Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 25, 2023 | Mar. 24, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 25, 2023 | |
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 ($5.00 par value) | |
Trading Symbol | BSET | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 8,929,711 | |
Entity Central Index Key | 0000010329 | |
Current Fiscal Year End Date | --11-25 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Net sales of furniture and accessories | $ 107,698 | $ 117,864 |
Cost of furniture and accessories sold | 50,501 | 60,471 |
Gross profit | 57,197 | 57,393 |
Selling, general and administrative expenses | 54,495 | 50,915 |
Income from operations | 2,702 | 6,478 |
Other loss, net | (415) | (629) |
Income from continuing operations before income taxes | 2,287 | 5,849 |
Income tax expense | 842 | 1,558 |
Income from continuing operations | 1,445 | 4,291 |
Income from discontinued operations, net of tax | 0 | 1,282 |
Net income | $ 1,445 | $ 5,573 |
Basic and diluted earnings per share: | ||
Income from continuing operations (in dollars per share) | $ 0.16 | $ 0.44 |
Income from discontinued operations (in dollars per share) | 0 | 0.13 |
Basic and diluted earnings per share (in dollars per share) | 0.16 | 0.57 |
Regular dividends per share (in dollars per share) | 0.16 | 0.14 |
Special dividend per share (in dollars per share) | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Net income | $ 1,445 | $ 5,573 |
Other comprehensive income: | ||
Foreign currency translation adjustments | (186) | 0 |
Income taxes related to foreign currency translation adjustments | 50 | 0 |
Long Term Cash Awards (LTCA) | 32 | 33 |
Amortization associated with supplemental executive retirement defined benefit plan (SERP) | 0 | 32 |
Other comprehensive income, net of tax | (112) | 49 |
Total comprehensive income | 1,333 | 5,622 |
Pension Plan [Member] | ||
Other comprehensive income: | ||
Income taxes related to LTCA | (8) | (8) |
Supplemental Employee Retirement Plan [Member] | ||
Other comprehensive income: | ||
Income taxes related to LTCA | $ 0 | $ (8) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Current assets | ||
Cash and cash equivalents | $ 54,892 | $ 61,625 |
Short-term investments | 17,725 | 17,715 |
Accounts receivable, net | 18,308 | 17,838 |
Inventories | 79,011 | 85,477 |
Recoverable income taxes | 1,707 | 2,353 |
Other current assets | 12,103 | 11,487 |
Total current assets | 183,746 | 196,495 |
Property and equipment, net | 78,030 | 77,001 |
Deferred income taxes | 5,438 | 5,528 |
Goodwill and other intangible assets | 21,599 | 21,727 |
Right of use assets under operating leases | 96,454 | 99,472 |
Other | 6,350 | 6,050 |
Total long-term assets | 129,841 | 132,777 |
Total assets | 391,617 | 406,273 |
Current liabilities | ||
Accounts payable | 17,956 | 20,359 |
Accrued compensation and benefits | 9,942 | 12,921 |
Customer deposits | 31,040 | 35,963 |
Current portion operating lease obligations | 18,947 | 18,819 |
Other current liabilites and accrued expenses | 12,695 | 12,765 |
Total current liabilities | 90,580 | 100,827 |
Post employment benefit obligations | 10,386 | 9,954 |
Long-term portion of operating lease obligations | 93,618 | 97,477 |
Other long-term liabilities | 3,173 | 2,406 |
Total long-term liabilities | 107,177 | 109,837 |
Stockholders’ equity | ||
Common stock | 44,311 | 44,759 |
Retained earnings | 149,611 | 150,800 |
Additional paid-in capital | 0 | 0 |
Accumulated other comprehensive income (loss) | (62) | 50 |
Total stockholders' equity | 193,860 | 195,609 |
Total liabilities and stockholders’ equity | $ 391,617 | $ 406,273 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Operating activities: | ||
Net income | $ 1,445 | $ 5,573 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,340 | 3,655 |
Deferred income taxes | 132 | 116 |
Other, net | 852 | 770 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (470) | (4,609) |
Inventories | 6,466 | (3,675) |
Other current assets | 30 | 781 |
Right of use assets under operating leases | 4,587 | 6,559 |
Customer deposits | (4,923) | 2,999 |
Accounts payable and other liabilities | (4,596) | (2,194) |
Obligations under operating leases | (5,300) | (7,109) |
Net cash provided by operating activities | 563 | 2,866 |
Investing activities: | ||
Purchases of property and equipment | (3,341) | (2,424) |
Proceeds from sales of property and equipment | 0 | 9 |
Other | (563) | (465) |
Net cash used in investing activities | (3,904) | (2,880) |
Financing activities: | ||
Cash dividends | (1,421) | (1,374) |
Other issuance of common stock | 80 | 93 |
Repurchases of common stock | (1,844) | (765) |
Taxes paid related to net share settlement of equity awards | (109) | 0 |
Repayments of finance lease obligations | (69) | (434) |
Net cash used in financing activities | (3,363) | (2,480) |
Effect of exchange rate changes on cash and cash equivalents | (29) | 0 |
Change in cash and cash equivalents | (6,733) | (2,494) |
Cash and cash equivalents - beginning of period | 61,625 | 34,374 |
Cash and cash equivalents - end of period | $ 54,892 | $ 31,880 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Feb. 25, 2023 | |
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. 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 for the three months ended February 26, 2022 are presented in the accompanying condensed consolidated statements of income as discontinued operations. See Note 12, Discontinued Operations, for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith were included in selling, general and administrative expenses for the three months ended February 26, 2022. On September 2, 2022, we acquired 100% of the capital stock of Noa Home Inc. (“Noa Home”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. Since acquisition, Noa Home has been consolidated as a wholly-owned subsidiary. See Note 3 for additional information. Certain prior year amounts have been reclassified to conform to the current year presentation (see Note 13, Segments). |
Note 2 - Interim Financial Pres
Note 2 - Interim Financial Presentation | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 2. Interim Financial Presentation and Other Information All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three months ended February 25, 2023 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 26, 2022. 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 36.8% and 26.3% for the three months ended February 25, 2023 and February 26, 2022, respectively. These effective rates differ from the federal statutory rate of 21% primarily due to increases in the valuation allowance placed on deferred tax assets associated with Noa Home, the effects of state income taxes and various permanent differences. Non-cash Investing and Financing Activity During the three months ended February 25, 2023 and February 26, 2022, $3,406 and $4119, respectively, of lease right-of- use assets were added through the recognition of the corresponding lease obligations. |
Note 3 - Business Combinations
Note 3 - Business Combinations | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations On September 2, 2022, we acquired 100% of the capital stock of Noa Home Inc. (“Noa Home”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. The initial purchase price (denominated in Canadian dollars) of approximately C$7,700 included cash payments of C$2,000 paid to the co-founders of Noa Home and approximately C$5,700 for the repayment of existing debt owed by Noa Home. The Noa Home co-founders will also have the opportunity to receive additional cash payments totaling approximately C$1,330 per year for the three fiscal years following the year of acquisition based on established increases in net revenues and achieving certain internal EBITDA goals. Under the acquisition method of accounting, the fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill. The allocation of the fair value of the acquired business has been based on a preliminary valuation. Our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one year from the acquisition date). The primary areas of the preliminary allocation of the fair value of consideration transferred that are not yet finalized relate to the fair values of certain tangible and intangible assets acquired and the residual goodwill. As of February 25, 2023, there have been no changes to the preliminary allocation of the purchase price (translated into U.S. dollars as of the acquisition date) which is as follows: The following is a collective summary of the purchase price allocations for those acquisitions: Fair value of consideration transferred in exchange for 100% of Noa Home: Cash $ 5,878 Fair value of contingent consideration payable 1,375 Total fair value of consideration paid or payable $ 7,253 Allocation of the fair value of consideration transferred: Identifiable assets acquired: Cash $ 296 Inventory 1,585 Other current assets 317 Property & equipment 155 Intangible asset - trade name 1,929 Total identifiable assets acquired 4,282 Liabilities assumed: Accounts payable (1,227 ) Customer deposits (1,059 ) Other current liabilities and accrued expenses (458 ) Total liabilities assumed (2,744 ) Net identifiable assets acquired 1,538 Goodwill 5,715 Total net assets acquired $ 7,253 Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill are the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Noa Home’s position in the international e-commerce market for home furnishings and accessories. A portion of the fair value of the consideration transferred in the amount of $1,929 has been assigned to the identifiable intangible asset associated with the Noa Home trade name. This intangible asset is considered to have an indefinite life. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists. The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures The revenues and results of operations of Noa Home for the three months ended February 25, 2023 were not material. The pro forma impact of the acquisition has not been presented because it was not material to our consolidated results of operations for the three months ended February 26, 2022. |
Note 4 - Financial Instruments
Note 4 - Financial Instruments and Investments | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. 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 $17,725 and $17,715 at February 25, 2023 and November 26, 2022 consisted of CDs. At February 25, 2023, the CDs had original terms averaging eight |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Accounts Receivable Accounts receivable consists of the following: February 25, 2023 November 26, 2022 Gross accounts receivable $ 18,992 $ 19,099 Allowance for doubtful accounts (684 ) (1,261 ) Accounts receivable, net $ 18,308 $ 17,838 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 months ended February 25, 2023 was as follows: Balance at November 26, 2022 $ 1,261 Additions charged to expense 116 Write-offs against allowance (693 ) Balance at February 25, 2023 $ 684 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 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. 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: February 25, 2023 November 26, 2022 Wholesale finished goods $ 38,142 $ 46,607 Work in process 722 620 Raw materials and supplies 21,725 22,859 Retail merchandise 35,255 32,974 Total inventories on first-in, first-out method 95,844 103,060 LIFO adjustment (12,187 ) (12,416 ) Reserve for excess and obsolete inventory (4,646 ) (5,167 ) $ 79,011 $ 85,477 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 26, 2022 $ 4,103 $ 1,064 $ 5,167 Additions charged to expense 470 253 723 Write-offs (1,067 ) (177 ) (1,244 ) Balance at February 25, 2023 $ 3,506 $ 1,140 $ 4,646 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 2023 and do not anticipate that our methodology is likely to change in the future. |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: February 25, 2023 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (294 ) $ 218 Intangibles not subject to amortization: Trade names 8,694 Goodwill 12,687 Total goodwill and other intangible assets $ 21,599 November 26, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (280 ) $ 232 Intangibles not subject to amortization: Trade names 8,723 Goodwill 12,772 Total goodwill and other intangible assets $ 21,727 Changes in the carrying amounts of goodwill by reportable segment were as follows: Wholesale Retail Corporate & Other Total Balance as of November 26, 2022 $ 7,217 $ - $ 5,554 $ 12,771 Foreign currency translation adjustments - - (84 ) (84 ) Balance as of February 25, 2023 $ 7,217 $ - $ 5,470 $ 12,687 Accumulated impairment losses at both February 25, 2023 and November 26, 2022 were $3,897. Amortization expense associated with intangible assets during the three months ended February 25, 2023 and February 26, 2022 was as follows: Quarter Ended February 25, 2023 February 26, 2022 Intangible asset amortization expense $ 14 $ 14 Estimated future amortization expense for intangible assets that exist at February 25, 2023 is as follows: Remainder of fiscal 2023 $ 42 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Fiscal 2028 - Total $ 218 |
Note 8 - Bank Credit Facility
Note 8 - Bank Credit Facility | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Bank Credit Facility Our bank credit facility provides for a line of credit of up to $25,000. At February 25, 2023, we had $3,731 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,269. In addition, we had outstanding standby letters of credit with another bank totaling $250 at February 25, 2023. The line bears interest at the One-Month Term Secured Overnight Financing Rate (“One-Month Term SOFR”) plus 1.5% and is unsecured. Our bank charges a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the bank credit facility, we must maintain the following financial covenants, measured quarterly on a rolling twelve-month basis: ● 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 February 25, 2023 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 9 - Post-employment Benefi
Note 9 - Post-employment Benefit Obligations | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 9. 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 $6,007 and $5,987 as of February 25, 2023 and November 26, 2022, 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 $1,300 and $1,275 as of February 25, 2023 and November 26, 2022, respectively. The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: February 25, 2023 November 26, 2022 Accrued compensation and benefits $ 698 $ 698 Post employment benefit obligations 6,609 6,564 Total pension liability $ 7,307 $ 7,262 Components of net periodic pension costs for our defined benefit plans for the three months ended February 25, 2023 and February 26, 2022 are as follows: Quarter Ended February 25, 2023 February 26, 2022 Service cost $ 7 $ 9 Interest cost 93 58 Amortization of prior service costs 31 31 Amortization of loss - 33 Net periodic pension cost $ 131 $ 131 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 $1,626 and $1,616 as of February 25, 2023 and November 26, 2022, 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 $2,447 and $2,070 as of February 25, 2023 and November 26, 2022, 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: February 25, 2023 November 26, 2022 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,777 3,390 Total deferred compensation liability $ 4,073 $ 3,686 We recognized expense under our deferred compensation arrangements during the three months ended February 25, 2023 and February 26, 2022 as follows: Quarter Ended February 25, 2023 February 26, 2022 Deferred compensation expense (benefit) $ 78 $ 54 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 10. 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. Lease Guarantees We were contingently liable under a licensee lease obligation guarantee in the amounts of $1,889 and $1,880 at February 25, 2023 and November 26, 2022, respectively. The remaining term under this lease guarantee extends for five 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 obligation, net of recorded reserves. The fair value of this lease guarantee (an estimate of the cost to the Company to perform on the guarantee) at February 25, 2023 and November 26, 2022 was not material. |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Feb. 25, 2023 | |
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 February 25, 2023: Basic earnings per share - continuing operations $ 1,445 8,867,881 $ 0.16 Add effect of dilutive securities: Restricted shares - 29,122 - Diluted earnings per share - continuing operations $ 1,445 8,897,003 $ 0.16 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: Options and restricted shares - 8,545 - Diluted earnings per share - continuing operations $ 4,291 9,758,977 $ 0.44 Basic loss per share - discontinued operations $ 1,282 9,750,432 $ 0.13 Add effect of dilutive securities: Options and restricted shares - 8,545 - Diluted loss per share - discontinued operations $ 1,282 9,758,977 $ 0.13 For the three months ended February 25, 2023 and February 26, 2022, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive: Quarter Ended February 25, 2023 February 26, 2022 Unvested shares 51,000 51,300 |
Note 12 - Discontinued Operatio
Note 12 - Discontinued Operations | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 12. 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. Subsequent to the first quarter of fiscal 2022 and through the end of fiscal 2022, 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 Working capital adjustment paid to buyer 987 Net proceeds from the sale $ 84,534 (1) This was held in escrow until the first anniversary of the sale, at which time the full amount was released to the Company on March 2, 2023. As of February 25, 2023 and November 26, 2022, this amount is included in other current assets in the accompanying condensed consolidated balance sheets. The sales price was subject to customary post-closing working capital adjustments which were paid during the second half of fiscal 2022 and resulted in a pre-tax gain from the sale of Zenith of $52,534 recognized subsequent to the first quarter of fiscal 2022. 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. 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 months ended February 26, 2022: Quarter Ended February 26, 2022 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ 16,776 Cost of logistical services 15,001 Other loss, net (63 ) Income from operations of logistical services 1,712 Income tax expense 430 Income from discontinued operations, net of tax $ 1,282 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 three months ended February 26, 2022. Upon the sale of Zenith we entered into a service agreement with J.B. Hunt for the continuation of these services for a period of 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 three months ended February 26, 2022. The following table summarizes the cash flows generated by discontinued operations during the three months ended February 26, 2022: Three Months Ended February 26, 2022 Cash provided by operating activities $ 1,681 Cash used in investing activities (81 ) Cash used in financing activities (371 ) Net cash provided by discontinued operations $ 1,229 |
Note 13 - Segment Information
Note 13 - Segment Information | 3 Months Ended |
Feb. 25, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Segment Information Beginning with the three months ended February 25, 2023, we have strategically aligned our business into three Segment Reporting ● Wholesale. ● Retail Company-owned stores. ● Corporate and other 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. Prior to the current period, the functions included in Corporate and other were included in our wholesale segment reportable segment, and Noa Home was included in our retail reportable segment for the fourth quarter of fiscal 2022 following its acquisition on September 2, 2022. We believe that the new alignment of our reporting segments provides our chief operating decision maker with clearer information with which to assess the operating results of our wholesale segment. Noa Home does not meet the requirements to be a separate reportable segment as it is below the thresholds of the revenue, income and asset tests. The segment information presented below for the three months ended February 26, 2022 and as of November 26, 2022 has been restated to reflect the new alignment of our reportable segments. 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 25, 2023 February 26, 2022 Sales Revenue Wholesale sales of furniture and accessories $ 69,884 $ 83,485 Less: Sales to retail segment (30,099 ) (29,728 ) Wholesale sales to external customers 39,785 53,757 Retail sales of furniture and accessories 64,962 64,107 Corporate and other 2,951 - Consolidated net sales of furniture and accessories $ 107,698 $ 117,864 Income from Operations Wholesale $ 8,994 $ 10,202 Retail - Company-owned stores 1,530 2,622 Net expenses - Corporate and other (7,771 ) (6,245 ) Inter-company elimination (51 ) (101 ) Consolidated $ 2,702 $ 6,478 Depreciation and Amortization Wholesale $ 606 $ 570 Retail - Company-owned stores 1,299 1,495 Corporate and other 435 324 Consolidated $ 2,340 $ 2,389 Capital Expenditures Wholesale $ 637 $ 1,103 Retail - Company-owned stores 1,282 116 Corporate and other 1,422 1,124 Consolidated $ 3,341 $ 2,343 As of As of Identifiable Assets February 25, 2023 November 26, 2022 Wholesale $ 116,694 $ 125,433 Retail - Company-owned stores 162,232 162,222 Corporate and other 112,691 118,618 Consolidated $ 391,617 $ 406,273 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 | 3 Months Ended |
Feb. 25, 2023 | |
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 $31,040 and $35,963 as of February 25, 2023 and November 26, 2022, respectively. Approximately 81% of the customer deposits held at November 26, 2022 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the three months ended February 25, 2023. 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 February 25, 2023 and November 26, 2022, our balance of prepaid commissions included in other current assets was $3,145 and $3,768, respectively. 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 year or less. Disaggregated revenue information for sales of furniture and accessories by product category for the three months ended February 25, 2023 and February 26, 2022, excluding intercompany transactions between our segments, is a follows: Quarter Ended February 25, 2023 February 26, 2022 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 24,506 $ 36,159 $ - $ 60,665 $ 31,929 $ 37,818 $ - $ 69,747 Bassett Leather 6,805 494 - 7,299 12,939 240 - 13,179 Bassett Custom Wood 4,876 9,669 - 14,545 5,980 9,407 - 15,387 Bassett Casegoods 3,598 10,050 - 13,648 2,909 8,292 - 11,201 Accessories, mattresses and other (1) - 8,590 2,951 11,541 - 8,350 - 8,350 Consolidated net sales of furniture and accessories $ 39,785 $ 64,962 $ 2,951 $ 107,698 $ 53,757 $ 64,107 $ - $ 117,864 (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. (2) Our Corporate and other segment for the three months ended February 25, 2023 includes the sales of Noa Home, which was acquired on September 2, 2023 (see Note 3). |
Note 15 - Changes to Stockholde
Note 15 - Changes to Stockholders' Equity | 3 Months Ended |
Feb. 25, 2023 | |
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 months ended February 25, 2023 and February 26, 2022: Quarter Ended February 25, 2023 February 26, 2022 Common Stock: Beginning of period $ 44,759 $ 48,811 Issuance of common stock 92 54 Purchase and retirement of common stock (540 ) (225 ) End of period $ 44,311 $ 48,640 Common Shares Issued and Outstanding: Beginning of period 8,951,839 9,762,125 Issuance of common stock 18,381 10,796 Purchase and retirement of common stock (108,083 ) (44,989 ) End of period 8,862,137 9,727,932 Additional Paid-in Capital: Beginning of period $ - $ 113 Issuance of common stock (12 ) 39 Purchase and retirement of common stock (200 ) (267 ) Stock based compensation 212 115 End of period $ - $ - Retained Earnings: Beginning of period $ 150,800 $ 115,631 Net income for the period 1,445 5,573 Purchase and retirement of common stock (1,213 ) (273 ) Cash dividends declared (1,421 ) (1,374 ) End of period $ 149,611 $ 119,557 Accumulated Other Comprehensive Loss: Beginning of period $ 50 $ (1,823 ) Cumulative translation adjustments, net of tax (136 ) - Amortization of pension costs, net of tax 24 49 End of period $ (62 ) $ (1,774 ) The balance of cumulative translation adjustments, net of tax, was a net loss of $340 and $204 at February 25, 2023 and November 26, 2022, respectively. |
Note 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronouncements | 3 Months Ended |
Feb. 25, 2023 | |
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. In June 2022, the FASB issued Accounting Standards Update No. 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2025 fiscal year. Early adoption is permitted. As of February 25, 2023 we do not hold any investments in equity securities, therefore we do not currently expect that this guidance will have a material impact upon our financial position and results of operations. |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Fair value of consideration transferred in exchange for 100% of Noa Home: Cash $ 5,878 Fair value of contingent consideration payable 1,375 Total fair value of consideration paid or payable $ 7,253 Allocation of the fair value of consideration transferred: Identifiable assets acquired: Cash $ 296 Inventory 1,585 Other current assets 317 Property & equipment 155 Intangible asset - trade name 1,929 Total identifiable assets acquired 4,282 Liabilities assumed: Accounts payable (1,227 ) Customer deposits (1,059 ) Other current liabilities and accrued expenses (458 ) Total liabilities assumed (2,744 ) Net identifiable assets acquired 1,538 Goodwill 5,715 Total net assets acquired $ 7,253 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | February 25, 2023 November 26, 2022 Gross accounts receivable $ 18,992 $ 19,099 Allowance for doubtful accounts (684 ) (1,261 ) Accounts receivable, net $ 18,308 $ 17,838 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Balance at November 26, 2022 $ 1,261 Additions charged to expense 116 Write-offs against allowance (693 ) Balance at February 25, 2023 $ 684 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 25, 2023 November 26, 2022 Wholesale finished goods $ 38,142 $ 46,607 Work in process 722 620 Raw materials and supplies 21,725 22,859 Retail merchandise 35,255 32,974 Total inventories on first-in, first-out method 95,844 103,060 LIFO adjustment (12,187 ) (12,416 ) Reserve for excess and obsolete inventory (4,646 ) (5,167 ) $ 79,011 $ 85,477 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 26, 2022 $ 4,103 $ 1,064 $ 5,167 Additions charged to expense 470 253 723 Write-offs (1,067 ) (177 ) (1,244 ) Balance at February 25, 2023 $ 3,506 $ 1,140 $ 4,646 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | February 25, 2023 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (294 ) $ 218 Intangibles not subject to amortization: Trade names 8,694 Goodwill 12,687 Total goodwill and other intangible assets $ 21,599 November 26, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (280 ) $ 232 Intangibles not subject to amortization: Trade names 8,723 Goodwill 12,772 Total goodwill and other intangible assets $ 21,727 |
Schedule of Goodwill [Table Text Block] | Wholesale Retail Corporate & Other Total Balance as of November 26, 2022 $ 7,217 $ - $ 5,554 $ 12,771 Foreign currency translation adjustments - - (84 ) (84 ) Balance as of February 25, 2023 $ 7,217 $ - $ 5,470 $ 12,687 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Quarter Ended February 25, 2023 February 26, 2022 Intangible asset amortization expense $ 14 $ 14 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of fiscal 2023 $ 42 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Fiscal 2028 - Total $ 218 |
Note 9 - Post-employment Bene_2
Note 9 - Post-employment Benefit Obligations (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Schedule of Pension Liability [Table Text Block] | February 25, 2023 November 26, 2022 Accrued compensation and benefits $ 698 $ 698 Post employment benefit obligations 6,609 6,564 Total pension liability $ 7,307 $ 7,262 |
Schedule of Net Benefit Costs [Table Text Block] | Quarter Ended February 25, 2023 February 26, 2022 Service cost $ 7 $ 9 Interest cost 93 58 Amortization of prior service costs 31 31 Amortization of loss - 33 Net periodic pension cost $ 131 $ 131 |
Schedule of Deferred Compensation Liability [Table Text Block] | February 25, 2023 November 26, 2022 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,777 3,390 Total deferred compensation liability $ 4,073 $ 3,686 |
Recognized Deferred Compensation Expense [Table Text Block] | Quarter Ended February 25, 2023 February 26, 2022 Deferred compensation expense (benefit) $ 78 $ 54 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
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 25, 2023: Basic earnings per share - continuing operations $ 1,445 8,867,881 $ 0.16 Add effect of dilutive securities: Restricted shares - 29,122 - Diluted earnings per share - continuing operations $ 1,445 8,897,003 $ 0.16 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: Options and restricted shares - 8,545 - Diluted earnings per share - continuing operations $ 4,291 9,758,977 $ 0.44 Basic loss per share - discontinued operations $ 1,282 9,750,432 $ 0.13 Add effect of dilutive securities: Options and restricted shares - 8,545 - Diluted loss per share - discontinued operations $ 1,282 9,758,977 $ 0.13 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended February 25, 2023 February 26, 2022 Unvested shares 51,000 51,300 |
Note 12 - Discontinued Operat_2
Note 12 - Discontinued Operations (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
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 Working capital adjustment paid to buyer 987 Net proceeds from the sale $ 84,534 Quarter Ended February 26, 2022 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ 16,776 Cost of logistical services 15,001 Other loss, net (63 ) Income from operations of logistical services 1,712 Income tax expense 430 Income from discontinued operations, net of tax $ 1,282 Three Months Ended February 26, 2022 Cash provided by operating activities $ 1,681 Cash used in investing activities (81 ) Cash used in financing activities (371 ) Net cash provided by discontinued operations $ 1,229 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended February 25, 2023 February 26, 2022 Sales Revenue Wholesale sales of furniture and accessories $ 69,884 $ 83,485 Less: Sales to retail segment (30,099 ) (29,728 ) Wholesale sales to external customers 39,785 53,757 Retail sales of furniture and accessories 64,962 64,107 Corporate and other 2,951 - Consolidated net sales of furniture and accessories $ 107,698 $ 117,864 Income from Operations Wholesale $ 8,994 $ 10,202 Retail - Company-owned stores 1,530 2,622 Net expenses - Corporate and other (7,771 ) (6,245 ) Inter-company elimination (51 ) (101 ) Consolidated $ 2,702 $ 6,478 Depreciation and Amortization Wholesale $ 606 $ 570 Retail - Company-owned stores 1,299 1,495 Corporate and other 435 324 Consolidated $ 2,340 $ 2,389 Capital Expenditures Wholesale $ 637 $ 1,103 Retail - Company-owned stores 1,282 116 Corporate and other 1,422 1,124 Consolidated $ 3,341 $ 2,343 As of As of Identifiable Assets February 25, 2023 November 26, 2022 Wholesale $ 116,694 $ 125,433 Retail - Company-owned stores 162,232 162,222 Corporate and other 112,691 118,618 Consolidated $ 391,617 $ 406,273 |
Note 14 - Revenue Recognition (
Note 14 - Revenue Recognition (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended February 25, 2023 February 26, 2022 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 24,506 $ 36,159 $ - $ 60,665 $ 31,929 $ 37,818 $ - $ 69,747 Bassett Leather 6,805 494 - 7,299 12,939 240 - 13,179 Bassett Custom Wood 4,876 9,669 - 14,545 5,980 9,407 - 15,387 Bassett Casegoods 3,598 10,050 - 13,648 2,909 8,292 - 11,201 Accessories, mattresses and other (1) - 8,590 2,951 11,541 - 8,350 - 8,350 Consolidated net sales of furniture and accessories $ 39,785 $ 64,962 $ 2,951 $ 107,698 $ 53,757 $ 64,107 $ - $ 117,864 |
Note 15 - Changes to Stockhol_2
Note 15 - Changes to Stockholders' Equity (Tables) | 3 Months Ended |
Feb. 25, 2023 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Quarter Ended February 25, 2023 February 26, 2022 Common Stock: Beginning of period $ 44,759 $ 48,811 Issuance of common stock 92 54 Purchase and retirement of common stock (540 ) (225 ) End of period $ 44,311 $ 48,640 Common Shares Issued and Outstanding: Beginning of period 8,951,839 9,762,125 Issuance of common stock 18,381 10,796 Purchase and retirement of common stock (108,083 ) (44,989 ) End of period 8,862,137 9,727,932 Additional Paid-in Capital: Beginning of period $ - $ 113 Issuance of common stock (12 ) 39 Purchase and retirement of common stock (200 ) (267 ) Stock based compensation 212 115 End of period $ - $ - Retained Earnings: Beginning of period $ 150,800 $ 115,631 Net income for the period 1,445 5,573 Purchase and retirement of common stock (1,213 ) (273 ) Cash dividends declared (1,421 ) (1,374 ) End of period $ 149,611 $ 119,557 Accumulated Other Comprehensive Loss: Beginning of period $ 50 $ (1,823 ) Cumulative translation adjustments, net of tax (136 ) - Amortization of pension costs, net of tax 24 49 End of period $ (62 ) $ (1,774 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Sep. 02, 2022 |
Noa Home Inc. [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Note 2 - Interim Financial Pr_2
Note 2 - Interim Financial Presentation (Details Textual) - USD ($) | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 36.80% | 26.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 3,406 | $ 4,119 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - Sep. 02, 2022 - Noa Home Inc. [Member] $ in Thousands, $ in Thousands | USD ($) | CAD ($) |
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |
Business Combination, Consideration Transferred, Total | $ 7,253 | $ 7,700 |
Payments to Acquire Businesses, Gross | 5,878 | 2,000 |
Business Combination, Consideration Transferred, Repayments of Debt | 5,700 | |
Business Combination, Additional Consideration, Contingent Annual Payments Based On Performance | $ 1,330 | |
Trade Names [Member] | ||
Intangible asset - trade name | $ 1,929 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands, $ in Millions | Sep. 02, 2022 USD ($) | Sep. 02, 2022 CAD ($) | Feb. 25, 2023 USD ($) | Feb. 26, 2022 USD ($) |
Goodwill | $ 12,687 | $ 12,772 | ||
Noa Home Inc. [Member] | ||||
Payments to Acquire Businesses, Gross | $ 5,878 | $ 2 | ||
Fair value of contingent consideration payable | 1,375 | |||
Business Combination, Consideration Transferred, Total | 7,253 | $ 7.7 | ||
Cash | 296 | |||
Inventory | 1,585 | |||
Other current assets | 317 | |||
Property & equipment | 155 | |||
Total identifiable assets acquired | 4,282 | |||
Accounts payable | (1,227) | |||
Customer deposits | (1,059) | |||
Other current liabilities and accrued expenses | (458) | |||
Total liabilities assumed | (2,744) | |||
Net identifiable assets acquired | 1,538 | |||
Goodwill | 5,715 | |||
Total net assets acquired | 7,253 | |||
Noa Home Inc. [Member] | Trade Names [Member] | ||||
Intangible asset - trade name | $ 1,929 |
Note 4 - Financial Instrument_2
Note 4 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 25, 2023 | Nov. 26, 2022 | Feb. 26, 2022 | |
Short-Term Investments, Total | $ 17,725 | $ 17,715 | |
Certificates of Deposit, Average Term | 8 months | ||
Minimum [Member] | |||
Interest Rate of Certificates of Deposit | 0.30% | ||
Maximum [Member] | |||
Interest Rate of Certificates of Deposit | 4.75% | ||
Weighted Average [Member] | |||
Interest Rate of Certificates of Deposit | 429% | ||
Certificates of Deposit [Member] | |||
Short-Term Investments, Total | $ 17,725 | $ 17,715 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Gross accounts receivable | $ 18,992 | $ 19,099 |
Allowance for doubtful accounts | (684) | (1,261) |
Accounts receivable, net | $ 18,308 | $ 17,838 |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Feb. 25, 2023 USD ($) | |
Balance at November 26, 2022 | $ 1,261 |
Additions charged to expense | 116 |
Write-offs against allowance | (693) |
Balance at February 25, 2023 | $ 684 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Wholesale finished goods | $ 38,142 | $ 46,607 |
Work in process | 722 | 620 |
Raw materials and supplies | 21,725 | 22,859 |
Retail merchandise | 35,255 | 32,974 |
Total inventories on first-in, first-out method | 95,844 | 103,060 |
LIFO adjustment | (12,187) | (12,416) |
Reserve for excess and obsolete inventory | (4,646) | (5,167) |
Inventory, Net, Total | $ 79,011 | $ 85,477 |
Note 6 - Inventories - Activity
Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands | 3 Months Ended |
Feb. 25, 2023 USD ($) | |
Balance at November 26, 2022 | $ 5,167 |
Additions charged to expense | 723 |
Write-offs | (1,244) |
Balance at February 25, 2023 | 4,646 |
Operating Segments [Member] | Wholesale Segment [Member] | |
Balance at November 26, 2022 | 4,103 |
Additions charged to expense | 470 |
Write-offs | (1,067) |
Balance at February 25, 2023 | 3,506 |
Operating Segments [Member] | Retail Segment [Member] | |
Balance at November 26, 2022 | 1,064 |
Additions charged to expense | 253 |
Write-offs | (177) |
Balance at February 25, 2023 | $ 1,140 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 3,897 | $ 3,897 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 | Feb. 26, 2022 |
Intangibles subject to amortization, Intangible Assets, Net | $ 218 | ||
Trade names | 8,694 | $ 8,723 | |
Goodwill | 12,687 | 12,772 | |
Total goodwill and other intangible assets | 21,599 | $ 21,727 | 21,727 |
Customer Relationships [Member] | |||
Intangibles subject to amortization, Gross Carrying Amount | 512 | 512 | |
Intangibles subject to amortization, Accumulated Amortization | (294) | (280) | |
Intangibles subject to amortization, Intangible Assets, Net | $ 218 | $ 232 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands | 3 Months Ended |
Feb. 25, 2023 USD ($) | |
Balance as of November 26, 2022 | $ 12,771 |
Foreign currency translation adjustments | (84) |
Balance as of February 25, 2023 | 12,687 |
Wholesale Segment [Member] | |
Balance as of November 26, 2022 | 7,217 |
Foreign currency translation adjustments | 0 |
Balance as of February 25, 2023 | 7,217 |
Retail Segment [Member] | |
Balance as of November 26, 2022 | 0 |
Foreign currency translation adjustments | 0 |
Balance as of February 25, 2023 | 0 |
Corporate and Other [Member] | |
Balance as of November 26, 2022 | 5,554 |
Foreign currency translation adjustments | (84) |
Balance as of February 25, 2023 | $ 5,470 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Intangible asset amortization expense | $ 14 | $ 14 |
Note 7 - Goodwill and Other I_7
Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Feb. 25, 2023 USD ($) |
Remainder of fiscal 2023 | $ 42 |
Fiscal 2024 | 57 |
Fiscal 2025 | 57 |
Fiscal 2026 | 57 |
Fiscal 2027 | 5 |
Fiscal 2028 | 0 |
Total | $ 218 |
Note 8 - Bank Credit Facility (
Note 8 - Bank Credit Facility (Details Textual) | 3 Months Ended | 15 Months Ended |
Feb. 25, 2023 USD ($) | Feb. 25, 2023 USD ($) | |
Bank One [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | $ 25,000,000 |
Letters of Credit Outstanding, Amount | 3,731,000 | 3,731,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 21,269,000 | $ 21,269,000 |
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, Minimum Tangible Net Worth | $ 140,000 | $ 140,000 |
Bank One [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Bank Two [Member] | ||
Letters of Credit Outstanding, Amount | $ 250,000 | $ 250,000 |
Note 9 - Post-employment Bene_3
Note 9 - Post-employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands | May 02, 2017 | Feb. 25, 2023 | Nov. 26, 2022 |
Postemployment Benefits Liability, Noncurrent | $ 10,386 | $ 9,954 | |
Unfunded Deferred Compensation Plan [Member] | |||
Postemployment Benefits Liability, Noncurrent | 1,626 | 1,616 | |
Deferred Compensation, Management Savings Plan [Member] | |||
Postemployment Benefits Liability, Noncurrent | 2,447 | 2,070 | |
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 | 1,300 | 1,275 | |
Supplemental Employee Retirement Plan [Member] | Defined Benefit Plan, Unfunded Plan [Member] | |||
Liability, Other Postretirement Defined Benefit Plan | $ 6,007 | $ 5,987 |
Note 9 - Post Employment Benefi
Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Combined pension liability | $ 7,307 | $ 7,262 |
Accrued Compensation and Benefits [Member] | ||
Combined pension liability | 698 | 698 |
Post Employment Benefit Obligations [Member] | ||
Combined pension liability | $ 6,609 | $ 6,564 |
Note 9 - Post Employment Bene_2
Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Service cost | $ 7 | $ 9 |
Interest cost | 93 | 58 |
Amortization of prior service costs | 31 | 31 |
Amortization of loss | 0 | 33 |
Net periodic pension cost | $ 131 | $ 131 |
Note 9 - Post Employment Bene_3
Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Liability for all deferred compensation arrangements | $ 4,073 | $ 3,686 |
Accrued Compensation and Benefits [Member] | ||
Liability for all deferred compensation arrangements | 296 | 296 |
Post Employment Benefit Obligations [Member] | ||
Liability for all deferred compensation arrangements | $ 3,777 | $ 3,390 |
Note 9 - Post Employment Bene_4
Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Deferred compensation expense (benefit) | $ 78 | $ 54 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Nov. 26, 2022 | |
Lease Guarantees Term | 3 years | |
Lease Obligations of Licensee Operators [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 1,889 | $ 1,880 |
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. 25, 2023 | Feb. 26, 2022 | |
Basic earnings per share - continuing operations | $ 1,445 | $ 4,291 |
Basic earnings per share - continuing operations (in shares) | 8,867,881 | 9,750,432 |
Income from continuing operations (in dollars per share) | $ 0.16 | $ 0.44 |
Restricted shares (in shares) | 29,122 | 8,545 |
Diluted earnings per share - continuing operations | $ 1,445 | $ 4,291 |
Diluted earnings per share - continuing operations (in shares) | 8,897,003 | 9,758,977 |
Diluted earnings per share - continuing operations (in dollars per share) | $ 0.16 | $ 0.44 |
Basic loss per share - discontinued operations | $ 1,282 | |
Basic loss per share - discontinued operations (in dollars per share) | $ 0.13 | |
Diluted loss per share - discontinued operations | $ 1,282 | |
Diluted loss per share - discontinued operations (in dollars per share) | $ 0.13 | |
Discontinued Operations [Member] | ||
Basic earnings per share - continuing operations (in shares) | 9,750,432 | |
Restricted shares (in shares) | 8,545 | |
Diluted earnings per share - continuing operations (in shares) | 9,758,977 |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Unvested Shares [Member] | ||
Unvested shares (in shares) | 51,000 | 51,300 |
Note 12 - Discontinued Operat_3
Note 12 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | Nov. 26, 2022 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment | $ 52,534 | ||
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year) | 7 years | ||
Disposal Group, Including Discontinued Operation, Interest Expense | $ 78,000 | ||
Logistical Services [Member] | Subsidiaries [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 9,121,000 | ||
Disposal Group, Including Discontinued Operation, Operating Expense | $ 8,434,000 |
Note 12 - Discontinued Operat_4
Note 12 - Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 26, 2022 | |
Sales price prior to post-closing working capital adjustment | $ 86,939 | |
Cash provided by operating activities | $ 1,681 | |
Logistical services revenue | 16,776 | |
Net proceeds from the sale | 84,534 | (81) |
Amount held in escrow for contingencies related to representations and warranties (1) | 1,000 | |
Cost of logistical services | 15,001 | |
Cash used in financing activities | (371) | |
Seller expenses paid at closing | 418 | |
Other loss, net | (63) | |
Net cash provided by discontinued operations | 1,229 | |
Working capital adjustment paid to buyer | $ 987 | |
Income from operations of logistical services | 1,712 | |
Income tax expense | 430 | |
Income from discontinued operations, net of tax | $ 1,282 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 3 Months Ended |
Feb. 25, 2023 | |
Number of Reportable Segments | 3 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 25, 2023 | Feb. 26, 2022 | Nov. 26, 2022 | |
Sales revenues | $ 107,698 | $ 117,864 | |
Identifiable Assets | 391,617 | $ 406,273 | |
Income (loss) from Operations | 2,702 | 6,478 | |
Depreciation and amortization | 2,340 | 3,655 | |
Capital expenditures | 3,341 | 2,343 | |
Wholesale Segment [Member] | |||
Sales revenues | 39,785 | 53,757 | |
Corporate and Other [Member] | |||
Sales revenues | 2,951 | 0 | |
Identifiable Assets | 112,691 | 118,618 | |
Income (loss) from Operations | (7,771) | (6,245) | |
Depreciation and amortization | 435 | 324 | |
Capital expenditures | 1,422 | 1,124 | |
Furniture and Accessories [Member] | |||
Sales revenues | 107,698 | 117,864 | |
Operating Segments [Member] | |||
Depreciation and amortization | 2,340 | 2,389 | |
Operating Segments [Member] | Wholesale Segment [Member] | |||
Sales revenues | 69,884 | 83,485 | |
Identifiable Assets | 116,694 | 125,433 | |
Income (loss) from Operations | 8,994 | 10,202 | |
Depreciation and amortization | 606 | 570 | |
Capital expenditures | 637 | 1,103 | |
Operating Segments [Member] | Retail Segment [Member] | |||
Sales revenues | 64,962 | 64,107 | |
Identifiable Assets | 162,232 | $ 162,222 | |
Operating Segments [Member] | Retail Segments [Member] | |||
Income (loss) from Operations | 1,530 | 2,622 | |
Depreciation and amortization | 1,299 | 1,495 | |
Capital expenditures | 1,282 | 116 | |
Intersegment Eliminations [Member] | |||
Income (loss) from Operations | (51) | (101) | |
Intersegment Eliminations [Member] | Wholesale Segment [Member] | |||
Sales revenues | $ (30,099) | $ (29,728) |
Note 14 - Revenue Recognition_2
Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Contract with Customer, Liability, Current | $ 31,040 | $ 35,963 |
Beginning Performance Obligation Satisfied During Period | 81% | |
Other Current Assets [Member] | Sales Commissions [Member] | ||
Capitalized Contract Cost, Net, Current | $ 3,145 | $ 3,768 |
Note 14 - Revenue Recognition -
Note 14 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 25, 2023 | Feb. 26, 2022 | |||
Net sales of furniture and accessories | $ 107,698 | $ 117,864 | ||
Bassett Custom Upholstery [Member] | ||||
Net sales of furniture and accessories | 60,665 | 69,747 | ||
Bassett Leather [Member] | ||||
Net sales of furniture and accessories | 7,299 | 13,179 | ||
Bassett Custom Wood [Member] | ||||
Net sales of furniture and accessories | 14,545 | 15,387 | ||
Bassett Casegoods [Member] | ||||
Net sales of furniture and accessories | 13,648 | 11,201 | ||
Accessories, Mattresses and Other [Member] | ||||
Net sales of furniture and accessories | [1] | 11,541 | 8,350 | |
Furniture and Accessories [Member] | ||||
Net sales of furniture and accessories | 107,698 | 117,864 | ||
Wholesale Segment [Member] | ||||
Net sales of furniture and accessories | 39,785 | 53,757 | ||
Wholesale Segment [Member] | Bassett Custom Upholstery [Member] | ||||
Net sales of furniture and accessories | 24,506 | 31,929 | ||
Wholesale Segment [Member] | Bassett Leather [Member] | ||||
Net sales of furniture and accessories | 6,805 | 12,939 | ||
Wholesale Segment [Member] | Bassett Custom Wood [Member] | ||||
Net sales of furniture and accessories | 4,876 | 5,980 | ||
Wholesale Segment [Member] | Bassett Casegoods [Member] | ||||
Net sales of furniture and accessories | 3,598 | 2,909 | ||
Wholesale Segment [Member] | Accessories, Mattresses and Other [Member] | ||||
Net sales of furniture and accessories | [1] | 0 | 0 | |
Wholesale Segment [Member] | Furniture and Accessories [Member] | ||||
Net sales of furniture and accessories | 39,785 | 53,757 | ||
Retail Segment [Member] | Bassett Custom Upholstery [Member] | ||||
Net sales of furniture and accessories | 36,159 | 37,818 | ||
Retail Segment [Member] | Bassett Leather [Member] | ||||
Net sales of furniture and accessories | 494 | 240 | ||
Retail Segment [Member] | Bassett Custom Wood [Member] | ||||
Net sales of furniture and accessories | 9,669 | 9,407 | ||
Retail Segment [Member] | Bassett Casegoods [Member] | ||||
Net sales of furniture and accessories | 10,050 | 8,292 | ||
Retail Segment [Member] | Accessories, Mattresses and Other [Member] | ||||
Net sales of furniture and accessories | [1] | 8,590 | 8,350 | |
Retail Segment [Member] | Furniture and Accessories [Member] | ||||
Net sales of furniture and accessories | 64,962 | 64,107 | ||
Corporate and Other [Member] | ||||
Net sales of furniture and accessories | 2,951 | 0 | ||
Corporate and Other [Member] | Bassett Custom Upholstery [Member] | ||||
Net sales of furniture and accessories | 0 | [2] | 0 | |
Corporate and Other [Member] | Bassett Leather [Member] | ||||
Net sales of furniture and accessories | 0 | [2] | 0 | |
Corporate and Other [Member] | Bassett Custom Wood [Member] | ||||
Net sales of furniture and accessories | 0 | [2] | 0 | |
Corporate and Other [Member] | Bassett Casegoods [Member] | ||||
Net sales of furniture and accessories | 0 | [2] | 0 | |
Corporate and Other [Member] | Accessories, Mattresses and Other [Member] | ||||
Net sales of furniture and accessories | [1] | 2,951 | [2] | 0 |
Corporate and Other [Member] | Furniture and Accessories [Member] | ||||
Net sales of furniture and accessories | $ 2,951 | [2] | $ 0 | |
[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.[2]Our Corporate and other segment for the three months ended February 25, 2023 includes the sales of Noa Home, which was acquired on September 2, 2023 (see Note 3). |
Note 15 - Changes to Stockhol_3
Note 15 - Changes to Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | Feb. 25, 2023 | Nov. 26, 2022 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | $ 340 | $ 204 |
Note 16 - Changes to Stockholde
Note 16 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 25, 2023 | Feb. 26, 2022 | |
Beginning of period | $ 195,609 | |
End of period | 193,860 | |
Net income for the period | 1,445 | $ 5,573 |
Amortization of pension costs, net of tax | (32) | (33) |
Common Stock [Member] | ||
Beginning of period | 44,759 | 48,811 |
Issuance of common stock | 92 | 54 |
Purchase and retirement of common stock | (540) | (225) |
End of period | $ 44,311 | $ 48,640 |
Beginning of period (in shares) | 8,951,839 | 9,762,125 |
Issuance of common stock (in shares) | 18,381 | 10,796 |
Purchase and retirement of common stock (in shares) | (108,083) | (44,989) |
End of period (in shares) | 8,862,137 | 9,727,932 |
Additional Paid-in Capital [Member] | ||
Beginning of period | $ 0 | $ 113 |
Issuance of common stock | (12) | 39 |
Purchase and retirement of common stock | (200) | (267) |
End of period | 0 | 0 |
Stock based compensation | 212 | 115 |
Retained Earnings [Member] | ||
Beginning of period | 150,800 | 115,631 |
Purchase and retirement of common stock | (1,213) | (273) |
End of period | 149,611 | 119,557 |
Net income for the period | 1,445 | 5,573 |
Cash dividends declared | (1,421) | (1,374) |
AOCI Attributable to Parent [Member] | ||
Beginning of period | 50 | (1,823) |
End of period | (62) | (1,774) |
Amortization of pension costs, net of tax | 24 | 49 |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning of period | $ (136) | $ 0 |