Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 26, 2022 | Mar. 25, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000010329 | |
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-26 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 26, 2022 | |
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 ($5.00 par value) | |
Trading Symbol | BSET | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,659,932 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Net sales of furniture and accessories | $ 117,864 | $ 101,655 |
Cost of goods and services sold | 60,471 | 48,252 |
Gross profit | 57,393 | 53,403 |
Selling, general and administrative expenses | 50,915 | 47,842 |
Income from operations | 6,478 | 5,561 |
Other loss, net | (629) | (299) |
Income from continuing operations before income taxes | 5,849 | 5,262 |
Income tax expense | 1,558 | 1,564 |
Income from continuing operations | 4,291 | 3,698 |
Income from discontinued operations, net of tax | 1,282 | 313 |
Net income | $ 5,573 | $ 4,011 |
Basic and diluted earnings per share: | ||
Income from continuing operations (in dollars per share) | $ 0.44 | $ 0.37 |
Income from discontinued operations (in dollars per share) | 0.13 | 0.03 |
Basic and diluted earnings per share (in dollars per share) | 0.57 | 0.40 |
Regular dividends per share (in dollars per share) | $ 0.14 | $ 0.125 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Net income | $ 5,573 | $ 4,011 |
Other comprehensive income: | ||
Other comprehensive income, net of tax | 49 | 35 |
Total comprehensive income | 5,622 | 4,046 |
Pension Plan [Member] | ||
Other comprehensive income: | ||
Income taxes | (8) | (9) |
Supplemental Employee Retirement Plan [Member] | ||
Other comprehensive income: | ||
Income taxes | $ (8) | $ (3) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Current assets | ||
Cash and cash equivalents | $ 31,880 | $ 34,374 |
Short-term investments | 17,715 | 17,715 |
Accounts receivable, net | 25,603 | 20,567 |
Inventories | 81,679 | 78,004 |
Recoverable income taxes | 6,696 | 8,379 |
Current assets of discontinued operations held for sale | 61,888 | 11,064 |
Other current assets | 11,016 | 10,181 |
Total current assets | 236,477 | 180,284 |
Property and equipment, net | 69,303 | 69,168 |
Deferred income taxes | 3,073 | 3,189 |
Goodwill and other intangible assets | 14,340 | 14,354 |
Right of use assets under operating leases | 94,761 | 95,955 |
Long-term assets of discontinued operations held for sale | 0 | 52,757 |
Other | 6,103 | 5,953 |
Total long-term assets | 118,277 | 172,208 |
Total assets | 424,057 | 421,660 |
Current liabilities | ||
Accounts payable | 24,377 | 23,988 |
Accrued compensation and benefits | 10,924 | 12,639 |
Customer deposits | 54,491 | 51,492 |
Current portion operating lease obligations | 20,051 | 20,235 |
Current liabilities of discontinued operations held for sale | 29,892 | 16,095 |
Other current liabilites and accrued expenses | 10,609 | 9,770 |
Total current liabilities | 150,344 | 134,219 |
Long-term liabilities | ||
Post employment benefit obligations | 13,268 | 12,968 |
Long-term portion of operating lease obligations | 93,333 | 94,845 |
Long-term liabilities of discontinued operations held for sale | 0 | 16,210 |
Other long-term liabilities | 689 | 686 |
Total long-term liabilities | 107,290 | 124,709 |
Stockholders’ equity | ||
Common stock | 48,640 | 48,811 |
Retained earnings | 119,557 | 115,631 |
Additional paid-in capital | 0 | 113 |
Accumulated other comprehensive loss | (1,774) | (1,823) |
Total stockholders' equity | 166,423 | 162,732 |
Total liabilities and stockholders’ equity | $ 424,057 | $ 421,660 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Operating activities: | ||
Net income | $ 5,573 | $ 4,011 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,655 | 3,331 |
Gain on lease modification | 0 | (20) |
Gain on sale of property and equipment | (8) | (4) |
Deferred income taxes | 116 | 826 |
Other, net | 778 | 274 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,609) | (2,380) |
Inventories | (3,675) | (8,050) |
Other current assets | 781 | (768) |
Right of use assets under operating leases | 6,559 | 6,340 |
Customer deposits | 2,999 | 4,912 |
Accounts payable and other liabilities | (2,194) | 3,584 |
Obligations under operating leases | (7,109) | (7,072) |
Net cash provided by operating activities | 2,866 | 4,984 |
Investing activities: | ||
Purchases of property and equipment | (2,424) | (895) |
Proceeds from sales of property and equipment | 9 | 8 |
Other | (465) | (302) |
Net cash used in investing activities | (2,880) | (1,189) |
Financing activities: | ||
Cash dividends | (1,374) | (3,718) |
Other issuance of common stock | 93 | 83 |
Repurchases of common stock | (765) | (534) |
Taxes paid related to net share settlement of equity awards | 0 | (219) |
Repayments of finance lease obligations | (434) | (173) |
Net cash used in financing activities | (2,480) | (4,561) |
Change in cash and cash equivalents | (2,494) | (766) |
Cash and cash equivalents - beginning of period | 34,374 | 45,799 |
Cash and cash equivalents - end of period | $ 31,880 | $ 45,033 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative GAAP. The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, none Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances. On January 31, 2022, February 28, 2022. 12, Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2022, No. 2019 12 740 2019 12 2019 12 2019 12 2022 2019 12 not Impact of the COVID- 19 On March 11, 2020, 19” 2020, While we have begun making progress in reducing our order backlogs, pandemic-related labor shortages and supply chain disruptions are ongoing and order cancellations could result if the present delays in order fulfillment continue. Furthermore, a resurgence in COVID- 19 19 |
Note 2 - Interim Financial Pres
Note 2 - Interim Financial Presentation | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 2. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three February 26, 2022 not 10 November 27, 2021. Income Taxes We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter. Our effective tax rates for the three February 26, 2022 February 27, 2021 three February 27, 2021 |
Note 3 - Financial Instruments
Note 3 - Financial Instruments and Investments | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit (CDs), accounts receivable, and accounts payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in CDs, accounts receivable, and accounts payable approximate fair value. Investments Our short-term investments of $17,715 at February 26, 2022 November 27, 2021 February 26, 2022, eight February 26, 2022, five February 26, 2022 November 27, 2021 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts receivable consists of the following: February 26, 2022 November 27, 2021 Gross accounts receivable $ 26,317 $ 21,134 Allowance for credit losses (714 ) (567 ) Accounts receivable, net $ 25,603 $ 20,567 We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. The allowance for credit losses is based on a review of specifically identified accounts in addition to an overall aging analysis which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectibility of accounts receivable within each pool based on historical experience, current payment practices and current economic trends based on our expectations over the expected life of the receivables, which is generally ninety Activity in the allowance for credit losses for the three February 26, 2022 Balance at November 27, 2021 $ 567 Additions charged to expense 147 Write-offs against allowance - Balance at February 26, 2022 $ 714 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 3. |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first first first Inventories were comprised of the following: February 26, 2022 November 27, 2021 Wholesale finished goods $ 42,838 $ 40,254 Work in process 636 482 Raw materials and supplies 21,610 21,653 Retail merchandise 32,303 30,914 Total inventories on first-in, first-out method 97,387 93,303 LIFO adjustment (10,916 ) (10,483 ) Reserve for excess and obsolete inventory (4,792 ) (4,816 ) $ 81,679 $ 78,004 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 27, 2021 $ 3,683 $ 1,133 $ 4,816 Additions charged to expense 325 214 539 Write-offs (360 ) (203 ) (563 ) Balance at February 26, 2022 $ 3,648 $ 1,144 $ 4,792 Our estimates and assumptions have been reasonably accurate in the past. We have not 2022 not |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and other intangible assets consisted of the following: February 26, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (237 ) $ 275 Intangibles not subject to amortization: Trade names 6,848 Goodwill 7,217 Total goodwill and other intangible assets $ 14,340 November 27, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (223 ) $ 289 Intangibles not subject to amortization: Trade names 6,848 Goodwill 7,217 Total goodwill and other intangible assets $ 14,354 The carrying amounts of goodwill by reportable segment at both February 26, 2022 November 27, 2021 Original Accumulated Recorded Impairment Carrying Value Losses Amount Wholesale $ 9,188 $ (1,971 ) $ 7,217 Retail 1,926 (1,926 ) - Total goodwill $ 11,114 $ (3,897 ) $ 7,217 Goodwill and other intangible assets associated with our logistical services segment totaling $9,023 and $9,094 at February 26, 2022 November 27, 2021, 12 Amortization expense associated with intangible assets during the three February 26, 2022 February 27, 2021 Quarter Ended February 26, 2022 February 27, 2021 Intangible asset amortization expense $ 14 $ 14 Estimated future amortization expense for intangible assets that exist at February 26, 2022 Remainder of fiscal 2022 $ 43 Fiscal 2023 57 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 4 Total $ 275 |
Note 7 - Bank Credit Facility
Note 7 - Bank Credit Facility | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Our bank credit facility provides for a line of credit of up to $25,000. At February 26, 2022, twelve ● Consolidated fixed charge coverage ratio of not ● Consolidated lease-adjusted leverage ratio not ● Minimum tangible net worth of $140,000. We were in compliance with these covenants at February 26, 2022 January 27, 2025, |
Note 8 - Post Employment Benefi
Note 8 - Post Employment Benefit Obligations | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 8. Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one February 26, 2022 November 27, 2021, We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second 2017. February 26, 2022 November 27, 2021, The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: February 26, 2022 November 27, 2021 Accrued compensation and benefits $ 913 $ 913 Post employment benefit obligations 9,801 9,827 Total pension liability $ 10,714 $ 10,740 Components of net periodic pension costs for our defined benefit plans for the three February 26, 2022 February 27, 2021 Quarter Ended February 26, 2022 February 27, 2021 Service cost $ 9 $ 31 Interest cost 58 48 Amortization of prior service costs 31 31 Amortization of loss 33 15 Net periodic pension cost $ 131 $ 125 The components of net periodic pension cost other than the service cost component, which is included in selling, general and administrative expenses, are included in other loss, net in our condensed consolidated statements of operations. Deferred Compensation Plans We have an unfunded deferred compensation plan that covers one no February 26, 2022 November 27, 2021, We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was $2,155 and $1,789 as of February 26, 2022 November 27, 2021, Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets: February 26, 2022 November 27, 2021 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,509 2,631 Total deferred compensation liability $ 3,805 $ 2,927 We recognized expense under our deferred compensation arrangements during the three February 26, 2022 February 27, 2021 Quarter Ended February 26, 2022 February 27, 2021 Deferred compensation expense $ 54 $ 153 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 9. We are involved in various legal and environmental matters which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not |
Note 10 - Lease Guarantees
Note 10 - Lease Guarantees | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 10. We have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one three February 26, 2022 November 27, 2021, 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 February 26, 2022 November 27, 2021 not |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. The following reconciles basic and diluted earnings per share: Net Income Weighted Average Shares Net Income Per Share For the quarter ended February 26, 2022: Basic earnings per share - continuing operations $ 4,291 9,750,432 $ 0.44 Add effect of dilutive securities: Restricted shares - 8,545 - Diluted earnings per share - continuing operations $ 4,291 9,758,977 $ 0.44 Basic earnings per share - discontinued operations $ 1,282 9,750,432 $ 0.13 Add effect of dilutive securities: Restricted shares - 8,545 - Diluted earnings per share - discontinued operations $ 1,282 9,758,977 $ 0.13 For the quarter ended February 27, 2021: Basic earnings per share - continuing operations $ 3,698 9,919,518 $ 0.37 Add effect of dilutive securities: Options and restricted shares - 20,287 - Diluted earnings per share - continuing operations $ 3,698 9,939,805 $ 0.37 Basic earnings per share - discontinued operations $ 313 9,919,518 $ 0.03 Add effect of dilutive securities: Options and restricted shares - 20,287 - Diluted earnings per share - discontinued operations $ 313 9,939,805 $ 0.03 For the three February 26, 2022 February 27, 2021, Quarter Ended February 26, 2022 February 27, 2021 Unvested shares 51,300 - |
Note 12 - Discontinued Operatio
Note 12 - Discontinued Operations | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 12. On January 31, 2022, February 28, 2022. The following table summarizes the major classes of assets and liabilities of the discontinued operations, as reported in the condensed consolidated balance sheets as of February 26, 2022 November 27, 2021: February 26, 2022 November 27, 2021 Carrying amounts of major classes of assets included as part of discontinued operations: Accounts receivable, net $ 7,174 $ 7,601 Other current assets 3,506 3,463 Property and equipment, net 23,891 24,898 Goodwill and other intangible assets 9,023 9,094 Right of use assets under operating leases 17,729 18,193 Other 565 572 $ 61,888 $ 63,821 Balance sheet classification: Current assets of discontinued operations held for sale $ 61,888 $ 11,064 Long-term assets of discontinued operations held for sale - 52,757 Total assets of discontinued operations held for sale $ 61,888 $ 63,821 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable $ 3,575 $ 4,336 Accrued compensation and benefits 2,582 3,295 Current portion operating lease obligations 7,585 7,458 Other current liabilites and accrued expenses 902 1,006 Long-term portion of operating lease obligations 10,332 10,996 Other long-term liabilities 4,916 5,214 $ 29,892 $ 32,305 Balance sheet classification: Current liabilities of discontinued operations held for sale $ 29,892 $ 16,095 Long-term liabilities of discontinued operations held for sale - 16,210 Total liabilities of discontinued operations held for sale $ 29,892 $ 32,305 The following table summarizes the major classes of line items constituting income of the discontinued operations, as reported in the condensed consolidated statements of income for the three February 26, 2022 February 27, 2021: Quarter Ended February 26, 2022 February 27, 2021 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ 16,776 $ 12,018 Cost of logistical services 15,001 11,558 Other loss, net (63 ) (38 ) Pretax income of discontinued operations 1,712 422 Income tax expense 430 109 Income from discontinued operations $ 1,282 $ 313 The amounts shown above represent the results of Zenith’s business transactions with third three February 26, 2022 February 27, 2021, seven Other loss, net, of discontinued operations for the three February 26, 2022 February 27, 2021 The following table summarizes the cash flows generated by discontinued operations during the three February 26, 2022 February 27, 2021: Quarter Ended February 26, 2022 February 27, 2021 Cash provided by operating activities $ 1,681 $ 2,841 Cash used in investing activities (81 ) (120 ) Cash used in financing activities (371 ) (173 ) Net cash provided by discontinued operations $ 1,229 $ 2,548 |
Note 13 - Segment Information
Note 13 - Segment Information | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. We have strategically aligned our business into two reportable segments as defined in ASC 280, Segment Reporting ● Wholesale. ● Retail Company-owned stores. Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not Our former logistical services segment which represented the operations of Zenith is now presented as a discontinued operation in the accompanying condensed consolidated balances sheets and statements of income (see Note 12 The following table presents our segment information: Quarter Ended February 26, 2022 February 27, 2021 Sales Revenue Wholesale sales of furniture and accessories $ 83,485 $ 70,264 Less: Sales to retail segment (29,728 ) (29,004 ) Wholesale sales to external customers 53,757 41,260 Retail sales of furniture and accessories 64,107 60,395 Consolidated net sales of furniture and accessories $ 117,864 $ 101,655 Income from Operations Wholesale $ 3,385 $ 4,797 Retail - Company-owned stores 3,350 1,094 Inter-company elimination (257 ) (330 ) Consolidated $ 6,478 $ 5,561 Depreciation and Amortization Wholesale $ 894 $ 798 Retail - Company-owned stores 1,495 1,516 Consolidated $ 2,389 $ 2,314 Capital Expenditures Wholesale $ 2,327 $ 757 Retail - Company-owned stores 16 18 Consolidated $ 2,343 $ 775 As of As of February 26, 2022 November 27, 2021 Identifiable Assets Wholesale $ 201,388 $ 196,853 Retail - Company-owned stores 160,781 160,986 Discontinued Operations 61,888 63,821 Consolidated $ 424,057 $ 421,660 See Note 14, |
Note 14 - Revenue Recognition
Note 14 - Revenue Recognition | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. We recognize revenue when we transfer promised goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. All wholesale and retail revenues are recorded net of estimated returns and allowances based on historical patterns. We typically collect a significant portion of the purchase price from our retail customers as a deposit upon order, with the balance typically collected upon delivery. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $54,491 and $51,492 as of February 26, 2022 November 27, 2021, November 27, 2021 three February 26, 2022. 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 February 26, 2022 November 27, 2021, We exclude from revenue all amounts collected from customers for sales tax. We do not one Disaggregated revenue information for sales of furniture and accessories by product category for the three February 26, 2022 February 27, 2021, Quarter Ended February 26, 2022 February 27, 2021 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 31,929 $ 37,818 $ 69,747 $ 24,884 $ 34,461 $ 59,345 Bassett Leather 12,939 240 13,179 7,558 252 7,810 Bassett Custom Wood 5,980 9,407 15,387 5,341 5,458 10,799 Bassett Casegoods 2,909 8,292 11,201 3,477 11,077 14,554 Accessories, mattresses and other (1) - 8,350 8,350 - 9,147 9,147 Consolidated net sales of furniture and accessories $ 53,757 $ 64,107 $ 117,864 $ 41,260 $ 60,395 $ 101,655 ( 1 Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans. |
Note 15 - Changes to Stockholde
Note 15 - Changes to Stockholders' Equity | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Equity The following changes in our stockholders’ equity occurred during the three February 26, 2022 February 27, 2021: Quarter Ended February 26, 2022 February 27, 2021 Common Stock: Beginning of period $ 48,811 $ 49,714 Issuance of common stock 54 31 Purchase and retirement of common stock (225 ) (178 ) End of period $ 48,640 $ 49,567 Common Shares Issued and Outstanding: Beginning of period 9,762,125 9,942,787 Issuance of common stock 10,796 6,221 Purchase and retirement of common stock (44,989 ) (35,512 ) End of period 9,727,932 9,913,496 Additional Paid-in Capital: Beginning of period $ 113 $ - Issuance of common stock 39 52 Purchase and retirement of common stock (267 ) (66 ) Stock based compensation 115 14 End of period $ - $ - Retained Earnings: Beginning of period $ 115,631 $ 109,710 Net income for the period 5,573 4,011 Purchase and retirement of common stock (273 ) (509 ) Cash dividends declared (1,374 ) (3,719 ) End of period $ 119,557 $ 109,493 Accumulated Other Comprehensive Loss: Beginning of period $ (1,823 ) $ (1,394 ) Amortization of pension costs, net of tax 49 35 End of period $ (1,774 ) $ (1,359 ) |
Note 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronouncements | 3 Months Ended |
Feb. 26, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 16. In October 2021, No. 2021 08– 805 2021 08 606. 606 2021 08 2024 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 26, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2022, No. 2019 12 740 2019 12 2019 12 2019 12 2022 2019 12 not |
Impact of the COVID -19 Pandemic Upon Financial Condition and Results of Operations, Policy [Policy Text Block] | Impact of the COVID- 19 On March 11, 2020, 19” 2020, While we have begun making progress in reducing our order backlogs, pandemic-related labor shortages and supply chain disruptions are ongoing and order cancellations could result if the present delays in order fulfillment continue. Furthermore, a resurgence in COVID- 19 19 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | February 26, 2022 November 27, 2021 Gross accounts receivable $ 26,317 $ 21,134 Allowance for credit losses (714 ) (567 ) Accounts receivable, net $ 25,603 $ 20,567 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Balance at November 27, 2021 $ 567 Additions charged to expense 147 Write-offs against allowance - Balance at February 26, 2022 $ 714 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 26, 2022 November 27, 2021 Wholesale finished goods $ 42,838 $ 40,254 Work in process 636 482 Raw materials and supplies 21,610 21,653 Retail merchandise 32,303 30,914 Total inventories on first-in, first-out method 97,387 93,303 LIFO adjustment (10,916 ) (10,483 ) Reserve for excess and obsolete inventory (4,792 ) (4,816 ) $ 81,679 $ 78,004 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 27, 2021 $ 3,683 $ 1,133 $ 4,816 Additions charged to expense 325 214 539 Write-offs (360 ) (203 ) (563 ) Balance at February 26, 2022 $ 3,648 $ 1,144 $ 4,792 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | February 26, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (237 ) $ 275 Intangibles not subject to amortization: Trade names 6,848 Goodwill 7,217 Total goodwill and other intangible assets $ 14,340 November 27, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (223 ) $ 289 Intangibles not subject to amortization: Trade names 6,848 Goodwill 7,217 Total goodwill and other intangible assets $ 14,354 |
Schedule of Goodwill [Table Text Block] | Original Accumulated Recorded Impairment Carrying Value Losses Amount Wholesale $ 9,188 $ (1,971 ) $ 7,217 Retail 1,926 (1,926 ) - Total goodwill $ 11,114 $ (3,897 ) $ 7,217 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Quarter Ended February 26, 2022 February 27, 2021 Intangible asset amortization expense $ 14 $ 14 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of fiscal 2022 $ 43 Fiscal 2023 57 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 4 Total $ 275 |
Note 8 - Post Employment Bene_2
Note 8 - Post Employment Benefit Obligations (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Schedule of Pension Liability [Table Text Block] | February 26, 2022 November 27, 2021 Accrued compensation and benefits $ 913 $ 913 Post employment benefit obligations 9,801 9,827 Total pension liability $ 10,714 $ 10,740 |
Schedule of Net Benefit Costs [Table Text Block] | Quarter Ended February 26, 2022 February 27, 2021 Service cost $ 9 $ 31 Interest cost 58 48 Amortization of prior service costs 31 31 Amortization of loss 33 15 Net periodic pension cost $ 131 $ 125 |
Schedule of Deferred Compensation Liability [Table Text Block] | February 26, 2022 November 27, 2021 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,509 2,631 Total deferred compensation liability $ 3,805 $ 2,927 |
Recognized Deferred Compensation Expense [Table Text Block] | Quarter Ended February 26, 2022 February 27, 2021 Deferred compensation expense $ 54 $ 153 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income Weighted Average Shares Net Income Per Share For the quarter ended February 26, 2022: Basic earnings per share - continuing operations $ 4,291 9,750,432 $ 0.44 Add effect of dilutive securities: Restricted shares - 8,545 - Diluted earnings per share - continuing operations $ 4,291 9,758,977 $ 0.44 Basic earnings per share - discontinued operations $ 1,282 9,750,432 $ 0.13 Add effect of dilutive securities: Restricted shares - 8,545 - Diluted earnings per share - discontinued operations $ 1,282 9,758,977 $ 0.13 For the quarter ended February 27, 2021: Basic earnings per share - continuing operations $ 3,698 9,919,518 $ 0.37 Add effect of dilutive securities: Options and restricted shares - 20,287 - Diluted earnings per share - continuing operations $ 3,698 9,939,805 $ 0.37 Basic earnings per share - discontinued operations $ 313 9,919,518 $ 0.03 Add effect of dilutive securities: Options and restricted shares - 20,287 - Diluted earnings per share - discontinued operations $ 313 9,939,805 $ 0.03 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended February 26, 2022 February 27, 2021 Unvested shares 51,300 - |
Note 12 - Discontinued Operat_2
Note 12 - Discontinued Operations (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | February 26, 2022 November 27, 2021 Carrying amounts of major classes of assets included as part of discontinued operations: Accounts receivable, net $ 7,174 $ 7,601 Other current assets 3,506 3,463 Property and equipment, net 23,891 24,898 Goodwill and other intangible assets 9,023 9,094 Right of use assets under operating leases 17,729 18,193 Other 565 572 $ 61,888 $ 63,821 Balance sheet classification: Current assets of discontinued operations held for sale $ 61,888 $ 11,064 Long-term assets of discontinued operations held for sale - 52,757 Total assets of discontinued operations held for sale $ 61,888 $ 63,821 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable $ 3,575 $ 4,336 Accrued compensation and benefits 2,582 3,295 Current portion operating lease obligations 7,585 7,458 Other current liabilites and accrued expenses 902 1,006 Long-term portion of operating lease obligations 10,332 10,996 Other long-term liabilities 4,916 5,214 $ 29,892 $ 32,305 Balance sheet classification: Current liabilities of discontinued operations held for sale $ 29,892 $ 16,095 Long-term liabilities of discontinued operations held for sale - 16,210 Total liabilities of discontinued operations held for sale $ 29,892 $ 32,305 Quarter Ended February 26, 2022 February 27, 2021 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ 16,776 $ 12,018 Cost of logistical services 15,001 11,558 Other loss, net (63 ) (38 ) Pretax income of discontinued operations 1,712 422 Income tax expense 430 109 Income from discontinued operations $ 1,282 $ 313 Quarter Ended February 26, 2022 February 27, 2021 Cash provided by operating activities $ 1,681 $ 2,841 Cash used in investing activities (81 ) (120 ) Cash used in financing activities (371 ) (173 ) Net cash provided by discontinued operations $ 1,229 $ 2,548 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended February 26, 2022 February 27, 2021 Sales Revenue Wholesale sales of furniture and accessories $ 83,485 $ 70,264 Less: Sales to retail segment (29,728 ) (29,004 ) Wholesale sales to external customers 53,757 41,260 Retail sales of furniture and accessories 64,107 60,395 Consolidated net sales of furniture and accessories $ 117,864 $ 101,655 Income from Operations Wholesale $ 3,385 $ 4,797 Retail - Company-owned stores 3,350 1,094 Inter-company elimination (257 ) (330 ) Consolidated $ 6,478 $ 5,561 Depreciation and Amortization Wholesale $ 894 $ 798 Retail - Company-owned stores 1,495 1,516 Consolidated $ 2,389 $ 2,314 Capital Expenditures Wholesale $ 2,327 $ 757 Retail - Company-owned stores 16 18 Consolidated $ 2,343 $ 775 As of As of February 26, 2022 November 27, 2021 Identifiable Assets Wholesale $ 201,388 $ 196,853 Retail - Company-owned stores 160,781 160,986 Discontinued Operations 61,888 63,821 Consolidated $ 424,057 $ 421,660 |
Note 14 - Revenue Recognition (
Note 14 - Revenue Recognition (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended February 26, 2022 February 27, 2021 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 31,929 $ 37,818 $ 69,747 $ 24,884 $ 34,461 $ 59,345 Bassett Leather 12,939 240 13,179 7,558 252 7,810 Bassett Custom Wood 5,980 9,407 15,387 5,341 5,458 10,799 Bassett Casegoods 2,909 8,292 11,201 3,477 11,077 14,554 Accessories, mattresses and other (1) - 8,350 8,350 - 9,147 9,147 Consolidated net sales of furniture and accessories $ 53,757 $ 64,107 $ 117,864 $ 41,260 $ 60,395 $ 101,655 |
Note 15 - Changes to Stockhol_2
Note 15 - Changes to Stockholders' Equity (Tables) | 3 Months Ended |
Feb. 26, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Quarter Ended February 26, 2022 February 27, 2021 Common Stock: Beginning of period $ 48,811 $ 49,714 Issuance of common stock 54 31 Purchase and retirement of common stock (225 ) (178 ) End of period $ 48,640 $ 49,567 Common Shares Issued and Outstanding: Beginning of period 9,762,125 9,942,787 Issuance of common stock 10,796 6,221 Purchase and retirement of common stock (44,989 ) (35,512 ) End of period 9,727,932 9,913,496 Additional Paid-in Capital: Beginning of period $ 113 $ - Issuance of common stock 39 52 Purchase and retirement of common stock (267 ) (66 ) Stock based compensation 115 14 End of period $ - $ - Retained Earnings: Beginning of period $ 115,631 $ 109,710 Net income for the period 5,573 4,011 Purchase and retirement of common stock (273 ) (509 ) Cash dividends declared (1,374 ) (3,719 ) End of period $ 119,557 $ 109,493 Accumulated Other Comprehensive Loss: Beginning of period $ (1,823 ) $ (1,394 ) Amortization of pension costs, net of tax 49 35 End of period $ (1,774 ) $ (1,359 ) |
Note 2 - Interim Financial Pr_2
Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.30% | 29.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 135 |
Note 3 - Financial Instrument_2
Note 3 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Nov. 27, 2021 | |
Short-term Investments, Total | $ 17,715 | $ 17,715 |
Certificates of Deposit, Average Term (Month) | 8 months | |
Weighted Average [Member] | ||
Certificates of Deposit, Average Term (Month) | 5 years | |
Certificates of Deposit [Member] | ||
Short-term Investments, Total | $ 17,715 | $ 17,715 |
Certificates of Deposit [Member] | Minimum [Member] | ||
Investment Interest Rate | 0.05% | |
Certificates of Deposit [Member] | Maximum [Member] | ||
Investment Interest Rate | 0.85% | |
Certificates of Deposit [Member] | Weighted Average [Member] | ||
Interest-Earning Assets, Average Yield | 0.24% |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Gross accounts receivable | $ 26,317 | $ 21,134 |
Allowance for credit losses | (714) | (567) |
Accounts receivable, net | $ 25,603 | $ 20,567 |
Note 4 - Accounts Receivable _2
Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Feb. 26, 2022USD ($) | |
Balance | $ 567 |
Additions charged to expense | 147 |
Write-offs against allowance | 0 |
Balance | $ 714 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Wholesale finished goods | $ 42,838 | $ 40,254 |
Work in process | 636 | 482 |
Raw materials and supplies | 21,610 | 21,653 |
Retail merchandise | 32,303 | 30,914 |
Total inventories on first-in, first-out method | 97,387 | 93,303 |
LIFO adjustment | (10,916) | (10,483) |
Reserve for excess and obsolete inventory | (4,792) | (4,816) |
Inventory, Net, Total | $ 81,679 | $ 78,004 |
Note 5 - Inventories - Activity
Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands | 3 Months Ended |
Feb. 26, 2022USD ($) | |
Balance | $ 4,816 |
Additions charged to expense | 539 |
Write-offs | (563) |
Balance | 4,792 |
Operating Segments [Member] | Wholesale Segment [Member] | |
Balance | 3,683 |
Additions charged to expense | 325 |
Write-offs | (360) |
Balance | 3,648 |
Operating Segments [Member] | Retail Segment [Member] | |
Balance | 1,133 |
Additions charged to expense | 214 |
Write-offs | (203) |
Balance | $ 1,144 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Intangible Assets, Net (Including Goodwill), Total | $ 14,340 | $ 14,354 |
Long-term Assets of Discontinued Operations Held for Sale [Member] | Discontinued Operations, Held-for-sale [Member] | Logistical Services [Member] | ||
Intangible Assets, Net (Including Goodwill), Total | $ 9,023 | $ 9,094 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Intangibles subject to amortization, Intangible Assets, Net | $ 275 | |
Trade names | 6,848 | $ 6,848 |
Goodwill | 7,217 | 7,217 |
Intangible Assets, Net (Including Goodwill), Total | 14,340 | 14,354 |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 512 | 512 |
Intangibles subject to amortization, Accumulated Amortization | (237) | (223) |
Intangibles subject to amortization, Intangible Assets, Net | $ 275 | $ 289 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Goodwill, original recorded value | $ 11,114 | |
Goodwill, accumulated impairment loss | (3,897) | |
Goodwill, carrying amount | 7,217 | $ 7,217 |
Wholesale Segment [Member] | ||
Goodwill, original recorded value | 9,188 | |
Goodwill, accumulated impairment loss | (1,971) | |
Goodwill, carrying amount | 7,217 | |
Retail Segment [Member] | ||
Goodwill, original recorded value | 1,926 | |
Goodwill, accumulated impairment loss | (1,926) | |
Goodwill, carrying amount | $ 0 |
Note 6 - Goodwill and Other I_6
Note 6 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Intangible asset amortization expense | $ 14 | $ 14 |
Note 6 - Goodwill and Other I_7
Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Feb. 26, 2022USD ($) |
Remainder of fiscal 2022 | $ 43 |
Fiscal 2023 | 57 |
Fiscal 2024 | 57 |
Fiscal 2025 | 57 |
Fiscal 2026 | 57 |
Fiscal 2027 | 4 |
Total | $ 275 |
Note 7 - Bank Credit Facility (
Note 7 - Bank Credit Facility (Details Textual) $ in Thousands | Jan. 27, 2022USD ($) | Feb. 26, 2022USD ($) |
Bank One [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |
Letters of Credit Outstanding, Amount | $ 3,931 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 21,069 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.4 | |
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio | 3 | |
Debt Instrument, Covenant, Tangible Net Worth | $ 140,000 | |
Bank One [Member] | One-Month Term Secured Overnight Financing Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Bank Two [Member] | ||
Letters of Credit Outstanding, Amount | $ 325 |
Note 8 - Post Employment Bene_3
Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands | May 02, 2017 | Feb. 26, 2022 | Nov. 27, 2021 |
Postemployment Benefits Liability, Noncurrent | $ 13,268 | $ 12,968 | |
Unfunded Deferred Compensation Plan [Member] | |||
Postemployment Benefits Liability, Noncurrent | 1,650 | 1,648 | |
Deferred Compensation, Management Savings Plan [Member] | |||
Postemployment Benefits Liability, Noncurrent | 2,155 | 1,789 | |
Management Savings Plan [member] | |||
Defined Benefit Plan, Fixed Future Benefit Award | $ 2,000 | ||
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants | $ 400 | ||
Postemployment Benefits Liability, Noncurrent | 1,565 | 1,548 | |
Supplemental Employee Retirement Plan [Member] | Defined Benefit Plan, Unfunded Plan [Member] | |||
Liability, Other Postretirement Defined Benefit Plan | $ 9,149 | $ 9,192 |
Note 8 - Post Employment Bene_4
Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Nov. 27, 2021 | Feb. 26, 2021 |
Combined pension liability | $ 10,740 | $ 10,714 |
Accrued Compensation and Benefits [Member] | ||
Combined pension liability | 913 | 913 |
Post Employment Benefit Obligations [Member] | ||
Combined pension liability | $ 9,827 | $ 9,801 |
Note 8 - Post Employment Bene_5
Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Service cost | $ 9 | $ 31 |
Interest cost | 58 | 48 |
Amortization of prior service costs | 31 | 31 |
Amortization of loss | 33 | 15 |
Net periodic pension cost | $ 131 | $ 125 |
Note 8 - Post Employment Bene_6
Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Liability for all deferred compensation arrangements | $ 3,805 | $ 2,927 |
Accrued Compensation and Benefits [Member] | ||
Liability for all deferred compensation arrangements | 296 | 296 |
Post Employment Benefit Obligations [Member] | ||
Liability for all deferred compensation arrangements | $ 3,509 | $ 2,631 |
Note 8 - Post Employment Bene_7
Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Deferred compensation expense | $ 54 | $ 153 |
Note 10 - Lease Guarantees (Det
Note 10 - Lease Guarantees (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 16, 2022 | Nov. 27, 2021 | |
Minimum [Member] | ||
Lease Guarantees Term (Year) | 1 year | |
Maximum [Member] | ||
Lease Guarantees Term (Year) | 3 years | |
Lease Obligations of Licensee Operators [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 1,854 | $ 1,845 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Basic earnings per share - continuing operations | $ 4,291 | $ 3,698 |
Basic earnings per share - continuing operations (in shares) | 9,750,432 | 9,919,518 |
Basic earnings per share - continuing operations (in dollars per share) | $ 0.44 | $ 0.37 |
Restricted shares, weighted average shares (in shares) | 8,545 | 20,287 |
Diluted earnings per share - continuing operations | $ 4,291 | $ 3,698 |
Diluted earnings per share - continuing operations (in shares) | 9,758,977 | 9,939,805 |
Diluted earnings per share - continuing operations (in dollars per share) | $ 0.44 | $ 0.37 |
Basic earnings per share - discontinued operations | $ 1,282 | $ 313 |
Basic earnings per share - discontinued operations (in dollars per share) | $ 0.13 | $ 0.03 |
Diluted earnings per share - discontinued operations | $ 1,282 | $ 313 |
Diluted earnings per share - discontinued operations (in dollars per share) | $ 0.13 | $ 0.03 |
Basic earnings per share - continuing operations | $ 4,291 | $ 3,698 |
Discontinued Operations [Member] | ||
Basic earnings per share - continuing operations (in shares) | 9,750,432 | 9,919,518 |
Restricted shares, weighted average shares (in shares) | 8,545 | 20,287 |
Diluted earnings per share - continuing operations (in shares) | 9,758,977 | 9,939,805 |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Feb. 26, 2022 | Feb. 26, 2021 | |
Unvested Shares [Member] | ||
Antidilutive securities (in shares) | 51,300 | 0 |
Note 12 - Discontinued Operat_3
Note 12 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | Jan. 31, 2022 | |
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year) | 7 years | ||
Disposal Group, Including Discontinued Operation, Interest Expense | $ 78 | $ 43 | |
Logistical Services [Member] | Subsidiaries [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 9,121 | $ 8,063 | |
Logistical Services [Member] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 86,900 |
Note 12 - Discontinued Operat_4
Note 12 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | Nov. 27, 2021 | |
Current assets of discontinued operations held for sale | $ 61,888 | $ 11,064 | |
Long-term assets of discontinued operations held for sale | 0 | 52,757 | |
Current liabilities of discontinued operations held for sale | 29,892 | 16,095 | |
Long-term liabilities of discontinued operations held for sale | 0 | 16,210 | |
Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member] | |||
Accounts receivable, net | 7,174 | 7,601 | |
Other current assets | 3,506 | 3,463 | |
Property and equipment, net | 23,891 | 24,898 | |
Goodwill and other intangible assets | 9,023 | 9,094 | |
Right of use assets under operating leases | 17,729 | 18,193 | |
Other | 565 | 572 | |
Total assets of discontinued operations held for sale | 61,888 | 63,821 | |
Current assets of discontinued operations held for sale | 61,888 | 11,064 | |
Long-term assets of discontinued operations held for sale | 0 | 52,757 | |
Accounts payable | 3,575 | 4,336 | |
Accrued compensation and benefits | 2,582 | 3,295 | |
Current portion operating lease obligations | 7,585 | 7,458 | |
Other current liabilites and accrued expenses | 902 | 1,006 | |
Long-term portion of operating lease obligations | 10,332 | 10,996 | |
Other long-term liabilities | 4,916 | 5,214 | |
Total liabilities of discontinued operations held for sale | 29,892 | 32,305 | |
Current liabilities of discontinued operations held for sale | 29,892 | 16,095 | |
Long-term liabilities of discontinued operations held for sale | 0 | $ 16,210 | |
Major line items constituting pretax income of discontinued operations: | |||
Logistical services revenue | 16,776 | $ 12,018 | |
Cost of logistical services | 15,001 | 11,558 | |
Other loss, net | (63) | (38) | |
Pretax income of discontinued operations | 1,712 | 422 | |
Income tax expense | 430 | 109 | |
Income from discontinued operations | 1,282 | 313 | |
Cash provided by operating activities | 1,681 | 2,841 | |
Cash used in investing activities | (81) | (120) | |
Cash used in financing activities | (371) | (173) | |
Net cash provided by discontinued operations | $ 1,229 | $ 2,548 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 3 Months Ended |
Feb. 27, 2022 | |
Number of Reportable Segments | 2 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | Nov. 27, 2021 | |
Sales revenues | $ 117,864 | $ 101,655 | |
Income (loss) from Operations | 6,478 | 5,561 | |
Depreciation and amortization | 3,655 | 3,331 | |
Capital expenditures | 2,343 | 775 | |
Identifiable Assets | 424,057 | $ 421,660 | |
Wholesale Segment [Member] | |||
Sales revenues | 53,757 | 41,260 | |
Logistical Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Identifiable Assets | 61,888 | 63,821 | |
Furniture and Accessories [Member] | |||
Sales revenues | 117,864 | 101,655 | |
Operating Segments [Member] | |||
Depreciation and amortization | 2,389 | 2,314 | |
Operating Segments [Member] | Wholesale Segment [Member] | |||
Sales revenues | 83,485 | 70,264 | |
Income (loss) from Operations | 3,385 | 4,797 | |
Depreciation and amortization | 894 | 798 | |
Capital expenditures | 2,327 | 757 | |
Identifiable Assets | 201,388 | 196,853 | |
Operating Segments [Member] | Retail Segment [Member] | |||
Sales revenues | 64,107 | 60,395 | |
Identifiable Assets | 160,781 | $ 160,986 | |
Operating Segments [Member] | Retail Segments [Member] | |||
Income (loss) from Operations | 3,350 | 1,094 | |
Depreciation and amortization | 1,495 | 1,516 | |
Capital expenditures | 16 | 18 | |
Intersegment Eliminations [Member] | |||
Income (loss) from Operations | (257) | (330) | |
Intersegment Eliminations [Member] | Wholesale Segment [Member] | |||
Sales revenues | $ (29,728) | $ (29,004) |
Note 14 - Revenue Recognition_2
Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Feb. 26, 2022 | Nov. 27, 2021 |
Contract with Customer, Liability, Current | $ 54,491 | $ 51,492 |
Beginning Performance Obligation Satisfied During Period | 60.00% | |
Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year | |
Other Current Assets [Member] | Sales Commissions [Member] | ||
Capitalized Contract Cost, Net, Current | $ 6,330 | $ 6,221 |
Note 14 - Revenue Recognition -
Note 14 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 26, 2022 | Feb. 27, 2021 | ||
Sales revenue | $ 117,864 | $ 101,655 | |
Bassett Custom Upholstery [Member] | |||
Sales revenue | 69,747 | 59,345 | |
Bassett Leather [Member] | |||
Sales revenue | 13,179 | 7,810 | |
Bassett Custom Wood [Member] | |||
Sales revenue | 15,387 | 10,799 | |
Bassett Casegoods [Member] | |||
Sales revenue | 11,201 | 14,554 | |
Accessories, Mattresses and Other [Member] | |||
Sales revenue | [1] | 8,350 | 9,147 |
Furniture and Accessories [Member] | |||
Sales revenue | 117,864 | 101,655 | |
Wholesale Segment [Member] | |||
Sales revenue | 53,757 | 41,260 | |
Wholesale Segment [Member] | Bassett Custom Upholstery [Member] | |||
Sales revenue | 31,929 | 24,884 | |
Wholesale Segment [Member] | Bassett Leather [Member] | |||
Sales revenue | 12,939 | 7,558 | |
Wholesale Segment [Member] | Bassett Custom Wood [Member] | |||
Sales revenue | 5,980 | 5,341 | |
Wholesale Segment [Member] | Bassett Casegoods [Member] | |||
Sales revenue | 2,909 | 3,477 | |
Wholesale Segment [Member] | Accessories, Mattresses and Other [Member] | |||
Sales revenue | [1] | 0 | 0 |
Wholesale Segment [Member] | Furniture and Accessories [Member] | |||
Sales revenue | 53,757 | 41,260 | |
Retail Segment [Member] | Bassett Custom Upholstery [Member] | |||
Sales revenue | 37,818 | 34,461 | |
Retail Segment [Member] | Bassett Leather [Member] | |||
Sales revenue | 240 | 252 | |
Retail Segment [Member] | Bassett Custom Wood [Member] | |||
Sales revenue | 9,407 | 5,458 | |
Retail Segment [Member] | Bassett Casegoods [Member] | |||
Sales revenue | 8,292 | 11,077 | |
Retail Segment [Member] | Accessories, Mattresses and Other [Member] | |||
Sales revenue | [1] | 8,350 | 9,147 |
Retail Segment [Member] | Furniture and Accessories [Member] | |||
Sales revenue | $ 64,107 | $ 60,395 | |
[1] | Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans. |
Note 15 - Changes to Stockhol_3
Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 26, 2022 | Feb. 27, 2021 | |
Balance | $ 162,732 | |
Balance | 166,423 | |
Net income | 5,573 | $ 4,011 |
Common Stock [Member] | ||
Balance | 48,811 | 49,714 |
Issuance of common stock | 54 | 31 |
Purchase and retirement of common stock | (225) | (178) |
Balance | $ 48,640 | $ 49,567 |
Balance, shares (in shares) | 9,762,125 | 9,942,787 |
Issuance of common stock, shares (in shares) | 10,796 | 6,221 |
Purchase and retirement of common stock, shares (in shares) | (44,989) | (35,512) |
Balance, shares (in shares) | 9,727,932 | 9,913,496 |
Paid in Capital [Member] | ||
Balance | $ 113 | $ 0 |
Issuance of common stock | 39 | 52 |
Purchase and retirement of common stock | (267) | (66) |
Balance | 0 | 0 |
Stock based compensation | 115 | 14 |
Retained Earnings [Member] | ||
Balance | 115,631 | 109,710 |
Purchase and retirement of common stock | (273) | (509) |
Balance | 119,557 | 109,493 |
Net income | 5,573 | 4,011 |
Cash dividends declared | (1,374) | (3,719) |
AOCI Attributable to Parent [Member] | ||
Balance | (1,823) | (1,394) |
Balance | (1,774) | (1,359) |
Amortization of pension costs, net of tax | $ 49 | $ 35 |