Bassett Furniture Industries (BSET) 10-Q 28 Mar 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Feb. 24, 2018	Mar. 21, 2018
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	--11-24
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)		10,755,292
Document Type	10-Q
Document Period End Date	Feb. 24, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Retained Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017
Sales revenue:
Furniture and accessories	$ 96,123	$ 93,698
Logistics	14,149	12,194
Total sales revenue	110,272	105,892
Cost of furniture and accessories sold	43,269	41,898
Selling, general and administrative expenses excluding new store pre-opening costs	64,251	58,524
New store pre-opening costs	702	806
Income from operations	2,050	4,664
Other loss, net	(627)	(733)
Income before income taxes	1,423	3,931
Income tax expense	2,336	1,070
Net income (loss)	(913)	2,861
Retained earnings-beginning of period	139,378	129,388
Reclassification of certain tax effects from accumulated other comprehensive loss	545
Cash dividends	(1,183)	(1,071)
Retained earnings-end of period	$ 137,827	$ 131,178
Basic earnings (loss) per share (in dollars per share)	$ (0.09)	$ 0.27
Diluted earnings (loss) per share (in dollars per share)	(0.09)	0.27
Dividends per share (in dollars per share)	$ 0.11	$ 0.10

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017
Net income (loss)	$ (913)	$ 2,861
Other comprehensive income:
Other comprehensive income, net of tax	80	58
Total comprehensive income (loss)	(833)	2,919
Pension Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	31
Income taxes related to Retirement Plan	(8)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	76	94
Income taxes related to Retirement Plan	$ (19)	$ (36)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Current assets
Cash and cash equivalents	$ 24,310	$ 53,949
Short-term investments	23,125	23,125
Accounts receivable, net	21,543	19,640
Inventories	63,669	54,476
Other current assets	9,610	8,192
Total current assets	142,257	159,382
Property and equipment, net	103,766	103,244
Deferred income taxes	6,183	8,393
Goodwill and other intangible assets	28,840	17,351
Other	5,619	5,378
Total long-term assets	40,642	31,122
Total assets	286,665	293,748
Current liabilities
Accounts payable	25,551	21,760
Accrued compensation and benefits	12,553	14,670
Customer deposits	26,943	27,107
Dividends payable		3,759
Current portion of long-term debt	425	3,405
Other accrued liabilities	12,773	12,655
Total current liabilities	78,245	83,356
Long-term liabilities
Post employment benefit obligations	13,600	13,326
Notes payable	220	329
Other long-term liabilities	5,534	5,277
Total long-term liabilities	19,354	18,932
Stockholders’ equity
Common stock	53,776	53,690
Retained earnings	137,827	139,378
Additional paid-in capital	499	962
Accumulated other comprehensive loss	(3,036)	(2,570)
Total stockholders' equity	189,066	191,460
Total liabilities and stockholders’ equity	$ 286,665	$ 293,748

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017
Operating activities:
Net income (loss)	$ (913)	$ 2,861
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	3,304	3,351
Loss on sale of property and equipment	36
Tenant improvement allowance received from lessors	500
Deferred income taxes	2,210	103
Other, net	488	413
Changes in operating assets and liabilities:
Accounts receivable	(626)	110
Inventories	(5,440)	(1,915)
Other current assets	(1,382)	1,155
Customer deposits	(164)	977
Accounts payable and accrued liabilities	588	(4,978)
Net cash provided by (used in) operating activities	(1,399)	2,077
Investing activities:
Purchases of property and equipment	(3,958)	(5,610)
Proceeds from sales of property and equipment		3
Other		223
Net cash used in investing activities	(19,514)	(6,039)
Financing activities:
Cash dividends	(4,942)	(4,290)
Proceeds from the exercise of stock options		221
Other issuance of common stock	84
Repurchases of common stock	(244)	(26)
Taxes paid related to net share settlement of equity awards	(522)	(474)
Repayments of notes payable	(3,102)	(3,095)
Net cash used in financing activities	(8,726)	(7,664)
Change in cash and cash equivalents	(29,639)	(11,626)
Cash and cash equivalents - beginning of period	53,949	35,144
Cash and cash equivalents - end of period	24,310	23,518
Acquisition of Lane Venture [Member]
Investing activities:
Cash paid for business acquisition	$ (15,556)
Bassett Home Furnishings, Columbus, Ohio [Member]
Investing activities:
Cash paid for business acquisition		$ (655)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1 . Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. 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 operations net of estimates for returns and allowances. Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”). Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated in consolidation, and Zenith’s operating costs and expenses are included in selling, general and administrative expenses in our condensed consolidated statements of operations. Lane Venture Acquisition On December 21, 2017, 3 , Business Combinations). Results of operations for the Lane Venture business are included in our condensed consolidated statement of operations since the date of acquisition.

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Condensed Financial Statements [Text Block]	2 . Interim Financial Presentation All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the quarter ended February 24, 2018 not 10 November 25, 2017. Income Taxes and Impact of the Tax Cuts and Jobs Act 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. On December 22, 2017 The Act reduced the Federal statutory corporate income tax rate from 35% 21% January 1, 2018 January 1, 2018. 2018 22.2%. 21% 2019 Th e Federal rate reduction has had a significant impact on our provision for income taxes for the quarter ended February 24, 2018. February 24, 2018 164.2% 2018 22.2% $2,157 $181 199: Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118 118” one 118, SAB 118 for areas where accounting is not As of February 24, 2018, the charge for the re-measurement of our deferred tax assets was based on reasonable estimates and has been recorded as a provisional amount in accordance with SAB 118. may 2018 2018 Our effective tax rate for the quarter ended February 25, 2017 27.2% differed from the federal statutory rate of 35% $327 199: Adoption of Accounting Standards Update No. 2018 02 The Act has also had a significant impact on the income tax effect of pension costs included in our accumulated other comprehensive loss at November 25, 2017 2018 02 13, 2018 February 24, 2018 $545

Note 3 - Business Combinations

Note 3 - Business Combinations	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Business Combination s Acquisition of Lane Venture On December 21, 2017, $15,556 is now being operated as a component of our wholesale segment. Under the acquisition method of accounting, the fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill. The allocation of the fair value of the acquired business was based on a preliminary valuation. Our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one not the fair values of certain tangible and intangible assets acquired and the residual goodwill. The preliminary allocation of the $15,556 Allocation of the fair value of consideration transferred: Identifiable assets acquired: Accounts receivable, net of reserve (Note 5) $ 1,357 Inventory, net of reserve (Note 6) 3,753 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,507 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (813 ) Total liabilities assumed (1,170 ) Net identifiable assets acquired 11,337 Goodwill 4,219 Total net assets acquired $ 15,556 Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill are the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Lane Venture’s position in the outdoor furnishings market, a segment of the market not A portion of the fair value of the consideration transferred has been provisionally assigned to identifiable intangible assets as follows: Useful Life Description: In Years Fair Value Trade name Indefinite $ 6,848 Customer relationships 9 512 Total acquired intangible assets $ 7,360 The finite-lived intangible asset is being amortized on a straight-line basis over its estimated useful life. The indefinite-lived intangible asset and goodwill are not The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 3 820, Fair Value Measurements and Disclosures 4. Acquisition costs related to the Lane Venture acquisition totaled $ 228 February 24, 2018 $60 2018. The revenue of Lane Venture since December 21, 2017 February 24, 2018 not February 24, 2018 $426, $0.03 not not Retail Store Acquisition During the quarter ended February 25, 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 February 24, 2018 February 25, 2017.

Note 4 - Financial Instruments

Note 4 - Financial Instruments and Fair Value Measurements	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Financial Instruments and Fair Value Measurements 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. Investments Our short-term investments of $23,125 February 24, 2018 November 25, 2017 ten 0.10% 1.80%. February 24, 2018, three 1.27%. February 24, 2018 November 25, 2017 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 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not Level 3 – Instruments with primarily unobservable value drivers. We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note 8 3 3 2 3

Note 5 - Accounts Receivable

Note 5 - Accounts Receivable	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5 . Accounts Receivable Accounts receivable consists of the following: February 24, 2018 November 25, 2017 Gross accounts receivable $ 22,421 $ 20,257 Allowance for doubtful accounts (878 ) (617 ) Accounts receivable, net $ 21,543 $ 19,640 Activity in the allowance for doubtful accounts for the nine February 24, 2018 2018 Balance at November 25, 2017 $ 617 Acquired allowance on accounts receivable (Note 3) 200 Additions charged to expense 80 Write-offs and other reductions (19 ) Balance at February 24, 2018 $ 878 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	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	6 . Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined for domestic furniture inventories using the last-in, first first first Inventories were comprised of the following: February 24, 2018 November 25, 2017 Wholesale finished goods $ 29,378 $ 26,145 Work in process 443 388 Raw materials and supplies 15,782 11,808 Retail merchandise 28,203 26,173 Total inventories on first-in, first-out method 73,806 64,514 LIFO adjustment (8,238 ) (8,143 ) Reserve for excess and obsolete inventory (1,899 ) (1,895 ) $ 63,669 $ 54,476 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 25, 2017 $ 1,618 $ 277 $ 1,895 Acquired reserve on inventory (Note 3) 400 - 400 Additions charged to expense 355 142 497 Write-offs (788 ) (105 ) (893 ) Balance at February 24, 2018 $ 1,585 $ 314 $ 1,899 Our estimates and assumptions have been reasonably accurate in the past. We have not in 2018 not

Note 7 - Goodwill and Other Int

Note 7 - Goodwill and Other Intangible Assets	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	7 . Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: February 24, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (634 ) $ 2,916 Technology - customized applications 834 (367 ) 467 Total intangible assets subject to amortization 4,384 (1,001 ) 3,383 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,119 - 16,119 Total goodwill and other intangible assets $ 29,841 $ (1,001 ) $ 28,840 November 25, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (574 ) $ 2,464 Technology - customized applications 834 (337 ) 497 Total intangible assets subject to amortization 3,872 (911 ) 2,961 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (911 ) $ 17,351 Changes in t he carrying amounts of goodwill by reportable segment during the quarters ended February 24, 2018 Wholesale Retail Logistics Total Balance as of November 25, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900 Goodwill arising from acquisition of Lane Venture (Note 3) 4,219 - - 4,219 Balance as of February 24, 2018 $ 9,264 $ 1,926 $ 4,929 $ 16,119 The goodwill recognized in connection with our acquisition of Lane Venture remains subject to future adjustments before the close of the measurement period in the first 2019. 3, There were no February 24, 2018 November 25, 2017. Amortization expense associated with intangible assets during the quarters ended February 24, 2018 February 25, 2017 Quarter Ended February 24, 2018 February 25, 2017 Intangible asset amortization expense $ 90 $ 80 Estimated future amortization expense for intangible assets that exist at February 24, 2018 Remainder of fiscal 2018 $ 284 Fiscal 2019 379 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Thereafter 1,424 Total $ 3,383

Note 8 - Notes Payable and Bank

Note 8 - Notes Payable and Bank Credit Facility	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	8 . Notes Payable and Bank Credit Facility Our notes payable consist of the following: February 24, 2018 Real estate notes payable $ 645 Less current portion (425 ) Total long-term notes payable $ 220 November 25, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (13 ) $ 2,987 Real estate notes payable 747 - 747 Total notes payable 3,747 (13 ) 3,734 Less current portion (3,418 ) 13 (3,405 ) Total long-term notes payable $ 329 $ - $ 329 The future maturities of our notes payable are as follows: Remainder of fiscal 2018 $ 316 Fiscal 2019 329 $ 645 Zenith Acquisition Note Payable The final installment of the Zenith acquisition note was paid in full on February 2, 2018. $13 $37 February 24, 2018 February 25, 2017, Real Estate Notes Payable Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling $645 $747 February 24, 2018 November 25, 2017, 6.73%. $5,695 $5,727 February 24, 2018 November 25, 2017, one $425 $418 February 24, 2018 November 25, 2017, Fair Value We believe that the carrying amount of our notes payable approximates fair value at both February 24, 2018 November 25, 2017. 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 February 24, 2018, $2,249 $12,751. $511.

Note 9 - Post Employment Benefi

Note 9 - Post Employment Benefit Obligations	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	9 . Post Employment Benefit Obligations Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one the Supplemental Plan was $11,333 $11,337 February 24, 2018 November 25, 2017, We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second 2017. $2,000 $400 $1,009 $985 February 24, 2018 November 25, 2017, The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: February 24, 2018 November 25, 2017 Accrued compensation and benefits $ 778 $ 778 Post employment benefit obligations 11,564 11,544 Total pension liability $ 12,342 $ 12,322 Components of net periodic pension costs for our defined benefit plans for the quarters ended February 24, 2018 February 25, 2017 Quarter Ended February 24, 2018 February 25, 2017 Service cost $ 49 $ 38 Interest cost 105 107 Amortization of prior service costs 31 - Amortization of transition obligation 11 11 Amortization of loss 65 83 Net periodic pension cost $ 261 $ 239 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 operations. Deferred Compensation Plan s We have an unfunded Deferred Compensation Plan that covers one no $1,897 $1,916 February 24, 2018 November 25, 2017, We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan in the second 2017. $413 $139 February 24, 2018 November 25, 2017, Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets: February 24, 2018 November 25, 2017 Accrued compensation and benefits $ 274 $ 274 Post employment benefit obligations 2,036 1,782 Total deferred compensation liability $ 2,310 $ 2,056 We recognized expense under our deferred compensation arrangements during the quarters ended February 24, 2018 February 25, 2017 Quarter Ended February 24, 2018 February 25, 2017 Deferred compensation expense $ 79 $ 54

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Feb. 24, 2018
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 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 24, 2018: Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2018 $ 17,853 $ 3,859 $ 2,424 $ 24,136 Fiscal 2019 23,826 4,055 2,750 30,631 Fiscal 2020 22,281 3,309 2,486 28,076 Fiscal 2021 19,246 2,694 1,552 23,492 Fiscal 2022 16,382 2,584 1,346 20,312 Fiscal 2023 13,545 1,517 637 15,699 Thereafter 38,586 437 511 39,534 Total future minimum lease payments $ 151,719 $ 18,455 $ 11,706 $ 181,880 In connection with our long-term real estate leases, our liability for accrued straight-line rent expense was $4,991 $4,821 February 24, 2018 November 25, 2017, We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one ten of $2,552 $2,743 February 24, 2018 November 25, 2017, 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 . The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at February 24, 2018 November 25, 2017 not

Note 11 - Earnings (Loss) Per S

Note 11 - Earnings (Loss) Per Share	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	1 1 . Earnings (Loss) Per Share The following reconciles basic and diluted earnings (loss) per share: Net Income (Loss) Weighted Average Shares Net Income (Loss) Per Share For the quarter ended February 24, 2018: Basic loss per share $ (913 ) 10,686,477 $ (0.09 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (913 ) 10,686,477 $ (0.09 ) 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 *Due to the net loss, the potentially dilutive securities would have been anti-dilutive and are therefore excluded. For the quarters ended February 24, 2018 February 25, 2017, Quarter Ended February 24, 2018 February 25, 2017 Stock options 11,750 - Unvested shares 59,138 - Total anti-dilutive securities 70,888 -

Note 12 - Segment Information

Note 12 - Segment Information	3 Months Ended
	Feb. 24, 2018
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. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which now include Lane Venture (see Note 3, ● Retail – Company-owned s tores. ● Logistical services . third $24,919 $22,560 February 24, 2018 February 25, 2017, 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 February 24, 2018 February 25, 2017 Sales Revenue Wholesale $ 63,100 $ 61,975 Retail - Company-owned stores 64,661 61,593 Logistical services 25,249 22,334 Inter-company eliminations: Furniture and accessories (31,638 ) (29,870 ) Logistical services (11,100 ) (10,140 ) Consolidated $ 110,272 $ 105,892 Income (loss) from Operations Wholesale $ 3,064 $ 5,893 Retail - Company-owned stores (1,513 ) (1,343 ) Logistical services 330 (226 ) Inter-company elimination 169 340 Consolidated $ 2,050 $ 4,664 Depreciation and Amortization Wholesale $ 703 $ 644 Retail - Company-owned stores 1,528 1,472 Logistical services 1,073 1,235 Consolidated $ 3,304 $ 3,351 Capital Expenditures Wholesale $ 1,217 $ 1,627 Retail - Company-owned stores 2,601 3,703 Logistical services 140 280 Consolidated $ 3,958 $ 5,610 As of As of Identifiable Assets February 24, 2018 November 25, 2017 Wholesale $ 140,701 $ 152,181 Retail - Company-owned stores 93,490 89,271 Logistical services 52,474 52,296 Consolidated $ 286,665 $ 293,748

Note 13 - Recent Accounting Pro

Note 13 - Recent Accounting Pronouncements	3 Months Ended
	Feb. 24, 2018
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 3 . 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 may 2014 09. 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 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 In February 2018, No. 2018 02, Income Statement—Reporting Comprehensive Income (Topic 220 2018 02 220, Income Statement—Reporting Comprehensive Income 2018 02 not 2018 02 December 15, 2018, 1 not 2 not 2018 02 first 2018, $545 2

Note 3 - Business Combinations

Note 3 - Business Combinations (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Allocation of the fair value of consideration transferred: Identifiable assets acquired: Accounts receivable, net of reserve (Note 5) $ 1,357 Inventory, net of reserve (Note 6) 3,753 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,507 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (813 ) Total liabilities assumed (1,170 ) Net identifiable assets acquired 11,337 Goodwill 4,219 Total net assets acquired $ 15,556 Inventory $ 343 Goodwill 312 Purchase price $ 655
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	Useful Life Description: In Years Fair Value Trade name Indefinite $ 6,848 Customer relationships 9 512 Total acquired intangible assets $ 7,360

Note 5 - Accounts Receivable (T

Note 5 - Accounts Receivable (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	February 24, 2018 November 25, 2017 Gross accounts receivable $ 22,421 $ 20,257 Allowance for doubtful accounts (878 ) (617 ) Accounts receivable, net $ 21,543 $ 19,640
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	2018 Balance at November 25, 2017 $ 617 Acquired allowance on accounts receivable (Note 3) 200 Additions charged to expense 80 Write-offs and other reductions (19 ) Balance at February 24, 2018 $ 878

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	February 24, 2018 November 25, 2017 Wholesale finished goods $ 29,378 $ 26,145 Work in process 443 388 Raw materials and supplies 15,782 11,808 Retail merchandise 28,203 26,173 Total inventories on first-in, first-out method 73,806 64,514 LIFO adjustment (8,238 ) (8,143 ) Reserve for excess and obsolete inventory (1,899 ) (1,895 ) $ 63,669 $ 54,476
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]	Wholesale Segment Retail Segment Total Balance at November 25, 2017 $ 1,618 $ 277 $ 1,895 Acquired reserve on inventory (Note 3) 400 - 400 Additions charged to expense 355 142 497 Write-offs (788 ) (105 ) (893 ) Balance at February 24, 2018 $ 1,585 $ 314 $ 1,899

Note 7 - Goodwill and Other I22

Note 7 - Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	February 24, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (634 ) $ 2,916 Technology - customized applications 834 (367 ) 467 Total intangible assets subject to amortization 4,384 (1,001 ) 3,383 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,119 - 16,119 Total goodwill and other intangible assets $ 29,841 $ (1,001 ) $ 28,840 November 25, 2017 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (574 ) $ 2,464 Technology - customized applications 834 (337 ) 497 Total intangible assets subject to amortization 3,872 (911 ) 2,961 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,900 - 11,900 Total goodwill and other intangible assets $ 18,262 $ (911 ) $ 17,351
Schedule of Goodwill [Table Text Block]	Wholesale Retail Logistics Total Balance as of November 25, 2017 $ 5,045 $ 1,926 $ 4,929 $ 11,900 Goodwill arising from acquisition of Lane Venture (Note 3) 4,219 - - 4,219 Balance as of February 24, 2018 $ 9,264 $ 1,926 $ 4,929 $ 16,119
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Quarter Ended February 24, 2018 February 25, 2017 Intangible asset amortization expense $ 90 $ 80
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of fiscal 2018 $ 284 Fiscal 2019 379 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Thereafter 1,424 Total $ 3,383

Note 8 - Notes Payable and Ba23

Note 8 - Notes Payable and Bank Credit Facility (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Debt [Table Text Block]	February 24, 2018 Real estate notes payable $ 645 Less current portion (425 ) Total long-term notes payable $ 220 November 25, 2017 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 3,000 $ (13 ) $ 2,987 Real estate notes payable 747 - 747 Total notes payable 3,747 (13 ) 3,734 Less current portion (3,418 ) 13 (3,405 ) Total long-term notes payable $ 329 $ - $ 329
Schedule of Maturities of Long-term Debt [Table Text Block]	Remainder of fiscal 2018 $ 316 Fiscal 2019 329 $ 645

Note 9 - Post Employment Bene24

Note 9 - Post Employment Benefit Obligations (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Pension Liability [Table Text Block]	February 24, 2018 November 25, 2017 Accrued compensation and benefits $ 778 $ 778 Post employment benefit obligations 11,564 11,544 Total pension liability $ 12,342 $ 12,322
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended February 24, 2018 February 25, 2017 Service cost $ 49 $ 38 Interest cost 105 107 Amortization of prior service costs 31 - Amortization of transition obligation 11 11 Amortization of loss 65 83 Net periodic pension cost $ 261 $ 239
Schedule of Deferred Compensation Liability [Table Text Block]	February 24, 2018 November 25, 2017 Accrued compensation and benefits $ 274 $ 274 Post employment benefit obligations 2,036 1,782 Total deferred compensation liability $ 2,310 $ 2,056
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended February 24, 2018 February 25, 2017 Deferred compensation expense $ 79 $ 54

Note 10 - Commitments and Con25

Note 10 - Commitments and Contingencies (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2018 $ 17,853 $ 3,859 $ 2,424 $ 24,136 Fiscal 2019 23,826 4,055 2,750 30,631 Fiscal 2020 22,281 3,309 2,486 28,076 Fiscal 2021 19,246 2,694 1,552 23,492 Fiscal 2022 16,382 2,584 1,346 20,312 Fiscal 2023 13,545 1,517 637 15,699 Thereafter 38,586 437 511 39,534 Total future minimum lease payments $ 151,719 $ 18,455 $ 11,706 $ 181,880

Note 11 - Earnings (Loss) Per26

Note 11 - Earnings (Loss) Per Share (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net Income (Loss) Weighted Average Shares Net Income (Loss) Per Share For the quarter ended February 24, 2018: Basic loss per share $ (913 ) 10,686,477 $ (0.09 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (913 ) 10,686,477 $ (0.09 ) 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
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended February 24, 2018 February 25, 2017 Stock options 11,750 - Unvested shares 59,138 - Total anti-dilutive securities 70,888 -

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	3 Months Ended
	Feb. 24, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended February 24, 2018 February 25, 2017 Sales Revenue Wholesale $ 63,100 $ 61,975 Retail - Company-owned stores 64,661 61,593 Logistical services 25,249 22,334 Inter-company eliminations: Furniture and accessories (31,638 ) (29,870 ) Logistical services (11,100 ) (10,140 ) Consolidated $ 110,272 $ 105,892 Income (loss) from Operations Wholesale $ 3,064 $ 5,893 Retail - Company-owned stores (1,513 ) (1,343 ) Logistical services 330 (226 ) Inter-company elimination 169 340 Consolidated $ 2,050 $ 4,664 Depreciation and Amortization Wholesale $ 703 $ 644 Retail - Company-owned stores 1,528 1,472 Logistical services 1,073 1,235 Consolidated $ 3,304 $ 3,351 Capital Expenditures Wholesale $ 1,217 $ 1,627 Retail - Company-owned stores 2,601 3,703 Logistical services 140 280 Consolidated $ 3,958 $ 5,610 As of As of Identifiable Assets February 24, 2018 November 25, 2017 Wholesale $ 140,701 $ 152,181 Retail - Company-owned stores 93,490 89,271 Logistical services 52,474 52,296 Consolidated $ 286,665 $ 293,748

Note 2 - Interim Financial Pr28

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Feb. 24, 2018	Feb. 25, 2017	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					35.00%
Effective Income Tax Rate Reconciliation, Percent	164.20%	27.20%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 2,157
Excess tax Benefits on Share-based Compensation	181	$ 327
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to Retained Earnings Per ASU 2018-02	545
ASU 2018-02 [Member]
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to Retained Earnings Per ASU 2018-02	$ 545
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	22.20%

Note 3 - Business Combination29

Note 3 - Business Combinations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Dec. 21, 2017	Feb. 24, 2018	Feb. 24, 2018	Feb. 25, 2017	Nov. 24, 2018
Acquisition of Lane Venture [Member]
Payments to Acquire Businesses, Gross	$ 15,556
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 0
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ (426)
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual, Per Share		$ (0.03)
Acquisition of Lane Venture [Member] | Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs			$ 228
Acquisition of Lane Venture [Member] | Selling, General and Administrative Expenses [Member] | Scenario, Forecast [Member]
Business Combination, Acquisition Related Costs					$ 60
Bassett Home Furnishings, Columbus, Ohio [Member]
Business Combination, Consideration Transferred				$ 655

Note 3 - Business Combination30

Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Dec. 21, 2017	Nov. 25, 2017	Feb. 25, 2017
Goodwill	$ 16,119		$ 11,900
Bassett Home Furnishings, Columbus, Ohio [Member]
Inventory, net of reserve (Note 6)				$ 343
Goodwill				312
Total net assets acquired				$ 655
Acquisition of Lane Venture [Member]
Accounts receivable, net of reserve (Note 5)		$ 1,357
Inventory, net of reserve (Note 6)		3,753
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,507
Accounts payable		(357)
Other accrued liabilities		(813)
Total liabilities assumed		(1,170)
Net identifiable assets acquired		11,337
Goodwill		4,219
Total net assets acquired		$ 15,556

Note 3 - Business Combination31

Note 3 - Business Combinations - Acquired Identifiable Intangible Assets (Details) - Acquisition of Lane Venture [Member] $ in Thousands	Dec. 21, 2017USD ($)
Intangible assets	$ 7,360
Customer Relationships [Member]
Intangible assets	$ 512
Useful Life (Year)	9 years
Trade Names [Member]
Intangible assets	$ 6,848

Note 4 - Financial Instrument32

Note 4 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Nov. 25, 2017
Short-term Investments	$ 23,125	$ 23,125
Weighted Average [Member]
Certificates of Deposit Terms	300 days
Interest Rate of Certificates of Deposit	1.27%
Certificates of Deposit, Remaining Time to Maturity	90 days
Minimum [Member]
Interest Rate of Certificates of Deposit	0.10%
Maximum [Member]
Interest Rate of Certificates of Deposit	1.80%

Note 5 - Accounts Receivable -

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Gross accounts receivable	$ 22,421	$ 20,257
Allowance for doubtful accounts	(878)	(617)
Accounts receivable, net	$ 21,543	$ 19,640

Note 5 - Accounts Receivable 34

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Feb. 24, 2018USD ($)
Balance, beginning	$ 617
Acquired allowance on accounts receivable (Note 3)	200
Additions charged to expense	80
Write-offs and other reductions	(19)
Balance, ending	$ 878

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Wholesale finished goods	$ 29,378	$ 26,145
Work in process	443	388
Raw materials and supplies	15,782	11,808
Retail merchandise	28,203	26,173
Total inventories on first-in, first-out method	73,806	64,514
LIFO adjustment	(8,238)	(8,143)
Reserve for excess and obsolete inventory	(1,899)	(1,895)
Inventory, net	$ 63,669	$ 54,476

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. 24, 2018USD ($)
Balance, beginning	$ 1,895
Acquired reserve on inventory (Note 3)	400
Additions charged to expense	497
Write-offs	(893)
Balance, ending	1,899
Operating Segments [Member] | Wholesale Segment [Member]
Balance, beginning	1,618
Acquired reserve on inventory (Note 3)	400
Additions charged to expense	355
Write-offs	(788)
Balance, ending	1,585
Operating Segments [Member] | Retail Segment [Member]
Balance, beginning	277
Acquired reserve on inventory (Note 3)
Additions charged to expense	142
Write-offs	(105)
Balance, ending	$ 314

Note 7 - Goodwill and Other I37

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
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	Feb. 24, 2018	Nov. 25, 2017
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 3,872
Intangibles subject to amortization, Accumulated Amortization	(1,001)	(911)
Intangibles subject to amortization, Intangible Assets, Net	3,383	2,961
Trade names	9,338	2,490
Goodwill	16,119	11,900
Total goodwill and other intangible assets	29,841	18,262
Total goodwill and other intangible assets	28,840	17,351
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,038
Intangibles subject to amortization, Accumulated Amortization	(634)	(574)
Intangibles subject to amortization, Intangible Assets, Net	2,916	2,464
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(367)	(337)
Intangibles subject to amortization, Intangible Assets, Net	$ 467	$ 497

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	3 Months Ended
	Feb. 24, 2018USD ($)
Balance, beginning	$ 11,900
Goodwill arising from acquisition of Lane Venture (Note 3)	4,219
Balance, ending	16,119
Wholesale Segment [Member]
Balance, beginning	5,045
Goodwill arising from acquisition of Lane Venture (Note 3)	4,219
Balance, ending	9,264
Retail Segment [Member]
Balance, beginning	1,926
Goodwill arising from acquisition of Lane Venture (Note 3)
Balance, ending	1,926
Logistical Services [Member]
Balance, beginning	4,929
Goodwill arising from acquisition of Lane Venture (Note 3)
Balance, ending	$ 4,929

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
	Feb. 24, 2018	Feb. 25, 2017
Intangible asset amortization expense	$ 90	$ 80

Note 7 - Goodwill and Other I41

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Remainder of fiscal 2018	$ 284
Fiscal 2,019	379
Fiscal 2,020	379
Fiscal 2,021	379
Fiscal 2,022	279
Fiscal 2,023	259
Thereafter	1,424
Total	$ 3,383	$ 2,961

Note 8 - Notes Payable and Ba42

Note 8 - Notes Payable and Bank Credit Facility (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017	Nov. 25, 2017
Long-term Debt	$ 645		$ 3,734
Long-term Debt, Current Maturities	425		3,405
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	15,000
Letters of Credit Outstanding, Amount	2,249
Line of Credit Facility, Remaining Borrowing Capacity	12,751
Bank Two [Member]
Letters of Credit Outstanding, Amount	511
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt	$ 645		747
Debt Instrument, Interest Rate, Stated Percentage	6.73%
Long-term Debt, Current Maturities	$ 425		418
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount	5,695		$ 5,727
Zenith Freight Lines [Member] | Unsecured Debt [Member]
Amortization of Debt Discount (Premium)	$ 13	$ 37

Note 8 - Notes Payable and Ba43

Note 8 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Real estate notes payable	$ 645	$ 3,734
Less current portion	(425)	(3,405)
Total long-term notes payable	220	329
Principal Balance	$ 645	3,747
Unamortized Discount		(13)
Principal Balance, less current portion		(3,418)
Unamortized discount, current portion		13
Principal Balance, excluding current portion		329
Unamortized discount, noncurrent portion
Zenith Note Payable [Member]
Real estate notes payable		2,987
Principal Balance		3,000
Unamortized Discount		(13)
Real Estate Notes Payable [Member]
Real estate notes payable		747
Principal Balance		747
Unamortized Discount

Note 8 - Notes Payable and Ba44

Note 8 - Notes Payable and Bank Credit Facility - Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Remainder of fiscal 2018	$ 316
Fiscal 2,019	329
Total repayments of principal	$ 645	$ 3,747

Note 9 - Post Employment Bene45

Note 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	Feb. 24, 2018	Nov. 25, 2017
Postemployment Benefits Liability, Noncurrent		$ 13,600	$ 13,326
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		413	139
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,897	1,916
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Liability, Defined Benefit Pension Plan		1,009	985
Supplemental Employee Retirement Plan [Member]
Postemployment Benefits Liability		$ 11,333	$ 11,337

Note 9 - Post Employment Bene46

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Post employment benefit obligations	$ 13,600	$ 13,326
Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member]
Accrued compensation and benefits	778	778
Post employment benefit obligations	11,564	11,544
Total pension liability	$ 12,342	$ 12,322

Note 9 - Post Employment Bene47

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017
Service cost	$ 49	$ 38
Interest cost	105	107
Amortization of prior service costs	31
Amortization of transition obligation	11	11
Amortization of loss	65	83
Net periodic pension cost	$ 261	$ 239

Note 9 - Post Employment Bene48

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Nov. 25, 2017
Post employment benefit obligations	$ 13,600	$ 13,326
Deferred Compensation Plans [Member]
Accrued compensation and benefits	274	274
Post employment benefit obligations	2,036	1,782
Total deferred compensation liability	$ 2,310	$ 2,056

Note 9 - Post Employment Bene49

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017
Unfunded Deferred Compensation Plan [Member]
Deferred compensation expense	$ 79	$ 54

Note 10 - Commitments and Con50

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Nov. 25, 2017
Accrued Rent	$ 4,991	$ 4,821
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 2,552	$ 2,743
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 10 - Commitments and Con51

Note 10 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details) $ in Thousands	Feb. 24, 2018USD ($)
Remainder of fiscal 2018	$ 24,136
Fiscal 2,019	30,631
Fiscal 2,020	28,076
Fiscal 2,021	23,492
Fiscal 2,022	20,312
Fiscal 2,023	15,699
Thereafter	39,534
Total future minimum lease payments	181,880
Retail Stores [Member]
Remainder of fiscal 2018	17,853
Fiscal 2,019	23,826
Fiscal 2,020	22,281
Fiscal 2,021	19,246
Fiscal 2,022	16,382
Fiscal 2,023	13,545
Thereafter	38,586
Total future minimum lease payments	151,719
Distribution Centers [Member]
Remainder of fiscal 2018	3,859
Fiscal 2,019	4,055
Fiscal 2,020	3,309
Fiscal 2,021	2,694
Fiscal 2,022	2,584
Fiscal 2,023	1,517
Thereafter	437
Total future minimum lease payments	18,455
Transportation Equipment Leases [Member]
Remainder of fiscal 2018	2,424
Fiscal 2,019	2,750
Fiscal 2,020	2,486
Fiscal 2,021	1,552
Fiscal 2,022	1,346
Fiscal 2,023	637
Thereafter	511
Total future minimum lease payments	$ 11,706

Note 11 - Earnings (Loss) Per52

Note 11 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 24, 2018		Feb. 25, 2017
Basic earnings (loss) per share, net income (loss)	$ (913)		$ 2,861
Basic earnings (loss) per share, weighted average shares (in shares)	10,686,477		10,613,639
Basic earnings (loss) per share (in dollars per share)	$ (0.09)		$ 0.27
Options and restricted shares, weighted average shares (in shares)		[1]	105,636
Options and restricted shares, net income per share (in dollars per share)		[1]
Diluted earnings (loss) per share, net income (loss)	$ (913)		$ 2,861
Diluted earnings (loss) per share, weighted average shares (in shares)	10,686,477		10,719,275
Diluted earnings (loss) per share (in dollars per share)	$ (0.09)		$ 0.27
[1]	Due to the net loss, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

Note 11 - Earnings (Loss) Per53

Note 11 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017
Anti-dilutive securities (in shares)	70,888
Employee Stock Option [Member]
Anti-dilutive securities (in shares)	11,750
Unvested Shares [Member]
Anti-dilutive securities (in shares)	59,138

Note 12 - Segment Information54

Note 12 - Segment Information (Details Textual) $ in Thousands	3 Months Ended
	Feb. 24, 2018USD ($)	Feb. 25, 2017USD ($)
Number of Reportable Segments	3
SGA Expenses Excluding New Store Pre-opening Costs	$ 64,251	$ 58,524
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 24,919	$ 22,560

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017	Nov. 25, 2017
Sales revenue	$ 110,272	$ 105,892
Income (loss) from Operations	2,050	4,664
Depreciation and amortization	3,304	3,351
Capital expenditures	3,958	5,610
Identifiable Assets	286,665		$ 293,748
Operating Segments [Member] | Wholesale Segment [Member]
Sales revenue	63,100	61,975
Income (loss) from Operations	3,064	5,893
Depreciation and amortization	703	644
Identifiable Assets	140,701		152,181
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	1,217	1,627
Operating Segments [Member] | Company-owned Retail Stores [Member]
Sales revenue	64,661	61,593
Income (loss) from Operations	(1,513)	(1,343)
Depreciation and amortization	1,528	1,472
Identifiable Assets	93,490		89,271
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	2,601	3,703
Operating Segments [Member] | Logistical Services [Member]
Sales revenue	25,249	22,334
Income (loss) from Operations	330	(226)
Depreciation and amortization	1,073	1,235
Identifiable Assets	52,474		$ 52,296
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	140	280
Intersegment Eliminations [Member]
Income (loss) from Operations	169	340
Intersegment Eliminations [Member] | Logistical Services [Member]
Sales revenue	(11,100)	(10,140)
Intersegment Eliminations [Member] | Furniture and Accessories [Member]
Sales revenue	$ (31,638)	$ (29,870)

Note 13 - Recent Accounting P56

Note 13 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 24, 2018	Feb. 25, 2017
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to Retained Earnings Per ASU 2018-02	$ 545
ASU 2018-02 [Member]
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to Retained Earnings Per ASU 2018-02	$ 545