Bassett Furniture Industries (BSET) 10-Q 29 Jun 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	May 27, 2017	Jun. 16, 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)		10,724,586
Document Type	10-Q
Document Period End Date	May 27, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Sales revenue:
Furniture and accessories	$ 100,294	$ 92,990	$ 193,992	$ 185,392
Logistics	13,831	13,677	26,025	28,148
Total sales revenue	114,125	106,667	220,017	213,540
Cost of furniture and accessories sold	44,981	42,419	86,879	84,405
Selling, general and administrative expenses excluding new store pre-opening costs	61,075	58,088	119,599	117,045
New store pre-opening costs	469	307	1,275	446
Income from operations	7,600	5,853	12,264	11,644
Gain on sale of investment	3,267		3,267
Impairment of investment in real estate	(1,084)		(1,084)
Other loss, net	(678)	(600)	(1,411)	(1,257)
Income before income taxes	9,105	5,253	13,036	10,387
Income tax expense	3,263	1,868	4,333	3,768
Net income	5,842	3,385	8,703	6,619
Retained earnings-beginning of period	131,178	123,176	129,388	120,904
Cash dividends	(1,073)	(998)	(2,144)	(1,960)
Retained earnings-end of period	$ 135,947	$ 125,563	$ 135,947	$ 125,563
Basic earnings per share (in dollars per share)	$ 0.55	$ 0.31	$ 0.82	$ 0.61
Diluted earnings per share (in dollars per share)	0.54	0.31	0.81	0.61
Dividends per share (in dollars per share)	$ 0.10	$ 0.09	$ 0.20	$ 0.18

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Net income	$ 5,842	$ 3,385	$ 8,703	$ 6,619
Other comprehensive income:
Other comprehensive income, net of tax	(500)	56	(442)	113
Total comprehensive income	5,342	3,441	8,261	6,732
Pension Plan [Member]
Other comprehensive income:
Recognize prior service cost associated with Long Term Cash Awards (LTCA)	(932)		(932)
Amortization associated with Retirement Plan	24		24
Income taxes related to Retirement Plan	350		350
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	94	92	187	183
Income taxes related to Retirement Plan	$ (36)	$ (36)	$ (71)	$ (70)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Current assets
Cash and cash equivalents	$ 29,798	$ 35,144
Short-term investments	23,125	23,125
Accounts receivable, net	19,486	18,358
Inventories	58,093	53,215
Other current assets	8,599	10,727
Total current assets	139,101	140,569
Property and equipment, net	106,900	104,655
Deferred income taxes	8,112	8,071
Goodwill and other intangible assets	17,512	17,360
Other	5,471	7,612
Total long-term assets	31,095	33,043
Total assets	277,096	278,267
Current liabilities
Accounts payable	20,858	21,281
Accrued compensation and benefits	12,889	13,602
Customer deposits	22,649	25,181
Dividends payable		3,218
Current portion of long-term debt	3,346	3,290
Other accrued liabilities	11,847	10,441
Total current liabilities	71,589	77,013
Long-term liabilities
Post employment benefit obligations	13,714	12,760
Notes payable	631	3,821
Other long-term liabilities	4,177	3,968
Total long-term liabilities	18,522	20,549
Stockholders’ equity
Common stock	53,623	53,615
Retained earnings	135,947	129,388
Additional paid-in capital	410	255
Accumulated other comprehensive loss	(2,995)	(2,553)
Total stockholders' equity	186,985	180,705
Total liabilities and stockholders’ equity	$ 277,096	$ 278,267

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 27, 2017	May 28, 2016
Operating activities:
Net income	$ 8,703	$ 6,619
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,706	5,611
Provision for asset impairment charge	1,084
Gain on sale of investment	(3,267)
Tenant improvement allowance received from lessors	715	590
Deferred income taxes	318	1,198
Excess tax benefits from stock-based compensation	327	41
Other, net	960	697
Changes in operating assets and liabilities:
Accounts receivable	(904)	2,436
Inventories	(4,535)	5,062
Other current assets	2,128	(1,451)
Customer deposits	(2,532)	(3,867)
Accounts payable and accrued liabilities	(211)	(5,926)
Net cash provided by operating activities	9,492	11,010
Investing activities:
Purchases of property and equipment	(9,172)	(14,116)
Proceeds from sales of property and equipment	63	577
Proceeds from sale of investment	3,592
Acquisition of retail licensee store	(655)
Other	223
Net cash used in investing activities	(5,949)	(13,539)
Financing activities:
Cash dividends	(5,363)	(4,145)
Proceeds from the exercise of stock options	221	114
Other issuance of common stock		176
Repurchases of common stock	(82)	(1,930)
Taxes paid related to net share settlement of equity awards	(474)
Repayments of notes payable	(3,191)	(4,920)
Proceeds from equipment loans		6,692
Net cash used in financing activities	(8,889)	(4,013)
Change in cash and cash equivalents	(5,346)	(6,542)
Cash and cash equivalents - beginning of period	35,144	36,268
Cash and cash equivalents - end of period	$ 29,798	$ 29,726

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	May 27, 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 not 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, none 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	6 Months Ended
	May 27, 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 three six May 27, 2017 not 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 35.8% 33.2% three six May 27, 2017, 35.6% 36.3% three six May 28, 2016, 199: six May 27, 2017 May 28, 2016, $327 $41,

Note 3 - Business Combination -

Note 3 - Business Combination - Licensee Store Acquisition	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Licensee Store Acquisition During the six May 27, 2017, $655. no 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 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 six May 27, 2017.

Note 4 - Financial Instruments,

Note 4 - Financial Instruments, Investments and Fair Value Measurements	6 Months Ended
	May 27, 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 Investments Our short-term investments of $23,125 May 27, 2017 November 26, 2016 twelve 0.35% 1.10%. May 27, 2017, one 0.65%. May 27, 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 not 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	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. Accounts receivable consists of the following: May 27, 2017 November 26, 2016 Gross accounts receivable $ 20,217 $ 19,157 Allowance for doubtful accounts (731 ) (799 ) Accounts receivable, net $ 19,486 $ 18,358 Activity in the allowance for doubtful accounts for the six May 27, 2017 Balance at November 26, 2016 $ 799 Reductions to allowance (68 ) Balance at May 27, 2017 $ 731 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 3 820, Fair Value Measurements and Disclosures 4.

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	May 27, 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: May 27, 2017 November 26, 2016 Wholesale finished goods $ 27,076 $ 24,392 Work in process 386 369 Raw materials and supplies 12,630 11,343 Retail merchandise 27,070 26,265 Total inventories on first-in, first-out method 67,162 62,369 LIFO adjustment (7,938 ) (7,804 ) Reserve for excess and obsolete inventory (1,131 ) (1,350 ) $ 58,093 $ 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 not not not 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 473 228 701 Write-offs (674 ) (246 ) (920 ) Balance at May 27, 2017 $ 860 $ 271 $ 1,131 Our estimates and assumptions have been reasonably accurate in the past. We have not 2017 not

Note 7 - Goodwill and Other Int

Note 7 - Goodwill and Other Intangible Assets	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	7. Goodwill and other intangible assets consisted of the following: May 27, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (472 ) $ 2,566 Technology - customized applications 834 (278 ) 556 Total intangible assets subject to amortization 3,872 (750 ) 3,122 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (750 ) $ 17,512 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 six May 27, 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 May 27, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900 There were no May 27, 2017 November 26, 2016. Amortization expense associated with intangible assets during the three six May 27 May 28, 2016 Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Intangible asset amortization expense $ 80 $ 80 $ 161 $ 161

Note 8 - Notes Payable and Bank

Note 8 - Notes Payable and Bank Credit Facility	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	8 . Notes Payable and Bank Credit Facility Our notes payable consist of the following: May 27, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (52 ) $ 2,948 Real estate notes payable 1,029 - 1,029 Total Debt 4,029 (52 ) 3,977 Less current portion (3,398 ) 52 (3,346 ) Total long-term debt $ 631 $ - $ 631 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 $ 196 Fiscal 2018 3,412 Fiscal 2019 421 Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Thereafter - $ 4,029 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 $19 $57 three six May 27, 2017, $46 $112 three six May 28, 2016, one $2,948 $2,904 May 27, 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 $1,029 $1,219 May 27, 2017 November 26, 2016, 6.73%. $5,791 $5,858 May 27, 2017 November 26, 2016, one $398 $385 May 27, 2017 November 26, 2016, Fair Value We believe that the carrying amount of our notes payable approximates fair value at both May 27, 2017 November 26, 2016. not 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 May 27, 2017, $1,972 $13,028. $511.

Note 9 - Post Employment Benefi

Note 9 - Post Employment Benefit Obligations	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	9. Management Savings Plan On May 1, 2017, The Plan is an account-based plan under which (i) participants may may 75% 100% one may 1 15 2 3 five third 2017. 1 third 2 63 3 February 1, 2018. $ 28 three six May 27, 2017. On May 2, 2017, $2,000 $400 first 63 63, not 10 second 2017 $932 May 27, 2017 $950, May 27, 2017, $558 $350. Supplemental Retirement Income Plan We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one $11,879 $11,863 May 27, 2017 November 26, 2016, Aggregate Pension Liability and Aggregate Net Periodic Pension Costs The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: May 27, 2017 November 26, 2016 Accrued compensation and benefits $ 776 $ 776 Post employment benefit obligations 12,053 11,087 Total pension liability $ 12,829 $ 11,863 Components of net periodic pension costs are as follows: Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Service cost $ 49 $ 36 $ 87 $ 73 Interest cost 114 106 222 211 Amortization of prior service costs 24 - 24 - Amortization of transition obligation 11 11 21 21 Amortization of loss 83 81 166 162 Net periodic pension cost $ 281 $ 234 $ 520 $ 467 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. Deferred Compensation Plan We have an unfunded Deferred Compensation Plan that covers one no $1,929 $1,969 May 27, 2017 November 26, 2016, Our combined liability for all deferred compensation arrangements, including Company contributions under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets: May 27, 2017 November 26, 2016 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 1,661 1,673 Total deferred compensation liability $ 1,957 $ 1,969 We recognized expense under our deferred compensation arrangements during the three six May 27, 2017 May 28, 2016 Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Deferred compensation expense $ 82 $ 57 $ 136 $ 114

Note 10 - Other Gains and Losse

Note 10 - Other Gains and Losses	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Investment [Text Block]	1 0 . Other Gains and Losses Gain on Sale of Investment In 1985, $325. April 2017 $3,592 $3,267 three six May 27, 2017. Impairment of Investment in Real Estate We own a building in Chesterfield County, Virginia that was formerly leased to a licensee for the operation of a BHF store. The building is subject to a ground lease that expires in 2020, 2012, May 27, 2017 2020 $1,084 three six May 27, 2017 November 26, 2016 $1,108

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	1 1 . 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 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 May 27, 2017: Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2017 $ 10,663 $ 2,377 $ 1,685 $ 14,725 Fiscal 2018 21,148 3,379 2,325 26,852 Fiscal 2019 19,600 2,375 1,958 23,933 Fiscal 2020 18,280 1,601 1,781 21,662 Fiscal 2021 15,986 1,349 1,169 18,504 Fiscal 2022 13,343 1,743 963 16,049 Thereafter 37,558 1,320 254 39,132 Total future minimum lease payments $ 136,578 $ 14,144 $ 10,135 $ 160,857 We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one ten $1,379 $1,868 May 27, 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 May 27, 2017 November 26, 2016 not

Note 12 - Earnings Per Share

Note 12 - Earnings Per Share	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	1 2 . 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 May 27, 2017: Basic earnings per share $ 5,842 10,648,033 $ 0.55 Add effect of dilutive securities: Options and restricted shares - 74,293 (0.01 ) Diluted earnings per share $ 5,842 10,722,326 $ 0.54 For the quarter ended May 28, 2016: Basic earnings per share $ 3,385 10,767,082 $ 0.31 Add effect of dilutive securities: Options and restricted shares - 145,609 - Diluted earnings per share $ 3,385 10,912,691 $ 0.31 For the six months ended May 27, 2017: Basic earnings per share $ 8,703 10,630,836 $ 0.82 Add effect of dilutive securities: Options and restricted shares - 88,009 (0.01 ) Diluted earnings per share $ 8,703 10,718,845 $ 0.81 For the six months ended May 28, 2016: Basic earnings per share $ 6,619 10,773,656 $ 0.61 Add effect of dilutive securities: Options and restricted shares - 142,584 - Diluted earnings per share $ 6,619 10,916,240 $ 0.61 For the three six May 27, 2017 May 28, 2016, Anti-dilutive shares: Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Unvested shares - 5,814 6,538 7,814

Note 13 - Segment Information

Note 13 - Segment Information	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	1 3 . Segment Information We have strategically aligned our business into three 280, Segment Reporting ● Wholesale. ● Retail – Company-owned s tores. ● Logistical services . third $23,828 $46,388 three six May 27, 2017, $23,149 $47,084 three six May 28, 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 The following table presents our segment information: Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Sales Revenue Wholesale $ 62,293 $ 59,906 $ 124,268 $ 119,482 Retail - Company-owned stores 67,144 61,943 128,737 123,538 Logistical services 24,626 23,810 46,960 48,489 Inter-company eliminations: Furniture and accessories (29,143 ) (28,859 ) (59,013 ) (57,628 ) Logistical services (10,795 ) (10,133 ) (20,935 ) (20,341 ) Consolidated $ 114,125 $ 106,667 $ 220,017 $ 213,540 Income from Operations Wholesale $ 4,783 $ 4,334 $ 10,676 $ 8,732 Retail - Company-owned stores 1,367 381 24 697 Logistical services 798 661 572 1,405 Inter-company elimination 652 477 992 810 Consolidated $ 7,600 $ 5,853 $ 12,264 $ 11,644 Depreciation and Amortization Wholesale $ 664 $ 459 $ 1,308 $ 915 Retail - Company-owned stores 1,496 1,529 2,968 3,060 Logistical services 1,195 806 2,430 1,636 Consolidated $ 3,355 $ 2,794 $ 6,706 $ 5,611 Capital Expenditures Wholesale $ 2,218 $ 1,454 $ 3,845 $ 2,991 Retail - Company-owned stores 1,211 959 4,914 2,980 Logistical services 133 3,135 413 8,145 Consolidated $ 3,562 $ 5,548 $ 9,172 $ 14,116 As of As of Identifiable Assets May 27, 2017 November 26, 2016 Wholesale $ 135,098 $ 139,477 Retail - Company-owned stores 91,238 88,855 Logistical services 50,760 49,935 Consolidated $ 277,096 $ 278,267

Note 14 - Recent Accounting Pro

Note 14 - Recent Accounting Pronouncements	6 Months Ended
	May 27, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 4 . Recent Accounting Pronouncements In May 2014, No. 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, not 2014 09 2019 2014 09 not In July 2015, No. 2015 11, 330 Simplifying the Measurement of Inventory 2015 11 not first first first December 15, 2016. 2015 11 2018 not In January 2016, No. 2016 01, Financial Instruments - Overall (Subtopic 825 10 2016 01 may not 2016 01 2016 01 2019 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02 12 not 2016 02 2016 02 may 2016 02 2020 2016 02 not In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 2016 15 2016 15 2019 not In January 2017, No. 2017 01, Business Combinations (Topic 805 ): Clarifying the Definition of a Business 2017 01 not not not 2017 01 1 2 2017 01 2019 not In January 2017, No. 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, not 2017 04 2021 Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. not In March 2017, No. 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 Early adoption is permitted, and we have elected to adopt the amendments in ASU 2017 07 2017 not In May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting 2017 09 1 2 718, Compensation—Stock Compensation 718. not 1 2 3 2017 09 2019 not

Note 3 - Business Combination20

Note 3 - Business Combination - Licensee Store Acquisition (Tables)	6 Months Ended
	May 27, 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)	6 Months Ended
	May 27, 2017
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	May 27, 2017 November 26, 2016 Gross accounts receivable $ 20,217 $ 19,157 Allowance for doubtful accounts (731 ) (799 ) Accounts receivable, net $ 19,486 $ 18,358
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	Balance at November 26, 2016 $ 799 Reductions to allowance (68 ) Balance at May 27, 2017 $ 731

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	May 27, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	May 27, 2017 November 26, 2016 Wholesale finished goods $ 27,076 $ 24,392 Work in process 386 369 Raw materials and supplies 12,630 11,343 Retail merchandise 27,070 26,265 Total inventories on first-in, first-out method 67,162 62,369 LIFO adjustment (7,938 ) (7,804 ) Reserve for excess and obsolete inventory (1,131 ) (1,350 ) $ 58,093 $ 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 473 228 701 Write-offs (674 ) (246 ) (920 ) Balance at May 27, 2017 $ 860 $ 271 $ 1,131

Note 7 - Goodwill and Other I23

Note 7 - Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	May 27, 2017
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	May 27, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (472 ) $ 2,566 Technology - customized applications 834 (278 ) 556 Total intangible assets subject to amortization 3,872 (750 ) 3,122 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (750 ) $ 17,512 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 May 27, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Intangible asset amortization expense $ 80 $ 80 $ 161 $ 161

Note 8 - Notes Payable and Ba24

Note 8 - Notes Payable and Bank Credit Facility (Tables)	6 Months Ended
	May 27, 2017
Notes Tables
Schedule of Debt [Table Text Block]	May 27, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (52 ) $ 2,948 Real estate notes payable 1,029 - 1,029 Total Debt 4,029 (52 ) 3,977 Less current portion (3,398 ) 52 (3,346 ) Total long-term debt $ 631 $ - $ 631 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 $ 196 Fiscal 2018 3,412 Fiscal 2019 421 Fiscal 2020 - Fiscal 2021 - Fiscal 2022 - Thereafter - $ 4,029

Note 9 - Post Employment Bene25

Note 9 - Post Employment Benefit Obligations (Tables)	6 Months Ended
	May 27, 2017
Notes Tables
Schedule of Pension Liability [Table Text Block]	May 27, 2017 November 26, 2016 Accrued compensation and benefits $ 776 $ 776 Post employment benefit obligations 12,053 11,087 Total pension liability $ 12,829 $ 11,863
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Service cost $ 49 $ 36 $ 87 $ 73 Interest cost 114 106 222 211 Amortization of prior service costs 24 - 24 - Amortization of transition obligation 11 11 21 21 Amortization of loss 83 81 166 162 Net periodic pension cost $ 281 $ 234 $ 520 $ 467
Schedule of Deferred Compensation Liability [Table Text Block]	May 27, 2017 November 26, 2016 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 1,661 1,673 Total deferred compensation liability $ 1,957 $ 1,969
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Deferred compensation expense $ 82 $ 57 $ 136 $ 114

Note 11 - Commitments and Con26

Note 11 - Commitments and Contingencies (Tables)	6 Months Ended
	May 27, 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 $ 10,663 $ 2,377 $ 1,685 $ 14,725 Fiscal 2018 21,148 3,379 2,325 26,852 Fiscal 2019 19,600 2,375 1,958 23,933 Fiscal 2020 18,280 1,601 1,781 21,662 Fiscal 2021 15,986 1,349 1,169 18,504 Fiscal 2022 13,343 1,743 963 16,049 Thereafter 37,558 1,320 254 39,132 Total future minimum lease payments $ 136,578 $ 14,144 $ 10,135 $ 160,857

Note 12 - Earnings Per Share (T

Note 12 - Earnings Per Share (Tables)	6 Months Ended
	May 27, 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 May 27, 2017: Basic earnings per share $ 5,842 10,648,033 $ 0.55 Add effect of dilutive securities: Options and restricted shares - 74,293 (0.01 ) Diluted earnings per share $ 5,842 10,722,326 $ 0.54 For the quarter ended May 28, 2016: Basic earnings per share $ 3,385 10,767,082 $ 0.31 Add effect of dilutive securities: Options and restricted shares - 145,609 - Diluted earnings per share $ 3,385 10,912,691 $ 0.31 For the six months ended May 27, 2017: Basic earnings per share $ 8,703 10,630,836 $ 0.82 Add effect of dilutive securities: Options and restricted shares - 88,009 (0.01 ) Diluted earnings per share $ 8,703 10,718,845 $ 0.81 For the six months ended May 28, 2016: Basic earnings per share $ 6,619 10,773,656 $ 0.61 Add effect of dilutive securities: Options and restricted shares - 142,584 - Diluted earnings per share $ 6,619 10,916,240 $ 0.61
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Unvested shares - 5,814 6,538 7,814

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	6 Months Ended
	May 27, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Six Months Ended May 27, 2017 May 28, 2016 May 27, 2017 May 28, 2016 Sales Revenue Wholesale $ 62,293 $ 59,906 $ 124,268 $ 119,482 Retail - Company-owned stores 67,144 61,943 128,737 123,538 Logistical services 24,626 23,810 46,960 48,489 Inter-company eliminations: Furniture and accessories (29,143 ) (28,859 ) (59,013 ) (57,628 ) Logistical services (10,795 ) (10,133 ) (20,935 ) (20,341 ) Consolidated $ 114,125 $ 106,667 $ 220,017 $ 213,540 Income from Operations Wholesale $ 4,783 $ 4,334 $ 10,676 $ 8,732 Retail - Company-owned stores 1,367 381 24 697 Logistical services 798 661 572 1,405 Inter-company elimination 652 477 992 810 Consolidated $ 7,600 $ 5,853 $ 12,264 $ 11,644 Depreciation and Amortization Wholesale $ 664 $ 459 $ 1,308 $ 915 Retail - Company-owned stores 1,496 1,529 2,968 3,060 Logistical services 1,195 806 2,430 1,636 Consolidated $ 3,355 $ 2,794 $ 6,706 $ 5,611 Capital Expenditures Wholesale $ 2,218 $ 1,454 $ 3,845 $ 2,991 Retail - Company-owned stores 1,211 959 4,914 2,980 Logistical services 133 3,135 413 8,145 Consolidated $ 3,562 $ 5,548 $ 9,172 $ 14,116
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of As of Identifiable Assets May 27, 2017 November 26, 2016 Wholesale $ 135,098 $ 139,477 Retail - Company-owned stores 91,238 88,855 Logistical services 50,760 49,935 Consolidated $ 277,096 $ 278,267

Note 2 - Interim Financial Pr29

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Effective Income Tax Rate Reconciliation, Percent	35.80%	35.60%	33.20%	36.30%
Excess tax Benefits on Share-based Compensation			$ 327	$ 41

Note 3 - Business Combination30

Note 3 - Business Combination - Licensee Store Acquisition (Details Textual) $ in Thousands	6 Months Ended
	May 27, 2017USD ($)
Bassett Home Furnishings, Columbus, Ohio [Member]
Business Combination, Consideration Transferred	$ 655

Note 3 - Business Combination31

Note 3 - Business Combination - Licensee Store Acquisition - Asset Assumed (Details) - USD ($) $ in Thousands	May 27, 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 Instrument32

Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 27, 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	0.35%
Weighted Average [Member]
Certificates of Deposit Terms	30 days
Interest Rate of Certificates of Deposit	0.65%

Note 5 - Accounts Receivable -

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Gross accounts receivable	$ 20,217	$ 19,157
Allowance for doubtful accounts	(731)	(799)
Accounts receivable, net	$ 19,486	$ 18,358

Note 5 - Accounts Receivable 34

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	6 Months Ended
	May 27, 2017USD ($)
Balance	$ 799
Reductions to allowance	(68)
Balance	$ 731

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Wholesale finished goods	$ 27,076	$ 24,392
Work in process	386	369
Raw materials and supplies	12,630	11,343
Retail merchandise	27,070	26,265
Total inventories on first-in, first-out method	67,162	62,369
LIFO adjustment	(7,938)	(7,804)
Reserve for excess and obsolete inventory	(1,131)	(1,350)
Inventory, net	$ 58,093	$ 53,215

Note 6 - Inventories - Activity

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	6 Months Ended
	May 27, 2017USD ($)
Balance	$ 1,350
Additions charged to expense	701
Write-offs	(920)
Balance	1,131
Operating Segments [Member] | Wholesale Segment [Member]
Balance	1,061
Additions charged to expense	473
Write-offs	(674)
Balance	860
Operating Segments [Member] | Retail Segment [Member]
Balance	289
Additions charged to expense	228
Write-offs	(246)
Balance	$ 271

Note 7 - Goodwill and Other I37

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0

Note 7 - Goodwill and Other I38

Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	May 27, 2017	Nov. 26, 2016
Goodwill	$ 11,900	$ 11,588
Total goodwill and other intangible assets	18,262	17,950
Total goodwill and other intangible assets	17,512	17,360
Intangibles subject to amortization, Gross Carrying Amount	3,872	3,872
Intangibles subject to amortization, Accumulated Amortization	(750)	(590)
Intangibles subject to amortization, Intangible Assets, Net	3,122	3,282
Trade names	2,490	2,490
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,038	3,038
Intangibles subject to amortization, Accumulated Amortization	(472)	(371)
Intangibles subject to amortization, Intangible Assets, Net	2,566	2,667
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(278)	(219)
Intangibles subject to amortization, Intangible Assets, Net	$ 556	$ 615

Note 7 - Goodwill and Other I39

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	6 Months Ended
	May 27, 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 I40

Note 7 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Intangible asset amortization expense	$ 80	$ 80	$ 161	$ 161

Note 8 - Notes Payable and Ba41

Note 8 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands	Feb. 02, 2015USD ($)	May 27, 2017USD ($)	May 28, 2016USD ($)	May 27, 2017USD ($)	May 28, 2016USD ($)	Nov. 26, 2016USD ($)
Long-term Debt, Current Maturities		$ 3,346		$ 3,346		$ 3,290
Long-term Debt		3,977		3,977		7,111
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		15,000		15,000
Line of Credit Facility, Remaining Borrowing Capacity		13,028		13,028
Letters of Credit Outstanding, Amount		1,972		1,972
Bank Two [Member]
Letters of Credit Outstanding, Amount		511		511
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt		$ 1,029		$ 1,029		1,219
Debt Instrument, Interest Rate, Stated Percentage		6.73%		6.73%
Secured Debt, Current		$ 398		$ 398		385
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount		5,791		5,791		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)		19	$ 46	57	$ 112
Long-term Debt, Current Maturities		$ 2,948		$ 2,948		$ 2,904

Note 8 - Notes Payable and Ba42

Note 8 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Unamortized discount, current portion	$ 52	$ 95
Net Carrying Amount, less current portion	(3,346)	(3,290)
Principal Balance, excluding current portion	631	3,834
Unamortized discount, noncurrent portion		(13)
Notes payable	631	3,821
Principal Balance	4,029	7,219
Unamortized Discount	(52)	(108)
Net Carrying Amount	3,977	7,111
Principal Balance, less current portion	(3,398)	(3,385)
Zenith Note Payable [Member]
Principal Balance	3,000	6,000
Unamortized Discount	(52)	(108)
Net Carrying Amount	2,948	5,892
Real Estate Notes Payable [Member]
Principal Balance	1,029	1,219
Net Carrying Amount	$ 1,029	$ 1,219

Note 8 - Notes Payable and Ba43

Note 8 - Notes Payable and Bank Credit Facility - Maturities of Notes Payable (Details) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Remainder of fiscal 2017	$ 196
Fiscal 2,018	3,412
Fiscal 2,019	421
Total repayments of principal	$ 4,029	$ 7,219

Note 9 - Post Employment Bene44

Note 9 - Post Employment Benefit Obligations (Details Textual) $ in Thousands	May 02, 2017USD ($)	May 01, 2017	May 27, 2017USD ($)	May 28, 2016USD ($)	May 27, 2017USD ($)	May 28, 2016USD ($)	Nov. 26, 2016USD ($)
Postemployment Benefits Liability, Noncurrent			$ 13,714		$ 13,714		$ 12,760
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent			1,929		1,929		1,969
Pension Plan [Member]
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax			932		932
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent			350		350
Supplemental Employee Retirement Plan [Member]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent			(36)	$ (36)	(71)	$ (70)
Postemployment Benefits Liability			11,879		11,879		$ 11,863
Management Savings Plan [member] | Pension Plan [Member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Defined Benefit Plan, Benefit Obligation, Number of Annual Installments	10
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax			932
Defined Benefit Plan, Benefit Obligation			950		950
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax			558		558
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent			350
Nonqualified Deferred Compensation Plan [Member] | Management Savings Plan [member]
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary		75.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus		100.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Annual installment Payments, Maximum Number of Years		15 years
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years		5 years
Deferred Compensation Arrangement with Individual, Compensation Expense			$ 28		$ 28

Note 9 - Post Employment Bene45

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Post employment benefit obligations	$ 13,714	$ 12,760
Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member]
Accrued compensation and benefits	776	776
Post employment benefit obligations	12,053	11,087
Total pension liability	$ 12,829	$ 11,863

Note 9 - Post Employment Bene46

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Service cost	$ 49	$ 36	$ 87	$ 73
Interest cost	114	106	222	211
Amortization of prior service costs	24		24
Amortization of transition obligation	11	11	21	21
Amortization of loss	83	81	166	162
Net periodic pension cost	$ 281	$ 234	$ 520	$ 467

Note 9 - Post Employment Bene47

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Post employment benefit obligations	$ 13,714	$ 12,760
Deferred Compensation Plans [Member]
Accrued compensation and benefits	296	296
Post employment benefit obligations	1,661	1,673
Total deferred compensation liability	$ 1,957	$ 1,969

Note 9 - Post Employment Bene48

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Unfunded Deferred Compensation Plan [Member]
Deferred compensation expense	$ 82	$ 57	$ 136	$ 114

Note 10 - Other Gains and Los49

Note 10 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2017	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016	Dec. 31, 1985	Nov. 26, 2016
Payments to Acquire Investments						$ 325
Proceeds from Sale of Investment Projects	$ 3,592			$ 3,592
Gain (Loss) on Sale of Investments		$ 3,267		3,267
Impairment of Real Estate		$ 1,084		$ 1,084
Other Noncurrent Assets [Member]
Real Estate Investment Property, Net							$ 1,108

Note 11 - Commitments and Con50

Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 27, 2017	Nov. 26, 2016
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,379	$ 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, Operating Lease, 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, Operating Lease, Term of Contract	7 years

Note 11 - Commitments and Con51

Note 11 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details) $ in Thousands	May 27, 2017USD ($)
Remainder of fiscal 2017	$ 14,725
Fiscal 2,018	26,852
Fiscal 2,019	23,933
Fiscal 2,020	21,662
Fiscal 2,021	18,504
Fiscal 2,022	16,049
Thereafter	39,132
Total future minimum lease payments	160,857
Retail Stores [Member]
Remainder of fiscal 2017	10,663
Fiscal 2,018	21,148
Fiscal 2,019	19,600
Fiscal 2,020	18,280
Fiscal 2,021	15,986
Fiscal 2,022	13,343
Thereafter	37,558
Total future minimum lease payments	136,578
Distribution Centers [Member]
Remainder of fiscal 2017	2,377
Fiscal 2,018	3,379
Fiscal 2,019	2,375
Fiscal 2,020	1,601
Fiscal 2,021	1,349
Fiscal 2,022	1,743
Thereafter	1,320
Total future minimum lease payments	14,144
Transportation Equipment Leases [Member]
Remainder of fiscal 2017	1,685
Fiscal 2,018	2,325
Fiscal 2,019	1,958
Fiscal 2,020	1,781
Fiscal 2,021	1,169
Fiscal 2,022	963
Thereafter	254
Total future minimum lease payments	$ 10,135

Note 12 - Earnings Per Share -

Note 12 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Diluted earnings per share, Weighted Average Shares (in shares)	10,722,326	10,912,691	10,718,845	10,916,240
Diluted earnings per share (in dollars per share)	$ 0.54	$ 0.31	$ 0.81	$ 0.61
Basic earnings per share, Net Income	$ 5,842	$ 3,385	$ 8,703	$ 6,619
Basic earnings per share, Weighted Average Shares (in shares)	10,648,033	10,767,082	10,630,836	10,773,656
Basic earnings per share (in dollars per share)	$ 0.55	$ 0.31	$ 0.82	$ 0.61
Options and restricted shares, Weighted Average Shares (in shares)	74,293	145,609	88,009	142,584
Options and restricted shares, Net Income Per Share (in dollars per share)	$ (0.01)		$ (0.01)
Diluted earnings per share, Net Income	$ 5,842	$ 3,385	$ 8,703	$ 6,619

Note 12 - Earnings Per Share 53

Note 12 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Unvested shares (in shares)		5,814	6,538	7,814

Note 13 - Segment Information54

Note 13 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017USD ($)	May 28, 2016USD ($)	May 27, 2017USD ($)	May 28, 2016USD ($)
Number of Reportable Segments			3
Zenith Operating Costs Included in Selling, General and Administrative Expenses	$ 23,828	$ 23,149	$ 46,388	$ 47,084

Note 13 - Segment Information -

Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 27, 2017	May 28, 2016	May 27, 2017	May 28, 2016
Sales revenue	$ 114,125	$ 106,667	$ 220,017	$ 213,540
Income (loss) from Operations	7,600	5,853	12,264	11,644
Depreciation and amortization	3,355	2,794	6,706	5,611
Capital expenditures	3,562	5,548	9,172	14,116
Operating Segments [Member] | Wholesale Segment [Member]
Sales revenue	62,293	59,906	124,268	119,482
Income (loss) from Operations	4,783	4,334	10,676	8,732
Depreciation and amortization	664	459	1,308	915
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	2,218	1,454	3,845	2,991
Operating Segments [Member] | Company-owned Retail Stores [Member]
Sales revenue	67,144	61,943	128,737	123,538
Income (loss) from Operations	1,367	381	24	697
Depreciation and amortization	1,496	1,529	2,968	3,060
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	1,211	959	4,914	2,980
Operating Segments [Member] | Logistical Services [Member]
Sales revenue	24,626	23,810	46,960	48,489
Income (loss) from Operations	798	661	572	1,405
Depreciation and amortization	1,195	806	2,430	1,636
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	133	3,135	413	8,145
Intersegment Eliminations [Member]
Income (loss) from Operations	652	477	992	810
Intersegment Eliminations [Member] | Logistical Services [Member]
Sales revenue	(10,795)	(10,133)	(20,935)	(20,341)
Intersegment Eliminations [Member] | Furniture and Accessories [Member]
Sales revenue	$ (29,143)	$ (28,859)	$ (59,013)	$ (57,628)

Note 13 - Segment Information56

Note 13 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	May 27, 2017	Nov. 26, 2016
Identifiable assets	$ 277,096	$ 278,267
Operating Segments [Member] | Wholesale Segment [Member]
Identifiable assets	135,098	139,477
Operating Segments [Member] | Company-owned Retail Stores [Member]
Identifiable assets	91,238	88,855
Operating Segments [Member] | Logistical Services [Member]
Identifiable assets	$ 50,760	$ 49,935