Bassett Furniture Industries (BSET) 10-Q 28 Sep 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Aug. 26, 2023	Sep. 22, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 26, 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)		8,819,992
Entity Central Index Key	0000010329
Current Fiscal Year End Date	--11-25
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Net sales of furniture and accessories	$ 87,217	$ 118,012	$ 295,434	$ 364,582
Cost of furniture and accessories sold	42,173	57,240	140,360	180,479
Gross profit	45,044	60,772	155,074	184,103
Selling, general and administrative expenses	48,848	54,695	154,709	160,536
Gain on sale of real estate	0	4,595	0	4,595
Gain on revaluation of contingent consideration	0	0	(1,013)	0
Income (loss) from operations	(3,804)	10,672	1,378	28,162
Interest income	923	120	1,644	132
Other loss, net	(309)	(714)	(1,381)	(1,982)
Income (loss) from continuing operations before income taxes	(3,190)	10,078	1,641	26,312
Income tax expense (benefit)	(599)	2,305	711	6,505
Income (loss) from continuing operations	(2,591)	7,773	930	19,807
Discontinued operations:
Income from operations of logistical services	0	0	0	1,712
Gain on disposal (less adjustments)	0	(193)	0	53,061
Income tax expense (benefit)	0	(48)	0	14,261
Income (loss) from discontinued operations, net of tax	0	(145)	0	40,512
Net income	$ (2,591)	$ 7,628	$ 930	$ 60,319
Basic earnings (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ (0.30)	$ 0.84	$ 0.11	$ 2.08
Income (loss) from discontinued operations (in dollars per share)	0	(0.02)	0	4.26
Basic earnings (loss) per share (in dollars per share)	(0.30)	0.82	0.11	6.34
Diluted earnings (loss) per share:
Income (loss0 from continuing operations (in dollars per share)	(0.30)	0.84	0.11	2.08
Income (loss) from discontinued operations (in dollars per share)	0	(0.02)	0	4.26
Diluted earnings (loss) per share (in dollars per share)	(0.30)	0.82	0.11	6.34
Regular dividends per share (in dollars per share)	0.18	0.16	0.50	0.44
Special dividend per share (in dollars per share)	$ 0	$ 0	$ 0	$ 1.50

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Net income (loss)	$ (2,591)	$ 7,628	$ 930	$ 60,319
Other comprehensive income:
Foreign currency translation adjustments	42	0	(237)	0
Income taxes related to foreign currency translation adjustments	(11)	0	63	0
Amortization associated with Long Term Cash Awards (LTCA)	31	33	98	99
Income taxes related to LTCA	(8)	(8)	(28)	(24)
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	0	31	0	93
Income taxes related to SERP	0	(8)	0	(24)
Other comprehensive income (loss), net of tax	54	48	(104)	144
Total comprehensive income (loss)	$ (2,537)	$ 7,676	$ 826	$ 60,463

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Current assets
Cash and cash equivalents	$ 48,012	$ 61,625
Short-term investments	17,743	17,715
Accounts receivable, net	15,339	17,838
Inventories	66,866	85,477
Recoverable income taxes	3,777	2,353
Other current assets	9,340	11,487
Total current assets	161,077	196,495
Property and equipment, net	84,247	77,001
Deferred income taxes	5,117	5,528
Goodwill and other intangible assets	21,547	21,727
Right of use assets under operating leases	89,993	99,472
Other	7,050	6,050
Total long-term assets	123,707	132,777
Total assets	369,031	406,273
Current liabilities
Accounts payable	17,117	20,359
Accrued compensation and benefits	9,524	12,921
Customer deposits	23,626	35,963
Current portion operating lease obligations	19,608	18,819
Other current liabilites and accrued expenses	12,168	12,765
Total current liabilities	82,043	100,827
Long-term liabilities
Post employment benefit obligations	10,668	9,954
Long-term portion of operating lease obligations	85,875	97,477
Other long-term liabilities	1,668	2,406
Total long-term liabilities	98,211	109,837
Stockholders’ equity
Common stock	43,800	44,759
Retained earnings	145,031	150,800
Additional paid-in capital	0	0
Accumulated other comprehensive income (loss)	(54)	50
Total stockholders' equity	188,777	195,609
Total liabilities and stockholders’ equity	$ 369,031	$ 406,273

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
Operating activities:
Net income (loss)	$ 930	$ 60,319
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,502	8,732
Gain on disposal of discontinued operations	0	(53,061)
Gain on sale of property and equipment	0	(4,603)
Gain on revaluation of contingent consideration	(1,013)	0
Deferred income taxes	473	(2,856)
Other, net	1,781	1,425
Changes in operating assets and liabilities:
Accounts receivable	2,499	57
Inventories	18,611	(13,677)
Other current assets	(289)	2,961
Right of use assets under operating leases	13,668	15,881
Customer deposits	(12,337)	(11,181)
Accounts payable and other liabilities	(6,586)	1,227
Obligations under operating leases	(14,990)	(17,519)
Net cash provided by (used in) operating activities	10,249	(12,295)
Investing activities:
Purchases of property and equipment	(14,657)	(17,266)
Proceeds from sales of property and equipment	0	8,226
Proceeds from the disposal of discontinued operations, net	1,000	84,534
Other	(1,664)	(1,428)
Net cash provided by (used in) investing activities	(15,321)	74,066
Financing activities:
Cash dividends	(4,406)	(18,734)
Other issuance of common stock	275	340
Repurchases of common stock	(4,056)	(10,263)
Taxes paid related to net share settlement of equity awards	(109)	0
Repayments of finance lease obligations	(208)	(618)
Net cash used in financing activities	(8,504)	(29,275)
Effect of exchange rate changes on cash and cash equivalents	(37)	0
Change in cash and cash equivalents	(13,613)	32,496
Cash and cash equivalents - beginning of period	61,625	34,374
Cash and cash equivalents - end of period	$ 48,012	$ 66,870

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Aug. 26, 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. During the second and third fiscal quarters of 2022, we were 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 a Section 1031 like-kind exchange involving the purchase of real property in Tampa, Florida, for $7,668 during the second quarter of 2022 and the sale of real property in Houston, Texas for $8,217 during the third quarter of 2022 for the purpose of deferring approximately $4,300 of the taxable gain resulting from the sale of the Houston property. Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary. Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of operations 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 and nine months ended August 27, 2022 are presented in the accompanying condensed consolidated statements of operations 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 nine months ended August 27, 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 and Other Information	9 Months Ended
	Aug. 26, 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 and nine months ended August 26, 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 18.8% and 43.3% for the three and nine months ended August 26, 2023, respectively, and 22.8% and 25.6% for the three and nine months ended August 27, 2022, respectively. The effective rate for the three months ended August 26, 2023 differs from the federal statutory rate of 21% primarily due the effect of a change in our estimate of annual pretax income on our anticipated effective rate for the full year, offset by increases in the valuation allowance placed on deferred tax assets associated with Noa Home and the effects of state income taxes and various permanent differences. For the nine months ended August 26, 2023, the effective rate differs from the federal statutory rate primarily due to the non-taxable gain on revaluation of contingent consideration associated with the acquisition of Noa Home (see Note 3), offset by increases in the valuation allowance placed on deferred tax assets associated with Noa Home and the effects of state income taxes and various permanent differences. For the three and nine months ended August 27, 2022, the effective rates differ from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences, including those associated with Company-owned life insurance, and a tax of $522 for the nine months ended August 27, 2022 associated with the non-deductible goodwill written off in connection with the sale of Zenith and included in income tax on discontinued operations. Non-cash Investing and Financing Activity During the nine months ended August 26, 2023 and August 27, 2022, $6,026 and $6,957, 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	9 Months Ended
	Aug. 26, 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, 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. Per the terms of the agreement at the acquisition date, the Noa Home co-founders also had 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 August 26, 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: Fair value of consideration given in exchange for 100% of Noa Home: Cash $ 5,878 Fair value of contingent consideration as of acquisition date 1,375 Total fair value of consideration given $ 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 and the Company determines it is more likely than not that the fair value of the goodwill is below its book value. 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 Subsequent to the acquisition date, the parties concluded that the targets originally set forth by which the Noa Home co-founders were to earn the contingent consideration would likely not be met within the initially anticipated time frame. Therefore, we have agreed to replace the contingent consideration with two fixed payments of C$200 each, the first of which was paid in June of 2023 with the second to be paid in December of 2024. As a result of the write-down of the contingent consideration payable that was recognized at the acquisition date, we recorded a gain of $1,013 for the nine months ended August 26, 2023. The revenues and results of operations of Noa Home for the three and nine months ended August 26, 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 and nine months ended August 27, 2022.

Note 4 - Financial Instruments

Note 4 - Financial Instruments and Investments	9 Months Ended
	Aug. 26, 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 $17,743 and $17,715 at August 26, 2023 and November 26, 2022 consisted of CDs. At August 26, 2023, the CDs had original terms averaging seven

Note 5 - Accounts Receivable

Note 5 - Accounts Receivable	9 Months Ended
	Aug. 26, 2023
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. Accounts Receivable Accounts receivable consists of the following: August 26, 2023 November 26, 2022 Gross accounts receivable $ 15,791 $ 19,099 Allowance for doubtful accounts (452 ) (1,261 ) Accounts receivable, net $ 15,339 $ 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 collectability 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 nine months ended August 26, 2023 was as follows: Balance at November 26, 2022 $ 1,261 Additions charged to expense 124 Write-offs against allowance (933 ) Balance at August 26, 2023 $ 452 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	9 Months Ended
	Aug. 26, 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: August 26, 2023 November 26, 2022 Wholesale finished goods $ 32,258 $ 46,607 Work in process 606 620 Raw materials and supplies 19,021 22,859 Retail merchandise 33,048 32,974 Total inventories on first-in, first-out method 84,933 103,060 LIFO adjustment (11,785 ) (12,416 ) Reserve for excess and obsolete inventory (6,282 ) (5,167 ) $ 66,866 $ 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 3,228 586 3,814 Write-offs (2,086 ) (613 ) (2,699 ) Balance at August 26, 2023 $ 5,245 $ 1,037 $ 6,282 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	9 Months Ended
	Aug. 26, 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: August 26, 2023 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (322 ) $ 190 Intangibles not subject to amortization: Trade names 8,688 Goodwill 12,669 Total goodwill and other intangible assets $ 21,547 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 - - (102 ) (102 ) Balance as of August 26, 2023 $ 7,217 $ - $ 5,452 $ 12,669 Accumulated impairment losses at both August 26, 2023 and November 26, 2022 were $3,897. Due to the decline in the share price of our common stock through the end of the third quarter of 2023, we performed a qualitative analysis of our goodwill as of August 26, 2023 and concluded that it was not more likely than not that the carrying value of our reporting units with goodwill exceeded their fair values. Amortization expense associated with intangible assets during the three and nine months ended August 26, 2023 and August 27, 2022 was as follows: Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Intangible asset amortization expense $ 14 $ 14 $ 43 $ 42 Estimated future amortization expense for intangible assets that exist at August 26, 2023 is as follows: Remainder of fiscal 2023 $ 14 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Fiscal 2028 - Total $ 190

Note 8 - Bank Credit Facility

Note 8 - Bank Credit Facility	9 Months Ended
	Aug. 26, 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 August 26, 2023, we had $3,731 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,269. 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 August 26, 2023. 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	9 Months Ended
	Aug. 26, 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 $6,049 and $5,987 as of August 26, 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 $1,350 and $1,275 as of August 26, 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: August 26, 2023 November 26, 2022 Accrued compensation and benefits $ 698 $ 698 Post employment benefit obligations 6,701 6,564 Total pension liability $ 7,399 $ 7,262 Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 26, 2023 and August 27, 2022 are as follows: Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Service cost $ 7 $ 9 $ 20 $ 27 Interest cost 93 58 278 173 Amortization of prior service costs 31 31 94 94 Amortization of loss - 33 - 100 Net periodic pension cost $ 131 $ 131 $ 392 $ 394 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 $1,645 and $1,616 as of August 26, 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 $2,618 and $2,070 as of August 26, 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: August 26, 2023 November 26, 2022 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,967 3,390 Total deferred compensation liability $ 4,263 $ 3,686 We recognized expense under our deferred compensation arrangements during the three and nine months ended August 26, 2023 and August 27, 2022 as follows: Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Deferred compensation expense (benefit) $ 166 $ (7 ) $ 363 $ 54

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Aug. 26, 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 $1,906 and $1,880 at August 26, 2023 and November 26, 2022, respectively. The remaining term under this lease guarantee extends for five years. 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 August 26, 2023 and November 26, 2022 was not material.

Note 11 - Earnings (Loss) Per S

Note 11 - Earnings (Loss) Per Share	9 Months Ended
	Aug. 26, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Earnings (Loss) Per Share The following reconciles basic and diluted earnings (loss) per share: Net Income (Loss) Weighted Average Shares Net Income (Loss) Per Share For the quarter ended August 26, 2023: Basic loss per share - continuing operations $ (2,591 ) 8,736,096 $ (0.30 ) Add effect of dilutive securities: Restricted shares* - - - Diluted loss per share - continuing operations $ (2,591 ) 8,736,096 $ (0.30 ) For the quarter ended August 27, 2022: Basic earnings per share - continuing operations $ 7,773 9,238,185 $ 0.84 Add effect of dilutive securities: Options and restricted shares - 28,927 - Diluted earnings per share - continuing operations $ 7,773 9,267,112 $ 0.84 Basic loss per share - discontinued operations $ (145 ) 9,238,185 $ (0.02 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share - discontinued operations $ (145 ) 9,238,185 $ (0.02 ) For the nine months ended August 26, 2023: Basic earnings per share - continuing operations $ 930 8,804,718 $ 0.11 Add effect of dilutive securities: Restricted shares - 15,934 - Diluted earnings per share - continuing operations $ 930 8,820,652 $ 0.11 For the nine months ended August 27, 2022: Basic earnings per share - continuing operations $ 19,807 9,503,937 $ 2.08 Add effect of dilutive securities: Options and restricted shares - 5,688 - Diluted earnings per share - continuing operations $ 19,807 9,509,625 $ 2.08 Basic earnings per share - discontinued operations $ 40,512 9,503,937 $ 4.26 Add effect of dilutive securities: Options and restricted shares - 5,688 - Diluted earnings per share - discontinued operations $ 40,512 9,509,625 $ 4.26 *Due to the net loss for the period, potentially dilutive securities would have been anti-dilutive and are therefore excluded. For the three and nine months ended August 26, 2023 and August 27, 2022, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive: Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Unvested shares 100,313 15,799 66,113 67,099

Note 12 - Discontinued Operatio

Note 12 - Discontinued Operations	9 Months Ended
	Aug. 26, 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. During the second quarter 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 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. For the three and nine months ended August 27, 2022 we recognized a pre-tax gain (less post-closing adjustments) on the sale of $ (193) The operations of our logistical services segment, which consisted entirely of the operations of Zenith, are presented in the accompanying condensed consolidated statements of operations 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 operations for the three and nine months ended August 27, 2022: Quarter Ended Nine Months Ended August 27, 2022 August 27, 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 Gain on disposal (less adjustments) (193 ) 53,061 Pretax income (loss) of discontinued operations (193 ) 54,773 Income tax expense (benefit) (48 ) 14,261 Income (loss) from discontinued operations, net of tax $ (145 ) $ 40,512 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 nine months ended August 27, 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 nine months ended August 27, 2022. The following table summarizes the cash flows generated by discontinued operations during the nine months ended August 27, 2022: Nine Months Ended August 27, 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	9 Months Ended
	Aug. 26, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	13. Segment Information As of the beginning of fiscal 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 beginning of fiscal 2023, the functions included in Corporate and other were included in our wholesale 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 and nine months ended August 27, 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 operations (see Note 12). The following table presents our segment information: Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Sales Revenue Wholesale sales of furniture and accessories $ 56,660 $ 78,959 $ 188,318 $ 249,945 Less: Sales to retail segment (23,503 ) (31,833 ) (77,932 ) (95,976 ) Wholesale sales to external customers 33,157 47,126 110,386 153,969 Retail sales of furniture and accessories 52,264 70,886 178,004 210,613 Corporate and other 1,796 - 7,044 - Consolidated net sales of furniture and accessories $ 87,217 $ 118,012 $ 295,434 $ 364,582 Income (Loss) from Operations Wholesale $ 6,340 $ 9,989 $ 22,339 $ 31,656 Retail - Company-owned stores (3,036 ) 3,889 (751 ) 13,804 Net expenses - Corporate and other (7,420 ) (7,839 ) (22,140 ) (21,633 ) Inter-company elimination 312 38 917 (260 ) Gain on revaluation of contingent consideration - - 1,013 - Gain on sale of real estate - 4,595 - 4,595 Consolidated $ (3,804 ) $ 10,672 $ 1,378 $ 28,162 Depreciation and Amortization Wholesale $ 618 $ 601 $ 1,838 $ 1,774 Retail - Company-owned stores 1,335 1,454 4,167 4,429 Corporate and other 640 613 1,497 1,264 Consolidated $ 2,593 $ 2,668 $ 7,502 $ 7,467 Capital Expenditures Wholesale $ 715 $ 2,108 $ 2,064 $ 4,539 Retail - Company-owned stores 4,776 1,468 7,798 9,869 Corporate and other 1,761 1,052 4,795 2,858 Consolidated $ 7,252 $ 4,628 $ 14,657 $ 17,266 As of As of August 26, 2023 November 26, 2022 Identifiable Assets Wholesale $ 102,022 $ 125,433 Retail - Company-owned stores 157,415 162,222 Corporate and other 109,594 118,618 Consolidated $ 369,031 $ 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	9 Months Ended
	Aug. 26, 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 at the time delivery is scheduled. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $23,626 and $35,963 as of August 26, 2023 and November 26, 2022, respectively. Substantially all of the customer deposits held at November 26, 2022 were satisfied during the current year-to-date period and have therefore been recognized in revenue for the nine months ended August 26, 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 August 26, 2023 and November 26, 2022, our balance of prepaid commissions included in other current assets was $2,374 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 and nine months ended August 26, 2023 and August 27, 2022, excluding intercompany transactions between our segments, is a follows: Quarter Ended August 26, 2023 August 27, 2022 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 19,985 $ 30,177 $ - $ 50,162 $ 30,885 $ 39,054 $ - $ 69,939 Bassett Leather 6,743 337 - 7,080 6,290 867 - 7,157 Bassett Custom Wood 3,564 7,697 - 11,261 5,564 11,357 - 16,921 Bassett Casegoods 2,865 7,027 - 9,892 4,387 10,404 - 14,791 Accessories, mattresses and other (1) - 7,026 1,796 8,822 - 9,204 - 9,204 Consolidated net sales of furniture and accessories $ 33,157 $ 52,264 $ 1,796 $ 87,217 $ 47,126 $ 70,886 $ - $ 118,012 Nine Months Ended August 26, 2023 August 27, 2022 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 68,641 $ 101,047 $ - $ 169,688 $ 96,636 $ 122,248 $ - $ 218,884 Bassett Leather 19,630 1,408 - 21,038 29,111 1,399 - 30,510 Bassett Custom Wood 12,642 27,164 - 39,806 17,207 32,001 - 49,208 Bassett Casegoods 9,473 24,848 - 34,321 11,015 27,884 - 38,899 Accessories, mattresses and other (1) - 23,537 7,044 30,581 - 27,081 - 27,081 Consolidated net sales of furniture and accessories $ 110,386 $ 178,004 $ 7,044 $ 295,434 $ 153,969 $ 210,613 $ - $ 364,582 (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 and nine months ended August 26, 2023 includes the sales of Noa Home, which was acquired on September 2, 2022 (see Note 3).

Note 15 - Changes to Stockholde

Note 15 - Changes to Stockholders' Equity	9 Months Ended
	Aug. 26, 2023
Notes to Financial Statements
Equity [Text Block]	15. Changes to Stockholders Equity The following changes in our stockholders’ equity occurred during the three and nine months ended August 26, 2023 and August 27, 2022: Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Common Stock: Beginning of period $ 43,900 $ 46,396 $ 44,759 $ 48,811 Issuance of common stock 101 98 288 222 Purchase and retirement of common stock (201 ) (430 ) (1,247 ) (2,969 ) End of period $ 43,800 $ 46,064 $ 43,800 $ 46,064 Common Shares Issued and Outstanding: Beginning of period 8,779,912 9,279,268 8,951,839 9,762,125 Issuance of common stock 19,996 19,568 57,406 44,544 Purchase and retirement of common stock (40,143 ) (86,096 ) (249,480 ) (593,929 ) End of period 8,759,765 9,212,740 8,759,765 9,212,740 Additional Paid-in Capital: Beginning of period $ - $ - $ - $ 113 Issuance of common stock (2 ) 65 (12 ) 117 Purchase and retirement of common stock (210 ) (207 ) (624 ) (629 ) Stock based compensation 212 142 636 399 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 149,393 $ 145,471 $ 150,800 $ 115,631 Net income (loss) for the period (2,591 ) 7,628 930 60,319 Purchase and retirement of common stock (196 ) (982 ) (2,293 ) (6,663 ) Cash dividends declared (1,575 ) (1,564 ) (4,406 ) (18,734 ) End of period $ 145,031 $ 150,553 $ 145,031 $ 150,553 Accumulated Other Comprehensive Loss: Beginning of period $ (108 ) $ (1,726 ) $ 50 $ (1,823 ) Cumulative translation adjustments, net of tax 31 - (174 ) - Amortization of pension costs, net of tax 23 48 70 145 End of period $ (54 ) $ (1,678 ) $ (54 ) $ (1,678 ) The balance of cumulative translation adjustments, net of tax, was a net loss of $378 and $204 at August 26, 2023 and November 26, 2022, respectively.

Note 16 - Recent Accounting Pro

Note 16 - Recent Accounting Pronouncements	9 Months Ended
	Aug. 26, 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 August 26, 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)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Fair value of consideration given in exchange for 100% of Noa Home: Cash $ 5,878 Fair value of contingent consideration as of acquisition date 1,375 Total fair value of consideration given $ 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)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	August 26, 2023 November 26, 2022 Gross accounts receivable $ 15,791 $ 19,099 Allowance for doubtful accounts (452 ) (1,261 ) Accounts receivable, net $ 15,339 $ 17,838
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]	Balance at November 26, 2022 $ 1,261 Additions charged to expense 124 Write-offs against allowance (933 ) Balance at August 26, 2023 $ 452

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	August 26, 2023 November 26, 2022 Wholesale finished goods $ 32,258 $ 46,607 Work in process 606 620 Raw materials and supplies 19,021 22,859 Retail merchandise 33,048 32,974 Total inventories on first-in, first-out method 84,933 103,060 LIFO adjustment (11,785 ) (12,416 ) Reserve for excess and obsolete inventory (6,282 ) (5,167 ) $ 66,866 $ 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 3,228 586 3,814 Write-offs (2,086 ) (613 ) (2,699 ) Balance at August 26, 2023 $ 5,245 $ 1,037 $ 6,282

Note 7 - Goodwill and Other I_2

Note 7 - Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	August 26, 2023 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (322 ) $ 190 Intangibles not subject to amortization: Trade names 8,688 Goodwill 12,669 Total goodwill and other intangible assets $ 21,547 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 - - (102 ) (102 ) Balance as of August 26, 2023 $ 7,217 $ - $ 5,452 $ 12,669
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Intangible asset amortization expense $ 14 $ 14 $ 43 $ 42
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of fiscal 2023 $ 14 Fiscal 2024 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Fiscal 2028 - Total $ 190

Note 9 - Post Employment Bene_2

Note 9 - Post Employment Benefit Obligations (Tables)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule of Pension Liability [Table Text Block]	August 26, 2023 November 26, 2022 Accrued compensation and benefits $ 698 $ 698 Post employment benefit obligations 6,701 6,564 Total pension liability $ 7,399 $ 7,262
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Service cost $ 7 $ 9 $ 20 $ 27 Interest cost 93 58 278 173 Amortization of prior service costs 31 31 94 94 Amortization of loss - 33 - 100 Net periodic pension cost $ 131 $ 131 $ 392 $ 394
Schedule of Deferred Compensation Liability [Table Text Block]	August 26, 2023 November 26, 2022 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,967 3,390 Total deferred compensation liability $ 4,263 $ 3,686
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Deferred compensation expense (benefit) $ 166 $ (7 ) $ 363 $ 54

Note 11 - Earnings (Loss) Per_2

Note 11 - Earnings (Loss) Per Share (Tables)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net Income (Loss) Weighted Average Shares Net Income (Loss) Per Share For the quarter ended August 26, 2023: Basic loss per share - continuing operations $ (2,591 ) 8,736,096 $ (0.30 ) Add effect of dilutive securities: Restricted shares* - - - Diluted loss per share - continuing operations $ (2,591 ) 8,736,096 $ (0.30 ) For the quarter ended August 27, 2022: Basic earnings per share - continuing operations $ 7,773 9,238,185 $ 0.84 Add effect of dilutive securities: Options and restricted shares - 28,927 - Diluted earnings per share - continuing operations $ 7,773 9,267,112 $ 0.84 Basic loss per share - discontinued operations $ (145 ) 9,238,185 $ (0.02 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share - discontinued operations $ (145 ) 9,238,185 $ (0.02 ) For the nine months ended August 26, 2023: Basic earnings per share - continuing operations $ 930 8,804,718 $ 0.11 Add effect of dilutive securities: Restricted shares - 15,934 - Diluted earnings per share - continuing operations $ 930 8,820,652 $ 0.11 For the nine months ended August 27, 2022: Basic earnings per share - continuing operations $ 19,807 9,503,937 $ 2.08 Add effect of dilutive securities: Options and restricted shares - 5,688 - Diluted earnings per share - continuing operations $ 19,807 9,509,625 $ 2.08 Basic earnings per share - discontinued operations $ 40,512 9,503,937 $ 4.26 Add effect of dilutive securities: Options and restricted shares - 5,688 - Diluted earnings per share - discontinued operations $ 40,512 9,509,625 $ 4.26
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Unvested shares 100,313 15,799 66,113 67,099

Note 12 - Discontinued Operat_2

Note 12 - Discontinued Operations (Tables)	9 Months Ended
	Aug. 26, 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 Nine Months Ended August 27, 2022 August 27, 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 Gain on disposal (less adjustments) (193 ) 53,061 Pretax income (loss) of discontinued operations (193 ) 54,773 Income tax expense (benefit) (48 ) 14,261 Income (loss) from discontinued operations, net of tax $ (145 ) $ 40,512 Nine Months Ended August 27, 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)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Sales Revenue Wholesale sales of furniture and accessories $ 56,660 $ 78,959 $ 188,318 $ 249,945 Less: Sales to retail segment (23,503 ) (31,833 ) (77,932 ) (95,976 ) Wholesale sales to external customers 33,157 47,126 110,386 153,969 Retail sales of furniture and accessories 52,264 70,886 178,004 210,613 Corporate and other 1,796 - 7,044 - Consolidated net sales of furniture and accessories $ 87,217 $ 118,012 $ 295,434 $ 364,582 Income (Loss) from Operations Wholesale $ 6,340 $ 9,989 $ 22,339 $ 31,656 Retail - Company-owned stores (3,036 ) 3,889 (751 ) 13,804 Net expenses - Corporate and other (7,420 ) (7,839 ) (22,140 ) (21,633 ) Inter-company elimination 312 38 917 (260 ) Gain on revaluation of contingent consideration - - 1,013 - Gain on sale of real estate - 4,595 - 4,595 Consolidated $ (3,804 ) $ 10,672 $ 1,378 $ 28,162 Depreciation and Amortization Wholesale $ 618 $ 601 $ 1,838 $ 1,774 Retail - Company-owned stores 1,335 1,454 4,167 4,429 Corporate and other 640 613 1,497 1,264 Consolidated $ 2,593 $ 2,668 $ 7,502 $ 7,467 Capital Expenditures Wholesale $ 715 $ 2,108 $ 2,064 $ 4,539 Retail - Company-owned stores 4,776 1,468 7,798 9,869 Corporate and other 1,761 1,052 4,795 2,858 Consolidated $ 7,252 $ 4,628 $ 14,657 $ 17,266 As of As of August 26, 2023 November 26, 2022 Identifiable Assets Wholesale $ 102,022 $ 125,433 Retail - Company-owned stores 157,415 162,222 Corporate and other 109,594 118,618 Consolidated $ 369,031 $ 406,273

Note 14 - Revenue Recognition (

Note 14 - Revenue Recognition (Tables)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Quarter Ended August 26, 2023 August 27, 2022 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 19,985 $ 30,177 $ - $ 50,162 $ 30,885 $ 39,054 $ - $ 69,939 Bassett Leather 6,743 337 - 7,080 6,290 867 - 7,157 Bassett Custom Wood 3,564 7,697 - 11,261 5,564 11,357 - 16,921 Bassett Casegoods 2,865 7,027 - 9,892 4,387 10,404 - 14,791 Accessories, mattresses and other (1) - 7,026 1,796 8,822 - 9,204 - 9,204 Consolidated net sales of furniture and accessories $ 33,157 $ 52,264 $ 1,796 $ 87,217 $ 47,126 $ 70,886 $ - $ 118,012 Nine Months Ended August 26, 2023 August 27, 2022 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 68,641 $ 101,047 $ - $ 169,688 $ 96,636 $ 122,248 $ - $ 218,884 Bassett Leather 19,630 1,408 - 21,038 29,111 1,399 - 30,510 Bassett Custom Wood 12,642 27,164 - 39,806 17,207 32,001 - 49,208 Bassett Casegoods 9,473 24,848 - 34,321 11,015 27,884 - 38,899 Accessories, mattresses and other (1) - 23,537 7,044 30,581 - 27,081 - 27,081 Consolidated net sales of furniture and accessories $ 110,386 $ 178,004 $ 7,044 $ 295,434 $ 153,969 $ 210,613 $ - $ 364,582

Note 15 - Changes to Stockhol_2

Note 15 - Changes to Stockholders' Equity (Tables)	9 Months Ended
	Aug. 26, 2023
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Quarter Ended Nine Months Ended August 26, 2023 August 27, 2022 August 26, 2023 August 27, 2022 Common Stock: Beginning of period $ 43,900 $ 46,396 $ 44,759 $ 48,811 Issuance of common stock 101 98 288 222 Purchase and retirement of common stock (201 ) (430 ) (1,247 ) (2,969 ) End of period $ 43,800 $ 46,064 $ 43,800 $ 46,064 Common Shares Issued and Outstanding: Beginning of period 8,779,912 9,279,268 8,951,839 9,762,125 Issuance of common stock 19,996 19,568 57,406 44,544 Purchase and retirement of common stock (40,143 ) (86,096 ) (249,480 ) (593,929 ) End of period 8,759,765 9,212,740 8,759,765 9,212,740 Additional Paid-in Capital: Beginning of period $ - $ - $ - $ 113 Issuance of common stock (2 ) 65 (12 ) 117 Purchase and retirement of common stock (210 ) (207 ) (624 ) (629 ) Stock based compensation 212 142 636 399 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 149,393 $ 145,471 $ 150,800 $ 115,631 Net income (loss) for the period (2,591 ) 7,628 930 60,319 Purchase and retirement of common stock (196 ) (982 ) (2,293 ) (6,663 ) Cash dividends declared (1,575 ) (1,564 ) (4,406 ) (18,734 ) End of period $ 145,031 $ 150,553 $ 145,031 $ 150,553 Accumulated Other Comprehensive Loss: Beginning of period $ (108 ) $ (1,726 ) $ 50 $ (1,823 ) Cumulative translation adjustments, net of tax 31 - (174 ) - Amortization of pension costs, net of tax 23 48 70 145 End of period $ (54 ) $ (1,678 ) $ (54 ) $ (1,678 )

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Aug. 27, 2022	May 28, 2022	Sep. 02, 2022
Noa Home Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired			100%
Tampa Florida [Member]
Payments to Acquire Real Estate		$ 7,668
Houston, Texas [Member]
Sale of Real Estate, Expected Taxable Gain (Loss)	$ 4,300
Houston, Texas [Member] | Discontinued Operations, Disposed of by Sale [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 8,217

Note 2 - Interim Financial Pr_2

Note 2 - Interim Financial Presentation and Other Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Effective Income Tax Rate Reconciliation, Percent	18.80%	25.60%	43.30%	22.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%		21%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Goodwill Differences	$ 522		$ 522
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 6,026	$ 6,957

Note 3 - Business Combination_2

Note 3 - Business Combinations (Details Textual) $ in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Aug. 26, 2023 USD ($)	Aug. 27, 2022 USD ($)	Aug. 26, 2023 USD ($)	Aug. 27, 2022 USD ($)	Dec. 31, 2024 CAD ($)	Jun. 30, 2023 CAD ($)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ 0	$ 0	$ 1,013	$ 0
Noa Home Inc. [Member]
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
Business Combination, Contingent Consideration, Liability								$ 200
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					$ 1,013
Noa Home Inc. [Member] | Forecast [Member]
Business Combination, Contingent Consideration, Liability							$ 200
Noa Home Inc. [Member] | 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 ($)	Sep. 02, 2022 CAD ($)	Aug. 26, 2023 USD ($)	Nov. 26, 2022 USD ($)
Goodwill			$ 12,669	$ 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	9 Months Ended
	Aug. 26, 2023	Nov. 26, 2022
Short-Term Investments	$ 17,743	$ 17,715
Certificates of Deposit, Average Term	7 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.70%
Maximum [Member]
Interest Rate of Certificates of Deposit	5.45%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	5.09%
Certificates of Deposit [Member]
Short-Term Investments	$ 17,743	$ 17,715

Note 5 - Accounts Receivable -

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Gross accounts receivable	$ 15,791	$ 19,099
Allowance for doubtful accounts	(452)	(1,261)
Accounts receivable, net	$ 15,339	$ 17,838

Note 5 - Accounts Receivable _2

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Aug. 26, 2023 USD ($)
Balance	$ 1,261
Additions charged to expense	124
Write-offs against allowance	(933)
Balance	$ 452

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Wholesale finished goods	$ 32,258	$ 46,607
Work in process	606	620
Raw materials and supplies	19,021	22,859
Retail merchandise	33,048	32,974
Total inventories on first-in, first-out method	84,933	103,060
LIFO adjustment	(11,785)	(12,416)
Reserve for excess and obsolete inventory	(6,282)	(5,167)
Inventory, Net	$ 66,866	$ 85,477

Note 6 - Inventories - Activity

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	9 Months Ended
	Aug. 26, 2023 USD ($)
Balance	$ 5,167
Additions charged to expense	3,814
Write-offs	(2,699)
Balance	6,282
Operating Segments [Member] | Wholesale Segment [Member]
Balance	4,103
Additions charged to expense	3,228
Write-offs	(2,086)
Balance	5,245
Operating Segments [Member] | Retail Segment [Member]
Balance	1,064
Additions charged to expense	586
Write-offs	(613)
Balance	$ 1,037

Note 7 - Goodwill and Other I_3

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Aug. 26, 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	Aug. 26, 2023	Nov. 26, 2022
Intangibles subject to amortization, Intangible Assets, Net	$ 190
Trade names	8,688	$ 8,723
Goodwill	12,669	12,772
Total goodwill and other intangible assets	21,547	21,727
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(322)	(280)
Intangibles subject to amortization, Intangible Assets, Net	$ 190	$ 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	9 Months Ended
	Aug. 26, 2023 USD ($)
Balance	$ 12,771
Foreign currency translation adjustments	(102)
Balance	12,669
Wholesale Segment [Member]
Balance	7,217
Foreign currency translation adjustments	0
Balance	7,217
Retail Segment [Member]
Balance	0
Foreign currency translation adjustments	0
Balance	0
Corporate and Other [Member]
Balance	5,554
Foreign currency translation adjustments	(102)
Balance	$ 5,452

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		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Intangible asset amortization expense	$ 14	$ 14	$ 43	$ 42

Note 7 - Goodwill and Other I_7

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Aug. 26, 2023 USD ($)
Remainder of fiscal 2023	$ 14
Fiscal 2024	57
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Fiscal 2028	0
Total	$ 190

Note 8 - Bank Credit Facility (

Note 8 - Bank Credit Facility (Details Textual) - Bank One [Member] $ in Thousands	9 Months Ended
	Aug. 26, 2023 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Letters of Credit Outstanding, Amount	3,731
Line of Credit Facility, Remaining Borrowing Capacity	$ 21,269
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
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%

Note 9 - Post Employment Bene_3

Note 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	Aug. 26, 2023	Nov. 26, 2022
Postemployment Benefits Liability, Noncurrent		$ 10,668	$ 9,954
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,645	1,616
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		2,618	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		1,350	1,275
Supplemental Employee Retirement Plan [Member] | Defined Benefit Plan, Unfunded Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 6,049	$ 5,987

Note 9 - Post Employment Bene_4

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Accrued compensation and benefits	$ 7,399	$ 7,262
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	698	698
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 6,701	$ 6,564

Note 9 - Post Employment Bene_5

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Service cost	$ 7	$ 9	$ 20	$ 27
Interest cost	93	58	278	173
Amortization of prior service costs	31	31	94	94
Amortization of loss	0	33	0	100
Net periodic pension cost	$ 131	$ 131	$ 392	$ 394

Note 9 - Post Employment Bene_6

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Accrued compensation and benefits	$ 4,263	$ 3,686
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	296	296
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 3,967	$ 3,390

Note 9 - Post Employment Bene_7

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Deferred compensation expense (benefit)	$ 166	$ (7)	$ 363	$ 54

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,906	$ 1,880

Note 11 - Earnings (Loss) Per_3

Note 11 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Basic loss per share - continuing operations, Net Income	$ (2,591)	$ 7,773	$ 930	$ 19,807
Basic loss per share - continuing operations, Weighted Average Shares (in shares)	8,736,096	9,238,185	8,804,718	9,503,937
Basic loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.30)	$ 0.84	$ 0.11	$ 2.08
Options and restricted shares, Weighted Average Shares (in shares)	0	28,927	15,934	5,688
Diluted loss per share - continuing operations, Net Income	$ (2,591)	$ 7,773	$ 930	$ 19,807
Diluted loss per share - continuing operations, Weighted Average Shares (in shares)	8,736,096	9,267,112	8,820,652	9,509,625
Diluted loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.30)	$ 0.84	$ 0.11	$ 2.08
Basic loss per share - discontinued operations, Net Income		$ (145)		$ 40,512
Basic loss per share - discontinued operations, Net Income Per Share (in dollars per share)		$ (0.02)		$ 4.26
Diluted loss per share - discontinued operations, Net Income		$ (145)		$ 40,512
Diluted loss per share - discontinued operations, Net Income Per Share (in dollars per share)		$ (0.02)		$ 4.26
Discontinued Operations [Member]
Basic loss per share - continuing operations, Weighted Average Shares (in shares)		9,238,185		9,503,937
Options and restricted shares, Weighted Average Shares (in shares)		0		5,688
Diluted loss per share - continuing operations, Weighted Average Shares (in shares)		9,238,185		9,509,625

Note 11 - Earnings (Loss) Per_4

Note 11 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Unvested Shares [Member]
Unvested shares (in shares)	100,313	15,799	66,113	67,099

Note 12 - Discontinued Operat_3

Note 12 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Nov. 26, 2022	Aug. 26, 2023	Aug. 27, 2022	Aug. 27, 2022
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment		$ 193	$ (52,534)		$ (53,061)
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment		(193)	$ 52,534		$ 53,061
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year)					7 years
Disposal Group, Including Discontinued Operation, Interest Expense					$ 78
Logistical Services [Member] | Subsidiaries [Member]
Related Party Transaction, Amounts of Transaction					$ 9,121
Disposal Group, Including Discontinued Operation, Operating Expense	$ 6,278	$ 10,307		$ 21,429		$ 19,852

Note 12 - Discontinued Operat_4

Note 12 - Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
		Feb. 28, 2022	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Net proceeds from the sale					$ 1,000	$ 84,534
Gain on disposal			$ 0	$ (193)	0	53,061
Pretax income of discontinued operations			$ 0	0	$ 0	1,712
Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member]
Disposal Group, Including Discontinued Operation, Consideration		$ 86,939
Logistical services revenue				0		16,776
Cash provided by operating activities						1,681
Net proceeds from the sale		84,534				(81)
representations and warranties (1)	[1]	1,000
Cost of logistical services				0		15,001
Cash used in financing activities						(371)
Seller expenses paid at closing		418
Net cash provided by discontinued operations						1,229
Working capital adjustment paid to buyer		$ 987
Other loss, net				0		(63)
Income from operations of logistical services				0		1,712
Gain on disposal				(193)		53,061
Pretax income of discontinued operations				(193)		54,773
Income tax expense				(48)		14,261
Income from discontinued operations, net of tax				$ (145)		$ 40,512
[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 November 26, 2022, this amount is included in other current assets in the accompanying condensed consolidated balance sheets.

Note 13 - Segment Information_2

Note 13 - Segment Information (Details Textual)	9 Months Ended
	Aug. 26, 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		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022	Nov. 26, 2022
Consolidated net sales of furniture and accessories	$ 87,217	$ 118,012	$ 295,434	$ 364,582
Wholesale	369,031		369,031		$ 406,273
Income from operations	(3,804)	10,672	1,378	28,162
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	0	0	1,013	0
Gain on sale of real estate	0	4,595	0	4,595
Depreciation and amortization			7,502	8,732
Capital expenditures	7,252	4,628	14,657	17,266
Wholesale Segment [Member]
Consolidated net sales of furniture and accessories	33,157	47,126	110,386	153,969
Retail Segment [Member]
Consolidated net sales of furniture and accessories	52,264	70,886	178,004	210,613
Corporate and Other [Member]
Consolidated net sales of furniture and accessories	1,796	0	7,044	0
Wholesale	109,594		109,594		118,618
Income from operations	(7,420)	(7,839)	(22,140)	(21,633)
Depreciation and amortization	640	613	1,497	1,264
Capital expenditures	1,761	1,052	4,795	2,858
Operating Segments [Member]
Income from operations			(751)	13,804
Depreciation and amortization	2,593	2,668	7,502	7,467
Operating Segments [Member] | Wholesale Segment [Member]
Consolidated net sales of furniture and accessories	56,660	78,959	188,318	249,945
Wholesale	102,022		102,022		125,433
Income from operations	6,340	9,989	22,339	31,656
Depreciation and amortization	618	601	1,838	1,774
Capital expenditures	715	2,108	2,064	4,539
Operating Segments [Member] | Retail Segment [Member]
Consolidated net sales of furniture and accessories	52,264	70,886	178,004	210,613
Wholesale	157,415		157,415		$ 162,222
Depreciation and amortization			4,167	4,429
Capital expenditures			7,798	9,869
Operating Segments [Member] | Corporate and Other [Member]
Consolidated net sales of furniture and accessories	1,796	0	7,044	0
Operating Segments [Member] | Retail Segments [Member]
Income from operations	(3,036)	3,889
Depreciation and amortization	1,335	1,454
Capital expenditures	4,776	1,468
Intersegment Eliminations [Member]
Income from operations	312	38	917	(260)
Intersegment Eliminations [Member] | Wholesale Segment [Member]
Consolidated net sales of furniture and accessories	$ (23,503)	$ (31,833)	$ (77,932)	$ (95,976)

Note 14 - Revenue Recognition_2

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Contract with Customer, Liability, Current	$ 23,626	$ 35,963
Other Current Assets [Member] | Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 2,374	$ 3,768

Note 14 - Revenue Recognition -

Note 14 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Net sales of furniture and accessories	$ 87,217	$ 118,012	$ 295,434	$ 364,582
Wholesale Segment [Member]
Net sales of furniture and accessories	33,157	47,126	110,386	153,969
Retail Segment [Member]
Net sales of furniture and accessories	52,264	70,886	178,004	210,613
Corporate and Other [Member]
Net sales of furniture and accessories	1,796	0	7,044	0
Bassett Custom Upholstery [Member]
Net sales of furniture and accessories	50,162	69,939	169,688	218,884
Bassett Custom Upholstery [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories	19,985	30,885	68,641	96,636
Bassett Custom Upholstery [Member] | Retail Segment [Member]
Net sales of furniture and accessories	30,177	39,054	101,047	122,248
Bassett Custom Upholstery [Member] | Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Bassett Leather [Member]
Net sales of furniture and accessories	7,080	7,157	21,038	30,510
Bassett Leather [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories	6,743	6,290	19,630	29,111
Bassett Leather [Member] | Retail Segment [Member]
Net sales of furniture and accessories	337	867	1,408	1,399
Bassett Leather [Member] | Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Bassett Custom Wood [Member]
Net sales of furniture and accessories	11,261	16,921	39,806	49,208
Bassett Custom Wood [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories	3,564	5,564	12,642	17,207
Bassett Custom Wood [Member] | Retail Segment [Member]
Net sales of furniture and accessories	7,697	11,357	27,164	32,001
Bassett Custom Wood [Member] | Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Bassett Casegoods [Member]
Net sales of furniture and accessories	9,892	14,791	34,321	38,899
Bassett Casegoods [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories	2,865	4,387	9,473	11,015
Bassett Casegoods [Member] | Retail Segment [Member]
Net sales of furniture and accessories	7,027	10,404	24,848	27,884
Bassett Casegoods [Member] | Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Accessories, Mattresses and Other [Member]
Net sales of furniture and accessories	8,822	9,204	30,581	27,081
Accessories, Mattresses and Other [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories	0	0	0	0
Accessories, Mattresses and Other [Member] | Retail Segment [Member]
Net sales of furniture and accessories	7,026	9,204	23,537	27,081
Accessories, Mattresses and Other [Member] | Corporate and Other [Member]
Net sales of furniture and accessories	$ 1,796	$ 0	$ 7,044	$ 0

Note 15 - Changes to Stockhol_3

Note 15 - Changes to Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 378	$ 204

Note 15 - Changes to Stockhol_4

Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Beginning of period			$ 195,609
End of period	$ 188,777		188,777
Net income for the period	(2,591)	$ 7,628	930	$ 60,319
Amortization of pension costs, net of tax	(31)	(33)	(98)	(99)
Common Stock [Member]
Beginning of period	43,900	46,396	44,759	48,811
Issuance of common stock	101	98	288	222
Purchase and retirement of common stock	(201)	(430)	(1,247)	(2,969)
End of period	$ 43,800	$ 46,064	$ 43,800	$ 46,064
Beginning of period (in shares)	8,779,912	9,279,268	8,951,839	9,762,125
Issuance of common stock (in shares)	19,996	19,568	57,406	44,544
Purchase and retirement of common stock (in shares)	(40,143)	(86,096)	(249,480)	(593,929)
End of period (in shares)	8,759,765	9,212,740	8,759,765	9,212,740
Issuance of common stock	$ (101)	$ (98)	$ (288)	$ (222)
Additional Paid-in Capital [Member]
Beginning of period	0	0	0	113
Issuance of common stock	2	65	12	117
End of period	0	0	0	0
Issuance of common stock	(2)	(65)	(12)	(117)
Purchase and retirement of common stock	(210)	(207)	(624)	(629)
Stock based compensation	212	142	636	399
Retained Earnings [Member]
Beginning of period	149,393	145,471	150,800	115,631
End of period	145,031	150,553	145,031	150,553
Purchase and retirement of common stock	(196)	(982)	(2,293)	(6,663)
Net income for the period	(2,591)	7,628	930	60,319
Cash dividends declared	(1,575)	(1,564)	(4,406)	(18,734)
AOCI Attributable to Parent [Member]
Beginning of period	(108)	(1,726)	50	(1,823)
End of period	(54)	(1,678)	(54)	(1,678)
Amortization of pension costs, net of tax	23	48	70	145
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning of period	$ 31	$ 0	$ (174)	$ 0