | 203 |
Demolition of Closed Facility [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Restructuring, Settlement and Impairment Provisions | 588 |
Write-down Of Closed Facility [Member] | Mt. Airy [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Restructuring, Settlement and Impairment Provisions | 385 |
Write-off of Leasehold Improvements [Member] | Richmond [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Restructuring, Settlement and Impairment Provisions | 123 |
Lease Exit [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Gain (Loss) on Contract Termination | -228 |
Previously Closed Retail Locations [Member] | |
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) [Line Items] | |
Gain (Loss) on Contract Termination | ($131) |
Note_15_Restructuring_Asset_Im3
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) - Restructuring, Asset Impairment and Other Charges (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 24, 2012 |
Restructuring and asset impairment charges: | |
Restructuring and asset impairment charges | $711 |
Lease exit costs | |
Lease exit costs | 359 |
Total charges related to restructuring, asset impairment, lease exit costs and debt cancellation included in loss from operations | 1,070 |
Company-owned Retail Store Closures [Member] | |
Restructuring and asset impairment charges: | |
Restructuring and asset impairment charges | 123 |
Lease exit costs | |
Lease exit costs | 131 |
Demolition of Closed Facility [Member] | |
Restructuring and asset impairment charges: | |
Restructuring and asset impairment charges | 588 |
Lease Exit [Member] | |
Lease exit costs | |
Lease exit costs | $228 |
Note_15_Restructuring_Asset_Im4
Note 15 - Restructuring, Asset Impairment, and Other Charges (Details) - Activity Related to Accrued Lease Exit Costs (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Activity Related to Accrued Lease Exit Costs [Abstract] | ||
Balance, beginning of the year | $907 | $2,614 |
Provisions made to adjust previous estimates | 14 | -176 |
Payments on unexpired leases | -510 | -1,610 |
Accretion of interest on obligations | 22 | 79 |
Balance | 433 | 907 |
Current portion included in other accrued liabilities | 117 | 474 |
Long-term portion included in other long-term liabilities | $316 | $433 |
Note_17_Leases_and_Lease_Guara2
Note 17 - Leases and Lease Guarantees (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 |
Note 17 - Leases and Lease Guarantees (Details) [Line Items] | |||
Operating Leases, Rent Expense | $19,903 | $18,403 | $17,123 |
Real Estate Rental Income (Loss) Net of Expense | -248 | -594 | -468 |
Loss Contingency, Estimate of Possible Loss | 3,046 | 3,523 | |
Lease Obligations of Licensee Operators [Member] | |||
Note 17 - Leases and Lease Guarantees (Details) [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $3,164 | $3,698 | |
Minimum [Member] | |||
Note 17 - Leases and Lease Guarantees (Details) [Line Items] | |||
Operating Lease Lease Term | 1 year | ||
Renewal Term on Operating Lease | 5 years | ||
Lease Guarantees Term | 1 year | ||
Maximum [Member] | |||
Note 17 - Leases and Lease Guarantees (Details) [Line Items] | |||
Operating Lease Lease Term | 15 years | ||
Renewal Term on Operating Lease | 15 years | ||
Lease Guarantees Term | 10 years |
Note_17_Leases_and_Lease_Guara3
Note 17 - Leases and Lease Guarantees (Details) - Future Minimum Lease Payments under Non-cancelable Operating Leases (USD $) | Nov. 29, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments under Non-cancelable Operating Leases [Abstract] | |
Fiscal 2015 | $18,243 |
Fiscal 2016 | 15,713 |
Fiscal 2017 | 13,194 |
Fiscal 2018 | 10,778 |
Fiscal 2019 | 8,984 |
Thereafter | 25,646 |
$92,558 |
Note_17_Leases_and_Lease_Guara4
Note 17 - Leases and Lease Guarantees (Details) - Minimum Future Rental Income (USD $) | Nov. 29, 2014 |
In Thousands, unless otherwise specified | |
Minimum Future Rental Income [Abstract] | |
Fiscal 2015 | $2,688 |
Fiscal 2016 | 1,781 |
Fiscal 2017 | 1,406 |
Fiscal 2018 | 869 |
Fiscal 2019 | 252 |
Thereafter | 132 |
$7,128 |
Note_18_Earnings_Per_Share_Det
Note 18 - Earnings Per Share (Details) - Reconciliation of Basic and Diluted Loss Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | ||||||
Numerator: | |||||||||||||||||
Net income (in Dollars) | $3,649 | [1] | $2,256 | [2] | $2,551 | $843 | [2],[3] | $1,607 | [4] | $556 | [1] | $1,953 | $980 | [3] | $9,299 | $5,096 | $26,713 |
Denominator: | |||||||||||||||||
Denominator for basic income per share - weighted average shares | 10,552,462 | 10,721,652 | 10,992,017 | ||||||||||||||
Effect of dilutive securities | 140,569 | 150,897 | 103,394 | ||||||||||||||
Denominator for diluted income per share — weighted average shares and assumed conversions | 10,693,031 | 10,872,549 | 11,095,411 | ||||||||||||||
Basic income per share: | |||||||||||||||||
Net income per share — basic (in Dollars per share) | $0.35 | [1] | $0.22 | [2] | $0.24 | $0.08 | [2],[3] | $0.15 | [4] | $0.05 | [1] | $0.18 | $0.09 | [3] | $0.88 | $0.48 | $2.43 |
Diluted income per share: | |||||||||||||||||
Net income per share — diluted (in Dollars per share) | $0.35 | [1] | $0.21 | [2] | $0.24 | $0.08 | [2],[3] | $0.15 | [4] | $0.05 | [1] | $0.18 | $0.09 | [3] | $0.87 | $0.47 | $2.41 |
Anti-dilutive securities | 150,000 | 553,795 | 635,082 | ||||||||||||||
Equity Option [Member] | |||||||||||||||||
Diluted income per share: | |||||||||||||||||
Anti-dilutive securities | 150,000 | 472,500 | 622,500 | ||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Diluted income per share: | |||||||||||||||||
Anti-dilutive securities | 81,295 | 12,582 | |||||||||||||||
[1] | Includes $221 of tax benefit from the expiration of the statute of limitations on certain previously unrecognized tax benefits - see Note 11 for further information. | ||||||||||||||||
[2] | Includes $662 of income from death benefits from life insurance policies covering a former executive and a $140 gain from the partial liquidation of our investment in Fortress (see Note 7) | ||||||||||||||||
[3] | The first quarter of fiscal 2014 included 13 weeks as compared with 14 weeks for the first quarter of 2013. On an average weekly basis, net sales for the first quarter of fiscal 2014 were $5,819 per week as compared with $5,704 per week for the first quarter of fiscal 2013. | ||||||||||||||||
[4] | Includes $416 charge for impairment related to our investment property located in Henderson, Nevada. See Note 15 for further details |
Note_19_Segment_Information_De
Note 19 - Segment Information (Details) | 12 Months Ended |
Nov. 29, 2014 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Note_19_Segment_Information_De1
Note 19 - Segment Information (Details) - Segment Information for Each of Last Three Fiscal Years (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | ||||||
Net Sales | |||||||||||||||||
Net sales | $94,720 | [1] | $85,186 | [2] | $85,185 | $75,647 | [2],[3] | $83,062 | [4] | $77,152 | [1] | $81,223 | $79,849 | [3] | $340,738 | $321,286 | $269,672 |
Income (loss) from Operations | |||||||||||||||||
Income (loss) from operations | 15,131 | 10,005 | 5,080 | ||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Restructuring and asset impairment charges | -711 | ||||||||||||||||
Lease exit costs | -359 | ||||||||||||||||
Depreciation and Amortization | |||||||||||||||||
Depreciation and amortization | 7,316 | 6,198 | 5,473 | ||||||||||||||
Capital Expenditures | |||||||||||||||||
Capital expenditures | 18,363 | 14,685 | 9,000 | ||||||||||||||
Identifiable Assets | |||||||||||||||||
Identifiable assets | 240,746 | 225,849 | 240,746 | 225,849 | 227,180 | ||||||||||||
Operating Segments [Member] | Wholesale Segment [Member] | |||||||||||||||||
Net Sales | |||||||||||||||||
Net sales | 223,993 | 215,451 | 185,187 | ||||||||||||||
Income (loss) from Operations | |||||||||||||||||
Income (loss) from operations | 14,120 | 10,883 | 7,500 | ||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Restructuring and asset impairment charges | -588 | ||||||||||||||||
Depreciation and Amortization | |||||||||||||||||
Depreciation and amortization | 1,572 | 1,342 | 1,171 | ||||||||||||||
Capital Expenditures | |||||||||||||||||
Capital expenditures | 4,527 | 3,839 | 3,092 | ||||||||||||||
Identifiable Assets | |||||||||||||||||
Identifiable assets | 124,848 | 109,958 | 124,848 | 109,958 | 145,861 | ||||||||||||
Operating Segments [Member] | Retail Segment [Member] | |||||||||||||||||
Net Sales | |||||||||||||||||
Net sales | 216,631 | 199,380 | 171,633 | ||||||||||||||
Income (loss) from Operations | |||||||||||||||||
Income (loss) from operations | -528 | -1,452 | -2,067 | ||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Restructuring and asset impairment charges | -123 | ||||||||||||||||
Depreciation and Amortization | |||||||||||||||||
Depreciation and amortization | 5,344 | 4,372 | 3,760 | ||||||||||||||
Capital Expenditures | |||||||||||||||||
Capital expenditures | 13,836 | 10,846 | 5,898 | ||||||||||||||
Identifiable Assets | |||||||||||||||||
Identifiable assets | 86,471 | 77,331 | 86,471 | 77,331 | 68,583 | ||||||||||||
Operating Segments [Member] | Investments or Real Estate [Member] | |||||||||||||||||
Depreciation and Amortization | |||||||||||||||||
Depreciation and amortization | 400 | 484 | 542 | ||||||||||||||
Capital Expenditures | |||||||||||||||||
Capital expenditures | 10 | ||||||||||||||||
Identifiable Assets | |||||||||||||||||
Identifiable assets | 29,427 | 38,560 | 29,427 | 38,560 | 12,736 | ||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||
Net Sales | |||||||||||||||||
Net sales | -99,886 | -93,545 | -87,148 | ||||||||||||||
Income (loss) from Operations | |||||||||||||||||
Income (loss) from operations | 1,539 | 574 | 717 | ||||||||||||||
Wholesale Segment [Member] | |||||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Restructuring and asset impairment charges | -719 | ||||||||||||||||
Retail Segment [Member] | |||||||||||||||||
Restructuring and asset impairment charges | |||||||||||||||||
Restructuring and asset impairment charges | ($351) | ||||||||||||||||
[1] | Includes $221 of tax benefit from the expiration of the statute of limitations on certain previously unrecognized tax benefits - see Note 11 for further information. | ||||||||||||||||
[2] | Includes $662 of income from death benefits from life insurance policies covering a former executive and a $140 gain from the partial liquidation of our investment in Fortress (see Note 7) | ||||||||||||||||
[3] | The first quarter of fiscal 2014 included 13 weeks as compared with 14 weeks for the first quarter of 2013. On an average weekly basis, net sales for the first quarter of fiscal 2014 were $5,819 per week as compared with $5,704 per week for the first quarter of fiscal 2013. | ||||||||||||||||
[4] | Includes $416 charge for impairment related to our investment property located in Henderson, Nevada. See Note 15 for further details |
Note_19_Segment_Information_De2
Note 19 - Segment Information (Details) - Breakdown of Wholesale Sales by Product Category (Sales Revenue, Product Line [Member]) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |
Note 19 - Segment Information (Details) - Breakdown of Wholesale Sales by Product Category [Line Items] | |||
Percent of wholesale sales | 100.00% | 100.00% | 100.00% |
Wood [Member] | |||
Note 19 - Segment Information (Details) - Breakdown of Wholesale Sales by Product Category [Line Items] | |||
Percent of wholesale sales | 39.00% | 41.00% | 43.00% |
Upholstery [Member] | |||
Note 19 - Segment Information (Details) - Breakdown of Wholesale Sales by Product Category [Line Items] | |||
Percent of wholesale sales | 61.00% | 59.00% | 57.00% |
Note_20_Quarterly_Results_of_O2
Note 20 - Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | Mar. 01, 2014 |
Note 20 - Quarterly Results of Operations (Unaudited) (Details) [Line Items] | ||||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $221 | $40 | $132 | $284 | ||
Other than Temporary Impairment Losses, Investments | 416 | |||||
Fortress [Member] | ||||||
Note 20 - Quarterly Results of Operations (Unaudited) (Details) [Line Items] | ||||||
Gain on Sale of Investments | 140 | |||||
Former Executive [Member] | ||||||
Note 20 - Quarterly Results of Operations (Unaudited) (Details) [Line Items] | ||||||
Proceeds from Life Insurance Policies | $662 |
Note_20_Quarterly_Results_of_O3
Note 20 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | ||||||
Quarterly Results of Operations (Unaudited) [Abstract] | |||||||||||||||||
Net sales | $94,720 | [1] | $85,186 | [2] | $85,185 | $75,647 | [2],[3] | $83,062 | [4] | $77,152 | [1] | $81,223 | $79,849 | [3] | $340,738 | $321,286 | $269,672 |
Gross profit | 51,837 | [1] | 45,018 | [2] | 45,313 | 40,253 | [2],[3] | 44,085 | [4] | 38,723 | [1] | 41,826 | 41,360 | [3] | 182,421 | 165,994 | 141,322 |
Net income | $3,649 | [1] | $2,256 | [2] | $2,551 | $843 | [2],[3] | $1,607 | [4] | $556 | [1] | $1,953 | $980 | [3] | $9,299 | $5,096 | $26,713 |
Basic earnings per share (in Dollars per share) | $0.35 | [1] | $0.22 | [2] | $0.24 | $0.08 | [2],[3] | $0.15 | [4] | $0.05 | [1] | $0.18 | $0.09 | [3] | $0.88 | $0.48 | $2.43 |
Diluted earnings per share (in Dollars per share) | $0.35 | [1] | $0.21 | [2] | $0.24 | $0.08 | [2],[3] | $0.15 | [4] | $0.05 | [1] | $0.18 | $0.09 | [3] | $0.87 | $0.47 | $2.41 |
[1] | Includes $221 of tax benefit from the expiration of the statute of limitations on certain previously unrecognized tax benefits - see Note 11 for further information. | ||||||||||||||||
[2] | Includes $662 of income from death benefits from life insurance policies covering a former executive and a $140 gain from the partial liquidation of our investment in Fortress (see Note 7) | ||||||||||||||||
[3] | The first quarter of fiscal 2014 included 13 weeks as compared with 14 weeks for the first quarter of 2013. On an average weekly basis, net sales for the first quarter of fiscal 2014 were $5,819 per week as compared with $5,704 per week for the first quarter of fiscal 2013. | ||||||||||||||||
[4] | Includes $416 charge for impairment related to our investment property located in Henderson, Nevada. See Note 15 for further details |
Note_21_Subsequent_Event_Detai
Note 21 - Subsequent Event (Details) (USD $) | 3 Months Ended | |
Feb. 27, 2015 | Nov. 29, 2014 | |
Scenario, Forecast [Member] | Zenith Freight Lines [Member] | ||
Note 21 - Subsequent Event (Details) [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | |
Payments to Acquire Businesses, Gross (in Dollars) | $20,000 | |
Zenith Freight Lines [Member] | ||
Note 21 - Subsequent Event (Details) [Line Items] | ||
Equity Method Investment, Ownership Percentage | 49.00% |
Schedule_II_Analysis_of_Valuat1
Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - Analysis of Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 24, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Balance | $1,607 | $1,789 | $2,092 | |||
Additions Charged to Cost and Expenses | 77 | 361 | 377 | |||
Deductions | -435 | [1] | -543 | [1] | -680 | [1] |
Balance | 1,249 | 1,607 | 1,789 | |||
Allowance for Notes Receivable [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Balance | 4,139 | 4,140 | ||||
Additions Charged to Cost and Expenses | -1 | |||||
Deductions | [1] | [1] | ||||
Balance | 4,139 | 4,139 | ||||
Income Tax Valuation Allowance [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Balance | 1,044 | 908 | 19,612 | |||
Additions Charged to Cost and Expenses | 136 | |||||
Deductions | -974 | [1] | [1] | -18,704 | [1] | |
Balance | 70 | 1,044 | 908 | |||
Lease and Loan Guarantees [Member] | ||||||
Valuation Allowance [Line Items] | ||||||
Balance | 4,139 | |||||
Deductions | [1] | |||||
Balance | $4,139 | |||||
[1] | Deductions are for the purpose for which the reserve was created. Deductions from the income tax valuation allowance for the years ended November 24, 2012 and November 29, 2014 were due to the removal of the majority of our valuation allowance, resulting in a net tax benefit for the year. |