Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Aug. 31, 2019 | Sep. 26, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000010329 | |
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-00209 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-0135270 | |
Entity Address, Address Line One | 3525 Fairystone Park Highway | |
Entity Address, City or Town | Bassett | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24055 | |
City Area Code | 276 | |
Local Phone Number | 629-6000 | |
Title of 12(b) Security | Common Stock ($5.00 par value) | |
Trading Symbol | BSET | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,110,196 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Sales revenue: | ||||
Sales revenues | $ 109,419 | $ 112,956 | $ 338,450 | $ 340,208 |
Cost of furniture and accessories sold | 42,246 | 44,821 | 133,953 | 133,750 |
Selling, general and administrative expenses excluding new store pre-opening costs | 63,519 | 63,279 | 197,495 | 192,986 |
New store pre-opening costs | 254 | 532 | 1,117 | 1,435 |
Early retirement program | 0 | 0 | 835 | 0 |
Income from operations | 3,400 | 4,324 | 5,050 | 12,037 |
Other loss, net | (298) | (492) | (566) | (1,352) |
Income before income taxes | 3,102 | 3,832 | 4,484 | 10,685 |
Income tax expense | 945 | 887 | 1,274 | 4,364 |
Net income | $ 2,157 | $ 2,945 | $ 3,210 | $ 6,321 |
Basic earnings per share (in dollars per share) | $ 0.21 | $ 0.28 | $ 0.31 | $ 0.59 |
Diluted earnings per share (in dollars per share) | 0.21 | 0.28 | 0.31 | 0.59 |
Dividends per share (in dollars per share) | $ 0.125 | $ 0.125 | $ 0.375 | $ 0.345 |
Furniture and Accessories [Member] | ||||
Sales revenue: | ||||
Sales revenues | $ 98,369 | $ 99,807 | $ 301,550 | $ 298,605 |
Logistical Services [Member] | ||||
Sales revenue: | ||||
Sales revenues | $ 11,050 | $ 13,149 | $ 36,900 | $ 41,603 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Net income | $ 2,157 | $ 2,945 | $ 3,210 | $ 6,321 |
Other comprehensive income: | ||||
Other comprehensive income, net of tax | 58 | 80 | 172 | 240 |
Total comprehensive income | 2,215 | 3,025 | 3,382 | 6,561 |
Pension Plan [Member] | ||||
Other comprehensive income: | ||||
Amortization associated with Retirement Plan | 31 | 31 | 93 | 93 |
Income taxes related to Retirement Plan | (8) | (8) | (24) | (24) |
Supplemental Employee Retirement Plan [Member] | ||||
Other comprehensive income: | ||||
Amortization associated with Retirement Plan | 47 | 76 | 139 | 228 |
Income taxes related to Retirement Plan | $ (12) | $ (19) | $ (36) | $ (57) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Current assets | ||
Cash and cash equivalents | $ 14,638 | $ 33,468 |
Short-term investments | 17,643 | 22,643 |
Accounts receivable, net | 20,640 | 19,055 |
Inventories | 65,465 | 64,192 |
Other current assets | 13,417 | 9,189 |
Total current assets | 131,803 | 148,547 |
Property and equipment, net | 104,908 | 104,863 |
Deferred income taxes | 3,251 | 3,266 |
Goodwill and other intangible assets | 28,196 | 28,480 |
Other | 7,258 | 6,485 |
Total long-term assets | 38,705 | 38,231 |
Total assets | 275,416 | 291,641 |
Current liabilities | ||
Accounts payable | 20,363 | 27,407 |
Accrued compensation and benefits | 11,046 | 12,994 |
Customer deposits | 22,484 | 27,157 |
Other current liabilites and accrued expenses | 11,821 | 14,261 |
Total current liabilities | 65,714 | 81,819 |
Long-term liabilities | ||
Post employment benefit obligations | 12,716 | 13,173 |
Other long-term liabilities | 13,040 | 6,340 |
Total long-term liabilities | 25,756 | 19,513 |
Stockholders’ equity | ||
Common stock | 50,578 | 52,638 |
Retained earnings | 135,533 | 140,009 |
Accumulated other comprehensive loss | (2,165) | (2,338) |
Total stockholders' equity | 183,946 | 190,309 |
Total liabilities and stockholders’ equity | $ 275,416 | $ 291,641 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2019 | Aug. 25, 2018 | |
Operating activities: | ||
Net income | $ 3,210 | $ 6,321 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 10,092 | 9,920 |
Gain on sale of property and equipment | (98) | (130) |
Deferred income taxes | 22 | 2,620 |
Other, net | 161 | 1,084 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,760) | 1,183 |
Inventories | (2,105) | (5,349) |
Other current assets | (1,986) | (496) |
Customer deposits | (4,673) | (5,939) |
Accounts payable and other liabilities | (4,922) | 2,416 |
Net cash provided by (used in) operating activities | (2,059) | 11,630 |
Investing activities: | ||
Purchases of property and equipment | (10,651) | (12,632) |
Proceeds from sales of property and equipment | 119 | 2,488 |
Proceeds from maturities of investments | 5,000 | 482 |
Other | (506) | (672) |
Net cash used in investing activities | (6,038) | (25,890) |
Financing activities: | ||
Cash dividends | (3,867) | (7,462) |
Proceeds from the exercise of stock options | 25 | 27 |
Other issuance of common stock | 246 | 264 |
Repurchases of common stock | (6,845) | (2,848) |
Taxes paid related to net share settlement of equity awards | 0 | (674) |
Repayments of notes payable | (292) | (3,233) |
Net cash used in financing activities | (10,733) | (13,926) |
Change in cash and cash equivalents | (18,830) | (28,186) |
Cash and cash equivalents - beginning of period | 33,468 | 53,949 |
Cash and cash equivalents - end of period | 14,638 | 25,763 |
Acquisition of Lane Venture [Member] | ||
Investing activities: | ||
Cash paid for business acquisition | $ 0 | $ (15,556) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Aug. 31, 2019 | |
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 not References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative GAAP. The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, none Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances. Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”). Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated in consolidation, and Zenith’s operating costs and expenses are included in selling, general and administrative expenses in our condensed consolidated statements of income. Our fiscal year, which ends on the last Saturday of November, 53 52 November 30, 2019 53 first 40 nine August 31, 2019 39 nine August 25, 2018. Lane Venture Acquisition On December 21, 2017, 3, Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2019, No. 2016 15, 230 2016 15 2016 15 nine August 25, 2018 As of the beginning of fiscal 2019, No. 2014 09, 606 606” 14, 606 |
Note 2 - Interim Financial Pres
Note 2 - Interim Financial Presentation | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 2 . Interim Financial Presentation All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three nine August 31, 2019 not 10 November 24, 2018. Income Taxes and Impact of the Tax Cuts and Jobs Act 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. On December 22, 2017, January 1, 2018 three nine August 31, 2019, 21% Because the Act specified the new 21% January 1, 2018, 11 2018. 2018 three nine August 25, 2018 nine August 25, 2018 three nine August 25, 2018 nine August 25, 2018, 199: 2019 |
Note 3 - Business Combinations
Note 3 - Business Combinations | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combination s Acquisition of Lane Venture On December 21, 2017, 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 $15,556 Allocation of the fair value of consideration transferred: Identifiable assets acquired: Accounts receivable, net of reserve $ 1,507 Inventory, net of reserve 3,718 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,622 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (852 ) Total liabilities assumed (1,209 ) Net identifiable assets acquired 11,413 Goodwill 4,143 Total net assets acquired $ 15,556 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 Lane Venture’s position in the outdoor furnishings market, a segment of the market not A portion of the fair value of the consideration transferred was assigned to identifiable intangible assets as follows: Useful Life Description In Years Fair Value Trade name Indefinite $ 6,848 Customer relationships 9 512 Total acquired intangible assets $ 7,360 The finite-lived intangible asset is being amortized on a straight-line basis over its estimated useful life. The indefinite-lived intangible asset and goodwill are not The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 3 820, Fair Value Measurements and Disclosures 4. Acquisition costs related to the Lane Venture acquisition totaled $256 during the nine August 25, 2018, The pro forma results of operations for the acquisition of Lane Venture have not not nine August 25, 2018. |
Note 4 - Financial Instruments
Note 4 - Financial Instruments and Fair Value Measurements | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Financial Instruments and Fair Value Measurements Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and notes payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value. Investments Our short-term investments of $17,643 at August 31, 2019 November 24, 2018 August 31, 2019, August 31, 2019, August 31, 2019 November 24, 2018 three nine August 31, 2019 August 25, 2018, not Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures 820’s 820 Level 1 Level 2 not Level 3 We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note 8 3 3 2 3 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 . Accounts Receivable Accounts receivable consists of the following: August 31, 2019 November 24, 2018 Gross accounts receivable $ 21,429 $ 19,809 Allowance for doubtful accounts (789 ) (754 ) Accounts receivable, net $ 20,640 $ 19,055 Activity in the allowance for doubtful accounts for the nine August 31, 2019 Balance at November 24, 2018 $ 754 Additions to allowance, net 35 Balance at August 31, 2019 $ 789 We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not 3 820, Fair Value Measurements and Disclosures 4. |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Aug. 31, 2019 | |
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 first first Inventories were comprised of the following: August 31, 2019 November 24, 2018 Wholesale finished goods $ 25,756 $ 30,750 Work in process 458 432 Raw materials and supplies 17,504 15,503 Retail merchandise 32,848 27,599 Total inventories on first-in, first-out method 76,566 74,284 LIFO adjustment (8,545 ) (8,326 ) Reserve for excess and obsolete inventory (2,556 ) (1,766 ) $ 65,465 $ 64,192 We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may not not not Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 24, 2018 $ 1,500 $ 266 $ 1,766 Additions charged to expense 1,481 272 1,753 Write-offs (741 ) (222 ) (963 ) Balance at August 31, 2019 $ 2,240 $ 316 $ 2,556 Additions charged to expense for our wholesale segment during the nine August 31, 2019 Our estimates and assumptions have been reasonably accurate in the past. We have not 2019 not |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 9 Months Ended |
Aug. 31, 2019 | |
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 31, 2019 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,023 ) $ 2,527 Technology - customized applications 834 (546 ) 288 Total intangible assets subject to amortization 4,384 (1,569 ) 2,815 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,043 - 16,043 Total goodwill and other intangible assets $ 29,765 $ (1,569 ) $ 28,196 November 24, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (829 ) $ 2,721 Technology - customized applications 834 (456 ) 378 Total intangible assets subject to amortization 4,384 (1,285 ) 3,099 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,043 - 16,043 Total goodwill and other intangible assets $ 29,765 $ (1,285 ) $ 28,480 There were no August 31, 2019 November 24, 2018. The carrying amounts of goodwill by reportable segment at both August 31, 2019 November 24, 2018 Wholesale $ 9,188 Retail 1,926 Logistical services 4,929 Total goodwill $ 16,043 Amortization expense associated with intangible assets during the three nine August 31, 2019 August 25, 2018 Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Intangible asset amortization expense $ 95 $ 95 $ 285 $ 280 Estimated future amortization expense for intangible assets that exist at August 31, 2019 Remainder of fiscal 2019 $ 95 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Thereafter 1,165 Total $ 2,815 |
Note 8 - Notes Payable and Bank
Note 8 - Notes Payable and Bank Credit Facility | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8 . Notes Payable and Bank Credit Facility Real Estate Notes Payable Certain of our retail real estate properties were financed through commercial mortgages with outstanding principal totaling $292 at November 24, 2018, third 2019. Fair Value We believe that the carrying amount of our notes payable approximated fair value at November 24, 2018. not 3 820, 4. Bank Credit Facility Our credit facility with our bank provides for a line of credit of up to $25,000. This credit facility is unsecured and contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the agreement and expect to remain in compliance for the foreseeable future. The credit facility will mature in December 2021. At August 31, 2019, |
Note 9 - Post Employment Benefi
Note 9 - Post Employment Benefit Obligations | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 9. Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one August 31, 2019 November 24, 2018, We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second 2017. August 31, 2019 November 24, 2018, The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: August 31, 2019 November 24, 2018 Accrued compensation and benefits $ 798 $ 798 Post employment benefit obligations 10,414 10,854 Total pension liability $ 11,212 $ 11,652 Components of net periodic pension costs for our defined benefit plans for the three nine August 31, 2019 August 25, 2018 Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Service cost $ 47 $ 49 $ 141 $ 147 Interest cost 110 105 331 315 Amortization of prior service costs 31 31 94 93 Amortization of transition obligation - 11 - 33 Amortization of loss 46 65 138 195 Net periodic pension cost $ 234 $ 261 $ 704 $ 783 The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of income. Deferred Compensation Plan s We have an unfunded deferred compensation plan that covers one no August 31, 2019 November 24, 2018, 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 $786 and $611 as of August 31, 2019 November 24, 2018, 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, 2019 November 24, 2018 Accrued compensation and benefits $ 266 $ 266 Post employment benefit obligations 2,302 2,053 Total deferred compensation liability $ 2,568 $ 2,319 We recognized expense under our deferred compensation arrangements during the three nine August 31, 2019 August 25, 2018 Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Deferred compensation expense $ 84 $ 161 $ 267 $ 320 |
Note 10 - Other Operating Gains
Note 10 - Other Operating Gains and Losses | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 1 0 . Other Operating Gains and Losses Fiscal 2019 Early Retirement Program During the first 2019, three February 28, 2019. one nine August 31, 2019. August 31, 2019. Fiscal 201 8 Sale of Retail Location In May 2018 nine August 25, 2018 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 1 1 . 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 We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment, and local delivery trucks used in our retail segment. Our real estate lease terms range from one five two one August 31, 2019: Retail Stores Warehousing & Distribution Centers Transportation Equipment All Other Total Remainder of fiscal 2019 $ 6,243 $ 1,413 $ 1,271 $ 465 $ 9,392 Fiscal 2020 24,305 5,378 4,878 1,741 36,302 Fiscal 2021 21,734 4,748 3,700 1,048 31,230 Fiscal 2022 19,242 4,551 2,557 525 26,875 Fiscal 2023 17,419 3,100 1,251 11 21,781 Fiscal 2024 13,445 1,299 989 5 15,738 Thereafter 41,008 676 340 - 42,024 Total future minimum lease payments $ 143,396 $ 21,165 $ 14,986 $ 3,795 $ 183,342 Improvement allowances received from lessors at the inception of a lease are deferred and amortized over the term of the lease. The unamortized balance of such amounts was $8,016 and $6,716 at August 31, 2019 November 24, 2018, August 31, 2019 November 24, 2018 We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one August 31, 2019 November 24, 2018, 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 August 31, 2019 November 24, 2018 not |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 2 . Earnings Per Share The following reconciles basic and diluted earnings per share: Net Income Weighted Average Shares Net Income Per Share For the quarter ended August 31, 2019: Basic earnings per share $ 2,157 10,212,259 $ 0.21 Add effect of dilutive securities: Options and restricted shares - 28,276 - Diluted earnings per share $ 2,157 10,240,535 $ 0.21 For the quarter ended August 25, 2018: Basic earnings per share $ 2,945 10,666,529 $ 0.28 Add effect of dilutive securities: Options and restricted shares - 33,188 - Diluted earnings per share $ 2,945 10,699,717 $ 0.28 For the nine months ended August 31, 2019: Basic earnings per share $ 3,210 10,368,891 $ 0.31 Add effect of dilutive securities: Options and restricted shares - 26,914 - Diluted earnings per share $ 3,210 10,395,805 $ 0.31 For the nine months ended August 25, 2018: Basic earnings per share $ 6,321 10,684,720 $ 0.59 Add effect of dilutive securities: Options and restricted shares - 46,632 - Diluted earnings per share $ 6,321 10,731,352 $ 0.59 For the three nine August 31, 2019 August 25, 2018, Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Unvested shares 45,653 - 45,653 5,292 |
Note 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 3 . Segment Information We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting ● Wholesale. 3, ● Retail – Company-owned s tores. ● Logistical services . third three nine August 31, 2019, three nine August 25, 2018, During the fourth 2018, no not third third Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not The following table presents our segment information: Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Sales Revenue Wholesale $ 62,690 $ 63,847 $ 198,602 $ 190,735 Retail - Company-owned stores 66,539 65,430 198,736 198,773 Logistical services 18,899 20,119 60,743 62,770 Inter-company eliminations: Furniture and accessories (30,860 ) (29,470 ) (95,789 ) (90,903 ) Logistical services (7,849 ) (6,970 ) (23,842 ) (21,167 ) Consolidated $ 109,419 $ 112,956 $ 338,450 $ 340,208 Income from Operations Wholesale $ 3,044 $ 3,298 $ 10,399 $ 9,401 Retail - Company-owned stores (431 ) 858 (6,430 ) 971 Logistical services 610 139 1,574 758 Inter-company elimination 177 29 342 907 Early retirement program - - (835 ) - Consolidated $ 3,400 $ 4,324 $ 5,050 $ 12,037 Depreciation and Amortization Wholesale $ 752 $ 793 $ 2,397 $ 2,253 Retail - Company-owned stores 1,612 1,333 4,661 4,602 Logistical services 993 1,106 3,034 3,065 Consolidated $ 3,357 $ 3,232 $ 10,092 $ 9,920 Capital Expenditures Wholesale $ 670 $ 1,154 $ 2,810 $ 3,484 Retail - Company-owned stores 1,482 3,519 6,872 8,002 Logistical services 186 297 969 1,146 Consolidated $ 2,338 $ 4,970 $ 10,651 $ 12,632 As of As of Identifiable Assets August 31, 2019 November 24, 2018 Wholesale $ 129,639 $ 144,209 Retail - Company-owned stores 105,124 96,241 Logistical services 40,653 51,191 Consolidated $ 275,416 $ 291,641 Wholesale shipments by type Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Bassett Custom Upholstery $ 36,809 58.7 % $ 35,186 55.1 % $ 115,200 58.0 % $ 105,259 55.2 % Bassett Leather 4,480 7.1 % 4,748 7.4 % 14,714 7.4 % 16,356 8.6 % Bassett Custom Wood 11,757 18.8 % 11,273 17.7 % 33,958 17.1 % 33,443 17.5 % Bassett Casegoods 9,644 15.4 % 11,710 18.3 % 32,263 16.2 % 32,455 17.0 % Accessories (1) - 0.0 % 930 1.5 % 2,467 1.2 % 3,222 1.7 % Total $ 62,690 100.0 % $ 63,847 100.0 % $ 198,602 100.0 % $ 190,735 100.0 % ( 1 Beginning with the third 2019, no third third |
Note 14 - Revenue Recognition
Note 14 - Revenue Recognition | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. We adopted ASU 2014 09, 606 606" November 25, 2018, 2019 606 At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. We offer payment terms varying from 30 to 60 days for wholesale customers. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The contracts with our licensee store owners do not At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. We typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $22,484 and $27,157 as of August 31, 2019 November 24, 2018, November 24, 2018 nine August 31, 2019. third third For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate the amount of time freight has been in transit as of the reporting date compared with our estimate total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not August 31, 2019 first 2019. 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 August 31, 2019 November 24, 2018, not We adopted ASC 606 not November 24, 2018 not 606 not 606 Upon adoption of ASC 606, ● We exclude from revenue amounts collected from customers for sales tax, which is consistent with our policy prior to the adoption of ASC 606. ● We do not ● We do not See Note 13, |
Note 15 - Changes to Stockholde
Note 15 - Changes to Stockholders' Equity | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. The following changes in our stockholders’ equity occurred during the three nine August 31, 2019 August 25, 2018: Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Common Stock: Beginning of period $ 52,262 $ 53,736 $ 52,638 $ 53,690 Issuance of common stock 58 19 339 273 Purchase and retirement of common stock (1,742 ) (429 ) (2,399 ) (637 ) End of period $ 50,578 $ 53,326 $ 50,578 $ 53,326 Common Shares Issued and Outstanding: Beginning of period 10,452,345 10,747,122 10,527,636 10,737,950 Issuance of common stock 11,734 3,838 67,935 54,644 Purchase and retirement of common stock (348,383 ) (85,683 ) (479,875 ) (127,317 ) End of period 10,115,696 10,665,277 10,115,696 10,665,277 Additional Paid-in Capital: Beginning of period $ - $ 382 $ - $ 962 Issuance of common stock 28 71 (69 ) 18 Purchase and retirement of common stock (270 ) (713 ) (649 ) (1,849 ) Stock based compensation 242 260 718 869 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 137,127 $ 140,934 $ 140,009 $ 139,378 Cumulative effect of a change in accounting principal - - (21 ) - Reclassification of certain tax effects from accumulated other comprehensive loss - - - 545 Net income for the period 2,157 2,945 3,210 6,321 Purchase and retirement of common stock (2,487 ) (1,036 ) (3,798 ) (1,036 ) Cash dividends (1,264 ) (1,338 ) (3,867 ) (3,703 ) End of period $ 135,533 $ 141,505 $ 135,533 $ 141,505 Accumulated Other Comprehensive Loss: Beginning of period $ (2,223 ) $ (2,956 ) $ (2,338 ) $ (2,570 ) Reclassification of certain tax effects from accumulated other comprehensive loss - - - (545 ) Amortization of pension costs, net of tax 58 80 173 239 End of period $ (2,165 ) $ (2,876 ) $ (2,165 ) $ (2,876 ) |
Note 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 1 6 . Recent Accounting Pronouncements In February 2016, No. 2016 02, 842 2016 02 2018 01, 2018 10, 2018 11, 2018 20 2019 01 12 not 2016 02 2016 02 may 2018 11 may 842 842 2018 20 842 2016 02 2020 2016 02 11 840 842. 2016 02 2020 2018 11. In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment 2017 04 2 2, 2017 04, not 2017 04 2021 January 1, 2017. not In August 2018, No. 2018 15, Accounting Standards Update No. 2018 15 – Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 , 2018 15 not 2018 15. 2018 15 2021 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocation of the fair value of consideration transferred: Identifiable assets acquired: Accounts receivable, net of reserve $ 1,507 Inventory, net of reserve 3,718 Prepaid expenses and other current assets 37 Intangible assets 7,360 Total identifiable assets acquired 12,622 Liabilities assumed: Accounts payable (357 ) Other accrued liabilities (852 ) Total liabilities assumed (1,209 ) Net identifiable assets acquired 11,413 Goodwill 4,143 Total net assets acquired $ 15,556 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Useful Life Description In Years Fair Value Trade name Indefinite $ 6,848 Customer relationships 9 512 Total acquired intangible assets $ 7,360 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | August 31, 2019 November 24, 2018 Gross accounts receivable $ 21,429 $ 19,809 Allowance for doubtful accounts (789 ) (754 ) Accounts receivable, net $ 20,640 $ 19,055 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Balance at November 24, 2018 $ 754 Additions to allowance, net 35 Balance at August 31, 2019 $ 789 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | August 31, 2019 November 24, 2018 Wholesale finished goods $ 25,756 $ 30,750 Work in process 458 432 Raw materials and supplies 17,504 15,503 Retail merchandise 32,848 27,599 Total inventories on first-in, first-out method 76,566 74,284 LIFO adjustment (8,545 ) (8,326 ) Reserve for excess and obsolete inventory (2,556 ) (1,766 ) $ 65,465 $ 64,192 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 24, 2018 $ 1,500 $ 266 $ 1,766 Additions charged to expense 1,481 272 1,753 Write-offs (741 ) (222 ) (963 ) Balance at August 31, 2019 $ 2,240 $ 316 $ 2,556 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | August 31, 2019 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,023 ) $ 2,527 Technology - customized applications 834 (546 ) 288 Total intangible assets subject to amortization 4,384 (1,569 ) 2,815 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,043 - 16,043 Total goodwill and other intangible assets $ 29,765 $ (1,569 ) $ 28,196 November 24, 2018 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (829 ) $ 2,721 Technology - customized applications 834 (456 ) 378 Total intangible assets subject to amortization 4,384 (1,285 ) 3,099 Intangibles not subject to amortization: Trade names 9,338 - 9,338 Goodwill 16,043 - 16,043 Total goodwill and other intangible assets $ 29,765 $ (1,285 ) $ 28,480 |
Schedule of Goodwill [Table Text Block] | Wholesale $ 9,188 Retail 1,926 Logistical services 4,929 Total goodwill $ 16,043 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Intangible asset amortization expense $ 95 $ 95 $ 285 $ 280 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of fiscal 2019 $ 95 Fiscal 2020 379 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Thereafter 1,165 Total $ 2,815 |
Note 9 - Post Employment Bene_2
Note 9 - Post Employment Benefit Obligations (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Pension Liability [Table Text Block] | August 31, 2019 November 24, 2018 Accrued compensation and benefits $ 798 $ 798 Post employment benefit obligations 10,414 10,854 Total pension liability $ 11,212 $ 11,652 |
Schedule of Net Benefit Costs [Table Text Block] | Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Service cost $ 47 $ 49 $ 141 $ 147 Interest cost 110 105 331 315 Amortization of prior service costs 31 31 94 93 Amortization of transition obligation - 11 - 33 Amortization of loss 46 65 138 195 Net periodic pension cost $ 234 $ 261 $ 704 $ 783 |
Schedule of Deferred Compensation Liability [Table Text Block] | August 31, 2019 November 24, 2018 Accrued compensation and benefits $ 266 $ 266 Post employment benefit obligations 2,302 2,053 Total deferred compensation liability $ 2,568 $ 2,319 |
Recognized Deferred Compensation Expense [Table Text Block] | Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Deferred compensation expense $ 84 $ 161 $ 267 $ 320 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Retail Stores Warehousing & Distribution Centers Transportation Equipment All Other Total Remainder of fiscal 2019 $ 6,243 $ 1,413 $ 1,271 $ 465 $ 9,392 Fiscal 2020 24,305 5,378 4,878 1,741 36,302 Fiscal 2021 21,734 4,748 3,700 1,048 31,230 Fiscal 2022 19,242 4,551 2,557 525 26,875 Fiscal 2023 17,419 3,100 1,251 11 21,781 Fiscal 2024 13,445 1,299 989 5 15,738 Thereafter 41,008 676 340 - 42,024 Total future minimum lease payments $ 143,396 $ 21,165 $ 14,986 $ 3,795 $ 183,342 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income Weighted Average Shares Net Income Per Share For the quarter ended August 31, 2019: Basic earnings per share $ 2,157 10,212,259 $ 0.21 Add effect of dilutive securities: Options and restricted shares - 28,276 - Diluted earnings per share $ 2,157 10,240,535 $ 0.21 For the quarter ended August 25, 2018: Basic earnings per share $ 2,945 10,666,529 $ 0.28 Add effect of dilutive securities: Options and restricted shares - 33,188 - Diluted earnings per share $ 2,945 10,699,717 $ 0.28 For the nine months ended August 31, 2019: Basic earnings per share $ 3,210 10,368,891 $ 0.31 Add effect of dilutive securities: Options and restricted shares - 26,914 - Diluted earnings per share $ 3,210 10,395,805 $ 0.31 For the nine months ended August 25, 2018: Basic earnings per share $ 6,321 10,684,720 $ 0.59 Add effect of dilutive securities: Options and restricted shares - 46,632 - Diluted earnings per share $ 6,321 10,731,352 $ 0.59 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Unvested shares 45,653 - 45,653 5,292 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Sales Revenue Wholesale $ 62,690 $ 63,847 $ 198,602 $ 190,735 Retail - Company-owned stores 66,539 65,430 198,736 198,773 Logistical services 18,899 20,119 60,743 62,770 Inter-company eliminations: Furniture and accessories (30,860 ) (29,470 ) (95,789 ) (90,903 ) Logistical services (7,849 ) (6,970 ) (23,842 ) (21,167 ) Consolidated $ 109,419 $ 112,956 $ 338,450 $ 340,208 Income from Operations Wholesale $ 3,044 $ 3,298 $ 10,399 $ 9,401 Retail - Company-owned stores (431 ) 858 (6,430 ) 971 Logistical services 610 139 1,574 758 Inter-company elimination 177 29 342 907 Early retirement program - - (835 ) - Consolidated $ 3,400 $ 4,324 $ 5,050 $ 12,037 Depreciation and Amortization Wholesale $ 752 $ 793 $ 2,397 $ 2,253 Retail - Company-owned stores 1,612 1,333 4,661 4,602 Logistical services 993 1,106 3,034 3,065 Consolidated $ 3,357 $ 3,232 $ 10,092 $ 9,920 Capital Expenditures Wholesale $ 670 $ 1,154 $ 2,810 $ 3,484 Retail - Company-owned stores 1,482 3,519 6,872 8,002 Logistical services 186 297 969 1,146 Consolidated $ 2,338 $ 4,970 $ 10,651 $ 12,632 As of As of Identifiable Assets August 31, 2019 November 24, 2018 Wholesale $ 129,639 $ 144,209 Retail - Company-owned stores 105,124 96,241 Logistical services 40,653 51,191 Consolidated $ 275,416 $ 291,641 |
Wholesale Revenue by Major Product Category [Table Text Block] | Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Bassett Custom Upholstery $ 36,809 58.7 % $ 35,186 55.1 % $ 115,200 58.0 % $ 105,259 55.2 % Bassett Leather 4,480 7.1 % 4,748 7.4 % 14,714 7.4 % 16,356 8.6 % Bassett Custom Wood 11,757 18.8 % 11,273 17.7 % 33,958 17.1 % 33,443 17.5 % Bassett Casegoods 9,644 15.4 % 11,710 18.3 % 32,263 16.2 % 32,455 17.0 % Accessories (1) - 0.0 % 930 1.5 % 2,467 1.2 % 3,222 1.7 % Total $ 62,690 100.0 % $ 63,847 100.0 % $ 198,602 100.0 % $ 190,735 100.0 % |
Note 15 - Changes to Stockhol_2
Note 15 - Changes to Stockholders' Equity (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Quarter Ended Nine Months Ended August 31, 2019 August 25, 2018 August 31, 2019 August 25, 2018 Common Stock: Beginning of period $ 52,262 $ 53,736 $ 52,638 $ 53,690 Issuance of common stock 58 19 339 273 Purchase and retirement of common stock (1,742 ) (429 ) (2,399 ) (637 ) End of period $ 50,578 $ 53,326 $ 50,578 $ 53,326 Common Shares Issued and Outstanding: Beginning of period 10,452,345 10,747,122 10,527,636 10,737,950 Issuance of common stock 11,734 3,838 67,935 54,644 Purchase and retirement of common stock (348,383 ) (85,683 ) (479,875 ) (127,317 ) End of period 10,115,696 10,665,277 10,115,696 10,665,277 Additional Paid-in Capital: Beginning of period $ - $ 382 $ - $ 962 Issuance of common stock 28 71 (69 ) 18 Purchase and retirement of common stock (270 ) (713 ) (649 ) (1,849 ) Stock based compensation 242 260 718 869 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 137,127 $ 140,934 $ 140,009 $ 139,378 Cumulative effect of a change in accounting principal - - (21 ) - Reclassification of certain tax effects from accumulated other comprehensive loss - - - 545 Net income for the period 2,157 2,945 3,210 6,321 Purchase and retirement of common stock (2,487 ) (1,036 ) (3,798 ) (1,036 ) Cash dividends (1,264 ) (1,338 ) (3,867 ) (3,703 ) End of period $ 135,533 $ 141,505 $ 135,533 $ 141,505 Accumulated Other Comprehensive Loss: Beginning of period $ (2,223 ) $ (2,956 ) $ (2,338 ) $ (2,570 ) Reclassification of certain tax effects from accumulated other comprehensive loss - - - (545 ) Amortization of pension costs, net of tax 58 80 173 239 End of period $ (2,165 ) $ (2,876 ) $ (2,165 ) $ (2,876 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2019 | Aug. 25, 2018 | |
Net Cash Provided by (Used in) Operating Activities, Total | $ (2,059) | $ 11,630 |
Net Cash Provided by (Used in) Investing Activities, Total | (6,038) | (25,890) |
Net Cash Provided by (Used in) Financing Activities, Total | $ (10,733) | (13,926) |
Reclassification Of Investments in Company-owned Life Insurance Due to ASU 2016-15 [Member] | ||
Net Cash Provided by (Used in) Operating Activities, Total | (672) | |
Net Cash Provided by (Used in) Investing Activities, Total | 672 | |
Reclassification Representing Portion of Debt Payment Attributable to Discount Accretion Due to ASU 2016-15 [Member] | ||
Net Cash Provided by (Used in) Operating Activities, Total | 78 | |
Net Cash Provided by (Used in) Financing Activities, Total | $ (78) |
Note 2 - Interim Financial Pr_2
Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | Nov. 30, 2019 | Nov. 24, 2018 | Nov. 25, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 30.50% | 23.10% | 28.40% | 40.80% | 22.20% | 35.00% | |
Tax Cuts and Jobs Act of 2017 Provisional Adjustment of Deferred Tax Asset Liability | $ 2,032 | ||||||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 26 | 223 | |||||
Proceeds from Life Insurance Policy | $ 266 | ||||||
Forecast [Member] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - Acquisition of Lane Venture [Member] - USD ($) $ in Thousands | Dec. 21, 2017 | Aug. 25, 2018 |
Payments to Acquire Businesses, Gross | $ 15,556 | |
Business Combination, Acquisition Related Costs | $ 256 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands | Aug. 31, 2019 | Dec. 21, 2017 |
Goodwill | $ 16,043 | |
Acquisition of Lane Venture [Member] | ||
Accounts receivable, net of reserve | $ 1,507 | |
Inventory, net of reserve | 3,718 | |
Prepaid expenses and other current assets | 37 | |
Intangible assets | 7,360 | |
Total identifiable assets acquired | 12,622 | |
Accounts payable | (357) | |
Other accrued liabilities | (852) | |
Total liabilities assumed | (1,209) | |
Net identifiable assets acquired | 11,413 | |
Goodwill | 4,143 | |
Total net assets acquired | $ 15,556 |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Acquired Identifiable Intangible Assets (Details) - Acquisition of Lane Venture [Member] $ in Thousands | Dec. 21, 2017USD ($) |
Intangible assets | $ 7,360 |
Customer Relationships [Member] | |
Intangible assets | $ 512 |
Useful Life (Year) | 9 years |
Trade Names [Member] | |
Intangible assets | $ 6,848 |
Note 4 - Financial Instrument_2
Note 4 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 25, 2018 | Nov. 24, 2018 | |
Short-term Investments, Total | $ 17,643 | $ 22,643 | |
Certificates of Deposit Terms | 9 months | ||
Proceeds from Sale of Short-term Investments | $ 5,000 | $ 482 | |
Minimum [Member] | |||
Interest Rate of Certificates of Deposit | 0.85% | ||
Maximum [Member] | |||
Interest Rate of Certificates of Deposit | 2.70% | ||
Weighted Average [Member] | |||
Certificates of Deposit Terms | 4 months | ||
Interest Rate of Certificates of Deposit | 2.31% | ||
Certificates of Deposit [Member] | |||
Short-term Investments, Total | $ 17,643 | $ 22,643 | |
Proceeds from Sale of Short-term Investments | $ 5,000 | $ 482 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Gross accounts receivable | $ 21,429 | $ 19,809 |
Allowance for doubtful accounts | (789) | (754) |
Accounts receivable, net | $ 20,640 | $ 19,055 |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands | 9 Months Ended |
Aug. 31, 2019USD ($) | |
Balance, beginning | $ 754 |
Additions to allowance, net | 35 |
Balance, ending | $ 789 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) $ in Thousands | 9 Months Ended |
Aug. 31, 2019USD ($) | |
Inventory Write-down | $ 1,753 |
Wholesale Segment [Member] | Juvenile Furniture Line of Business [Member] | |
Inventory Write-down | $ 390 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Wholesale finished goods | $ 25,756 | $ 30,750 |
Work in process | 458 | 432 |
Raw materials and supplies | 17,504 | 15,503 |
Retail merchandise | 32,848 | 27,599 |
Total inventories on first-in, first-out method | 76,566 | 74,284 |
LIFO adjustment | (8,545) | (8,326) |
Reserve for excess and obsolete inventory | (2,556) | (1,766) |
Inventory, net | $ 65,465 | $ 64,192 |
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. 31, 2019USD ($) | |
Balance, beginning | $ 1,766 |
Inventory Write-down | 1,753 |
Write-offs | (963) |
Balance, ending | 2,556 |
Operating Segments [Member] | Wholesale Segment [Member] | |
Balance, beginning | 1,500 |
Inventory Write-down | 1,481 |
Write-offs | (741) |
Balance, ending | 2,240 |
Operating Segments [Member] | Retail Segment [Member] | |
Balance, beginning | 266 |
Inventory Write-down | 272 |
Write-offs | (222) |
Balance, ending | $ 316 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Intangibles subject to amortization, Gross Carrying Amount | $ 4,384 | $ 4,384 |
Intangibles subject to amortization, Accumulated Amortization | (1,569) | (1,285) |
Intangibles subject to amortization, Intangible Assets, Net | 2,815 | 3,099 |
Trade names | 9,338 | 9,338 |
Goodwill | 16,043 | 16,043 |
Total goodwill and other intangible assets | 29,765 | 29,765 |
Total goodwill and other intangible assets | 28,196 | 28,480 |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 3,550 | 3,550 |
Intangibles subject to amortization, Accumulated Amortization | (1,023) | (829) |
Intangibles subject to amortization, Intangible Assets, Net | 2,527 | 2,721 |
Technology-Based Intangible Assets [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 834 | 834 |
Intangibles subject to amortization, Accumulated Amortization | (546) | (456) |
Intangibles subject to amortization, Intangible Assets, Net | $ 288 | $ 378 |
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 | Aug. 31, 2019USD ($) |
Carrying amounts of goodwill | $ 16,043 |
Wholesale Segment [Member] | |
Carrying amounts of goodwill | 9,188 |
Retail Segment [Member] | |
Carrying amounts of goodwill | 1,926 |
Logistical Services [Member] | |
Carrying amounts of goodwill | $ 4,929 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Intangible asset amortization expense | $ 95 | $ 95 | $ 285 | $ 280 |
Note 7 - Goodwill and Other I_7
Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Remainder of fiscal 2019 | $ 95 | |
Fiscal 2020 | 379 | |
Fiscal 2021 | 379 | |
Fiscal 2022 | 279 | |
Fiscal 2023 | 259 | |
Fiscal 2024 | 259 | |
Thereafter | 1,165 | |
Total | $ 2,815 | $ 3,099 |
Note 8 - Notes Payable and Ba_2
Note 8 - Notes Payable and Bank Credit Facility (Details Textual) - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Bank One [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |
Letters of Credit Outstanding, Amount | 2,798 | |
Line of Credit Facility, Remaining Borrowing Capacity | 22,202 | |
Bank Two [Member] | ||
Letters of Credit Outstanding, Amount | $ 325 | |
Real Estate Notes Payable Operated in Retail Segment [Member] | ||
Long-term Debt, Total | $ 292 |
Note 9 - Post Employment Bene_3
Note 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
May 27, 2017 | Aug. 31, 2019 | Nov. 24, 2018 | |
Unfunded Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 1,782 | $ 1,837 | |
Deferred Compensation, Management Savings Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 786 | 611 | |
Management Savings Plan [member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 2,000 | ||
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants | $ 400 | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | 1,147 | 1,078 | |
Supplemental Employee Retirement Plan [Member] | |||
Liability, Other Postretirement Defined Benefit Plan | $ 10,065 | $ 10,574 |
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. 31, 2019 | Nov. 24, 2018 |
Combined pension liability | $ 11,212 | $ 11,652 |
Accrued Compensation and Benefits [Member] | ||
Combined pension liability | 798 | 798 |
Post Employment Benefit Obligations [Member] | ||
Combined pension liability | $ 10,414 | $ 10,854 |
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. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Service cost | $ 47 | $ 49 | $ 141 | $ 147 |
Interest cost | 110 | 105 | 331 | 315 |
Amortization of prior service costs | 31 | 31 | 94 | 93 |
Amortization of transition obligation | 0 | 11 | 0 | 33 |
Amortization of loss | 46 | 65 | 138 | 195 |
Net periodic pension cost | $ 234 | $ 261 | $ 704 | $ 783 |
Note 9 - Post Employment Bene_6
Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands | Aug. 31, 2019 | Nov. 24, 2018 |
Liability for all deferred compensation arrangements | $ 2,568 | $ 2,319 |
Accrued Compensation and Benefits [Member] | ||
Liability for all deferred compensation arrangements | 266 | 266 |
Post Employment Benefit Obligations [Member] | ||
Liability for all deferred compensation arrangements | $ 2,302 | $ 2,053 |
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. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Deferred compensation expense | $ 84 | $ 161 | $ 267 | $ 320 |
Note 10 - Other Operating Gai_2
Note 10 - Other Operating Gains and Losses (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 25, 2018 | |
Early Retirement Program, Benefits Payment Period | 1 year | ||||
Early Retirement Program Expense | $ 0 | $ 0 | $ 835 | $ 0 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | 119 | $ 2,488 | |||
Land and Building occupied by Spring, Texas Retail Store [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 2,463 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 165 | ||||
Other Current Liabilities [Member] | |||||
Liability, Other Retirement Benefits | $ 564 | $ 564 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2019 | Nov. 24, 2018 | |
Operating Lease, Lease and Rental Expense, Unamortized Balance | $ 8,016 | $ 6,716 |
Operating Lease, Lease and Rental Expense, Unamortized Balance, Noncurrent | 6,793 | 5,715 |
Lease Obligations of Licensee Operators [Member] | ||
Loss Contingency, Estimate of Possible Loss | 1,818 | 2,021 |
Other Current Assets [Member] | ||
Prepaid Rent | $ 3,079 | $ 245 |
Minimum [Member] | ||
Lease Guarantees Term | 1 year | |
Minimum [Member] | Retail Stores [Member] | ||
Lessee, Operating Lease, Term of Contract | 1 year | |
Lessee, Operating Lease, Renewal Term | 5 years | |
Minimum [Member] | Transportation Equipment [Member] | ||
Lessee, Operating Lease, Term of Contract | 2 years | |
Maximum [Member] | ||
Lease Guarantees Term | 10 years | |
Maximum [Member] | Retail Stores [Member] | ||
Lessee, Operating Lease, Term of Contract | 15 years | |
Lessee, Operating Lease, Renewal Term | 15 years | |
Maximum [Member] | Transportation Equipment [Member] | ||
Lessee, Operating Lease, Term of Contract | 7 years |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details) $ in Thousands | Aug. 31, 2019USD ($) |
Remainder of fiscal 2019 | $ 9,392 |
Fiscal 2020 | 36,302 |
Fiscal 2021 | 31,230 |
Fiscal 2022 | 26,875 |
Fiscal 2023 | 21,781 |
Fiscal 2024 | 15,738 |
Thereafter | 42,024 |
Total future minimum lease payments | 183,342 |
Retail Stores [Member] | |
Remainder of fiscal 2019 | 6,243 |
Fiscal 2020 | 24,305 |
Fiscal 2021 | 21,734 |
Fiscal 2022 | 19,242 |
Fiscal 2023 | 17,419 |
Fiscal 2024 | 13,445 |
Thereafter | 41,008 |
Total future minimum lease payments | 143,396 |
Distribution Centers [Member] | |
Remainder of fiscal 2019 | 1,413 |
Fiscal 2020 | 5,378 |
Fiscal 2021 | 4,748 |
Fiscal 2022 | 4,551 |
Fiscal 2023 | 3,100 |
Fiscal 2024 | 1,299 |
Thereafter | 676 |
Total future minimum lease payments | 21,165 |
Transportation Equipment Leases [Member] | |
Remainder of fiscal 2019 | 1,271 |
Fiscal 2020 | 4,878 |
Fiscal 2021 | 3,700 |
Fiscal 2022 | 2,557 |
Fiscal 2023 | 1,251 |
Fiscal 2024 | 989 |
Thereafter | 340 |
Total future minimum lease payments | 14,986 |
All Other Lease Payment [Member] | |
Remainder of fiscal 2019 | 465 |
Fiscal 2020 | 1,741 |
Fiscal 2021 | 1,048 |
Fiscal 2022 | 525 |
Fiscal 2023 | 11 |
Fiscal 2024 | 5 |
Thereafter | 0 |
Total future minimum lease payments | $ 3,795 |
Note 12 - Earnings Per Share -
Note 12 - Earnings 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, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Basic earnings (loss) per share, net income (loss) | $ 2,157 | $ 2,945 | $ 3,210 | $ 6,321 |
Basic earnings (loss) per share, weighted average shares (in shares) | 10,212,259 | 10,666,529 | 10,368,891 | 10,684,720 |
Basic earnings per share (in dollars per share) | $ 0.21 | $ 0.28 | $ 0.31 | $ 0.59 |
Options and restricted shares | $ 0 | $ 0 | $ 0 | $ 0 |
Options and restricted shares, weighted average shares (in shares) | 28,276 | 33,188 | 26,914 | 46,632 |
Options and restricted shares, net income per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted earnings (loss) per share, net income (loss) | $ 2,157 | $ 2,945 | $ 3,210 | $ 6,321 |
Diluted earnings (loss) per share, weighted average shares (in shares) | 10,240,535 | 10,699,717 | 10,395,805 | 10,731,352 |
Diluted earnings per share (in dollars per share) | $ 0.21 | $ 0.28 | $ 0.31 | $ 0.59 |
Note 12 - Earnings Per Share _2
Note 12 - Earnings Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Unvested Shares [Member] | ||||
Anti-dilutive securities (in shares) | 45,653 | 0 | 45,653 | 5,292 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019USD ($) | Aug. 25, 2018USD ($) | Aug. 31, 2019USD ($) | Aug. 25, 2018USD ($) | |
Number of Reportable Segments | 3 | |||
Zenith Freight Lines [Member] | ||||
Operating Expenses, Total | $ 18,289 | $ 19,979 | $ 59,298 | $ 62,011 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | Nov. 24, 2018 | |
Sales revenue | $ 109,419 | $ 112,956 | $ 338,450 | $ 340,208 | |
Inter-company eliminations: | |||||
Sales revenue | 109,419 | 112,956 | 338,450 | 340,208 | |
Income from Operations | |||||
Income (loss) from Operations | 3,400 | 4,324 | 5,050 | 12,037 | |
Early retirement program | 0 | 0 | (835) | 0 | |
Depreciation and Amortization | |||||
Depreciation and amortization | 3,357 | 3,232 | 10,092 | 9,920 | |
Capital Expenditures | |||||
Capital expenditures | 2,338 | 4,970 | 10,651 | 12,632 | |
Identifiable Assets | 275,416 | 275,416 | $ 291,641 | ||
Wholesale Segment [Member] | |||||
Sales revenue | 62,690 | 63,847 | 198,602 | 190,735 | |
Inter-company eliminations: | |||||
Sales revenue | 62,690 | 63,847 | 198,602 | 190,735 | |
Operating Segments [Member] | Wholesale Segment [Member] | |||||
Sales revenue | 62,690 | 63,847 | 198,602 | 190,735 | |
Inter-company eliminations: | |||||
Sales revenue | 62,690 | 63,847 | 198,602 | 190,735 | |
Income from Operations | |||||
Income (loss) from Operations | 3,044 | 3,298 | 10,399 | 9,401 | |
Depreciation and Amortization | |||||
Depreciation and amortization | 752 | 793 | 2,397 | 2,253 | |
Capital Expenditures | |||||
Identifiable Assets | 129,639 | 129,639 | 144,209 | ||
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||||
Capital Expenditures | |||||
Capital expenditures | 670 | 1,154 | 2,810 | 3,484 | |
Operating Segments [Member] | Company-owned Retail Stores [Member] | |||||
Sales revenue | 66,539 | 65,430 | 198,736 | 198,773 | |
Inter-company eliminations: | |||||
Sales revenue | 66,539 | 65,430 | 198,736 | 198,773 | |
Income from Operations | |||||
Income (loss) from Operations | (431) | 858 | (6,430) | 971 | |
Depreciation and Amortization | |||||
Depreciation and amortization | 1,612 | 1,333 | 4,661 | 4,602 | |
Capital Expenditures | |||||
Identifiable Assets | 105,124 | 105,124 | 96,241 | ||
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||||
Capital Expenditures | |||||
Capital expenditures | 1,482 | 3,519 | 6,872 | 8,002 | |
Operating Segments [Member] | Logistical Services [Member] | |||||
Sales revenue | 18,899 | 20,119 | 60,743 | 62,770 | |
Inter-company eliminations: | |||||
Sales revenue | 18,899 | 20,119 | 60,743 | 62,770 | |
Income from Operations | |||||
Income (loss) from Operations | 610 | 139 | 1,574 | 758 | |
Depreciation and Amortization | |||||
Depreciation and amortization | 993 | 1,106 | 3,034 | 3,065 | |
Capital Expenditures | |||||
Identifiable Assets | 40,653 | 40,653 | $ 51,191 | ||
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member] | |||||
Capital Expenditures | |||||
Capital expenditures | 186 | 297 | 969 | 1,146 | |
Intersegment Eliminations [Member] | |||||
Income from Operations | |||||
Income (loss) from Operations | 177 | 29 | 342 | 907 | |
Intersegment Eliminations [Member] | Logistical Services [Member] | |||||
Sales revenue | (7,849) | (6,970) | (23,842) | (21,167) | |
Inter-company eliminations: | |||||
Sales revenue | (7,849) | (6,970) | (23,842) | (21,167) | |
Intersegment Eliminations [Member] | Furniture and Accessories [Member] | |||||
Sales revenue | (30,860) | (29,470) | (95,789) | (90,903) | |
Inter-company eliminations: | |||||
Sales revenue | $ (30,860) | $ (29,470) | $ (95,789) | $ (90,903) |
Note 13 - Segment Information_3
Note 13 - Segment Information - Wholesale Shipments by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | ||
Sales revenue | $ 109,419 | $ 112,956 | $ 338,450 | $ 340,208 | |
Wholesale Segment [Member] | |||||
Sales revenue | $ 62,690 | $ 63,847 | $ 198,602 | $ 190,735 | |
Sales, revenue, percent | 100.00% | 100.00% | 100.00% | 100.00% | |
Wholesale Segment [Member] | Upholstery [Member] | |||||
Sales revenue | $ 36,809 | $ 35,186 | $ 115,200 | $ 105,259 | |
Sales, revenue, percent | 58.70% | 55.10% | 58.00% | 55.20% | |
Wholesale Segment [Member] | Bassett Leather [Member] | |||||
Sales revenue | $ 4,480 | $ 4,748 | $ 14,714 | $ 16,356 | |
Sales, revenue, percent | 7.10% | 7.40% | 7.40% | 8.60% | |
Wholesale Segment [Member] | Bassett Custom Wood [Member] | |||||
Sales revenue | $ 11,757 | $ 11,273 | $ 33,958 | $ 33,443 | |
Sales, revenue, percent | 18.80% | 17.70% | 17.10% | 17.50% | |
Wholesale Segment [Member] | Bassett Casegoods [Member] | |||||
Sales revenue | $ 9,644 | $ 11,710 | $ 32,263 | $ 32,455 | |
Sales, revenue, percent | 15.40% | 18.30% | 16.20% | 17.00% | |
Wholesale Segment [Member] | Accessories [Member] | |||||
Sales revenue | [1] | $ 0 | $ 930 | $ 2,467 | $ 3,222 |
Sales, revenue, percent | [1] | 0.00% | 1.50% | 1.20% | 1.70% |
[1] | Beginning with the third quarter of fiscal 2019, our wholesale segment no longer purchases accessory items for resale to our retail segment or to third party customers such as licensees or independent furniture retailers. Our retail segment and third party customers now source their accessory items directly from the accessory vendors. |
Note 14 - Revenue Recognition (
Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Aug. 31, 2019 | Nov. 25, 2018 | Nov. 24, 2018 | |
Contract with Customer, Liability, Total | $ 22,484 | $ 27,157 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 466 | $ 512 | |
Sales Commissions [Member] | Other Current Assets [Member] | |||
Capitalized Contract Cost, Net, Total | $ 2,184 | $ 2,739 | |
Logistical Services [Member] | |||
Invoice Payment Term | 30 days | ||
Minimum [Member] | |||
Payment Terms For Wholesale Customers | 30 days | ||
Maximum [Member] | |||
Payment Terms For Wholesale Customers | 60 days | ||
Contract with Customer, Timing of Payment | 1 year | ||
Revenue, Performance Obligation,Timing | 1 year |
Note 15 - Changes to Stockhol_3
Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 25, 2018 | Aug. 31, 2019 | Aug. 25, 2018 | |
Balance | $ 190,309 | |||
Net income for the period | $ 2,157 | $ 2,945 | 3,210 | $ 6,321 |
Balance | 183,946 | 183,946 | ||
Common Stock [Member] | ||||
Balance | 52,262 | 53,736 | 52,638 | 53,690 |
Issuance of common stock | 58 | 19 | 339 | 273 |
Purchase and retirement of common stock | $ (1,742) | $ (429) | $ (2,399) | $ (637) |
Balance, shares (in shares) | 10,452,345 | 10,747,122 | 10,527,636 | 10,737,950 |
Issuance of common stock, shares (in shares) | 11,734 | 3,838 | 67,935 | 54,644 |
Purchase and retirement of common stock, shares (in shares) | (348,383) | (85,683) | (479,875) | (127,317) |
Balance, shares (in shares) | 10,115,696 | 10,665,277 | 10,115,696 | 10,665,277 |
Balance | $ 50,578 | $ 53,326 | $ 50,578 | $ 53,326 |
Paid in Capital [Member] | ||||
Balance | 0 | 382 | 0 | 962 |
Issuance of common stock | 28 | 71 | (69) | 18 |
Purchase and retirement of common stock | (270) | (713) | (649) | (1,849) |
Stock based compensation | 242 | 260 | 718 | 869 |
Balance | 0 | 0 | 0 | 0 |
Retained Earnings [Member] | ||||
Balance | 137,127 | 140,934 | 140,009 | 139,378 |
Purchase and retirement of common stock | (2,487) | (1,036) | (3,798) | (1,036) |
Cumulative effect of a change in accounting principal | 0 | 0 | (21) | 0 |
Reclassification of certain tax effects from accumulated other comprehensive loss | 0 | 0 | 0 | 545 |
Net income for the period | 2,157 | 2,945 | 3,210 | 6,321 |
Cash dividends | (1,264) | (1,338) | (3,867) | (3,703) |
Balance | 135,533 | 141,505 | 135,533 | 141,505 |
AOCI Attributable to Parent [Member] | ||||
Balance | (2,223) | (2,956) | (2,338) | (2,570) |
Reclassification of certain tax effects from accumulated other comprehensive loss | 0 | 0 | 0 | (545) |
Amortization of pension costs, net of tax | 58 | 80 | 173 | 239 |
Balance | $ (2,165) | $ (2,876) | $ (2,165) | $ (2,876) |