Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 24, 2018 | Jan. 10, 2019 | May 25, 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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 10,499,956 | ||
Entity Public Float | $ 285,374,778 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 24, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Current assets | ||
Cash and cash equivalents | $ 33,468 | $ 53,949 |
Short-term investments | 22,643 | 23,125 |
Accounts receivable, net of allowance for doubtful accounts of $754 and $617 as of November 24, 2018 and November 25, 2017, respectively | 19,055 | 19,640 |
Inventories | 64,192 | 54,476 |
Other current assets | 9,189 | 8,192 |
Total current assets | 148,547 | 159,382 |
Property and equipment, net | 104,863 | 103,244 |
Other long-term assets | ||
Deferred income taxes, net | 3,266 | 8,393 |
Goodwill and other intangible assets | 28,480 | 17,351 |
Other | 6,485 | 5,378 |
Total other long-term assets | 38,231 | 31,122 |
Total assets | 291,641 | 293,748 |
Current liabilities | ||
Accounts payable | 27,407 | 21,760 |
Accrued compensation and benefits | 12,994 | 14,670 |
Customer deposits | 27,157 | 27,107 |
Dividends payable | 3,759 | |
Current portion of long-term debt | 292 | 3,405 |
Other accrued liabilities | 13,969 | 12,655 |
Total current liabilities | 81,819 | 83,356 |
Long-term liabilities | ||
Post employment benefit obligations | 13,173 | 13,326 |
Notes payable | 329 | |
Other long-term liabilities | 6,340 | 5,277 |
Total long-term liabilities | 19,513 | 18,932 |
Commitments and Contingencies | ||
Stockholders’ equity | ||
Common stock, $5 par value; 50,000,000 shares authorized; issued and outstanding 10,527,636 at November 24, 2018 and 10,737,952 at November 25, 2017 | 52,638 | 53,690 |
Retained earnings | 140,009 | 139,378 |
Additional paid-in-capital | 962 | |
Accumulated other comprehensive loss | (2,338) | (2,570) |
Total stockholders' equity | 190,309 | 191,460 |
Total liabilities and stockholders’ equity | $ 291,641 | $ 293,748 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Allowance for doubtful accounts | $ 754 | $ 617 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 10,527,636 | 10,737,952 |
Common stock, shares outstanding (in shares) | 10,527,636 | 10,737,952 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Sales revenue: | |||
Revenues, Total | $ 456,855 | $ 452,503 | $ 432,038 |
Cost of furniture and accessories sold | 179,581 | 177,579 | 167,519 |
Selling, general and administrative expenses excluding new store pre-opening costs | 260,339 | 245,493 | 235,178 |
New store pre-opening costs | 2,081 | 2,413 | 1,148 |
Lease exit costs | 301 | ||
Asset impairment charges | 469 | ||
Income from operations | 14,084 | 27,018 | 28,193 |
Gain on sale of investments | 4,221 | ||
Interest income | 431 | 230 | 120 |
Interest expense | (57) | (234) | (552) |
Impairment of investment in real estate | (1,084) | ||
Other loss, net | (2,252) | (2,275) | (1,984) |
Income before income taxes | 12,206 | 27,876 | 25,777 |
Income tax expense | 3,988 | 9,620 | 9,948 |
Net income | $ 8,218 | $ 18,256 | $ 15,829 |
Net income per share | |||
Basic income per share (in dollars per share) | $ 0.77 | $ 1.71 | $ 1.47 |
Diluted income per share (in dollars per share) | 0.77 | 1.70 | 1.46 |
Dividends per share | |||
Regular dividends (in dollars per share) | 0.47 | 0.42 | 0.38 |
Special dividend (in dollars per share) | $ 0.35 | $ 0.30 | |
Furniture and Accessories [Member] | |||
Sales revenue: | |||
Revenues, Total | $ 402,469 | $ 398,097 | $ 377,196 |
Logistical Services [Member] | |||
Sales revenue: | |||
Revenues, Total | $ 54,386 | $ 54,406 | $ 54,842 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Net income | $ 8,218 | $ 18,256 | $ 15,829 |
Other comprehensive income (loss): | |||
Other comprehensive income (loss), net of tax | 777 | (17) | 125 |
Total comprehensive income | 8,995 | 18,239 | 15,954 |
Pension Plan [Member] | |||
Other comprehensive income (loss): | |||
Recognize prior service cost associated with Long Term Cash Awards (LTCA) | (932) | ||
Amortization associated with Retirement Plan | 126 | 73 | |
Income taxes related to Retirement Plan | (32) | 331 | |
Supplemental Employee Retirement Plan [Member] | |||
Other comprehensive income (loss): | |||
Amortization associated with Retirement Plan | 304 | 374 | 366 |
Income taxes related to Retirement Plan | (237) | (311) | (76) |
Actuarial adjustment to supplemental executive retirement defined benefit plan (SERP) | $ 616 | $ 448 | $ (165) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Operating activities: | |||
Net income | $ 8,218 | $ 18,256 | $ 15,829 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 13,203 | 13,312 | 12,249 |
Non-cash asset impairment charges | 469 | ||
Non-cash portion of lease exit costs | 301 | ||
Gain on sale of investments | (4,221) | ||
Net (gain) loss on sales of property and equipment | (234) | (1,190) | (128) |
Tenant improvement allowances received from lessors | 2,462 | 1,643 | 914 |
Impairment charges on retail real estate | 1,084 | ||
Deferred income taxes | 4,663 | (302) | 5,324 |
Other, net | 1,398 | 1,345 | 1,183 |
Changes in operating assets and liabilities | |||
Accounts receivable | 1,732 | (1,225) | 3,228 |
Inventories | (5,998) | (918) | 6,681 |
Other current and long-term assets | (961) | 2,477 | (3,929) |
Customer deposits | 50 | 1,926 | 1,182 |
Accounts payable and accrued liabilities | 3,395 | 4,197 | (3,471) |
Net cash provided by operating activities | 28,698 | 36,384 | 39,062 |
Investing activities: | |||
Purchases of property and equipment | (18,301) | (15,500) | (21,501) |
Proceeds from sales of property and equipment | 2,689 | 4,474 | 667 |
Cash paid for business acquisitions, net of cash acquired | (15,556) | (655) | |
Proceeds from sales and maturities of investments | 482 | 5,546 | |
Net cash used in investing activities | (30,686) | (6,135) | (20,834) |
Financing activities: | |||
Cash dividends | (8,800) | (7,725) | (6,311) |
Proceeds from exercise of stock options | 27 | 310 | 114 |
Issuance of common stock | 355 | 168 | 182 |
Repurchases of common stock | (5,946) | (83) | (6,393) |
Taxes paid related to net share settlement of equity awards | (674) | (641) | (77) |
Proceeds from equipment loan | 7,384 | ||
Payments on notes and equipment loans | (3,455) | (3,473) | (14,251) |
Net cash used in financing activities | (18,493) | (11,444) | (19,352) |
Change in cash and cash equivalents | (20,481) | 18,805 | (1,124) |
Cash and cash equivalents - beginning of year | 53,949 | 35,144 | 36,268 |
Cash and cash equivalents - end of year | $ 33,468 | $ 53,949 | $ 35,144 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Nov. 28, 2015 | 10,916,021 | ||||
Balance at Nov. 28, 2015 | $ 54,580 | $ 4,560 | $ 120,904 | $ (2,678) | $ 177,366 |
Net income | 15,829 | 15,829 | |||
Actuarial adjustment to SERP, net of tax | 125 | 125 | |||
Regular dividends | (4,127) | (4,127) | |||
Special dividends | (3,218) | (3,218) | |||
Issuance of common stock (in shares) | 64,316 | ||||
Issuance of common stock | $ 322 | (25) | 297 | ||
Purchase and retirement of common stock (in shares) | (257,390) | ||||
Purchase and retirement of common stock | $ (1,287) | (5,183) | (6,470) | ||
Stock-based compensation | 903 | 903 | |||
Balance (in shares) at Nov. 26, 2016 | 10,722,947 | ||||
Balance at Nov. 26, 2016 | $ 53,615 | 255 | 129,388 | (2,553) | 180,705 |
Net income | 18,256 | 18,256 | |||
Actuarial adjustment to SERP, net of tax | 511 | 511 | |||
Regular dividends | (4,508) | (4,508) | |||
Special dividends | (3,758) | (3,758) | |||
Issuance of common stock (in shares) | 39,313 | ||||
Purchase and retirement of common stock (in shares) | (24,310) | ||||
Purchase and retirement of common stock | $ (122) | (602) | (724) | ||
Stock-based compensation | 1,028 | 1,028 | |||
Prior service cost of LTCA, net of tax | (528) | (528) | |||
Issuance of common stock | $ 197 | 281 | $ 478 | ||
Balance (in shares) at Nov. 25, 2017 | 10,737,950 | 10,737,952 | |||
Balance at Nov. 25, 2017 | $ 53,690 | 962 | 139,378 | (2,570) | $ 191,460 |
Net income | 8,218 | 8,218 | |||
Actuarial adjustment to SERP, net of tax | 683 | 683 | |||
Regular dividends | (5,041) | (5,041) | |||
Issuance of common stock (in shares) | 63,403 | ||||
Purchase and retirement of common stock (in shares) | (273,717) | ||||
Purchase and retirement of common stock | $ (1,369) | (2,160) | (3,091) | (6,620) | |
Stock-based compensation | 1,133 | 1,133 | |||
Prior service cost of LTCA, net of tax | 94 | 94 | |||
Issuance of common stock | 317 | 65 | 382 | ||
Reclassification of certain tax effects to retained earnings (1) | 545 | (545) | |||
Balance (in shares) at Nov. 24, 2018 | 10,527,636 | 10,527,636 | |||
Balance at Nov. 24, 2018 | $ 52,638 | $ 140,009 | $ (2,338) | $ 190,309 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Retained Earnings [Member] | |||
Regular dividends, per share (in dollars per share) | $ 0.47 | $ 0.42 | $ 0.38 |
Special dividends, per share (in dollars per share) | 0.35 | 0.30 | |
Regular dividends, per share (in dollars per share) | 0.47 | 0.42 | 0.38 |
Special dividends, per share (in dollars per share) | $ 0.35 | $ 0.30 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Description of Business Bassett Furniture Industries, Incorporated (together with its consolidated subsidiaries, “Bassett”, “we”, “our”, the “Company”) based in Bassett, Virginia, is a leading manufacturer, marketer and retailer of branded home furnishings. Bassett’s full range of furniture products and accessories, designed to provide quality, style and value, are sold through an exclusive nation-wide network of 97 97 65 32 We sourced approximately 27% five Lane Venture Acquisition On December 21, 2017, 3, |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation Our fiscal year ends on the last Saturday in November, 53 2018, 2017 2016 52 2018, 2017 2016 November 24, 2018, November 25, 2017 November 26, 2016, We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 16 810. none. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. Revenue Recognition Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 60 not Staff Accounting Bulletin No. 104, Revenue Recognition 104” four 1 2 3 4 104 not 2018, 2017 2016, no not Cash Equivalents and Short-Term Investments The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three twelve three Accounts Receivable Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. Concentrations of Credit Risk and Major Customers Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 24, 2018 November 25, 2017, 2018 2017 Accounts receivable, net of allowances (Note 5) $ 19,055 $ 19,640 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16) 1,995 2,717 Total credit risk exposure related to customers $ 21,050 $ 22,357 At November 24, 2018 November 25, 2017, 33% 29%, five 2018, 2017 2016, no 10% two 40%, 47% 46% 2018, 2017 2016, We have no $1,587, $2,288, $3,607 2018, 2017, 2016, Inventories Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first first first 52% 54% November 24, 2018 November 25, 2017, may Property and Equipment Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 39 5 10 Retail Real Estate Retail real estate is comprised of owned and leased properties which have in the past been utilized by licensee operated BHF stores and are now leased or subleased to non-licensee tenants. The net book value of our retail real estate at November 24, 2018 November 25, 2017 $1,655 $1,758, 10 39 $103, $127, $152 2018, 2017, 2016, The net book value of our retail real estate at November 24, 2018 one 2020, 2012, second 2017 second 2017 2020 $1,084 2017 Goodwill Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. In accordance with ASC Topic 350, Intangibles – Goodwill & Other , two first not two 350. not 50 not not two not two not November 24, 2018. The first second second may Other Intangible Assets Intangible assets acquired in a business combination and determined to have an indefinite useful life are not Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not may Impairment of Long Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not may When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. Income Taxes We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 14. We recognize the tax benefit from an uncertain tax position only if it is more likely than not may We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” 14. New Store Pre-Opening Costs Income from operations for fiscal 2018, 2017 2016 $2,081, $2,413 $1,148, not no Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $17,511, $18,514, $18,451 2018, 2017 2016, $19,107, $18,424, $18,094 2018, 2017 2016, Advertising Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $20,922, $18,834, $16,688 2018, 2017, 2016, Insurance Reserves We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not Supplemental Cash Flow Information There were no 2018, 2017 2016. Recent Accounting Pronouncements Recently Adopted Pronouncements In July 2015, No. 2015 11, 330 Simplifying the Measurement of Inventory 2015 11 not first first first December 15, 2016. 2015 11 2018 not In February 2018, No. 2018 02, 220 2018 02 220, 2018 02 not 2018 02 December 15, 2018, 1 not 2 not 2018 02 first 2018, $545 12 Recent Pronouncements Not In May 2014, No. 2014 09 2014 09 606, 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 five not 2014 09. 2019 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, 842 2016 02 2018 01, 2018 10, 2018 11 2018 20 12 not 2016 02 2016 02 may 2018 11 may 842 842 2018 20 842 2016 02 2020 2016 02 16 840 2016 02 2020 2018 11. 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 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 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 2017 09 1 2 718, 718. not 1 2 3 2017 09 2019 not In August 2018, No. 2018 15, No. 2018 15 350 40 2018 15 not 2018 15. 2018 15 2021 Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform to current year presentation with no |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Nov. 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 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 initially based on a preliminary valuation. Our estimates and assumptions were revised during 2018 November 24, 2018. 2018, $76. $15,556 Allocation of the fair value of consideration transferred: Identifiable assets acquired: Accounts receivable, net of reserve (Note 5) $ 1,507 Inventory, net of reserve (Note 6) 3,718 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,622 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (852 ) Total liabilities assumed (1,209 ) Net identifiable assets acquired 11,413 Goodwill 4,143 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 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 $256 November 24, 2018, The pro forma impact of the acquisition and the results of operations attributable to Lane Venture since the acquisition have not not three November 24, 2018. Licens ee Store Acquisition During the first 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, 4. The pro forma impact of the acquisition and the results of operations for the Columbus store since the acquisition was not November 25, 2017. |
Note 4 - Financial Instruments,
Note 4 - Financial Instruments, Investments and Fair Value Measurements | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Financial Instruments, Investments and Fair Value Measurements Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and long-term debt. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value. Investments Our short-term investments of $22,643 $23,125 November 24, 2018 November 25, 2017, six twelve 0.85% 2.70%. November 24, 2018, six 2.3%. one November 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 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 10 3 3 2 3 15 3 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Accounts Receivable Accounts receivable consists of the following: November 24, 2018 November 25, 2017 Gross accounts receivable $ 19,809 $ 20,257 Allowance for doubtful accounts (754 ) (617 ) Net accounts receivable $ 19,055 $ 19,640 Activity in the allowance for doubtful accounts was as follows: 2018 2017 Balance, beginning of the year $ 617 $ 799 Acquired allowance on accounts receivable (Note 3) 50 - Additions charged to expense (recoveries) 339 (59 ) Reductions to allowance, net (252 ) (123 ) Balance, end of the year $ 754 $ 617 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 | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consist of the following: November 24, 2018 November 25, 2017 Wholesale finished goods $ 30,750 $ 26,145 Work in process 432 388 Raw materials and supplies 15,503 11,808 Retail merchandise 27,599 26,173 Total inventories on first-in, first-out method 74,284 64,514 LIFO adjustment (8,326 ) (8,143 ) Reserve for excess and obsolete inventory (1,766 ) (1,895 ) $ 64,192 $ 54,476 We source a significant amount of our wholesale product from other countries. During 2018, 2017 2016, two $24,073, $21,977and $19,128 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 prduct offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may not not not Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 26, 2016 $ 1,061 $ 289 $ 1,350 Additions charged to expense 1,757 475 2,232 Write-offs (1,200 ) (487 ) (1,687 ) Balance at November 25, 2017 1,618 277 1,895 Acquired reserve on inventory (Note 3) 110 - 110 Additions charged to expense 1,884 425 2,309 Write-offs (2,112 ) (436 ) (2,548 ) Balance at November 24, 2018 $ 1,500 $ 266 $ 1,766 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and Equipment Property and equipment consist of the following: November 24, 2018 November 25, 2017 Land $ 9,908 $ 10,908 Buildings and leasehold improvements 124,449 117,185 Machinery and equipment 108,379 102,619 Property and equipment at cost 242,736 230,712 Less accumulated depreciation (137,873 ) (127,468 ) Property and equipment, net $ 104,863 $ 103,244 The net book value of our property and equipment by reportable segment is a follows: November 24, 2018 November 25, 2017 Wholesale $ 26,511 $ 25,277 Retail - Company-owned stores 61,380 58,454 Logistical Services 16,972 19,513 Total property and equipment, net $ 104,863 $ 103,244 Depreciation expense associated with the property and equipment shown above was included in income from operations in our consolidated statements of income as follows: 2018 2017 2016 Cost of goods sold (wholesale segment) $ 1,264 $ 989 $ 748 Selling, general and adminstrative expenses: Wholesale segment 1,666 1,531 1,154 Retail segment 7,060 7,080 6,880 Logistical services segment 3,747 3,987 3,614 Total included in selling, general and adminstrative expenses 12,473 12,598 11,648 Total depreciation expense included in income from operations $ 13,737 $ 13,587 $ 12,396 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: November 24, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,550 $ (829 ) $ 2,721 Technology - customized applications 834 (456 ) 378 Total intangible assets subject to amortization 4,384 (1,285 ) 3,099 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,043 - 16,043 Total goodwill and other intangible assets $ 29,765 $ (1,285 ) $ 28,480 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 were as follows: Wholesale Retail Logistics Total Balance as of November 26, 2016 $ 4,839 $ 1,820 $ 4,929 $ 11,588 Goodwill arising from store acquisition (Note 3) 206 106 - 312 Balance as of November 25, 2017 5,045 1,926 4,929 11,900 Goodwill arising from Lane Venture acquisition (Note 3) 4,143 - - 4,143 Balance as of November 24, 2018 $ 9,188 $ 1,926 $ 4,929 $ 16,043 There were no November 24, 2018, November 25, 2017 November 26, 2016. The weighted average useful lives of our finite-lived intangible assets and remaining amortization periods as of November 24, 2018 Useful Life in Years Remaining Amortization Period in Years Customer relationships 14 11 Technology - customized applications 7 3 Amortization expense associated with intangible assets during fiscal 2018, 2017 2016 $374, $322 $322, $51 2018 3 November 24, 2018 Fiscal 2019 $ 379 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Thereafter 1,424 Total $ 3,099 |
Note 9 - Unconsolidated Affilia
Note 9 - Unconsolidated Affiliated Companies | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 9. Unconsolidated Affiliated Compan ies International Market Centers, L.P. In connection with the sale of our interest in International Home Furnishings Center, Inc. on May 2, 2011, $1,000. November 26, 2016 not 2017 $1,954 $954 Other In 1985, $325. November 26, 2016. 2017 $3,592 $3,267 |
Note 10 - Notes Payable and Ban
Note 10 - Notes Payable and Bank Credit Facility | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Notes Payable and Bank Credit Facility Our notes payable consist of the following: November 24, 2018 Real estate notes payable $ 292 Less current portion (292 ) Total long-term notes payable $ - 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 All remaining principal outstanding at November 24, 2018 2019. Zenith Acquisition Note Payable The final installment of the Zenith acquisition note was paid in full on February 2, 2018. $13, $95 $204 2018, 2017 2016, Real Estate Notes Payable Two of our retail real estate properties have been financed through commercial mortgages with interest rates of 6.73%. $5,599 $5,727 November 24, 2018 November 25, 2017, $293 $747 November 24, 2018 November 25, 2017, one $293 $418 November 24, 2018 November 25, 2017, Fair Value We believe that the carrying amount of our notes payable approximates fair value at both November 24, 2018 November 25, 2017. not 3 820, Fair Value Measurements and Disclosures 4. Bank Credit Facility Effective November 15, 2018, $25,000. December 2021, We have $2,798 $22,202. $381. Total interest paid during fiscal 2018, 2017 2016 $88, $139 $353, |
Note 11 - Post-employment Benef
Note 11 - Post-employment Benefit Obligations | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 11. Post-Employment Benefit Obligations Management Savings Plan On May 1, 2017, The Plan is an account-based plan under which (i) participants may may 75% 100% one may 1 15 2 3 five third 2017. 1 third 2 63 3 $102 $55 2018 2017, November 24, 2018 November 25, 2017 $749 $55, On May 2, 2017, $2,000 $400 first 63 63, not 10 During fiscal 2018 2017, $900 $431 November 24, 2018, $14,998 Supplemental Retirement Income Plan We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one 65% 50% 120 200% $2,813 November 24, 2018 no Aggregated summarized information for the Supplemental Plan and the LTC Awards, measured as of the end of each year presented, is as follows: 2018 2017 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 12,322 $ 11,863 Service cost 196 1,117 Interest cost 418 449 Actuarial (gains) losses (616 ) (447 ) Benefits paid (668 ) (660 ) Projected benefit obligation at end of year $ 11,652 $ 12,322 Accumulated Benefit Obligation $ 11,559 $ 11,531 Discount rate used to value the ending benefit obligations: 4.00 % 3.50 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 798 $ 778 Noncurrent liabilities 10,854 11,544 Total amounts recognized $ 11,652 $ 12,322 Amounts recognized in accumulated other comprehensive income: Transition obligation $ - $ 42 Prior service cost 806 858 Actuarial loss 2,408 3,286 Net amount recognized $ 3,214 $ 4,186 Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ (2 ) $ 1,119 2018 2017 2016 Components of Net Periodic Pension Cost: Service cost $ 196 $ 146 $ 105 Interest cost 418 423 374 Amortization of transition obligation 42 42 42 Amortization of prior service cost 126 - - Amortization of other loss 262 323 195 Net periodic pension cost $ 1,044 $ 934 $ 716 Assumptions used to determine net periodic pension cost: Discount rate 3.50 % 3.75 % 3.75 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % Estimated Future Benefit Payments (with mortality): Fiscal 2019 798 Fiscal 2020 748 Fiscal 2021 698 Fiscal 2022 1,003 Fiscal 2023 948 Fiscal 2024 through 2028 3,935 Of the $3,214 November 24, 2018, 2019 Prior service cost $ 126 Other loss 184 Total expected to be amortized to net periodic pension cost in 2019 $ 310 The components of net periodic pension cost other than the service cost component are included in other loss, net in our consolidated statements of income. Deferred Compensation Plan We have an unfunded Deferred Compensation Plan that covers one no $216, $216, $228 2018, 2017, 2016, $1,837 $1,916 November 24, 2018 November 25, 2017, Defined Contribution Plan We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 25% 8% $1,128, $1,068 $865 2018, 2017 2016, 2018 2017 2017 2016 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the fiscal years ended November 24, 2018 November 25, 2017, Balance at November 26, 2016 $ (2,553 ) Recognition of prior service cost (932 ) Actuarial gains 448 Net pension amortization reclassified from accumulated other comprehensive loss 447 Tax effects 20 Balance at November 25, 2017 (2,570 ) Reclassification of certain tax effects to retained earnings (1) (545 ) Actuarial gains 616 Net pension amortization reclassified from accumulated other comprehensive loss 430 Tax effects (269 ) Balance at November 24, 2018 $ (2,338 ) ( 1 2 2018 02 2018. |
Note 13 - Capital Stock and Sto
Note 13 - Capital Stock and Stock Compensation | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Capital Stock and Stock Compensation We account for our stock-based employee and director compensation plans in accordance with ASC 718, Compensation – Stock Compensation 718 2018, 2017 2016 2018 2017 2016 Stock based compensation expense $ 1,133 $ 1,028 $ 903 Incentive Stock Compensation Plans On April 14, 2010, 2010 January 13, 2016 ( “2010 2010 2010 2010 1,250,000 2010 may 2010 may may The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The risk free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is based on the estimated average of the life of options using the simplified method. Forfeitures are recognized as they occur. We utilize the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns. Stock Options There were no 2018, 2017 2016. Changes in the outstanding options under our plans during the year ended November 24, 2018 Number of Shares Weighted Average Exercise Price Per Share Outstanding at November 25, 2017 11,750 $ 8.02 Granted - - Exercised (3,400 ) 8.02 Forfeited/Expired - - Outstanding at November 24, 2018 8,350 8.02 Exercisable at November 24, 2018 8,350 $ 8.02 All remaining options outstanding at November 24, 2018 $8.02 2.6 $102. no November 24, 2018. Additional information regarding activity in our stock options during fiscal 2018, 2017 2016 2018 2017 2016 Total intrinsic value of options exercised $ 75 $ 564 $ 124 Total cash received from the exercise of options 27 310 114 Excess tax benefits recognized in income tax expense upon the exercise of options 16 188 41 Restricted Shares Changes in the outstanding non-vested restricted shares during the year ended November 24, 2018 Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested restricted shares outstanding at November 25, 2017 99,138 $ 23.87 Granted 45,036 34.41 Vested (63,138 ) 20.92 Forfeited - - Non-vested restricted shares outstanding at November 24, 2018 81,036 $ 32.03 Restricted share awards granted in fiscal 2018 36,000 January 11, 2018 2018 two third 2018 6,036 March 8, 2018 first 3,000 October 2, 2018 third During fiscal 2018, 63,138 56,600 6,538 19,810 $674. 2017 2016, 21,210 2,940 $641 $77, 2018, 2017 2016, $207, $366 $46, Additional information regarding our outstanding non-vested restricted shares at November 24, 2018 Remaining Restricted Share Value Restriction Grant Shares at Grant Date Period Date Outstanding Per Share (Years) January 10, 2017 36,000 $ 29.05 1.1 January 11, 2018 36,000 35.75 2.1 March 8, 2018 6,036 33.07 0.3 October 2, 2018 3,000 20.97 2.9 81,036 Unrecognized compensation cost related to these non-vested restricted shares at November 24, 2018 $1,627, two Employee Stock Purchase Plan In 2000, “2000 85% 2000 8,502 2016, 2000 third 2016. In March 2017 2017 “2017 85% 2017 14,967 6,275 2018 2017, 228,758 2017 November 24, 2018. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The components of the income tax provision are as follows: 2018 2017 2016 Current: Federal $ (1,137 ) $ 7,887 $ 3,728 State 462 2,035 896 Deferred: Federal 4,747 (200 ) 4,559 State (84 ) (102 ) 765 Total $ 3,988 $ 9,620 $ 9,948 On December 22, 2017, 35% 21% January 1, 2018 January 1, 2018. 2018 22.2%. 21% 2019 2018 $1,331 November 24, 2018. A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows: 2018 2017 2016 Statutory federal income tax rate 22.2 % 35.0 % 35.0 % Revaluation of deferred tax assets resulting from new enacted rates 10.9 - - State income tax, net of federal benefit 4.6 3.9 4.2 Excess tax benefits from stock-based compensation (1.5 ) (1.8 ) (0.3 ) Other (3.5 ) (2.6 ) (0.3 ) Effective income tax rate 32.7 % 34.5 % 38.6 % Excess tax benefits in the amount of $223, $554 $87 2018, 2017 2016, The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows: November 24, 2018 November 25, 2017 Deferred income tax assets: Trade accounts receivable $ 192 $ 239 Inventories 1,755 2,606 Notes receivable 109 550 Post employment benefit obligations 3,619 5,555 State net operating loss carryforwards 218 583 Unrealized loss from affiliates 15 69 Net deferred rents 3,199 3,906 Other 1,290 1,878 Gross deferred income tax assets 10,397 15,386 Valuation allowance - - Total deferred income tax assets 10,397 15,386 Deferred income tax liabilities: Property and equipment 5,353 5,426 Intangible assets 1,060 1,185 Prepaid expenses and other 718 382 Total deferred income tax liabilities 7,131 6,993 Net deferred income tax assets $ 3,266 $ 8,393 We have state net operating loss carryforwards available to offset future taxable state income of $4,647, 2021 2027. Income taxes paid, net of refunds received, during 2018, 2017 2016 $1,431, $7,516, $9,949, We regularly evaluate, assess and adjust our accrued liabilities for unrecognized tax benefits in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period. Our accrued liabilities for uncertain tax benefits at November 24, 2018 November 25, 2017 not Significant judgment is required in evaluating the Company's federal and state tax positions and in the determination of its tax provision. Despite our belief that the liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matter. We may may We remain subject to examination for tax years 2015 2018 |
Note 15 - Other Gains and Losse
Note 15 - Other Gains and Losses | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Other Gains and Losses [Text Block] | 15. Other Gains and Losses Gain s on Sale s of Retail Store Location s Selling, general and administrative expenses for the year ended November 24, 2018 $165 $2,463 October 2018 November 2018. Selling, general and administrative expenses for the year ended November 25, 2017 $1,220 $4,335 August 2017 January 2018. Income from Antitrust Litigation Settlement Cost of furniture and accessories sold for the year ended November 26, 2016 $1,428 2015 June 2016 $1,428 November 26, 2016. Asset Impairment Charges and Lease Exit Costs During fiscal 2018 $469 $301 2018. There were no 2017 2016. 2 |
Note 16 - Leases and Lease Guar
Note 16 - Leases and Lease Guarantees | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Leases Lease Guarantees And Loan Guarantees [Text Block] | 16. Leases and Lease Guarantees Leases 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 retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment and local delivery trucks and service vans used in our retail segment. Our real estate lease terms range from one 15 five 15 two seven one November 24, 2018: Retail Stores Warehousing & Distribution Centers Transportation Equipment All Other Total Fiscal 2019 $ 23,631 $ 4,999 $ 3,398 $ 1,693 $ 33,721 Fiscal 2020 23,073 4,127 3,193 1,637 32,030 Fiscal 2021 20,597 3,274 2,176 970 27,017 Fiscal 2022 18,166 3,097 1,444 487 23,194 Fiscal 2023 15,964 1,785 637 - 18,386 Thereafter 50,117 437 558 - 51,112 Total future minimum lease payments $ 151,548 $ 17,719 $ 11,406 $ 4,787 $ 185,460 Lease expense was $38,970, $34,372 $31,867 2018, 2017, 2016, $5,844 $4,821 November 24, 2018 November 25, 2017, $6,716 $5,264 November 24, 2018 November 25, 2017, $5,715 $4,504, In addition to subleasing certain of these properties, we own retail real estate which we in turn lease to licensee operators of BHF stores. We also own real estate for closed stores which we lease to non-licensees. The following schedule shows minimum future rental income related to pass-through rental expense on subleased property as well as rental income on real estate owned by Bassett. Fiscal 2019 $ 1,765 Fiscal 2020 1,632 Fiscal 2021 781 Fiscal 2022 422 Fiscal 2023 105 Thereafter - Total minimum future rental income $ 4,705 Real estate rental net loss (rental income less lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was $23, $48 $59 2018, 2017 2016, Guarantees As part of the strategy for our store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one three $2,021 $2,743 November 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 November 24, 2018 November 25, 2017, not |
Note 17 - Contingencies
Note 17 - Contingencies | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17. Contingencies We are involved in various claims and actions which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, it is our opinion that the final resolution of these matters will not |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 18. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: 2018 2017 2016 Numerator: Net income $ 8,218 $ 18,256 $ 15,829 Denominator: Denominator for basic income per share - weighted average shares 10,651,351 10,649,225 10,732,217 Effect of dilutive securities 40,424 82,850 130,204 Denominator for diluted income per share — weighted average shares and assumed conversions 10,691,775 10,732,075 10,862,421 Basic income per share: Net income per share — basic $ 0.77 $ 1.71 $ 1.47 Diluted income per share: Net income per share — diluted $ 0.77 $ 1.70 $ 1.46 For fiscal 2018, 2017 2016, 2018 2017 2016 Unvested restricted shares 45,036 - 7,814 |
Note 19 - Segment Information
Note 19 - Segment Information | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. Segment Information We have strategically aligned our business into three 280, Segment Reporting ● Wholesale. ● Retail – Company-owned s tores. ● Logistical services . February 2, 2015, $81,468, $80,068 $79,725 2018, 2017 2016, During the fourth 2018, no not third third Inter-company sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale segment. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not The following table presents segment information for each of the last three 2018 2017 2016 Net Sales Wholesale $ 255,958 $ 249,193 $ 240,346 Retail 268,883 268,264 254,667 Logistical services 82,866 83,030 83,236 Inter-company eliminations: Furniture and accessories (122,372 ) (119,360 ) (117,817 ) Logistical services (28,480 ) (28,624 ) (28,394 ) Consolidated $ 456,855 $ 452,503 $ 432,038 Income (loss) from Operations Wholesale $ 12,274 $ 19,121 $ 18,672 Retail (312 ) 3,490 4,333 Logistical services 1,398 2,962 3,511 Inter-company elimination 1,494 1,445 1,677 Lease exit costs (301 ) - - Asset impairment charges (469 ) - - Consolidated income from operations $ 14,084 $ 27,018 $ 28,193 Depreciation and Amortization Wholesale $ 3,038 $ 2,648 $ 2,053 Retail 6,096 6,355 6,260 Logistical services 4,069 4,309 3,936 Consolidated $ 13,203 $ 13,312 $ 12,249 Capital Expenditures Wholesale $ 4,194 $ 4,875 $ 7,232 Retail 12,769 8,108 5,932 Logistical services 1,338 2,517 8,337 Consolidated $ 18,301 $ 15,500 $ 21,501 Identifiable Assets Wholesale $ 144,209 $ 152,181 $ 139,477 Retail 96,241 90,186 90,091 Logistical services 51,191 51,381 48,699 Consolidated $ 291,641 $ 293,748 $ 278,267 A breakdown of wholesale sales by product category for each of the last three 2018 2017 2016 Wood 35 % 35 % 37 % Upholstery 65 % 65 % 63 % 100 % 100 % 100 % |
Note 20 - Quarterly Results of
Note 20 - Quarterly Results of Operations | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 20. Quarterly Results of Operations 2018 First Second Third Fourth Sales revenue: Furniture and accessories $ 96,123 $ 102,675 $ 99,807 $ 103,864 Logistics 14,149 14,305 13,149 12,783 Total sales revenue 110,272 116,980 112,956 116,647 Cost of furniture and accessories sold 43,269 45,660 44,821 45,831 Income from operations 2,050 5,663 4,324 2,047 Net income (loss) (913 ) 4,289 2,945 1,897 Basic earnings (loss) per share (0.09 ) 0.40 0.28 0.18 Diluted earnings (loss) per share (0.09 ) 0.40 0.28 0.18 2017 First Second Third Fourth Sales revenue: Furniture and accessories $ 93,698 $ 100,294 $ 100,152 $ 103,953 Logistics 12,194 13,831 14,109 14,272 Total sales revenue 105,892 114,125 114,261 118,225 Cost of furniture and accessories sold 41,898 44,981 45,320 45,380 Income from operations 4,664 7,600 7,260 7,494 Net income 2,861 5,842 4,579 4,974 Basic earnings per share 0.27 0.55 0.43 0.46 Diluted earnings per share 0.27 0.54 0.43 0.46 All quarters shown above for fiscal 2018 2017 13 ( 1 Net income includes a $2,157 14 ( 2 Income from operations includes a gain of $165 15 $155 14 ( 3 Income from operations includes a $469 $301 15 $704 14 ( 4 Net income includes a gain of $2,026 $1,241 9 $672, $412, 2 ( 5 Income from operations included a gain of $1,220 15 ( 6 Net income includes a gain of $591 $363 9 |
Schedule II - Analysis of Valua
Schedule II - Analysis of Valuation and Qualifying Accounts | 12 Months Ended |
Nov. 24, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Bassett Furniture Industries, Incorporated Schedule II Analysis of Valuation and Qualifying Accounts For the Years Ended November 24, 2018, November 25, 2017 November 26, 2016 (amounts in thousands) Balance Beginning of Period Additions Charged to Cost and Expenses Deductions (1) Other Balance End of Period For the Year Ended November 26, 2016: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,175 $ (390 ) $ 14 $ - $ 799 Notes receivable valuation reserves $ 4,646 $ - $ (3,192 ) $ - $ 1,454 For the Year Ended November 25, 2017: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 799 $ (59 ) $ (123 ) $ - $ 617 Notes receivable valuation reserves $ 1,454 $ - $ - $ - $ 1,454 For the Year Ended November 24, 2018: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 617 $ 339 $ (252 ) $ 50 (2) $ 754 Notes receivable valuation reserves $ 1,454 $ - $ (1,077 ) $ - $ 377 ( 1 ( 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 24, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation Our fiscal year ends on the last Saturday in November, 53 2018, 2017 2016 52 2018, 2017 2016 November 24, 2018, November 25, 2017 November 26, 2016, We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 16 810. none. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 60 not Staff Accounting Bulletin No. 104, Revenue Recognition 104” four 1 2 3 4 104 not 2018, 2017 2016, no not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Short-Term Investments The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three twelve three |
Receivables, Policy [Policy Text Block] | Accounts Receivable Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Customers Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 24, 2018 November 25, 2017, 2018 2017 Accounts receivable, net of allowances (Note 5) $ 19,055 $ 19,640 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16) 1,995 2,717 Total credit risk exposure related to customers $ 21,050 $ 22,357 At November 24, 2018 November 25, 2017, 33% 29%, five 2018, 2017 2016, no 10% two 40%, 47% 46% 2018, 2017 2016, We have no $1,587, $2,288, $3,607 2018, 2017, 2016, |
Inventory, Policy [Policy Text Block] | Inventories Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first first first 52% 54% November 24, 2018 November 25, 2017, may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 39 5 10 |
Retail Real Estate [Policy Text Block] | Retail Real Estate Retail real estate is comprised of owned and leased properties which have in the past been utilized by licensee operated BHF stores and are now leased or subleased to non-licensee tenants. The net book value of our retail real estate at November 24, 2018 November 25, 2017 $1,655 $1,758, 10 39 $103, $127, $152 2018, 2017, 2016, The net book value of our retail real estate at November 24, 2018 one 2020, 2012, second 2017 second 2017 2020 $1,084 2017 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. In accordance with ASC Topic 350, Intangibles – Goodwill & Other , two first not two 350. not 50 not not two not two not November 24, 2018. The first second second may |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Intangible assets acquired in a business combination and determined to have an indefinite useful life are not Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not may |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not may When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 14. We recognize the tax benefit from an uncertain tax position only if it is more likely than not may We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” 14. |
New Store Pre Opening Costs [Policy Text Block] | New Store Pre-Opening Costs Income from operations for fiscal 2018, 2017 2016 $2,081, $2,413 $1,148, not no |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $17,511, $18,514, $18,451 2018, 2017 2016, $19,107, $18,424, $18,094 2018, 2017 2016, |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $20,922, $18,834, $16,688 2018, 2017, 2016, |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Reserves We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not |
Supplemental Cash Flow Information [Policy Text Block] | Supplemental Cash Flow Information There were no 2018, 2017 2016. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Pronouncements In July 2015, No. 2015 11, 330 Simplifying the Measurement of Inventory 2015 11 not first first first December 15, 2016. 2015 11 2018 not In February 2018, No. 2018 02, 220 2018 02 220, 2018 02 not 2018 02 December 15, 2018, 1 not 2 not 2018 02 first 2018, $545 12 Recent Pronouncements Not In May 2014, No. 2014 09 2014 09 606, 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 five not 2014 09. 2019 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, 842 2016 02 2018 01, 2018 10, 2018 11 2018 20 12 not 2016 02 2016 02 may 2018 11 may 842 842 2018 20 842 2016 02 2020 2016 02 16 840 2016 02 2020 2018 11. 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 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 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 2017 09 1 2 718, 718. not 1 2 3 2017 09 2019 not In August 2018, No. 2018 15, No. 2018 15 350 40 2018 15 not 2018 15. 2018 15 2021 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform to current year presentation with no |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule Of Aggregate Exposure From Receivables And Guarantees Related To Customers [Table Text Block] | 2018 2017 Accounts receivable, net of allowances (Note 5) $ 19,055 $ 19,640 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16) 1,995 2,717 Total credit risk exposure related to customers $ 21,050 $ 22,357 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Nov. 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) $ 1,507 Inventory, net of reserve (Note 6) 3,718 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,622 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (852 ) Total liabilities assumed (1,209 ) Net identifiable assets acquired 11,413 Goodwill 4,143 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) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | November 24, 2018 November 25, 2017 Gross accounts receivable $ 19,809 $ 20,257 Allowance for doubtful accounts (754 ) (617 ) Net accounts receivable $ 19,055 $ 19,640 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | 2018 2017 Balance, beginning of the year $ 617 $ 799 Acquired allowance on accounts receivable (Note 3) 50 - Additions charged to expense (recoveries) 339 (59 ) Reductions to allowance, net (252 ) (123 ) Balance, end of the year $ 754 $ 617 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 24, 2018 November 25, 2017 Wholesale finished goods $ 30,750 $ 26,145 Work in process 432 388 Raw materials and supplies 15,503 11,808 Retail merchandise 27,599 26,173 Total inventories on first-in, first-out method 74,284 64,514 LIFO adjustment (8,326 ) (8,143 ) Reserve for excess and obsolete inventory (1,766 ) (1,895 ) $ 64,192 $ 54,476 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 26, 2016 $ 1,061 $ 289 $ 1,350 Additions charged to expense 1,757 475 2,232 Write-offs (1,200 ) (487 ) (1,687 ) Balance at November 25, 2017 1,618 277 1,895 Acquired reserve on inventory (Note 3) 110 - 110 Additions charged to expense 1,884 425 2,309 Write-offs (2,112 ) (436 ) (2,548 ) Balance at November 24, 2018 $ 1,500 $ 266 $ 1,766 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 24, 2018 November 25, 2017 Land $ 9,908 $ 10,908 Buildings and leasehold improvements 124,449 117,185 Machinery and equipment 108,379 102,619 Property and equipment at cost 242,736 230,712 Less accumulated depreciation (137,873 ) (127,468 ) Property and equipment, net $ 104,863 $ 103,244 |
Schedule of Property Plant and Equipment by Reporting Segment [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; margin-left: 36pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">November 24,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">November 25,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 62%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wholesale</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,511</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,277</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Retail - Company-owned stores</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,380</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,454</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Logistical Services</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,972</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,513</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total property and equipment, net</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,863</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,244</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B5"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; margin-left: 36pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">November 24,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">November 25,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 62%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wholesale</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,511</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,277</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Retail - Company-owned stores</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,380</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,454</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Logistical Services</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,972</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,513</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total property and equipment, net</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,863</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,244</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div> |
Schedule of Depreciation [Table Text Block] | 2018 2017 2016 Cost of goods sold (wholesale segment) $ 1,264 $ 989 $ 748 Selling, general and adminstrative expenses: Wholesale segment 1,666 1,531 1,154 Retail segment 7,060 7,080 6,880 Logistical services segment 3,747 3,987 3,614 Total included in selling, general and adminstrative expenses 12,473 12,598 11,648 Total depreciation expense included in income from operations $ 13,737 $ 13,587 $ 12,396 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | November 24, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,550 $ (829 ) $ 2,721 Technology - customized applications 834 (456 ) 378 Total intangible assets subject to amortization 4,384 (1,285 ) 3,099 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,043 - 16,043 Total goodwill and other intangible assets $ 29,765 $ (1,285 ) $ 28,480 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 26, 2016 $ 4,839 $ 1,820 $ 4,929 $ 11,588 Goodwill arising from store acquisition (Note 3) 206 106 - 312 Balance as of November 25, 2017 5,045 1,926 4,929 11,900 Goodwill arising from Lane Venture acquisition (Note 3) 4,143 - - 4,143 Balance as of November 24, 2018 $ 9,188 $ 1,926 $ 4,929 $ 16,043 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Useful Life in Years Remaining Amortization Period in Years Customer relationships 14 11 Technology - customized applications 7 3 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal 2019 $ 379 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Thereafter 1,424 Total $ 3,099 |
Note 10 - Notes Payable and B_2
Note 10 - Notes Payable and Bank Credit Facility (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 24, 2018 Real estate notes payable $ 292 Less current portion (292 ) Total long-term notes payable $ - 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 |
Note 11 - Post-employment Ben_2
Note 11 - Post-employment Benefit Obligations (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2018 2017 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 12,322 $ 11,863 Service cost 196 1,117 Interest cost 418 449 Actuarial (gains) losses (616 ) (447 ) Benefits paid (668 ) (660 ) Projected benefit obligation at end of year $ 11,652 $ 12,322 Accumulated Benefit Obligation $ 11,559 $ 11,531 Discount rate used to value the ending benefit obligations: 4.00 % 3.50 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 798 $ 778 Noncurrent liabilities 10,854 11,544 Total amounts recognized $ 11,652 $ 12,322 Amounts recognized in accumulated other comprehensive income: Transition obligation $ - $ 42 Prior service cost 806 858 Actuarial loss 2,408 3,286 Net amount recognized $ 3,214 $ 4,186 Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ (2 ) $ 1,119 |
Schedule of Net Benefit Costs [Table Text Block] | 2018 2017 2016 Components of Net Periodic Pension Cost: Service cost $ 196 $ 146 $ 105 Interest cost 418 423 374 Amortization of transition obligation 42 42 42 Amortization of prior service cost 126 - - Amortization of other loss 262 323 195 Net periodic pension cost $ 1,044 $ 934 $ 716 Assumptions used to determine net periodic pension cost: Discount rate 3.50 % 3.75 % 3.75 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments (with mortality): Fiscal 2019 798 Fiscal 2020 748 Fiscal 2021 698 Fiscal 2022 1,003 Fiscal 2023 948 Fiscal 2024 through 2028 3,935 |
Schedule of Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Table Text Block] | Prior service cost $ 126 Other loss 184 Total expected to be amortized to net periodic pension cost in 2019 $ 310 |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance at November 26, 2016 $ (2,553 ) Recognition of prior service cost (932 ) Actuarial gains 448 Net pension amortization reclassified from accumulated other comprehensive loss 447 Tax effects 20 Balance at November 25, 2017 (2,570 ) Reclassification of certain tax effects to retained earnings (1) (545 ) Actuarial gains 616 Net pension amortization reclassified from accumulated other comprehensive loss 430 Tax effects (269 ) Balance at November 24, 2018 $ (2,338 ) |
Note 13 - Capital Stock and S_2
Note 13 - Capital Stock and Stock Compensation (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2018 2017 2016 Stock based compensation expense $ 1,133 $ 1,028 $ 903 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Per Share Outstanding at November 25, 2017 11,750 $ 8.02 Granted - - Exercised (3,400 ) 8.02 Forfeited/Expired - - Outstanding at November 24, 2018 8,350 8.02 Exercisable at November 24, 2018 8,350 $ 8.02 |
Schedule of Share-based Compensation, Summary of Additional Stock Option Information [Table Text Block] | 2018 2017 2016 Total intrinsic value of options exercised $ 75 $ 564 $ 124 Total cash received from the exercise of options 27 310 114 Excess tax benefits recognized in income tax expense upon the exercise of options 16 188 41 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested restricted shares outstanding at November 25, 2017 99,138 $ 23.87 Granted 45,036 34.41 Vested (63,138 ) 20.92 Forfeited - - Non-vested restricted shares outstanding at November 24, 2018 81,036 $ 32.03 |
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Remaining Restricted Share Value Restriction Grant Shares at Grant Date Period Date Outstanding Per Share (Years) January 10, 2017 36,000 $ 29.05 1.1 January 11, 2018 36,000 35.75 2.1 March 8, 2018 6,036 33.07 0.3 October 2, 2018 3,000 20.97 2.9 81,036 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 2016 Current: Federal $ (1,137 ) $ 7,887 $ 3,728 State 462 2,035 896 Deferred: Federal 4,747 (200 ) 4,559 State (84 ) (102 ) 765 Total $ 3,988 $ 9,620 $ 9,948 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 2016 Statutory federal income tax rate 22.2 % 35.0 % 35.0 % Revaluation of deferred tax assets resulting from new enacted rates 10.9 - - State income tax, net of federal benefit 4.6 3.9 4.2 Excess tax benefits from stock-based compensation (1.5 ) (1.8 ) (0.3 ) Other (3.5 ) (2.6 ) (0.3 ) Effective income tax rate 32.7 % 34.5 % 38.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 24, 2018 November 25, 2017 Deferred income tax assets: Trade accounts receivable $ 192 $ 239 Inventories 1,755 2,606 Notes receivable 109 550 Post employment benefit obligations 3,619 5,555 State net operating loss carryforwards 218 583 Unrealized loss from affiliates 15 69 Net deferred rents 3,199 3,906 Other 1,290 1,878 Gross deferred income tax assets 10,397 15,386 Valuation allowance - - Total deferred income tax assets 10,397 15,386 Deferred income tax liabilities: Property and equipment 5,353 5,426 Intangible assets 1,060 1,185 Prepaid expenses and other 718 382 Total deferred income tax liabilities 7,131 6,993 Net deferred income tax assets $ 3,266 $ 8,393 |
Note 16 - Leases and Lease Gu_2
Note 16 - Leases and Lease Guarantees (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Retail Stores Warehousing & Distribution Centers Transportation Equipment All Other Total Fiscal 2019 $ 23,631 $ 4,999 $ 3,398 $ 1,693 $ 33,721 Fiscal 2020 23,073 4,127 3,193 1,637 32,030 Fiscal 2021 20,597 3,274 2,176 970 27,017 Fiscal 2022 18,166 3,097 1,444 487 23,194 Fiscal 2023 15,964 1,785 637 - 18,386 Thereafter 50,117 437 558 - 51,112 Total future minimum lease payments $ 151,548 $ 17,719 $ 11,406 $ 4,787 $ 185,460 |
Schedule Of Future Rental Income [Table Text Block] | Fiscal 2019 $ 1,765 Fiscal 2020 1,632 Fiscal 2021 781 Fiscal 2022 422 Fiscal 2023 105 Thereafter - Total minimum future rental income $ 4,705 |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2018 2017 2016 Numerator: Net income $ 8,218 $ 18,256 $ 15,829 Denominator: Denominator for basic income per share - weighted average shares 10,651,351 10,649,225 10,732,217 Effect of dilutive securities 40,424 82,850 130,204 Denominator for diluted income per share — weighted average shares and assumed conversions 10,691,775 10,732,075 10,862,421 Basic income per share: Net income per share — basic $ 0.77 $ 1.71 $ 1.47 Diluted income per share: Net income per share — diluted $ 0.77 $ 1.70 $ 1.46 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2018 2017 2016 Unvested restricted shares 45,036 - 7,814 |
Note 19 - Segment Information (
Note 19 - Segment Information (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2018 2017 2016 Net Sales Wholesale $ 255,958 $ 249,193 $ 240,346 Retail 268,883 268,264 254,667 Logistical services 82,866 83,030 83,236 Inter-company eliminations: Furniture and accessories (122,372 ) (119,360 ) (117,817 ) Logistical services (28,480 ) (28,624 ) (28,394 ) Consolidated $ 456,855 $ 452,503 $ 432,038 Income (loss) from Operations Wholesale $ 12,274 $ 19,121 $ 18,672 Retail (312 ) 3,490 4,333 Logistical services 1,398 2,962 3,511 Inter-company elimination 1,494 1,445 1,677 Lease exit costs (301 ) - - Asset impairment charges (469 ) - - Consolidated income from operations $ 14,084 $ 27,018 $ 28,193 Depreciation and Amortization Wholesale $ 3,038 $ 2,648 $ 2,053 Retail 6,096 6,355 6,260 Logistical services 4,069 4,309 3,936 Consolidated $ 13,203 $ 13,312 $ 12,249 Capital Expenditures Wholesale $ 4,194 $ 4,875 $ 7,232 Retail 12,769 8,108 5,932 Logistical services 1,338 2,517 8,337 Consolidated $ 18,301 $ 15,500 $ 21,501 Identifiable Assets Wholesale $ 144,209 $ 152,181 $ 139,477 Retail 96,241 90,186 90,091 Logistical services 51,191 51,381 48,699 Consolidated $ 291,641 $ 293,748 $ 278,267 |
Schedule Of Breakdown Of Wholesale Sales By Product Category [Table Text Block] | 2018 2017 2016 Wood 35 % 35 % 37 % Upholstery 65 % 65 % 63 % 100 % 100 % 100 % |
Note 20 - Quarterly Results o_2
Note 20 - Quarterly Results of Operations (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2018 First Second Third Fourth Sales revenue: Furniture and accessories $ 96,123 $ 102,675 $ 99,807 $ 103,864 Logistics 14,149 14,305 13,149 12,783 Total sales revenue 110,272 116,980 112,956 116,647 Cost of furniture and accessories sold 43,269 45,660 44,821 45,831 Income from operations 2,050 5,663 4,324 2,047 Net income (loss) (913 ) 4,289 2,945 1,897 Basic earnings (loss) per share (0.09 ) 0.40 0.28 0.18 Diluted earnings (loss) per share (0.09 ) 0.40 0.28 0.18 2017 First Second Third Fourth Sales revenue: Furniture and accessories $ 93,698 $ 100,294 $ 100,152 $ 103,953 Logistics 12,194 13,831 14,109 14,272 Total sales revenue 105,892 114,125 114,261 118,225 Cost of furniture and accessories sold 41,898 44,981 45,320 45,380 Income from operations 4,664 7,600 7,260 7,494 Net income 2,861 5,842 4,579 4,974 Basic earnings per share 0.27 0.55 0.43 0.46 Diluted earnings per share 0.27 0.54 0.43 0.46 |
Schedule II - Analysis of Val_2
Schedule II - Analysis of Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Nov. 24, 2018 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance Beginning of Period Additions Charged to Cost and Expenses Deductions (1) Other Balance End of Period For the Year Ended November 26, 2016: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,175 $ (390 ) $ 14 $ - $ 799 Notes receivable valuation reserves $ 4,646 $ - $ (3,192 ) $ - $ 1,454 For the Year Ended November 25, 2017: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 799 $ (59 ) $ (123 ) $ - $ 617 Notes receivable valuation reserves $ 1,454 $ - $ - $ - $ 1,454 For the Year Ended November 24, 2018: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 617 $ 339 $ (252 ) $ 50 (2) $ 754 Notes receivable valuation reserves $ 1,454 $ - $ (1,077 ) $ - $ 377 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | Nov. 24, 2018 |
Number of Stores | 97 |
Percent Of Wholesale Products Sourced From Other Countries | 27.00% |
Number Of Domestic Manufacturing Facilities | 5 |
Company-owned Retail Stores [Member] | |
Number of Stores | 65 |
Licensee Operated Retail Stores [Member] | |
Number of Stores | 32 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 24, 2018USD ($) | Aug. 25, 2018USD ($) | May 26, 2018USD ($) | [2] | Feb. 24, 2018USD ($) | [3] | Nov. 25, 2017USD ($) | Aug. 26, 2017USD ($) | [5] | May 27, 2017USD ($) | [6] | Feb. 25, 2017USD ($) | Nov. 24, 2018USD ($) | Nov. 25, 2017USD ($) | Nov. 26, 2016USD ($) | |||
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers | 33.00% | 29.00% | 33.00% | 29.00% | |||||||||||||
Revenues, Total | $ 116,647 | [1] | $ 112,956 | $ 116,980 | $ 110,272 | $ 118,225 | [4] | $ 114,261 | $ 114,125 | $ 105,892 | $ 456,855 | $ 452,503 | $ 432,038 | ||||
Percentage of LIFO Inventory | 52.00% | 54.00% | 52.00% | 54.00% | |||||||||||||
Depreciation, Total | $ 13,737 | $ 13,587 | 12,396 | ||||||||||||||
Impairment of Real Estate | 1,084 | ||||||||||||||||
Goodwill, Impairment Loss | 0 | 0 | |||||||||||||||
Pre-Opening Costs | 2,081 | 2,413 | 1,148 | ||||||||||||||
Advertising Expense | 20,922 | 18,834 | 16,688 | ||||||||||||||
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to Retained Earnings Per ASU 2018-02 | |||||||||||||||||
ASU 2018-02 [Member] | |||||||||||||||||
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income to Retained Earnings Per ASU 2018-02 | 545 | ||||||||||||||||
Deliver Wholesale Merchandise to Customers [Member] | |||||||||||||||||
Selling, General and Administrative Expense, Delivery Costs | $ 17,511 | $ 18,514 | 17,511 | 18,514 | 18,451 | ||||||||||||
Deliver Retail Merchandise to Customers [Member] | |||||||||||||||||
Selling, General and Administrative Expense, Delivery Costs | 19,107 | 18,424 | 19,107 | 18,424 | 18,094 | ||||||||||||
Other Noncurrent Assets [Member] | |||||||||||||||||
Real Estate Investment Property, Net, Total | $ 1,655 | $ 1,758 | 1,655 | 1,758 | |||||||||||||
Retail Real Estate [Member] | |||||||||||||||||
Depreciation, Total | 103 | 127 | 152 | ||||||||||||||
Non-US [Member] | |||||||||||||||||
Revenues, Total | $ 1,587 | $ 2,288 | $ 3,607 | ||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||||||||||
Number of Major Customers | 0 | 0 | 0 | ||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Logistical Services [Member] | |||||||||||||||||
Number of Major Customers | 2 | 2 | 2 | ||||||||||||||
Concentration Risk, Percentage | 40.00% | 47.00% | 46.00% | ||||||||||||||
Minimum [Member] | |||||||||||||||||
Payment Terms For Wholesale Customers | 30 days | ||||||||||||||||
Minimum [Member] | Building and Building Improvements [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||||||||
Minimum [Member] | Retail Buildings And Improvements [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Payment Terms For Wholesale Customers | 60 days | ||||||||||||||||
Maximum [Member] | Building and Building Improvements [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life | 39 years | ||||||||||||||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||||
Maximum [Member] | Retail Buildings And Improvements [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life | 39 years | ||||||||||||||||
[1] | Income from operations includes a $469 asset impairment charge related to our Torrance, California retail store and a $301 charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note 15). Net income includes a $704 tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note 14). | ||||||||||||||||
[2] | Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store Isee Note 15). Net income includes a benefit of $155 in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note 14). | ||||||||||||||||
[3] | Net income includes a $2,157 charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act.(see Note 14). | ||||||||||||||||
[4] | Net income includes a gain of $591 from the disposition of our interest in IMC, net of related income tax effects of approximately $363 (see Note 9). | ||||||||||||||||
[5] | Income from operations included a gain of $1,220 from the sale of our Las Vegas, Nevada retail store (see Note 15). | ||||||||||||||||
[6] | Net income includes a gain of $2,026 from the sale of an investment, net of related income tax effects of approximately $1,241 (see Note 9), and a loss of $672, net of related income tax effects of approximately $412, resulting from the impairment of retail real estate (see Note 2). |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Accounts receivable, net of allowances (Note 5) | $ 19,055 | $ 19,640 |
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16) | 1,995 | 2,717 |
Total credit risk exposure related to customers | $ 21,050 | $ 22,357 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | Dec. 21, 2017 | Feb. 25, 2017 | Nov. 24, 2018 |
Acquisition of Lane Venture [Member] | |||
Payments to Acquire Businesses, Gross | $ 15,556 | ||
Goodwill, Purchase Accounting Adjustments | $ (76) | ||
Acquisition of Lane Venture [Member] | Selling, General and Administrative Expenses [Member] | |||
Business Combination, Acquisition Related Costs | $ 256 | ||
Bassett Home Furnishings, Columbus, Ohio [Member] | |||
Business Combination, Consideration Transferred, Total | $ 655 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Dec. 21, 2017 | Nov. 25, 2017 | Feb. 25, 2017 | Nov. 26, 2016 |
Goodwill | $ 16,043 | $ 11,900 | $ 11,588 | ||
Bassett Home Furnishings, Columbus, Ohio [Member] | |||||
Inventory | $ 343 | ||||
Goodwill | 312 | ||||
Purchase price | $ 655 | ||||
Acquisition of Lane Venture [Member] | |||||
Accounts receivable, net of reserve (Note 5) | $ 1,507 | ||||
Inventory | 3,718 | ||||
Prepaid expenses and other current assets | 37 | ||||
Intangible assets | 7,360 | ||||
Total identifiable assets acquired | 12,622 | ||||
Accounts payable | (357) | ||||
Other accrued liabilities | (852) | ||||
Total liabilities assumed | (1,209) | ||||
Net identifiable assets acquired | 11,413 | ||||
Goodwill | 4,143 | ||||
Total net assets acquired | $ 15,556 |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Acquired Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 21, 2017 | Nov. 24, 2018 |
Customer Relationships [Member] | ||
Useful Life (Year) | 14 years | |
Acquisition of Lane Venture [Member] | ||
Fair Value | $ 7,360 | |
Acquisition of Lane Venture [Member] | Customer Relationships [Member] | ||
Fair Value | $ 512 | |
Useful Life (Year) | 9 years | |
Acquisition of Lane Venture [Member] | Trade Names [Member] | ||
Fair Value | $ 6,848 |
Note 4 - Financial Instrument_2
Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 24, 2018 | Nov. 25, 2017 | |
Short-term Investments, Total | $ 22,643 | $ 23,125 |
Minimum [Member] | ||
Certificates of Deposit Terms | 180 days | |
Interest Rate of Certificates of Deposit | 0.85% | |
Maximum [Member] | ||
Certificates of Deposit Terms | 1 year | |
Interest Rate of Certificates of Deposit | 2.70% | |
Weighted Average [Member] | ||
Certificates of Deposit Terms | 180 days | |
Interest Rate of Certificates of Deposit | 2.30% |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 |
Gross accounts receivable | $ 19,809 | $ 20,257 | |
Allowance for doubtful accounts | (754) | (617) | $ (799) |
Net accounts receivable | $ 19,055 | $ 19,640 |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 24, 2018 | Nov. 25, 2017 | |
Balance, beginning | $ 617 | $ 799 |
Acquired allowance on accounts receivable (Note 3) | 50 | |
Additions charged to expense (recoveries) | 339 | (59) |
Reductions to allowance, net | (252) | (123) |
Balance, ending | $ 754 | $ 617 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Purchases From Major Vendors | $ 24,073 | $ 21,977 | $ 19,128 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 |
Wholesale finished goods | $ 30,750 | $ 26,145 | |
Work in process | 432 | 388 | |
Raw materials and supplies | 15,503 | 11,808 | |
Retail merchandise | 27,599 | 26,173 | |
Total inventories on first-in, first-out method | 74,284 | 64,514 | |
LIFO adjustment | (8,326) | (8,143) | |
Reserve for excess and obsolete inventory | (1,766) | (1,895) | $ (1,350) |
Inventory, net | $ 64,192 | $ 54,476 |
Note 6 - Inventories - Activity
Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 24, 2018 | Nov. 25, 2017 | |
Balance | $ 1,895 | $ 1,350 |
Additions charged to expense | 2,309 | 2,232 |
Write-offs | (2,548) | (1,687) |
Acquired reserve on inventory (Note 3) | 110 | |
Balance | 1,766 | 1,895 |
Operating Segments [Member] | Wholesale Segment [Member] | ||
Balance | 1,618 | 1,061 |
Additions charged to expense | 1,884 | 1,757 |
Write-offs | (2,112) | (1,200) |
Acquired reserve on inventory (Note 3) | 110 | |
Balance | 1,500 | 1,618 |
Operating Segments [Member] | Retail Segment [Member] | ||
Balance | 277 | 289 |
Additions charged to expense | 425 | 475 |
Write-offs | (436) | (487) |
Acquired reserve on inventory (Note 3) | ||
Balance | $ 266 | $ 277 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Land | $ 9,908 | $ 10,908 |
Buildings and leasehold improvements | 124,449 | 117,185 |
Machinery and equipment | 108,379 | 102,619 |
Property and equipment at cost | 242,736 | 230,712 |
Less accumulated depreciation | (137,873) | (127,468) |
Property and equipment, net | $ 104,863 | $ 103,244 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Property and equipment, net | $ 104,863 | $ 103,244 |
Wholesale Segment [Member] | ||
Property and equipment, net | 26,511 | 25,277 |
Retail Segment [Member] | ||
Property and equipment, net | 61,380 | 58,454 |
Logistical Services [Member] | ||
Property and equipment, net | $ 16,972 | $ 19,513 |
Note 7 - Property and Equipme_5
Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Depreciation expense | $ 13,737 | $ 13,587 | $ 12,396 |
Cost of Sales [Member] | |||
Depreciation expense | 1,264 | 989 | 748 |
Selling, General and Administrative Expenses [Member] | |||
Depreciation expense | 12,473 | 12,598 | 11,648 |
Selling, General and Administrative Expenses [Member] | Wholesale Segment [Member] | |||
Depreciation expense | 1,666 | 1,531 | 1,154 |
Selling, General and Administrative Expenses [Member] | Retail Segment [Member] | |||
Depreciation expense | 7,060 | 7,080 | 6,880 |
Selling, General and Administrative Expenses [Member] | Logistical Services [Member] | |||
Depreciation expense | $ 3,747 | $ 3,987 | $ 3,614 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets, Total | 374 | $ 322 | $ 322 |
Wholesale Segment [Member] | |||
Amortization of Intangible Assets, Total | $ 51 |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Intangibles subject to amortization, Gross Carrying Amount | $ 4,384 | $ 3,872 |
Intangibles subject to amortization, Accumulated Amortization | (1,285) | (911) |
Intangibles subject to amortization, Intangible Assets, Net | 3,099 | 2,961 |
Trade names | 9,338 | 2,490 |
Goodwill | 16,043 | 11,900 |
Total goodwill and other intangible assets | 29,765 | 18,262 |
Total goodwill and other intangible assets | 28,480 | 17,351 |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 3,550 | 3,038 |
Intangibles subject to amortization, Accumulated Amortization | (829) | (574) |
Intangibles subject to amortization, Intangible Assets, Net | 2,721 | 2,464 |
Technology-Based Intangible Assets [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 834 | 834 |
Intangibles subject to amortization, Accumulated Amortization | (456) | (337) |
Intangibles subject to amortization, Intangible Assets, Net | $ 378 | $ 497 |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 24, 2018 | Nov. 25, 2017 | |
Balance | $ 11,900 | $ 11,588 |
Goodwill arising from store acquisition (Note 3) | 4,143 | 312 |
Balance | 16,043 | 11,900 |
Wholesale Segment [Member] | ||
Balance | 5,045 | 4,839 |
Goodwill arising from store acquisition (Note 3) | 4,143 | 206 |
Balance | 9,188 | 5,045 |
Retail Segment [Member] | ||
Balance | 1,926 | 1,820 |
Goodwill arising from store acquisition (Note 3) | 106 | |
Balance | 1,926 | 1,926 |
Logistical Services [Member] | ||
Balance | 4,929 | 4,929 |
Goodwill arising from store acquisition (Note 3) | ||
Balance | $ 4,929 | $ 4,929 |
Note 8 - Goodwill and Other I_6
Note 8 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details) | 12 Months Ended |
Nov. 24, 2018 | |
Customer Relationships [Member] | |
Useful life (Year) | 14 years |
Remaining Amortization Period (Year) | 11 years |
Technology-Based Intangible Assets [Member] | |
Useful life (Year) | 7 years |
Remaining Amortization Period (Year) | 3 years |
Note 8 - Goodwill and Other I_7
Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Fiscal 2,019 | $ 379 | |
Fiscal 2,020 | 379 | |
Fiscal 2,021 | 379 | |
Fiscal 2,022 | 279 | |
Fiscal 2,023 | 259 | |
Thereafter | 1,424 | |
Total | $ 3,099 | $ 2,961 |
Note 9 - Unconsolidated Affil_2
Note 9 - Unconsolidated Affiliated Companies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | May 02, 2011 | |
International Market Centers, L.P. [Member] | |||
Cost Method Investments | $ 1,000 | ||
Proceeds from Sale of Long-term Investments | $ 1,954 | ||
Cost-method Investments, Realized Gains | 954 | ||
Minority Interest in Privately-held, Start-up Provider of Property and Casualty Insurance [Member] | |||
Proceeds from Sale of Long-term Investments | 3,592 | ||
Cost-method Investments, Realized Gains | $ 3,267 | ||
Cost Method Investments, Original Cost | $ 325 |
Note 10 - Notes Payable and B_3
Note 10 - Notes Payable and Bank Credit Facility (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | Nov. 15, 2018 | |
Long-term Debt, Total | $ 292 | $ 3,734 | ||
Long-term Debt, Current Maturities, Total | 292 | 3,405 | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 88 | 139 | $ 353 | |
Bank One [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||
Letters of Credit Outstanding, Amount | 2,798 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 22,202 | |||
Bank Two [Member] | ||||
Letters of Credit Outstanding, Amount | $ 381 | |||
Real Estate Notes Payable Operated in Retail Segment [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.73% | |||
Long-term Debt, Total | $ 293 | 747 | ||
Long-term Debt, Current Maturities, Total | 293 | 418 | ||
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member] | ||||
Debt Instrument, Collateral Amount | 5,599 | 5,727 | ||
Zenith Freight Lines [Member] | Unsecured Debt [Member] | ||||
Amortization of Debt Discount (Premium) | $ 13 | $ 95 | $ 204 |
Note 10 - Notes Payable and B_4
Note 10 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Real estate notes payable | $ 292 | $ 3,734 |
Less current portion | (292) | (3,405) |
Total long-term notes payable | 329 | |
Principal Balance | 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 11 - Post-employment Ben_3
Note 11 - Post-employment Benefit Obligations (Details Textual) $ in Thousands | May 02, 2017USD ($) | May 01, 2017 | Nov. 24, 2018USD ($) | Nov. 25, 2017USD ($) | Nov. 26, 2016USD ($) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total | $ 3,214 | $ 4,186 | |||
Postemployment Benefits Liability, Noncurrent | $ 13,173 | 13,326 | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 25.00% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 8.00% | ||||
Defined Contribution Plan, Cost | $ 1,128 | 1,068 | $ 865 | ||
Unfunded Deferred Compensation Plan [Member] | |||||
Pension Cost (Reversal of Cost) | 216 | 216 | $ 228 | ||
Postemployment Benefits Liability, Noncurrent | 1,837 | 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 | ||||
Defined Benefit Plan, Benefit Obligation, Number of Annual Installments | 10 | ||||
Payment to Acquire Life Insurance Policy, Operating Activities | 900 | 431 | |||
Current Net Death Benefit | 14,998 | ||||
Supplemental Employee Retirement Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary | 75.00% | ||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus | 100.00% | ||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Annual installment Payments, Maximum Number of Years | 15 years | ||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years | 5 years | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 102 | 55 | |||
Current Net Death Benefit | $ 2,813 | ||||
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan | 65.00% | ||||
Death Benefit Percent Of Final Average Annual Compensation For Period of 120 Months | 50.00% | ||||
Death Benefit Payment Term | 10 years | ||||
Death Benefit Percent Of Final Average Annual Compensation Single Payment | 200.00% | ||||
Supplemental Employee Retirement Plan [Member] | Non-current Portion of Post Employment Benefits Liability [Member] | |||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 749 | $ 55 |
Note 11 - Post-employment Ben_4
Note 11 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 24, 2018 | Nov. 25, 2017 | |
Change in Benefit Obligation: | ||
Projected benefit obligation | $ 12,322 | $ 11,863 |
Service cost | 196 | 1,117 |
Interest cost | 418 | 449 |
Actuarial (gains) losses | (616) | (447) |
Benefits paid | (668) | (660) |
Projected benefit obligation | 11,652 | 12,322 |
Accumulated Benefit Obligation | $ 11,559 | $ 11,531 |
Discount rate used to value the ending benefit obligations: | 4.00% | 3.50% |
Amounts recognized in the consolidated balance sheet: | ||
Current liabilities | $ 798 | $ 778 |
Noncurrent liabilities | 10,854 | 11,544 |
Total amounts recognized | 11,652 | 12,322 |
Amounts recognized in accumulated other comprehensive income: | ||
Transition obligation | 42 | |
Prior service cost | 806 | 858 |
Actuarial loss | 2,408 | 3,286 |
Net amount recognized | 3,214 | 4,186 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income: | $ (2) | $ 1,119 |
Note 11 - Post-employment Ben_5
Note 11 - Post-employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Components of Net Periodic Pension Cost: | |||
Service cost | $ 196 | $ 146 | $ 105 |
Interest cost | 418 | 423 | 374 |
Amortization of transition obligation | 42 | 42 | 42 |
Amortization of prior service cost | 126 | ||
Amortization of other loss | 262 | 323 | 195 |
Net periodic pension cost | $ 1,044 | $ 934 | $ 716 |
Discount rate | 3.50% | 3.75% | 3.75% |
Increase in future compensation levels | 3.00% | 3.00% | 3.00% |
Note 11 - Post-employment Ben_6
Note 11 - Post-employment Benefit Obligations - Estimated Future Benefit Payments (Details) $ in Thousands | Nov. 24, 2018USD ($) |
Fiscal 2,019 | $ 798 |
Fiscal 2,020 | 748 |
Fiscal 2,021 | 698 |
Fiscal 2,022 | 1,003 |
Fiscal 2,023 | 948 |
Fiscal 2024 through 2028 | $ 3,935 |
Note 11 - Post-employment Ben_7
Note 11 - Post-employment Benefit Obligations - Amounts Expected to be Recognized in Next Fiscal Year (Details) $ in Thousands | Nov. 24, 2018USD ($) |
Prior service cost | $ 126 |
Other loss | 184 |
Total expected to be amortized to net periodic pension cost in 2019 | $ 310 |
Note 12 - Accumulated Other C_3
Note 12 - Accumulated Other Comprehensive Loss - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | ||
Balance | $ 191,460 | $ 180,705 | |
Reclassification of certain tax effects to retained earnings (1) | |||
Balance | 190,309 | 191,460 | |
ASU 2018-02 [Member] | |||
Reclassification of certain tax effects to retained earnings (1) | 545 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (2,570) | (2,553) | |
OCI, before Reclassifications, before Tax, Attributable to Parent | 616 | ||
Net pension amortization reclassified from accumulated other comprehensive loss | 430 | 447 | |
Tax effects | (269) | 20 | |
Balance | (2,338) | (2,570) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ASU 2018-02 [Member] | |||
Reclassification of certain tax effects to retained earnings (1) | [1] | $ (545) | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||
OCI, before Reclassifications, before Tax, Attributable to Parent | (932) | ||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
OCI, before Reclassifications, before Tax, Attributable to Parent | $ 448 | ||
[1] | See Note 2 regarding the adoption of ASU 2018-02 which resulted in the transfer of certain tax effects carried over from prior years to retained earnings as of the beginning of fiscal 2018. |
Note 13 - Capital Stock and S_3
Note 13 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 02, 2018 | Mar. 08, 2018 | Jan. 11, 2018 | Mar. 01, 2017 | Dec. 31, 2000 | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 8.02 | $ 8.02 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 219 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 102 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 0 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 674 | $ 641 | $ 77 | |||||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | 223 | $ 554 | $ 87 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,627 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 14,967 | 6,275 | 8,502 | |||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,000 | 45,036 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 63,138 | |||||||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 207 | $ 366 | $ 46 | |||||
Restricted Stock [Member] | Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,036 | |||||||
Restricted Stock [Member] | One Employee [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,000 | |||||||
Restricted Stock [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 56,600 | |||||||
Shares Paid for Tax Withholding for Share Based Compensation | 19,810 | 21,210 | 2,940 | |||||
Payments Related to Tax Withholding for Share-based Compensation | $ 674 | $ 641 | $ 77 | |||||
Restricted Stock [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6,538 | |||||||
The 2010 Plan [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,250,000 | |||||||
Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | 85.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 228,758 |
Note 13 - Capital Stock and S_4
Note 13 - Capital Stock and Stock Compensation - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Selling, General and Administrative Expenses [Member] | |||
Stock based compensation expense | $ 1,133 | $ 1,028 | $ 903 |
Note 13 - Capital Stock and S_5
Note 13 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details) | 12 Months Ended |
Nov. 24, 2018$ / sharesshares | |
Outstanding, Shares (in shares) | shares | 11,750 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 8.02 |
Exercised, Shares (in shares) | shares | (3,400) |
Exercised, weighted average exercise price per share (in dollars per share) | $ / shares | $ 8.02 |
Forfeited/Expired, Shares (in shares) | shares | |
Forfeited/Expired, weighted average exercise price per share (in dollars per share) | $ / shares | |
Outstanding, Shares (in shares) | shares | 8,350 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 8.02 |
Exercisable, Shares (in shares) | shares | 8,350 |
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares | $ 8.02 |
Note 13 - Capital Stock and S_6
Note 13 - Capital Stock and Stock Compensation - Additional Information Regarding Activity in Stock Options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Total intrinsic value of options exercised | $ 75 | $ 564 | $ 124 |
Total cash received from the exercise of options | 27 | 310 | 114 |
Excess tax benefits recognized in income tax expense upon the exercise of options | 223 | 554 | 87 |
Employee Stock Option [Member] | |||
Excess tax benefits recognized in income tax expense upon the exercise of options | $ 16 | $ 188 | $ 41 |
Note 13 - Capital Stock and S_7
Note 13 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details) - Restricted Stock [Member] - $ / shares | Jan. 11, 2018 | Nov. 24, 2018 |
Non-vested restricted shares outstanding at November 25, 2017 (in shares) | 99,138 | |
Non-vested restricted shares outstanding at November 25, 2017 (in dollars per share) | $ 23.87 | |
Granted (in shares) | 36,000 | 45,036 |
Granted (in dollars per share) | $ 34.41 | |
Vested (in shares) | (63,138) | |
Vested (in dollars per share) | $ 20.92 | |
Forfeited (in shares) | ||
Forfeited (in dollars per share) | ||
Non-vested restricted shares outstanding at November 24, 2018 (in shares) | 81,036 | |
Non-vested restricted shares outstanding at November 24, 2018 (in dollars per share) | $ 32.03 |
Note 13 - Capital Stock and S_8
Note 13 - Capital Stock and Stock Compensation - Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Nov. 24, 2018 | Nov. 25, 2017 | |
Restricted Shares Outstanding (in shares) | 81,036 | 99,138 |
Granted (in dollars per share) | $ 34.41 | |
January 10, 2017 [Member] | ||
Restricted Shares Outstanding (in shares) | 36,000 | |
Granted (in dollars per share) | $ 29.05 | |
Remaining Restriction Period (Year) | 1 year 36 days | |
January 11, 2018 [Member] | ||
Restricted Shares Outstanding (in shares) | 36,000 | |
Granted (in dollars per share) | $ 35.75 | |
Remaining Restriction Period (Year) | 2 years 36 days | |
March 8, 2017 [Member] | ||
Restricted Shares Outstanding (in shares) | 6,036 | |
Granted (in dollars per share) | $ 33.07 | |
Remaining Restriction Period (Year) | 109 days | |
October 2, 2018 [Member] | ||
Restricted Shares Outstanding (in shares) | 3,000 | |
Granted (in dollars per share) | $ 20.97 | |
Remaining Restriction Period (Year) | 2 years 328 days |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2019 | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 22.20% | 35.00% | 35.00% | |
Tax Cuts and Jobs Act of 2017 Provisional Adjustment of Deferred Tax Asset Liability | $ 1,331 | |||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | 223 | $ 554 | $ 87 | |
Income Taxes Paid, Net, Total | 1,431 | $ 7,516 | $ 9,949 | |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | $ 4,647 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Year | 2,021 | |||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Year | 2,027 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Current: | |||
Federal | $ (1,137) | $ 7,887 | $ 3,728 |
State | 462 | 2,035 | 896 |
Deferred: | |||
Federal | 4,747 | (200) | 4,559 |
State | (84) | (102) | 765 |
Total | $ 3,988 | $ 9,620 | $ 9,948 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Statutory federal income tax rate | 22.20% | 35.00% | 35.00% |
Revaluation of deferred tax assets resulting from new enacted rates | 10.90% | ||
State income tax, net of federal benefit | 4.60% | 3.90% | 4.20% |
Excess tax benefits from stock-based compensation | (1.50%) | (1.80%) | (0.30%) |
Other | (3.50%) | (2.60%) | (0.30%) |
Effective income tax rate | 32.70% | 34.50% | 38.60% |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands | Nov. 24, 2018 | Nov. 25, 2017 |
Deferred income tax assets: | ||
Trade accounts receivable | $ 192 | $ 239 |
Inventories | 1,755 | 2,606 |
Notes receivable | 109 | 550 |
Post employment benefit obligations | 3,619 | 5,555 |
State net operating loss carryforwards | 218 | 583 |
Unrealized loss from affiliates | 15 | 69 |
Net deferred rents | 3,199 | 3,906 |
Other | 1,290 | 1,878 |
Gross deferred income tax assets | 10,397 | 15,386 |
Valuation allowance | ||
Total deferred income tax assets | 10,397 | 15,386 |
Deferred income tax liabilities: | ||
Property and equipment | 5,353 | 5,426 |
Intangible assets | 1,060 | 1,185 |
Prepaid expenses and other | 718 | 382 |
Total deferred income tax liabilities | 7,131 | 6,993 |
Net deferred income tax assets | $ 3,266 | $ 8,393 |
Note 15 - Other Gains and Los_2
Note 15 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Nov. 24, 2018 | May 26, 2018 | Aug. 26, 2017 | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 234 | $ 1,190 | $ 128 | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | 2,689 | 4,474 | 667 | |||
Litigation Settlement, Amount Awarded from Other Party | 1,428 | |||||
Asset Impairment Charges, Total | 469 | |||||
Gain (Loss) on Contract Termination | (301) | |||||
Leasehold Improvements [Member] | ||||||
Asset Impairment Charges, Total | $ 469 | 469 | 0 | 0 | ||
Gain (Loss) on Contract Termination | $ 301 | 301 | ||||
Antitrust Litigation Settlement [Member] | ||||||
Proceeds from Legal Settlements | $ 1,428 | |||||
Land and Building occupied by Spring, Texas Retail Store [Member] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 165 | 165 | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 2,463 | |||||
Former Retail Store, Las Vegas, Nevada [Member] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1,220 | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 4,335 | |||||
Former Retail Store, Las Vegas, Nevada [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1,220 |
Note 16 - Leases and Lease Gu_3
Note 16 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Operating Leases, Rent Expense, Total | $ 38,970 | $ 34,372 | $ 31,867 |
Accrued Rent | 5,844 | 4,821 | |
Operating Lease, Lease and Rental Expense, Unamortized Balance | 6,716 | 5,264 | |
Operating Lease, Lease and Rental Expense, Unamortized Balance, Noncurrent | 5,715 | 4,504 | |
Real Estate Rental Income (Loss), Net of Expense | (23) | (48) | $ (59) |
Loss Contingency, Estimate of Possible Loss | 1,995 | 2,717 | |
Lease Obligations of Licensee Operators [Member] | |||
Loss Contingency, Estimate of Possible Loss | $ 2,021 | $ 2,743 | |
Minimum [Member] | |||
Lease Guarantees Term | 1 year | ||
Minimum [Member] | Retail Stores [Member] | |||
Operating Lease, Lease Term | 1 year | ||
Renewal Term On Operating Lease | 5 years | ||
Minimum [Member] | Transportation Equipment Leases [Member] | |||
Operating Lease, Lease Term | 2 years | ||
Maximum [Member] | |||
Lease Guarantees Term | 3 years | ||
Maximum [Member] | Retail Stores [Member] | |||
Operating Lease, Lease Term | 15 years | ||
Renewal Term On Operating Lease | 15 years | ||
Maximum [Member] | Transportation Equipment Leases [Member] | |||
Operating Lease, Lease Term | 7 years |
Note 16 - Leases and Lease Gu_4
Note 16 - Leases and Lease Guarantees - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) $ in Thousands | Nov. 24, 2018USD ($) |
Fiscal 2,019 | $ 33,721 |
Fiscal 2,020 | 32,030 |
Fiscal 2,021 | 27,017 |
Fiscal 2,022 | 23,194 |
Fiscal 2,023 | 18,386 |
Thereafter | 51,112 |
Total future minimum lease payments | 185,460 |
Retail Stores [Member] | |
Fiscal 2,019 | 23,631 |
Fiscal 2,020 | 23,073 |
Fiscal 2,021 | 20,597 |
Fiscal 2,022 | 18,166 |
Fiscal 2,023 | 15,964 |
Thereafter | 50,117 |
Total future minimum lease payments | 151,548 |
Distribution Centers [Member] | |
Fiscal 2,019 | 4,999 |
Fiscal 2,020 | 4,127 |
Fiscal 2,021 | 3,274 |
Fiscal 2,022 | 3,097 |
Fiscal 2,023 | 1,785 |
Thereafter | 437 |
Total future minimum lease payments | 17,719 |
Transportation Equipment Leases [Member] | |
Fiscal 2,019 | 3,398 |
Fiscal 2,020 | 3,193 |
Fiscal 2,021 | 2,176 |
Fiscal 2,022 | 1,444 |
Fiscal 2,023 | 637 |
Thereafter | 558 |
Total future minimum lease payments | 11,406 |
All Other Lease Payment [Member] | |
Fiscal 2,019 | 1,693 |
Fiscal 2,020 | 1,637 |
Fiscal 2,021 | 970 |
Fiscal 2,022 | 487 |
Fiscal 2,023 | |
Thereafter | |
Total future minimum lease payments | $ 4,787 |
Note 16 - Leases and Lease Gu_5
Note 16 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands | Nov. 24, 2018USD ($) |
Fiscal 2,019 | $ 1,765 |
Fiscal 2,020 | 1,632 |
Fiscal 2,021 | 781 |
Fiscal 2,022 | 422 |
Fiscal 2,023 | 105 |
Thereafter | |
Total minimum future rental income | $ 4,705 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 24, 2018 | [1] | Aug. 25, 2018 | May 26, 2018 | [2] | Feb. 24, 2018 | [3] | Nov. 25, 2017 | [4] | Aug. 26, 2017 | [5] | May 27, 2017 | [6] | Feb. 25, 2017 | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Numerator: | |||||||||||||||||
Net income | $ 1,897 | $ 2,945 | $ 4,289 | $ (913) | $ 4,974 | $ 4,579 | $ 5,842 | $ 2,861 | $ 8,218 | $ 18,256 | $ 15,829 | ||||||
Denominator: | |||||||||||||||||
Denominator for basic income per share - weighted average shares (in shares) | 10,651,351 | 10,649,225 | 10,732,217 | ||||||||||||||
Effect of dilutive securities (in shares) | 40,424 | 82,850 | 130,204 | ||||||||||||||
Denominator for diluted income per share — weighted average shares and assumed conversions (in shares) | 10,691,775 | 10,732,075 | 10,862,421 | ||||||||||||||
Basic income per share: | |||||||||||||||||
Net income per share — basic (in dollars per share) | $ 0.18 | $ 0.28 | $ 0.40 | $ (0.09) | $ 0.46 | $ 0.43 | $ 0.55 | $ 0.27 | $ 0.77 | $ 1.71 | $ 1.47 | ||||||
Diluted income per share: | |||||||||||||||||
Net income per share — diluted (in dollars per share) | $ 0.18 | $ 0.28 | $ 0.40 | $ (0.09) | $ 0.46 | $ 0.43 | $ 0.54 | $ 0.27 | $ 0.77 | $ 1.70 | $ 1.46 | ||||||
[1] | Income from operations includes a $469 asset impairment charge related to our Torrance, California retail store and a $301 charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note 15). Net income includes a $704 tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note 14). | ||||||||||||||||
[2] | Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store Isee Note 15). Net income includes a benefit of $155 in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note 14). | ||||||||||||||||
[3] | Net income includes a $2,157 charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act.(see Note 14). | ||||||||||||||||
[4] | Net income includes a gain of $591 from the disposition of our interest in IMC, net of related income tax effects of approximately $363 (see Note 9). | ||||||||||||||||
[5] | Income from operations included a gain of $1,220 from the sale of our Las Vegas, Nevada retail store (see Note 15). | ||||||||||||||||
[6] | Net income includes a gain of $2,026 from the sale of an investment, net of related income tax effects of approximately $1,241 (see Note 9), and a loss of $672, net of related income tax effects of approximately $412, resulting from the impairment of retail real estate (see Note 2). |
Note 18 - Earnings Per Share _2
Note 18 - Earnings Per Share - Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Restricted Stock [Member] | |||
Antidilutive securities (in shares) | 45,036 | 7,814 |
Note 19 - Segment Information_2
Note 19 - Segment Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Nov. 24, 2018USD ($) | Nov. 25, 2017USD ($) | Nov. 26, 2016USD ($) | |
Number of Reportable Segments | 3 | ||
SGA Expenses Excluding New Store Pre-opening Costs | $ 260,339 | $ 245,493 | $ 235,178 |
Zenith Freight Lines [Member] | |||
SGA Expenses Excluding New Store Pre-opening Costs | $ 81,468 | $ 80,068 | $ 79,725 |
Note 19 - Segment Information -
Note 19 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 24, 2018 | Aug. 25, 2018 | May 26, 2018 | [2] | Feb. 24, 2018 | [3] | Nov. 25, 2017 | Aug. 26, 2017 | [5] | May 27, 2017 | [6] | Feb. 25, 2017 | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |||
Sales revenue | $ 116,647 | [1] | $ 112,956 | $ 116,980 | $ 110,272 | $ 118,225 | [4] | $ 114,261 | $ 114,125 | $ 105,892 | $ 456,855 | $ 452,503 | $ 432,038 | ||||
Income (loss) from Operations | 2,047 | [1] | $ 4,324 | $ 5,663 | $ 2,050 | 7,494 | [4] | $ 7,260 | $ 7,600 | $ 4,664 | 14,084 | 27,018 | 28,193 | ||||
Lease exit costs | (301) | ||||||||||||||||
Asset impairment charges | (469) | ||||||||||||||||
Depreciation and amortization | 13,203 | 13,312 | 12,249 | ||||||||||||||
Depreciation and amortization | 13,203 | 13,312 | 12,249 | ||||||||||||||
Capital expenditures | 18,301 | 15,500 | 21,501 | ||||||||||||||
Identifiable Assets | 291,641 | 293,748 | 291,641 | 293,748 | 278,267 | ||||||||||||
Identifiable Assets | 291,641 | 293,748 | 291,641 | 293,748 | 278,267 | ||||||||||||
Operating Segments [Member] | Wholesale Segment [Member] | |||||||||||||||||
Sales revenue | 255,958 | 249,193 | 240,346 | ||||||||||||||
Income (loss) from Operations | 12,274 | 19,121 | 18,672 | ||||||||||||||
Depreciation and amortization | 3,038 | 2,648 | 2,053 | ||||||||||||||
Depreciation and amortization | 3,038 | 2,648 | 2,053 | ||||||||||||||
Identifiable Assets | 144,209 | 152,181 | 144,209 | 152,181 | 139,477 | ||||||||||||
Identifiable Assets | 144,209 | 152,181 | 144,209 | 152,181 | 139,477 | ||||||||||||
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||||||||||||||||
Capital expenditures | 4,194 | 4,875 | 7,232 | ||||||||||||||
Operating Segments [Member] | Company-owned Retail Stores [Member] | |||||||||||||||||
Sales revenue | 268,883 | 268,264 | 254,667 | ||||||||||||||
Income (loss) from Operations | (312) | 3,490 | 4,333 | ||||||||||||||
Depreciation and amortization | 6,096 | 6,355 | 6,260 | ||||||||||||||
Depreciation and amortization | 6,096 | 6,355 | 6,260 | ||||||||||||||
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||||||||||||||||
Capital expenditures | 12,769 | 8,108 | 5,932 | ||||||||||||||
Operating Segments [Member] | Logistical Services [Member] | |||||||||||||||||
Sales revenue | 82,866 | 83,030 | 83,236 | ||||||||||||||
Income (loss) from Operations | 1,398 | 2,962 | 3,511 | ||||||||||||||
Depreciation and amortization | 4,069 | 4,309 | 3,936 | ||||||||||||||
Depreciation and amortization | 4,069 | 4,309 | 3,936 | ||||||||||||||
Identifiable Assets | 51,191 | 51,381 | 51,191 | 51,381 | 48,699 | ||||||||||||
Identifiable Assets | 51,191 | 51,381 | 51,191 | 51,381 | 48,699 | ||||||||||||
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||||||||||||||||
Capital expenditures | 1,338 | 2,517 | 8,337 | ||||||||||||||
Operating Segments [Member] | Retail Segment [Member] | |||||||||||||||||
Identifiable Assets | 96,241 | 90,186 | 96,241 | 90,186 | 90,091 | ||||||||||||
Identifiable Assets | $ 96,241 | $ 90,186 | 96,241 | 90,186 | 90,091 | ||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||
Income (loss) from Operations | 1,494 | 1,445 | 1,677 | ||||||||||||||
Intersegment Eliminations [Member] | Logistical Services [Member] | |||||||||||||||||
Sales revenue | (28,480) | (28,624) | (28,394) | ||||||||||||||
Intersegment Eliminations [Member] | Furniture and Accessories [Member] | |||||||||||||||||
Sales revenue | $ (122,372) | $ (119,360) | $ (117,817) | ||||||||||||||
[1] | Income from operations includes a $469 asset impairment charge related to our Torrance, California retail store and a $301 charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note 15). Net income includes a $704 tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note 14). | ||||||||||||||||
[2] | Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store Isee Note 15). Net income includes a benefit of $155 in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note 14). | ||||||||||||||||
[3] | Net income includes a $2,157 charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act.(see Note 14). | ||||||||||||||||
[4] | Net income includes a gain of $591 from the disposition of our interest in IMC, net of related income tax effects of approximately $363 (see Note 9). | ||||||||||||||||
[5] | Income from operations included a gain of $1,220 from the sale of our Las Vegas, Nevada retail store (see Note 15). | ||||||||||||||||
[6] | Net income includes a gain of $2,026 from the sale of an investment, net of related income tax effects of approximately $1,241 (see Note 9), and a loss of $672, net of related income tax effects of approximately $412, resulting from the impairment of retail real estate (see Note 2). |
Note 19 - Segment Information_3
Note 19 - Segment Information - Breakdown of Wholesale Sales by Product Category (Details) | 12 Months Ended | ||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Wood | 100.00% | 100.00% | 100.00% |
Wood [Member] | |||
Wood | 35.00% | 35.00% | 37.00% |
Upholstery [Member] | |||
Wood | 65.00% | 65.00% | 63.00% |
Note 20 - Quarterly Results o_3
Note 20 - Quarterly Results of Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Nov. 24, 2018 | May 26, 2018 | Feb. 24, 2018 | Nov. 25, 2017 | Aug. 26, 2017 | May 27, 2017 | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Gain on Sale of Investments | $ 2,157 | $ 2,026 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 234 | $ 1,190 | $ 128 | ||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (704) | $ (155) | |||||||
Asset Impairment Charges, Total | 469 | ||||||||
Gain (Loss) on Contract Termination | (301) | ||||||||
Sale of Investments, Tax | 1,241 | ||||||||
Impairment of Real Estate, Net | 672 | ||||||||
Impairment of Real Estate, Tax Benefit | $ 412 | ||||||||
International Market Centers, L.P. [Member] | |||||||||
Gain on Sale of Investments | $ 591 | ||||||||
Sale of Investments, Tax | $ 363 | ||||||||
Leasehold Improvements [Member] | |||||||||
Asset Impairment Charges, Total | 469 | 469 | $ 0 | $ 0 | |||||
Gain (Loss) on Contract Termination | $ 301 | 301 | |||||||
Land and Building occupied by Spring, Texas Retail Store [Member] | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 165 | $ 165 | |||||||
Former Retail Store, Las Vegas, Nevada [Member] | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1,220 |
Note 20 - Quarterly Results o_4
Note 20 - Quarterly Results of Operations - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 24, 2018 | [1] | Aug. 25, 2018 | May 26, 2018 | [2] | Feb. 24, 2018 | [3] | Nov. 25, 2017 | [4] | Aug. 26, 2017 | [5] | May 27, 2017 | [6] | Feb. 25, 2017 | Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |
Sales revenue: | |||||||||||||||||
Revenues, Total | $ 116,647 | $ 112,956 | $ 116,980 | $ 110,272 | $ 118,225 | $ 114,261 | $ 114,125 | $ 105,892 | $ 456,855 | $ 452,503 | $ 432,038 | ||||||
Cost of goods and service sold | 179,581 | 177,579 | 167,519 | ||||||||||||||
Income from operations | 2,047 | 4,324 | 5,663 | 2,050 | 7,494 | 7,260 | 7,600 | 4,664 | 14,084 | 27,018 | 28,193 | ||||||
Net income | $ 1,897 | $ 2,945 | $ 4,289 | $ (913) | $ 4,974 | $ 4,579 | $ 5,842 | $ 2,861 | $ 8,218 | $ 18,256 | $ 15,829 | ||||||
Basic income per share (in dollars per share) | $ 0.18 | $ 0.28 | $ 0.40 | $ (0.09) | $ 0.46 | $ 0.43 | $ 0.55 | $ 0.27 | $ 0.77 | $ 1.71 | $ 1.47 | ||||||
Diluted income per share (in dollars per share) | $ 0.18 | $ 0.28 | $ 0.40 | $ (0.09) | $ 0.46 | $ 0.43 | $ 0.54 | $ 0.27 | $ 0.77 | $ 1.70 | $ 1.46 | ||||||
Furniture and Accessories [Member] | |||||||||||||||||
Sales revenue: | |||||||||||||||||
Revenues, Total | $ 103,864 | $ 99,807 | $ 102,675 | $ 96,123 | $ 103,953 | $ 100,152 | $ 100,294 | $ 93,698 | $ 402,469 | $ 398,097 | $ 377,196 | ||||||
Cost of goods and service sold | 45,831 | 44,821 | 45,660 | 43,269 | 45,380 | 45,320 | 44,981 | 41,898 | |||||||||
Logistical Services [Member] | |||||||||||||||||
Sales revenue: | |||||||||||||||||
Revenues, Total | $ 12,783 | $ 13,149 | $ 14,305 | $ 14,149 | $ 14,272 | $ 14,109 | $ 13,831 | $ 12,194 | $ 54,386 | $ 54,406 | $ 54,842 | ||||||
[1] | Income from operations includes a $469 asset impairment charge related to our Torrance, California retail store and a $301 charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note 15). Net income includes a $704 tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note 14). | ||||||||||||||||
[2] | Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store Isee Note 15). Net income includes a benefit of $155 in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note 14). | ||||||||||||||||
[3] | Net income includes a $2,157 charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act.(see Note 14). | ||||||||||||||||
[4] | Net income includes a gain of $591 from the disposition of our interest in IMC, net of related income tax effects of approximately $363 (see Note 9). | ||||||||||||||||
[5] | Income from operations included a gain of $1,220 from the sale of our Las Vegas, Nevada retail store (see Note 15). | ||||||||||||||||
[6] | Net income includes a gain of $2,026 from the sale of an investment, net of related income tax effects of approximately $1,241 (see Note 9), and a loss of $672, net of related income tax effects of approximately $412, resulting from the impairment of retail real estate (see Note 2). |
Schedule II - Analysis of Val_3
Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 24, 2018 | Nov. 25, 2017 | Nov. 26, 2016 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
Balance Beginning of Period | $ 617 | $ 799 | $ 1,175 | ||
Additions Charged to Cost and Expenses | 339 | (59) | (390) | ||
Deductions | [1] | (252) | (123) | 14 | |
Other | 50 | [2] | 0 | ||
Balance End of Period | 754 | 617 | 799 | ||
SEC Schedule, 12-09, Allowance, Notes Receivable [Member] | |||||
Balance Beginning of Period | 1,454 | 1,454 | 4,646 | ||
Additions Charged to Cost and Expenses | 0 | 0 | |||
Deductions | [1] | (1,077) | (3,192) | ||
Other | 0 | 0 | 0 | ||
Balance End of Period | $ 377 | $ 1,454 | $ 1,454 | ||
[1] | Deductions are for the purpose for which the reserve was created. | ||||
[2] | Represents reserves of acquired business at date of acquisition. |