Bassett Furniture Industries (BSET) 10-Q 10 Oct 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Aug. 31, 2024	Oct. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2024
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)		8,801,137
Entity Central Index Key	0000010329
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
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. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Net sales of furniture and accessories	$ 75,619	$ 87,217	$ 245,583	$ 295,434
Cost of furniture and accessories sold	35,526	42,173	113,863	140,360
Gross profit	40,093	45,044	131,720	155,074
Selling, general and administrative expenses	45,210	48,848	142,141	154,709
Loss on contract abandonment	1,240	0	1,240	0
Asset impairment charges	0	0	5,515	0
Gain on revaluation of contingent consideration	0	0	0	1,013
Interest (loss) from operations	(6,357)	(3,804)	(17,176)	1,378
Interest income	692	923	2,075	1,644
Other loss, net	(109)	(309)	(489)	(1,381)
Income (loss) before income taxes	(5,774)	(3,190)	(15,590)	1,641
Income tax expense (benefit)	(1,269)	(599)	(2,691)	711
Net income (loss)	$ (4,505)	$ (2,591)	$ (12,899)	$ 930
Basic earnings (loss) per share (in dollars per share)	$ (0.52)	$ (0.3)	$ (1.48)	$ 0.11
Diluted earnings (loss) per share (in dollars per share)	(0.52)	(0.3)	(1.48)	0.11
Regular dividends per share (in dollars per share)	$ 0.2	$ 0.18	$ 0.54	$ 0.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Net income (loss)	$ (4,505)	$ (2,591)	$ (12,899)	$ 930
Other comprehensive income (loss):
Foreign currency translation adjustments	(32)	42	(266)	(237)
Income taxes related to foreign currency translation adjustments	8	(11)	68	63
Amortization associated with Long Term Cash Awards (LTCA)	16	31	46	98
Income taxes related to LTCA	(4)	(8)	(12)	(28)
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	(5)	0	(16)	0
Income taxes related to SERP	1	0	4	0
Other comprehensive income (loss), net of tax	(16)	54	(176)	(104)
Total comprehensive income (loss)	$ (4,521)	$ (2,537)	$ (13,075)	$ 826

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Current assets
Cash and cash equivalents	$ 38,329	$ 52,407
Short-term investments	17,834	17,775
Accounts receivable, net	12,974	13,736
Inventories	56,138	62,982
Recoverable income taxes	2,846	2,574
Other current assets	9,421	8,480
Total current assets	137,542	157,954
Property and equipment, net	78,564	83,981
Deferred income taxes	7,410	4,645
Goodwill and other intangible assets	14,199	16,067
Right of use assets under operating leases	90,274	100,888
Other	7,873	6,889
Total long-term assets	119,756	128,489
Total assets	335,862	370,424
Current liabilities
Accounts payable	14,232	16,338
Accrued compensation and benefits	6,595	8,934
Customer deposits	23,700	22,788
Current portion operating lease obligations	18,504	18,827
Other current liabilites and accrued expenses	10,086	11,003
Total current liabilities	73,117	77,890
Long-term liabilities
Post employment benefit obligations	10,885	10,207
Long-term portion of operating lease obligations	85,310	97,357
Other long-term liabilities	1,514	1,529
Total long-term liabilities	97,709	109,093
Stockholders’ equity
Common stock	43,674	43,842
Retained earnings	121,387	139,354
Additional paid-in capital	0	93
Accumulated other comprehensive income (loss)	(25)	152
Total stockholders' equity	165,036	183,441
Total liabilities and stockholders’ equity	$ 335,862	$ 370,424

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023
Operating activities:
Net income (loss)	$ (12,899)	$ 930
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	7,613	7,502
Asset impairment charges	5,515	0
Gain on revaluation of contingent consideration	0	(1,013)
Inventory valuation charges	4,954	3,814
Deferred income taxes	(2,765)	473
Other, net	937	1,781
Accounts receivable	762	2,499
Inventories	1,890	14,797
Other current assets	(1,213)	(289)
Right of use assets under operating leases	13,029	13,668
Customer deposits	912	(12,337)
Accounts payable and other liabilities	(5,364)	(6,586)
Obligations under operating leases	(15,694)	(14,990)
Net cash provided by (used in) operating activities	(2,323)	10,249
Investing activities:
Purchases of property and equipment	(4,720)	(14,657)
Proceeds from the disposal of discontinued operations, net	0	1,000
Other	(909)	(1,664)
Net cash used in investing activities	(5,629)	(15,321)
Financing activities:
Cash dividends	(4,909)	(4,406)
Other issuance of common stock	275	275
Repurchases of common stock	(1,127)	(4,056)
Taxes paid related to net share settlement of equity awards	(161)	(109)
Repayments of finance lease obligations	(210)	(208)
Net cash used in financing activities	(6,132)	(8,504)
Effect of exchange rate changes on cash and cash equivalents	6	(37)
Change in cash and cash equivalents	(14,078)	(13,613)
Cash and cash equivalents - beginning of period	52,407	61,625
Cash and cash equivalents - end of period	$ 38,329	$ 48,012

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Aug. 31, 2024
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 operations net of estimates for returns and allowances. Our fiscal year, which ends on the last Saturday of November, periodically results in a 53-week year instead of the normal 52 weeks. The current fiscal year ending November 30, 2024 is a 53-week year, with the additional week being included in our first fiscal quarter. Accordingly, the information presented below includes 40 weeks of operations for the nine months ended August 31, 2024 as compared with 39 weeks included in the nine months ended August 26, 2023. Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income or Stockholders' equity.

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation and Other Information	9 Months Ended
	Aug. 31, 2024
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 31, 2024 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 25, 2023. Income Taxes We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income or loss and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income or loss could have a significant impact on our effective tax rate for the respective quarter. Our effective tax rate was 22.0% and 17.3% for the three and nine months ended August 31, 2024, respectively. The effective rates for the three and nine months ended August 31, 2024 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 Inc. (“Noa Home”), the effects of state income taxes and various permanent differences. Our effective tax rate was 18.8% and 43.3% for the three and nine months ended August 26, 2023, respectively. The effective rates for the three and nine months ended August 26, 2023 differ from the federal statutory rate of 21% primarily due to the non-taxable gain on revaluation of contingent consideration associated with the acquisition of Noa Home (see Note 9), 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. Non-cash Investing and Financing Activity During the nine months ended August 31, 2024 and August 26, 2023, $3,476 and $6,026, respectively, of lease right-of-use assets were added through the recognition of the corresponding lease obligations.

Note 3 - Financial Instruments

Note 3 - Financial Instruments and Investments	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. Financial Instruments and Investments Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit (CDs), accounts receivable, and accounts payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in CDs, accounts receivable, and accounts payable approximate fair value. Investments Our short-term investments of $17,834 and $17,775 at August 31, 2024 and November 25, 2023, respectively, consisted of CDs. At August 31, 2024, the CDs had original terms averaging seven

Note 4 - Accounts Receivable

Note 4 - Accounts Receivable	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. Accounts Receivable Accounts receivable consists of the following: August 31, 2024 November 25, 2023 Gross accounts receivable $ 14,026 $ 14,271 Allowance for doubtful accounts (1,052 ) (535 ) Accounts receivable, net $ 12,974 $ 13,736 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 31, 2024 was as follows: Balance at November 25, 2023 $ 535 Additions charged to expense 595 Write-offs against allowance (78 ) Balance at August 31, 2024 $ 1,052 We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures

Note 5 - Inventories

Note 5 - Inventories	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first-out (LIFO) method, or market. Imported inventories and those applicable to our Lane Venture and Bassett Outdoor lines are valued at the lower of cost, which is determined using the first-in, first-out (FIFO) method, or net realizable value. Inventories were comprised of the following: August 31, 2024 November 25, 2023 Wholesale finished goods $ 24,188 $ 27,521 Work in process 453 637 Raw materials and supplies 16,223 18,655 Retail merchandise 33,285 33,090 Total inventories on first-in, first-out method 74,149 79,903 LIFO adjustment (11,942 ) (11,738 ) Reserve for excess and obsolete inventory (6,069 ) (5,183 ) $ 56,138 $ 62,982 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 Corporate Total Balance at November 25, 2023 $ 4,145 $ 1,038 $ - $ 5,183 Additions charged to expense 3,930 524 500 4,954 Write-offs (3,700 ) (368 ) - (4,068 ) Balance at August 31, 2024 $ 4,375 $ 1,194 $ 500 $ 6,069 (1) Consists of a $500 reserve established against the retail inventory held by Noa Home due to our decision to cease operations by selling the remaining inventory in an orderly fashion over the next several months. 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 2024 and do not anticipate that our methodology is likely to change in the future.

Note 6 - Goodwill and Other Int

Note 6 - Goodwill and Other Intangible Assets	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: August 31, 2024 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (379 ) $ 133 Intangibles not subject to amortization: Trade names 6,849 Goodwill 7,217 Total goodwill and other intangible assets $ 14,199 November 25, 2023 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (337 ) $ 175 Intangibles not subject to amortization: Trade names 8,675 Goodwill 7,217 Total goodwill and other intangible assets $ 16,067 See Note 9 regarding the impairment of the trade name intangible asset for Noa Home. There were no changes in the carrying amounts of goodwill during the nine months ended August 31, 2024. The carrying amounts of goodwill by reportable segment, including accumulated impairment losses, at both August 31, 2024 and November 25, 2023 were as follows: Original Accumulated Recorded Impairment Carrying Value Losses Amount Wholesale $ 9,188 $ (1,971 ) $ 7,217 Retail 1,926 (1,926 ) - Corporate and other 5,409 (5,409 ) - Total goodwill $ 16,523 $ (9,306 ) $ 7,217 Amortization expense associated with intangible assets during the three and nine months ended August 31, 2024 and August 26, 2023 was as follows: Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Intangible asset amortization expense $ 14 $ 14 $ 43 $ 43 Estimated future amortization expense for intangible assets that exist at August 31, 2024 is as follows: Remainder of fiscal 2024 $ 14 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Fiscal 2028 - Fiscal 2029 - Total $ 133

Note 7 - Bank Credit Facility

Note 7 - Bank Credit Facility	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	7. Bank Credit Facility On May 15, 2024, we entered into the Eighth Amended and Restated Credit Agreement with our bank (the “Credit Facility”). This credit facility provides for a line of credit of up to $25,000. At August 31, 2024, we had $6,013 outstanding under standby letters of credit against our line. The line bears interest at the One-Month Term Secured Overnight Financing Rate ● Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Facility) of not less than 1.2 times and ● Consolidated Lease Adjusted Leverage to EBITDAR Ratio (as defined in the Credit Facility) not to exceed 3.35 times. Since our used commitment was less than $8,250 at August 31, 2024, we were not required to test the Consolidated Fixed Charge Coverage Ratio or the Consolidated Lease Adjusted Leverage to EBITDAR Ratio. Had we been required to test those ratios, we would not have been able to achieve the required levels for either of these ratios. Consequently, our availability under the Credit Facility is currently limited to an additional $2,237.

Note 8 - Post Employment Benefi

Note 8 - Post Employment Benefit Obligations	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	8. Post Employment Benefit Obligations Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $5,851 and $5,778 as of August 31, 2024 and November 25, 2023, 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 five management employees in the amount of $400 each. We are accounting for the LTC Awards as a defined benefit pension plan. Currently, two of those employees have retired and are receiving benefits. The liability for the LTC Awards was $1,221 and $1,234 as of August 31, 2024 and November 25, 2023, respectively. The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: August 31, 2024 November 25, 2023 Accrued compensation and benefits $ 792 $ 792 Post employment benefit obligations 6,280 6,220 Total pension liability $ 7,072 $ 7,012 Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 31, 2024 and August 26, 2023 are as follows: Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Service cost $ 3 $ 7 $ 10 $ 20 Interest cost 98 93 293 278 Amortization of prior service costs 26 31 77 94 Amortization of loss (16 ) - (48 ) - Net periodic pension cost $ 111 $ 131 $ 332 $ 392 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 $1,657 and $1,655 as of August 31, 2024 and November 25, 2023, 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 $3,277 and $2661 as of August 31, 2024 and November 25, 2023, 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 31, 2024 November 25, 2023 Accrued compensation and benefits $ 329 $ 329 Post employment benefit obligations 4,605 3,987 Total deferred compensation liability $ 4,934 $ 4,316 We recognized expense under our deferred compensation arrangements during the three and nine months ended August 31, 2024 and August 26, 2023 as follows: Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Deferred compensation expense (benefit) $ 255 $ 166 $ 881 $ 363

Note 9 - Other Gains and Losses

Note 9 - Other Gains and Losses	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Other Gains and Losses [Text Block]	9. Other Gains and Losses Fiscal 2024 During the three and nine months ended August 31, 2024, we recognized a charge of $1,240 to accrue the remaining minimum charges payable under a contract for logistical services which our wholesale segment ceased utilizing during the third fiscal quarter of 2024. These minimum payments will continue through January of 2026. During the nine months ended August 31, 2024, we recognized non-cash charges for asset impairments totaling $5,515 which consisted of the following: ● $2,887 in our retail segment which included $1,978 related to the impairment of leasehold improvements and $750 from the impairment of right-of-use assets at certain underperforming retail stores, as well as $159 for the impairment of right-of-use assets at certain warehouse locations resulting from the consolidation of our retail warehouses. ● $727 for the impairment of plant and equipment in our wholesale segment related to the consolidation of our domestic wood production facilities. ● $1,901 for the impairment of long-lived assets at Noa Home. During the second quarter we concluded that Noa Home was not likely to achieve profitability in the foreseeable future and have decided to cease operations by selling the remaining inventory in an orderly fashion over the next several months. $1,827 of these charges are for the full impairment of the Noa Home trade name intangible asset, and $74 relates to the full impairment of customized software used in the Noa Home operations. Our estimates of the fair value of the impaired right-of-use assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurement and Disclosure. Fiscal 2023 During the nine months ended August 26, 2023, we recognized a non-cash gain of $1,013 resulting from the write-down of our contingent consideration obligation to the former owners of Noa Home. Subsequent to the acquisition of Noa Home on September 2, 2022, the parties concluded that the revenue and EBITDA targets originally set forth in the purchase agreement by which the Noa Home co-founders were to earn the contingent consideration were likely not to be met within the originally anticipated time frame and therefore agreed to replace the contingent consideration payable that was recognized at the acquisition date with two fixed payments of C$200 each. The first payment was made in June of 2023 and the second payment will be made in December of 2024.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Aug. 31, 2024
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 licensee lease obligation guarantees in the amounts of $5,226 and $1,845 at August 31, 2024 and November 25, 2023, respectively. The remaining term under these lease guarantees extends for six years. In the event of default by the licensee, 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 licensee 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 these lease guarantees (an estimate of the cost to the Company to perform on the guarantee) at August 31, 2024 and November 25, 2023 was not material.

Note 11 - Earnings (Loss) Per S

Note 11 - Earnings (Loss) Per Share	9 Months Ended
	Aug. 31, 2024
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 31, 2024: Basic loss per share $ (4,505 ) 8,725,008 $ (0.52 ) Add effect of dilutive securities: Restricted shares* - - - Diluted loss per share - continuing operations $ (4,505 ) 8,725,008 $ (0.52 ) For the quarter ended August 26, 2023: Basic earnings per share $ (2,591 ) 8,736,096 $ (0.30 ) Add effect of dilutive securities: Restricted shares* - - - Diluted earnings per share $ (2,591 ) 8,736,096 $ (0.30 ) For the nine months ended August 31, 2024: Basic earnings per share - continuing operations $ (12,899 ) 8,742,766 $ (1.48 ) Add effect of dilutive securities: Restricted shares* - - - Diluted earnings per share - continuing operations $ (12,899 ) 8,742,766 $ (1.48 ) 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 *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 31, 2024 and August 26, 2023, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive: Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Unvested shares 64,409 100,313 64,409 66,113

Note 12 - Segment Information

Note 12 - Segment Information	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. Segment Information We have strategically aligned our business into two Segment Reporting ● Wholesale. ● Retail Company-owned stores. In addition to the two reportable segments described above, we include our remaining business activities and assets in a reconciling category known as Corporate and other. This category includes the shared costs of corporate functions such as treasury and finance, information technology, accounting, human resources, legal and others, including certain product development and marketing functions benefitting both wholesale and retail operations. In addition to property and equipment and various other assets associated with the shared corporate functions, the identifiable assets of Corporate and other include substantially all of our cash and our investments in CDs. We consider our corporate functions to be other business activities and have aggregated them with any of our operating segments that do not meet the requirements to be reportable segments. As of and for the periods ended August 31, 2024 and August 26, 2023, the only such operating segment included in Corporate and other is Noa Home, which was acquired on September 2, 2022. All sales reported in our Corporate and other category are attributable to Noa Home, which generates substantially all of its sales outside of the United States. During the second fiscal quarter of 2024 we concluded that Noa Home was not likely to achieve profitability in the foreseeable future and have decided to cease operations by selling the remaining inventory in an orderly fashion over the next several months. 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. The following table presents our segment information: Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Sales Revenue Wholesale sales of furniture and accessories $ 47,828 $ 56,660 $ 155,138 $ 188,318 Less: Sales to retail segment (20,453 ) (23,503 ) (64,967 ) (77,932 ) Wholesale sales to external customers 27,375 33,157 90,171 110,386 Retail sales of furniture and accessories 47,256 52,264 151,478 178,004 Corporate and other - Noa Home 988 1,796 3,934 7,044 Consolidated net sales of furniture and accessories $ 75,619 $ 87,217 $ 245,583 $ 295,434 Income (Loss) before Income Taxes: Income (loss) from operations: Wholesale $ 4,440 $ 6,340 $ 16,886 $ 22,339 Retail - Company-owned stores (2,840 ) (3,036 ) (6,674 ) (751 ) Net expenses - Corporate and other (6,963 ) (7,420 ) (21,500 ) (22,140 ) Inter-company elimination 246 312 867 917 Asset impairment charges (see Note 9) - - (5,515 ) - Loss on contract abandonment (see Note 9) (1,240 ) - (1,240 ) Gain on revaluation of contingent consideration (see Note 9) - - - 1,013 Consolidated income (loss) from operations (6,357 ) (3,804 ) (17,176 ) 1,378 Interest income 692 923 2,075 1,644 Other loss, net (109 ) (309 ) (489 ) (1,381 ) Consolidated income (loss) before income taxes $ (5,774 ) $ (3,190 ) $ (15,590 ) $ 1,641 Depreciation and Amortization Wholesale $ 587 $ 618 $ 1,835 $ 1,838 Retail - Company-owned stores 1,073 1,335 3,790 4,167 Corporate and other 662 640 1,988 1,497 Consolidated $ 2,322 $ 2,593 $ 7,613 $ 7,502 Capital Expenditures Wholesale $ 385 $ 715 $ 919 $ 2,064 Retail - Company-owned stores 510 4,776 2,680 7,798 Corporate and other 142 1,761 1,121 4,795 Consolidated $ 1,037 $ 7,252 $ 4,720 $ 14,657 As of As of August 31, 2024 November 25, 2023 Identifiable Assets Wholesale $ 88,835 $ 99,004 Retail - Company-owned stores 155,271 166,604 Corporate and other 91,756 104,816 Consolidated $ 335,862 $ 370,424 See Note 13, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

Note 13 - Revenue Recognition

Note 13 - Revenue Recognition	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	13. 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 $23,700 and $22,788 as of August 31, 2024 and November 25, 2023, respectively. Substantially all of the customer deposits held as of November 25, 2023 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the nine months ended August 31, 2024. 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 31, 2024 and November 25, 2023, our balance of prepaid commissions included in other current assets was $2,559 and $2,245, 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 31, 2024 and August 26, 2023, excluding intercompany transactions between our segments, is a follows: Quarter Ended August 31, 2024 August 26, 2023 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 17,854 $ 25,631 $ - $ 43,485 $ 19,985 $ 30,177 $ - $ 50,162 Bassett Leather 3,730 1,229 - 4,959 6,743 337 - 7,080 Bassett Custom Wood 2,748 7,617 - 10,365 3,564 7,697 - 11,261 Bassett Casegoods 3,043 5,909 - 8,952 2,865 7,027 - 9,892 Accessories, mattresses and other (1) - 6,870 988 7,858 - 7,026 1,796 8,822 Consolidated net sales of furniture and accessories $ 27,375 $ 47,256 $ 988 $ 75,619 $ 33,157 $ 52,264 $ 1,796 $ 87,217 Nine Months Ended August 31, 2024 August 26, 2023 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 60,046 $ 82,690 $ - $ 142,736 $ 68,641 $ 101,047 $ - $ 169,688 Bassett Leather 11,254 3,173 - 14,427 19,630 1,408 - 21,038 Bassett Custom Wood 9,933 24,336 - 34,269 12,642 27,164 - 39,806 Bassett Casegoods 8,938 19,684 - 28,622 9,473 24,848 - 34,321 Accessories, mattresses and other (1) - 21,595 3,934 25,529 - 23,537 7,044 30,581 Consolidated net sales of furniture and accessories $ 90,171 $ 151,478 $ 3,934 $ 245,583 $ 110,386 $ 178,004 $ 7,044 $ 295,434 (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) Corporate and other for the three and nine months ended August 31, 2024 and August 26, 2023 includes the sales of Noa Home.

Note 14 - Changes to Stockholde

Note 14 - Changes to Stockholders' Equity	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Equity [Text Block]	14. Changes to Stockholders Equity The following changes in our stockholders’ equity occurred during the three and nine months ended August 31, 2024 and August 26, 2023: Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Common Stock: Beginning of period $ 43,808 $ 43,900 $ 43,842 $ 44,759 Issuance of common stock 100 101 291 288 Purchase and retirement of common stock (234 ) (201 ) (459 ) (1,247 ) End of period $ 43,674 $ 43,800 $ 43,674 $ 43,800 Common Shares Issued and Outstanding: Beginning of period 8,761,332 8,779,912 8,768,221 8,951,839 Issuance of common stock 20,139 19,996 58,256 57,406 Purchase and retirement of common stock (46,843 ) (40,143 ) (91,849 ) (249,480 ) End of period 8,734,628 8,759,765 8,734,628 8,759,765 Additional Paid-in Capital: Beginning of period $ 52 $ - $ 93 $ - Issuance of common stock (4 ) (2 ) (16 ) (12 ) Purchase and retirement of common stock (246 ) (210 ) (671 ) (624 ) Stock based compensation 198 212 594 636 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 127,807 $ 149,393 $ 139,354 $ 150,800 Net income (loss) for the period (4,505 ) (2,591 ) (12,899 ) 930 Purchase and retirement of common stock (158 ) (196 ) (158 ) (2,293 ) Cash dividends declared (1,756 ) (1,575 ) (4,909 ) (4,406 ) End of period $ 121,388 $ 145,031 $ 121,388 $ 145,031 Accumulated Other Comprehensive Loss: Beginning of period $ (7 ) $ (108 ) $ 152 $ 50 Cumulative translation adjustments, net of tax (24 ) 31 (198 ) (174 ) Amortization of pension costs, net of tax 6 23 21 70 End of period $ (25 ) $ (54 ) $ (25 ) $ (54 ) The balance of cumulative translation adjustments, net of tax, was a net loss of $684 and $486 at August 31, 2024 and November 25, 2023, respectively.

Note 15 - Recent Accounting Pro

Note 15 - Recent Accounting Pronouncements	9 Months Ended
	Aug. 31, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	15. Recent Accounting Pronouncements 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 31, 2024 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. In November 2023, the FASB issued Accounting Standards Update 2023-07 – Segment Reporting (Topic ASC 740) Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update require: that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”); and that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. The amendments in ASU 2022-03 will become effective for us for our 2025 fiscal year and for interim periods beginning with our 2026 fiscal year. Early adoption is permitted. We do not expect that this guidance will have a material impact upon our financial position and results of operations. In December 2023, the FASB issued Accounting Standards Update 2023-09 – Income Taxes (Topic ASC 740) Income Taxes. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2026 fiscal year. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We do not expect that this guidance will have a material impact upon our financial position and results of operations.

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Aug. 31, 2024	Aug. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information (c) During the fiscal quarter ended August 31, 2024, none
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 4 - Accounts Receivable (T

Note 4 - Accounts Receivable (Tables)	9 Months Ended
	Aug. 31, 2024
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	August 31, 2024 November 25, 2023 Gross accounts receivable $ 14,026 $ 14,271 Allowance for doubtful accounts (1,052 ) (535 ) Accounts receivable, net $ 12,974 $ 13,736
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]	Balance at November 25, 2023 $ 535 Additions charged to expense 595 Write-offs against allowance (78 ) Balance at August 31, 2024 $ 1,052

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	9 Months Ended
	Aug. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	August 31, 2024 November 25, 2023 Wholesale finished goods $ 24,188 $ 27,521 Work in process 453 637 Raw materials and supplies 16,223 18,655 Retail merchandise 33,285 33,090 Total inventories on first-in, first-out method 74,149 79,903 LIFO adjustment (11,942 ) (11,738 ) Reserve for excess and obsolete inventory (6,069 ) (5,183 ) $ 56,138 $ 62,982
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]	Wholesale Segment Retail Segment Corporate Total Balance at November 25, 2023 $ 4,145 $ 1,038 $ - $ 5,183 Additions charged to expense 3,930 524 500 4,954 Write-offs (3,700 ) (368 ) - (4,068 ) Balance at August 31, 2024 $ 4,375 $ 1,194 $ 500 $ 6,069

Note 6 - Goodwill and Other I_2

Note 6 - Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Aug. 31, 2024
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	August 31, 2024 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (379 ) $ 133 Intangibles not subject to amortization: Trade names 6,849 Goodwill 7,217 Total goodwill and other intangible assets $ 14,199 November 25, 2023 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 512 $ (337 ) $ 175 Intangibles not subject to amortization: Trade names 8,675 Goodwill 7,217 Total goodwill and other intangible assets $ 16,067
Schedule of Goodwill [Table Text Block]	Original Accumulated Recorded Impairment Carrying Value Losses Amount Wholesale $ 9,188 $ (1,971 ) $ 7,217 Retail 1,926 (1,926 ) - Corporate and other 5,409 (5,409 ) - Total goodwill $ 16,523 $ (9,306 ) $ 7,217
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Intangible asset amortization expense $ 14 $ 14 $ 43 $ 43
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of fiscal 2024 $ 14 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 5 Fiscal 2028 - Fiscal 2029 - Total $ 133

Note 8 - Post Employment Bene_2

Note 8 - Post Employment Benefit Obligations (Tables)	9 Months Ended
	Aug. 31, 2024
Notes Tables
Schedule of Pension Liability [Table Text Block]	August 31, 2024 November 25, 2023 Accrued compensation and benefits $ 792 $ 792 Post employment benefit obligations 6,280 6,220 Total pension liability $ 7,072 $ 7,012
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Service cost $ 3 $ 7 $ 10 $ 20 Interest cost 98 93 293 278 Amortization of prior service costs 26 31 77 94 Amortization of loss (16 ) - (48 ) - Net periodic pension cost $ 111 $ 131 $ 332 $ 392
Schedule of Deferred Compensation Liability [Table Text Block]	August 31, 2024 November 25, 2023 Accrued compensation and benefits $ 329 $ 329 Post employment benefit obligations 4,605 3,987 Total deferred compensation liability $ 4,934 $ 4,316
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Deferred compensation expense (benefit) $ 255 $ 166 $ 881 $ 363

Note 11 - Earnings (Loss) Per_2

Note 11 - Earnings (Loss) Per Share (Tables)	9 Months Ended
	Aug. 31, 2024
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 31, 2024: Basic loss per share $ (4,505 ) 8,725,008 $ (0.52 ) Add effect of dilutive securities: Restricted shares* - - - Diluted loss per share - continuing operations $ (4,505 ) 8,725,008 $ (0.52 ) For the quarter ended August 26, 2023: Basic earnings per share $ (2,591 ) 8,736,096 $ (0.30 ) Add effect of dilutive securities: Restricted shares* - - - Diluted earnings per share $ (2,591 ) 8,736,096 $ (0.30 ) For the nine months ended August 31, 2024: Basic earnings per share - continuing operations $ (12,899 ) 8,742,766 $ (1.48 ) Add effect of dilutive securities: Restricted shares* - - - Diluted earnings per share - continuing operations $ (12,899 ) 8,742,766 $ (1.48 ) 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
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Unvested shares 64,409 100,313 64,409 66,113

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	9 Months Ended
	Aug. 31, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Sales Revenue Wholesale sales of furniture and accessories $ 47,828 $ 56,660 $ 155,138 $ 188,318 Less: Sales to retail segment (20,453 ) (23,503 ) (64,967 ) (77,932 ) Wholesale sales to external customers 27,375 33,157 90,171 110,386 Retail sales of furniture and accessories 47,256 52,264 151,478 178,004 Corporate and other - Noa Home 988 1,796 3,934 7,044 Consolidated net sales of furniture and accessories $ 75,619 $ 87,217 $ 245,583 $ 295,434 Income (Loss) before Income Taxes: Income (loss) from operations: Wholesale $ 4,440 $ 6,340 $ 16,886 $ 22,339 Retail - Company-owned stores (2,840 ) (3,036 ) (6,674 ) (751 ) Net expenses - Corporate and other (6,963 ) (7,420 ) (21,500 ) (22,140 ) Inter-company elimination 246 312 867 917 Asset impairment charges (see Note 9) - - (5,515 ) - Loss on contract abandonment (see Note 9) (1,240 ) - (1,240 ) Gain on revaluation of contingent consideration (see Note 9) - - - 1,013 Consolidated income (loss) from operations (6,357 ) (3,804 ) (17,176 ) 1,378 Interest income 692 923 2,075 1,644 Other loss, net (109 ) (309 ) (489 ) (1,381 ) Consolidated income (loss) before income taxes $ (5,774 ) $ (3,190 ) $ (15,590 ) $ 1,641 Depreciation and Amortization Wholesale $ 587 $ 618 $ 1,835 $ 1,838 Retail - Company-owned stores 1,073 1,335 3,790 4,167 Corporate and other 662 640 1,988 1,497 Consolidated $ 2,322 $ 2,593 $ 7,613 $ 7,502 Capital Expenditures Wholesale $ 385 $ 715 $ 919 $ 2,064 Retail - Company-owned stores 510 4,776 2,680 7,798 Corporate and other 142 1,761 1,121 4,795 Consolidated $ 1,037 $ 7,252 $ 4,720 $ 14,657 As of As of August 31, 2024 November 25, 2023 Identifiable Assets Wholesale $ 88,835 $ 99,004 Retail - Company-owned stores 155,271 166,604 Corporate and other 91,756 104,816 Consolidated $ 335,862 $ 370,424

Note 13 - Revenue Recognition (

Note 13 - Revenue Recognition (Tables)	9 Months Ended
	Aug. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Quarter Ended August 31, 2024 August 26, 2023 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 17,854 $ 25,631 $ - $ 43,485 $ 19,985 $ 30,177 $ - $ 50,162 Bassett Leather 3,730 1,229 - 4,959 6,743 337 - 7,080 Bassett Custom Wood 2,748 7,617 - 10,365 3,564 7,697 - 11,261 Bassett Casegoods 3,043 5,909 - 8,952 2,865 7,027 - 9,892 Accessories, mattresses and other (1) - 6,870 988 7,858 - 7,026 1,796 8,822 Consolidated net sales of furniture and accessories $ 27,375 $ 47,256 $ 988 $ 75,619 $ 33,157 $ 52,264 $ 1,796 $ 87,217 Nine Months Ended August 31, 2024 August 26, 2023 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 60,046 $ 82,690 $ - $ 142,736 $ 68,641 $ 101,047 $ - $ 169,688 Bassett Leather 11,254 3,173 - 14,427 19,630 1,408 - 21,038 Bassett Custom Wood 9,933 24,336 - 34,269 12,642 27,164 - 39,806 Bassett Casegoods 8,938 19,684 - 28,622 9,473 24,848 - 34,321 Accessories, mattresses and other (1) - 21,595 3,934 25,529 - 23,537 7,044 30,581 Consolidated net sales of furniture and accessories $ 90,171 $ 151,478 $ 3,934 $ 245,583 $ 110,386 $ 178,004 $ 7,044 $ 295,434

Note 14 - Changes to Stockhol_2

Note 14 - Changes to Stockholders' Equity (Tables)	9 Months Ended
	Aug. 31, 2024
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Quarter Ended Nine Months Ended August 31, 2024 August 26, 2023 August 31, 2024 August 26, 2023 Common Stock: Beginning of period $ 43,808 $ 43,900 $ 43,842 $ 44,759 Issuance of common stock 100 101 291 288 Purchase and retirement of common stock (234 ) (201 ) (459 ) (1,247 ) End of period $ 43,674 $ 43,800 $ 43,674 $ 43,800 Common Shares Issued and Outstanding: Beginning of period 8,761,332 8,779,912 8,768,221 8,951,839 Issuance of common stock 20,139 19,996 58,256 57,406 Purchase and retirement of common stock (46,843 ) (40,143 ) (91,849 ) (249,480 ) End of period 8,734,628 8,759,765 8,734,628 8,759,765 Additional Paid-in Capital: Beginning of period $ 52 $ - $ 93 $ - Issuance of common stock (4 ) (2 ) (16 ) (12 ) Purchase and retirement of common stock (246 ) (210 ) (671 ) (624 ) Stock based compensation 198 212 594 636 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 127,807 $ 149,393 $ 139,354 $ 150,800 Net income (loss) for the period (4,505 ) (2,591 ) (12,899 ) 930 Purchase and retirement of common stock (158 ) (196 ) (158 ) (2,293 ) Cash dividends declared (1,756 ) (1,575 ) (4,909 ) (4,406 ) End of period $ 121,388 $ 145,031 $ 121,388 $ 145,031 Accumulated Other Comprehensive Loss: Beginning of period $ (7 ) $ (108 ) $ 152 $ 50 Cumulative translation adjustments, net of tax (24 ) 31 (198 ) (174 ) Amortization of pension costs, net of tax 6 23 21 70 End of period $ (25 ) $ (54 ) $ (25 ) $ (54 )

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. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Effective Income Tax Rate Reconciliation, Percent	22%	18.80%	17.30%	43.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%	21%
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 3,476	$ 6,026

Note 3 - Financial Instrument_2

Note 3 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2024	Nov. 25, 2023
Short-Term Investments	$ 17,834	$ 17,775
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	5.40%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	4.69%
Certificates of Deposit [Member]
Short-Term Investments	$ 17,834	$ 17,775

Note 4 - Accounts Receivable -

Note 4 - Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Gross accounts receivable	$ 14,026	$ 14,271
Allowance for doubtful accounts	(1,052)	(535)
Accounts receivable, net	$ 12,974	$ 13,736

Note 4 - Accounts Receivable _2

Note 4 - Accounts Receivable - Schedule of Credit Losses for Financing Receivables (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2024 USD ($)
Balance	$ 535
Additions charged to expense	595
Write-offs against allowance	(78)
Balance	$ 1,052

Note 5 - Inventories - Inventor

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Wholesale finished goods	$ 24,188	$ 27,521
Work in process	453	637
Raw materials and supplies	16,223	18,655
Retail merchandise	33,285	33,090
Total inventories on first-in, first-out method	74,149	79,903
LIFO adjustment	(11,942)	(11,738)
Reserve for excess and obsolete inventory	(6,069)	(5,183)
Inventory, Net	$ 56,138	$ 62,982

Note 5 - Inventories - Activity

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands		9 Months Ended
		Aug. 31, 2024	Aug. 26, 2023
Balance		$ 5,183
Additions charged to expense		4,954	$ 3,814
Write-offs		(4,068)
Balance		6,069
Operating Segments [Member] | Wholesale Segment [Member]
Balance		4,145
Additions charged to expense		3,930
Write-offs		(3,700)
Balance		4,375
Operating Segments [Member] | Retail Segment [Member]
Balance		1,038
Additions charged to expense		524
Write-offs		(368)
Balance		1,194
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Balance	[1]	0
Additions charged to expense	[1]	500
Write-offs	[1]	0
Balance	[1]	$ 500
[1]Consists of a $500 reserve established against the retail inventory held by Noa Home due to our decision to cease operations by selling the remaining inventory in an orderly fashion over the next several months.

Note 6 - Goodwill and Other I_3

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Intangibles subject to amortization, Intangible Assets, Net	$ 133
Trade names	6,849	$ 8,675
Goodwill	7,217	7,217
Total goodwill and other intangible assets	14,199	16,067
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(379)	(337)
Intangibles subject to amortization, Intangible Assets, Net	$ 133	$ 175

Note 6 - Goodwill and Other I_4

Note 6 - Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Goodwill, Gross	$ 16,523
Goodwill accumulated impairment	(9,306)
Goodwill	7,217	$ 7,217
Wholesale Segment [Member]
Goodwill, Gross	9,188
Goodwill accumulated impairment	(1,971)
Goodwill	7,217
Retail Segment [Member]
Goodwill, Gross	1,926
Goodwill accumulated impairment	(1,926)
Goodwill	0
Corporate Segment and Other Operating Segment [Member]
Goodwill, Gross	5,409
Goodwill accumulated impairment	(5,409)
Goodwill	$ 0

Note 6 - Goodwill and Other I_5

Note 6 - 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. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Intangible asset amortization expense	$ 14	$ 14	$ 43	$ 43

Note 6 - Goodwill and Other I_6

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Aug. 31, 2024 USD ($)
Remainder of fiscal 2024	$ 14
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Fiscal 2028	0
Fiscal 2029	0
Total	$ 133

Note 7 - Bank Credit Facility (

Note 7 - Bank Credit Facility (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	May 15, 2024	Aug. 31, 2024
Secured Overnight Financing Rate	us-gaap:SecuredOvernightFinancingRateSofrMember
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000
Letters of Credit Outstanding, Amount		$ 6,013
Debt Instrument, Basis Spread on Variable Rate		1.75%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Debt Instrument, Covenant, Minimum Tangible Net Worth		$ 120,000
Debt Instrument, Covenant, Letters of Credit Outstanding, Minimum Amount		$ 8,250
Debt Instrument, Covenant, Fixed Charge Coverage Ratio		1.2
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio		3.35

Note 8 - Post Employment Bene_3

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	Aug. 31, 2024	Nov. 25, 2023
Postemployment Benefits Liability, Noncurrent		$ 10,885	$ 10,207
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,657	1,655
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		3,277	2,661
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		1,221	1,234
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 5,851	$ 5,778

Note 8 - Post Employment Bene_4

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Accrued compensation and benefits	$ 7,072	$ 7,012
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	792	792
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 6,280	$ 6,220

Note 8 - Post Employment Bene_5

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Service cost	$ 3	$ 7	$ 10	$ 20
Interest cost	98	93	293	278
Amortization of prior service costs	26	31	77	94
Amortization of loss	(16)	0	(48)	0
Net periodic pension cost	$ 111	$ 131	$ 332	$ 392

Note 8 - Post Employment Bene_6

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Accrued compensation and benefits	$ 4,934	$ 4,316
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	329	329
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 4,605	$ 3,987

Note 8 - Post Employment Bene_7

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Deferred compensation expense (benefit)	$ 255	$ 166	$ 881	$ 363

Note 9 - Other Gains and Loss_2

Note 9 - Other Gains and Losses (Details Textual) $ in Thousands, $ in Millions	3 Months Ended			9 Months Ended
	Aug. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)	Aug. 26, 2023 USD ($)	Aug. 31, 2024 USD ($)	Aug. 26, 2023 USD ($)	Dec. 31, 2024 CAD ($)
Loss on Contract Termination	$ 1,240	$ 1,240	$ 0	$ 1,240	$ 0
Asset Impairment Charges, Excluding Goodwill	0		0	5,515	0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 0		$ 0	0	(1,013)
Noa Home Inc. [Member]
Tangible Asset Impairment Charges				1,901
Impairment, Long-Lived Asset, Held-for-Use				74
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)				1,827
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						$ 0.2
Retail Segment [Member]
Tangible Asset Impairment Charges				2,887
Retail Segment [Member] | Underperforming Retail Stores [Member]
Operating Lease, Impairment Loss				750
Retail Segment [Member] | Warehouse Locations [Member]
Operating Lease, Impairment Loss				159
Retail Segment [Member] | Leasehold Improvements [Member]
Impairment, Long-Lived Asset, Held-for-Use				1,978
Wholesale Segment [Member]
Tangible Asset Impairment Charges				$ 727

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 5,226	$ 1,845

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. 31, 2024		Aug. 26, 2023	Aug. 31, 2024		Aug. 26, 2023
Basic loss per share - continuing operations, Net Income	$ (4,505)		$ (2,591)	$ (12,899)		$ 930
Basic loss per share - continuing operations, Weighted Average Shares (in shares)	8,725,008		8,736,096	8,742,766		8,804,718
Basic loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.52)		$ (0.3)	$ (1.48)		$ 0.11
Options and restricted shares, Weighted Average Shares (in shares)	0	[1]	0	0	[1]	15,934
Diluted loss per share - continuing operations, Net Income	$ (4,505)		$ (2,591)	$ (12,899)		$ 930
Diluted loss per share - continuing operations, Weighted Average Shares (in shares)	8,725,008		8,736,096	8,742,766		8,820,652
Diluted loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.52)		$ (0.3)	$ (1.48)		$ 0.11
[1]Due to the net loss for the period, potentially dilutive securities would have been anti-dilutive and are therefore excluded.

Note 11 - Earnings (Loss) Per_4

Note 11 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Unvested Shares [Member]
Unvested shares (in shares)	64,409	100,313	64,409	66,113

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual)	9 Months Ended
	Aug. 31, 2024
Number of Reportable Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended				9 Months Ended
	Aug. 06, 2023	Aug. 31, 2024		Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024		Aug. 26, 2023	Nov. 25, 2023
Consolidated net sales of furniture and accessories	$ 87,217	$ 75,619			$ 87,217	$ 245,583		$ 295,434
Wholesale		335,862		$ 335,862		335,862			$ 370,424
Consolidated income (loss) from operations		(6,357)			(3,804)	(17,176)		1,378
Asset impairment charges (see Note 9)		0			0	(5,515)		0
Loss on contract abandonment (see Note 9)		(1,240)		(1,240)	0	(1,240)		0
Gain on revaluation of contingent consideration		0			0	0		1,013
Interest income		692			923	2,075		1,644
Other loss, net		(109)			(309)	(489)		(1,381)
Income (loss) before income taxes		(5,774)			(3,190)	(15,590)		1,641
Depreciation and Amortization		2,322			2,593	7,613		7,502
Capital Expenditures		1,037			7,252	4,720		14,657
Wholesale Segment [Member]
Consolidated net sales of furniture and accessories	33,157	27,375			33,157	90,171		110,386
Retail Segment [Member]
Consolidated net sales of furniture and accessories	52,264	47,256				151,478		178,004
Corporate Segment and Other Operating Segment [Member]
Consolidated net sales of furniture and accessories	$ 1,796	988	[1]			3,934	[1]	7,044
Wholesale		91,756		91,756		91,756			104,816
Consolidated income (loss) from operations		(6,963)			(7,420)	(21,500)		(22,140)
Depreciation and Amortization		662			640	1,988		1,497
Capital Expenditures		142			1,761	1,121		4,795
Operating Segments [Member] | Wholesale Segment [Member]
Consolidated net sales of furniture and accessories		47,828			56,660	155,138		188,318
Wholesale		88,835		88,835		88,835			99,004
Consolidated income (loss) from operations		4,440			6,340	16,886		22,339
Depreciation and Amortization		587			618	1,835		1,838
Capital Expenditures		385			715	919		2,064
Operating Segments [Member] | Retail Segment [Member]
Consolidated net sales of furniture and accessories		47,256			52,264	151,478		178,004
Wholesale		155,271		$ 155,271		155,271			$ 166,604
Depreciation and Amortization		1,073			1,335	3,790		4,167
Capital Expenditures		510			4,776	2,680		7,798
Operating Segments [Member] | Corporate Segment and Other Operating Segment [Member]
Consolidated net sales of furniture and accessories		988			1,796	3,934		7,044
Operating Segments [Member] | Retail Segments [Member]
Consolidated income (loss) from operations		(2,840)			(3,036)	(6,674)		(751)
Intersegment Eliminations [Member]
Consolidated income (loss) from operations		246			312	867		917
Intersegment Eliminations [Member] | Wholesale Segment [Member]
Consolidated net sales of furniture and accessories		$ (20,453)			$ (23,503)	$ (64,967)		$ (77,932)
[1]Corporate and other for the three and nine months ended August 31, 2024 and August 26, 2023 includes the sales of Noa Home.

Note 13 - Revenue Recognition_2

Note 13 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Contract with Customer, Liability, Current	$ 23,700	$ 22,788
Other Current Assets [Member] | Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 2,559	$ 2,245

Note 13 - Revenue Recognition -

Note 13 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands		2 Months Ended		3 Months Ended			9 Months Ended
		Aug. 06, 2023		Aug. 31, 2024		Aug. 26, 2023	Aug. 31, 2024		Aug. 26, 2023
Net sales of furniture and accessories		$ 87,217		$ 75,619		$ 87,217	$ 245,583		$ 295,434
Wholesale Segment [Member]
Net sales of furniture and accessories		33,157		27,375		$ 33,157	90,171		110,386
Retail Segment [Member]
Net sales of furniture and accessories		52,264		47,256			151,478		178,004
Corporate Segment and Other Operating Segment [Member]
Net sales of furniture and accessories		1,796		988	[1]		3,934	[1]	7,044
Bassett Custom Upholstery [Member]
Net sales of furniture and accessories		50,162		43,485			142,736		169,688
Bassett Custom Upholstery [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories		19,985		17,854			60,046		68,641
Bassett Custom Upholstery [Member] | Retail Segment [Member]
Net sales of furniture and accessories		30,177		25,631			82,690		101,047
Bassett Custom Upholstery [Member] | Corporate Segment and Other Operating Segment [Member]
Net sales of furniture and accessories		0		0	[1]		0	[1]	0
Bassett Leather [Member]
Net sales of furniture and accessories		7,080		4,959			14,427		21,038
Bassett Leather [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories		6,743		3,730			11,254		19,630
Bassett Leather [Member] | Retail Segment [Member]
Net sales of furniture and accessories		337		1,229			3,173		1,408
Bassett Leather [Member] | Corporate Segment and Other Operating Segment [Member]
Net sales of furniture and accessories		0		0	[1]		0	[1]	0
Bassett Custom Wood [Member]
Net sales of furniture and accessories		11,261		10,365			34,269		39,806
Bassett Custom Wood [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories		3,564		2,748			9,933		12,642
Bassett Custom Wood [Member] | Retail Segment [Member]
Net sales of furniture and accessories		7,697		7,617			24,336		27,164
Bassett Custom Wood [Member] | Corporate Segment and Other Operating Segment [Member]
Net sales of furniture and accessories		0		0	[1]		0	[1]	0
Bassett Casegoods [Member]
Net sales of furniture and accessories		9,892		8,952			28,622		34,321
Bassett Casegoods [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories		2,865		3,043			8,938		9,473
Bassett Casegoods [Member] | Retail Segment [Member]
Net sales of furniture and accessories		7,027		5,909			19,684		24,848
Bassett Casegoods [Member] | Corporate Segment and Other Operating Segment [Member]
Net sales of furniture and accessories		0		0	[1]		0	[1]	0
Accessories, Mattresses and Other [Member]
Net sales of furniture and accessories	[2]	8,822		7,858			25,529	[1]	30,581	[1]
Accessories, Mattresses and Other [Member] | Wholesale Segment [Member]
Net sales of furniture and accessories	[2]	0		0			0	[1]	0	[1]
Accessories, Mattresses and Other [Member] | Retail Segment [Member]
Net sales of furniture and accessories	[2]	7,026		6,870			21,595	[1]	23,537	[1]
Accessories, Mattresses and Other [Member] | Corporate Segment and Other Operating Segment [Member]
Net sales of furniture and accessories		$ 1,796	[2]	$ 988	[1]		$ 3,934	[1],[2]	$ 7,044	[1],[2]
[1]Corporate and other for the three and nine months ended August 31, 2024 and August 26, 2023 includes the sales of Noa Home.[2]Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans.

Note 14 - Changes to Stockhol_3

Note 14 - Changes to Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2024	Nov. 25, 2023
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 684	$ 486

Note 14 - Changes to Stockhol_4

Note 14 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 31, 2024	Aug. 26, 2023
Beginning of period			$ 183,441
End of period	$ 165,036		165,036
Net income for the period	(4,505)	$ (2,591)	(12,899)	$ 930
Amortization of pension costs, net of tax	(16)	(31)	(46)	(98)
Common Stock [Member]
Beginning of period	43,808	43,900	43,842	44,759
Issuance of common stock	100	101	291	288
Purchase and retirement of common stock	(234)	(201)	(459)	(1,247)
End of period	$ 43,674	$ 43,800	$ 43,674	$ 43,800
Beginning of period (in shares)	8,761,332	8,779,912	8,768,221	8,951,839
Issuance of common stock (in shares)	20,139	19,996	58,256	57,406
Purchase and retirement of common stock (in shares)	(46,843)	(40,143)	(91,849)	(249,480)
End of period (in shares)	8,734,628	8,759,765	8,734,628	8,759,765
Additional Paid-in Capital [Member]
Beginning of period	$ 52	$ 0	$ 93	$ 0
End of period	0	0	0	0
Issuance of common stock	(4)	(2)	(16)	(12)
Purchase and retirement of common stock	(246)	(210)	(671)	(624)
Stock based compensation	198	212	594	636
Retained Earnings [Member]
Beginning of period	127,807	149,393	139,354	150,800
End of period	121,388	145,031	121,388	145,031
Purchase and retirement of common stock	(158)	(196)	(158)	(2,293)
Net income for the period	(4,505)	(2,591)	(12,899)	930
Cash dividends declared	(1,756)	(1,575)	(4,909)	(4,406)
AOCI Attributable to Parent [Member]
Beginning of period	(7)	(108)	152	50
End of period	(25)	(54)	(25)	(54)
Amortization of pension costs, net of tax	6	23	21	70
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning of period	$ (24)	$ 31	$ (198)	$ (174)