Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 28, 2020 | Jan. 15, 2021 | May 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000010329 | ||
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --11-28 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 28, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-00209 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-0135270 | ||
Entity Address, Address Line One | 3525 Fairystone Park Highway | ||
Entity Address, City or Town | Bassett | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24055 | ||
City Area Code | 276 | ||
Local Phone Number | 629-6000 | ||
Title of 12(b) Security | Common Stock ($5.00 par value) | ||
Trading Symbol | BSET | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 68,257,836 | ||
Entity Common Stock, Shares Outstanding | 9,949,008 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 45,799 | $ 19,687 |
Short-term investments | 17,715 | 17,436 |
Accounts receivable, net of allowance for doubtful accounts of $1,211 and $815 as of November 28, 2020 and November 30, 2019, respectively | 22,340 | 21,378 |
Inventories | 54,886 | 66,302 |
Recoverable income taxes | 9,666 | 329 |
Other current assets | 10,272 | 11,654 |
Total current assets | 160,678 | 136,786 |
Property and equipment, net | 90,917 | 101,724 |
Other long-term assets | ||
Deferred income taxes, net | 4,587 | 5,744 |
Goodwill and other intangible assets | 23,827 | 26,176 |
Right of use assets under operating leases | 116,903 | 0 |
Other | 5,637 | 5,336 |
Total other long-term assets | 150,954 | 37,256 |
Total assets | 402,549 | 275,766 |
Current liabilities | ||
Accounts payable | 23,426 | 23,677 |
Accrued compensation and benefits | 16,964 | 11,308 |
Customer deposits | 39,762 | 25,341 |
Current portion of operating lease obligations | 27,078 | 0 |
Other accrued liabilities | 11,141 | 11,945 |
Total current liabilities | 118,371 | 72,271 |
Long-term liabilities | ||
Post employment benefit obligations | 12,089 | 11,830 |
Long-term portion of operating lease obligations | 111,972 | 0 |
Other long-term liabilities | 2,087 | 12,995 |
Total long-term liabilities | 126,148 | 24,825 |
Commitments and Contingencies | ||
Stockholders’ equity | ||
Common stock, $5 par value; 50,000,000 shares authorized; issued and outstanding 9,942,787 at November 28, 2020 and 10,116,290 at November 30, 2019 | 49,714 | 50,581 |
Retained earnings | 109,710 | 129,130 |
Additional paid-in-capital | 0 | 195 |
Accumulated other comprehensive loss | (1,394) | (1,236) |
Total stockholders' equity | 158,030 | 178,670 |
Total liabilities and stockholders’ equity | $ 402,549 | $ 275,766 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Allowance for doubtful | $ 1,211 | $ 815 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 9,942,787 | 10,116,290 |
Common stock, outstanding (in shares) | 9,942,787 | 10,116,290 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Sales revenue: | |||
Sales revenues | $ 385,863 | $ 452,087 | $ 456,855 |
Cost of furniture and accessories sold | 163,567 | 179,244 | 179,581 |
Selling, general and administrative expenses excluding new store pre-opening costs | 223,314 | 264,280 | 260,339 |
New store pre-opening costs | 0 | 1,117 | 2,081 |
Asset impairment charges | 12,184 | 4,431 | 469 |
Goodwill impairment charge | 1,971 | 1,926 | 0 |
Litigation expense | 1,050 | 700 | 0 |
Lease exit costs | 0 | 149 | 301 |
Early retirement program | 0 | 835 | 0 |
Income (loss) from operations | (16,223) | (595) | 14,084 |
Interest income | 236 | 568 | 431 |
Interest expense | (49) | (6) | (57) |
Other loss, net | (750) | (1,707) | (2,252) |
Income (loss) before income taxes | (16,786) | (1,740) | 12,206 |
Income tax expense (benefit) | (6,365) | 188 | 3,988 |
Net income (loss) | $ (10,421) | $ (1,928) | $ 8,218 |
Net income per share | |||
Basic income (loss) per share (in dollars per share) | $ (1.05) | $ (0.19) | $ 0.77 |
Diluted income (loss) per share (in dollars per share) | (1.05) | (0.19) | 0.77 |
Dividends per share | |||
Regular dividends, per share (in dollars per share) | 0.455 | 0.50 | 0.47 |
Special dividend (in dollars per share) | $ 0 | $ 0 | $ 0 |
Furniture and Accessories [Member] | |||
Sales revenue: | |||
Sales revenues | $ 337,672 | $ 403,865 | $ 402,469 |
Logistical Services [Member] | |||
Sales revenue: | |||
Sales revenues | $ 48,191 | $ 48,222 | $ 54,386 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Net income (loss) | $ (10,421) | $ (1,928) | $ 8,218 |
Other comprehensive income (loss): | |||
Recognize prior service cost associated Actuarial adjustment to Long Term Cash Awards (LTCA) | (86) | (141) | |
Other comprehensive income (loss), net of tax | (158) | 1,102 | 777 |
Total comprehensive income (loss) | (10,579) | (826) | 8,995 |
Pension Plan [Member] | |||
Other comprehensive income (loss): | |||
Amortization | 125 | 124 | 126 |
Income taxes | (10) | 4 | (32) |
Supplemental Employee Retirement Plan [Member] | |||
Other comprehensive income (loss): | |||
Amortization | 8 | 184 | 304 |
Income taxes | 64 | (382) | (237) |
Actuarial adjustment to supplemental executive retirement defined benefit plan (SERP) | $ (259) | $ 1,313 | $ 616 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Operating activities: | |||
Net income (loss) | $ (10,421) | $ (1,928) | $ 8,218 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 13,480 | 13,500 | 13,203 |
Goodwill, Impairment Loss | 1,971 | 1,926 | 0 |
Non-cash asset impairment charges | 12,184 | 4,431 | 469 |
Non-cash portion of lease exit costs | 0 | 149 | 301 |
Bad debt valuation charges | 492 | 61 | 339 |
Net (gain) loss on disposals of property and equipment | (81) | 515 | (234) |
Gains on lease modifications | (1,313) | 0 | 0 |
Inventory valuation charges | 4,922 | 2,254 | 2,309 |
Deferred income taxes | 2,513 | (2,890) | 4,663 |
Other, net | (51) | 1,497 | 2,607 |
Changes in operating assets and liabilities | |||
Accounts receivable | (1,454) | (2,616) | 1,393 |
Inventories | 6,494 | (5,196) | (8,307) |
Other current and long-term assets | (9,325) | 1,017 | (961) |
Right of use assets under operating leases | 32,107 | 0 | 0 |
Customer deposits | 14,421 | (1,816) | 50 |
Accounts payable and accrued liabilities | 5,965 | (1,095) | 5,857 |
Obligations under operating leases | (35,229) | 0 | 0 |
Net cash provided by operating activities | 36,675 | 9,809 | 29,907 |
Investing activities: | |||
Purchases of property and equipment | (6,029) | (17,375) | (18,301) |
Proceeds from sales of property and equipment | 2,345 | 1,643 | 2,689 |
Cash paid for business acquisitions, net of cash acquired | 0 | 0 | (15,556) |
Puchases of investments | (295) | 0 | 0 |
Proceeds from maturities of investments | 16 | 5,207 | 482 |
Other | 216 | (648) | (1,287) |
Net cash used in investing activities | (3,747) | (11,173) | (31,973) |
Financing activities: | |||
Cash dividends | (4,544) | (5,133) | (8,800) |
Proceeds from exercise of stock options | 0 | 25 | 27 |
Issuance of common stock | 285 | 328 | 355 |
Repurchases of common stock | (2,208) | (7,345) | (5,946) |
Taxes paid related to net share settlement of equity awards | (228) | 0 | (674) |
Repayment of finance lease obligations | (121) | 0 | 0 |
Payments on notes and equipment loans | 0 | (292) | (3,377) |
Net cash used in financing activities | (6,816) | (12,417) | (18,415) |
Change in cash and cash equivalents | 26,112 | (13,781) | (20,481) |
Cash and cash equivalents - beginning of year | 19,687 | 33,468 | 53,949 |
Cash and cash equivalents - end of year | $ 45,799 | $ 19,687 | $ 33,468 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Nov. 25, 2017 | 10,737,950 | |||||||||
Balance at Nov. 25, 2017 | $ 53,690 | $ 962 | $ 139,378 | $ (2,570) | $ 191,460 | |||||
Net income (loss) | 0 | 0 | 8,218 | 0 | 8,218 | |||||
Amortization of defined benefit plan costs, net of tax | 0 | 0 | 0 | 319 | 319 | |||||
Actuarial adjustments to defined benefit plans, net of tax | 0 | 0 | 0 | 458 | 458 | |||||
Reclassification of certain tax effects | 0 | 0 | 545 | (545) | ||||||
Regular dividends | $ 0 | 0 | (5,041) | 0 | (5,041) | |||||
Issuance of common stock (in shares) | 63,403 | |||||||||
Issuance of common stock | $ 317 | 65 | 0 | 0 | 382 | |||||
Purchase and retirement of common stock (in shares) | (273,717) | |||||||||
Purchase and retirement of common stock | $ (1,369) | (2,160) | (3,091) | 0 | (6,620) | |||||
Stock-based compensation | $ 0 | 1,133 | 0 | 0 | 1,133 | |||||
Balance (in shares) at Nov. 24, 2018 | 10,527,636 | |||||||||
Balance at Nov. 24, 2018 | $ 0 | $ 0 | $ (21) | $ 0 | $ (21) | $ 52,638 | 0 | 140,009 | (2,338) | 190,309 |
Net income (loss) | 0 | 0 | (1,928) | 0 | (1,928) | |||||
Amortization of defined benefit plan costs, net of tax | 0 | 0 | 0 | 230 | 230 | |||||
Actuarial adjustments to defined benefit plans, net of tax | 0 | 0 | 0 | 872 | 872 | |||||
Regular dividends | $ 0 | 0 | (5,133) | 0 | (5,133) | |||||
Issuance of common stock (in shares) | 102,303 | |||||||||
Purchase and retirement of common stock (in shares) | (513,649) | |||||||||
Purchase and retirement of common stock | $ (2,568) | (980) | (3,797) | 0 | (7,345) | |||||
Stock-based compensation | 0 | 958 | 0 | 0 | 958 | |||||
Issuance of common stock | $ 511 | 217 | 0 | 0 | $ 728 | |||||
Balance (in shares) at Nov. 30, 2019 | 10,116,290 | 10,116,290 | ||||||||
Balance at Nov. 30, 2019 | $ 0 | $ 0 | $ (3,785) | $ 0 | $ (3,785) | $ 50,581 | 195 | 129,130 | (1,236) | $ 178,670 |
Net income (loss) | 0 | 0 | (10,421) | 0 | (10,421) | |||||
Amortization of defined benefit plan costs, net of tax | 0 | 0 | 0 | 98 | 98 | |||||
Actuarial adjustments to defined benefit plans, net of tax | 0 | 0 | 0 | (256) | (256) | |||||
Regular dividends | $ 0 | 0 | (4,545) | 0 | (4,545) | |||||
Issuance of common stock (in shares) | 43,218 | |||||||||
Purchase and retirement of common stock (in shares) | (216,721) | |||||||||
Purchase and retirement of common stock | $ (1,083) | (684) | (669) | 0 | (2,436) | |||||
Stock-based compensation | 0 | 420 | 0 | 0 | 420 | |||||
Issuance of common stock | $ 216 | 69 | 0 | 0 | $ 285 | |||||
Balance (in shares) at Nov. 28, 2020 | 9,942,787 | 9,942,787 | ||||||||
Balance at Nov. 28, 2020 | $ 49,714 | $ 0 | $ 109,710 | $ (1,394) | $ 158,030 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Retained Earnings [Member] | |||
Regular dividends, per share (in dollars per share) | $ 0.455 | $ 0.50 | $ 0.47 |
Regular dividends, per share (in dollars per share) | $ 0.455 | $ 0.50 | $ 0.47 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Nov. 28, 2020 | |
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 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 97 stores, the Company owns and operates 63 stores (“Company-owned retail stores”) with the other 34 being independently owned (“licensee operated”). We also distribute our products through other multi-line furniture stores, many of which feature Bassett galleries or design centers. We sourced approximately 24% of our wholesale products from various foreign countries, with the remaining volume produced at our five domestic manufacturing facilities. Lane Venture Acquisition On December 21, 2017, 3, Impact of the COVID- 19 On March 11, 2020, 19” 19 In response to these measures and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for several weeks primarily during the second 2020. November 28, 2020. 2020 8 14 second 2020. third fourth 2020 second June, third fourth 2019. second second Whereas most state and local governments have eased restrictions on commercial retail activity, it is possible that a resurgence in COVID- 19 may 19 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Nov. 28, 2020 | |
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 2019 53 2020 2018 52 2020, 2019 2018 November 28, 2020, November 30, 2019 November 24, 2018, 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 15 810. 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, the valuation of our reporting units for the purpose of testing the carrying value of goodwill, valuation of income tax reserves, lease guarantees, insurance reserves, assumptions related to our post-employment benefit obligations and the valuation of our right of use assets. Actual results could differ from those estimates. Revenue Recognition We adopted ASU 2014 09, 606 606" November 25, 2018, 2019 606 At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. We offer payment terms varying from 30 to 60 days for wholesale customers. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The contracts with our licensee store owners do not At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. We typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $39,762 and $25,341 as of November 28, 2020 November 30, 2019, November 30, 2019 2020 November 28, 2020. third third For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not November 28, 2020 November 30, 2019, Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one November 28, 2020 November 30, 2019, not We adopted ASC 606 not November 24, 2018 not 606 not Upon adoption of ASC 606, • We exclude from revenue amounts collected from customers for sales tax, which is consistent with our policy prior to the adoption of ASC 606. • We do not one • We do not one See Note 18, 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 28, 2020 November 30, 2019, 2020 2019 Accounts receivable, net of allowances (Note 5) $ 22,340 $ 21,378 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) 1,760 1,751 Other 376 168 Total credit risk exposure related to customers $ 24,476 $ 23,297 At November 28, 2020 November 30, 2019, five 2020, 2019 2018, 10% two 2020, 2019 2018, We have no 2020, 2019, 2018, 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 November 28, 2020 November 30, 2019, 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 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. 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, first not 350 No. 2017 04, Intangibles – Goodwill and Other (Topic 350 September 1, 2019). not 50 not not not 2019, 2018, November 30, 2019. May 30, 2020 19 second 2020. November 28, 2020. fourth 2020, no November 28, 2020. The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not 3 820, Fair Value Measurements and Disclosure 4 may 8 September 1, 2019 May 30, 2020. Leases Effective as of the beginning of fiscal 2020, 2016 02, 842 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 used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one five Most of our leases do not not We adopted the standard utilizing the transition election to not 1 2 3 not not not one Adoption of the standard resulted in the recording of additional net lease-related assets and lease-related liabilities of $146,585 and $151,672, respectively, as of December 1, 2019. 3 820, 3 not Prior to fiscal 2020, 840, See Note 15 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. ROU assets under operating leases are written down to their estimated fair value. Our estimates of the fair value of the impaired ROU assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 820, 3 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 13. 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” 13. New Store Pre-Opening Costs Income from operations for fiscal 2020, 2019 2018 not no Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $14,779, $18,402, and $17,511 for fiscal 2020, 2019 2018, 2020, 2019 2018, 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 $12,671, $20,674, and $20,922 in fiscal 2020, 2019, 2018, 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 Refer to the supplemental lease disclosures in Note 15 2020. no 2020 2018. fourth 2019, Recent Accounting Pronouncements Recently Adopted Pronouncements Effective as of the beginning of fiscal 2020, No. 2016 02, 842 2016 02 2018 01, 2018 10, 2018 11 2018 20 15 Recent Pronouncements Not In June 2016, No. 2016 13, 326 2016 13” 2016 13 2016 13 December 15, 2019, 2016 13 2021 In August 2018, No. 2018 15, No. 2018 15 350 40 2018 15 not 2018 15. 2018 15 2021 In December 2019, No. 2019 12 740 2019 12 2019 12 2019 12 2022 Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations Acquisition of Lane Venture On December 21, 2017, 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, $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 during the year ended 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. |
Note 4 - Financial Instruments,
Note 4 - Financial Instruments, Investments and Fair Value Measurements | 12 Months Ended |
Nov. 28, 2020 | |
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 $17,715 and $17,436 at November 28, 2020 November 30, 2019, six twelve November 28, 2020, four one November 28, 2020 November 30, 2019 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. Our primary non-recurring fair value estimates typically involve business acquisitions (Note 3 2 3 8 3 14 3 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Accounts Receivable Accounts receivable consists of the following: November 28, 2020 November 30, 2019 Gross accounts receivable $ 23,551 $ 22,193 Allowance for doubtful accounts (1,211 ) (815 ) Net accounts receivable $ 22,340 $ 21,378 Activity in the allowance for doubtful accounts was as follows: 2020 2019 Balance, beginning of the year $ 815 $ 754 Additions charged to expense 492 61 Reductions to allowance, net (96 ) - Balance, end of the year $ 1,211 $ 815 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. 28, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consist of the following: November 28, November 30, Wholesale finished goods $ 25,001 $ 27,792 Work in process 516 733 Raw materials and supplies 14,836 17,293 Retail merchandise 27,946 31,534 Total inventories on first-in, first-out method 68,299 77,352 LIFO adjustment (8,891 ) (8,688 ) Reserve for excess and obsolete inventory (4,522 ) (2,362 ) $ 54,886 $ 66,302 We source a significant amount of our wholesale product from other countries. During 2020, 2019 2018, two We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may not not not Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 24, 2018 $ 1,500 $ 266 $ 1,766 Additions charged to expense 1,881 373 2,254 Write-offs (1,327 ) (331 ) (1,658 ) Balance at November 30, 2019 2,054 308 2,362 Additions charged to expense 3,745 1,177 4,922 Write-offs (2,378 ) (384 ) (2,762 ) Balance at November 28, 2020 $ 3,421 $ 1,101 $ 4,522 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and Equipment Property and equipment consist of the following: November 28, November 30, Land $ 9,478 $ 9,478 Buildings and leasehold improvements 114,961 126,085 Machinery and equipment 118,112 115,131 Property and equipment at cost 242,551 250,694 Less accumulated depreciation (151,634 ) (148,970 ) Property and equipment, net $ 90,917 $ 101,724 The net book value of our property and equipment by reportable segment is a follows: November 28, November 30, Wholesale $ 26,999 $ 28,993 Retail - Company-owned stores 44,820 55,625 Logistical Services 19,098 17,106 Total property and equipment, net $ 90,917 $ 101,724 At November 30, 2019 one November 30, 2019 November 30, 2019. first 2020 Depreciation expense associated with the property and equipment shown above was included in income from operations in our consolidated statements of operations as follows: 2020 2019 2018 Cost of goods sold (wholesale segment) $ 1,552 $ 1,402 $ 1,264 Selling, general and adminstrative expenses: Wholesale segment 1,516 1,672 1,666 Retail segment 6,578 7,479 7,060 Logistical services segment 3,454 3,697 3,747 Total included in selling, general and adminstrative expenses 11,548 12,848 12,473 Total depreciation expense included in income from operations $ 13,100 $ 14,250 $ 13,737 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Nov. 28, 2020 | |
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 28, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,550 $ (1,346 ) $ 2,204 Technology - customized applications 834 (695 ) 139 Total intangible assets subject to amortization $ 4,384 $ (2,041 ) 2,343 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 23,827 November 30, 2019 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,550 $ (1,088 ) $ 2,462 Technology - customized applications 834 (575 ) 259 Total intangible assets subject to amortization $ 4,384 $ (1,663 ) 2,721 Intangibles not subject to amortization: Trade names 9,338 Goodwill 14,117 Total goodwill and other intangible assets $ 26,176 Due to the impact of the COVID- 19 May 30, 2020, second November 28, 2020. fourth no The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, and an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 820, Fair Value Measurements and Disclosure 4 Changes in the carrying amounts of goodwill by reportable segment were as follows: Wholesale Retail Logistics Total Balance as of November 24, 2018 $ 9,188 $ 1,926 $ 4,929 $ 16,043 Goodwill impairment - (1,926 ) - (1,926 ) Balance as of November 30, 2019 9,188 - 4,929 14,117 Goodwill impairment (1,971 ) - - (1,971 ) Balance as of November 28, 2020 $ 7,217 $ - $ 4,929 $ 12,146 Accumulated impairment losses at November 28, 2020 November 30, 2019 November 24, 2018. The weighted average useful lives of our finite-lived intangible assets and remaining amortization periods as of November 28, 2020 Useful Life Remaining Customer relationships 14 9 Technology - customized applications 7 1 Amortization expense associated with intangible assets during fiscal 2020, 2019 2018 2020, 2019 2018, 3 November 28, 2020 Fiscal 2021 $ 378 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Fiscal 2025 259 Thereafter 909 Total $ 2,343 |
Note 9 - Bank Credit Facility
Note 9 - Bank Credit Facility | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Bank Credit Facility Bank Credit Facility Our bank credit facility, which was amended effective June 15, 2020, December 31, 2020, November 28, 2020, November 28, 2020 June 15, 2020 2020. 2021. January 31, 2022. Total interest paid, including the interest component of financing lease payments, during fiscal 2020, 2019 2018 |
Note 10 - Post-employment Benef
Note 10 - Post-employment Benefit Obligations | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 10. Post-Employment Benefit Obligations Management Savings Plan On May 1, 2017, The Plan is an account-based plan under which (i) participants may may one may 1 2 3 five third 2017. 1 third 2 63 3 2020, 2019 2018, November 28, 2020 November 30, 2019 On May 2, 2017, first 63 63, not During fiscal 2020, 2019 2018, November 28, 2020, Supplemental Retirement Income Plan We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one November 28, 2020 no Aggregated summarized information for the Supplemental Plan and the LTC Awards, measured as of the end of each year presented, is as follows: 2020 2019 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 10,090 $ 11,652 Service cost 172 190 Interest cost 268 441 Actuarial (gains) and losses 345 (1,172 ) Benefits paid (804 ) (1,021 ) Projected benefit obligation at end of year $ 10,071 $ 10,090 Accumulated Benefit Obligation $ 10,034 $ 9,998 Discount rate used to value the ending benefit obligations: 2.00 % 2.75 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 613 $ 655 Noncurrent liabilities 9,458 9,435 Total amounts recognized $ 10,071 $ 10,090 Amounts recognized in accumulated other comprehensive income: Prior service cost $ 480 $ 606 Actuarial loss 1,394 1,055 Net amount recognized $ 1,874 $ 1,661 Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ 785 $ (541 ) 2020 2019 2018 Components of Net Periodic Pension Cost: Service cost $ 172 $ 190 $ 196 Interest cost 268 441 418 Amortization of transition obligation - - 42 Amortization of prior service cost 126 126 126 Amortization of other loss 8 183 262 Net periodic pension cost $ 574 $ 940 $ 1,044 Assumptions used to determine net periodic pension cost: Discount rate 2.75 % 4.00 % 3.50 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % Estimated Future Benefit Payments (with mortality): Fiscal 2021 613 Fiscal 2022 817 Fiscal 2023 778 Fiscal 2024 737 Fiscal 2025 775 Fiscal 2026 through 2030 3,499 Of the $1,874 recognized in accumulated other comprehensive income at November 28, 2020, 2021 Prior service cost $ 126 Other loss 59 Total expected to be amortized to net periodic pension cost in 2021 $ 185 The components of net periodic pension cost other than the service cost component are included in other loss, net in our consolidated statements of operations. Deferred Compensation Plan We have an unfunded Deferred Compensation Plan that covers one no 2020, 2019, 2018, November 28, 2020 November 30, 2019, 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% of up to 8% of gross pay, regardless of years of service. During fiscal 2020, six 19 fourth 2020, 2019 2018, |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the fiscal years ended November 28, 2020 November 30, 2019, Balance at November 24, 2018 $ (2,338 ) Actuarial gains 1,172 Net pension amortization reclassified from accumulated other comprehensive loss 308 Tax effects (378 ) Balance at November 30, 2019 (1,236 ) Actuarial losses (345 ) Net pension amortization reclassified from accumulated other comprehensive loss 133 Tax effects 54 Balance at November 28, 2020 $ (1,394 ) |
Note 12 - Capital Stock and Sto
Note 12 - Capital Stock and Stock Compensation | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. 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 2020, 2019 2018 2020 2019 2018 Stock based compensation expense $ 420 $ 958 $ 1,133 Incentive Stock Compensation Plans On April 14, 2010, 2010 January 13, 2016 ( “2010 2010 2010 April 2020 no The fair value of each option award was 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 utilized 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 new grants of options made in 2020, 2019 2018. Changes in the outstanding options under our plans during the year ended November 28, 2020 Number of Shares Weighted Outstanding at November 30, 2019 5,250 $ 8.02 Granted - - Exercised - - Forfeited/Expired - - Outstanding at November 28, 2020 5,250 8.02 Exercisable at November 28, 2020 5,250 $ 8.02 All remaining options outstanding at November 28, 2020 November 28, 2020. Additional information regarding activity in our stock options during fiscal 2020, 2019 2018 2020 2019 2018 Total intrinsic value of options exercised $ - $ 34 $ 75 Total cash received from the exercise of options - 25 27 Excess tax benefits recognized in income tax expense upon the exercise of options - 6 16 Restricted Shares Changes in the outstanding non-vested restricted shares during the year ended November 28, 2020 Number of Shares Weighted Non-vested restricted shares outstanding at November 30, 2019 90,153 $ 29.06 Granted - - Vested (48,653 ) 27.30 Forfeited (7,000 ) 19.03 Non-vested restricted shares outstanding at November 28, 2020 34,500 $ 33.58 During fiscal 2020, 2020 2018, 2020, 2019 2018, Additional information regarding our outstanding non-vested restricted shares at November 28, 2020 Remaining Restricted Share Value Restriction Grant Shares at Grant Date Period Date Outstanding Per Share (Years) January 11, 2018 31,000 $ 35.75 0.1 October 9, 2019 3,500 14.37 1.9 34,500 Unrecognized compensation cost related to these non-vested restricted shares at November 28, 2020 two Employee Stock Purchase Plan In March 2017 2017 “2017 2017 2020, 2019 2018, 2017 November 28, 2020. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 3 . Income Taxes The components of the income tax provision are as follows: 2020 2019 2018 Current: Federal $ (8,486 ) $ 2,150 $ (1,137 ) State 155 892 462 Deferred: Federal 2,457 (2,191 ) 4,747 State (491 ) (663 ) (84 ) Total $ (6,365 ) $ 188 $ 3,988 On March 27, 2020 2018, 2019 2020 five November 28, 2020 21% 35%. On December 22, 2017, January 1, 2018 January 1, 2018. 2018 21% 2019 2018 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: 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 22.2 % CARES Act benefit 21.1 - - Revaluation of deferred tax assets resulting from new enacted rates - - 10.9 State income tax, net of federal benefit 1.7 (14.0 ) 4.6 Impairment of non-deductible goodwill (2.5 ) (23.2 ) - Excess tax benefit from stock-based compensation (0.6 ) 0.3 (1.5 ) Other (2.8 ) 5.1 (3.5 ) Effective income tax rate 37.9 % (10.8 )% 32.7 % Excess tax (expense) benefits in the amount of $(114), $22 and $223 were recognized as a component of income tax expense during fiscal 2020, 2019 2018, 2020 2019 no 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 28, 2020 November 30, 2019 Deferred income tax assets: Trade accounts receivable $ 303 $ 207 Inventories 3,086 2,487 Notes receivable 44 44 Post employment benefit obligations 3,260 3,241 State net operating loss carryforwards 1,321 193 Unrealized loss from affiliates - 81 Leases 5,850 3,753 Other 1,856 1,828 Gross deferred income tax assets 15,720 11,834 Valuation allowance - - Total deferred income tax assets 15,720 11,834 Deferred income tax liabilities: Property and equipment 8,746 4,288 Intangible assets 1,404 1,114 Prepaid expenses and other 983 688 Total deferred income tax liabilities 11,133 6,090 Net deferred income tax assets $ 4,587 $ 5,744 We have state net operating loss carryforwards available to offset future taxable state income of $26,407, which expire in varying amounts between 2022 and 2027. Income taxes paid, net of refunds received, during fiscal 2020, 2019 2018 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 28, 2020 November 30, 2019 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 2017 2020 |
Note 14 - Other Gains and Losse
Note 14 - Other Gains and Losses | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Other Gains and Losses [Text Block] | 14. Other Gains and Losses Gains on Dispositions of Retail Store Location s Selling, general and administrative expenses for the year ended November 28, 2020 Selling, general and administrative expenses for the year ended November 24, 2018 October 2018 November 2018. Early Retirement Program During the first 2019, one one November 30, 2019. November 28, 2020 November 30, 2019, Asset Impairment Charges and Lease Exit Costs During fiscal 2020 five May. During fiscal 2019, six During fiscal 2018 one Litigation Expense During fiscal 2020 2019 16 Gains from Company-Owned Life Insurance Other loss, net for the fiscal 2020, 2019 2018 |
Note 15 - Leases and Lease Guar
Note 15 - Leases and Lease Guarantees | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 15. Leases and Lease Guarantees Leases Fiscal 2020 Effective as of the beginning of fiscal 2020, 2016 02, 842 2 842 Supplemental balance sheet information related to our leases as of November 28, 2020 Operating leases: Right of use assets $ 116,903 Lease liabilties, short-term 27,078 Lease liabilties, long-term 111,972 Finance leases: Right of use assets (1) $ 2,623 Lease liabilties, short-term (2) 534 Lease liabilties, long-term (3) 1,862 ( 1 Included in property & equipment, net in our consolidated balance sheet. ( 2 Included in other current liabilites and accrued expenses in our consolidated balance sheet. ( 3 Included in other long-term liabilites and accrued expenses in our consolidated balance sheet. Our right-of-use assets under operating leases by segment as of November 28, 2020 Wholesale $ 10,232 Retail 90,487 Logistical services 16,184 Total right of use assets $ 116,903 The components of our lease cost for the year ended November 28, 2020 Operating lease cost $ 33,207 Financing lease cost: Amortization of right-of-use assets 213 Interest on lease liabilities 49 Short-term lease cost 2,040 Variable lease cost (net of abatements received) (605 ) Sublease income (1,557 ) Total lease cost $ 33,347 Supplemental lease disclosures as of November 28, 2020 Operating Financing For the year ended November 28, 2020: Cash paid for amounts included in the measurements of lease liabilities $ 35,310 $ 260 Lease liabilities arising from new right-of-use assets 10,804 2,623 As of November 28, 2020: Weighted average remaining lease terms (years) 6.2 4.3 Weighted average discount rates 4.98 % 4.43 % Future payments under our leases and the present value of the obligations as of November 28, 2020 Operating Leases Financing Leases Fiscal 2021 $ 33,265 $ 629 Fiscal 2022 30,829 629 Fiscal 2023 25,586 629 Fiscal 2024 18,732 517 Fiscal 2025 15,423 197 Thereafter 38,237 33 Total lease payments 162,072 2,634 Less: interest 23,022 238 Total lease obligations $ 139,050 $ 2,396 As of November 28, 2020, twenty-four first 2021 seven We sublease a small number of our leased locations to certain of our licensees for operation as BHF network stores. The terms of these leases generally match those of the lease we have with the lessor. Minimum future lease payments due to us under these subleases are as follows: Fiscal 2021 $ 1,276 Fiscal 2022 1,086 Fiscal 2023 769 Fiscal 2024 664 Fiscal 2025 599 Thereafter 156 Total minimum future rental income $ 4,550 We negotiated with a number of our landlords to obtain relief in the form of rent deferrals or abatements of rent as a result of the effects of COVID- 19 November 28, 2020, 2021 842 840: 19 April 2020, 19 not no not no November 28, 2020, Fiscal 20 19 2018 Prior to the adoption of Topic 842, 840, 840 not November 30, 2019. 2019 2018 no Lease expense was $41,809 and $38,970 for 2019 2018, November 30, 2019, Real estate rental net loss (rental income less lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was $156 and $23 in 2019 2018, 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 November 28, 2020 November 30, 2019, 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 28, 2020 November 30, 2019, not |
Note 16 - Contingencies
Note 16 - Contingencies | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 16. 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 November 28, 2020 November 30, 2019, |
Note 17 - Earnings (Loss) Per S
Note 17 - Earnings (Loss) Per Share | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share: 2020 2019 2018 Numerator: Net income (loss) $ (10,421 ) $ (1,928 ) $ 8,218 Denominator: Denominator for basic income per share - weighted average shares 9,969,616 10,285,511 10,651,351 Effect of dilutive securities* - - 40,424 Denominator for diluted income per share — weighted average shares and assumed conversions 9,969,616 10,285,511 10,691,775 Basic income (loss) per share: Net income (loss) per share — basic $ (1.05 ) $ (0.19 ) $ 0.77 Diluted income (loss) per share: Net income (loss) per share — diluted $ (1.05 ) $ (0.19 ) $ 0.77 *Due to the net losses in 2020 2019, For fiscal 2020, 2019 2018, 2020 2019 2018 Unvested restricted shares 34,500 90,153 45,036 Stock options 5,250 5,250 - |
Note 18 - Segment Information
Note 18 - Segment Information | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18. Segment Information We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting ● Wholesale. ● Retail – Company-owned s tores. ● Logistical services . 2015, 2020, 2019 2018, 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 2020 2019 2018 Net Sales Wholesale $ 221,075 $ 261,105 $ 255,958 Retail 211,944 268,693 268,883 Logistical services 75,158 80,074 82,866 Inter-company eliminations: Furniture and accessories (95,347 ) (125,933 ) (122,372 ) Logistical services (26,967 ) (31,852 ) (28,480 ) Consolidated $ 385,863 $ 452,087 $ 456,855 Income (loss) from Operations Wholesale $ 4,587 $ 11,456 $ 12,274 Retail (9,497 ) (7,009 ) (312 ) Logistical services 1,245 1,855 1,398 Inter-company elimination 2,647 1,144 1,494 Asset impairment charges (12,184 ) (4,431 ) (469 ) Goodwill impairment charge (1,971 ) (1,926 ) - Early retirement program - (835 ) - Litigation expense (1,050 ) (700 ) - Lease exit costs - (149 ) (301 ) Consolidated income from operations $ (16,223 ) $ (595 ) $ 14,084 Depreciation and Amortization Wholesale $ 3,125 $ 3,178 $ 3,038 Retail 6,578 6,303 6,096 Logistical services 3,777 4,019 4,069 Consolidated $ 13,480 $ 13,500 $ 13,203 Capital Expenditures Wholesale $ 2,434 $ 5,650 $ 4,194 Retail 695 8,473 12,769 Logistical services 2,900 3,627 1,338 Consolidated $ 6,029 $ 17,750 $ 18,301 Identifiable Assets Wholesale $ 176,243 $ 144,392 $ 144,209 Retail 169,105 91,997 96,241 Logistical services 57,201 39,377 51,191 Consolidated $ 402,549 $ 275,766 $ 291,641 A breakdown of wholesale sales by product category for each of the last three 2020 2019 2018 Bassett Custom Upholstery $ 128,200 58.0 % $ 152,415 58.4 % $ 141,321 55.2 % Bassett Leather 21,436 9.7 % 19,220 7.4 % 21,589 8.4 % Bassett Custom Wood 39,311 17.8 % 46,082 17.6 % 46,074 18.0 % Bassett Casegoods 32,128 14.5 % 40,920 15.7 % 42,875 16.8 % Accessories (1) - 0.0 % 2,468 0.9 % 4,099 1.6 % Total $ 221,075 100.0 % $ 261,105 100.0 % $ 255,958 100.0 % ( 1 third 2019, no third third |
Note 19 - Quarterly Results of
Note 19 - Quarterly Results of Operations | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. Quarterly Results of Operations 2020 First Second Third Fourth Sales revenue: Furniture and accessories $ 98,942 $ 53,000 $ 80,341 $ 105,389 Logistics 13,178 10,801 11,218 12,994 Total sales revenue 112,120 63,801 91,559 118,383 Cost of furniture and accessories sold 45,270 29,452 38,418 50,427 Income (loss) from operations 2,210 (31,229 ) 2,747 10,049 Net income (loss) 1,210 (20,352 ) 2,178 6,543 Basic earnings (loss) per share 0.12 (2.04 ) 0.22 0.65 Diluted earnings (loss) per share 0.12 (2.04 ) 0.22 0.65 2019 First Second Third Fourth Sales revenue: Furniture and accessories $ 107,357 $ 95,824 $ 98,369 $ 102,315 Logistics 13,484 12,366 11,050 11,322 Total sales revenue 120,841 108,190 109,419 113,637 Cost of furniture and accessories sold 49,177 42,530 42,246 45,291 Income from operations 949 701 3,400 (5,645 ) Net income 608 445 2,157 (5,138 ) Basic earnings per share 0.06 0.04 0.21 (0.50 ) Diluted earnings per share 0.06 0.04 0.21 (0.50 ) The first 2019 14 2020 2019 13 ( 1 Loss from operations reflects the severe impact of the COVID- 19 1 8 14 35% 13 ( 2 Net income includes a non-taxable gain of $914 arising from the recognition of a death benefit from Company-owned life insurance (see Note 14 ( 3 Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 14 ( 4 Income from operations includes a charge of $835 arising from certain eligible employees’ acceptance of voluntary early retirement package (see Note 14 ( 5 Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8 14 |
Schedule II - Analysis of Valua
Schedule II - Analysis of Valuation and Qualifying Accounts | 12 Months Ended |
Nov. 28, 2020 | |
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 28, 2020, November 30, 2019 November 24, 2018 (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 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 For the Year Ended November 30, 2019: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 754 $ 61 $ - $ 815 Notes receivable valuation reserves $ 377 $ - $ (18 ) $ - $ 359 For the Year Ended November 28, 2020: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 815 $ 492 $ (96 ) $ - $ 1,211 Notes receivable valuation reserves $ 359 $ - $ (18 ) $ - $ 341 ( 1 ( 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 28, 2020 | |
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 2019 53 2020 2018 52 2020, 2019 2018 November 28, 2020, November 30, 2019 November 24, 2018, 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 15 810. 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, the valuation of our reporting units for the purpose of testing the carrying value of goodwill, valuation of income tax reserves, lease guarantees, insurance reserves, assumptions related to our post-employment benefit obligations and the valuation of our right of use assets. Actual results could differ from those estimates. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We adopted ASU 2014 09, 606 606" November 25, 2018, 2019 606 At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. We offer payment terms varying from 30 to 60 days for wholesale customers. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The contracts with our licensee store owners do not At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. We typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $39,762 and $25,341 as of November 28, 2020 November 30, 2019, November 30, 2019 2020 November 28, 2020. third third For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not November 28, 2020 November 30, 2019, Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one November 28, 2020 November 30, 2019, not We adopted ASC 606 not November 24, 2018 not 606 not Upon adoption of ASC 606, • We exclude from revenue amounts collected from customers for sales tax, which is consistent with our policy prior to the adoption of ASC 606. • We do not one • We do not one See Note 18, |
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 |
Receivable [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 28, 2020 November 30, 2019, 2020 2019 Accounts receivable, net of allowances (Note 5) $ 22,340 $ 21,378 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) 1,760 1,751 Other 376 168 Total credit risk exposure related to customers $ 24,476 $ 23,297 At November 28, 2020 November 30, 2019, five 2020, 2019 2018, 10% two 2020, 2019 2018, We have no 2020, 2019, 2018, |
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 November 28, 2020 November 30, 2019, 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 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. |
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, first not 350 No. 2017 04, Intangibles – Goodwill and Other (Topic 350 September 1, 2019). not 50 not not not 2019, 2018, November 30, 2019. May 30, 2020 19 second 2020. November 28, 2020. fourth 2020, no November 28, 2020. The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not 3 820, Fair Value Measurements and Disclosure 4 may 8 September 1, 2019 May 30, 2020. |
Lessee, Leases [Policy Text Block] | Leases Effective as of the beginning of fiscal 2020, 2016 02, 842 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 used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one five Most of our leases do not not We adopted the standard utilizing the transition election to not 1 2 3 not not not one Adoption of the standard resulted in the recording of additional net lease-related assets and lease-related liabilities of $146,585 and $151,672, respectively, as of December 1, 2019. 3 820, 3 not Prior to fiscal 2020, 840, See Note 15 |
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. ROU assets under operating leases are written down to their estimated fair value. Our estimates of the fair value of the impaired ROU assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 820, 3 |
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 13. 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” 13. |
New Store Pre Opening Costs [Policy Text Block] | New Store Pre-Opening Costs Income from operations for fiscal 2020, 2019 2018 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 $14,779, $18,402, and $17,511 for fiscal 2020, 2019 2018, 2020, 2019 2018, |
Advertising Cost [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 $12,671, $20,674, and $20,922 in fiscal 2020, 2019, 2018, |
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 Refer to the supplemental lease disclosures in Note 15 2020. no 2020 2018. fourth 2019, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Pronouncements Effective as of the beginning of fiscal 2020, No. 2016 02, 842 2016 02 2018 01, 2018 10, 2018 11 2018 20 15 Recent Pronouncements Not In June 2016, No. 2016 13, 326 2016 13” 2016 13 2016 13 December 15, 2019, 2016 13 2021 In August 2018, No. 2018 15, No. 2018 15 350 40 2018 15 not 2018 15. 2018 15 2021 In December 2019, No. 2019 12 740 2019 12 2019 12 2019 12 2022 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule Of Aggregate Exposure From Receivables And Guarantees Related To Customers [Table Text Block] | 2020 2019 Accounts receivable, net of allowances (Note 5) $ 22,340 $ 21,378 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) 1,760 1,751 Other 376 168 Total credit risk exposure related to customers $ 24,476 $ 23,297 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
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 |
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. 28, 2020 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | November 28, 2020 November 30, 2019 Gross accounts receivable $ 23,551 $ 22,193 Allowance for doubtful accounts (1,211 ) (815 ) Net accounts receivable $ 22,340 $ 21,378 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | 2020 2019 Balance, beginning of the year $ 815 $ 754 Additions charged to expense 492 61 Reductions to allowance, net (96 ) - Balance, end of the year $ 1,211 $ 815 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 28, November 30, Wholesale finished goods $ 25,001 $ 27,792 Work in process 516 733 Raw materials and supplies 14,836 17,293 Retail merchandise 27,946 31,534 Total inventories on first-in, first-out method 68,299 77,352 LIFO adjustment (8,891 ) (8,688 ) Reserve for excess and obsolete inventory (4,522 ) (2,362 ) $ 54,886 $ 66,302 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 24, 2018 $ 1,500 $ 266 $ 1,766 Additions charged to expense 1,881 373 2,254 Write-offs (1,327 ) (331 ) (1,658 ) Balance at November 30, 2019 2,054 308 2,362 Additions charged to expense 3,745 1,177 4,922 Write-offs (2,378 ) (384 ) (2,762 ) Balance at November 28, 2020 $ 3,421 $ 1,101 $ 4,522 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 28, November 30, Land $ 9,478 $ 9,478 Buildings and leasehold improvements 114,961 126,085 Machinery and equipment 118,112 115,131 Property and equipment at cost 242,551 250,694 Less accumulated depreciation (151,634 ) (148,970 ) Property and equipment, net $ 90,917 $ 101,724 |
Schedule of Property Plant and Equipment by Reporting Segment [Table Text Block] | November 28, November 30, Wholesale $ 26,999 $ 28,993 Retail - Company-owned stores 44,820 55,625 Logistical Services 19,098 17,106 Total property and equipment, net $ 90,917 $ 101,724 |
Schedule of Depreciation [Table Text Block] | 2020 2019 2018 Cost of goods sold (wholesale segment) $ 1,552 $ 1,402 $ 1,264 Selling, general and adminstrative expenses: Wholesale segment 1,516 1,672 1,666 Retail segment 6,578 7,479 7,060 Logistical services segment 3,454 3,697 3,747 Total included in selling, general and adminstrative expenses 11,548 12,848 12,473 Total depreciation expense included in income from operations $ 13,100 $ 14,250 $ 13,737 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | November 28, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,550 $ (1,346 ) $ 2,204 Technology - customized applications 834 (695 ) 139 Total intangible assets subject to amortization $ 4,384 $ (2,041 ) 2,343 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 23,827 November 30, 2019 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 3,550 $ (1,088 ) $ 2,462 Technology - customized applications 834 (575 ) 259 Total intangible assets subject to amortization $ 4,384 $ (1,663 ) 2,721 Intangibles not subject to amortization: Trade names 9,338 Goodwill 14,117 Total goodwill and other intangible assets $ 26,176 |
Schedule of Goodwill [Table Text Block] | Wholesale Retail Logistics Total Balance as of November 24, 2018 $ 9,188 $ 1,926 $ 4,929 $ 16,043 Goodwill impairment - (1,926 ) - (1,926 ) Balance as of November 30, 2019 9,188 - 4,929 14,117 Goodwill impairment (1,971 ) - - (1,971 ) Balance as of November 28, 2020 $ 7,217 $ - $ 4,929 $ 12,146 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Useful Life Remaining Customer relationships 14 9 Technology - customized applications 7 1 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal 2021 $ 378 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Fiscal 2025 259 Thereafter 909 Total $ 2,343 |
Note 10 - Post-employment Ben_2
Note 10 - Post-employment Benefit Obligations (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2020 2019 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 10,090 $ 11,652 Service cost 172 190 Interest cost 268 441 Actuarial (gains) and losses 345 (1,172 ) Benefits paid (804 ) (1,021 ) Projected benefit obligation at end of year $ 10,071 $ 10,090 Accumulated Benefit Obligation $ 10,034 $ 9,998 Discount rate used to value the ending benefit obligations: 2.00 % 2.75 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 613 $ 655 Noncurrent liabilities 9,458 9,435 Total amounts recognized $ 10,071 $ 10,090 Amounts recognized in accumulated other comprehensive income: Prior service cost $ 480 $ 606 Actuarial loss 1,394 1,055 Net amount recognized $ 1,874 $ 1,661 Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ 785 $ (541 ) |
Schedule of Net Benefit Costs [Table Text Block] | 2020 2019 2018 Components of Net Periodic Pension Cost: Service cost $ 172 $ 190 $ 196 Interest cost 268 441 418 Amortization of transition obligation - - 42 Amortization of prior service cost 126 126 126 Amortization of other loss 8 183 262 Net periodic pension cost $ 574 $ 940 $ 1,044 Assumptions used to determine net periodic pension cost: Discount rate 2.75 % 4.00 % 3.50 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % Estimated Future Benefit Payments (with mortality): Fiscal 2021 613 Fiscal 2022 817 Fiscal 2023 778 Fiscal 2024 737 Fiscal 2025 775 Fiscal 2026 through 2030 3,499 |
Schedule of Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Table Text Block] | Prior service cost $ 126 Other loss 59 Total expected to be amortized to net periodic pension cost in 2021 $ 185 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance at November 24, 2018 $ (2,338 ) Actuarial gains 1,172 Net pension amortization reclassified from accumulated other comprehensive loss 308 Tax effects (378 ) Balance at November 30, 2019 (1,236 ) Actuarial losses (345 ) Net pension amortization reclassified from accumulated other comprehensive loss 133 Tax effects 54 Balance at November 28, 2020 $ (1,394 ) |
Note 12 - Capital Stock and S_2
Note 12 - Capital Stock and Stock Compensation (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2020 2019 2018 Stock based compensation expense $ 420 $ 958 $ 1,133 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Outstanding at November 30, 2019 5,250 $ 8.02 Granted - - Exercised - - Forfeited/Expired - - Outstanding at November 28, 2020 5,250 8.02 Exercisable at November 28, 2020 5,250 $ 8.02 |
Schedule of Share-based Compensation, Summary of Additional Stock Option Information [Table Text Block] | 2020 2019 2018 Total intrinsic value of options exercised $ - $ 34 $ 75 Total cash received from the exercise of options - 25 27 Excess tax benefits recognized in income tax expense upon the exercise of options - 6 16 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Weighted Non-vested restricted shares outstanding at November 30, 2019 90,153 $ 29.06 Granted - - Vested (48,653 ) 27.30 Forfeited (7,000 ) 19.03 Non-vested restricted shares outstanding at November 28, 2020 34,500 $ 33.58 |
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 11, 2018 31,000 $ 35.75 0.1 October 9, 2019 3,500 14.37 1.9 34,500 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 Current: Federal $ (8,486 ) $ 2,150 $ (1,137 ) State 155 892 462 Deferred: Federal 2,457 (2,191 ) 4,747 State (491 ) (663 ) (84 ) Total $ (6,365 ) $ 188 $ 3,988 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 22.2 % CARES Act benefit 21.1 - - Revaluation of deferred tax assets resulting from new enacted rates - - 10.9 State income tax, net of federal benefit 1.7 (14.0 ) 4.6 Impairment of non-deductible goodwill (2.5 ) (23.2 ) - Excess tax benefit from stock-based compensation (0.6 ) 0.3 (1.5 ) Other (2.8 ) 5.1 (3.5 ) Effective income tax rate 37.9 % (10.8 )% 32.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 28, 2020 November 30, 2019 Deferred income tax assets: Trade accounts receivable $ 303 $ 207 Inventories 3,086 2,487 Notes receivable 44 44 Post employment benefit obligations 3,260 3,241 State net operating loss carryforwards 1,321 193 Unrealized loss from affiliates - 81 Leases 5,850 3,753 Other 1,856 1,828 Gross deferred income tax assets 15,720 11,834 Valuation allowance - - Total deferred income tax assets 15,720 11,834 Deferred income tax liabilities: Property and equipment 8,746 4,288 Intangible assets 1,404 1,114 Prepaid expenses and other 983 688 Total deferred income tax liabilities 11,133 6,090 Net deferred income tax assets $ 4,587 $ 5,744 |
Note 15 - Leases and Lease Gu_2
Note 15 - Leases and Lease Guarantees (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Lessee, Supplemental Balance Sheet Information [Table Text Block] | Operating leases: Right of use assets $ 116,903 Lease liabilties, short-term 27,078 Lease liabilties, long-term 111,972 Finance leases: Right of use assets (1) $ 2,623 Lease liabilties, short-term (2) 534 Lease liabilties, long-term (3) 1,862 Wholesale $ 10,232 Retail 90,487 Logistical services 16,184 Total right of use assets $ 116,903 |
Lease, Cost [Table Text Block] | Operating lease cost $ 33,207 Financing lease cost: Amortization of right-of-use assets 213 Interest on lease liabilities 49 Short-term lease cost 2,040 Variable lease cost (net of abatements received) (605 ) Sublease income (1,557 ) Total lease cost $ 33,347 |
Supplemental Lease Disclosures [Table Text Block] | Operating Financing For the year ended November 28, 2020: Cash paid for amounts included in the measurements of lease liabilities $ 35,310 $ 260 Lease liabilities arising from new right-of-use assets 10,804 2,623 As of November 28, 2020: Weighted average remaining lease terms (years) 6.2 4.3 Weighted average discount rates 4.98 % 4.43 % |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Financing Leases Fiscal 2021 $ 33,265 $ 629 Fiscal 2022 30,829 629 Fiscal 2023 25,586 629 Fiscal 2024 18,732 517 Fiscal 2025 15,423 197 Thereafter 38,237 33 Total lease payments 162,072 2,634 Less: interest 23,022 238 Total lease obligations $ 139,050 $ 2,396 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Fiscal 2021 $ 1,276 Fiscal 2022 1,086 Fiscal 2023 769 Fiscal 2024 664 Fiscal 2025 599 Thereafter 156 Total minimum future rental income $ 4,550 |
Note 17 - Earnings (Loss) Per_2
Note 17 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 2018 Numerator: Net income (loss) $ (10,421 ) $ (1,928 ) $ 8,218 Denominator: Denominator for basic income per share - weighted average shares 9,969,616 10,285,511 10,651,351 Effect of dilutive securities* - - 40,424 Denominator for diluted income per share — weighted average shares and assumed conversions 9,969,616 10,285,511 10,691,775 Basic income (loss) per share: Net income (loss) per share — basic $ (1.05 ) $ (0.19 ) $ 0.77 Diluted income (loss) per share: Net income (loss) per share — diluted $ (1.05 ) $ (0.19 ) $ 0.77 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2020 2019 2018 Unvested restricted shares 34,500 90,153 45,036 Stock options 5,250 5,250 - |
Note 18 - Segment Information (
Note 18 - Segment Information (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2020 2019 2018 Net Sales Wholesale $ 221,075 $ 261,105 $ 255,958 Retail 211,944 268,693 268,883 Logistical services 75,158 80,074 82,866 Inter-company eliminations: Furniture and accessories (95,347 ) (125,933 ) (122,372 ) Logistical services (26,967 ) (31,852 ) (28,480 ) Consolidated $ 385,863 $ 452,087 $ 456,855 Income (loss) from Operations Wholesale $ 4,587 $ 11,456 $ 12,274 Retail (9,497 ) (7,009 ) (312 ) Logistical services 1,245 1,855 1,398 Inter-company elimination 2,647 1,144 1,494 Asset impairment charges (12,184 ) (4,431 ) (469 ) Goodwill impairment charge (1,971 ) (1,926 ) - Early retirement program - (835 ) - Litigation expense (1,050 ) (700 ) - Lease exit costs - (149 ) (301 ) Consolidated income from operations $ (16,223 ) $ (595 ) $ 14,084 Depreciation and Amortization Wholesale $ 3,125 $ 3,178 $ 3,038 Retail 6,578 6,303 6,096 Logistical services 3,777 4,019 4,069 Consolidated $ 13,480 $ 13,500 $ 13,203 Capital Expenditures Wholesale $ 2,434 $ 5,650 $ 4,194 Retail 695 8,473 12,769 Logistical services 2,900 3,627 1,338 Consolidated $ 6,029 $ 17,750 $ 18,301 Identifiable Assets Wholesale $ 176,243 $ 144,392 $ 144,209 Retail 169,105 91,997 96,241 Logistical services 57,201 39,377 51,191 Consolidated $ 402,549 $ 275,766 $ 291,641 |
Wholesale Revenue by Major Product Category [Table Text Block] | 2020 2019 2018 Bassett Custom Upholstery $ 128,200 58.0 % $ 152,415 58.4 % $ 141,321 55.2 % Bassett Leather 21,436 9.7 % 19,220 7.4 % 21,589 8.4 % Bassett Custom Wood 39,311 17.8 % 46,082 17.6 % 46,074 18.0 % Bassett Casegoods 32,128 14.5 % 40,920 15.7 % 42,875 16.8 % Accessories (1) - 0.0 % 2,468 0.9 % 4,099 1.6 % Total $ 221,075 100.0 % $ 261,105 100.0 % $ 255,958 100.0 % |
Note 19 - Quarterly Results o_2
Note 19 - Quarterly Results of Operations (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 First Second Third Fourth Sales revenue: Furniture and accessories $ 98,942 $ 53,000 $ 80,341 $ 105,389 Logistics 13,178 10,801 11,218 12,994 Total sales revenue 112,120 63,801 91,559 118,383 Cost of furniture and accessories sold 45,270 29,452 38,418 50,427 Income (loss) from operations 2,210 (31,229 ) 2,747 10,049 Net income (loss) 1,210 (20,352 ) 2,178 6,543 Basic earnings (loss) per share 0.12 (2.04 ) 0.22 0.65 Diluted earnings (loss) per share 0.12 (2.04 ) 0.22 0.65 2019 First Second Third Fourth Sales revenue: Furniture and accessories $ 107,357 $ 95,824 $ 98,369 $ 102,315 Logistics 13,484 12,366 11,050 11,322 Total sales revenue 120,841 108,190 109,419 113,637 Cost of furniture and accessories sold 49,177 42,530 42,246 45,291 Income from operations 949 701 3,400 (5,645 ) Net income 608 445 2,157 (5,138 ) Basic earnings per share 0.06 0.04 0.21 (0.50 ) Diluted earnings per share 0.06 0.04 0.21 (0.50 ) |
Schedule II - Analysis of Val_2
Schedule II - Analysis of Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
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 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 For the Year Ended November 30, 2019: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 754 $ 61 $ - $ 815 Notes receivable valuation reserves $ 377 $ - $ (18 ) $ - $ 359 For the Year Ended November 28, 2020: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 815 $ 492 $ (96 ) $ - $ 1,211 Notes receivable valuation reserves $ 359 $ - $ (18 ) $ - $ 341 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | Nov. 28, 2020 |
Number of Stores | 97 |
Percent Of Wholesale Products Sourced From Other Countries | 24.00% |
Number Of Domestic Manufacturing Facilities | 5 |
Company-owned Retail Stores [Member] | |
Number of Stores | 63 |
Licensee Operated Retail Stores [Member] | |
Number of Stores | 34 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
May 30, 2020USD ($) | Nov. 30, 2019USD ($)shares | Nov. 28, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 24, 2018USD ($) | Dec. 01, 2019USD ($) | |
Contract with Customer, Liability, Total | $ 25,341 | $ 39,762 | $ 25,341 | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 441 | $ 783 | $ 441 | |||
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers | 28.00% | 24.00% | 28.00% | |||
Percentage of LIFO Inventory | 52.00% | 53.00% | 52.00% | |||
Goodwill, Impairment Loss | $ 1,971 | $ 1,926 | $ 1,971 | $ 1,926 | $ 0 | |
Retained Earnings (Accumulated Deficit), Ending Balance | 129,130 | 109,710 | 129,130 | |||
Pre-Opening Costs | 0 | 1,117 | 2,081 | |||
Advertising Expense | 12,671 | 20,674 | 20,922 | |||
Payments to Acquire Fixed Assets and Inventory | 2,225 | |||||
Stock Issued During Period, Value, Purchase of Fixed Assets and Inventory | $ 375 | |||||
Stock Issued During Period, Shares, Purchase of Fixed Assets and Inventory (in shares) | shares | 24,590 | |||||
Deliver Wholesale Merchandise to Customers [Member] | ||||||
Selling, General and Administrative Expense, Delivery Costs | $ 18,402 | 14,779 | 18,402 | 17,511 | ||
Deliver Retail Merchandise to Customers [Member] | ||||||
Selling, General and Administrative Expense, Delivery Costs | 23,710 | 19,024 | 23,710 | 20,640 | ||
Accounting Standards Update 2016-02 [Member] | ||||||
Lease, Right-of-Use Asset, Net | $ 146,585 | |||||
Lease, Liability, Net | 151,672 | |||||
Deferred Income Tax Liabilities, Net, Total | 1,302 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 3,785 | |||||
Non-US [Member] | ||||||
Revenues, Total | $ 789 | $ 1,846 | $ 1,587 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Number of Major Customers | 0 | 0 | 0 | |||
Sales Commissions [Member] | Other Current Assets [Member] | ||||||
Capitalized Contract Cost, Net, Total | $ 2,435 | $ 4,279 | $ 2,435 | |||
Logistical Services [Member] | ||||||
Invoice Payment Term (Day) | 30 days | |||||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||||
Logistical Services [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Number of Major Customers | 2 | 2 | 2 | |||
Concentration Risk, Percentage | 29.00% | 44.00% | 40.00% | |||
Minimum [Member] | ||||||
Payment Terms For Wholesale Customers (Day) | 30 days | |||||
Minimum [Member] | Building and Building Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||
Minimum [Member] | Machinery and Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Minimum [Member] | Real Estate Lease [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||||
Maximum [Member] | ||||||
Payment Terms For Wholesale Customers (Day) | 60 days | |||||
Maximum [Member] | Building and Building Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | |||||
Maximum [Member] | Machinery and Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||
Maximum [Member] | Real Estate Lease [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 15 years | |||||
Lessee, Operating Lease, Renewal Term (Year) | 15 years |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Accounts receivable, net of allowances (Note 5) | $ 22,340 | $ 21,378 |
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) | 1,760 | 1,751 |
Other | 376 | 168 |
Total credit risk exposure related to customers | $ 24,476 | $ 23,297 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - Acquisition of Lane Venture [Member] - USD ($) $ in Thousands | Dec. 21, 2017 | Nov. 24, 2018 |
Payments to Acquire Businesses, Gross | $ 15,556 | |
Goodwill, Purchase Accounting Adjustments | $ (76) | |
Business Combination, Acquisition Related Costs | $ 256 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | Dec. 21, 2017 |
Goodwill | $ 12,146 | $ 14,117 | $ 16,043 | |
Acquisition of Lane Venture [Member] | ||||
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 | |||
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. 28, 2020 |
Customer Relationships [Member] | ||
Useful Life (Year) | 14 years | |
Acquisition of Lane Venture [Member] | ||
Intangible assets | $ 7,360 | |
Acquisition of Lane Venture [Member] | Customer Relationships [Member] | ||
Intangible assets | $ 512 | |
Useful Life (Year) | 9 years | |
Acquisition of Lane Venture [Member] | Trade Names [Member] | ||
Intangible assets | $ 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. 28, 2020 | Nov. 30, 2019 | |
Short-term Investments, Total | $ 17,715 | $ 17,436 |
Minimum [Member] | ||
Interest Rate of Certificates of Deposit | 0.05% | |
Maximum [Member] | ||
Interest Rate of Certificates of Deposit | 2.00% | |
Weighted Average [Member] | ||
Interest Rate of Certificates of Deposit | 0.21% | |
Certificates of Deposit [Member] | ||
Short-term Investments, Total | $ 17,715 | $ 17,436 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 |
Gross accounts receivable | $ 23,551 | $ 22,193 | |
Allowance for doubtful accounts | (1,211) | (815) | $ (754) |
Net accounts receivable | $ 22,340 | $ 21,378 |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Balance, beginning of the year | $ 815 | $ 754 | |
Additions charged to expense | 492 | 61 | $ 339 |
Reductions to allowance, net | (96) | 0 | |
Balance, end of the year | $ 1,211 | $ 815 | $ 754 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Purchases From Major Vendors | $ 15,378 | $ 15,221 | $ 24,073 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 |
Wholesale finished goods | $ 25,001 | $ 27,792 | |
Work in process | 516 | 733 | |
Raw materials and supplies | 14,836 | 17,293 | |
Retail merchandise | 27,946 | 31,534 | |
Total inventories on first-in, first-out method | 68,299 | 77,352 | |
LIFO adjustment | (8,891) | (8,688) | |
Reserve for excess and obsolete inventory | (4,522) | (2,362) | $ (1,766) |
Inventory, Net, Total | $ 54,886 | $ 66,302 |
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. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Balance | $ 2,362 | $ 1,766 | |
Additions charged to expense | 4,922 | 2,254 | $ 2,309 |
Write-offs | (2,762) | (1,658) | |
Write-offs | (2,762) | (1,658) | |
Balance | 4,522 | 2,362 | 1,766 |
Operating Segments [Member] | Wholesale Segment [Member] | |||
Balance | 2,054 | 1,500 | |
Additions charged to expense | 3,745 | 1,881 | |
Write-offs | (2,378) | (1,327) | |
Write-offs | (2,378) | (1,327) | |
Balance | 3,421 | 2,054 | 1,500 |
Operating Segments [Member] | Retail Segment [Member] | |||
Balance | 308 | 266 | |
Additions charged to expense | 1,177 | 373 | |
Write-offs | (384) | (331) | |
Write-offs | (384) | (331) | |
Balance | $ 1,101 | $ 308 | $ 266 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 1,639 | $ 2,345 | $ 1,643 | $ 2,689 |
Other Current Assets [Member] | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 1,569 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Land | $ 9,478 | $ 9,478 |
Buildings and leasehold improvements | 114,961 | 126,085 |
Machinery and equipment | 118,112 | 115,131 |
Property and equipment at cost | 242,551 | 250,694 |
Less accumulated depreciation | (151,634) | (148,970) |
Property and equipment, net | $ 90,917 | $ 101,724 |
Note 7 - Property and Equipme_5
Note 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Property and equipment, net | $ 90,917 | $ 101,724 |
Wholesale Segment [Member] | ||
Property and equipment, net | 26,999 | 28,993 |
Retail Segment [Member] | ||
Property and equipment, net | 44,820 | 55,625 |
Logistical Services [Member] | ||
Property and equipment, net | $ 19,098 | $ 17,106 |
Note 7 - Property and Equipme_6
Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Depreciation expense | $ 13,100 | $ 14,250 | $ 13,737 |
Cost of Sales [Member] | |||
Depreciation expense | 1,552 | 1,402 | 1,264 |
Selling, General and Administrative Expenses [Member] | |||
Depreciation expense | 11,548 | 12,848 | 12,473 |
Selling, General and Administrative Expenses [Member] | Wholesale Segment [Member] | |||
Depreciation expense | 1,516 | 1,672 | 1,666 |
Selling, General and Administrative Expenses [Member] | Retail Segment [Member] | |||
Depreciation expense | 6,578 | 7,479 | 7,060 |
Selling, General and Administrative Expenses [Member] | Logistical Services [Member] | |||
Depreciation expense | $ 3,454 | $ 3,697 | $ 3,747 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 30, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Goodwill, Impairment Loss | $ 1,971 | $ 1,926 | $ 1,971 | $ 1,926 | $ 0 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 1,926 | 3,897 | 1,926 | 0 | |
Amortization of Intangible Assets, Total | 379 | 379 | 374 | ||
Wholesale Segment [Member] | |||||
Goodwill, Impairment Loss | 1,971 | 0 | |||
Amortization of Intangible Assets, Total | $ 57 | $ 57 | $ 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. 28, 2020 | Nov. 30, 2019 |
Intangibles subject to amortization, Gross Carrying Amount | $ 4,384 | $ 4,384 |
Intangibles subject to amortization, Accumulated Amortization | (2,041) | (1,663) |
Intangibles subject to amortization, Intangible Assets, Net | 2,343 | 2,721 |
Trade names | 9,338 | 9,338 |
Goodwill | 12,146 | 14,117 |
Total goodwill and other intangible assets | 23,827 | 26,176 |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 3,550 | 3,550 |
Intangibles subject to amortization, Accumulated Amortization | (1,346) | (1,088) |
Intangibles subject to amortization, Intangible Assets, Net | 2,204 | 2,462 |
Technology-Based Intangible Assets [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 834 | 834 |
Intangibles subject to amortization, Accumulated Amortization | (695) | (575) |
Intangibles subject to amortization, Intangible Assets, Net | $ 139 | $ 259 |
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 | 3 Months Ended | 12 Months Ended | |||
May 30, 2020 | Nov. 30, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Balance | $ 14,117 | $ 16,043 | |||
Goodwill impairment | $ (1,971) | $ (1,926) | (1,971) | (1,926) | $ 0 |
Balance | 14,117 | 12,146 | 14,117 | 16,043 | |
Wholesale Segment [Member] | |||||
Balance | 9,188 | 9,188 | |||
Goodwill impairment | (1,971) | 0 | |||
Balance | 9,188 | 7,217 | 9,188 | 9,188 | |
Retail Segment [Member] | |||||
Balance | 0 | 1,926 | |||
Goodwill impairment | 0 | (1,926) | |||
Balance | 0 | 0 | 0 | 1,926 | |
Logistical Services [Member] | |||||
Balance | 4,929 | 4,929 | |||
Goodwill impairment | 0 | 0 | |||
Balance | $ 4,929 | $ 4,929 | $ 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. 28, 2020 | |
Customer Relationships [Member] | |
Useful life (Year) | 14 years |
Remaining Amortization Period (Year) | 9 years |
Technology-Based Intangible Assets [Member] | |
Useful life (Year) | 7 years |
Remaining Amortization Period (Year) | 1 year |
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. 28, 2020 | Nov. 30, 2019 |
Fiscal 2021 | $ 378 | |
Fiscal 2022 | 279 | |
Fiscal 2023 | 259 | |
Fiscal 2024 | 259 | |
Fiscal 2025 | 259 | |
Thereafter | 909 | |
Total | $ 2,343 | $ 2,721 |
Note 9 - Bank Credit Facility (
Note 9 - Bank Credit Facility (Details Textual) - USD ($) $ in Thousands | Jun. 15, 2020 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | Jan. 01, 2021 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 49 | $ 7 | $ 166 | ||
Bank One [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||||
Letters of Credit Outstanding, Amount | 2,881 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 47,119 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Bank One [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ||||
Bank One [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||||
Bank Two [Member] | |||||
Letters of Credit Outstanding, Amount | $ 325 |
Note 10 - Post-employment Ben_3
Note 10 - Post-employment Benefit Obligations (Details Textual) $ in Thousands | May 02, 2017USD ($) | May 01, 2017 | Nov. 28, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 24, 2018USD ($) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total | $ 1,874 | $ 1,661 | |||
Postemployment Benefits Liability, Noncurrent | $ 12,089 | 11,830 | |||
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 | $ 611 | 1,157 | $ 1,128 | ||
Unfunded Deferred Compensation Plan [Member] | |||||
Pension Cost (Reversal of Cost) | 176 | 204 | 216 | ||
Postemployment Benefits Liability, Noncurrent | 1,676 | 1,767 | |||
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 | 609 | 627 | 900 | ||
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 (Year) | 15 years | ||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years (Year) | 5 years | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 264 | 196 | $ 102 | ||
Current Net Death Benefit | $ 2,070 | ||||
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 (Month) | 120 months | ||||
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 | $ 1,250 | $ 894 |
Note 10 - Post-employment Ben_4
Note 10 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Projected benefit obligation | $ 10,090 | $ 11,652 | |
Service cost | 172 | 190 | $ 196 |
Interest cost | 268 | 441 | 418 |
Actuarial (gains) and losses | 345 | (1,172) | |
Benefits paid | (804) | (1,021) | |
Projected benefit obligation | 10,071 | 10,090 | $ 11,652 |
Accumulated Benefit Obligation | $ 10,034 | $ 9,998 | |
Discount rate used to value the ending benefit obligations: | 2.00% | 2.75% | |
Current liabilities | $ 613 | $ 655 | |
Noncurrent liabilities | 9,458 | 9,435 | |
Total amounts recognized | 10,071 | 10,090 | |
Prior service cost | 480 | 606 | |
Actuarial loss | 1,394 | 1,055 | |
Net amount recognized | 1,874 | 1,661 | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income: | $ 785 | $ (541) |
Note 10 - Post-employment Ben_5
Note 10 - Post-employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Service cost | $ 172 | $ 190 | $ 196 |
Interest cost | 268 | 441 | 418 |
Amortization of transition obligation | 0 | 0 | 42 |
Amortization of prior service cost | 126 | 126 | 126 |
Amortization of other loss | 8 | 183 | 262 |
Net periodic pension cost | $ 574 | $ 940 | $ 1,044 |
Discount rate | 2.75% | 4.00% | 3.50% |
Increase in future compensation levels | 3.00% | 3.00% | 3.00% |
Fiscal 2021 | $ 613 | ||
Fiscal 2022 | 817 | ||
Fiscal 2023 | 778 | ||
Fiscal 2024 | 737 | ||
Fiscal 2025 | 775 | ||
Fiscal 2026 through 2030 | $ 3,499 |
Note 10 - Post-employment Ben_6
Note 10 - Post-employment Benefit Obligations - Amounts Expected to be Recognized in Next Fiscal Year (Details) $ in Thousands | Nov. 28, 2020USD ($) |
Prior service cost | $ 126 |
Other loss | 59 |
Total expected to be amortized to net periodic pension cost in 2021 | $ 185 |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Loss - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Balance | $ 178,670 | $ 190,309 |
Balance | 158,030 | 178,670 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (1,236) | (2,338) |
Actuarial gains (losses) | (345) | 1,172 |
Net pension amortization reclassified from accumulated other comprehensive loss | 133 | 308 |
Tax effects | 54 | (378) |
Balance | $ (1,394) | $ (1,236) |
Note 12 - Capital Stock and S_3
Note 12 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 01, 2017 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | Nov. 28, 2019 | Nov. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 8.02 | $ 8.02 | $ 8.02 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 7 months 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 45 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 0 | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 228 | $ 0 | $ 674 | |||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ (114) | $ 22 | $ 223 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 41 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 50,217 | 23,460 | 14,967 | |||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 155,081 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 48,653 | |||||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ (114) | $ 0 | $ 207 | |||
Restricted Stock [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 39,000 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 14,010 | 19,810 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 228 | $ 674 | ||||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 9,653 |
Note 12 - Capital Stock and S_4
Note 12 - 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. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Selling, General and Administrative Expenses [Member] | |||
Stock based compensation expense | $ 420 | $ 958 | $ 1,133 |
Note 12 - Capital Stock and S_5
Note 12 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details) | 12 Months Ended |
Nov. 28, 2020$ / sharesshares | |
Outstanding, Shares (in shares) | shares | 5,250 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 8.02 |
Exercised, Shares (in shares) | shares | 0 |
Exercised, weighted average exercise price per share (in dollars per share) | $ / shares | $ 0 |
Forfeited/Expired, Shares (in shares) | shares | 0 |
Forfeited/Expired, weighted average exercise price per share (in dollars per share) | $ / shares | $ 0 |
Outstanding, Shares (in shares) | shares | 5,250 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 8.02 |
Exercisable, Shares (in shares) | shares | 5,250 |
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares | $ 8.02 |
Note 12 - Capital Stock and S_6
Note 12 - Capital Stock and Stock Compensation - Additional Information Regarding Activity in Stock Options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Total intrinsic value of options exercised | $ 0 | $ 34 | $ 75 |
Total cash received from the exercise of options | 0 | 25 | 27 |
Excess tax benefits recognized in income tax expense upon the exercise of options | (114) | 22 | 223 |
Share-based Payment Arrangement, Option [Member] | |||
Excess tax benefits recognized in income tax expense upon the exercise of options | $ 0 | $ 6 | $ 16 |
Note 12 - Capital Stock and S_7
Note 12 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details) - Restricted Stock [Member] | 12 Months Ended |
Nov. 28, 2020$ / sharesshares | |
Non-vested restricted shares outstanding at November 30, 2019 (in shares) | shares | 90,153 |
Non-vested restricted shares outstanding at November 30, 2019 (in dollars per share) | $ / shares | $ 29.06 |
Granted (in shares) | shares | 0 |
Granted (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (48,653) |
Vested (in dollars per share) | $ / shares | $ 27.30 |
Forfeited (in shares) | shares | (7,000) |
Forfeited (in dollars per share) | $ / shares | $ 19.03 |
Non-vested restricted shares outstanding at November 28, 2020 (in shares) | shares | 34,500 |
Non-vested restricted shares outstanding at November 28, 2020 (in dollars per share) | $ / shares | $ 33.58 |
Note 12 - Capital Stock and S_8
Note 12 - Capital Stock and Stock Compensation - Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Restricted Shares Outstanding (in shares) | 34,500 | 90,153 |
Granted (in dollars per share) | $ 0 | |
January 11, 2018 [Member] | ||
Restricted Shares Outstanding (in shares) | 31,000 | |
Granted (in dollars per share) | $ 35.75 | |
Remaining Restriction Period (Year) | 1 month 6 days | |
October 9, 2019 [Member] | ||
Restricted Shares Outstanding (in shares) | 3,500 | |
Granted (in dollars per share) | $ 14.37 | |
Remaining Restriction Period (Year) | 1 year 10 months 24 days |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | Nov. 25, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 22.20% | 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 | $ (114) | $ 22 | 223 | |
Income Taxes Paid, Net, Total | 539 | $ 1,228 | $ 1,431 | |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | $ 26,407 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Year | 2022 | |||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||
Operating Loss Carryforwards, Expiration Year | 2027 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Federal | $ (8,486) | $ 2,150 | $ (1,137) |
State | 155 | 892 | 462 |
Federal | 2,457 | (2,191) | 4,747 |
State | (491) | (663) | (84) |
Total | $ (6,365) | $ 188 | $ 3,988 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | |||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | Nov. 25, 2017 | |
Statutory federal income tax rate | 21.00% | 21.00% | 22.20% | 35.00% |
CARES Act benefit | 21.10% | 0.00% | 0.00% | |
Revaluation of deferred tax assets resulting from new enacted rates | 0.00% | 0.00% | 10.90% | |
State income tax, net of federal benefit | 1.70% | (14.00%) | 4.60% | |
Impairment of non-deductible goodwill | (2.50%) | (23.20%) | 0.00% | |
Excess tax benefit from stock-based compensation | (0.60%) | 0.30% | (1.50%) | |
Other | (2.80%) | 5.10% | (3.50%) | |
Effective income tax rate | 37.90% | (10.80%) | 32.70% |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Trade accounts receivable | $ 303 | $ 207 |
Inventories | 3,086 | 2,487 |
Notes receivable | 44 | 44 |
Post employment benefit obligations | 3,260 | 3,241 |
State net operating loss carryforwards | 1,321 | 193 |
Unrealized loss from affiliates | 0 | 81 |
Leases | 5,850 | 3,753 |
Other | 1,856 | 1,828 |
Gross deferred income tax assets | 15,720 | 11,834 |
Valuation allowance | 0 | 0 |
Total deferred income tax assets | 15,720 | 11,834 |
Property and equipment | 8,746 | 4,288 |
Intangible assets | 1,404 | 1,114 |
Prepaid expenses and other | 983 | 688 |
Total deferred income tax liabilities | 11,133 | 6,090 |
Net deferred income tax assets | $ 4,587 | $ 5,744 |
Note 14 - Other Gains and Los_2
Note 14 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Feb. 23, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 81 | $ (515) | $ 234 | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 1,639 | 2,345 | $ 1,643 | 2,689 | ||||
Early Retirement Program, Benefits Payment Period (Year) | 1 year | |||||||
Early Retirement Program Expense | $ 835 | 0 | $ 835 | 0 | ||||
Asset Impairment Charges, Total | $ 12,184 | $ 4,431 | ||||||
Gain (Loss) on Contract Termination | 0 | (149) | (301) | |||||
Legal Fees | $ 1,050 | 700 | 1,050 | 700 | 0 | |||
Gain (Loss) from Company Owned Life Insurance | $ 914 | 914 | 629 | 266 | ||||
Underperforming Retail Stores [Member] | ||||||||
Operating Lease, Impairment Loss | 6,239 | |||||||
Underperforming Retail Stores [Member] | ||||||||
Asset Impairment Charges, Total | 11,114 | |||||||
Closed Custom Upholstery Manufacturing Facility in Grand Prairie, Texas [Member] | ||||||||
Asset Impairment Charges, Total | 1,070 | |||||||
Leasehold Improvements [Member] | ||||||||
Asset Impairment Charges, Total | 4,431 | 469 | ||||||
Gain (Loss) on Contract Termination | (149) | (149) | (301) | |||||
Other Current Liabilities [Member] | ||||||||
Liability, Other Retirement Benefits | $ 374 | 0 | $ 374 | |||||
Land and Building occupied by Spring, Texas Retail Store [Member] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1,313 | |||||||
Former Retail Store, Las Vegas, Nevada [Member] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 2,463 | |||||||
Former Retail Store, Las Vegas, Nevada [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 165 |
Note 15 - Leases and Lease Gu_3
Note 15 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Past Due Rents Subject to Negotiation with Lessors | $ 990 | ||
Rent Abatement | 775 | ||
Operating Leases, Rent Expense, Total | $ 41,809 | $ 38,970 | |
Operating Lease, Lease and Rental Expense, Unamortized Balance | 8,050 | ||
Operating Lease, Lease and Rental Expense, Unamortized Balance, Noncurrent | 6,799 | ||
Real Estate Rental Income (Loss), Net of Expense | 156 | 23 | |
Loss Contingency, Estimate of Possible Loss | 1,760 | 1,751 | |
Lease Obligations of Licensee Operators [Member] | |||
Loss Contingency, Estimate of Possible Loss | 1,811 | $ 1,776 | |
Acquire Twenty-five Tractors Under Leases [Member] | |||
Lessee, Finance Lease, Lease Not yet Commenced, Annual Payments | $ 705 | ||
Lessee, Finance Lease, Lease Not yet Commenced, Term of Contract (Year) | 7 years |
Note 15 - Leases and Lease Gu_4
Note 15 - Leases and Lease Guarantees - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | |
Right of use assets | $ 116,903 | $ 0 | |
Lease liabilties, short-term | 27,078 | 0 | |
Lease liabilties, long-term | 111,972 | $ 0 | |
Right of use assets (1) | [1] | 2,623 | |
Lease liabilties, short-term (2) | [2] | 534 | |
Lease liabilties, long-term (3) | [3] | 1,862 | |
Wholesale Segment [Member] | |||
Right of use assets | 10,232 | ||
Retail Segment [Member] | |||
Right of use assets | 90,487 | ||
Logistical Services [Member] | |||
Right of use assets | $ 16,184 | ||
[1] | Included in property & equipment, net in our consolidated balance sheet. | ||
[2] | Included in other current liabilites and accrued expenses in our consolidated balance sheet. | ||
[3] | Included in other long-term liabilites and accrued expenses in our consolidated balance sheet. |
Note 15 - Leases and Lease Gu_5
Note 15 - Leases and Lease Guarantees - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Nov. 28, 2020USD ($) | |
Operating lease cost | $ 33,207 |
Amortization of right-of-use assets | 213 |
Interest on lease liabilities | 49 |
Short-term lease cost | 2,040 |
Variable lease cost (net of abatements received) | (605) |
Sublease income | (1,557) |
Total lease cost | $ 33,347 |
Note 15 - Leases and Lease Gu_6
Note 15 - Leases and Lease Guarantees - Supplemental Lease Disclosures (Details) $ in Thousands | 12 Months Ended |
Nov. 28, 2020USD ($) | |
Cash paid for amounts included in the measurements of lease liabilities, operating | $ 35,310 |
Cash paid for amounts included in the measurements of lease liabilities, financing | 260 |
Lease liabilities arising from new right-of-use assets, operating | 10,804 |
Lease liabilities arising from new right-of-use assets, financing | $ 2,623 |
Weighted average remaining lease terms (years), operating (Year) | 6 years 2 months 12 days |
Weighted average remaining lease terms (years), financing (Year) | 4 years 3 months 18 days |
Weighted average discount rates, operating | 4.98% |
Weighted average discount rates, financing | 4.43% |
Note 15 - Leases and Lease Gu_7
Note 15 - Leases and Lease Guarantees - Lease Maturities (Details) $ in Thousands | Nov. 28, 2020USD ($) |
Fiscal 2021, operating lease | $ 33,265 |
Fiscal 2021, finance lease | 629 |
Fiscal 2022, operating lease | 30,829 |
Fiscal 2022, finance lease | 629 |
Fiscal 2023, operating lease | 25,586 |
Fiscal 2023, finance lease | 629 |
Fiscal 2024, operating lease | 18,732 |
Fiscal 2024, finance lease | 517 |
Fiscal 2025, operating lease | 15,423 |
Fiscal 2025, finance lease | 197 |
Thereafter, operating lease | 38,237 |
Thereafter, finance lease | 33 |
Total lease payments, operating lease | 162,072 |
Total lease payments, finance lease | 2,634 |
Less: interest, operating lease | 23,022 |
Less: interest, finance lease | 238 |
Total operating lease obligations | 139,050 |
Total finance lease obligations | $ 2,396 |
Note 15 - Leases and Lease Gu_8
Note 15 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands | Nov. 28, 2020USD ($) |
Fiscal 2021 | $ 1,276 |
Fiscal 2022 | 1,086 |
Fiscal 2023 | 769 |
Fiscal 2024 | 664 |
Fiscal 2025 | 599 |
Thereafter | 156 |
Total minimum future rental income | $ 4,550 |
Note 16 - Contingencies (Detail
Note 16 - Contingencies (Details Textual) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Loss Contingency Accrual, Ending Balance | $ 1,050 | $ 900 |
Note 17 - Earnings (Loss) Per_3
Note 17 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 28, 2020 | [1] | Aug. 29, 2020 | [2] | May 30, 2020 | [3] | Feb. 29, 2020 | Nov. 30, 2019 | [4] | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | [5] | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | ||
Net income (loss) | $ 6,543 | $ 2,178 | $ (20,352) | $ 1,210 | $ (5,138) | $ 2,157 | $ 445 | $ 608 | $ (10,421) | $ (1,928) | $ 8,218 | ||||||
Denominator for basic income per share - weighted average shares (in shares) | 9,969,616 | 10,285,511 | 10,651,351 | ||||||||||||||
Effect of dilutive securities* (in shares) | [6] | 0 | 0 | 40,424 | |||||||||||||
Denominator for diluted income per share — weighted average shares and assumed conversions (in shares) | 9,969,616 | 10,285,511 | 10,691,775 | ||||||||||||||
Basic income (loss) per share (in dollars per share) | $ 0.65 | $ 0.22 | $ (2.04) | $ 0.12 | $ (0.50) | $ 0.21 | $ 0.04 | $ 0.06 | $ (1.05) | $ (0.19) | $ 0.77 | ||||||
Diluted income (loss) per share (in dollars per share) | $ 0.65 | $ 0.22 | $ (2.04) | $ 0.12 | $ (0.50) | $ 0.21 | $ 0.04 | $ 0.06 | $ (1.05) | $ (0.19) | $ 0.77 | ||||||
[1] | Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 14). | ||||||||||||||||
[2] | Net income includes a non-taxable gain of $915 arising from the recognition of a death benefit from Company-owned life insurance (see Note 14). | ||||||||||||||||
[3] | Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 8), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 14). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 13). | ||||||||||||||||
[4] | Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 14). | ||||||||||||||||
[5] | Income from operations includes a charge of $835 arising from certain eligible employees' acceptance of voluntary early retirement package (see Note 14). | ||||||||||||||||
[6] | Due to the net losses in 2020 and 2019, the potentially dilutive securities would have been anti-dilutive and are therefore excluded. |
Note 17 - Earnings (Loss) Per_4
Note 17 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Restricted Stock [Member] | |||
Antidilutive securities (in shares) | 34,500 | 90,153 | 45,036 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 5,250 | 5,250 | 0 |
Note 18 - Segment Information_2
Note 18 - Segment Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 24, 2018USD ($) | |
Number of Reportable Segments | 3 | ||
SGA Expenses Excluding New Store Pre-opening Costs | $ 223,314 | $ 264,280 | $ 260,339 |
Zenith Freight Lines [Member] | |||
SGA Expenses Excluding New Store Pre-opening Costs | $ 73,913 | $ 78,220 | $ 81,468 |
Note 18 - Segment Information -
Note 18 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 28, 2020 | Aug. 29, 2020 | [2] | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | [5] | Feb. 23, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | ||||
Sales revenues | $ 118,383 | [1] | $ 91,559 | $ 63,801 | [3] | $ 112,120 | $ 113,637 | [4] | $ 109,419 | $ 108,190 | $ 120,841 | $ 385,863 | $ 452,087 | $ 456,855 | |||
Income (loss) from Operations | 10,049 | [1] | $ 2,747 | (31,229) | [3] | $ 2,210 | (5,645) | [4] | $ 3,400 | $ 701 | $ 949 | (16,223) | (595) | 14,084 | |||
Asset impairment charges | (12,184) | (4,431) | (469) | ||||||||||||||
Goodwill impairment | (1,971) | (1,926) | (1,971) | (1,926) | 0 | ||||||||||||
Early retirement program | $ (835) | 0 | (835) | 0 | |||||||||||||
Litigation expense | $ (1,050) | (700) | (1,050) | (700) | 0 | ||||||||||||
Lease exit costs | 0 | (149) | (301) | ||||||||||||||
Depreciation and amortization | 13,480 | 13,500 | 13,203 | ||||||||||||||
Capital expenditures | 6,029 | 17,750 | 18,301 | ||||||||||||||
Identifiable Assets | 402,549 | 275,766 | 402,549 | 275,766 | 291,641 | ||||||||||||
Wholesale Segment [Member] | |||||||||||||||||
Sales revenues | 221,075 | 261,105 | 255,958 | ||||||||||||||
Goodwill impairment | (1,971) | 0 | |||||||||||||||
Logistical Services [Member] | |||||||||||||||||
Goodwill impairment | 0 | 0 | |||||||||||||||
Operating Segments [Member] | Wholesale Segment [Member] | |||||||||||||||||
Sales revenues | 221,075 | 261,105 | 255,958 | ||||||||||||||
Income (loss) from Operations | 4,587 | 11,456 | 12,274 | ||||||||||||||
Depreciation and amortization | 3,125 | 3,178 | 3,038 | ||||||||||||||
Capital expenditures | 2,434 | 5,650 | 4,194 | ||||||||||||||
Identifiable Assets | 176,243 | 144,392 | 176,243 | 144,392 | 144,209 | ||||||||||||
Operating Segments [Member] | Retail Segments [Member] | |||||||||||||||||
Sales revenues | 211,944 | 268,693 | 268,883 | ||||||||||||||
Income (loss) from Operations | (9,497) | (7,009) | (312) | ||||||||||||||
Depreciation and amortization | 6,578 | 6,303 | 6,096 | ||||||||||||||
Capital expenditures | 695 | 8,473 | 12,769 | ||||||||||||||
Identifiable Assets | 169,105 | 91,997 | 169,105 | 91,997 | 96,241 | ||||||||||||
Operating Segments [Member] | Logistical Services [Member] | |||||||||||||||||
Sales revenues | 75,158 | 80,074 | 82,866 | ||||||||||||||
Income (loss) from Operations | 1,245 | 1,855 | 1,398 | ||||||||||||||
Depreciation and amortization | 3,777 | 4,019 | 4,069 | ||||||||||||||
Capital expenditures | 2,900 | 3,627 | 1,338 | ||||||||||||||
Identifiable Assets | $ 57,201 | $ 39,377 | 57,201 | 39,377 | 51,191 | ||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||
Income (loss) from Operations | 2,647 | 1,144 | 1,494 | ||||||||||||||
Intersegment Eliminations [Member] | Logistical Services [Member] | |||||||||||||||||
Sales revenues | (26,967) | (31,852) | (28,480) | ||||||||||||||
Intersegment Eliminations [Member] | Furniture and Accessories [Member] | |||||||||||||||||
Sales revenues | $ (95,347) | $ (125,933) | $ (122,372) | ||||||||||||||
[1] | Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 14). | ||||||||||||||||
[2] | Net income includes a non-taxable gain of $915 arising from the recognition of a death benefit from Company-owned life insurance (see Note 14). | ||||||||||||||||
[3] | Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 8), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 14). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 13). | ||||||||||||||||
[4] | Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 14). | ||||||||||||||||
[5] | Income from operations includes a charge of $835 arising from certain eligible employees' acceptance of voluntary early retirement package (see Note 14). |
Note 18 - Segment Information_3
Note 18 - Segment Information - Wholesale Shipments by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 28, 2020 | [1] | Aug. 29, 2020 | [2] | May 30, 2020 | [3] | Feb. 29, 2020 | Nov. 30, 2019 | [4] | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | [5] | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | ||
Sales revenue | $ 118,383 | $ 91,559 | $ 63,801 | $ 112,120 | $ 113,637 | $ 109,419 | $ 108,190 | $ 120,841 | $ 385,863 | $ 452,087 | $ 456,855 | ||||||
Wholesale Segment [Member] | |||||||||||||||||
Sales revenue | $ 221,075 | $ 261,105 | $ 255,958 | ||||||||||||||
Sales, revenue, percent | 100.00% | 100.00% | 100.00% | ||||||||||||||
Wholesale Segment [Member] | Upholstery [Member] | |||||||||||||||||
Sales revenue | $ 128,200 | $ 152,415 | $ 141,321 | ||||||||||||||
Sales, revenue, percent | 58.00% | 58.40% | 55.20% | ||||||||||||||
Wholesale Segment [Member] | Bassett Leather [Member] | |||||||||||||||||
Sales revenue | $ 21,436 | $ 19,220 | $ 21,589 | ||||||||||||||
Sales, revenue, percent | 9.70% | 7.40% | 8.40% | ||||||||||||||
Wholesale Segment [Member] | Bassett Custom Wood [Member] | |||||||||||||||||
Sales revenue | $ 39,311 | $ 46,082 | $ 46,074 | ||||||||||||||
Sales, revenue, percent | 17.80% | 17.60% | 18.00% | ||||||||||||||
Wholesale Segment [Member] | Bassett Casegoods [Member] | |||||||||||||||||
Sales revenue | $ 32,128 | $ 40,920 | $ 42,875 | ||||||||||||||
Sales, revenue, percent | 14.50% | 15.70% | 16.80% | ||||||||||||||
Wholesale Segment [Member] | Accessories [Member] | |||||||||||||||||
Sales revenue | [6] | $ 0 | $ 2,468 | $ 4,099 | |||||||||||||
Sales, revenue, percent | [6] | 0.00% | 0.90% | 1.60% | |||||||||||||
[1] | Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 14). | ||||||||||||||||
[2] | Net income includes a non-taxable gain of $915 arising from the recognition of a death benefit from Company-owned life insurance (see Note 14). | ||||||||||||||||
[3] | Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 8), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 14). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 13). | ||||||||||||||||
[4] | Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 14). | ||||||||||||||||
[5] | Income from operations includes a charge of $835 arising from certain eligible employees' acceptance of voluntary early retirement package (see Note 14). | ||||||||||||||||
[6] | Beginning with the third quarter of fiscal 2019, our wholesale segment no longer purchases accessory items for resale to our retail segment or to third party customers such as licensees or independent furniture retailers. Our retail segment and third party customers now source their accessory items directly from the accessory vendors. |
Note 19 - Quarterly Results o_3
Note 19 - Quarterly Results of Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Nov. 30, 2019 | Feb. 23, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Goodwill, Impairment Loss | $ 1,971 | $ 1,926 | $ 1,971 | $ 1,926 | $ 0 | |||
Asset Impairment Charges, Total | 12,184 | 4,431 | ||||||
Legal Fees | $ 1,050 | 700 | 1,050 | 700 | 0 | |||
Gain (Loss) from Company Owned Life Insurance | $ 914 | 914 | 629 | 266 | ||||
Gain (Loss) on Termination of Lease | $ 1,161 | 1,313 | 0 | 0 | ||||
Early Retirement Program Expense | $ 835 | 0 | 835 | 0 | ||||
Gain (Loss) on Contract Termination | $ 0 | (149) | (301) | |||||
Leasehold Improvements [Member] | ||||||||
Asset Impairment Charges, Total | 4,431 | 469 | ||||||
Gain (Loss) on Contract Termination | $ (149) | $ (149) | $ (301) |
Note 19 - Quarterly Results o_4
Note 19 - Quarterly Results of Operations - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Nov. 28, 2020 | [1] | Aug. 29, 2020 | [2] | May 30, 2020 | [3] | Feb. 29, 2020 | Nov. 30, 2019 | [4] | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | [5] | Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |
Sales revenues | $ 118,383 | $ 91,559 | $ 63,801 | $ 112,120 | $ 113,637 | $ 109,419 | $ 108,190 | $ 120,841 | $ 385,863 | $ 452,087 | $ 456,855 | |||||
Cost of goods and service sold | 163,567 | 179,244 | 179,581 | |||||||||||||
Income (loss) from operations | 10,049 | 2,747 | (31,229) | 2,210 | (5,645) | 3,400 | 701 | 949 | (16,223) | (595) | 14,084 | |||||
Net income (loss) | $ 6,543 | $ 2,178 | $ (20,352) | $ 1,210 | $ (5,138) | $ 2,157 | $ 445 | $ 608 | $ (10,421) | $ (1,928) | $ 8,218 | |||||
Basic earnings (loss) per share (in dollars per share) | $ 0.65 | $ 0.22 | $ (2.04) | $ 0.12 | $ (0.50) | $ 0.21 | $ 0.04 | $ 0.06 | $ (1.05) | $ (0.19) | $ 0.77 | |||||
Diluted earnings (loss) per share (in dollars per share) | $ 0.65 | $ 0.22 | $ (2.04) | $ 0.12 | $ (0.50) | $ 0.21 | $ 0.04 | $ 0.06 | $ (1.05) | $ (0.19) | $ 0.77 | |||||
Furniture and Accessories [Member] | ||||||||||||||||
Sales revenues | $ 105,389 | $ 80,341 | $ 53,000 | $ 98,942 | $ 102,315 | $ 98,369 | $ 95,824 | $ 107,357 | $ 337,672 | $ 403,865 | $ 402,469 | |||||
Cost of goods and service sold | 50,427 | 38,418 | 29,452 | 45,270 | 45,291 | 42,246 | 42,530 | 49,177 | ||||||||
Logistical Services [Member] | ||||||||||||||||
Sales revenues | $ 12,994 | $ 11,218 | $ 10,801 | $ 13,178 | $ 11,322 | $ 11,050 | $ 12,366 | $ 13,484 | $ 48,191 | $ 48,222 | $ 54,386 | |||||
[1] | Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 14). | |||||||||||||||
[2] | Net income includes a non-taxable gain of $915 arising from the recognition of a death benefit from Company-owned life insurance (see Note 14). | |||||||||||||||
[3] | Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 8), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 14). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 13). | |||||||||||||||
[4] | Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 14). | |||||||||||||||
[5] | Income from operations includes a charge of $835 arising from certain eligible employees' acceptance of voluntary early retirement package (see Note 14). |
Schedule II - Analysis of Val_3
Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 28, 2020 | Nov. 30, 2019 | Nov. 24, 2018 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
Balance Beginning of Period | $ 815 | $ 754 | $ 617 | ||
Additions Charged to Cost and Expenses | 492 | 61 | 339 | ||
Deductions | [1] | (96) | 0 | (252) | |
Other | 0 | [2] | 50 | ||
Balance End of Period | 1,211 | 815 | 754 | ||
SEC Schedule, 12-09, Allowance, Notes Receivable [Member] | |||||
Balance Beginning of Period | 359 | 377 | 1,454 | ||
Additions Charged to Cost and Expenses | 0 | 0 | 0 | ||
Deductions | [1] | (18) | (18) | (1,077) | |
Other | 0 | 0 | 0 | ||
Balance End of Period | $ 341 | $ 359 | $ 377 | ||
[1] | Deductions are for the purpose for which the reserve was created. | ||||
[2] | Represents reserves of acquired business at date of acquisition. |