Bassett Furniture Industries (BSET) 10-Q 28 Jun 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	May 26, 2018	Jun. 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)		10,735,929
Document Type	10-Q
Document Period End Date	May 26, 2018
Document Fiscal Year Focus	2,018
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 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017
Sales revenue:
Sales revenues	$ 116,980	$ 114,125	$ 227,252	$ 220,017
Cost of furniture and accessories sold	45,660	44,981	88,929	86,879
Selling, general and administrative expenses excluding new store pre-opening costs	65,456	61,075	129,707	119,599
New store pre-opening costs	201	469	903	1,275
Income from operations	5,663	7,600	7,713	12,264
Gain on sale of investment		3,267		3,267
Impairment of investment in real estate		(1,084)		(1,084)
Other loss, net	(233)	(678)	(860)	(1,411)
Income before income taxes	5,430	9,105	6,853	13,036
Income tax expense	1,141	3,263	3,477	4,333
Net income	4,289	5,842	3,376	8,703
Retained earnings-beginning of period	137,827	131,178	139,378	129,388
Reclassification of certain tax effects from accumulated other comprehensive loss			545
Cash dividends	(1,182)	(1,073)	(2,365)	(2,144)
Retained earnings-end of period	$ 140,934	$ 135,947	$ 140,934	$ 135,947
Basic earnings per share (in dollars per share)	$ 0.40	$ 0.55	$ 0.32	$ 0.82
Diluted earnings per share (in dollars per share)	0.40	0.54	0.31	0.81
Dividends per share (in dollars per share)	$ 0.11	$ 0.10	$ 0.22	$ 0.20
Furniture and Accessories [Member]
Sales revenue:
Sales revenues	$ 102,675	$ 100,294	$ 198,798	$ 193,992
Logistical Services [Member]
Sales revenue:
Sales revenues	$ 14,305	$ 13,831	$ 28,454	$ 26,025

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017
Net income	$ 4,289	$ 5,842	$ 3,376	$ 8,703
Other comprehensive income:
Other comprehensive income, net of tax	80	(500)	160	(442)
Total comprehensive income	4,369	5,342	3,536	8,261
Pension Plan [Member]
Other comprehensive income:
Recognize prior service cost associated with Long Term Cash Awards (LTCA)		(932)		(932)
Amortization associated with Long Term Cash Awards (LTCA)	31	24	62	24
Income taxes related to LTCA	(8)	350	(16)	350
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Long Term Cash Awards (LTCA)	76	94	152	187
Income taxes related to LTCA	$ (19)	$ (36)	$ (38)	$ (71)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Current assets
Cash and cash equivalents	$ 22,549	$ 53,949
Short-term investments	23,125	23,125
Accounts receivable, net	20,619	19,640
Inventories	62,086	54,476
Other current assets	10,539	8,192
Total current assets	138,918	159,382
Property and equipment, net	101,658	103,244
Deferred income taxes	6,210	8,393
Goodwill and other intangible assets	28,616	17,351
Other	5,946	5,378
Total long-term assets	40,772	31,122
Total assets	281,348	293,748
Current liabilities
Accounts payable	21,787	21,760
Accrued compensation and benefits	13,195	14,670
Customer deposits	22,093	27,107
Dividends payable		3,759
Current portion of long-term debt	432	3,405
Other accrued liabilities	12,323	12,655
Total current liabilities	69,830	83,356
Long-term liabilities
Post employment benefit obligations	13,672	13,326
Notes payable	109	329
Other long-term liabilities	5,641	5,277
Total long-term liabilities	19,422	18,932
Stockholders’ equity
Common stock	53,736	53,690
Retained earnings	140,934	139,378
Additional paid-in capital	382	962
Accumulated other comprehensive loss	(2,956)	(2,570)
Total stockholders' equity	192,096	191,460
Total liabilities and stockholders’ equity	$ 281,348	$ 293,748

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 26, 2018	May 27, 2017
Operating activities:
Net income	$ 3,376	$ 8,703
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,688	6,706
Provision for asset impairment charge		1,084
Gain on sale of property and equipment	(136)
Gain on sale of investment		(3,267)
Tenant improvement allowance received from lessors	860	715
Deferred income taxes	2,183	318
Other, net	794	960
Changes in operating assets and liabilities:
Accounts receivable	124	(904)
Inventories	(3,689)	(4,535)
Other current assets	(2,311)	2,128
Customer deposits	(5,014)	(2,532)
Accounts payable and accrued liabilities	(3,045)	116
Net cash provided by (used in) operating activities	(170)	9,492
Investing activities:
Purchases of property and equipment	(7,662)	(9,172)
Proceeds from sales of property and equipment	2,463	63
Proceeds from sale of investment		3,592
Other		223
Net cash used in investing activities	(20,755)	(5,949)
Financing activities:
Cash dividends	(6,124)	(5,363)
Proceeds from the exercise of stock options	27	221
Other issuance of common stock	173
Repurchases of common stock	(823)	(82)
Taxes paid related to net share settlement of equity awards	(522)	(474)
Repayments of notes payable	(3,206)	(3,191)
Net cash used in financing activities	(10,475)	(8,889)
Change in cash and cash equivalents	(31,400)	(5,346)
Cash and cash equivalents - beginning of period	53,949	35,144
Cash and cash equivalents - end of period	22,549	29,798
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	6 Months Ended
	May 26, 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 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”). 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 income. Lane Venture Acquisition On December 21, 2017, 3,

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	6 Months Ended
	May 26, 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 three six May 26, 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, 35% 21% January 1, 2018 January 1, 2018. 2018 22.2%. 21% 2019 The federal rate reduction has had a significant impact on our provision for income taxes for the three six May 26, 2018. three six May 26, 2018 21.3% 51.4%, 2018 22.2% $155 $2,032, three six May 26, 2018 $16 $197, $266 second 199: Given the significance of the Act, the SEC staff issued Staff Accounting Bulletin No. 118 118” one 118, SAB 118 not As of May 26, 2018, 118. may 2018 2018 Our effective tax rates for the three six May 27, 2017 35.8% 33.2%, 35% $327 six May 27, 2017 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 14, 2018 six May 26, 2018 $545

Note 3 - Business Combinations

Note 3 - Business Combinations	6 Months Ended
	May 26, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Business Combination s Acquisition of Lane Venture On December 21, 2017, $15,556 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 three May 26, 2018, $168 $38, $129. $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) 3,921 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,675 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (852 ) Total liabilities assumed (1,209 ) Net identifiable assets acquired 11,466 Goodwill 4,090 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 $26 $254 three six May 26, 2018, not 2018. The pro forma impact of the acquisition and the results of operations attributable to Lane Venture since the acquisition have not not three six May 26, 2018 May 27, 2017. 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 were not three six May 27, 2017.

Note 4 - Financial Instruments

Note 4 - Financial Instruments and Fair Value Measurements	6 Months Ended
	May 26, 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 May 26, 2018 November 25, 2017 ten 0.10% 1.89%. May 26, 2018, two 1.40%. May 26, 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 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 26, 2018
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5 . Accounts Receivable Accounts receivable consists of the following: May 26, 2018 November 25, 2017 Gross accounts receivable $ 21,645 $ 20,257 Allowance for doubtful accounts (1,026 ) (617 ) Accounts receivable, net $ 20,619 $ 19,640 Activity in the allowance for doubtful accounts for the six May 26, 2018 2018 Balance at November 25, 2017 $ 617 Acquired allowance on accounts receivable (Note 3) 200 Additions charged to expense 254 Write-offs and other reductions (45 ) Balance at May 26, 2018 $ 1,026 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 26, 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: May 26, 2018 November 25, 2017 Wholesale finished goods $ 28,437 $ 26,145 Work in process 434 388 Raw materials and supplies 15,995 11,808 Retail merchandise 27,473 26,173 Total inventories on first-in, first-out method 72,339 64,514 LIFO adjustment (8,351 ) (8,143 ) Reserve for excess and obsolete inventory (1,902 ) (1,895 ) $ 62,086 $ 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 702 233 935 Write-offs (1,100 ) (228 ) (1,328 ) Balance at May 26, 2018 $ 1,620 $ 282 $ 1,902 Our estimates and assumptions have been reasonably accurate in the past. We have not 2018 not

Note 7 - Goodwill and Other Int

Note 7 - Goodwill and Other Intangible Assets	6 Months Ended
	May 26, 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: May 26, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (699 ) $ 2,851 Technology - customized applications 834 (397 ) 437 Total intangible assets subject to amortization 4,384 (1,096 ) 3,288 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 15,990 - 15,990 Total goodwill and other intangible assets $ 29,712 $ (1,096 ) $ 28,616 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 the carrying amounts of goodwill by reportable segment during the quarters ended May 26, 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) 4,090 - - 4,090 Balance as of May 26, 2018 $ 9,135 $ 1,926 $ 4,929 $ 15,990 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, no May 26, 2018 November 25, 2017. Amortization expense associated with intangible assets during the three six May 26, 2018 May 27, 2017 Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Intangible asset amortization expense $ 95 $ 80 $ 185 $ 161 Estimated future amortization expense for intangible assets that exist at May 26, 2018 Remainder of fiscal 2018 $ 189 Fiscal 2019 379 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Thereafter 1,424 Total $ 3,288

Note 8 - Notes Payable and Bank

Note 8 - Notes Payable and Bank Credit Facility	6 Months Ended
	May 26, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	8 . Notes Payable and Bank Credit Facility Our notes payable consist of the following: May 26, 2018 Real estate notes payable $ 541 Less current portion (432 ) Total long-term notes payable $ 109 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 $ 212 Fiscal 2019 329 $ 541 Zenith Acquisition Note Payable The final installment of the Zenith acquisition note was paid in full on February 2, 2018. $13 six May 26, 2018 $19 $57 three six May 27, 2017, Real Estate Notes Payable Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling $541 $747 May 26, 2018 November 25, 2017, 6.73%. $5,663 $5,727 May 26, 2018 November 25, 2017, one $432 $418 May 26, 2018 November 25, 2017, Fair Value We believe that the carrying amount of our notes payable approximates fair value at both May 26, 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 May 26, 2018, $2,249 $12,751. $381.

Note 9 - Post Employment Benefi

Note 9 - Post Employment Benefit Obligations	6 Months Ended
	May 26, 2018
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	9. Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one $11,329 $11,337 May 26, 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 $1,032 $985 May 26, 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: May 26, 2018 November 25, 2017 Accrued compensation and benefits $ 778 $ 778 Post employment benefit obligations 11,583 11,544 Total pension liability $ 12,361 $ 12,322 Components of net periodic pension costs for our defined benefit plans for the three six May 26, 2018 May 27, 2017 Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Service cost $ 49 $ 49 $ 98 $ 87 Interest cost 105 114 210 222 Amortization of prior service costs 31 24 62 24 Amortization of transition obligation 11 11 22 21 Amortization of loss 65 83 130 166 Net periodic pension cost $ 261 $ 281 $ 522 $ 520 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 s We have an unfunded Deferred Compensation Plan that covers one no $1,877 $1,916 May 26, 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. $485 $139 May 26, 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: May 26, 2018 November 25, 2017 Accrued compensation and benefits $ 274 $ 274 Post employment benefit obligations 2,088 1,782 Total deferred compensation liability $ 2,362 $ 2,056 We recognized expense under our deferred compensation arrangements during the three six May 26, 2018 May 27, 2017 Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Deferred compensation expense $ 80 $ 82 $ 159 $ 136

Note 10 - Other Gains and Losse

Note 10 - Other Gains and Losses	6 Months Ended
	May 26, 2018
Notes to Financial Statements
Other Gains and Losses [Text Block]	1 0 . Other Gains and Losses Fiscal 2018 Sale of Retail Location In May 2018 $ 2,463 $ 165 three six May 26, 2018 Fiscal 2017 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

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	May 26, 2018
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 26, 2018: Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2018 $ 12,156 $ 2,635 $ 1,521 $ 16,312 Fiscal 2019 24,486 4,237 2,750 31,473 Fiscal 2020 22,887 3,495 2,486 28,868 Fiscal 2021 19,855 2,771 1,552 24,178 Fiscal 2022 16,993 2,583 1,346 20,922 Fiscal 2023 14,136 1,517 637 16,290 Thereafter 41,344 438 559 42,341 Total future minimum lease payments $ 151,857 $ 17,676 $ 10,851 $ 180,384 In connection with our long-term real estate leases, our liability for accrued straight-line rent expense was $5,232 $4,821 May 26, 2018 November 25, 2017, We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one ten $2,360 $2,743 May 26, 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 May 26, 2018 November 25, 2017 not

Note 12 - Earnings Per Share

Note 12 - Earnings Per Share	6 Months Ended
	May 26, 2018
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 26, 2018: Basic earnings per share $ 4,289 10,701,154 $ 0.40 Add effect of dilutive securities: Options and restricted shares - 40,182 - Diluted loss per share $ 4,289 10,741,336 $ 0.40 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 six months ended May 26, 2018: Basic earnings per share $ 3,376 10,693,815 $ 0.32 Add effect of dilutive securities: Options and restricted shares - 53,936 (0.01 ) Diluted earnings per share $ 3,376 10,747,751 $ 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 three six May 26, 2018 May 27, 2017, Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Unvested shares 5,292 - 5,292 6,538

Note 13 - Segment Information

Note 13 - Segment Information	6 Months Ended
	May 26, 2018
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. 3, ● Retail – Company-owned s tores. ● Logistical services . third $24,640 $49,559 three six May 26, 2018, $23,828 $46,388 three six May 27, 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 Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Sales Revenue Wholesale $ 63,788 $ 62,293 $ 126,888 $ 124,268 Retail - Company-owned stores 68,682 67,144 133,343 128,737 Logistical services 24,929 24,626 50,178 46,960 Inter-company eliminations: Furniture and accessories (29,795 ) (29,143 ) (61,433 ) (59,013 ) Logistical services (10,624 ) (10,795 ) (21,724 ) (20,935 ) Consolidated $ 116,980 $ 114,125 $ 227,252 $ 220,017 Income from Operations Wholesale $ 3,039 $ 4,783 $ 6,103 $ 10,676 Retail - Company-owned stores 1,626 1,367 113 24 Logistical services 289 798 619 572 Inter-company elimination 709 652 878 992 Consolidated $ 5,663 $ 7,600 $ 7,713 $ 12,264 Depreciation and Amortization Wholesale $ 757 $ 664 $ 1,460 $ 1,308 Retail - Company-owned stores 1,536 1,496 3,064 2,968 Logistical services 1,091 1,195 2,164 2,430 Consolidated $ 3,384 $ 3,355 $ 6,688 $ 6,706 Capital Expenditures Wholesale $ 1,113 $ 2,218 $ 2,330 $ 3,845 Retail - Company-owned stores 1,854 1,211 4,455 4,914 Logistical services 737 133 877 413 Consolidated $ 3,704 $ 3,562 $ 7,662 $ 9,172 As of As of Identifiable Assets May 26, 2018 November 25, 2017 Wholesale $ 139,906 $ 152,181 Retail - Company-owned stores 89,859 89,271 Logistical services 51,583 52,296 Consolidated $ 281,348 $ 293,748

Note 14 - Recent Accounting Pro

Note 14 - Recent Accounting Pronouncements	6 Months Ended
	May 26, 2018
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 2014 09. 2019 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, 2017 04, not 2017 04 2021 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)	6 Months Ended
	May 26, 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) 3,921 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,675 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (852 ) Total liabilities assumed (1,209 ) Net identifiable assets acquired 11,466 Goodwill 4,090 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)	6 Months Ended
	May 26, 2018
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	May 26, 2018 November 25, 2017 Gross accounts receivable $ 21,645 $ 20,257 Allowance for doubtful accounts (1,026 ) (617 ) Accounts receivable, net $ 20,619 $ 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 254 Write-offs and other reductions (45 ) Balance at May 26, 2018 $ 1,026

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	May 26, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	May 26, 2018 November 25, 2017 Wholesale finished goods $ 28,437 $ 26,145 Work in process 434 388 Raw materials and supplies 15,995 11,808 Retail merchandise 27,473 26,173 Total inventories on first-in, first-out method 72,339 64,514 LIFO adjustment (8,351 ) (8,143 ) Reserve for excess and obsolete inventory (1,902 ) (1,895 ) $ 62,086 $ 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 702 233 935 Write-offs (1,100 ) (228 ) (1,328 ) Balance at May 26, 2018 $ 1,620 $ 282 $ 1,902

Note 7 - Goodwill and Other I23

Note 7 - Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	May 26, 2018
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	May 26, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (699 ) $ 2,851 Technology - customized applications 834 (397 ) 437 Total intangible assets subject to amortization 4,384 (1,096 ) 3,288 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 15,990 - 15,990 Total goodwill and other intangible assets $ 29,712 $ (1,096 ) $ 28,616 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) 4,090 - - 4,090 Balance as of May 26, 2018 $ 9,135 $ 1,926 $ 4,929 $ 15,990
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Intangible asset amortization expense $ 95 $ 80 $ 185 $ 161
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of fiscal 2018 $ 189 Fiscal 2019 379 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Thereafter 1,424 Total $ 3,288

Note 8 - Notes Payable and Ba24

Note 8 - Notes Payable and Bank Credit Facility (Tables)	6 Months Ended
	May 26, 2018
Notes Tables
Schedule of Debt [Table Text Block]	May 26, 2018 Real estate notes payable $ 541 Less current portion (432 ) Total long-term notes payable $ 109 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 $ 212 Fiscal 2019 329 $ 541

Note 9 - Post Employment Bene25

Note 9 - Post Employment Benefit Obligations (Tables)	6 Months Ended
	May 26, 2018
Notes Tables
Schedule of Pension Liability [Table Text Block]	May 26, 2018 November 25, 2017 Accrued compensation and benefits $ 778 $ 778 Post employment benefit obligations 11,583 11,544 Total pension liability $ 12,361 $ 12,322
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Service cost $ 49 $ 49 $ 98 $ 87 Interest cost 105 114 210 222 Amortization of prior service costs 31 24 62 24 Amortization of transition obligation 11 11 22 21 Amortization of loss 65 83 130 166 Net periodic pension cost $ 261 $ 281 $ 522 $ 520
Schedule of Deferred Compensation Liability [Table Text Block]	May 26, 2018 November 25, 2017 Accrued compensation and benefits $ 274 $ 274 Post employment benefit obligations 2,088 1,782 Total deferred compensation liability $ 2,362 $ 2,056
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Deferred compensation expense $ 80 $ 82 $ 159 $ 136

Note 11 - Commitments and Con26

Note 11 - Commitments and Contingencies (Tables)	6 Months Ended
	May 26, 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 $ 12,156 $ 2,635 $ 1,521 $ 16,312 Fiscal 2019 24,486 4,237 2,750 31,473 Fiscal 2020 22,887 3,495 2,486 28,868 Fiscal 2021 19,855 2,771 1,552 24,178 Fiscal 2022 16,993 2,583 1,346 20,922 Fiscal 2023 14,136 1,517 637 16,290 Thereafter 41,344 438 559 42,341 Total future minimum lease payments $ 151,857 $ 17,676 $ 10,851 $ 180,384

Note 12 - Earnings Per Share (T

Note 12 - Earnings Per Share (Tables)	6 Months Ended
	May 26, 2018
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 26, 2018: Basic earnings per share $ 4,289 10,701,154 $ 0.40 Add effect of dilutive securities: Options and restricted shares - 40,182 - Diluted loss per share $ 4,289 10,741,336 $ 0.40 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 six months ended May 26, 2018: Basic earnings per share $ 3,376 10,693,815 $ 0.32 Add effect of dilutive securities: Options and restricted shares - 53,936 (0.01 ) Diluted earnings per share $ 3,376 10,747,751 $ 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
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Unvested shares 5,292 - 5,292 6,538

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	6 Months Ended
	May 26, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Six Months Ended May 26, 2018 May 27, 2017 May 26, 2018 May 27, 2017 Sales Revenue Wholesale $ 63,788 $ 62,293 $ 126,888 $ 124,268 Retail - Company-owned stores 68,682 67,144 133,343 128,737 Logistical services 24,929 24,626 50,178 46,960 Inter-company eliminations: Furniture and accessories (29,795 ) (29,143 ) (61,433 ) (59,013 ) Logistical services (10,624 ) (10,795 ) (21,724 ) (20,935 ) Consolidated $ 116,980 $ 114,125 $ 227,252 $ 220,017 Income from Operations Wholesale $ 3,039 $ 4,783 $ 6,103 $ 10,676 Retail - Company-owned stores 1,626 1,367 113 24 Logistical services 289 798 619 572 Inter-company elimination 709 652 878 992 Consolidated $ 5,663 $ 7,600 $ 7,713 $ 12,264 Depreciation and Amortization Wholesale $ 757 $ 664 $ 1,460 $ 1,308 Retail - Company-owned stores 1,536 1,496 3,064 2,968 Logistical services 1,091 1,195 2,164 2,430 Consolidated $ 3,384 $ 3,355 $ 6,688 $ 6,706 Capital Expenditures Wholesale $ 1,113 $ 2,218 $ 2,330 $ 3,845 Retail - Company-owned stores 1,854 1,211 4,455 4,914 Logistical services 737 133 877 413 Consolidated $ 3,704 $ 3,562 $ 7,662 $ 9,172 As of As of Identifiable Assets May 26, 2018 November 25, 2017 Wholesale $ 139,906 $ 152,181 Retail - Company-owned stores 89,859 89,271 Logistical services 51,583 52,296 Consolidated $ 281,348 $ 293,748

Note 2 - Interim Financial Pr29

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%			35.00%
Effective Income Tax Rate Reconciliation, Percent, Total	21.30%	35.80%	51.40%	33.20%
Tax Cuts and Jobs Act of 2017 Provisional Adjustment of Deferred Tax Asset Liability	$ (155)		$ 2,032
Excess tax Benefits on Share-based Compensation	16		197	$ 327
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount	266
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 Combination30

Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands	Dec. 21, 2017	May 26, 2018	Feb. 25, 2017	May 26, 2018
Acquisition of Lane Venture [Member]
Payments to Acquire Businesses, Gross	$ 15,556
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory		$ 168
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accrued Liabilities		38
Goodwill, Purchase Accounting Adjustments		(129)
Acquisition of Lane Venture [Member] | Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs		$ 26		$ 254
Bassett Home Furnishings, Columbus, Ohio [Member]
Business Combination, Consideration Transferred, Total			$ 655

Note 3 - Business Combination31

Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands	May 26, 2018	Dec. 21, 2017	Nov. 25, 2017	Feb. 25, 2017
Goodwill	$ 15,990		$ 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)		3,921
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,675
Accounts payable		(357)
Other accrued liabilities		(852)
Total liabilities assumed		(1,209)
Net identifiable assets acquired		11,466
Goodwill		4,090
Total net assets acquired		$ 15,556

Note 3 - Business Combination32

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 Instrument33

Note 4 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 26, 2018	Nov. 25, 2017
Short-term Investments, Total	$ 23,125	$ 23,125
Weighted Average [Member]
Certificates of Deposit Terms	300 days
Interest Rate of Certificates of Deposit	1.40%
Minimum [Member]
Interest Rate of Certificates of Deposit	0.10%
Maximum [Member]
Interest Rate of Certificates of Deposit	1.89%

Note 5 - Accounts Receivable -

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Gross accounts receivable	$ 21,645	$ 20,257
Allowance for doubtful accounts	(1,026)	(617)
Accounts receivable, net	$ 20,619	$ 19,640

Note 5 - Accounts Receivable 35

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	6 Months Ended
	May 26, 2018USD ($)
Balance, beginning	$ 617
Acquired allowance on accounts receivable (Note 3)	200
Additions charged to expense	254
Write-offs and other reductions	(45)
Balance, ending	$ 1,026

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Wholesale finished goods	$ 28,437	$ 26,145
Work in process	434	388
Raw materials and supplies	15,995	11,808
Retail merchandise	27,473	26,173
Total inventories on first-in, first-out method	72,339	64,514
LIFO adjustment	(8,351)	(8,143)
Reserve for excess and obsolete inventory	(1,902)	(1,895)
Inventory, net	$ 62,086	$ 54,476

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 26, 2018USD ($)
Balance, beginning	$ 1,895
Acquired reserve on inventory (Note 3)	400
Additions charged to expense	935
Write-offs	(1,328)
Balance, ending	1,902
Operating Segments [Member] | Wholesale Segment [Member]
Balance, beginning	1,618
Acquired reserve on inventory (Note 3)	400
Additions charged to expense	702
Write-offs	(1,100)
Balance, ending	1,620
Operating Segments [Member] | Retail Segment [Member]
Balance, beginning	277
Acquired reserve on inventory (Note 3)
Additions charged to expense	233
Write-offs	(228)
Balance, ending	$ 282

Note 7 - Goodwill and Other I38

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0

Note 7 - Goodwill and Other I39

Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 3,872
Intangibles subject to amortization, Accumulated Amortization	(1,096)	(911)
Intangibles subject to amortization, Intangible Assets, Net	3,288	2,961
Trade names	9,338	2,490
Goodwill	15,990	11,900
Total goodwill and other intangible assets	29,712	18,262
Total goodwill and other intangible assets	28,616	17,351
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,038
Intangibles subject to amortization, Accumulated Amortization	(699)	(574)
Intangibles subject to amortization, Intangible Assets, Net	2,851	2,464
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(397)	(337)
Intangibles subject to amortization, Intangible Assets, Net	$ 437	$ 497

Note 7 - Goodwill and Other I40

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	6 Months Ended
	May 26, 2018USD ($)
Balance, beginning	$ 11,900
Goodwill arising from acquisition of Lane Venture (Note 3)	4,090
Balance, ending	15,990
Wholesale Segment [Member]
Balance, beginning	5,045
Goodwill arising from acquisition of Lane Venture (Note 3)	4,090
Balance, ending	9,135
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 I41

Note 7 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017
Intangible asset amortization expense	$ 95	$ 80	$ 185	$ 161

Note 7 - Goodwill and Other I42

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Remainder of fiscal 2018	$ 189
Fiscal 2,019	379
Fiscal 2,020	379
Fiscal 2,021	379
Fiscal 2,022	279
Fiscal 2,023	259
Thereafter	1,424
Total	$ 3,288	$ 2,961

Note 8 - Notes Payable and Ba43

Note 8 - Notes Payable and Bank Credit Facility (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	May 27, 2017	May 26, 2018	May 27, 2017	Nov. 25, 2017
Long-term Debt, Total		$ 541		$ 3,734
Long-term Debt, Current Maturities, Total		432		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		381
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt, Total		$ 541		747
Debt Instrument, Interest Rate, Stated Percentage		6.73%
Long-term Debt, Current Maturities, Total		$ 432		418
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount		5,663		$ 5,727
Zenith Freight Lines [Member] | Unsecured Debt [Member]
Amortization of Debt Discount (Premium)	$ 19	$ 13	$ 57

Note 8 - Notes Payable and Ba44

Note 8 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Real estate notes payable	$ 541	$ 3,734
Less current portion	(432)	(3,405)
Total long-term notes payable	109	329
Principal Balance	$ 541	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 Ba45

Note 8 - Notes Payable and Bank Credit Facility - Maturities of Notes Payable (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Remainder of fiscal 2018	$ 212
Fiscal 2,019	329
Total repayments of principal	$ 541	$ 3,747

Note 9 - Post Employment Bene46

Note 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	May 26, 2018	Nov. 25, 2017
Postemployment Benefits Liability, Noncurrent		$ 13,672	$ 13,326
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		485	139
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,877	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		1,032	985
Supplemental Employee Retirement Plan [Member]
Postemployment Benefits Liability, Total		$ 11,329	$ 11,337

Note 9 - Post Employment Bene47

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Post employment benefit obligations	$ 13,672	$ 13,326
Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member]
Accrued compensation and benefits	778	778
Post employment benefit obligations	11,583	11,544
Total pension liability	$ 12,361	$ 12,322

Note 9 - Post Employment Bene48

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017
Service cost	$ 49	$ 49	$ 98	$ 87
Interest cost	105	114	210	222
Amortization of prior service costs	31	24	62	24
Amortization of transition obligation	11	11	22	21
Amortization of loss	65	83	130	166
Net periodic pension cost	$ 261	$ 281	$ 522	$ 520

Note 9 - Post Employment Bene49

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - USD ($) $ in Thousands	May 26, 2018	Nov. 25, 2017
Post employment benefit obligations	$ 13,672	$ 13,326
Deferred Compensation Plans [Member]
Accrued compensation and benefits	274	274
Post employment benefit obligations	2,088	1,782
Total deferred compensation liability	$ 2,362	$ 2,056

Note 9 - Post Employment Bene50

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017
Unfunded Deferred Compensation Plan [Member]
Deferred compensation expense	$ 80	$ 82	$ 159	$ 136

Note 10 - Other Gains and Los51

Note 10 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2017	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017	Mar. 31, 2017
Proceeds from Sale of Property, Plant, and Equipment, Total				$ 2,463	$ 63
Gain (Loss) on Disposition of Property Plant Equipment, Total				136
Impairment of Real Estate			$ 1,084		1,084
Minority Interest in Privately-held, Start-up Provider of Property and Casualty Insurance [Member]
Cost Method Investments, Original Cost						$ 325
Proceeds from Sale of Long-term Investments	$ 3,592
Cost-method Investments, Realized Gains			$ 3,267		$ 3,267
Land and Building occupied by Spring, Texas Retail Store [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total		2,463		2,463
Gain (Loss) on Disposition of Property Plant Equipment, Total		$ 165		$ 165

Note 11 - Commitments and Con52

Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 26, 2018	Nov. 25, 2017
Accrued Rent	$ 5,232	$ 4,821
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 2,360	$ 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 11 - Commitments and Con53

Note 11 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details) $ in Thousands	May 26, 2018USD ($)
Remainder of fiscal 2018	$ 16,312
Fiscal 2,019	31,473
Fiscal 2,020	28,868
Fiscal 2,021	24,178
Fiscal 2,022	20,922
Fiscal 2,023	16,290
Thereafter	42,341
Total future minimum lease payments	180,384
Retail Stores [Member]
Remainder of fiscal 2018	12,156
Fiscal 2,019	24,486
Fiscal 2,020	22,887
Fiscal 2,021	19,855
Fiscal 2,022	16,993
Fiscal 2,023	14,136
Thereafter	41,344
Total future minimum lease payments	151,857
Distribution Centers [Member]
Remainder of fiscal 2018	2,635
Fiscal 2,019	4,237
Fiscal 2,020	3,495
Fiscal 2,021	2,771
Fiscal 2,022	2,583
Fiscal 2,023	1,517
Thereafter	438
Total future minimum lease payments	17,676
Transportation Equipment Leases [Member]
Remainder of fiscal 2018	1,521
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	559
Total future minimum lease payments	$ 10,851

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 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017
Basic earnings (loss) per share, net income (loss)	$ 4,289	$ 5,842	$ 3,376	$ 8,703
Basic earnings (loss) per share, weighted average shares (in shares)	10,701,154	10,648,033	10,693,815	10,630,836
Basic earnings per share (in dollars per share)	$ 0.40	$ 0.55	$ 0.32	$ 0.82
Options and restricted shares, weighted average shares (in shares)	40,182	74,293	53,936	88,009
Options and restricted shares, net income per share (in dollars per share)		$ (0.01)	$ (0.01)	$ (0.01)
Diluted earnings (loss) per share, net income (loss)	$ 4,289	$ 5,842	$ 3,376	$ 8,703
Diluted earnings (loss) per share, weighted average shares (in shares)	10,741,336	10,722,326	10,747,751	10,718,845
Diluted earnings per share (in dollars per share)	$ 0.40	$ 0.54	$ 0.31	$ 0.81

Note 12 - Earnings Per Share 55

Note 12 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017
Unvested Shares [Member]
Anti-dilutive securities (in shares)	5,292		5,292	6,538

Note 13 - Segment Information56

Note 13 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	May 26, 2018USD ($)	May 27, 2017USD ($)	May 26, 2018USD ($)	May 27, 2017USD ($)
Number of Reportable Segments			3
SGA Expenses Excluding New Store Pre-opening Costs	$ 65,456	$ 61,075	$ 129,707	$ 119,599
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 24,640	$ 23,828	$ 49,559	$ 46,388

Note 13 - Segment Information -

Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 2017	Nov. 25, 2017
Sales revenue	$ 116,980	$ 114,125	$ 227,252	$ 220,017
Income (loss) from Operations	5,663	7,600	7,713	12,264
Depreciation and amortization	3,384	3,355	6,688	6,706
Capital expenditures	3,704	3,562	7,662	9,172
Identifiable Assets	281,348		281,348		$ 293,748
Operating Segments [Member] | Wholesale Segment [Member]
Sales revenue	63,788	62,293	126,888	124,268
Income (loss) from Operations	3,039	4,783	6,103	10,676
Depreciation and amortization	757	664	1,460	1,308
Identifiable Assets	139,906		139,906		152,181
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	1,113	2,218	2,330	3,845
Operating Segments [Member] | Company-owned Retail Stores [Member]
Sales revenue	68,682	67,144	133,343	128,737
Income (loss) from Operations	1,626	1,367	113	24
Depreciation and amortization	1,536	1,496	3,064	2,968
Identifiable Assets	89,859		89,859		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	1,854	1,211	4,455	4,914
Operating Segments [Member] | Logistical Services [Member]
Sales revenue	24,929	24,626	50,178	46,960
Income (loss) from Operations	289	798	619	572
Depreciation and amortization	1,091	1,195	2,164	2,430
Identifiable Assets	51,583		51,583		$ 52,296
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	737	133	877	413
Intersegment Eliminations [Member]
Income (loss) from Operations	709	652	878	992
Intersegment Eliminations [Member] | Logistical Services [Member]
Sales revenue	(10,624)	(10,795)	(21,724)	(20,935)
Intersegment Eliminations [Member] | Furniture and Accessories [Member]
Sales revenue	$ (29,795)	$ (29,143)	$ (61,433)	$ (59,013)

Note 14 - Recent Accounting P58

Note 14 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 26, 2018	May 27, 2017	May 26, 2018	May 27, 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