Bassett Furniture Industries (BSET) 10-Q 30 Jun 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	May 28, 2022	Jun. 24, 2022
Document Information [Line Items]
Entity Central Index Key	0000010329
Amendment Flag	false
Current Fiscal Year End Date	--11-26
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 28, 2022
Document Transition Report	false
Entity File Number	000-00209
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES, INCORPORATED
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		9,247,410

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021
Net sales of furniture and accessories	$ 128,706	$ 109,997	$ 246,570	$ 211,652
Cost of furniture and accessories sold	62,767	52,911	123,239	101,163
Gross profit	65,939	57,086	123,331	110,489
Selling, general and administrative expenses	54,927	50,001	105,841	97,842
Income from operations	11,012	7,085	17,490	12,647
Other loss, net	(627)	(259)	(1,256)	(560)
Income from continuing operations before income taxes	10,385	6,826	16,234	12,087
Income tax expense	2,642	1,749	4,200	3,313
Income from continuing operations	7,743	5,077	12,034	8,774
Discontinued operations:
Income from operations of logistical services	0	1,222	1,712	1,644
Gain on disposal	53,254	0	53,254	0
Income tax expense	13,879	325	14,309	433
Income from discontinued operations	39,375	897	40,657	1,211
Net income	$ 47,118	$ 5,974	$ 52,691	$ 9,985
Basic earnings per share:
Income from continuing operations (in dollars per share)	$ 0.81	$ 0.51	$ 1.25	$ 0.89
Income from discontinued operations (in dollars per share)	4.14	0.09	4.22	0.12
Basic and diluted earnings per share (in dollars per share)	4.95	0.60	5.47	1.01
Diluted earnings per share:
Income from continuing operations (in dollars per share)	0.81	0.51	1.25	0.89
Income from discontinued operations (in dollars per share)	4.13	0.09	4.22	0.12
Diluted earnings per share (in dollars per share)	$ 4.94	$ 0.60	$ 5.47	$ 1.01

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021
Net income	$ 47,118	$ 5,974	$ 52,691	$ 9,985
Other comprehensive income:
Other comprehensive income, net of tax	48	35	96	70
Total comprehensive income	47,166	6,009	52,787	10,055
Pension Plan [Member]
Other comprehensive income:
Amortization	33	36	66	72
Income taxes	(8)	(9)	(16)	(18)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization	31	11	62	22
Income taxes	$ (8)	$ (3)	$ (16)	$ (6)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	May 28, 2022	Nov. 27, 2021
Current assets
Cash and cash equivalents	$ 71,610	$ 34,374
Short-term investments	17,715	17,715
Accounts receivable, net	22,836	20,567
Inventories	92,865	78,004
Recoverable income taxes	1,724	8,379
Current assets of discontinued operations held for sale	0	11,064
Retail real estate held for sale	3,623	0
Other current assets	11,349	10,181
Total current assets	221,722	180,284
Property and equipment, net	73,706	69,168
Deferred income taxes	6,985	3,189
Goodwill and other intangible assets	14,326	14,354
Right of use assets under operating leases	91,256	95,955
Long-term assets of discontinued operations held for sale	0	52,757
Other	5,758	5,953
Total long-term assets	118,325	172,208
Total assets	413,753	421,660
Current liabilities
Accounts payable	26,952	23,988
Accrued compensation and benefits	12,620	12,639
Customer deposits	46,391	51,492
Current portion operating lease obligations	20,291	20,235
Current liabilities of discontinued operations held for sale	0	16,095
Other current liabilites and accrued expenses	14,832	9,770
Total current liabilities	121,086	134,219
Long-term liabilities
Post employment benefit obligations	13,055	12,968
Long-term portion of operating lease obligations	88,803	94,845
Long-term liabilities of discontinued operations held for sale	0	16,210
Other long-term liabilities	668	686
Total long-term liabilities	102,526	124,709
Stockholders’ equity
Common stock	46,396	48,811
Retained earnings	145,471	115,631
Additional paid-in capital	0	113
Accumulated other comprehensive loss	(1,726)	(1,823)
Total stockholders' equity	190,141	162,732
Total liabilities and stockholders’ equity	$ 413,753	$ 421,660

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 28, 2022	May 29, 2021
Operating activities:
Net income	$ 52,691	$ 9,985
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,065	6,893
Gain on disposal of discontinued operations	(53,254)	0
Deferred income taxes	(3,796)	1,201
Other, net	915
Changes in operating assets and liabilities:
Accounts receivable	(1,829)	(3,442)
Inventories	(14,861)	(12,415)
Other current assets	6,421	25
Right of use assets under operating leases	11,153	12,558
Customer deposits	(5,101)	8,149
Accounts payable and other liabilities	4,891	2,775
Obligations under operating leases	(12,241)	(13,934)
Net cash provided by (used in) operating activities	(8,946)	12,050
Investing activities:
Purchases of property and equipment	(12,638)	(3,483)
Proceeds from sales of property and equipment	9	96
Proceeds from the disposal of discontinued operations, net	85,521	0
Other	(538)	(335)
Net cash provided by (used in) investing activities	72,354	(3,722)
Financing activities:
Cash dividends	(17,170)	(4,954)
Proceeds from the exercise of stock options	0	42
Other issuance of common stock	177	172
Repurchases of common stock	(8,642)	(2,925)
Taxes paid related to net share settlement of equity awards	0	(219)
Repayments of finance lease obligations	(537)	(467)
Net cash used in financing activities	(26,172)	(8,351)
Change in cash and cash equivalents	37,236	(23)
Cash and cash equivalents - beginning of period	34,374	45,799
Cash and cash equivalents - end of period	$ 71,610	$ 45,776

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative GAAP. The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees represent VIEs. We are the primary beneficiary of one VIE by virtue of our control over the activities that most significantly impact the entity’s economic performance. This VIE was created to effect the purchase of real property in the state of Florida (see Note 12, Discontinued Operations & Assets Held for Sale – Retail Real Estate Held for Sale). 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, we entered into a definitive agreement to sell substantially all of the assets of our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) to J.B. Hunt Transport Services, Inc. (“J.B. Hunt”). The sale was completed on February 28, 2022. Accordingly, the operations of our logistical services segment as well as the gain realized upon disposal are presented in the accompanying condensed consolidated statements of income as discontinued operations, and the assets sold to and liabilities assumed by J.B. Hunt are presented in the accompanying condensed consolidated balance sheet as of November 27, 2021 as assets and liabilities of discontinued operations held for sale. See Note 12, Discontinued Operations & Assets Held for Sale, for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith are included in selling, general and administrative expenses. Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2022, we have adopted Accounting Standards Update No. 2019-12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 became effective for us as of the beginning of our 2022 fiscal year. We adopted ASU 2019-12 on a prospective basis and the adoption did not have a material impact upon our financial condition or results of operations. Certain prior year amounts have been reclassified to conform with the current year presentation.

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Condensed Financial Statements [Text Block]	2. Interim Financial Presentation All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three and six months ended May 28, 2022 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended 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 rate was 26.0% for both the three and six months ended May 28, 2022, and 25.8% and 27.3% for the three and six months ended May 29, 2021, respectively. These effective rates differ from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences, including tax of $552 for the three and six months ended May 28, 2022 associated with non-deductible goodwill written off in connection with our sale of Zenith and included in income tax on discontinued operations, and tax benefits (deficiencies) of $18 and ($117) during the three and six months ended May 29, 2021 arising from stock-based compensation. Cash paid for income taxes, net of refunds, during the six months ended May 28, 2022 was $14,663, including approximately one half of the estimated tax payable on the taxable gain realized on our sale of Zenith. Cash paid for income taxes, net of refunds, during the six months ended May 29, 2021 was $626. These cash payments for income taxes are included in cash flows from operating activities in the accompanying condensed consolidated statement of cash flows. Net recoverable income taxes at May 28, 2022 of $1,724 include a federal claim for refund of $8,511 arising from the carryback of our fiscal 2020 net operating loss (NOL) partially offset by an accrual for the remainder of the estimated tax payable on the taxable gain realized on our sale of Zenith. Net recoverable income taxes at November 27, 2021 of $8,379 consisted primarily of the federal claim for refund due to the 2020 NOL carryback.

Note 3 - Financial Instruments

Note 3 - Financial Instruments and Investments	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. Financial Instruments and Investments 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 May 28, 2022 and November 27, 2021 consisted of CDs. At May 28, 2022, the CDs had original terms averaging eight three

Note 4 - Accounts Receivable

Note 4 - Accounts Receivable	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. Accounts Receivable Accounts receivable consists of the following: May 28, 2022 November 27, 2021 Gross accounts receivable $ 23,595 $ 21,134 Allowance for doubtful accounts (759 ) (567 ) Accounts receivable, net $ 22,836 $ 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 days or less. Actual credit losses could differ from those estimates. Activity in the allowance for credit losses for the three and six months ended May 28, 2022 was as follows: Balance at November 27, 2021 $ 567 Additions charged to expense 180 Write-offs against allowance 12 Balance at May 28, 2022 $ 759 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 observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures

Note 5 - Inventories

Note 5 - Inventories	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first-out (LIFO) method, or market. Imported inventories and those applicable to our Lane Venture and Bassett Outdoor lines are valued at the lower of cost, which is determined using the first-in, first-out (FIFO) method, or net realizable value. Inventories were comprised of the following: May 28, 2022 November 27, 2021 Wholesale finished goods $ 52,430 $ 40,254 Work in process 610 482 Raw materials and supplies 22,560 21,653 Retail merchandise 34,290 30,914 Total inventories on first-in, first-out method 109,890 93,303 LIFO adjustment (11,650 ) (10,483 ) Reserve for excess and obsolete inventory (5,375 ) (4,816 ) $ 92,865 $ 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 be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses. 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 1,115 518 1,633 Write-offs (568 ) (506 ) (1,074 ) Balance at May 28, 2022 $ 4,230 $ 1,145 $ 5,375 Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2022 and do not anticipate that our methodology is likely to change in the future.

Note 6 - Goodwill and Other Int

Note 6 - Goodwill and Other Intangible Assets	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: May 28, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (251 ) $ 261 Intangibles not subject to amortization: Trade names 6,848 Goodwill 7,217 Total goodwill and other intangible assets $ 14,326 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 May 28, 2022 and November 27, 2021 are as follows: 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 $9,094 at November 27, 2021 are included in assets of discontinued operations held for sale in the accompanying balance sheet (see Note 12). Amortization expense associated with intangible assets during the three and six months ended May 28, 2022 and May 29, 2021 was as follows: Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Intangible asset amortization expense $ 14 $ 14 $ 28 $ 28 Estimated future amortization expense for intangible assets that exist at May 28, 2022 is as follows: Remainder of fiscal 2022 $ 28 Fiscal 2023 57 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Total $ 261

Note 7 - Bank Credit Facility

Note 7 - Bank Credit Facility	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Bank Credit Facility Our bank credit facility provides for a line of credit of up to $ 25,000. 21,069. ● Consolidated fixed charge coverage ratio of not less than 1.4 times, ● Consolidated lease-adjusted leverage ratio not to exceed 3.0 times, and ● Minimum tangible net worth of $140,000. We were in compliance with these covenants at May 28, 2022 and expect to remain in compliance for the foreseeable future. The credit facility will mature on January 27, 2025, at which time any amounts outstanding under the facility will be due.

Note 8 - Post Employment Benefi

Note 8 - Post Employment Benefit Obligations	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	8. Post Employment Benefit Obligations Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $9,105 and $9,192 as of May 28, 2022 and November 27, 2021, respectively. We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second quarter of fiscal 2017. The Management Savings Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. As part of the Management Savings Plan, we have made Long Term Cash Awards (“LTC Awards”) totaling $2,000 to certain management employees in the amount of $400 each. The liability for the LTC Awards was $1,543 and $1,548 as of May 28, 2022 and November 27, 2021, respectively. The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: May 28, 2022 November 27, 2021 Accrued compensation and benefits $ 913 $ 913 Post employment benefit obligations 9,735 9,827 Total pension liability $ 10,648 $ 10,740 Components of net periodic pension costs for our defined benefit plans for the three and six months ended May 28, 2022 and May 29, 2021 are as follows: Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Service cost $ 9 $ 31 $ 18 $ 60 Interest cost 58 48 115 98 Amortization of prior service costs 31 31 63 63 Amortization of loss 33 15 67 30 Net periodic pension cost $ 131 $ 125 $ 263 $ 251 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 current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. Our liability under this plan was $1,652 and $1,648 as of May 28, 2022 and November 27, 2021, respectively. 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 $1,964 and $1,789 as of May 28, 2022 and November 27, 2021, respectively. Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets: May 28, 2022 November 27, 2021 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,320 3,142 Total deferred compensation liability $ 3,616 $ 3,437 We recognized expense under our deferred compensation arrangements during the three and six months ended May 28, 2022 and May 29, 2021 as follows: Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Deferred compensation expense $ 7 $ 202 $ 61 $ 355

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	9. Commitments and Contingencies We are involved in various legal and environmental matters which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

Note 10 - Lease Guarantees

Note 10 - Lease Guarantees	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	10. Lease Guarantees We have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one three 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 limited to, arranging for a replacement dealer or liquidating the collateral (primarily inventory). The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at May 28, 2022 and November 27, 2021 was not material.

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Earnings Per Share The following reconciles basic and diluted earnings per share: Net Income Weighted Average Shares Net Income Per Share For the quarter ended May 28, 2022: Basic earnings per share - continuing operations $ 7,743 9,521,085 $ 0.81 Add effect of dilutive securities: Restricted shares - 12,938 - Diluted earnings per share - continuing operations $ 7,743 9,534,023 $ 0.81 Basic earnings per share - discontinued operations $ 39,375 9,521,085 $ 4.14 Add effect of dilutive securities: Restricted shares - 12,938 (0.01 ) Diluted earnings per share - discontinued operations $ 39,375 9,534,023 $ 4.13 For the quarter ended May 29, 2021: Basic earnings per share - continuing operations $ 5,077 9,894,627 $ 0.51 Add effect of dilutive securities: Options and restricted shares - 5,476 - Diluted earnings per share - continuing operations $ 5,077 9,900,103 $ 0.51 Basic earnings per share - discontinued operations $ 897 9,894,627 $ 0.09 Add effect of dilutive securities: Options and restricted shares - 5,476 - Diluted earnings per share - discontinued operations $ 897 9,900,103 $ 0.09 For the six months ended May 28, 2022: Basic earnings per share - continuing operations $ 12,034 9,636,813 $ 1.25 Add effect of dilutive securities: Restricted shares - 2,917 - Diluted earnings per share - continuing operations $ 12,034 9,639,730 $ 1.25 Basic earnings per share - discontinued operations $ 40,657 9,636,813 $ 4.22 Add effect of dilutive securities: Restricted shares - 2,917 - Diluted earnings per share - discontinued operations $ 40,657 9,639,730 $ 4.22 For the six months ended May 29, 2021: Basic earnings per share - continuing operations $ 8,774 9,907,073 $ 0.89 Add effect of dilutive securities: Options and restricted shares - 12,629 - Diluted earnings per share - continuing operations $ 8,774 9,919,702 $ 0.89 Basic earnings per share - discontinued operations $ 1,211 9,907,073 $ 0.12 Add effect of dilutive securities: Options and restricted shares - 12,629 - Diluted earnings per share - discontinued operations $ 1,211 9,919,702 $ 0.12 For the three and six months ended May 28, 2022 and May 29, 2021, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive: Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Unvested shares 15,799 - 67,099 7,105

Note 12 - Discontinued Operatio

Note 12 - Discontinued Operations & Assets Held for Sale	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	12. Discontinued Operations & Assets Held for Sale Discontinued Operations On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of Zenith to J.B. Hunt. The sale was completed on February 28, 2022, at which time we received the following net proceeds: Sales price prior to post-closing working capital adjustment $ 86,939 Less: Amount held in escrow for contingencies related to representations and warranties (1) 1,000 Seller expenses paid at closing 418 Net proceeds from the sale (2) $ 85,521 (1) To be held in escrow until the first anniversary of the sale, at which time any amount not distributed or reserved for specified claims will be released to the Company. This amount is included in other current assets in the accompanying condensed consolidated balance sheet at May 28, 2022. (2) Included in cash flows from investing activities in the accompanying condensed consolidated statement of cash flows for the six months ended May 28, 2022. The sales price is subject to a customary post-closing working capital adjustment which will be paid during the third quarter of fiscal 2022. Including the estimated effect of the working capital adjustment, we recognized a pre-tax gain from the sale of Zenith of $ 53,254. The operations of our logistical services segment, which consisted entirely of the operations of Zenith, are presented in the accompanying condensed consolidated statements of income as discontinued operations, and the assets sold to and liabilities assumed by J.B. Hunt are presented in the accompanying condensed consolidated balance sheet as assets and liabilities of discontinued operations held for sale as of November 27, 2021. The following table summarizes the major classes of assets and liabilities of the discontinued operations held for sale as reported in the condensed consolidated balance sheet as of November 27, 2021: November 27, 2021 Carrying amounts of major classes of assets included as part of discontinued operations: Accounts receivable, net $ 7,601 Other current assets 3,463 Property and equipment, net 24,898 Goodwill and other intangible assets 9,094 Right of use assets under operating leases 18,193 Other 572 $ 63,821 Balance sheet classification: Current assets of discontinued operations held for sale $ 11,064 Long-term assets of discontinued operations held for sale 52,757 Total assets of discontinued operations held for sale $ 63,821 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable $ 4,336 Accrued compensation and benefits 3,295 Current portion operating lease obligations 7,458 Other current liabilites and accrued expenses 1,006 Long-term portion of operating lease obligations 10,996 Other long-term liabilities 5,214 $ 32,305 Balance sheet classification: Current liabilities of discontinued operations held for sale $ 16,095 Long-term liabilities of discontinued operations held for sale 16,210 Total liabilities of discontinued operations held for sale $ 32,305 Following the sale of Zenith, certain of Zenith’s liabilities primarily representing reserves and accrued liabilities for pre-disposal workers’ compensation, health insurance, auto liability claims and certain accrued compensation and benefits were retained by Bassett. These reserves and accruals total $1,390 at May 28, 2022 and are included in other current liabilities and accrued expenses in the accompanying condensed consolidated balance sheet. 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 and six months ended May 28, 2022 and May 29, 2021: Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ - $ 14,062 $ 16,776 $ 26,080 Cost of logistical services - 12,768 15,001 24,327 Other loss, net - (72 ) (63 ) (109 ) Income from operations of logistical services - 1,222 1,712 1,644 Gain on disposal 53,254 - 53,254 - Pretax income of discontinued operations 53,254 1,222 54,966 1,644 Income tax expense 13,879 325 14,309 433 Income from discontinued operations, net of tax $ 39,375 $ 897 $ 40,657 $ 1,211 The amounts for revenue and costs of logistical services shown above represent the results of Zenith’s business transactions with third parties. Zenith also charged Bassett for logistical services provided to our wholesale segment in the amount of $9,121 during the six months ended May 28, 2022, and $8,182 and $ 16,245, seven Included in other loss, net, is interest arising from finance leases assumed by J.B. Hunt as part of the transaction. Such interest amounted to $78 for the six months ended May 28, 2022, and $78 and $ 121, The following table summarizes the cash flows generated by discontinued operations during the six months ended May 28, 2022 and May 29, 2021: Six Months Ended May 28, 2022 May 29, 2021 Cash provided by operating activities $ 1,681 $ 3,646 Cash used in investing activities (81 ) (1,138 ) Cash used in financing activities (371 ) (467 ) Net cash provided by discontinued operations $ 1,229 $ 2,041 Retail Real Estate Held for Sale During the second quarter of fiscal 2022, we entered into a contract to sell one of our Company-owned store locations in Houston, Texas for approximately $8,200 net of closing costs. Accordingly, the $3,623 carrying value of the real property at that location is classified as retail real estate held for sale in the accompanying condensed consolidated balance sheet as of May 28, 2022. The sale closed on June 24, 2022, and we expect to vacate the premises by the end of the third quarter of fiscal 2022. This store will be relocated to a new leased store in the Houston market that we expect to open during the second quarter of fiscal 2023. This sale, together with our recent purchase of real property in Tampa, Florida for $7,668 in cash during the second quarter of fiscal 2022 will be treated as an exchange of like-kind property under Section 1031 of the Internal Revenue Code of 1986, as amended, for the purpose of deferring the majority of the taxable gain of approximately $4,800 arising from the sale of the Houston property. A VIE was established during the second quarter of fiscal 2022 for purposes of acquiring the Tampa, Florida property, of which the Company is the primary beneficiary by virtue of our control over the activities that most significantly impact the entity's economic performance. We plan to remodel the Tampa property and open as a Company-owned store in the second quarter of fiscal 2023.

Note 13 - Segment Information

Note 13 - Segment Information	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13. Segment Information We have strategically aligned our business into two 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 been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate. 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 Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Sales Revenue Wholesale sales of furniture and accessories $ 87,501 $ 76,034 $ 170,986 $ 146,298 Less: Sales to retail segment (34,415 ) (28,520 ) (64,143 ) (57,524 ) Wholesale sales to external customers 53,086 47,514 106,843 88,774 Retail sales of furniture and accessories 75,620 62,483 139,727 122,878 Consolidated net sales of furniture and accessories $ 128,706 $ 109,997 $ 246,570 $ 211,652 Income from Operations Wholesale $ 3,434 $ 5,359 $ 6,819 $ 10,156 Retail - Company-owned stores 7,875 1,652 11,225 2,746 Inter-company elimination (297 ) 74 (554 ) (255 ) Consolidated $ 11,012 $ 7,085 $ 17,490 $ 12,647 Depreciation and Amortization Wholesale $ 931 $ 823 $ 1,825 $ 1,621 Retail - Company-owned stores 1,479 1,581 2,974 3,097 Consolidated $ 2,410 $ 2,404 $ 4,799 $ 4,718 Capital Expenditures Wholesale $ 9,578 $ 1,409 $ 11,905 $ 2,166 Retail - Company-owned stores 717 119 733 137 Consolidated $ 10,295 $ 1,528 $ 12,638 $ 2,303 As of As of May 28, 2022 November 27, 2021 Identifiable Assets Wholesale $ 248,046 $ 196,853 Retail - Company-owned stores 165,707 160,986 Discontinued Operations - 63,821 Consolidated $ 413,753 $ 421,660 See Note 14, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

Note 14 - Revenue Recognition

Note 14 - Revenue Recognition	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	14. Revenue Recognition 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 $46,391 and $51,492 as of May 28, 2022 and November 27, 2021, respectively. Approximately 90% of the customer deposits held at November 27, 2021 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the three and six months ended May 28, 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 year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At May 28, 2022 and November 27, 2021, our balance of prepaid commissions included in other current assets was $5,258 and $ 6,221, We exclude from revenue all amounts collected from customers for sales tax. We do not disclose amounts allocated to remaining unsatisfied performance obligations as they are expected to be satisfied within one Disaggregated revenue information for sales of furniture and accessories by product category for the three and six months ended May 28, 2022 and May 29, 2021, excluding intercompany transactions between our segments, is a follows: Quarter Ended May 28, 2022 May 29, 2021 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 33,838 $ 45,376 $ 79,214 $ 25,960 $ 35,378 $ 61,338 Bassett Leather 9,859 292 10,151 10,201 228 10,429 Bassett Custom Wood 5,660 11,237 16,897 6,839 7,624 14,463 Bassett Casegoods 3,729 9,188 12,917 4,514 10,704 15,218 Accessories, mattresses and other (1) - 9,527 9,527 - 8,549 8,549 Consolidated net sales of furniture and accessories $ 53,086 $ 75,620 $ 128,706 $ 47,514 $ 62,483 $ 109,997 Six Months Ended May 28, 2022 May 29, 2021 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 65,750 $ 83,194 $ 148,944 $ 50,858 $ 69,839 $ 120,697 Bassett Leather 22,821 532 23,353 17,756 480 18,236 Bassett Custom Wood 11,643 20,644 32,287 12,176 13,082 25,258 Bassett Casegoods 6,629 17,480 24,109 7,984 21,781 29,765 Accessories, mattresses and other (1) - 17,877 17,877 - 17,696 17,696 Consolidated net sales of furniture and accessories $ 106,843 $ 139,727 $ 246,570 $ 88,774 $ 122,878 $ 211,652 (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	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	15. Changes to Stockholders Equity The following changes in our stockholders’ equity occurred during the three and six months ended May 28, 2022 and May 29, 2021: Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Common Stock: Beginning of period $ 48,640 $ 49,567 $ 48,811 $ 49,714 Issuance of common stock 70 89 124 120 Purchase and retirement of common stock (2,314 ) (394 ) (2,539 ) (572 ) End of period $ 46,396 $ 49,262 $ 46,396 $ 49,262 Common Shares Issued and Outstanding: Beginning of period 9,727,932 9,913,496 9,762,125 9,942,787 Issuance of common stock 14,180 17,815 24,976 24,036 Purchase and retirement of common stock (462,844 ) (78,952 ) (507,833 ) (114,464 ) End of period 9,279,268 9,852,359 9,279,268 9,852,359 Additional Paid-in Capital: Beginning of period $ - $ - $ 113 $ - Issuance of common stock 13 42 52 94 Purchase and retirement of common stock (155 ) (90 ) (422 ) (156 ) Stock based compensation 142 48 257 62 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 119,557 $ 109,493 $ 115,631 $ 109,710 Net income for the period 47,118 5,974 52,691 9,985 Purchase and retirement of common stock (5,408 ) (1,907 ) (5,681 ) (2,415 ) Cash dividends declared (15,796 ) (1,235 ) (17,170 ) (4,955 ) End of period $ 145,471 $ 112,325 $ 145,471 $ 112,325 Accumulated Other Comprehensive Loss: Beginning of period $ (1,774 ) $ (1,359 ) $ (1,823 ) $ (1,394 ) Amortization of pension costs, net of tax 48 34 97 69 End of period $ (1,726 ) $ (1,325 ) $ (1,726 ) $ (1,325 )

Note 16 - Recent Accounting Pro

Note 16 - Recent Accounting Pronouncements	6 Months Ended
	May 28, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	16. Recent Accounting Pronouncements In October 2021, the FASB issued Accounting Standards Update No. 2021-08– Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and to payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in ASU 2021-08 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted, including adoption in any interim period. We do not expect that this guidance will have a material impact upon our financial position and results of operations. In March 2022, the FASB issued Accounting Standards Update No. 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, to address certain concerns identified in the Post-Implementation Review process for ASU Topic 326. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings by creditors in ASC Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the amendments in ASU 2022-02 require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost. The amendments in ASU 2022-02 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted. We expect that the adoption of this standard will primarily impact our disclosures but do not expect that this guidance will have a material impact upon our financial position and results of operations.

Note 4 - Accounts Receivable (T

Note 4 - Accounts Receivable (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	May 28, 2022 November 27, 2021 Gross accounts receivable $ 23,595 $ 21,134 Allowance for doubtful accounts (759 ) (567 ) Accounts receivable, net $ 22,836 $ 20,567
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]	Balance at November 27, 2021 $ 567 Additions charged to expense 180 Write-offs against allowance 12 Balance at May 28, 2022 $ 759

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	May 28, 2022 November 27, 2021 Wholesale finished goods $ 52,430 $ 40,254 Work in process 610 482 Raw materials and supplies 22,560 21,653 Retail merchandise 34,290 30,914 Total inventories on first-in, first-out method 109,890 93,303 LIFO adjustment (11,650 ) (10,483 ) Reserve for excess and obsolete inventory (5,375 ) (4,816 ) $ 92,865 $ 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 1,115 518 1,633 Write-offs (568 ) (506 ) (1,074 ) Balance at May 28, 2022 $ 4,230 $ 1,145 $ 5,375

Note 6 - Goodwill and Other I_2

Note 6 - Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	May 28, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (251 ) $ 261 Intangibles not subject to amortization: Trade names 6,848 Goodwill 7,217 Total goodwill and other intangible assets $ 14,326 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 Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Intangible asset amortization expense $ 14 $ 14 $ 28 $ 28
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of fiscal 2022 $ 28 Fiscal 2023 57 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Total $ 261

Note 8 - Post Employment Bene_2

Note 8 - Post Employment Benefit Obligations (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Schedule of Pension Liability [Table Text Block]	May 28, 2022 November 27, 2021 Accrued compensation and benefits $ 913 $ 913 Post employment benefit obligations 9,735 9,827 Total pension liability $ 10,648 $ 10,740
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Service cost $ 9 $ 31 $ 18 $ 60 Interest cost 58 48 115 98 Amortization of prior service costs 31 31 63 63 Amortization of loss 33 15 67 30 Net periodic pension cost $ 131 $ 125 $ 263 $ 251
Schedule of Deferred Compensation Liability [Table Text Block]	May 28, 2022 November 27, 2021 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,320 3,142 Total deferred compensation liability $ 3,616 $ 3,437
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Deferred compensation expense $ 7 $ 202 $ 61 $ 355

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	6 Months Ended
	May 28, 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 May 28, 2022: Basic earnings per share - continuing operations $ 7,743 9,521,085 $ 0.81 Add effect of dilutive securities: Restricted shares - 12,938 - Diluted earnings per share - continuing operations $ 7,743 9,534,023 $ 0.81 Basic earnings per share - discontinued operations $ 39,375 9,521,085 $ 4.14 Add effect of dilutive securities: Restricted shares - 12,938 (0.01 ) Diluted earnings per share - discontinued operations $ 39,375 9,534,023 $ 4.13 For the quarter ended May 29, 2021: Basic earnings per share - continuing operations $ 5,077 9,894,627 $ 0.51 Add effect of dilutive securities: Options and restricted shares - 5,476 - Diluted earnings per share - continuing operations $ 5,077 9,900,103 $ 0.51 Basic earnings per share - discontinued operations $ 897 9,894,627 $ 0.09 Add effect of dilutive securities: Options and restricted shares - 5,476 - Diluted earnings per share - discontinued operations $ 897 9,900,103 $ 0.09 For the six months ended May 28, 2022: Basic earnings per share - continuing operations $ 12,034 9,636,813 $ 1.25 Add effect of dilutive securities: Restricted shares - 2,917 - Diluted earnings per share - continuing operations $ 12,034 9,639,730 $ 1.25 Basic earnings per share - discontinued operations $ 40,657 9,636,813 $ 4.22 Add effect of dilutive securities: Restricted shares - 2,917 - Diluted earnings per share - discontinued operations $ 40,657 9,639,730 $ 4.22 For the six months ended May 29, 2021: Basic earnings per share - continuing operations $ 8,774 9,907,073 $ 0.89 Add effect of dilutive securities: Options and restricted shares - 12,629 - Diluted earnings per share - continuing operations $ 8,774 9,919,702 $ 0.89 Basic earnings per share - discontinued operations $ 1,211 9,907,073 $ 0.12 Add effect of dilutive securities: Options and restricted shares - 12,629 - Diluted earnings per share - discontinued operations $ 1,211 9,919,702 $ 0.12 Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Unvested shares 15,799 - 67,099 7,105

Note 12 - Discontinued Operat_2

Note 12 - Discontinued Operations & Assets Held for Sale (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	Sales price prior to post-closing working capital adjustment $ 86,939 Less: Amount held in escrow for contingencies related to representations and warranties (1) 1,000 Seller expenses paid at closing 418 Net proceeds from the sale (2) $ 85,521 November 27, 2021 Carrying amounts of major classes of assets included as part of discontinued operations: Accounts receivable, net $ 7,601 Other current assets 3,463 Property and equipment, net 24,898 Goodwill and other intangible assets 9,094 Right of use assets under operating leases 18,193 Other 572 $ 63,821 Balance sheet classification: Current assets of discontinued operations held for sale $ 11,064 Long-term assets of discontinued operations held for sale 52,757 Total assets of discontinued operations held for sale $ 63,821 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable $ 4,336 Accrued compensation and benefits 3,295 Current portion operating lease obligations 7,458 Other current liabilites and accrued expenses 1,006 Long-term portion of operating lease obligations 10,996 Other long-term liabilities 5,214 $ 32,305 Balance sheet classification: Current liabilities of discontinued operations held for sale $ 16,095 Long-term liabilities of discontinued operations held for sale 16,210 Total liabilities of discontinued operations held for sale $ 32,305 Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ - $ 14,062 $ 16,776 $ 26,080 Cost of logistical services - 12,768 15,001 24,327 Other loss, net - (72 ) (63 ) (109 ) Income from operations of logistical services - 1,222 1,712 1,644 Gain on disposal 53,254 - 53,254 - Pretax income of discontinued operations 53,254 1,222 54,966 1,644 Income tax expense 13,879 325 14,309 433 Income from discontinued operations, net of tax $ 39,375 $ 897 $ 40,657 $ 1,211 Six Months Ended May 28, 2022 May 29, 2021 Cash provided by operating activities $ 1,681 $ 3,646 Cash used in investing activities (81 ) (1,138 ) Cash used in financing activities (371 ) (467 ) Net cash provided by discontinued operations $ 1,229 $ 2,041

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Sales Revenue Wholesale sales of furniture and accessories $ 87,501 $ 76,034 $ 170,986 $ 146,298 Less: Sales to retail segment (34,415 ) (28,520 ) (64,143 ) (57,524 ) Wholesale sales to external customers 53,086 47,514 106,843 88,774 Retail sales of furniture and accessories 75,620 62,483 139,727 122,878 Consolidated net sales of furniture and accessories $ 128,706 $ 109,997 $ 246,570 $ 211,652 Income from Operations Wholesale $ 3,434 $ 5,359 $ 6,819 $ 10,156 Retail - Company-owned stores 7,875 1,652 11,225 2,746 Inter-company elimination (297 ) 74 (554 ) (255 ) Consolidated $ 11,012 $ 7,085 $ 17,490 $ 12,647 Depreciation and Amortization Wholesale $ 931 $ 823 $ 1,825 $ 1,621 Retail - Company-owned stores 1,479 1,581 2,974 3,097 Consolidated $ 2,410 $ 2,404 $ 4,799 $ 4,718 Capital Expenditures Wholesale $ 9,578 $ 1,409 $ 11,905 $ 2,166 Retail - Company-owned stores 717 119 733 137 Consolidated $ 10,295 $ 1,528 $ 12,638 $ 2,303 As of As of May 28, 2022 November 27, 2021 Identifiable Assets Wholesale $ 248,046 $ 196,853 Retail - Company-owned stores 165,707 160,986 Discontinued Operations - 63,821 Consolidated $ 413,753 $ 421,660

Note 14 - Revenue Recognition (

Note 14 - Revenue Recognition (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Quarter Ended May 28, 2022 May 29, 2021 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 33,838 $ 45,376 $ 79,214 $ 25,960 $ 35,378 $ 61,338 Bassett Leather 9,859 292 10,151 10,201 228 10,429 Bassett Custom Wood 5,660 11,237 16,897 6,839 7,624 14,463 Bassett Casegoods 3,729 9,188 12,917 4,514 10,704 15,218 Accessories, mattresses and other (1) - 9,527 9,527 - 8,549 8,549 Consolidated net sales of furniture and accessories $ 53,086 $ 75,620 $ 128,706 $ 47,514 $ 62,483 $ 109,997 Six Months Ended May 28, 2022 May 29, 2021 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 65,750 $ 83,194 $ 148,944 $ 50,858 $ 69,839 $ 120,697 Bassett Leather 22,821 532 23,353 17,756 480 18,236 Bassett Custom Wood 11,643 20,644 32,287 12,176 13,082 25,258 Bassett Casegoods 6,629 17,480 24,109 7,984 21,781 29,765 Accessories, mattresses and other (1) - 17,877 17,877 - 17,696 17,696 Consolidated net sales of furniture and accessories $ 106,843 $ 139,727 $ 246,570 $ 88,774 $ 122,878 $ 211,652

Note 15 - Changes to Stockhol_2

Note 15 - Changes to Stockholders' Equity (Tables)	6 Months Ended
	May 28, 2022
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Quarter Ended Six Months Ended May 28, 2022 May 29, 2021 May 28, 2022 May 29, 2021 Common Stock: Beginning of period $ 48,640 $ 49,567 $ 48,811 $ 49,714 Issuance of common stock 70 89 124 120 Purchase and retirement of common stock (2,314 ) (394 ) (2,539 ) (572 ) End of period $ 46,396 $ 49,262 $ 46,396 $ 49,262 Common Shares Issued and Outstanding: Beginning of period 9,727,932 9,913,496 9,762,125 9,942,787 Issuance of common stock 14,180 17,815 24,976 24,036 Purchase and retirement of common stock (462,844 ) (78,952 ) (507,833 ) (114,464 ) End of period 9,279,268 9,852,359 9,279,268 9,852,359 Additional Paid-in Capital: Beginning of period $ - $ - $ 113 $ - Issuance of common stock 13 42 52 94 Purchase and retirement of common stock (155 ) (90 ) (422 ) (156 ) Stock based compensation 142 48 257 62 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 119,557 $ 109,493 $ 115,631 $ 109,710 Net income for the period 47,118 5,974 52,691 9,985 Purchase and retirement of common stock (5,408 ) (1,907 ) (5,681 ) (2,415 ) Cash dividends declared (15,796 ) (1,235 ) (17,170 ) (4,955 ) End of period $ 145,471 $ 112,325 $ 145,471 $ 112,325 Accumulated Other Comprehensive Loss: Beginning of period $ (1,774 ) $ (1,359 ) $ (1,823 ) $ (1,394 ) Amortization of pension costs, net of tax 48 34 97 69 End of period $ (1,726 ) $ (1,325 ) $ (1,726 ) $ (1,325 )

Note 2 - Interim Financial Pr_2

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021	Nov. 27, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	26%	25.80%	26%	27.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%
Effective Income Tax Rate Reconciliation, Impairment of Non-deductible Goodwill	$ 552		$ 552
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount		$ 18		$ 117
Income Taxes Paid, Net, Total			14,663	$ 626
Income Taxes Receivable, Current	1,724		1,724		$ 8,379
Domestic Tax Authority [Member]
Income Taxes Receivable, Current	$ 8,511		$ 8,511

Note 3 - Financial Instrument_2

Note 3 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 28, 2022	Nov. 27, 2021
Short-Term Investments, Total	$ 17,715	$ 17,715
Certificates of Deposit, Average Term (Month)	8 months
Certificates of Deposit [Member]
Short-Term Investments, Total	$ 17,715
Certificates of Deposit [Member] | Minimum [Member]
Investment Interest Rate	0.05%
Certificates of Deposit [Member] | Maximum [Member]
Investment Interest Rate	1.50%
Certificates of Deposit [Member] | Weighted Average [Member]
Certificates of Deposit, Average Term (Month)	3 months
Interest-Earning Assets, Average Yield	0.26%

Note 4 - Accounts Receivable -

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	May 28, 2022	Nov. 27, 2021
Gross accounts receivable	$ 23,595	$ 21,134
Allowance for credit losses	(759)	(567)
Accounts receivable, net	$ 22,836	$ 20,567

Note 4 - Accounts Receivable _2

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	5 Months Ended	6 Months Ended
	May 08, 2022	May 28, 2022
Balance at November 27, 2021	$ 567	$ 567
Additions charged to expense		180
Write-offs against allowance	$ 12
Balance at May 28, 2022		$ 759

Note 5 - Inventories - Inventor

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	May 28, 2022	Nov. 27, 2021
Wholesale finished goods	$ 52,430	$ 40,254
Work in process	610	482
Raw materials and supplies	22,560	21,653
Retail merchandise	34,290	30,914
Total inventories on first-in, first-out method	109,890	93,303
LIFO adjustment	(11,650)	(10,483)
Reserve for excess and obsolete inventory	(5,375)	(4,816)
Inventory, Net, Total	$ 92,865	$ 78,004

Note 5 - Inventories - Activity

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	6 Months Ended
	May 28, 2022 USD ($)
Balance	$ 4,816
Additions charged to expense	1,633
Write-offs	(1,074)
Balance	5,375
Operating Segments [Member] | Wholesale Segment [Member]
Balance	3,683
Additions charged to expense	1,115
Write-offs	(568)
Balance	4,230
Operating Segments [Member] | Retail Segment [Member]
Balance	1,133
Additions charged to expense	518
Write-offs	(506)
Balance	$ 1,145

Note 6 - Goodwill and Other I_3

Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	May 28, 2022	Nov. 27, 2021
Total goodwill and other intangible assets	$ 14,326	$ 14,354
Long-term Assets of Discontinued Operations Held for Sale [Member] | Discontinued Operations, Held-for-sale [Member] | Logistical Services [Member]
Total goodwill and other intangible assets		$ 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	May 28, 2022	Nov. 27, 2021
Intangibles subject to amortization, Intangible Assets, Net	$ 261
Trade names	6,848	$ 6,848
Goodwill	7,217
Total goodwill and other intangible assets	14,326	14,354
Goodwill	11,114	7,217
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(251)	(223)
Intangibles subject to amortization, Intangible Assets, Net	$ 261	$ 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 ($)	May 28, 2022	Nov. 27, 2021
Goodwill, original recorded value	$ 11,114,000	$ 7,217,000
Goodwill, accumulated impairment loss	(3,897,000)
Goodwill, Ending Balance	7,217,000
Goodwill, original recorded value	11,114,000	$ 7,217,000
Goodwill, accumulated impairment loss	(3,897,000)
Wholesale Segment [Member]
Goodwill, original recorded value	9,188,000
Goodwill, accumulated impairment loss	(1,971,000)
Goodwill, Ending Balance	7,217
Goodwill, original recorded value	9,188,000
Goodwill, accumulated impairment loss	(1,971,000)
Retail Segment [Member]
Goodwill, original recorded value	1,926,000
Goodwill, accumulated impairment loss	(1,926,000)
Goodwill, Ending Balance	0
Goodwill, original recorded value	1,926,000
Goodwill, accumulated impairment loss	$ (1,926,000)

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		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021
Intangible asset amortization expense	$ 14	$ 14	$ 28	$ 28

Note 6 - Goodwill and Other I_7

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	May 28, 2022 USD ($)
Remainder of fiscal 2022	$ 28
Fiscal 2023	57
Fiscal 2024	57
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Total	$ 261

Note 7 - Bank Credit Facility (

Note 7 - Bank Credit Facility (Details Textual) $ in Thousands		6 Months Ended
	Jan. 27, 2022 USD ($)	May 28, 2022 USD ($)
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
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	May 28, 2022	Nov. 27, 2021
Postemployment Benefits Liability, Noncurrent		$ 13,055	$ 12,968
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,652	1,648
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,964	1,789
Supplemental Employee Retirement Plan [Member] | Defined Benefit Plan, Unfunded Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		9,105	9,192
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		1,543	1,548
Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member]
Combined pension liability		10,648	10,740
Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] | Post Employment Benefit Obligations [Member]
Combined pension liability		$ 9,735	$ 9,827

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	May 28, 2022	Nov. 27, 2021
Combined pension liability	$ 10,648	$ 10,740
Accrued Compensation and Benefits [Member]
Combined pension liability	913	913
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 9,735	$ 9,827

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		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021
Service cost	$ 9	$ 31	$ 18	$ 60
Interest cost	58	48	115	98
Amortization of prior service costs	31	31	63	63
Amortization of loss	33	15	67	30
Net periodic pension cost	$ 131	$ 125	$ 263	$ 251

Note 8 - Post Employment Bene_6

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	May 28, 2022	Nov. 27, 2021
Liability for all deferred compensation arrangements	$ 3,616	$ 3,437
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	296	296
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 3,320	$ 3,142

Note 8 - Post Employment Bene_7

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021
Deferred compensation expense	$ 7	$ 202	$ 61	$ 355

Note 10 - Lease Guarantees (Det

Note 10 - Lease Guarantees (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 28, 2022	Nov. 27, 2021
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,863	$ 1,845
Minimum [Member]
Lease Guarantees Term (Year)	1 year
Maximum [Member]
Lease Guarantees Term (Year)	3 years

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		4 Months Ended	6 Months Ended
	May 28, 2022	May 29, 2021	May 29, 2021	May 28, 2022	May 29, 2021
Unvested shares (in shares)	15,799		0	67,099	7,105
Basic earnings per share - continuing operations	$ 7,743	$ 5,077		$ 12,034	$ 8,774
Basic earnings per share - continuing operations (in shares)	9,521,085	9,894,627		9,636,813	9,907,073
Basic earnings per share - continuing operations (in dollars per share)	$ 0.81	$ 0.51		$ 1.25	$ 0.89
Restricted shares, weighted average shares (in shares)	12,938	5,476		2,917	12,629
Diluted earnings per share - continuing operations	$ 7,743	$ 5,077		$ 12,034	$ 8,774
Diluted earnings per share - continuing operations (in shares)	9,534,023			9,639,730	9,919,702
Income from continuing operations (in dollars per share)	$ 0.81	$ 0.51		$ 1.25	$ 0.89
Basic earnings per share - discontinued operations	$ 39,375	$ 897		$ 40,657	$ 1,211
Basic earnings per share - discontinued operations (in dollars per share)	$ 4.14	$ 0.09		$ 4.22	$ 0.12
Diluted earnings per share - discontinued operations	$ 39,375	$ 897		$ 40,657	$ 1,211
Diluted earnings per share - discontinued operations (in dollars per share)	$ 4.13	$ 0.09		$ 4.22	$ 120
Basic earnings per share - continuing operations	$ 7,743	$ 5,077		$ 12,034	$ 8,774
Income from continuing operations (in dollars per share)	$ 0.81	$ 0.51		$ 1.25	$ 0.89
Diluted earnings per share - discontinued operations (in dollars per share)	4.13	0.09		4.22	120
Income from discontinued operations (in dollars per share)	$ 4.14	$ 0.09		$ 4.22	$ 0.12
Discontinued Operations [Member]
Basic earnings per share - continuing operations (in shares)	9,521,085	9,894,627		9,636,813	9,907,073
Restricted shares, weighted average shares (in shares)	12,938	5,476			12,629
Diluted earnings per share - continuing operations (in shares)	9,534,023	9,900,103		9,639,730	9,919,702
Diluted Earnings Per Share Adjustment (in dollars per share)	$ 0.01

Note 12 - Discontinued Operat_3

Note 12 - Discontinued Operations & Assets Held for Sale (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021	Feb. 28, 2022	Nov. 27, 2021
Real Estate, Held-for-Sale	$ 3,623,000		$ 3,623,000			$ 0
Houston, Texas [Member]
Sale of Real Estate, Expected Taxable Gain (Loss)			4,800,000
Tampa Florida [Member]
Payments to Acquire Real Estate, Total			7,668,000
Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment	53,254,000
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year)		7 years		7 years
Disposal Group, Including Discontinued Operation, Interest Expense		$ 78,000	78,000	$ 12,000
Disposal Group, Including Discontinued Operation, Consideration					$ 86,939,000
Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member] | Subsidiaries [Member] | Logistical Services [Member]
Related Party Transaction, Amounts of Transaction		$ 8,182,000	9,121,000	$ 16,245
Disposal Group, Including Discontinued Operation, Operating Expense	9,546,000
Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member] | Other Current Liabilities and Accrued Expenses [Member]
Disposal Group, Including Discontinued Operation, Reserve for Pre-disposal Workers'' Compensation	1,390,000		1,390,000
Discontinued Operations, Held-for-sale [Member] | Houston, Texas [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 8,200,000		$ 8,200,000

Note 12 - Discontinued Operat_4

Note 12 - Discontinued Operations & Assets Held for Sale - Discontinued Operations (Details) - USD ($) $ in Thousands					3 Months Ended		6 Months Ended
		May 28, 2022	Feb. 28, 2022		May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021	Nov. 27, 2021
Major line items constituting pretax income of discontinued operations:
Proceeds from the disposal of discontinued operations, net							$ 85,521	$ 0
Net proceeds from the sale (2)							85,521	0
Current assets of discontinued operations held for sale		$ 0			$ 0		0		$ 11,064
Long-term assets of discontinued operations held for sale		0			0		0		52,757
Gain on disposal					53,254	$ 0	53,254	0
Current liabilities of discontinued operations held for sale		0			0		0		16,095
Long-term liabilities of discontinued operations held for sale		0			$ 0		0		16,210
Zenith Freight Lines [Member] | Discontinued Operations, Disposed of by Sale [Member]
Sales price prior to post-closing working capital adjustment			$ 86,939
Major line items constituting pretax income of discontinued operations:
Cash provided by operating activities							1,681	3,646
Accounts receivable, net									7,601
Logistical services revenue		0				14,062	16,776	26,080
Amount held in escrow for contingencies related to representations and warranties (1)	[1]		1,000
Other current assets									3,463
Proceeds from the disposal of discontinued operations, net			85,521	[2]			(81)	(1,138)
Seller expenses paid at closing			418
Property and equipment, net									24,898
Net proceeds from the sale (2)			$ 85,521	[2]			(81)	(1,138)
Goodwill and other intangible assets									9,094
Right of use assets under operating leases									18,193
Cost of logistical services		0				12,768	15,001	24,327
Other									572
Cash used in financing activities							(371)	(467)
Disposal Group, Including Discontinued Operation, Assets, Total									63,821
Current assets of discontinued operations held for sale									11,064
Other loss, net		0				(72)	(63)	(109)
Long-term assets of discontinued operations held for sale									52,757
Net cash provided by discontinued operations							1,229	2,041
Accounts payable									4,336
Accrued compensation and benefits									3,295
Current portion operating lease obligations									7,458
Other current liabilites and accrued expenses									1,006
Income from operations of logistical services		0				1,222	1,712	1,644
Long-term portion of operating lease obligations									10,996
Other long-term liabilities									5,214
Disposal Group, Including Discontinued Operation, Liabilities, Total									32,305
Gain on disposal		53,254				0	53,254	0
Current liabilities of discontinued operations held for sale									16,095
Long-term liabilities of discontinued operations held for sale									$ 16,210
Pretax income of discontinued operations		53,254				1,222	54,966	1,644
Income tax expense		13,879				325	14,309	433
Income from discontinued operations, net of tax		$ 39,375				$ 897	$ 40,657	$ 1,211
[1]To be held in escrow until the first anniversary of the sale, at which time any amount not distributed or reserved for specified claims will be released to the Company. This amount is included in other current assets in the accompanying condensed consolidated balance sheet at May 28, 2022.[2]Included in cash flows from investing activities in the accompanying condensed consolidated statement of cash flows for the six months ended May 28, 2022.

Note 13 - Segment Information_2

Note 13 - Segment Information (Details Textual)	6 Months Ended
	May 28, 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		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021	Nov. 27, 2021
Sales revenues	$ 128,706	$ 109,997	$ 246,570	$ 211,652
Identifiable Assets	413,753		413,753		$ 421,660
Income (loss) from Operations	11,012	7,085	17,490	12,647
Depreciation and amortization			6,065	6,893
Capital Expenditures	10,295	1,528	12,638	2,303
Logistical Services [Member] | Discontinued Operations, Disposed of by Sale [Member]
Identifiable Assets	0		0		63,821
Furniture and Accessories [Member]
Sales revenues	75,620	62,483	139,727	122,878
Operating Segments [Member]
Depreciation and amortization	2,410	2,404	4,799	4,718
Operating Segments [Member] | Wholesale Segment [Member]
Sales revenues	87,501	76,034	170,986	146,298
Identifiable Assets	248,046		248,046		196,853
Income (loss) from Operations	3,434	5,359	6,819	10,156
Depreciation and amortization	931	823	1,825	1,621
Capital Expenditures	9,578	1,409	11,905	2,166
Operating Segments [Member] | Retail Segment [Member]
Sales revenues	53,086	47,514	106,843	88,774
Identifiable Assets	165,707		165,707		$ 160,986
Operating Segments [Member] | Retail Segments [Member]
Income (loss) from Operations	7,875	1,652	11,225	2,746
Depreciation and amortization	1,479	1,581	2,974	3,097
Capital Expenditures	717	119	733	137
Intersegment Eliminations [Member] | Wholesale Segment [Member]
Sales revenues	(34,415)	(28,520)	(64,143)	(57,524)
Consolidation, Eliminations [Member]
Income (loss) from Operations	$ (297)	$ 74	$ (554)	$ (255)

Note 14 - Revenue Recognition_2

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	May 28, 2022	Nov. 27, 2021
Contract with Customer, Liability, Current	$ 46,391	$ 51,492
Beginning Performance Obligation Satisfied During Period		90%
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	$ 5,258	$ 6,221

Note 14 - Revenue Recognition -

Note 14 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021
Sales revenue		$ 128,706	$ 109,997	$ 246,570	$ 211,652
Bassett Custom Upholstery [Member]
Sales revenue		79,214	61,338	148,944	120,697
Bassett Custom Upholstery [Member] | Wholesale Segment [Member]
Sales revenue		33,838	25,960	65,750	50,858
Bassett Custom Upholstery [Member] | Retail Segment [Member]
Sales revenue		45,376	35,378	83,194	69,839
Bassett Leather [Member]
Sales revenue		10,151	10,429	23,353	18,236
Bassett Leather [Member] | Wholesale Segment [Member]
Sales revenue		9,859	10,201	22,821	17,756
Bassett Leather [Member] | Retail Segment [Member]
Sales revenue		292	228	532	480
Bassett Custom Wood [Member]
Sales revenue		16,897	14,463	32,287	25,258
Bassett Custom Wood [Member] | Wholesale Segment [Member]
Sales revenue		5,660	6,839	11,643	12,176
Bassett Custom Wood [Member] | Retail Segment [Member]
Sales revenue		11,237	7,624	20,644	13,082
Bassett Casegoods [Member]
Sales revenue		12,917	15,218	24,109	29,765
Bassett Casegoods [Member] | Wholesale Segment [Member]
Sales revenue		3,729	4,514	6,629	7,984
Bassett Casegoods [Member] | Retail Segment [Member]
Sales revenue		9,188	10,704	17,480	21,781
Accessories, Mattresses and Other [Member]
Sales revenue	[1]	9,527	8,549	17,877	17,696
Accessories, Mattresses and Other [Member] | Wholesale Segment [Member]
Sales revenue	[1]	0	0	0	0
Accessories, Mattresses and Other [Member] | Retail Segment [Member]
Sales revenue	[1]	9,527	8,549	17,877	17,696
Furniture and Accessories [Member]
Sales revenue		128,706	109,997	246,570	211,652
Furniture and Accessories [Member] | Wholesale Segment [Member]
Sales revenue		53,086	47,514	106,843	88,774
Furniture and Accessories [Member] | Retail Segment [Member]
Sales revenue		$ 75,620	$ 62,483	$ 139,727	$ 122,878
[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		6 Months Ended
	May 28, 2022	May 29, 2021	May 28, 2022	May 29, 2021
Balance			$ 162,732
Balance	$ 190,141		190,141
Net income for the period	47,118	$ 5,974	52,691	$ 9,985
Common Stock [Member]
Balance	48,640	49,567	48,811	49,714
Issuance of common stock	70	89	124	120
Purchase and retirement of common stock	(2,314)	(394)	(2,539)	(572)
Balance	$ 46,396	$ 49,262	$ 46,396	$ 49,262
Balance, shares (in shares)	9,727,932	9,913,496	9,762,125	9,942,787
Issuance of common stock, shares (in shares)	14,180	17,815	24,976	24,036
Purchase and retirement of common stock, shares (in shares)	(462,844)	(78,952)	(507,833)	(114,464)
Balance, shares (in shares)	9,279,268	9,852,359	9,279,268	9,852,359
Additional Paid-in Capital [Member]
Balance	$ 0	$ 0	$ 113	$ 0
Issuance of common stock	13	42	52	94
Purchase and retirement of common stock	(155)	(90)	(422)	(156)
Balance	0	0	0	0
Stock based compensation	142	48	257	62
Retained Earnings [Member]
Balance	119,557	109,493	115,631	109,710
Purchase and retirement of common stock	(5,408)	(1,907)	(5,681)	(2,415)
Balance	145,471	112,325	145,471	112,325
Net income for the period	47,118	5,974	52,691	9,985
Cash dividends declared	(15,796)	(1,235)	(17,170)	(4,955)
AOCI Attributable to Parent [Member]
Balance	(1,774)	(1,359)	(1,823)	(1,394)
Balance	(1,726)	(1,325)	(1,726)	(1,325)
Amortization of pension costs, net of tax	$ 48	$ 34	$ 97	$ 69