Bassett Furniture Industries (BSET) 10-Q 30 Mar 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Feb. 25, 2017	Mar. 17, 2017
Document Information [Line Items]
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Entity Central Index Key	10,329
Trading Symbol	bset
Current Fiscal Year End Date	--11-25
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		10,720,148
Document Type	10-Q
Document Period End Date	Feb. 25, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Sales revenue:
Furniture and accessories	$ 93,698	$ 92,402
Logistics	12,194	14,471
Total sales revenue	105,892	106,873
Cost of furniture and accessories sold	41,898	41,986
Selling, general and administrative expenses excluding new store pre-opening costs	58,524	58,957
New store pre-opening costs	806	139
Income from operations	4,664	5,791
Other loss, net	(733)	(657)
Income before income taxes	3,931	5,134
Income tax expense	1,070	1,900
Net income	2,861	3,234
Retained earnings-beginning of period	129,388	120,904
Cash dividends	(1,071)	(962)
Retained earnings-end of period	$ 131,178	$ 123,176
Basic earnings per share (in dollars per share)	$ 0.27	$ 0.30
Diluted earnings per share (in dollars per share)	0.27	0.30
Dividends per share (in dollars per share)	$ 0.10	$ 0.09

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Net income	$ 2,861	$ 3,234
Other comprehensive income:
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	94	91
Income taxes related to SERP	(36)	(34)
Other comprehensive income, net of tax	58	57
Total comprehensive income	$ 2,919	$ 3,291

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Current assets
Cash and cash equivalents	$ 23,518	$ 35,144
Short-term investments	23,125	23,125
Accounts receivable, net	18,470	18,358
Inventories	55,473	53,215
Other current assets	9,572	10,727
Total current assets	130,158	140,569
Property and equipment, net	106,840	104,655
Deferred income taxes	7,932	8,071
Goodwill and other intangible assets	17,592	17,360
Other	7,127	7,612
Total long-term assets	32,651	33,043
Total assets	269,649	278,267
Current liabilities
Accounts payable	18,416	21,281
Accrued compensation and benefits	12,152	13,602
Customer deposits	26,158	25,181
Dividends payable		3,218
Current portion of long-term debt	3,320	3,290
Other accrued liabilities	9,818	10,441
Total current liabilities	69,864	77,013
Long-term liabilities
Postemployment Benefits Liability, Noncurrent	12,748	12,760
Notes payable	733	3,821
Other long-term liabilities	3,796	3,968
Total long-term liabilities	17,277	20,549
Stockholders’ equity
Common stock	53,601	53,615
Retained earnings	131,178	129,388
Additional paid-in capital	224	255
Accumulated other comprehensive loss	(2,495)	(2,553)
Total stockholders' equity	182,508	180,705
Total liabilities and stockholders’ equity	$ 269,649	$ 278,267

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Operating activities:
Net income	$ 2,861	$ 3,234
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	3,351	2,817
Deferred income taxes	103	803
Excess tax benefits from stock-based compensation	327
Other, net	413	294
Changes in operating assets and liabilities:
Accounts receivable	110	1,509
Inventories	(1,915)	2,357
Other current assets	1,155	(1,326)
Customer deposits	977	(715)
Accounts payable and accrued liabilities	(5,305)	(6,553)
Net cash provided by operating activities	2,077	2,420
Investing activities:
Purchases of property and equipment	(5,610)	(8,568)
Proceeds from sales of property and equipment	3	20
Acquisition of retail licensee store	(655)
Other	223
Net cash used in investing activities	(6,039)	(8,548)
Financing activities:
Cash dividends	(4,290)	(3,146)
Proceeds from the exercise of stock options	221
Other issuance of common stock		84
Repurchases of common stock	(26)	(1,774)
Taxes paid related to net share settlement of equity awards	(474)
Repayments of notes payable	(3,095)	(4,395)
Proceeds from equipment loans		4,204
Net cash used in financing activities	(7,664)	(5,027)
Change in cash and cash equivalents	(11,626)	(11,155)
Cash and cash equivalents - beginning of period	35,144	36,268
Cash and cash equivalents - end of period	$ 23,518	$ 25,113

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative GAAP. The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances. Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) which we acquired in fiscal 2015.

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Condensed Financial Statements [Text Block]	2. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the quarter ended February 25, 2017 10 November 26, 2016. We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter. Our effective tax rates of 27.2% 37.0% February 25, 2017 February 27, 2016, 199: February 25, 2017, $327. No February 27, 2016.

Note 3 - Business Combination -

Note 3 - Business Combination - Licensee Store Acquisition	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Licensee Store Acquisition During the quarter ended February 25, 2017, $655. The purchase price was allocated as follows: Inventory $ 343 Goodwill 312 Purchase price $ 655 The inputs into our valuation of the acquired assets reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 820, Fair Value Measurements and Disclosures 4. The pro forma impact of the acquisition and the results of operations for the Columbus store since acquisition are not material to our consolidated results of operations for the quarter ended February 25, 2017.

Note 4 - Financial Instruments,

Note 4 - Financial Instruments, Investments and Fair Value Measurements	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and notes payable/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 method investments generally involve entities for which it is not practical to determine fair values. Investments Our short-term investments of $23,125 February 25, 2017 November 26, 2016 twelve 0.28% 1.10%. February 25, 2017, four 0.65%. February 25, 2017 November 26, 2016 Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures 820’s 820 Level 1 Level 2 Level 3 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 notes payable for disclosure purposes (see Note 8) 3 3) 2 3

Note 5 - Accounts Receivable

Note 5 - Accounts Receivable	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. Accounts receivable consists of the following: February 25, 2017 November 26, 2016 Gross accounts receivable $ 19,214 $ 19,157 Allowance for doubtful accounts (744 ) (799 ) Accounts receivable, net $ 18,470 $ 18,358 Activity in the allowance for doubtful accounts for the quarter ended February 25, 2017 Balance at November 26, 2016 $ 799 Reductions to allowance (55 ) Balance at February 25, 2017 $ 744 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 3 820, Fair Value Measurements and Disclosures 4.

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	6 . Inventories Inventories are valued at the lower of cost or market. Cost is determined for domestic furniture inventories using the last-in, first first first Inventories were comprised of the following: February 25, 2017 November 26, 2016 Wholesale finished goods $ 23,516 $ 24,392 Work in process 364 369 Raw materials and supplies 13,437 11,343 Retail merchandise 27,266 26,265 Total inventories on first-in, first-out method 64,583 62,369 LIFO adjustment (7,871 ) (7,804 ) Reserve for excess and obsolete inventory (1,239 ) (1,350 ) $ 55,473 $ 53,215 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 tend Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 26, 2016 $ 1,061 $ 289 $ 1,350 Additions charged to expense 139 120 259 Write-offs (242 ) (128 ) (370 ) Balance at February 25, 2017 $ 958 $ 281 $ 1,239 Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2017

Note 7 - Goodwill and Other Int

Note 7 - Goodwill and Other Intangible Assets	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	7. Goodwill and other intangible assets consisted of the following: February 25, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (422 ) $ 2,616 Technology - customized applications 834 (248 ) 586 Total intangible assets subject to amortization 3,872 (670 ) 3,202 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (670 ) $ 17,592 November 26, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (371 ) $ 2,667 Technology - customized applications 834 (219 ) 615 Total intangible assets subject to amortization 3,872 (590 ) 3,282 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (590 ) $ 17,360 Changes in the carrying amounts of goodwill by reportable segment during the quarter ended February 25, 2017 Wholesale Retail Logistics Total Balance as of November 26, 2016 $ 4,839 $ 1,820 $ 4,929 $ 11,588 Goodwill arising from store acquisition (Note 3) 206 106 - 312 Balance as of February 25, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900 There were no February 25, 2017 November 26, 2016. Amortization expense associated with intangible assets during the quarters ended February 25, 2017 February 27, 2016 Quarter Ended February 25, 2017 February 27, 2016 Intangible asset amortization expense $ 80 $ 81

Note 8 - Notes Payable and Bank

Note 8 - Notes Payable and Bank Credit Facility	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	8 . Notes Payable and Bank Credit Facility Our notes payable consist of the following: February 25, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (71 ) $ 2,929 Real estate notes payable 1,124 - 1,124 Total Debt 4,124 (71 ) 4,053 Less current portion (3,391 ) 71 (3,320 ) Total long-term debt $ 733 $ - $ 733 November 26, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (108 ) $ 5,892 Real estate notes payable 1,219 - 1,219 Total Debt 7,219 (108 ) 7,111 Less current portion (3,385 ) 95 (3,290 ) Total long-term debt $ 3,834 $ (13 ) $ 3,821 The future maturities of our notes payable are as follows: Remainder of fiscal 2017 $ 291 Fiscal 2018 3,412 Fiscal 2019 421 Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Thereafter - $ 4,124 Zenith Acquisition Note Payable As part of the consideration given for our acquisition of Zenith on February 2, 2015, $9,000, three $3,000 one $37 $66 February 25, 2017 February 27, 2016, one $2,929 $2,904 February 25, 2017 November 26, 2016, Real Estate Notes Payable Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling $1,124 $1,219 February 25, 2017 November 26, 2016, 6.73%. $5,825 $5,858 February 25, 2017 November 26, 2016, one $391 $385 February 25, 2017 November 26, 2016, Fair Value We believe that the carrying amount of our notes payable approximates fair value at both February 25, 2017 November 26, 2016. 3 820, Fair Value Measurements and Disclosures 3. Bank Credit Facility Our credit facility with our bank provides for a line of credit of up to $15,000. December 2018, At February 25, 2017, $1,972 $13,028. $511.

Note 9 - Post Employment Benefi

Note 9 - Post Employment Benefit Obligations	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	9. We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one $11,871 $11,863 February 25, 2017 November 26, 2016, February 25, 2017 November 26, 2016 Accrued compensation and benefits $ 776 $ 776 Post employment benefit obligations 11,095 11,087 Total pension liability $ 11,871 $ 11,863 Components of net periodic pension costs are as follows: Quarter Ended February 25, 2017 February 27, 2016 Service cost $ 38 $ 36 Interest cost 107 106 Amortization of transition obligation 11 11 Amortization of loss 83 81 Net periodic pension cost $ 239 $ 234 The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of income. We have an unfunded Deferred Compensation Plan that covers one $1,949 $1,969 February 25, 2017 November 26, 2016, February 25, 2017 November 26, 2016 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 1,653 1,673 Total deferred compensation liability $ 1,949 $ 1,969 We recognized expense under this plan during the quarters ended February 25, 2017 February 27, 2016 Quarter Ended February 25, 2017 February 27, 2016 Deferred compensation expense $ 54 $ 57

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	1 0 . Commitments and Contingencies We are involved in various legal and 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, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our logistical services segment. We also lease tractors, trailers and local delivery trucks used in our logistical services segment. Our real estate lease terms range from one 15 five 15 two seven one February 25, 2017: Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2017 $ 15,887 $ 3,297 $ 2,546 $ 21,730 Fiscal 2018 20,023 3,101 2,210 25,334 Fiscal 2019 18,045 2,091 1,843 21,979 Fiscal 2020 16,722 1,392 1,743 19,857 Fiscal 2021 14,425 1,349 1,169 16,943 Fiscal 2022 11,746 1,743 963 14,452 Thereafter 33,470 1,320 254 35,044 Total future minimum lease payments $ 130,318 $ 14,293 $ 10,728 $ 155,339 We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one ten $1,611 $1,868 February 25, 2017 November 26, 2016, 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 (primarily inventory), and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at February 25, 2017 November 26, 2016

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	1 1 . Earnings Per Share The following reconciles basic and diluted earnings per share: Net Income Weighted Average Shares Net Income Per Share For the quarter ended February 25, 2017: Basic earnings per share $ 2,861 10,613,639 $ 0.27 Add effect of dilutive securities: Options and restricted shares - 105,636 - Diluted earnings per share $ 2,861 10,719,275 $ 0.27 For the quarter ended February 27, 2016: Basic earnings per share $ 3,234 10,780,229 $ 0.30 Add effect of dilutive securities: Options and restricted shares - 104,327 - Diluted earnings per share $ 3,234 10,884,556 $ 0.30 For the quarters ended February 25, 2017 February 27, 2016, Quarter Ended February 25, 2017 February 27, 2016 Unvested shares - 2,000

Note 12 - Segment Information

Note 12 - Segment Information	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	1 2 . Segment Information We have strategically aligned our business into three 280, Segment Reporting ● Wholesale. ● Retail – Company-owned s tores. ● Logistical services . third $22,560 $23,934 February 25, 2017 February 27, 2016, Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. 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, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations. The following table presents our segment information: Quarter Ended February 25, 2017 February 27, 2016 Sales Revenue Wholesale $ 61,975 $ 59,576 Retail - Company-owned stores 61,593 61,595 Logistical services 22,334 24,679 Inter-company eliminations: Furniture and accessories (29,870 ) (28,769 ) Logistical services (10,140 ) (10,208 ) Consolidated $ 105,892 $ 106,873 Income (loss) from Operations Wholesale $ 5,893 $ 4,398 Retail - Company-owned stores (1,343 ) 316 Logistical services (226 ) 744 Inter-company elimination 340 333 Consolidated $ 4,664 $ 5,791 Depreciation and Amortization Wholesale $ 644 $ 456 Retail - Company-owned stores 1,472 1,531 Logistical services 1,235 830 Consolidated $ 3,351 $ 2,817 Capital Expenditures Wholesale $ 1,627 $ 1,537 Retail - Company-owned stores 3,703 2,021 Logistical services 280 5,010 Consolidated $ 5,610 $ 8,568 As of As of Identifiable Assets February 25, 2017 November 26, 2016 Wholesale $ 129,200 $ 139,477 Retail - Company-owned stores 92,447 88,855 Logistical services 48,002 49,935 Consolidated $ 269,649 $ 278,267

Note 13 - Recent Accounting Pro

Note 13 - Recent Accounting Pronouncements	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 3 . Recent Accounting Pronouncements In May 2014, 2014 09 2014 09), 606, Revenue from Contracts with Customers 605, 2014 09 605 35, 340 40, 606 two (1) (2) 2016 2016 08, 2016 10 2016 12, 2014 09, 2016 11, 2014 09. 2014 09 December 15, 2017, 2014 09 2019 2014 09 In July 2015, 2015 11, 330): Simplifying the Measurement of Inventory 2015 11 first first first December 15, 2016. 2015 11 2018 In January 2016, 2016 01, Financial Instruments - Overall (Subtopic 825 10): 2016 01 may 2016 01 2016 01 2019 In February 2016, 2016 02, Leases (Topic 842) 2016 02 12 2016 02 2016 02 may 2016 02 2020 2016 02 In August 2016, 2016 15, Statement of Cash Flows (Topic 230): 2016 15 2016 15 2019 In January 2017, 2017 01, Business Combinations (Topic 805 ): Clarifying the Definition of a Business 2017 01 2017 01 (1) (2) 2017 01 2019 In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment 2017 04 2 2, Instead, under the amendments in ASU 2017 04, 2017 04 2021 Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PART I-FINANCIAL INFORMATION-CONTINUED BASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-UNAUDITED FEBRUARY 25, 2017 (Dollars in thousands except share and per share data) In March 2017, 2017 07, Compensation – Retirement Benefits (Topic 715 ): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost may 2017 07 one 2017 07 postretirement benefit in assets. Early adoption is permitted, and we have elected to adopt the amendments in ASU 2017 07 2017

Note 3 - Business Combination19

Note 3 - Business Combination - Licensee Store Acquisition (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Inventory $ 343 Goodwill 312 Purchase price $ 655

Note 5 - Accounts Receivable (T

Note 5 - Accounts Receivable (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	February 25, 2017 November 26, 2016 Gross accounts receivable $ 19,214 $ 19,157 Allowance for doubtful accounts (744 ) (799 ) Accounts receivable, net $ 18,470 $ 18,358
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	Balance at November 26, 2016 $ 799 Reductions to allowance (55 ) Balance at February 25, 2017 $ 744

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	February 25, 2017 November 26, 2016 Wholesale finished goods $ 23,516 $ 24,392 Work in process 364 369 Raw materials and supplies 13,437 11,343 Retail merchandise 27,266 26,265 Total inventories on first-in, first-out method 64,583 62,369 LIFO adjustment (7,871 ) (7,804 ) Reserve for excess and obsolete inventory (1,239 ) (1,350 ) $ 55,473 $ 53,215
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]	Wholesale Segment Retail Segment Total Balance at November 26, 2016 $ 1,061 $ 289 $ 1,350 Additions charged to expense 139 120 259 Write-offs (242 ) (128 ) (370 ) Balance at February 25, 2017 $ 958 $ 281 $ 1,239

Note 7 - Goodwill and Other I22

Note 7 - Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	February 25, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (422 ) $ 2,616 Technology - customized applications 834 (248 ) 586 Total intangible assets subject to amortization 3,872 (670 ) 3,202 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (670 ) $ 17,592 November 26, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (371 ) $ 2,667 Technology - customized applications 834 (219 ) 615 Total intangible assets subject to amortization 3,872 (590 ) 3,282 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (590 ) $ 17,360
Schedule of Goodwill [Table Text Block]	Wholesale Retail Logistics Total Balance as of November 26, 2016 $ 4,839 $ 1,820 $ 4,929 $ 11,588 Goodwill arising from store acquisition (Note 3) 206 106 - 312 Balance as of February 25, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Quarter Ended February 25, 2017 February 27, 2016 Intangible asset amortization expense $ 80 $ 81

Note 8 - Notes Payable and Ba23

Note 8 - Notes Payable and Bank Credit Facility (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Debt [Table Text Block]	February 25, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (71 ) $ 2,929 Real estate notes payable 1,124 - 1,124 Total Debt 4,124 (71 ) 4,053 Less current portion (3,391 ) 71 (3,320 ) Total long-term debt $ 733 $ - $ 733 November 26, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (108 ) $ 5,892 Real estate notes payable 1,219 - 1,219 Total Debt 7,219 (108 ) 7,111 Less current portion (3,385 ) 95 (3,290 ) Total long-term debt $ 3,834 $ (13 ) $ 3,821
Schedule of Maturities of Long-term Debt [Table Text Block]	Remainder of fiscal 2017 $ 291 Fiscal 2018 3,412 Fiscal 2019 421 Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Thereafter - $ 4,124

Note 9 - Post Employment Bene24

Note 9 - Post Employment Benefit Obligations (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Pension Liability [Table Text Block]	February 25, 2017 November 26, 2016 Accrued compensation and benefits $ 776 $ 776 Post employment benefit obligations 11,095 11,087 Total pension liability $ 11,871 $ 11,863
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended February 25, 2017 February 27, 2016 Service cost $ 38 $ 36 Interest cost 107 106 Amortization of transition obligation 11 11 Amortization of loss 83 81 Net periodic pension cost $ 239 $ 234
Schedule of Deferred Compensation Liability [Table Text Block]	February 25, 2017 November 26, 2016 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 1,653 1,673 Total deferred compensation liability $ 1,949 $ 1,969
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended February 25, 2017 February 27, 2016 Deferred compensation expense $ 54 $ 57

Note 10 - Commitments and Con25

Note 10 - Commitments and Contingencies (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2017 $ 15,887 $ 3,297 $ 2,546 $ 21,730 Fiscal 2018 20,023 3,101 2,210 25,334 Fiscal 2019 18,045 2,091 1,843 21,979 Fiscal 2020 16,722 1,392 1,743 19,857 Fiscal 2021 14,425 1,349 1,169 16,943 Fiscal 2022 11,746 1,743 963 14,452 Thereafter 33,470 1,320 254 35,044 Total future minimum lease payments $ 130,318 $ 14,293 $ 10,728 $ 155,339

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net Income Weighted Average Shares Net Income Per Share For the quarter ended February 25, 2017: Basic earnings per share $ 2,861 10,613,639 $ 0.27 Add effect of dilutive securities: Options and restricted shares - 105,636 - Diluted earnings per share $ 2,861 10,719,275 $ 0.27 For the quarter ended February 27, 2016: Basic earnings per share $ 3,234 10,780,229 $ 0.30 Add effect of dilutive securities: Options and restricted shares - 104,327 - Diluted earnings per share $ 3,234 10,884,556 $ 0.30
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended February 25, 2017 February 27, 2016 Unvested shares - 2,000

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	3 Months Ended
	Feb. 25, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended February 25, 2017 February 27, 2016 Sales Revenue Wholesale $ 61,975 $ 59,576 Retail - Company-owned stores 61,593 61,595 Logistical services 22,334 24,679 Inter-company eliminations: Furniture and accessories (29,870 ) (28,769 ) Logistical services (10,140 ) (10,208 ) Consolidated $ 105,892 $ 106,873 Income (loss) from Operations Wholesale $ 5,893 $ 4,398 Retail - Company-owned stores (1,343 ) 316 Logistical services (226 ) 744 Inter-company elimination 340 333 Consolidated $ 4,664 $ 5,791 Depreciation and Amortization Wholesale $ 644 $ 456 Retail - Company-owned stores 1,472 1,531 Logistical services 1,235 830 Consolidated $ 3,351 $ 2,817 Capital Expenditures Wholesale $ 1,627 $ 1,537 Retail - Company-owned stores 3,703 2,021 Logistical services 280 5,010 Consolidated $ 5,610 $ 8,568
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of As of Identifiable Assets February 25, 2017 November 26, 2016 Wholesale $ 129,200 $ 139,477 Retail - Company-owned stores 92,447 88,855 Logistical services 48,002 49,935 Consolidated $ 269,649 $ 278,267

Note 2 - Interim Financial Pr28

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Effective Income Tax Rate Reconciliation, Percent	27.20%	37.00%
Excess tax Benefits on Share-based Compensation	$ 327	$ 0

Note 3 - Business Combination29

Note 3 - Business Combination - Licensee Store Acquisition (Details Textual) $ in Thousands	3 Months Ended
	Feb. 25, 2017USD ($)
Bassett Home Furnishings, Columbus, Ohio [Member]
Business Combination, Consideration Transferred	$ 655

Note 3 - Business Combination30

Note 3 - Business Combination - Licensee Store Acquisition - Asset Assumed (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Goodwill	$ 11,900	$ 11,588
Bassett Home Furnishings, Columbus, Ohio [Member]
Inventory	343
Goodwill	312
Purchase price	$ 655

Note 4 - Financial Instrument31

Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Nov. 26, 2016
Short-term Investments	$ 23,125	$ 23,125
Maximum [Member]
Certificates of Deposit Terms	1 year
Interest Rate of Certificates of Deposit	1.10%
Minimum [Member]
Interest Rate of Certificates of Deposit	0.28%
Weighted Average [Member]
Certificates of Deposit Terms	120 days
Interest Rate of Certificates of Deposit	0.65%

Note 5 - Accounts Receivable -

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Gross accounts receivable	$ 19,214	$ 19,157
Allowance for doubtful accounts	(744)	(799)
Accounts receivable, net	$ 18,470	$ 18,358

Note 5 - Accounts Receivable 33

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Feb. 25, 2017USD ($)
Balance	$ 799
Reductions to allowance	(55)
Balance	$ 744

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Wholesale finished goods	$ 23,516	$ 24,392
Work in process	364	369
Raw materials and supplies	13,437	11,343
Retail merchandise	27,266	26,265
Total inventories on first-in, first-out method	64,583	62,369
LIFO adjustment	(7,871)	(7,804)
Reserve for excess and obsolete inventory	(1,239)	(1,350)
Inventory, net	$ 55,473	$ 53,215

Note 6 - Inventories - Activity

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	3 Months Ended
	Feb. 25, 2017USD ($)
Balance	$ 1,350
Additions charged to expense	259
Write-offs	(370)
Balance	1,239
Operating Segments [Member] | Wholesale Segment [Member]
Balance	1,061
Additions charged to expense	139
Write-offs	(242)
Balance	958
Operating Segments [Member] | Retail Segment [Member]
Balance	289
Additions charged to expense	120
Write-offs	(128)
Balance	$ 281

Note 7 - Goodwill and Other I36

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0

Note 7 - Goodwill and Other I37

Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 25, 2017	Nov. 26, 2016
Intangibles subject to amortization, Gross Carrying Amount	$ 3,872	$ 3,872
Intangibles subject to amortization, Accumulated Amortization	(670)	(590)
Intangibles subject to amortization, Intangible Assets, Net	3,202	3,282
Trade names	2,490	2,490
Goodwill	11,900	11,588
Total goodwill and other intangible assets	18,262	17,950
Total goodwill and other intangible assets	17,592	17,360
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,038	3,038
Intangibles subject to amortization, Accumulated Amortization	(422)	(371)
Intangibles subject to amortization, Intangible Assets, Net	2,616	2,667
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(248)	(219)
Intangibles subject to amortization, Intangible Assets, Net	$ 586	$ 615

Note 7 - Goodwill and Other I38

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Feb. 25, 2017USD ($)
Balance	$ 11,588
Balance	11,900
Bassett Home Furnishings, Columbus, Ohio [Member]
Goodwill arising from store acquisition (Note 3)	312
Balance	312
Wholesale Segment [Member]
Balance	4,839
Balance	5,045
Wholesale Segment [Member] | Bassett Home Furnishings, Columbus, Ohio [Member]
Goodwill arising from store acquisition (Note 3)	206
Retail Segment [Member]
Balance	1,820
Balance	1,926
Retail Segment [Member] | Bassett Home Furnishings, Columbus, Ohio [Member]
Goodwill arising from store acquisition (Note 3)	106
Logistical Services [Member]
Balance	4,929
Balance	4,929
Logistical Services [Member] | Bassett Home Furnishings, Columbus, Ohio [Member]
Goodwill arising from store acquisition (Note 3)

Note 7 - Goodwill and Other I39

Note 7 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Intangible asset amortization expense	$ 80	$ 81

Note 8 - Notes Payable and Ba40

Note 8 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands	Feb. 02, 2015USD ($)	Feb. 25, 2017USD ($)	Feb. 27, 2016USD ($)	Nov. 26, 2016USD ($)
Long-term Debt, Current Maturities		$ 3,320		$ 3,290
Long-term Debt		4,053		7,111
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		15,000
Letters of Credit Outstanding, Amount		1,972
Line of Credit Facility, Remaining Borrowing Capacity		13,028
Bank Two [Member]
Letters of Credit Outstanding, Amount		511
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt		$ 1,124		1,219
Debt Instrument, Interest Rate, Stated Percentage		6.73%
Secured Debt, Current		$ 391		385
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount		5,825		5,858
Zenith Freight Lines [Member] | Unsecured Debt [Member]
Debt Instrument, Face Amount	$ 9,000
Debt Instrument, Number of Annual Payments	3
Debt Instrument, Periodic Payment	$ 3,000
Amortization of Debt Discount (Premium)		37	$ 66
Long-term Debt, Current Maturities		$ 2,929		$ 2,904

Note 8 - Notes Payable and Ba41

Note 8 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Principal Balance	$ 4,124	$ 7,219
Unamortized Discount	(71)	(108)
Net Carrying Amount	4,053	7,111
Principal Balance, less current portion	(3,391)	(3,385)
Unamortized discount, current portion	71	95
Net Carrying Amount, less current portion	(3,320)	(3,290)
Principal Balance, excluding current portion	733	3,834
Unamortized discount, noncurrent portion		(13)
Notes payable	733	3,821
Zenith Note Payable [Member]
Principal Balance	3,000	6,000
Unamortized Discount	(71)	(108)
Net Carrying Amount	2,929	5,892
Real Estate Notes Payable [Member]
Principal Balance	1,124	1,219
Net Carrying Amount	$ 1,124	$ 1,219

Note 8 - Notes Payable and Ba42

Note 8 - Notes Payable and Bank Credit Facility - Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Remainder of fiscal 2017	$ 291
Fiscal 2,018	3,412
Fiscal 2,019	421
Total repayments of principal	$ 4,124	$ 7,219

Note 9 - Post Employment Bene43

Note 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Postemployment Benefits Liability, Noncurrent	$ 12,748	$ 12,760
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent	1,949	1,969
Supplemental Employee Retirement Plan [Member]
Postemployment Benefits Liability	11,871	11,863
Postemployment Benefits Liability, Noncurrent	$ 11,095	$ 11,087

Note 9 - Post Employment Bene44

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Post employment benefit obligations	$ 12,748	$ 12,760
Supplemental Employee Retirement Plan [Member]
Accrued compensation and benefits	776	776
Post employment benefit obligations	11,095	11,087
Total pension liability	$ 11,871	$ 11,863

Note 9 - Post Employment Bene45

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Service cost	$ 38	$ 36
Interest cost	107	106
Amortization of transition obligation	11	11
Amortization of loss	83	81
Net periodic pension cost	$ 239	$ 234

Note 9 - Post Employment Bene46

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Post employment benefit obligations	$ 12,748	$ 12,760
Unfunded Deferred Compensation Plan [Member]
Accrued compensation and benefits	296	296
Post employment benefit obligations	1,653	1,673
Total deferred compensation liability	$ 1,949	$ 1,969

Note 9 - Post Employment Bene47

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Unfunded Deferred Compensation Plan [Member]
Deferred compensation expense	$ 54	$ 57

Note 10 - Commitments and Con48

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Feb. 25, 2017	Nov. 26, 2016
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,611	$ 1,868
Minimum [Member]
Operating Lease, Lease Term	1 year
Renewal Term On Operating Lease	5 years
Lease Guarantees Term	1 year
Minimum [Member] | Transportation Equipment [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	2 years
Maximum [Member]
Operating Lease, Lease Term	15 years
Renewal Term On Operating Lease	15 years
Lease Guarantees Term	10 years
Maximum [Member] | Transportation Equipment [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	7 years

Note 10 - Commitments and Con49

Note 10 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details) $ in Thousands	Feb. 25, 2017USD ($)
Remainder of fiscal 2017	$ 21,730
Fiscal 2,018	25,334
Fiscal 2,019	21,979
Fiscal 2,020	19,857
Fiscal 2,021	16,943
Fiscal 2,022	14,452
Thereafter	35,044
Total future minimum lease payments	155,339
Retail Stores [Member]
Remainder of fiscal 2017	15,887
Fiscal 2,018	20,023
Fiscal 2,019	18,045
Fiscal 2,020	16,722
Fiscal 2,021	14,425
Fiscal 2,022	11,746
Thereafter	33,470
Total future minimum lease payments	130,318
Distribution Centers [Member]
Remainder of fiscal 2017	3,297
Fiscal 2,018	3,101
Fiscal 2,019	2,091
Fiscal 2,020	1,392
Fiscal 2,021	1,349
Fiscal 2,022	1,743
Thereafter	1,320
Total future minimum lease payments	14,293
Transportation Equipment Leases [Member]
Remainder of fiscal 2017	2,546
Fiscal 2,018	2,210
Fiscal 2,019	1,843
Fiscal 2,020	1,743
Fiscal 2,021	1,169
Fiscal 2,022	963
Thereafter	254
Total future minimum lease payments	$ 10,728

Note 11 - Earnings Per Share -

Note 11 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Basic earnings per share	$ 2,861	$ 3,234
Basic earnings per share (in shares)	10,613,639	10,780,229
Basic earnings per share (in dollars per share)	$ 0.27	$ 0.30
Options and restricted shares (in shares)	105,636	104,327
Diluted earnings per share	$ 2,861	$ 3,234
Diluted earnings per share (in shares)	10,719,275	10,884,556
Diluted earnings per share (in dollars per share)	$ 0.27	$ 0.30

Note 11 - Earnings Per Share 51

Note 11 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Unvested shares (in shares)		2,000

Note 12 - Segment Information52

Note 12 - Segment Information (Details Textual) $ in Thousands	3 Months Ended
	Feb. 25, 2017USD ($)	Feb. 27, 2016USD ($)
Number of Reportable Segments	3
Zenith Operating Costs Included in Selling, General and Administrative Expenses	$ 22,560	$ 23,934

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2017	Feb. 27, 2016
Sales revenue	$ 105,892	$ 106,873
Income (loss) from Operations	4,664	5,791
Depreciation and amortization	3,351	2,817
Capital expenditures	5,610	8,568
Operating Segments [Member] | Wholesale Segment [Member]
Sales revenue	61,975	59,576
Income (loss) from Operations	5,893	4,398
Depreciation and amortization	644	456
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	1,627	1,537
Operating Segments [Member] | Company-owned Retail Stores [Member]
Sales revenue	61,593	61,595
Income (loss) from Operations	(1,343)	316
Depreciation and amortization	1,472	1,531
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	3,703	2,021
Operating Segments [Member] | Logistical Services [Member]
Sales revenue	22,334	24,679
Income (loss) from Operations	(226)	744
Depreciation and amortization	1,235	830
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	280	5,010
Intersegment Eliminations [Member]
Income (loss) from Operations	340	333
Intersegment Eliminations [Member] | Logistical Services [Member]
Sales revenue	(10,140)	(10,208)
Intersegment Eliminations [Member] | Furniture and Accessories [Member]
Sales revenue	$ (29,870)	$ (28,769)

Note 12 - Segment Information54

Note 12 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	Feb. 25, 2017	Nov. 26, 2016
Identifiable assets	$ 269,649	$ 278,267
Operating Segments [Member] | Wholesale Segment [Member]
Identifiable assets	129,200	139,477
Operating Segments [Member] | Company-owned Retail Stores [Member]
Identifiable assets	92,447	88,855
Operating Segments [Member] | Logistical Services [Member]
Identifiable assets	$ 48,002	$ 49,935