Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 25, 2023 | Jan. 19, 2024 | May 27, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 25, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-00209 | ||
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES, INCORPORATED | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-0135270 | ||
Entity Address, Address Line One | 3525 FAIRYSTONE PARK HIGHWAY | ||
Entity Address, City or Town | BASSETT | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24055 | ||
City Area Code | 276 | ||
Local Phone Number | 629-6000 | ||
Title of 12(b) Security | Common Stock ($5.00 par value) | ||
Trading Symbol | BSET | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 111,906,463 | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,811,226 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Richmond, Virginia | ||
Auditor Firm ID | 42 | ||
Entity Central Index Key | 0000010329 | ||
Current Fiscal Year End Date | --11-25 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Current assets | ||
Cash and cash equivalents | $ 52,407 | $ 61,625 |
Short-term investments | 17,775 | 17,715 |
Accounts receivable, net of allowance for credit losses of $535 and $1,261 as of November 25, 2023 and November 26, 2022, respectively | 13,736 | 17,838 |
Inventories | 62,982 | 85,477 |
Recoverable income taxes | 2,574 | 2,353 |
Other current assets | 8,480 | 11,487 |
Total current assets | 157,954 | 196,495 |
Property and equipment, net | 83,981 | 77,001 |
Other long-term assets | ||
Deferred income taxes, net | 4,645 | 5,528 |
Goodwill and other intangible assets | 16,067 | 21,727 |
Right of use assets under operating leases | 100,888 | 99,472 |
Other | 6,889 | 6,050 |
Total other long-term assets | 128,489 | 132,777 |
Total assets | 370,424 | 406,273 |
Current liabilities | ||
Accounts payable | 16,338 | 20,359 |
Accrued compensation and benefits | 8,934 | 12,921 |
Customer deposits | 22,788 | 35,963 |
Current portion of operating lease obligations | 18,827 | 18,819 |
Other accrued liabilities | 11,003 | 12,765 |
Total current liabilities | 77,890 | 100,827 |
Long-term liabilities | ||
Post employment benefit obligations | 10,207 | 9,954 |
Long-term portion of operating lease obligations | 97,357 | 97,477 |
Other long-term liabilities | 1,529 | 2,406 |
Total long-term liabilities | 109,093 | 109,837 |
Commitments and Contingencies | ||
Stockholders’ equity | ||
Common stock, $5 par value; 50,000,000 shares authorized; issued and outstanding 8,768,221 at November 25, 2023 and 8,951,839 at November 26, 2022 | 43,842 | 44,759 |
Retained earnings | 139,354 | 150,800 |
Additional paid-in-capital | 93 | 0 |
Accumulated other comprehensive income (loss) | 152 | 50 |
Total stockholders' equity | 183,441 | 195,609 |
Total liabilities and stockholders’ equity | $ 370,424 | $ 406,273 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 535 | $ 1,261 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 5 | $ 5 |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued (in shares) | 8,768,221 | 8,951,839 |
Common Stock, Shares, Outstanding (in shares) | 8,768,221 | 8,951,839 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Net sales of furniture and accessories | $ 390,136 | $ 485,601 | $ 430,886 |
Cost of furniture and accessories sold | 183,648 | 237,262 | 209,799 |
Gross profit | 206,488 | 248,339 | 221,087 |
Selling, general and administrative expenses | 205,227 | 218,069 | 196,830 |
Goodwill impairment charge | 5,409 | 0 | 0 |
Gain on revaluation of contingent consideration | 1,013 | 0 | 0 |
Gain on sale of real estate | 0 | 4,595 | 0 |
Income (loss) from continuing operations | (3,135) | 34,865 | 24,257 |
Interest income | 2,528 | 302 | 48 |
Interest expense | 22 | 38 | 33 |
Other loss, net | (1,859) | (1,067) | (1,515) |
Income (loss) from continuing operations before income taxes | (2,488) | 34,062 | 22,757 |
Income tax expense | 683 | 8,702 | 5,836 |
Income (loss) from continuing operations | (3,171) | 25,360 | 16,921 |
Discontinued operations: | |||
Income from operations of logistical services | 0 | 1,712 | 1,483 |
Gain on disposal | 0 | 52,534 | 0 |
Income tax expense | 0 | 14,261 | 362 |
Income from discontinued operations | 0 | 39,985 | 1,121 |
Net income (loss) | $ (3,171) | $ 65,345 | $ 18,042 |
Basic earnings (loss) per share: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.36) | $ 2.7 | $ 1.72 |
Income from discontinued operations (in dollars per share) | 0 | 4.26 | 0.11 |
Basic earnings (loss) per share (in dollars per share) | (0.36) | 6.96 | 1.83 |
Diluted earnings (loss) per share: | |||
Income (loss) from continuing operations (in dollars per share) | (0.36) | 2.7 | 1.72 |
Income from discontinued operations (in dollars per share) | 0 | 4.26 | 0.11 |
Diluted earnings (loss) per share (in dollars per share) | (0.36) | 6.96 | 1.83 |
Dividends per share | |||
Regular dividends (in dollars per share) | 0.68 | 0.6 | 0.53 |
Special dividend (in dollars per share) | $ 0 | $ 1.5 | $ 0.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Net income (loss) | $ (3,171) | $ 65,345 | $ 18,042 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (378) | (274) | 0 |
Income taxes related to foreign currency translation adjustments | 96 | 70 | 0 |
Actuarial adjustment to Long Term Cash Awards (LTCA) | (100) | (303) | (26) |
Other comprehensive income (loss), net of tax | 102 | 1,873 | (428) |
Total comprehensive income (loss) | (3,069) | 67,218 | 17,614 |
Pension Plan [Member] | |||
Other comprehensive income (loss): | |||
Amortization associated with LTCA | 119 | 132 | 144 |
Income taxes related to LTCA | (59) | (107) | (44) |
Amortization associated with SERP | 119 | 132 | 144 |
Supplemental Employee Retirement Plan [Member] | |||
Other comprehensive income (loss): | |||
Amortization associated with LTCA | 0 | 124 | 44 |
Actuarial adjustment to supplemental executive retirement defined benefit plan (SERP) | (324) | (2,200) | 788 |
Amortization associated with SERP | 0 | 124 | 44 |
Income taxes related to SERP | $ (100) | $ (575) | $ 190 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Operating activities: | |||
Net income (loss) | $ (3,171) | $ 65,345 | $ 18,042 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 10,141 | 11,309 | 14,597 |
Gain on disposal of discontinued operations | 0 | (52,534) | 0 |
Non-cash goodwill impairment charge | 5,409 | 0 | 0 |
Gain on revaluation of contingent consideration | (1,013) | 0 | 0 |
Net loss (gain) on disposals of property and equipment | 5 | (4,595) | (367) |
Inventory valuation charges | 4,626 | 3,648 | 2,969 |
Deferred income taxes | 831 | (2,339) | 1,545 |
Other, net | 2,031 | (302) | 728 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 4,102 | 3,169 | (5,828) |
Inventories | 17,869 | (9,536) | (26,087) |
Other current and long-term assets | 1,773 | 5,944 | (2,241) |
Right of use assets under operating leases | 18,680 | 20,531 | 26,243 |
Customer deposits | (13,175) | (16,588) | 11,730 |
Accounts payable and accrued liabilities | (9,188) | (4,073) | 2,153 |
Obligations under operating leases | (20,196) | (22,949) | (28,921) |
Net cash provided by (used in) operating activities | 18,724 | (2,970) | 14,563 |
Investing activities: | |||
Purchases of property and equipment | (17,489) | (21,296) | (10,750) |
Proceeds from sales of property and equipment | 500 | 8,226 | 382 |
Cash paid for business acquisitions, net of cash acquired | 0 | (5,582) | 0 |
Proceeds from the disposition of discontinued operations | 1,000 | 84,534 | 0 |
Other | (1,774) | (40) | (1,203) |
Net cash provided by (used in) investing activities | (17,763) | 65,842 | (11,571) |
Financing activities: | |||
Cash dividends | (5,982) | (20,162) | (7,689) |
Proceeds from exercise of stock options | 0 | 0 | 42 |
Issuance of common stock | 318 | 424 | 363 |
Repurchases of common stock | (4,176) | (15,122) | (5,566) |
Taxes paid related to net share settlement of equity awards | (109) | (19) | (219) |
Repayment of finance lease obligations | (278) | (684) | (1,348) |
Net cash used in financing activities | (10,227) | (35,563) | (14,417) |
Effect of exchenge rate changes on cash and cash equivalents | 48 | (58) | 0 |
Change in cash and cash equivalents | (9,218) | 27,251 | (11,425) |
Cash and cash equivalents - beginning of year | 61,625 | 34,374 | 45,799 |
Cash and cash equivalents - end of year | $ 52,407 | $ 61,625 | $ 34,374 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Balance (in shares) at Nov. 28, 2020 | 9,942,787 | ||||||||
Balance at Nov. 28, 2020 | $ 49,714 | $ 0 | $ 109,710 | $ (1,394) | $ 158,030 | ||||
Net income (loss) | 0 | 0 | 18,042 | 0 | 18,042 | ||||
Amortization of defined benefit plan costs, net of tax | 0 | 0 | 0 | 138 | 138 | ||||
Actuarial adjustments to defined benefit plans, net of tax | 0 | 0 | 0 | (567) | (567) | ||||
Regular dividends | 0 | 0 | (5,210) | 0 | (5,210) | ||||
Special dividend | $ 0 | 0 | (2,479) | 0 | (2,479) | ||||
Issuance of common stock (in shares) | 34,902 | ||||||||
Issuance of common stock | $ 175 | 230 | 0 | 0 | 405 | ||||
Purchase and retirement of common stock (in shares) | (215,564) | ||||||||
Purchase and retirement of common stock | $ (1,078) | (275) | (4,432) | 0 | (5,785) | ||||
Stock-based compensation | $ 0 | 158 | 0 | 0 | 158 | ||||
Balance (in shares) at Nov. 27, 2021 | 9,762,125 | ||||||||
Balance at Nov. 27, 2021 | $ 0 | $ 48,811 | $ 0 | 113 | 115,631 | $ 0 | (1,823) | $ 0 | 162,732 |
Net income (loss) | 0 | 0 | 65,345 | 0 | 65,345 | ||||
Amortization of defined benefit plan costs, net of tax | 0 | 0 | 0 | 192 | 192 | ||||
Actuarial adjustments to defined benefit plans, net of tax | 0 | 0 | 0 | 1,885 | 1,885 | ||||
Regular dividends | 0 | 0 | (5,668) | 0 | (5,668) | ||||
Special dividend | $ 0 | 0 | (14,494) | 0 | (14,494) | ||||
Issuance of common stock (in shares) | 59,024 | ||||||||
Issuance of common stock | $ 295 | 129 | 0 | 0 | 424 | ||||
Purchase and retirement of common stock (in shares) | (869,310) | ||||||||
Purchase and retirement of common stock | $ (4,347) | (780) | (10,014) | 0 | (15,141) | ||||
Stock-based compensation | 0 | 538 | 0 | 0 | 538 | ||||
Foreign currency translation adjustments, net of tax | $ 0 | 0 | 0 | (204) | (204) | ||||
Balance (in shares) at Nov. 26, 2022 | 8,951,839 | ||||||||
Balance at Nov. 26, 2022 | $ 44,759 | 0 | 150,800 | 50 | 195,609 | ||||
Net income (loss) | 0 | 0 | (3,171) | 0 | (3,171) | ||||
Amortization of defined benefit plan costs, net of tax | 0 | 0 | 0 | 68 | 68 | ||||
Actuarial adjustments to defined benefit plans, net of tax | 0 | 0 | 0 | 316 | 316 | ||||
Regular dividends | $ 0 | 0 | (5,982) | 0 | (5,982) | ||||
Issuance of common stock (in shares) | 74,421 | ||||||||
Issuance of common stock | $ 373 | 0 | 0 | 318 | |||||
Purchase and retirement of common stock (in shares) | (258,039) | ||||||||
Purchase and retirement of common stock | $ (1,290) | (701) | (2,293) | 0 | (4,284) | ||||
Stock-based compensation | 0 | 849 | 0 | 0 | 849 | ||||
Foreign currency translation adjustments, net of tax | $ 0 | 0 | 0 | (282) | (282) | ||||
Adjustments to Additional Paid in Capital, Stock Issuance | (55) | ||||||||
Balance (in shares) at Nov. 25, 2023 | 8,768,221 | ||||||||
Balance at Nov. 25, 2023 | $ 43,842 | $ 93 | $ 139,354 | $ 152 | $ 183,441 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Nov. 26, 2022 | Nov. 27, 2021 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.6 | $ 0.53 |
Special Dividend, Per Share, Declared (in dollars per share) | $ 1.5 | $ 0.25 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Description of Business Bassett Furniture Industries, Incorporated (together with its consolidated subsidiaries, “Bassett”, “we”, “our”, the “Company”) based in Bassett, Virginia, is a leading manufacturer, marketer and retailer of branded home furnishings. Bassett’s full range of furniture products and accessories, designed to provide quality, style and value, are sold through an exclusive nation-wide network of 87 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 87 stores, the Company owns and operates 56 stores (“Company-owned retail stores”) with the other 31 being independently owned (“licensee operated”). We also distribute our products through other multi-line furniture stores, many of which feature Bassett galleries or design centers. Products can also be purchased by the end consumer directly from our website. We sourced approximately 23% of our wholesale products from various foreign countries, with the remaining volume produced at our five |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2023, 2022 and 2021 are to Bassett's fiscal year ended November 25, 2023, November 26, 2022 and November 27, 2021, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 15 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change. During the second and third quarters of fiscal 2022, we were the primary beneficiary of one VIE by virtue of our control over the activities that most significantly impacted the entity’s economic performance. This VIE was created to affect a Section 1031 like-kind exchange involving the purchase of real property in the state of Florida and the sale of real property in the state of Texas (see Note 14). Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary. On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) to J.B. Hunt Transport Services, Inc. (“J.B. Hunt”). The sale was completed on February 28, 2022. Accordingly, the operations of our logistical services segment as well as the gain realized upon disposal are presented in the accompanying condensed consolidated statements of income as discontinued operations. See Note 18 for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith are included in selling, general and administrative expenses. On September 2, 2022, we acquired 100% of the capital stock of Noa Home Inc. (“Noa Home”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. Since acquisition, Noa Home has been consolidated as a wholly-owned subsidiary. See Note 3 for additional information. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, the valuation of our reporting units for the purpose of testing the carrying value of goodwill, and the valuation of our right of use assets. We also utilize estimates in determining the valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. Revenue Recognition ASC Topic 606, Revenue from Contracts with Customers, requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects 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. 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 provide for any royalty or license fee to be paid to us. 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 $22,788 and $35,963 as of November 25, 2023 and November 26, 2022, respectively. Substantially all of the customer deposits held at November 26, 2022 related to performance obligations were satisfied during fiscal 2023 and have therefore been recognized in revenue for the year ended November 25, 2023. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The estimate for returns and allowances was $4,883 and $6,559 at November 25, 2023 and November 26, 2022, respectively, and is included with other accrued liabilities in the accompanying balance sheets. We also sell furniture protection plans to our retail customers on behalf of a third party which is responsible for the performance obligations under the plans. Revenue from the sale of these plans is recognized upon delivery of the goods net of amounts payable to the third-party service provider. 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 November 25, 2023 and November 26, 2022, our balance of prepaid commissions included in other current assets was $2,245 and $3,768, respectively. For our accounting and reporting under ASC 606, we apply the following policy elections and practical expedients: • We exclude from revenue amounts collected from customers for sales tax. • We do not adjust the promised amount of consideration for the effects of a significant financing component since the period of time between transfer of our goods or services and the collection of consideration from the customer is less than one year. • We do not disclose the value of unsatisfied performance obligations because the transfer of goods or services is made within one year of the placement of customer orders. See Note 20 for disaggregated revenue information. Cash Equivalents and Short-Term Investments The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments consist of certificates of deposit that have original maturities of twelve months or less but greater than three months. Accounts Receivable Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. The allowance for credit losses is based on a review of specifically identified accounts in addition to an overall aging analysis which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectibility of accounts receivable within each pool based on historical experience, current payment practices and current economic trends based on our expectations over the expected life of the receivables, which is generally ninety days or less. Actual credit losses could differ from those estimates. Concentrations of Credit Risk and Major Customers Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 25, 2023 and November 26, 2022, our aggregate exposure from receivables and guarantees related to customers consisted of the following: 2023 2022 Accounts receivable, net of allowances (Note 5) $ 13,736 $ 17,838 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) 1,819 1,828 Other 81 43 Total credit risk exposure related to customers $ 15,636 $ 19,709 At November 25, 2023 and November 26, 2022, approximately 35% and 31%, respectively, of the aggregate risk exposure, net of reserves, shown above was attributable to five customers. In fiscal 2023, 2022 and 2021, no customer accounted for more than 10% of total consolidated net sales. We have no foreign manufacturing operations. We define export sales from our wholesale segment as sales to any country or territory other than the United States or its territories or possessions. Our wholesale export sales were approximately $406, $731, and $488 in fiscal 2023, 2022, and 2021, respectively. All of our export sales are invoiced and settled in U.S. dollars. Inventories Inventories (retail merchandise, finished goods, work in process and raw materials) accounted for under the first-in, first out (“FIFO”) method are stated at the lower of cost or net realizable value or, in the case of inventory accounted for under the last-in, first out (“LIFO”) method, at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the LIFO method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories as well as Lane Venture, Bassett Outdoor and Noa Home product inventories are determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 51% and 46% of total inventory before reserves at November 25, 2023 and November 26, 2022, respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. Property and Equipment Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. Goodwill Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Noa Home. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. In accordance with ASC Topic 350, Intangibles Goodwill & Other, The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure Leases Effective as of the beginning of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. The guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use (“ROU”) asset and a lease liability. 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 warehouse space used in our retail segment. We also lease local delivery trucks used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one five Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. In the case an interest rate is implicit in a lease we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability. We adopted the standard utilizing the transition election to not restate comparative periods for the impact of adopting the standard and recognizing the cumulative impact of adoption in the opening balance of retained earnings. We elected the package of transition expedients available for expired or existing contracts, which allowed the carry-forward of historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, we have elected the practical expedient to not separate lease and non-lease components when determining the ROU asset and lease liability and have elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. We have also elected the hindsight practical expedient to determine the lease term for existing leases. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term. We have made an accounting policy election to not recognize ROU assets and lease liabilities on the balance sheet for those leases with initial terms of one year or less and instead such lease obligations will be expensed on a straight-line basis over the lease term. See Note 15 for additional information regarding our leases. Other Intangible Assets Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded. Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset may be required at such time. Impairment of Long Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future. When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. ROU assets under operating leases are written down to their estimated fair value. Our estimates of the fair value of the impaired ROU 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 (see Note 4). Income Taxes We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward or carryback periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 13 for additional information regarding our income taxes. Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $26,125, $33,029, and $27,122 for fiscal 2023, 2022 and 2021, respectively. The amounts for fiscal 2022 and 2021 have been revised for comparability with the fiscal 2023 presentation of wholesale shipping and handling costs, which reflects a broader scope of such items. Costs incurred to deliver retail merchandise to customers, including the cost of operating regional distribution warehouses, are also recorded in selling, general and administrative expense and totaled $23,399, $23,812, and $22,494 for fiscal 2023, 2022 and 2021, respectively. Advertising Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $19,106, $16,698, and $15,228 in fiscal 2023, 2022, and 2021, respectively. Insurance Reserves We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. Supplemental Cash Flow Information Refer to the supplemental lease disclosures in Note 15 for cash flow impacts of leasing transactions during fiscal 2023, 2022 and 2021. Otherwise, there were no material non-cash investing or financing activities during fiscal 2023, 2022 or 2021. Recent Accounting Pronouncements Recent Pronouncements Not Yet Adopted In October 2021, the FASB issued Accounting Standards Update No. 2021-08– Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and to payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in ASU 2021-08 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted, including adoption in any interim period. We do not expect that this guidance will have a material impact upon our financial position and results of operations. In March 2022, the FASB issued Accounting Standards Update No. 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, to address certain concerns identified in the Post-Implementation Review process for ASU Topic 326. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings by creditors in ASC Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the amendments in ASU 2022-02 require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost. The amendments in ASU 2022-02 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted. We expect that the adoption of this standard will primarily impact our disclosures but do not expect that this guidance will have a material impact upon our financial position and results of operations. In June 2022, the FASB issued Accounting Standards Update No. 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2025 fiscal year. Early adoption is permitted. As of November 25, 2023 we do not hold any investments in equity securities, therefore we do not currently expect that this guidance will have a material impact upon our financial position and results of operations. 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. |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations On September 2, 2022, we acquired 100% of the capital stock of Noa Home, a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. The initial purchase price (denominated in Canadian dollars) of approximately C$7,700 included cash payments of C$2,000 paid to the co-founders of Noa Home and approximately C$5,700 for the repayment of existing debt owed by Noa Home. Per the terms of the agreement at the acquisition date, the Noa Home co-founders also had the opportunity to receive additional cash payments totaling approximately C$1,330 per year for the three fiscal years following the year of acquisition based on established increases in net revenues and achieving certain internal EBITDA goals. Under the acquisition method of accounting, the fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill. The allocation of the purchase price (translated into U.S. dollars as of the acquisition date) is as follows: Fair value of consideration transferred in exchange for 100% of Noa Home: Cash $ 5,878 Fair value of contingent consideration payable 1,375 Total fair value of consideration paid or payable $ 7,253 Allocation of the fair value of consideration transferred: Identifiable assets acquired: Cash $ 296 Inventory 1,585 Other current assets 317 Property & equipment 155 Intangible asset - trade name 1,929 Total identifiable assets acquired 4,282 Liabilities assumed: Accounts payable (1,227 ) Customer deposits (1,059 ) Other current liabilities and accrued expenses (458 ) Total liabilities assumed (2,744 ) Net identifiable assets acquired 1,538 Goodwill 5,715 Total net assets acquired $ 7,253 Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for US tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill were the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Noa Home’s position in the international e-commerce market for home furnishings and accessories. As part of our annual test for impairment of goodwill as of the beginning of the fourth quarter of fiscal 2023, all of the goodwill recognized at acquisition was fully impaired. See Note 8 for additional information regarding the impairment. A portion of the fair value of the consideration transferred in the amount of $1,929 has been assigned to the identifiable intangible asset associated with the Noa Home trade name. This intangible asset is considered to have an indefinite life. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists. The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures Subsequent to the acquisition date, the parties concluded that the targets originally set forth by which the Noa Home co-founders were to earn the contingent consideration would likely not be met within the initially anticipated time frame. Therefore, we have agreed to replace the contingent consideration with two fixed payments of C$200 each, the first of which was paid in June of 2023 with the second to be paid in December of 2024. As a result of the write-down of the contingent consideration payable that was recognized at the acquisition date, we recorded a gain of $1,013 during fiscal 2023. Acquisition costs related to the Noa Home acquisition totaled $87 during the year ended November 26, 2022, and are included in selling, general and administrative expenses in the consolidated statements of income. The acquisition costs are primarily related to legal services. The revenues and results of operations of Noa Home since September 2, 2022 were not material. The pro forma impact of the acquisition has not been presented because it was not material to our consolidated results of operations for the three fiscal years ended November 26, 2022. |
Note 4 - Financial Instruments,
Note 4 - Financial Instruments, Investments and Fair Value Measurements | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Financial Instruments, Investments and Fair Value Measurements Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, accounts payable and long-term debt. 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 $17,775 and $17,715 at November 25, 2023 and November 26, 2022 consisted of certificates of deposit (CDs) with original terms of six twelve Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures Level 1 Inputs Level 2 Inputs Level 3 Inputs 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. Our primary non-recurring fair value estimates typically involve the following: business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 inputs to determine the fair value of contingent consideration and net assets acquired, including identified intangible assets; goodwill impairment testing (Note 8), which involves Level 3 inputs; and asset impairments (Note 14) which utilize Level 3 inputs. |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Accounts Receivable Accounts receivable consists of the following: November 25, 2023 November 26, 2022 Gross accounts receivable $ 14,271 $ 19,099 Allowance for credit losses (535 ) (1,261 ) Net accounts receivable $ 13,736 $ 17,838 Activity in the allowance for credit losses was as follows: 2023 2022 Balance, beginning of the year $ 1,261 $ 567 Additions (recoveries) charged to expense 219 761 Reductions to allowance, net (945 ) (67 ) Balance, end of the year $ 535 $ 1,261 We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consist of the following: November 25, 2023 November 26, 2022 Wholesale finished goods $ 27,521 $ 46,607 Work in process 637 620 Raw materials and supplies 18,655 22,859 Retail merchandise 33,090 32,974 Total inventories on first-in, first-out method 79,903 103,060 LIFO adjustment (11,738 ) (12,416 ) Reserve for excess and obsolete inventory (5,183 ) (5,167 ) $ 62,982 $ 85,477 We source a significant amount of our wholesale product from other countries. During 2023, 2022 and 2021, purchases from our three largest vendors located in Vietnam and China were $13,498, $33,253 and $34,658 respectively. 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 style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses. Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 27, 2021 $ 3,683 $ 1,133 $ 4,816 Additions charged to expense 2,577 1,071 3,648 Write-offs (2,157 ) (1,140 ) (3,297 ) Balance at November 26, 2022 4,103 1,064 5,167 Additions charged to expense 3,876 750 4,626 Write-offs (3,834 ) (776 ) (4,610 ) Balance at November 25, 2023 $ 4,145 $ 1,038 $ 5,183 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and Equipment Property and equipment consist of the following: November 25, 2023 November 26, 2022 Land $ 10,866 $ 10,866 Buildings and leasehold improvements 125,290 116,418 Machinery and equipment 106,613 101,153 Property and equipment at cost 242,769 228,437 Less accumulated depreciation (158,788 ) (151,436 ) Property and equipment, net $ 83,981 $ 77,001 The net book value of our property and equipment by reportable segment is a follows: November 25, 2023 November 26, 2022 Wholesale $ 23,155 $ 23,205 Retail - Company-owned stores 44,799 40,361 Corporate and other 16,027 13,435 Total property and equipment, net $ 83,981 $ 77,001 Depreciation expense associated with the property and equipment shown above was included in income from operations in our consolidated statements of operations as follows: 2023 2022 2021 Cost of goods sold (wholesale segment) $ 2,124 $ 2,082 $ 1,797 Selling, general and adminstrative expenses: Wholesale segment 274 271 259 Retail segment 5,502 5,738 6,580 Corporate and Other 2,184 1,895 1,273 Total included in selling, general and adminstrative expenses 7,960 7,904 8,112 Total depreciation expense included in income from operations $ 10,084 $ 9,986 $ 9,909 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: 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 November 26, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 512 $ (280 ) $ 232 Intangibles not subject to amortization: Trade names 8,723 Goodwill 12,772 Total goodwill and other intangible assets $ 21,727 We performed the annual test for impairment of the carrying value of our goodwill as of the beginning of the fourth quarter of fiscal 2023. Based on the initial qualitative analysis performed under ASC Topic 350, we concluded that is was not more likely than not that the carrying value of our upholstery reporting unit within our wholesale segment exceeded its fair value. However, due to the actual and expected future underperformance of our Noa Home reporting unit relative to management's original expectations, we performed a strategic review of the operations as of the beginning of the fourth quarter and concluded that Noa should exit the Australian market and focus more on the North American market. Coupled with the financial underperformance and the planned exit of Australia, we performed a quantitative test of the carrying value of the goodwill recognized as part of the 2022 acquisition of Noa Home and concluded that it was necessary to fully impair the carrying value of the Noa Home goodwill, resulting in a non-cash impairment charge of $5,409 in fiscal 2023. The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples and comparable transactions occurring within the last two years, and an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure Changes in the carrying amounts of goodwill by reportable segment were as follows: Corporate Wholesale Retail and Other Total Balance as of November 27, 2021 $ 7,217 $ - $ - $ 7,217 Acquisition of Noa Home - - 5,715 5,715 Foreign currency translation adjustment - - (161 ) (161 ) Balance as of November 26, 2022 7,217 - 5,554 12,771 Foreign currency translation adjustment - - (145 ) (145 ) Full impairment of Noa Home goodwill - - (5,409 ) (5,409 ) Balance as of November 25, 2023 $ 7,217 $ - $ - $ 7,217 Accumulated impairment losses were $9,306, $3,897 and $3,897 at November 25, 2023, November 26, 2022 and November 27, 2021, respectively. The weighted average useful lives of our finite-lived intangible assets and remaining amortization periods as of November 25, 2023 are as follows: Useful Life in Years Remaining Amortization Period in Years Customer relationships 9 4 Our trade name intangible assets are associated with Noa Home and Lane Venture. Because it is our intention to maintain and grow those brands, they are considered to be indefinite-lived intangible assets. The amortization expense associated with finite-lived intangible assets during fiscal 2023, 2022 and 2021 was $57 each year and is included in selling, general and administrative expense in our consolidated statement of operations. All expense arising from the amortization of intangible assets is associated with our wholesale segment. Estimated future amortization expense for intangible assets that exist at November 25, 2023 is as follows: Fiscal 2024 $ 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 4 Fiscal 2028 - Total $ 175 |
Note 9 - Bank Credit Facility
Note 9 - Bank Credit Facility | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Bank Credit Facility Bank Credit Facility Our bank credit facility provides for a line of credit of up to $25,000. At November 25, 2023, we had $3,731 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,269. The line bears interest at the One-Month Term Secured Overnight Financing Rate (“One-Month Term SOFR”) plus 1.5% and is unsecured. Our bank charges a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the facility, we must maintain the following financial covenants, measured quarterly on a rolling twelve-month basis: ● Consolidated fixed charge coverage ratio of not less than 1.4 times, ● Consolidated lease-adjusted leverage ratio not to exceed 3.0 times, and ● Minimum tangible net worth of $140,000. Due to our results of operations in 2023, we were not in compliance with certain of these covenants at the end of the year. Consequently, our bank agreed to reduce the consolidated fixed charge coverage ratio to 1.0 times and increase the consolidated lease-adjusted leverage ratio to 3.75 times, as defined, for the year ended November 25, 2023 and the quarter ended March 2, 2024. We were in compliance with the amended covenants at November 25, 2023 and expect to be in compliance at March 2, 2024. The respective ratios revert back to the previous values for the quarter ended June 1, 2024. We are in negotiations with our bank and plan to have an amended, restated or new agreement with a similar line of credit in place by the end of the second quarter of 2024. Total interest paid during fiscal 2023, 2022 and 2021 was not material. |
Note 10 - Post-employment Benef
Note 10 - Post-employment Benefit Obligations | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 10. Post-Employment Benefit Obligations Management Savings Plan On May 1, 2017, our Board of Directors, upon the recommendation of the Organization, Compensation and Nominating Committee (the “Committee”), adopted the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Plan”). The Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. The Plan is an account-based plan under which (i) participants may defer voluntarily the payment of current compensation to future years (“participant deferrals”) and (ii) the Company may make annual awards to participants payable in future years (“Company contributions”). The Plan permits each participant to defer up to 75% of base salary and up to 100% of any incentive compensation or other bonus, which amounts would be credited to a deferral account established for the participant. Such deferrals will be fully vested at the time of the deferral. Participant deferrals will be indexed to one or more deemed investment alternatives chosen by the participant from a range of alternatives made available under the Plan. Each participant’s account will be adjusted to reflect gains and losses based on the performance of the selected investment alternatives. A participant may receive distributions from the Plan: (1) upon separation from service, in either a lump sum or annual installment payments over up to a 15 year period, as elected by the participant, (2) upon death or disability, in a lump sum, or (3) on a date or dates specified by the participant (“scheduled distributions”) with such scheduled payments made in either a lump sum or substantially equal annual installments over a period of up to five (16) On May 2, 2017, we made Long Term Cash Awards (“LTC Awards”) totaling $2,000 under the Plan to certain management employees in the amount of $400 each. The LTC Awards vest in full on the first anniversary of the date of the award if the participant has reached age 63 by that time, or, if later, on the date the participant reaches age 63, provided in either instance that the participant is still employed by the Company at that time. If not previously vested, the awards will also vest immediately upon the death or disability of the participant prior to the participant’s separation from service. The awards will be payable in 10 equal annual installments following the participant’s death, disability or separation from service. We are accounting for the LTC Awards as a defined benefit pension plan. During fiscal 2023, 2022 and 2021, we invested $1,019, $853 and $647 in life insurance policies covering all participants in the Plan. At November 25, 2023, these policies have a net death benefit of $15,020 for which the Company is the sole beneficiary. These policies are intended to provide a potential source of funds to meet the obligations arising from the deferred compensation and LTC Awards under the Plan and serve as an economic hedge of the financial impact of changes in the liabilities. They are held in an irrevocable trust but are subject to claims of creditors in the event of the Company’s insolvency. Supplemental Retirement Income Plan We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to 65% of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary 50% of final average annual compensation for a period of 120 months, or (b) post-retirement death, which pays the beneficiary 200% of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of $1,504 at November 25, 2023 and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control. Aggregated summarized information for the Supplemental Plan and the LTC Awards, measured as of the end of each year presented, is as follows: ` 2023 2022 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 7,262 $ 10,740 Service cost 27 36 Interest cost 370 231 Actuarial (gains) and losses (424 ) (2,503 ) Benefits paid (256 ) (1,242 ) Projected benefit obligation at end of year $ 6,979 $ 7,262 Accumulated Benefit Obligation $ 6,979 $ 7,262 Discount rate used to value the ending benefit obligations: 5.92 % 5.38 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 719 $ 698 Noncurrent liabilities 6,260 6,564 Total amounts recognized $ 6,979 $ 7,262 Amounts recognized in accumulated other comprehensive income: Prior service cost $ 103 $ 229 Actuarial (gain) loss (965 ) (543 ) Net amount recognized $ (862 ) $ (314 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ (27 ) $ (2,236 ) 2023 2022 2021 Components of Net Periodic Pension Cost: Service cost $ 27 $ 36 $ 121 Interest cost 370 231 196 Amortization of prior service cost 125 126 126 Amortization of other loss - 133 59 Net periodic pension cost $ 522 $ 526 $ 502 Assumptions used to determine net periodic pension cost: Discount rate 5.38 % 2.25 % 2.00 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % Estimated Future Benefit Payments (with mortality): Fiscal 2024 $ 759 Fiscal 2025 722 Fiscal 2026 765 Fiscal 2027 769 Fiscal 2028 733 Fiscal 2029 through 2033 3,078 Of the $862 net gain recognized in accumulated other comprehensive income at November 26, 2022, amounts expected to be recognized as components of net periodic pension cost during fiscal 2024 are as follows: Prior service cost $ 103 Other loss (64 ) Total expected to be amortized to net periodic pension cost in 2024 $ 39 The components of net periodic pension cost other than the service cost component are included in other loss, net in our consolidated statements of operations. Deferred Compensation Plan We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $204, $154, and $204 in fiscal 2023, 2022, and 2021, respectively, associated with the plan. Our liability under this plan was $1,655 and $1,616 as of November 25, 2023 and November 26, 2022, respectively. The non-current portion of this obligation is included in post-employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits. Defined Contribution Plan We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 25% of up to 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $998, $1,108 and $1,040 during fiscal 2023, 2022 and 2021, respectively. |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated Other Comprehensive Income (Loss) The activity in accumulated other comprehensive income (loss) for the fiscal years ended November 25, 2023 and November 26, 2022, which is comprised of post-retirement benefit costs related to our SERP and LTC Awards as well as cumulative translation adjustments arising from our investment in Noa Home, is as follows: Balance at November 27, 2021 $ (1,823 ) Actuarial gains 2,503 Net pension amortization reclassified from accumulated other comprehensive loss 256 Foreign currency translation adjustment (272 ) Tax effects (614 ) Balance at November 26, 2022 50 Actuarial gains 424 Net pension amortization reclassified from accumulated other comprehensive loss 119 Foreign currency translation adjustment (378 ) Tax effects (63 ) Balance at November 25, 2023 $ 152 |
Note 12 - Capital Stock and Sto
Note 12 - Capital Stock and Stock Compensation | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. Capital Stock and Stock Compensation We account for our stock-based employee and director compensation plans in accordance with ASC 718, Compensation Stock Compensation 2023 2022 2021 Stock based compensation expense $ 849 $ 538 $ 158 Incentive Stock Compensation Plans 2021 Plan On March 10, 2021, our shareholders approved the Bassett Furniture Industries, Incorporated 2021 Stock Incentive Plan (the “2021 Plan”). All present and future non-employee directors, key employees and outside consultants for the Company are eligible to receive incentive awards under the 2021 Plan. Our Organization, Compensation and Nominating Committee (the “OCN Committee”) selects eligible key employees and outside consultants to receive awards under the 2021 Plan in its discretion. Our Board of Directors or any committee designated by the Board of Directors selects eligible non-employee directors to receive awards under the 2021 Plan in its discretion. Five hundred thousand (500,000) 2010 Plan On April 14, 2010, our shareholders approved the Bassett Furniture Industries, Incorporated 2010 Stock Incentive Plan which was amended and restated effective January 13, 2016 (the “2010 Plan”). All non-employee directors, key employees and outside consultants for the Company were eligible to receive incentive awards under the 2010 Plan. The 2010 Plan expired in April of 2020 and no additional grants can be awarded under the plan. All remaining unexpired options granted under the 2010 Plan were exercised during fiscal 2021. The fair value of each option award was estimated on the date of grant using the Black-Scholes option pricing model. The risk free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is based on the estimated average of the life of options using the simplified method. Forfeitures are recognized as they occur. We utilized the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns. Grants of non-vested restricted shares are measured at fair value as if the shares were vested and issued on the grant date. Forfeitures are recognized as they occur. We recognize compensation cost for awards with service only conditions with a graded vesting schedule on a straight-line basis over the longest vesting period. Stock Options There were no Additional information regarding activity in our stock options during fiscal 2023, 2022 and 2021 is as follows: 2023 2022 2021 Total intrinsic value of options exercised $ - $ - $ 93 Total cash received from the exercise of options - - 42 Excess tax benefits recognized in income tax expense upon the exercise of options - - 18 Restricted Shares Changes in the outstanding non-vested restricted shares during the year ended November 25, 2023 were as follows: Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested restricted shares outstanding at November 26, 2022 67,099 $ 16.27 Granted 66,113 17.77 Vested (32,899 ) 16.73 Forfeited (8,000 ) 16.86 Non-vested restricted shares outstanding at November 25, 2023 92,313 $ 17.13 During fiscal 2023, 32,899 restricted shares were vested and released, of which 17,100 shares had been granted to employees and 15,799 shares had been granted to directors. During fiscal 2023, 2022 and 2021, 5,985 shares, 1,225 shares and 10,850 shares, respectively, were withheld to cover withholding taxes of $109, $19 and $219, respectively, arising from the vesting of restricted shares. During fiscal 2023, 2022 and 2021, excess tax benefits (expense) of $10, $1 and $ (133) Additional information regarding our outstanding non-vested restricted shares at November 25, 2023 is as follows: Remaining Restricted Share Value Restriction Grant Shares at Grant Date Period Date Outstanding Per Share (Years) January 12, 2022 31,000 $ 15.82 1.1 January 11, 2023 46,200 17.55 2.1 March 8, 2023 15,113 18.53 0.3 92,313 Unrecognized compensation cost related to these non-vested restricted shares at November 26, 2022 is $867, all of which is expected to be recognized in fiscal 2024 and 2025. Employee Stock Purchase Plan In March of 2017 we adopted and implemented the 2017 Employee Stock Purchase Plan (“2017 ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at 85% of market value. Under the 2017 ESPP we sold 28,063, 30,074 and 22,547 shares to employees during fiscal 2023, 2022 and 2021, respectively, which resulted in an immaterial amount of compensation expense. There are 74,397 shares remaining available for sale under the 2017 ESPP at November 25, 2023. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes The components of the income tax provision from continuing operations are as follows: 2023 2022 2021 Current: Federal $ (121 ) $ 5,659 $ 4,507 State (72 ) 2,154 171 Deferred: Federal 846 484 60 State 30 405 1,098 Total $ 683 $ 8,702 $ 5,836 A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows: 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 3.8 4.4 4.2 Nondeductible goodwill (45.7 ) - 0.4 Nontaxable gain on revaluation of contingent consideration 8.6 - - Other 3.0 (0.3 ) (0.1 ) Change in valuation allowance (18.2 ) 0.4 - Effective income tax rate (27.5 )% 25.5 % 25.5 % Excess tax benefits (expense) in the amount of $10, $1 and $ (133) The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows: November 25, 2023 November 26, 2022 Deferred income tax assets: Trade accounts receivable $ 135 $ 315 Inventories 3,847 3,782 Post employment benefit obligations 2,426 2,734 Foreign net operating loss carryforwards 1,791 1,339 Operating lease liabilities 29,185 29,423 Other 1,668 1,722 Gross deferred income tax assets 39,052 39,315 Valuation allowance (1,791 ) (1,339 ) Total deferred income tax assets 37,261 37,976 Deferred income tax liabilities: Property and equipment 5,894 5,532 Intangible assets 984 726 Operating lease assets 25,239 25,166 Prepaid expenses and other 499 1,024 Total deferred income tax liabilities 32,616 32,448 Net deferred income tax assets $ 4,645 $ 5,528 We have foreign net operating loss carryforwards attributable to Noa Home (see Note 3) of $7,511 resulting in a deferred tax asset of $1,791 upon which we have placed a full valuation allowance. Income tax refunds received, net of taxes paid, during fiscal 2023 was $263. Income taxes paid, net of refunds received, during fiscal 2022 and 2021 were $20,176, and $3,092, respectively. We regularly evaluate, assess and adjust our accrued liabilities for unrecognized tax benefits in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period. Our liabilities for uncertain tax positions are not material. Significant judgment is required in evaluating the Company's federal and state tax positions and in the determination of its tax provision. Despite our belief that the liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matter. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. The Company also cannot predict when or if any other future tax payments related to these tax positions may occur. We remain subject to examination for tax years 2020 |
Note 14 - Other Gains and Losse
Note 14 - Other Gains and Losses | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Other Gains and Losses [Text Block] | 14. Other Gains and Losses Goodwill Impairment Charge See Note 8 regarding the $5,409 non-cash charge to impair goodwill associated with Noa Home. Gain on Revaluation of Contingent Consideration See Note 3 regarding a $1,013 gain resulting from the revaluation of contingent consideration owed to the former owners of Noa Home. Gains on Dispositions of Retail Store Locations During the third quarter of fiscal 2022, we sold one of our Company-owned store locations in Houston, Texas for $8,217 net of closing costs, resulting in a gain of $4,595 during the year ended November 26, 2022. This sale, together with our purchase of real property in Tampa, Florida for $7,668 in cash during the second quarter of fiscal 2022 will be treated as an exchange of like-kind property under Section 1031 of the Internal Revenue Code of 1986, as amended, for the purpose of deferring approximately $4,300 of the taxable gain arising from the sale of the Houston property. A VIE was established during the second quarter of fiscal 2022 for purposes of acquiring the Tampa, Florida property, of which the Company was the primary beneficiary by virtue of our control over the activities that most significantly impact the entity's economic performance. Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary Other loss, net for the fiscal 2022 includes a gain of $1,441 arising from death benefits from Company-owned life insurance. |
Note 15 - Leases and Lease Guar
Note 15 - Leases and Lease Guarantees | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 15. Leases and Lease Guarantees Leases See “Leases” under Note 2 for a discussion of our accounting policies and elections under Topic 842. Supplemental balance sheet information related to our leases as of November 25, 2023 and November 26, 2022 is as follows: November 25, 2023 November 26, 2022 Operating leases: Right of use assets $ 100,888 $ 99,472 Lease liabilties, short-term 18,827 18,819 Lease liabilties, long-term 97,357 97,477 Finance leases: Right of use assets (1) $ 327 $ 623 Lease liabilties, short-term (2) 246 282 Lease liabilties, long-term (3) 99 360 (1) Included in property & equipment, net in our consolidated balance sheet. (2) Included in other current liabilites and accrued expenses in our consolidated balance sheet. (3) Included in other long-term liabilites and accrued expenses in our consolidated balance sheet. Our right-of-use assets under operating leases by segment as of November 25, 2023 and November 26, 2022 are as follows: November 25, 2023 November 26, 2022 Wholesale $ 8,689 $ 8,138 Retail 92,190 91,289 Corporate & other 9 45 Total right of use assets $ 100,888 $ 99,472 The components of our lease cost for 2023, 2022 and 2021 were as follows: 2023 2022 2021 Lease cost: Operating lease cost $ 24,287 $ 24,399 $ 24,367 Financing lease cost: Amortization of right-of-use assets 278 279 95 Interest on lease liabilities 22 35 15 Short-term lease cost 401 674 387 Variable lease cost (net of abatements received) 260 447 277 Sublease income (1,093 ) (1,444 ) (1,292 ) Total lease cost $ 24,155 $ 24,390 $ 23,849 Supplemental lease disclosures as of November 25, 2023, November 26, 2022 and November 27, 2021 and for the fiscal years then ended are as follows: Operating Financing For the year ended November 27, 2021: Cash paid for amounts included in the measurements of lease liabilities 26,842 103 Lease liabilities arising from new right-of-use assets 15,678 927 For the year ended November 26, 2022: Cash paid for amounts included in the measurements of lease liabilities 26,913 302 Lease liabilities arising from new right-of-use assets 23,171 73 For the year ended November 25, 2023: Cash paid for amounts included in the measurements of lease liabilities 26,854 301 Lease liabilities arising from new right-of-use assets 21,921 - As of November 27, 2021: Weighted average remaining lease terms (years) 6.3 3.2 Weighted average discount rates 5.07 % 4.63 % As of November 26, 2022: Weighted average remaining lease terms (years) 6.2 2.3 Weighted average discount rates 5.53 % 4.68 % As of November 25, 2023: Weighted average remaining lease terms (years) 5.5 1.4 Weighted average discount rates 5.78 % 4.72 % Future payments under our leases and the present value of the obligations as of November 25, 2023 are as follows: Operating Leases Financing Leases Fiscal 2024 $ 25,269 $ 256 Fiscal 2025 26,003 94 Fiscal 2026 24,213 5 Fiscal 2027 20,850 2 Fiscal 2028 16,872 - Thereafter 26,841 - Total lease payments 140,048 357 Less: interest 23,864 12 Total lease obligations $ 116,184 $ 345 We sublease a small number of our leased locations to certain of our licensees for operation as BHF network stores. The terms of these leases generally match those of the lease we have with the lessor. In addition, we sublease space in certain closed store locations that are still under lease. Minimum future lease payments due to us under these subleases are as follows: Fiscal 2024 $ 899 Fiscal 2025 899 Fiscal 2026 586 Fiscal 2027 215 Fiscal 2028 - Thereafter - Total minimum future rental income $ 2,599 Guarantees As part of the strategy for our store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to five years. We were contingently liable under licensee lease obligation guarantees in the amount of $1,845 and $1,880 at November 25, 2023 and November 26, 2022, respectively. In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement dealer, liquidating the collateral, and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are estimated to cover the maximum amount of our future payments under the guarantee obligations, net of reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at November 25, 2023 and November 26, 2022, were not material. |
Note 16 - Contingencies
Note 16 - Contingencies | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 16. Contingencies We are involved in various claims and actions which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, it is our opinion that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. |
Note 17 - Earnings (Loss) Per S
Note 17 - Earnings (Loss) Per Share | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share: 2023 2022 2021 Earnings (loss) per share - continuing operations: Numerator: Net income (loss) from continuing operations $ (3,171 ) $ 25,360 $ 16,921 Denominator: Denominator for basic income per share - weighted average shares 8,784,759 9,394,873 9,835,829 Effect of dilutive securities* - 8,107 7,945 Denominator for diluted income per share — weighted average shares and assumed conversions 8,784,759 9,402,980 9,843,774 Basic income (loss) per share - continuing operations: $ (0.36 ) $ 2.70 $ 1.72 Diluted income (loss) per share - continuing operations $ (0.36 ) $ 2.70 $ 1.72 Earnings per share - discontinued operations: Numerator: Net income from discontinued operations $ - $ 39,985 $ 1,121 Denominator: Denominator for basic income per share - weighted average shares 8,784,759 9,394,873 9,835,829 Effect of dilutive securities* - 8,107 - Denominator for diluted income per share — weighted average shares and assumed conversions 8,784,759 9,402,980 9,835,829 Basic income per share - discontinued operations $ - $ 4.26 $ 0.11 Diluted income per share - discontinued operations $ - $ 4.26 $ 0.11 *Due to the net loss in 2023, the potentially dilutive securities would have been anti-dilutive and are therefore excluded. For fiscal 2023, 2022 and 2021, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive: 2023 2022 2021 Unvested restricted shares 92,313 - - |
Note 18 - Discontinued Operatio
Note 18 - Discontinued Operations | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 18. Discontinued Operations On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of Zenith to J.B. Hunt. The sale was completed on February 28, 2022, at which time we received the following net proceeds: Sales price prior to post-closing working capital adjustment $ 86,939 Less: Amount held in escrow for contingencies related to representations and warranties (1) 1,000 Seller expenses paid at closing 418 Working capital adjustment paid to buyer 987 Net proceeds from the sale $ 84,534 (1) This was held in escrow until the first anniversary of the sale, at which time the full amount was released to the Company on March 2, 2023. This amount was included in other current assets in the accompanying condensed consolidated balance sheet at November 26, 2022. The sales price was subject to customary post-closing working capital adjustments which were paid during the second half of fiscal 2022 and resulted in a pre-tax gain from the sale of Zenith of $52,534. The operations of our logistical services segment, which consisted entirely of the operations of Zenith, are presented in the accompanying consolidated statements of operations as discontinued operations. Following the sale of Zenith, certain of Zenith’s liabilities primarily representing reserves and accrued liabilities for pre-disposal workers’ compensation, health insurance and auto liability claims were retained by Bassett. The remaining balance of these reserves and accruals totaled $358 and $639 at November 25, 2023 and November 26, 2022, respectively, and are included in other current liabilities and accrued expenses in the accompanying condensed consolidated balance sheet. The following table summarizes the major classes of line items constituting income of the discontinued operations, as reported in the consolidated statements of operations for fiscal 2023, 2022 and 2021: 2023 2022 2021 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ - $ 16,776 $ 55,648 Cost of logistical services - 15,001 53,905 Other loss, net - (63 ) (260 ) Income from operations of logistical services - 1,712 1,483 Gain on disposal - 52,534 - Pretax income of discontinued operations - 54,246 1,483 Income tax expense - 14,261 362 Income from discontinued operations, net of tax $ - $ 39,985 $ 1,121 The amounts for revenue and costs of logistical services shown above represent the results of Zenith’s business transactions with third parties. Zenith also charged Bassett for logistical services provided to our wholesale segment in the amount of $9,121 during 2022 prior to disposal, and $31,329 for all of 2021. We have entered into a service agreement with J.B. Hunt for the continuation of these services for a period of seven Included in other loss, net, is interest arising from finance leases assumed by J.B. Hunt as part of the transaction. Such interest amounted to $78 and $289 for 2022 and 2021, respectively. The following table summarizes the cash flows generated by discontinued operations during 2023, 2022 and 2021: 2023 (1) 2022 (1) 2021 Cash provided by operating activities $ - $ 1,681 $ 4,082 Cash used in investing activities - (81 ) (4,508 ) Cash used in financing activities - (371 ) (1,259 ) Net cash provided by (used in) discontinued operations $ - $ 1,229 $ (1,685 ) (1) Excludes net proceeds from the sale of Zenith. |
Note 19 - Segment Information
Note 19 - Segment Information | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. Segment Information As of the beginning of fiscal 2023 we have strategically aligned our business into three Segment Reporting ● Wholesale. ● Retail Company-owned stores. ● Corporate and other Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate. Prior to the beginning of fiscal 2023, the functions included in Corporate and other were included in our wholesale reportable segment, and Noa Home was included in our retail reportable segment for the fourth quarter of fiscal 2022 following its acquisition on September 2, 2022. We believe that the new alignment of our reporting segments provides our chief operating decision maker with clearer information with which to assess the operating results of our wholesale segment. Noa Home does not meet the requirements to be a separate reportable segment as it is below the thresholds of the revenue, income and asset tests. The segment information presented below for fiscal 2022 and 2021 has been restated to reflect the new alignment of our reportable segments. Our former logistical services segment which represented the operations of Zenith is now presented as a discontinued operation in the accompanying condensed consolidated balances sheets and statements of operations (see Note 18). The following table presents segment information for each of the last three fiscal years: 2023 2022 2021 Sales Revenue Wholesale sales of furniture and accessories $ 248,911 $ 324,569 $ 295,329 Less: Sales to retail segment (103,519 ) (125,889 ) (112,270 ) Wholesale sales to external customers 145,392 198,680 183,059 Retail sales of furniture and accessories 235,940 285,119 247,827 Corporate & Other 8,804 1,802 - Consolidated net sales of furniture and accessories $ 390,136 $ 485,601 $ 430,886 Income (loss) from Continuing Operations Wholesale $ 30,699 $ 41,979 $ 43,946 Retail (536 ) 19,352 3,924 Net expenses - Corporate and other (29,926 ) (30,997 ) (24,829 ) Inter-company elimination 1,024 (64 ) 1,216 Gain on revaluation of contingent consideration 1,013 - - Goodwill impairment charge (5,409 ) - - Gain on sale of real estate - 4,595 - Consolidated income (loss) from continuing operations $ (3,135 ) $ 34,865 $ 24,257 Depreciation and Amortization Wholesale $ 2,455 $ 2,410 $ 2,112 Retail 5,502 5,750 6,580 Corporate and other 2,184 1,883 1,274 Discontinued operations - 1,266 4,631 Consolidated $ 10,141 $ 11,309 $ 14,597 Capital Expenditures Wholesale $ 2,295 $ 5,509 $ 4,177 Retail 9,877 10,549 299 Corporate and other 5,317 5,238 1,766 Discontinued operations - - 4,508 Consolidated $ 17,489 $ 21,296 $ 10,750 Identifiable Assets Wholesale $ 99,004 $ 125,433 $ 123,469 Retail 166,604 162,222 155,398 Corporate and Other 104,816 118,618 78,972 Discontinued operations - - 63,821 Consolidated $ 370,424 $ 406,273 $ 421,660 See Note 20 for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments. |
Note 20 - Revenue Recognition
Note 20 - Revenue Recognition | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 20. Revenue Recognition Disaggregated revenue information for sales of furniture and accessories by product category for fiscal years 2023, 2022 and 2021, excluding intercompany transactions between our segments, is as follows: 2023 2022 2021 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 89,005 $ 134,000 $ - $ 223,005 $ 124,565 $ 163,755 $ - $ 288,320 $ 105,445 $ 139,527 $ - $ 244,972 Bassett Leather 26,701 1,951 - 28,652 35,953 1,707 - 37,660 36,157 226 - 36,383 Bassett Custom Wood 17,357 36,732 - 54,089 22,534 43,208 - 65,742 24,079 30,931 - 55,010 Bassett Casegoods 12,329 32,252 - 44,581 15,628 40,146 - 55,774 17,378 42,658 - 60,036 Accessories, mattresses and other (1) - 31,005 8,804 39,809 - 36,303 1,802 38,105 - 34,485 - 34,485 Consolidated Furniture and Accessories revenue $ 145,392 $ 235,940 $ 8,804 $ 390,136 $ 198,680 $ 285,119 $ 1,802 $ 485,601 $ 183,059 $ 247,827 $ - $ 430,886 (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) Beginning with the fourth quarter of fiscal 2022, our Corporate and other segment includes the sales of Noa Home, which was acquired on September 2, 2022 (see Note 3). |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Nov. 25, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 9B None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Schedule II - Analysis of Valua
Schedule II - Analysis of Valuation and Qualifying Accounts | 12 Months Ended |
Nov. 25, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Bassett Furniture Industries, Incorporated Schedule II Analysis of Valuation and Qualifying Accounts For the Years Ended November 25, 2023, November 26, 2022 and November 27, 2021 (amounts in thousands) Balance Beginning of Period Additions Charged to Cost and Expenses Deductions (1) Other Balance End of Period For the Year Ended November 27, 2021: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 905 $ (161 ) $ (177 ) $ - $ 567 Notes receivable valuation reserves $ 359 $ - $ - $ - $ 359 For the Year Ended November 26, 2022: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 567 $ 761 $ (67 ) $ - $ 1,261 Notes receivable valuation reserves $ 359 $ - $ (359 ) $ - $ - Income tax valuation allowance $ - $ 1,339 $ - $ - $ 1,339 For the Year Ended November 25, 2023: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,261 $ 219 $ (945 ) $ - $ 535 Income tax valuation allowance $ 1,339 $ 452 $ - $ - $ 1,791 (1) Deductions are for the purpose for which the reserve was created. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 25, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2023, 2022 and 2021 are to Bassett's fiscal year ended November 25, 2023, November 26, 2022 and November 27, 2021, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP. We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 15 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change. During the second and third quarters of fiscal 2022, we were the primary beneficiary of one VIE by virtue of our control over the activities that most significantly impacted the entity’s economic performance. This VIE was created to affect a Section 1031 like-kind exchange involving the purchase of real property in the state of Florida and the sale of real property in the state of Texas (see Note 14). Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary. On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) to J.B. Hunt Transport Services, Inc. (“J.B. Hunt”). The sale was completed on February 28, 2022. Accordingly, the operations of our logistical services segment as well as the gain realized upon disposal are presented in the accompanying condensed consolidated statements of income as discontinued operations. See Note 18 for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith are included in selling, general and administrative expenses. On September 2, 2022, we acquired 100% of the capital stock of Noa Home Inc. (“Noa Home”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. Since acquisition, Noa Home has been consolidated as a wholly-owned subsidiary. See Note 3 for additional information. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, the valuation of our reporting units for the purpose of testing the carrying value of goodwill, and the valuation of our right of use assets. We also utilize estimates in determining the valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition ASC Topic 606, Revenue from Contracts with Customers, requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects 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. 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 provide for any royalty or license fee to be paid to us. 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 $22,788 and $35,963 as of November 25, 2023 and November 26, 2022, respectively. Substantially all of the customer deposits held at November 26, 2022 related to performance obligations were satisfied during fiscal 2023 and have therefore been recognized in revenue for the year ended November 25, 2023. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The estimate for returns and allowances was $4,883 and $6,559 at November 25, 2023 and November 26, 2022, respectively, and is included with other accrued liabilities in the accompanying balance sheets. We also sell furniture protection plans to our retail customers on behalf of a third party which is responsible for the performance obligations under the plans. Revenue from the sale of these plans is recognized upon delivery of the goods net of amounts payable to the third-party service provider. 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 November 25, 2023 and November 26, 2022, our balance of prepaid commissions included in other current assets was $2,245 and $3,768, respectively. For our accounting and reporting under ASC 606, we apply the following policy elections and practical expedients: • We exclude from revenue amounts collected from customers for sales tax. • We do not adjust the promised amount of consideration for the effects of a significant financing component since the period of time between transfer of our goods or services and the collection of consideration from the customer is less than one year. • We do not disclose the value of unsatisfied performance obligations because the transfer of goods or services is made within one year of the placement of customer orders. See Note 20 for disaggregated revenue information. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Short-Term Investments The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments consist of certificates of deposit that have original maturities of twelve months or less but greater than three months. |
Accounts Receivable [Policy Text Block] | Accounts Receivable Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. The allowance for credit losses is based on a review of specifically identified accounts in addition to an overall aging analysis which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectibility of accounts receivable within each pool based on historical experience, current payment practices and current economic trends based on our expectations over the expected life of the receivables, which is generally ninety days or less. Actual credit losses could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Customers Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 25, 2023 and November 26, 2022, our aggregate exposure from receivables and guarantees related to customers consisted of the following: 2023 2022 Accounts receivable, net of allowances (Note 5) $ 13,736 $ 17,838 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) 1,819 1,828 Other 81 43 Total credit risk exposure related to customers $ 15,636 $ 19,709 At November 25, 2023 and November 26, 2022, approximately 35% and 31%, respectively, of the aggregate risk exposure, net of reserves, shown above was attributable to five customers. In fiscal 2023, 2022 and 2021, no customer accounted for more than 10% of total consolidated net sales. We have no foreign manufacturing operations. We define export sales from our wholesale segment as sales to any country or territory other than the United States or its territories or possessions. Our wholesale export sales were approximately $406, $731, and $488 in fiscal 2023, 2022, and 2021, respectively. All of our export sales are invoiced and settled in U.S. dollars. |
Inventory, Policy [Policy Text Block] | Inventories Inventories (retail merchandise, finished goods, work in process and raw materials) accounted for under the first-in, first out (“FIFO”) method are stated at the lower of cost or net realizable value or, in the case of inventory accounted for under the last-in, first out (“LIFO”) method, at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the LIFO method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories as well as Lane Venture, Bassett Outdoor and Noa Home product inventories are determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 51% and 46% of total inventory before reserves at November 25, 2023 and November 26, 2022, respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Noa Home. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. In accordance with ASC Topic 350, Intangibles Goodwill & Other, The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure |
Lessee, Leases [Policy Text Block] | Leases Effective as of the beginning of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. The guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use (“ROU”) asset and a lease liability. 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 warehouse space used in our retail segment. We also lease local delivery trucks used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one five Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. In the case an interest rate is implicit in a lease we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability. We adopted the standard utilizing the transition election to not restate comparative periods for the impact of adopting the standard and recognizing the cumulative impact of adoption in the opening balance of retained earnings. We elected the package of transition expedients available for expired or existing contracts, which allowed the carry-forward of historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, we have elected the practical expedient to not separate lease and non-lease components when determining the ROU asset and lease liability and have elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. We have also elected the hindsight practical expedient to determine the lease term for existing leases. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term. We have made an accounting policy election to not recognize ROU assets and lease liabilities on the balance sheet for those leases with initial terms of one year or less and instead such lease obligations will be expensed on a straight-line basis over the lease term. See Note 15 for additional information regarding our leases. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded. Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset may be required at such time. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future. When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. ROU assets under operating leases are written down to their estimated fair value. Our estimates of the fair value of the impaired ROU 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 (see Note 4). |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward or carryback periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 13 for additional information regarding our income taxes. |
Shipping and Handling Costs [Policy Text Block] | Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $26,125, $33,029, and $27,122 for fiscal 2023, 2022 and 2021, respectively. The amounts for fiscal 2022 and 2021 have been revised for comparability with the fiscal 2023 presentation of wholesale shipping and handling costs, which reflects a broader scope of such items. Costs incurred to deliver retail merchandise to customers, including the cost of operating regional distribution warehouses, are also recorded in selling, general and administrative expense and totaled $23,399, $23,812, and $22,494 for fiscal 2023, 2022 and 2021, respectively. |
Advertising Cost [Policy Text Block] | Advertising Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $19,106, $16,698, and $15,228 in fiscal 2023, 2022, and 2021, respectively. |
Liability Reserve Estimate, Policy [Policy Text Block] | Insurance Reserves We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns. |
Supplemental Cash Flow Information [Policy Text Block] | Supplemental Cash Flow Information Refer to the supplemental lease disclosures in Note 15 for cash flow impacts of leasing transactions during fiscal 2023, 2022 and 2021. Otherwise, there were no material non-cash investing or financing activities during fiscal 2023, 2022 or 2021. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recent Pronouncements Not Yet Adopted In October 2021, the FASB issued Accounting Standards Update No. 2021-08– Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and to payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in ASU 2021-08 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted, including adoption in any interim period. We do not expect that this guidance will have a material impact upon our financial position and results of operations. In March 2022, the FASB issued Accounting Standards Update No. 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, to address certain concerns identified in the Post-Implementation Review process for ASU Topic 326. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings by creditors in ASC Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the amendments in ASU 2022-02 require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost. The amendments in ASU 2022-02 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted. We expect that the adoption of this standard will primarily impact our disclosures but do not expect that this guidance will have a material impact upon our financial position and results of operations. In June 2022, the FASB issued Accounting Standards Update No. 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2025 fiscal year. Early adoption is permitted. As of November 25, 2023 we do not hold any investments in equity securities, therefore we do not currently expect that this guidance will have a material impact upon our financial position and results of operations. 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. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule Of Aggregate Exposure From Receivables And Guarantees Related To Customers [Table Text Block] | 2023 2022 Accounts receivable, net of allowances (Note 5) $ 13,736 $ 17,838 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) 1,819 1,828 Other 81 43 Total credit risk exposure related to customers $ 15,636 $ 19,709 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Fair value of consideration transferred in exchange for 100% of Noa Home: Cash $ 5,878 Fair value of contingent consideration payable 1,375 Total fair value of consideration paid or payable $ 7,253 Allocation of the fair value of consideration transferred: Identifiable assets acquired: Cash $ 296 Inventory 1,585 Other current assets 317 Property & equipment 155 Intangible asset - trade name 1,929 Total identifiable assets acquired 4,282 Liabilities assumed: Accounts payable (1,227 ) Customer deposits (1,059 ) Other current liabilities and accrued expenses (458 ) Total liabilities assumed (2,744 ) Net identifiable assets acquired 1,538 Goodwill 5,715 Total net assets acquired $ 7,253 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | November 25, 2023 November 26, 2022 Gross accounts receivable $ 14,271 $ 19,099 Allowance for credit losses (535 ) (1,261 ) Net accounts receivable $ 13,736 $ 17,838 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | 2023 2022 Balance, beginning of the year $ 1,261 $ 567 Additions (recoveries) charged to expense 219 761 Reductions to allowance, net (945 ) (67 ) Balance, end of the year $ 535 $ 1,261 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 25, 2023 November 26, 2022 Wholesale finished goods $ 27,521 $ 46,607 Work in process 637 620 Raw materials and supplies 18,655 22,859 Retail merchandise 33,090 32,974 Total inventories on first-in, first-out method 79,903 103,060 LIFO adjustment (11,738 ) (12,416 ) Reserve for excess and obsolete inventory (5,183 ) (5,167 ) $ 62,982 $ 85,477 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 27, 2021 $ 3,683 $ 1,133 $ 4,816 Additions charged to expense 2,577 1,071 3,648 Write-offs (2,157 ) (1,140 ) (3,297 ) Balance at November 26, 2022 4,103 1,064 5,167 Additions charged to expense 3,876 750 4,626 Write-offs (3,834 ) (776 ) (4,610 ) Balance at November 25, 2023 $ 4,145 $ 1,038 $ 5,183 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 25, 2023 November 26, 2022 Land $ 10,866 $ 10,866 Buildings and leasehold improvements 125,290 116,418 Machinery and equipment 106,613 101,153 Property and equipment at cost 242,769 228,437 Less accumulated depreciation (158,788 ) (151,436 ) Property and equipment, net $ 83,981 $ 77,001 |
Schedule of Property Plant and Equipment by Reporting Segment [Table Text Block] | November 25, 2023 November 26, 2022 Wholesale $ 23,155 $ 23,205 Retail - Company-owned stores 44,799 40,361 Corporate and other 16,027 13,435 Total property and equipment, net $ 83,981 $ 77,001 |
Schedule of Depreciation [Table Text Block] | 2023 2022 2021 Cost of goods sold (wholesale segment) $ 2,124 $ 2,082 $ 1,797 Selling, general and adminstrative expenses: Wholesale segment 274 271 259 Retail segment 5,502 5,738 6,580 Corporate and Other 2,184 1,895 1,273 Total included in selling, general and adminstrative expenses 7,960 7,904 8,112 Total depreciation expense included in income from operations $ 10,084 $ 9,986 $ 9,909 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | 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 November 26, 2022 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships $ 512 $ (280 ) $ 232 Intangibles not subject to amortization: Trade names 8,723 Goodwill 12,772 Total goodwill and other intangible assets $ 21,727 |
Schedule of Goodwill [Table Text Block] | Corporate Wholesale Retail and Other Total Balance as of November 27, 2021 $ 7,217 $ - $ - $ 7,217 Acquisition of Noa Home - - 5,715 5,715 Foreign currency translation adjustment - - (161 ) (161 ) Balance as of November 26, 2022 7,217 - 5,554 12,771 Foreign currency translation adjustment - - (145 ) (145 ) Full impairment of Noa Home goodwill - - (5,409 ) (5,409 ) Balance as of November 25, 2023 $ 7,217 $ - $ - $ 7,217 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Useful Life in Years Remaining Amortization Period in Years Customer relationships 9 4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal 2024 $ 57 Fiscal 2025 57 Fiscal 2026 57 Fiscal 2027 4 Fiscal 2028 - Total $ 175 |
Note 10 - Post-employment Ben_2
Note 10 - Post-employment Benefit Obligations (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ` 2023 2022 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 7,262 $ 10,740 Service cost 27 36 Interest cost 370 231 Actuarial (gains) and losses (424 ) (2,503 ) Benefits paid (256 ) (1,242 ) Projected benefit obligation at end of year $ 6,979 $ 7,262 Accumulated Benefit Obligation $ 6,979 $ 7,262 Discount rate used to value the ending benefit obligations: 5.92 % 5.38 % Amounts recognized in the consolidated balance sheet: Current liabilities $ 719 $ 698 Noncurrent liabilities 6,260 6,564 Total amounts recognized $ 6,979 $ 7,262 Amounts recognized in accumulated other comprehensive income: Prior service cost $ 103 $ 229 Actuarial (gain) loss (965 ) (543 ) Net amount recognized $ (862 ) $ (314 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income: $ (27 ) $ (2,236 ) |
Schedule of Net Benefit Costs [Table Text Block] | 2023 2022 2021 Components of Net Periodic Pension Cost: Service cost $ 27 $ 36 $ 121 Interest cost 370 231 196 Amortization of prior service cost 125 126 126 Amortization of other loss - 133 59 Net periodic pension cost $ 522 $ 526 $ 502 Assumptions used to determine net periodic pension cost: Discount rate 5.38 % 2.25 % 2.00 % Increase in future compensation levels 3.00 % 3.00 % 3.00 % |
Defined Benefit Plan, Assumptions [Table Text Block] | Estimated Future Benefit Payments (with mortality): Fiscal 2024 $ 759 Fiscal 2025 722 Fiscal 2026 765 Fiscal 2027 769 Fiscal 2028 733 Fiscal 2029 through 2033 3,078 |
Schedule of Expected Benefit Payments [Table Text Block] | Prior service cost $ 103 Other loss (64 ) Total expected to be amortized to net periodic pension cost in 2024 $ 39 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Balance at November 27, 2021 $ (1,823 ) Actuarial gains 2,503 Net pension amortization reclassified from accumulated other comprehensive loss 256 Foreign currency translation adjustment (272 ) Tax effects (614 ) Balance at November 26, 2022 50 Actuarial gains 424 Net pension amortization reclassified from accumulated other comprehensive loss 119 Foreign currency translation adjustment (378 ) Tax effects (63 ) Balance at November 25, 2023 $ 152 |
Note 12 - Capital Stock and S_2
Note 12 - Capital Stock and Stock Compensation (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2023 2022 2021 Stock based compensation expense $ 849 $ 538 $ 158 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | 2023 2022 2021 Total intrinsic value of options exercised $ - $ - $ 93 Total cash received from the exercise of options - - 42 Excess tax benefits recognized in income tax expense upon the exercise of options - - 18 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Per Share Non-vested restricted shares outstanding at November 26, 2022 67,099 $ 16.27 Granted 66,113 17.77 Vested (32,899 ) 16.73 Forfeited (8,000 ) 16.86 Non-vested restricted shares outstanding at November 25, 2023 92,313 $ 17.13 |
Schedule of Nonvested Share Activity [Table Text Block] | Remaining Restricted Share Value Restriction Grant Shares at Grant Date Period Date Outstanding Per Share (Years) January 12, 2022 31,000 $ 15.82 1.1 January 11, 2023 46,200 17.55 2.1 March 8, 2023 15,113 18.53 0.3 92,313 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 2021 Current: Federal $ (121 ) $ 5,659 $ 4,507 State (72 ) 2,154 171 Deferred: Federal 846 484 60 State 30 405 1,098 Total $ 683 $ 8,702 $ 5,836 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 3.8 4.4 4.2 Nondeductible goodwill (45.7 ) - 0.4 Nontaxable gain on revaluation of contingent consideration 8.6 - - Other 3.0 (0.3 ) (0.1 ) Change in valuation allowance (18.2 ) 0.4 - Effective income tax rate (27.5 )% 25.5 % 25.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 25, 2023 November 26, 2022 Deferred income tax assets: Trade accounts receivable $ 135 $ 315 Inventories 3,847 3,782 Post employment benefit obligations 2,426 2,734 Foreign net operating loss carryforwards 1,791 1,339 Operating lease liabilities 29,185 29,423 Other 1,668 1,722 Gross deferred income tax assets 39,052 39,315 Valuation allowance (1,791 ) (1,339 ) Total deferred income tax assets 37,261 37,976 Deferred income tax liabilities: Property and equipment 5,894 5,532 Intangible assets 984 726 Operating lease assets 25,239 25,166 Prepaid expenses and other 499 1,024 Total deferred income tax liabilities 32,616 32,448 Net deferred income tax assets $ 4,645 $ 5,528 |
Note 15 - Leases and Lease Gu_2
Note 15 - Leases and Lease Guarantees (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Supplemental Lease Disclosures [Table Text Block] | November 25, 2023 November 26, 2022 Operating leases: Right of use assets $ 100,888 $ 99,472 Lease liabilties, short-term 18,827 18,819 Lease liabilties, long-term 97,357 97,477 Finance leases: Right of use assets (1) $ 327 $ 623 Lease liabilties, short-term (2) 246 282 Lease liabilties, long-term (3) 99 360 Operating Financing For the year ended November 27, 2021: Cash paid for amounts included in the measurements of lease liabilities 26,842 103 Lease liabilities arising from new right-of-use assets 15,678 927 For the year ended November 26, 2022: Cash paid for amounts included in the measurements of lease liabilities 26,913 302 Lease liabilities arising from new right-of-use assets 23,171 73 For the year ended November 25, 2023: Cash paid for amounts included in the measurements of lease liabilities 26,854 301 Lease liabilities arising from new right-of-use assets 21,921 - As of November 27, 2021: Weighted average remaining lease terms (years) 6.3 3.2 Weighted average discount rates 5.07 % 4.63 % As of November 26, 2022: Weighted average remaining lease terms (years) 6.2 2.3 Weighted average discount rates 5.53 % 4.68 % As of November 25, 2023: Weighted average remaining lease terms (years) 5.5 1.4 Weighted average discount rates 5.78 % 4.72 % |
Lessee, Supplemental Balance Sheet Information [Table Text Block] | November 25, 2023 November 26, 2022 Wholesale $ 8,689 $ 8,138 Retail 92,190 91,289 Corporate & other 9 45 Total right of use assets $ 100,888 $ 99,472 |
Lease, Cost [Table Text Block] | 2023 2022 2021 Lease cost: Operating lease cost $ 24,287 $ 24,399 $ 24,367 Financing lease cost: Amortization of right-of-use assets 278 279 95 Interest on lease liabilities 22 35 15 Short-term lease cost 401 674 387 Variable lease cost (net of abatements received) 260 447 277 Sublease income (1,093 ) (1,444 ) (1,292 ) Total lease cost $ 24,155 $ 24,390 $ 23,849 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Financing Leases Fiscal 2024 $ 25,269 $ 256 Fiscal 2025 26,003 94 Fiscal 2026 24,213 5 Fiscal 2027 20,850 2 Fiscal 2028 16,872 - Thereafter 26,841 - Total lease payments 140,048 357 Less: interest 23,864 12 Total lease obligations $ 116,184 $ 345 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Fiscal 2024 $ 899 Fiscal 2025 899 Fiscal 2026 586 Fiscal 2027 215 Fiscal 2028 - Thereafter - Total minimum future rental income $ 2,599 |
Note 17 - Earnings (Loss) Per_2
Note 17 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 2021 Earnings (loss) per share - continuing operations: Numerator: Net income (loss) from continuing operations $ (3,171 ) $ 25,360 $ 16,921 Denominator: Denominator for basic income per share - weighted average shares 8,784,759 9,394,873 9,835,829 Effect of dilutive securities* - 8,107 7,945 Denominator for diluted income per share — weighted average shares and assumed conversions 8,784,759 9,402,980 9,843,774 Basic income (loss) per share - continuing operations: $ (0.36 ) $ 2.70 $ 1.72 Diluted income (loss) per share - continuing operations $ (0.36 ) $ 2.70 $ 1.72 Earnings per share - discontinued operations: Numerator: Net income from discontinued operations $ - $ 39,985 $ 1,121 Denominator: Denominator for basic income per share - weighted average shares 8,784,759 9,394,873 9,835,829 Effect of dilutive securities* - 8,107 - Denominator for diluted income per share — weighted average shares and assumed conversions 8,784,759 9,402,980 9,835,829 Basic income per share - discontinued operations $ - $ 4.26 $ 0.11 Diluted income per share - discontinued operations $ - $ 4.26 $ 0.11 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2023 2022 2021 Unvested restricted shares 92,313 - - |
Note 18 - Discontinued Operat_2
Note 18 - Discontinued Operations (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Sales price prior to post-closing working capital adjustment $ 86,939 Less: Amount held in escrow for contingencies related to representations and warranties (1) 1,000 Seller expenses paid at closing 418 Working capital adjustment paid to buyer 987 Net proceeds from the sale $ 84,534 2023 2022 2021 Major line items constituting pretax income of discontinued operations: Logistical services revenue $ - $ 16,776 $ 55,648 Cost of logistical services - 15,001 53,905 Other loss, net - (63 ) (260 ) Income from operations of logistical services - 1,712 1,483 Gain on disposal - 52,534 - Pretax income of discontinued operations - 54,246 1,483 Income tax expense - 14,261 362 Income from discontinued operations, net of tax $ - $ 39,985 $ 1,121 2023 (1) 2022 (1) 2021 Cash provided by operating activities $ - $ 1,681 $ 4,082 Cash used in investing activities - (81 ) (4,508 ) Cash used in financing activities - (371 ) (1,259 ) Net cash provided by (used in) discontinued operations $ - $ 1,229 $ (1,685 ) |
Note 19 - Segment Information (
Note 19 - Segment Information (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 2022 2021 Sales Revenue Wholesale sales of furniture and accessories $ 248,911 $ 324,569 $ 295,329 Less: Sales to retail segment (103,519 ) (125,889 ) (112,270 ) Wholesale sales to external customers 145,392 198,680 183,059 Retail sales of furniture and accessories 235,940 285,119 247,827 Corporate & Other 8,804 1,802 - Consolidated net sales of furniture and accessories $ 390,136 $ 485,601 $ 430,886 Income (loss) from Continuing Operations Wholesale $ 30,699 $ 41,979 $ 43,946 Retail (536 ) 19,352 3,924 Net expenses - Corporate and other (29,926 ) (30,997 ) (24,829 ) Inter-company elimination 1,024 (64 ) 1,216 Gain on revaluation of contingent consideration 1,013 - - Goodwill impairment charge (5,409 ) - - Gain on sale of real estate - 4,595 - Consolidated income (loss) from continuing operations $ (3,135 ) $ 34,865 $ 24,257 Depreciation and Amortization Wholesale $ 2,455 $ 2,410 $ 2,112 Retail 5,502 5,750 6,580 Corporate and other 2,184 1,883 1,274 Discontinued operations - 1,266 4,631 Consolidated $ 10,141 $ 11,309 $ 14,597 Capital Expenditures Wholesale $ 2,295 $ 5,509 $ 4,177 Retail 9,877 10,549 299 Corporate and other 5,317 5,238 1,766 Discontinued operations - - 4,508 Consolidated $ 17,489 $ 21,296 $ 10,750 Identifiable Assets Wholesale $ 99,004 $ 125,433 $ 123,469 Retail 166,604 162,222 155,398 Corporate and Other 104,816 118,618 78,972 Discontinued operations - - 63,821 Consolidated $ 370,424 $ 406,273 $ 421,660 |
Note 20 - Revenue Recognition (
Note 20 - Revenue Recognition (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2023 2022 2021 Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other (2) Total Wholesale Retail Corporate & Other Total Bassett Custom Upholstery $ 89,005 $ 134,000 $ - $ 223,005 $ 124,565 $ 163,755 $ - $ 288,320 $ 105,445 $ 139,527 $ - $ 244,972 Bassett Leather 26,701 1,951 - 28,652 35,953 1,707 - 37,660 36,157 226 - 36,383 Bassett Custom Wood 17,357 36,732 - 54,089 22,534 43,208 - 65,742 24,079 30,931 - 55,010 Bassett Casegoods 12,329 32,252 - 44,581 15,628 40,146 - 55,774 17,378 42,658 - 60,036 Accessories, mattresses and other (1) - 31,005 8,804 39,809 - 36,303 1,802 38,105 - 34,485 - 34,485 Consolidated Furniture and Accessories revenue $ 145,392 $ 235,940 $ 8,804 $ 390,136 $ 198,680 $ 285,119 $ 1,802 $ 485,601 $ 183,059 $ 247,827 $ - $ 430,886 |
Schedule II - Analysis of Val_2
Schedule II - Analysis of Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Nov. 25, 2023 | |
Notes Tables | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Table Text Block] | Balance Beginning of Period Additions Charged to Cost and Expenses Deductions (1) Other Balance End of Period For the Year Ended November 27, 2021: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 905 $ (161 ) $ (177 ) $ - $ 567 Notes receivable valuation reserves $ 359 $ - $ - $ - $ 359 For the Year Ended November 26, 2022: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 567 $ 761 $ (67 ) $ - $ 1,261 Notes receivable valuation reserves $ 359 $ - $ (359 ) $ - $ - Income tax valuation allowance $ - $ 1,339 $ - $ - $ 1,339 For the Year Ended November 25, 2023: Reserve deducted from assets to which it applies Allowance for doubtful accounts $ 1,261 $ 219 $ (945 ) $ - $ 535 Income tax valuation allowance $ 1,339 $ 452 $ - $ - $ 1,791 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) | Nov. 25, 2023 |
Number of Stores | 87 |
Percent Of Wholesale Products Sourced From Other Countries | 23% |
Number Of Domestic Manufacturing Facilities | 5 |
Company-owned Retail Stores [Member] | |
Number of Stores | 56 |
Licensee Operated Retail Stores [Member] | |
Number of Stores | 31 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | Sep. 02, 2022 | |
Contract with Customer, Liability | $ 22,788 | $ 35,963 | ||
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers | 35% | 31% | ||
Percentage of LIFO Inventory | 51% | 46% | ||
Advertising Expense | $ 19,106 | $ 16,698 | $ 15,228 | |
Deliver Wholesale Merchandise to Customers [Member] | ||||
Selling, General and Administrative Expense, Delivery Costs | 26,125 | 33,029 | 27,122 | |
Deliver Retail Merchandise to Customers [Member] | ||||
Selling, General and Administrative Expense, Delivery Costs | 23,399 | 23,812 | 22,494 | |
Non-US [Member] | ||||
Revenues | 406 | 731 | $ 488 | |
Other Accrued Liabilities [Member] | ||||
Revenue from Contract with Customer, Sales Returns, Reserve for Sales Return | 4,883 | 6,559 | ||
Other Current Assets [Member] | Sales Commissions [Member] | ||||
Capitalized Contract Cost, Net | $ 2,245 | $ 3,768 | ||
Minimum [Member] | ||||
Payment Terms For Wholesale Customers | 30 days | |||
Minimum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Minimum [Member] | Real Estate Lease [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||
Maximum [Member] | ||||
Payment Terms For Wholesale Customers | 60 days | |||
Maximum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Maximum [Member] | Real Estate Lease [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 15 years | |||
Lessee, Operating Lease, Renewal Term (Year) | 15 years | |||
Noa Home Inc. [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Accounts receivable, net of allowance for credit losses of $535 and $1,261 as of November 25, 2023 and November 26, 2022, respectively | $ 13,736 | $ 17,838 |
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15) | 1,819 | 1,828 |
Other | 81 | 43 |
Total credit risk exposure related to customers | $ 15,636 | $ 19,709 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Sep. 02, 2022 USD ($) | Sep. 02, 2022 CAD ($) | Nov. 25, 2023 USD ($) | Nov. 26, 2022 USD ($) | Nov. 27, 2021 USD ($) | Dec. 31, 2024 CAD ($) | Jun. 30, 2023 CAD ($) | |
Gain on revaluation of contingent consideration | $ 1,013 | $ 0 | $ 0 | ||||
Noa Home Inc. [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||
Business Combination, Consideration Transferred, Total | $ 7,253 | $ 7,700 | |||||
Payments to Acquire Businesses, Gross | 5,878 | 2,000 | |||||
Business Combination, Consideration Transferred, Repayments of Debt | 5,700 | ||||||
Business Combination, Additional Consideration, Contingent Annual Payments Based On Performance | $ 1,330 | ||||||
Business Combination, Contingent Consideration, Liability | $ 200 | ||||||
Gain on revaluation of contingent consideration | $ 1,013 | ||||||
Business Combination, Acquisition Related Costs | $ 87 | ||||||
Noa Home Inc. [Member] | Forecast [Member] | |||||||
Business Combination, Contingent Consideration, Liability | $ 200 | ||||||
Noa Home Inc. [Member] | Trade Names [Member] | |||||||
Intangible asset - trade name | $ 1,929 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands, $ in Millions | Sep. 02, 2022 USD ($) | Sep. 02, 2022 CAD ($) | Nov. 25, 2023 USD ($) | Nov. 26, 2022 USD ($) |
Goodwill | $ 7,217 | $ 12,772 | ||
Noa Home Inc. [Member] | ||||
Payments to Acquire Businesses, Gross | $ 5,878 | $ 2 | ||
Fair value of contingent consideration payable | 1,375 | |||
Business Combination, Consideration Transferred, Total | 7,253 | $ 7.7 | ||
Cash | 296 | |||
Inventory | 1,585 | |||
Other current assets | 317 | |||
Property & equipment | 155 | |||
Total identifiable assets acquired | 4,282 | |||
Accounts payable | (1,227) | |||
Customer deposits | (1,059) | |||
Other current liabilities and accrued expenses | (458) | |||
Total liabilities assumed | (2,744) | |||
Net identifiable assets acquired | 1,538 | |||
Goodwill | 5,715 | |||
Total net assets acquired | 7,253 | |||
Noa Home Inc. [Member] | Trade Names [Member] | ||||
Intangible asset - trade name | $ 1,929 |
Note 4 - Financial Instrument_2
Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 25, 2023 | Nov. 26, 2022 | |
Short-Term Investments | $ 17,775 | $ 17,715 |
Minimum [Member] | ||
Certificates of Deposit, Average Term | 6 months | |
Interest Rate of Certificates of Deposit | 0.70% | |
Maximum [Member] | ||
Certificates of Deposit, Average Term | 12 months | |
Interest Rate of Certificates of Deposit | 5.45% | |
Weighted Average [Member] | ||
Interest Rate of Certificates of Deposit | 5.10% | |
Certificates of Deposit [Member] | ||
Short-Term Investments | $ 17,775 | $ 17,715 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Gross accounts receivable | $ 14,271 | $ 19,099 |
Allowance for doubtful accounts | (535) | (1,261) |
Accounts receivable, net | $ 13,736 | $ 17,838 |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 25, 2023 | Nov. 26, 2022 | |
Balance, beginning of the year | $ 1,261 | $ 567 |
Additions charged to expense | 219 | 761 |
Reductions to allowance, net | (945) | (67) |
Balance, end of the year | $ 535 | $ 1,261 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Purchases From Major Vendors | $ 13,498 | $ 33,253 | $ 34,658 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 |
Wholesale finished goods | $ 27,521 | $ 46,607 | |
Work in process | 637 | 620 | |
Raw materials and supplies | 18,655 | 22,859 | |
Retail merchandise | 33,090 | 32,974 | |
Total inventories on first-in, first-out method | 79,903 | 103,060 | |
LIFO adjustment | (11,738) | (12,416) | |
Reserve for excess and obsolete inventory | (5,183) | (5,167) | $ (4,816) |
Inventory, Net | $ 62,982 | $ 85,477 |
Note 6 - Inventories - Activity
Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Balance | $ 5,167 | $ 4,816 | |
Additions charged to expense | 4,626 | 3,648 | $ 2,969 |
Write-offs | (4,610) | (3,297) | |
Balance | 5,183 | 5,167 | 4,816 |
Operating Segments [Member] | Wholesale Segment [Member] | |||
Balance | 4,103 | 3,683 | |
Additions charged to expense | 3,876 | 2,577 | |
Write-offs | (3,834) | (2,157) | |
Balance | 4,145 | 4,103 | 3,683 |
Operating Segments [Member] | Retail Segment [Member] | |||
Balance | 1,064 | 1,133 | |
Additions charged to expense | 750 | 1,071 | |
Write-offs | (776) | (1,140) | |
Balance | $ 1,038 | $ 1,064 | $ 1,133 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Land | $ 10,866 | $ 10,866 |
Buildings and leasehold improvements | 125,290 | 116,418 |
Machinery and equipment | 106,613 | 101,153 |
Property and equipment at cost | 242,769 | 228,437 |
Less accumulated depreciation | (158,788) | (151,436) |
Property and equipment, net | $ 83,981 | $ 77,001 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Property and equipment, net | $ 83,981 | $ 77,001 |
Wholesale Segment [Member] | ||
Property and equipment, net | 23,155 | 23,205 |
Retail Segment [Member] | ||
Property and equipment, net | 44,799 | 40,361 |
Corporate and Other [Member] | ||
Property and equipment, net | $ 16,027 | $ 13,435 |
Note 7 - Property and Equipme_5
Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Total depreciation expense included in income from operations | $ 10,084 | $ 9,986 | $ 9,909 |
Cost of Sales [Member] | |||
Total depreciation expense included in income from operations | 2,124 | 2,082 | 1,797 |
Selling, General and Administrative Expenses [Member] | |||
Total depreciation expense included in income from operations | 7,960 | 7,904 | 8,112 |
Selling, General and Administrative Expenses [Member] | Wholesale Segment [Member] | |||
Total depreciation expense included in income from operations | 274 | 271 | 259 |
Selling, General and Administrative Expenses [Member] | Retail Segment [Member] | |||
Total depreciation expense included in income from operations | 5,502 | 5,738 | 6,580 |
Selling, General and Administrative Expenses [Member] | Corporate and Other [Member] | |||
Total depreciation expense included in income from operations | $ 2,184 | $ 1,895 | $ 1,273 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 9,306 | $ 3,897 | $ 3,897 |
Amortization of Intangible Assets | $ 57 | $ 57 | $ 57 |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Intangibles subject to amortization, Intangible Assets, Net | $ 175 | |
Trade names | 8,675 | $ 8,723 |
Goodwill | 7,217 | 12,772 |
Total goodwill and other intangible assets | 16,067 | 21,727 |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 512 | 512 |
Intangibles subject to amortization, Accumulated Amortization | (337) | (280) |
Intangibles subject to amortization, Intangible Assets, Net | $ 175 | $ 232 |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Balance | $ 12,771 | $ 7,217 | |
Acquisition of Noa Home | 5,715 | ||
Foreign currency translation adjustments | (145) | (161) | |
Full impairment of Noa Home goodwill | (5,409) | 0 | $ 0 |
Balance | 7,217 | 12,771 | 7,217 |
Wholesale Segment [Member] | |||
Balance | 7,217 | 7,217 | |
Acquisition of Noa Home | 0 | ||
Foreign currency translation adjustments | 0 | 0 | |
Full impairment of Noa Home goodwill | 0 | ||
Balance | 7,217 | 7,217 | 7,217 |
Retail Segment [Member] | |||
Balance | 0 | 0 | |
Acquisition of Noa Home | 0 | ||
Foreign currency translation adjustments | 0 | 0 | |
Full impairment of Noa Home goodwill | 0 | ||
Balance | 0 | 0 | 0 |
Corporate and Other [Member] | |||
Balance | 5,554 | 0 | |
Acquisition of Noa Home | 5,715 | ||
Foreign currency translation adjustments | (145) | (161) | |
Full impairment of Noa Home goodwill | (5,409) | ||
Balance | $ 0 | $ 5,554 | $ 0 |
Note 8 - Goodwill and Other I_6
Note 8 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details) - Customer Relationships [Member] | Nov. 26, 2022 |
Finite-lived intangible assets, useful life (Year) | 9 years |
Finite-lived intangible assets, remianing amortization period (Year) | 4 years |
Note 8 - Goodwill and Other I_7
Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Nov. 25, 2023 USD ($) |
Fiscal 2024 | $ 57 |
Fiscal 2025 | 57 |
Fiscal 2026 | 57 |
Fiscal 2027 | 4 |
Fiscal 2028 | 0 |
Total | $ 175 |
Note 9 - Bank Credit Facility (
Note 9 - Bank Credit Facility (Details Textual) - Bank One [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 02, 2024 | Nov. 25, 2023 USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |
Letters of Credit Outstanding, Amount | 3,731 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 21,269 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.4 | |
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio | 3 | |
Debt Instrument, Covenant, Minimum Tangible Net Worth | $ 140,000 | |
Debt Instrument, Fixed Charge Coverage Ratio | 1 | |
Debt Instrument, Lease-adjusted Leverage Ratio | 3.75 | |
Forecast [Member] | ||
Debt Instrument, Fixed Charge Coverage Ratio | 1 | |
Debt Instrument, Lease-adjusted Leverage Ratio | 3.75 | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 10 - Post-employment Ben_3
Note 10 - Post-employment Benefit Obligations (Details Textual) $ in Thousands | 12 Months Ended | ||||
May 02, 2017 USD ($) | May 01, 2017 | Nov. 25, 2023 USD ($) | Nov. 26, 2022 USD ($) | Nov. 27, 2021 USD ($) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (862) | $ (314) | |||
Postemployment Benefits Liability, Noncurrent | $ 10,207 | 9,954 | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 25% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 8% | ||||
Defined Contribution Plan, Cost | $ 998 | 1,108 | $ 1,040 | ||
Unfunded Deferred Compensation Plan [Member] | |||||
Pension Cost (Reversal of Cost) | 204 | 154 | 204 | ||
Postemployment Benefits Liability, Noncurrent | 1,655 | 1,616 | |||
Management Savings Plan [member] | |||||
Defined Benefit Plan, Fixed Future Benefit Award | $ 2,000 | ||||
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants | $ 400 | ||||
Defined Benefit Plan, Benefit Obligation, Number of Annual Installments | 10 | ||||
Payment to Acquire Life Insurance Policy, Operating Activities | 1,019 | 853 | 647 | ||
Current Net Death Benefit | 15,020 | ||||
Supplemental Employee Retirement Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary | 75% | ||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus | 100% | ||||
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years (Year) | 5 years | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 46 | (16) | $ 338 | ||
Current Net Death Benefit | $ 1,504 | ||||
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan | 65% | ||||
Death Benefit Percent Of Final Average Annual Compensation For Period of 120 Months | 50% | ||||
Death Benefit Payment Term (Month) | 120 months | ||||
Death Benefit Percent Of Final Average Annual Compensation Single Payment | 200% | ||||
Supplemental Employee Retirement Plan [Member] | Non-current Portion of Post Employment Benefits Liability [Member] | |||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 2,661 | $ 2,070 |
Note 10 - Post-employment Ben_4
Note 10 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Projected benefit obligation at beginning of year | $ 7,262 | $ 10,740 | |
Service cost | 27 | 36 | $ 121 |
Interest cost | 370 | 231 | 196 |
Actuarial (gains) and losses | (424) | (2,503) | |
Benefits paid | (256) | (1,242) | |
Projected benefit obligation at end of year | 6,979 | 7,262 | $ 10,740 |
Accumulated Benefit Obligation | $ 6,979 | $ 7,262 | |
Discount rate used to value the ending benefit obligations: | 5.92% | 5.38% | |
Current liabilities | $ 719 | $ 698 | |
Noncurrent liabilities | 6,260 | 6,564 | |
Total amounts recognized | 6,979 | 7,262 | |
Prior service cost | 103 | 229 | |
Actuarial (gain) loss | (965) | (543) | |
Net amount recognized | (862) | (314) | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income: | $ (27) | $ (2,236) |
Note 10 - Post-employment Ben_5
Note 10 - Post-employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Service cost | $ 27 | $ 36 | $ 121 |
Interest cost | 370 | 231 | 196 |
Amortization of prior service cost | 125 | 126 | 126 |
Amortization of other loss | 0 | 133 | 59 |
Net periodic pension cost | $ 522 | $ 526 | $ 502 |
Pension Plan [Member] | |||
Discount rate | 5.38% | 2.25% | 2% |
Increase in future compensation levels | 3% | 3% | 3% |
Note 10 - Post-employment Ben_6
Note 10 - Post-employment Benefit Obligations - Assumptions Used in Calculating Net Periodic Pension Cost (Details) $ in Thousands | Nov. 25, 2023 USD ($) |
Fiscal 2024 | $ 759 |
Fiscal 2025 | 722 |
Fiscal 2026 | 765 |
Fiscal 2027 | 769 |
Fiscal 2028 | 733 |
Fiscal 2029 through 2033 | $ 3,078 |
Note 10 - Post-employment Ben_7
Note 10 - Post-employment Benefit Obligations - Estimated Future Benefit Payments (Details) $ in Thousands | Nov. 25, 2023 USD ($) |
Prior service cost | $ 103 |
Other loss | 64 |
Total expected to be amortized to net periodic pension cost in 2024 | $ 39 |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Balance | $ 195,609 | $ 162,732 | $ 158,030 |
Foreign currency translation adjustment | (378) | (274) | 0 |
Balance | 183,441 | 195,609 | 162,732 |
AOCI Attributable to Parent [Member] | |||
Balance | 50 | (1,823) | (1,394) |
Actuarial losses | 424 | 2,503 | |
Net pension amortization reclassified from accumulated other comprehensive loss | 119 | 256 | |
Foreign currency translation adjustment | (378) | (272) | |
Tax effects | (63) | (614) | |
Balance | $ 152 | $ 50 | $ (1,823) |
Note 12 - Capital Stock and S_3
Note 12 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | Mar. 10, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 109 | $ 19 | $ 219 | |
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 10 | 1 | $ (133) | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 867 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 28,063,000 | 30,074,000 | 22,547,000 | |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 32,899 | |||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 10 | $ 1 | $ (133) | |
Restricted Stock [Member] | Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 17,100 | |||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 5,985 | 1,225 | 10,850 | |
Restricted Stock [Member] | Director [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 15,799 | |||
Plan 2021 [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 500,000 | |||
Plan 2010 [Member] | Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 32,899 | |||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 109 | $ 19 | $ 219 | |
Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent | 85% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 74,397 |
Note 12 - Capital Stock and S_4
Note 12 - Capital Stock and Stock Compensation - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Selling, General and Administrative Expenses [Member] | |||
Stock based compensation expense | $ 849 | $ 538 | $ 158 |
Note 12 - Capital Stock and S_5
Note 12 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Total intrinsic value of options exercised | $ 0 | $ 0 | $ 93 |
Proceeds from exercise of stock options | 0 | 0 | 42 |
Excess tax benefits recognized in income tax expense upon the exercise of options | 10 | 1 | (133) |
Share-Based Payment Arrangement, Option [Member] | |||
Excess tax benefits recognized in income tax expense upon the exercise of options | $ 0 | $ 0 | $ 18 |
Note 12 - Capital Stock and S_6
Note 12 - Capital Stock and Stock Compensation - Summary of Restricted Shares Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Nov. 25, 2023 $ / shares shares | |
Outstanding, shares (in shares) | shares | 67,099 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.27 |
Granted, shares (in shares) | shares | 66,113 |
Granted, grant date fair value (in dollars per share) | $ / shares | $ 17.77 |
Vested, shares (in shares) | shares | (32,899) |
Vested, grant date fair value (in dollars per share) | $ / shares | $ 16.73 |
Forfeited, shares (in shares) | shares | (8,000) |
Forfeited, grant date fair value (in dollars per share) | $ / shares | $ 16.86 |
Non-vested restricted shares outstanding, shares (in shares) | shares | 92,313 |
Non-vested restricted shares outstanding, grant date fair value (in dollars per share) | $ / shares | $ 17.13 |
Note 12 - Capital Stock and S_7
Note 12 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Nov. 25, 2023 | Nov. 26, 2022 | |
Restricted shares outstanding (in shares) | 92,313 | 67,099 |
Granted, grant date fair value (in dollars per share) | $ 17.77 | |
January 12, 2022 [Member] | ||
Restricted shares outstanding (in shares) | 31,000 | |
Granted, grant date fair value (in dollars per share) | $ 15.82 | |
Remaining restriction period (Year) | 1 year 1 month 6 days | |
January 11 2023 [Member] | ||
Restricted shares outstanding (in shares) | 46,200 | |
Granted, grant date fair value (in dollars per share) | $ 17.55 | |
Remaining restriction period (Year) | 2 years 1 month 6 days | |
March 8 2023 [Member] | ||
Restricted shares outstanding (in shares) | 15,113 | |
Granted, grant date fair value (in dollars per share) | $ 18.53 | |
Remaining restriction period (Year) | 3 months 18 days |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 10 | $ 1 | $ (133) |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,791 | ||
Income Taxes Paid, Net | $ 263 | $ 20,176 | $ 3,092 |
Open Tax Year | 2020 2021 2022 2023 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards | $ 7,511 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Federal | $ (121) | $ 5,659 | $ 4,507 |
State | (72) | 2,154 | 171 |
Federal | 846 | 484 | 60 |
State | 30 | 405 | 1,098 |
Total | $ 683 | $ 8,702 | $ 5,836 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Statutory federal income tax rate | 21% | 21% | 21% |
State income tax, net of federal benefit | 3.80% | 4.40% | 4.20% |
Impairment of non-deductible goodwill | (45.70%) | 0% | 0.40% |
Nontaxable gain on revaluation of contingent consideration | 8.60% | 0% | 0% |
Other | 3% | (0.30%) | (0.10%) |
Change in valuation allowance | (18.20%) | 0.40% | 0% |
Effective income tax rate | (27.50%) | 25.50% | 25.50% |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Trade accounts receivable | $ 135 | $ 315 |
Inventories | 3,847 | 3,782 |
Post employment benefit obligations | 2,426 | 2,734 |
Foreign net operating loss carryforwards | 1,791 | 1,339 |
Operating lease liabilities | 29,185 | 29,423 |
Other | 1,668 | 1,722 |
Gross deferred income tax assets | 39,052 | 39,315 |
Valuation allowance | (1,791) | (1,339) |
Total deferred income tax assets | 37,261 | 37,976 |
Property and equipment | 5,894 | 5,532 |
Intangible assets | 984 | 726 |
Operating lease assets | 25,239 | 25,166 |
Prepaid expenses and other | 499 | 1,024 |
Total deferred income tax liabilities | 32,616 | 32,448 |
Net deferred income tax assets | $ 4,645 | $ 5,528 |
Note 14 - Other Gains and Los_2
Note 14 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Aug. 27, 2022 | May 28, 2022 | Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Non-cash goodwill impairment charge | $ 5,409 | $ 0 | $ 0 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (1,013) | 0 | 0 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 0 | 4,595 | $ 0 | ||
Gain (Loss) from Company Owned Life Insurance | 1,441 | ||||
Houston, Texas [Member] | |||||
Sale of Real Estate, Expected Taxable Gain (Loss) | $ 4,300 | ||||
Tampa Florida [Member] | |||||
Payments to Acquire Real Estate | $ 7,668 | ||||
Discontinued Operations, Disposed of by Sale [Member] | Houston, Texas [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 8,217 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 4,595 |
Note 15 - Leases and Lease Gu_3
Note 15 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Loss Contingency, Estimate of Possible Loss | $ 1,819 | $ 1,828 |
Lease Obligations of Licensee Operators [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 1,845 | $ 1,880 |
Note 15 - Leases and Lease Gu_4
Note 15 - Leases and Lease Guarantees - Supplemental Lease Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | ||
Cash paid for amounts included in the measurements of lease liabilities, operating | $ 26,854 | $ 26,913 | $ 26,842 | |
Right of use assets | 100,888 | 99,472 | ||
Cash paid for amounts included in the measurements of lease liabilitiesCash paid for amounts included in the measurements of lease liabilities, financing | 301 | 302 | 103 | |
Lease liabilities arising from new right-of-use assets, operating | 21,921 | 23,171 | 15,678 | |
Lease liabilties, short-term | 18,827 | 18,819 | ||
Lease liabilities arising from new right-of-use assets, financing | 0 | 73 | $ 927 | |
Lease liabilties, long-term | $ 97,357 | $ 97,477 | ||
Weighted average remaining lease terms (years), operating (Year) | 5 years 6 months | 6 years 2 months 12 days | 6 years 3 months 18 days | |
Weighted average remaining lease terms (years)Weighted average remaining lease terms (years), financing (Year) | 1 year 4 months 24 days | 2 years 3 months 18 days | 3 years 2 months 12 days | |
Weighted average discount rates, operating | 5.78% | 5.53% | 5.07% | |
Weighted average discount rates, financing | 4.72% | 4.68% | 4.63% | |
Property & Equipment, Net [Member] | ||||
Right of use assets (1) | [1] | $ 327 | $ 623 | |
Other Current Liabilities and Accrued Expenses [Member] | ||||
Lease liabilties, short-term (2) | [2] | 246 | 282 | |
Other Long-term Liabilities and Accrued Expenses [Member] | ||||
Lease liabilties, long-term (3) | [3] | $ 99 | $ 360 | |
[1]Included in property & equipment, net in our consolidated balance sheet.[2]Included in other current liabilites and accrued expenses in our consolidated balance sheet.[3]Included in other long-term liabilites and accrued expenses in our consolidated balance sheet. |
Note 15 - Leases and Lease Gu_5
Note 15 - Leases and Lease Guarantees - Right of Use Assets (Details) - USD ($) $ in Thousands | Nov. 25, 2023 | Nov. 26, 2022 |
Right of use assets under operating leases | $ 100,888 | $ 99,472 |
Wholesale Segment [Member] | ||
Right of use assets under operating leases | 8,689 | 8,138 |
Retail Segment [Member] | ||
Right of use assets under operating leases | 92,190 | 91,289 |
Corporate and Other [Member] | ||
Right of use assets under operating leases | $ 9 | $ 45 |
Note 15 - Leases and Lease Gu_6
Note 15 - Leases and Lease Guarantees - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Operating lease cost | $ 24,287 | $ 24,399 | $ 24,367 |
Amortization of right-of-use assets | 278 | 279 | 95 |
Interest on lease liabilities | 22 | 35 | 15 |
Short-term lease cost | 401 | 674 | 387 |
Variable lease cost (net of abatements received) | 260 | 447 | 277 |
Sublease income | (1,093) | (1,444) | (1,292) |
Total lease cost | $ 24,155 | $ 24,390 | $ 23,849 |
Note 15 - Leases and Lease Gu_7
Note 15 - Leases and Lease Guarantees - Lease Maturities (Details) $ in Thousands | Nov. 25, 2023 USD ($) |
Fiscal 2024, operating lease | $ 25,269 |
Fiscal 2024, finance lease | 256 |
Fiscal 2025, operating lease | 26,003 |
Fiscal 2025, finance lease | 94 |
Fiscal 2026, operating lease | 24,213 |
Fiscal 2026, finance lease | 5 |
Fiscal 2027, operating lease | 20,850 |
Fiscal 2027, finance lease | 2 |
Fiscal 2028, operating lease | 16,872 |
Fiscal 2028, finance lease | 0 |
Thereafter, operating lease | 26,841 |
Thereafter, finance lease | 0 |
Total lease payments, operating lease | 140,048 |
Total lease payments, finance lease | 357 |
Less: interest, operating lease | 23,864 |
Finance Lease, Liability, Undiscounted Excess Amount | 12 |
Total operating lease obligations | 116,184 |
Other Accrued Liabilities [Member] | |
Total lease obligations | $ 345 |
Note 15 - Leases and Lease Gu_8
Note 15 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands | Nov. 25, 2023 USD ($) |
Fiscal 2024 | $ 899 |
Fiscal 2025 | 899 |
Fiscal 2026 | 586 |
Fiscal 2027 | 215 |
Fiscal 2028 | 0 |
Thereafter | 0 |
Total minimum future rental income | $ 2,599 |
Note 17 - Earnings (Loss) Per_3
Note 17 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | ||
Net income (loss) from continuing operations | $ (3,171) | $ 25,360 | $ 16,921 | |
Denominator for basic income per share - weighted average shares (in shares) | 8,784,759 | 9,394,873 | 9,835,829 | |
Effect of dilutive securities* (in shares) | [1] | 0 | 8,107 | 7,945 |
Denominator for diluted income per share — weighted average shares and assumed conversions (in shares) | 8,784,759 | 9,402,980 | 9,843,774 | |
Basic income (loss) per share - continuing operations: (in dollars per share) | $ (0.36) | $ 2.7 | $ 1.72 | |
Diluted income (loss) per share - continuing operations (in dollars per share) | $ (0.36) | $ 2.7 | $ 1.72 | |
Net income from discontinued operations | $ 0 | $ 39,985 | $ 1,121 | |
Denominator for basic income per share - weighted average shares (in shares) | 8,784,759 | 9,394,873 | 9,835,829 | |
Effect of dilutive securities* (in shares) | [1] | 0 | 8,107 | 0 |
Denominator for diluted income per share — weighted average shares and assumed conversions (in shares) | 8,784,759 | 9,402,980 | 9,835,829 | |
Basic income per share - discontinued operations (in dollars per share) | $ 0 | $ 4.26 | $ 0.11 | |
Diluted income per share - discontinued operations (in dollars per share) | $ 0 | $ 4.26 | $ 0.11 | |
[1]Due to the net loss in 2023, the potentially dilutive securities would have been anti-dilutive and are therefore excluded. |
Note 17 - Earnings (Loss) Per_4
Note 17 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Unvested Shares [Member] | |||
Unvested shares (in shares) | 92,313 | 0 | 0 |
Note 18 - Discontinued Operat_3
Note 18 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Nov. 26, 2022 | Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment | $ 52,534 | |||
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year) | 7 years | |||
Disposal Group, Including Discontinued Operation, Interest Expense | $ 78 | $ 289 | ||
Logistical Services [Member] | Subsidiaries [Member] | ||||
Related Party Transaction, Amounts of Transaction | 9,121 | $ 31,329 | ||
Disposal Group, Including Discontinued Operation, Operating Expense | $ 26,125 | 27,604 | ||
Other Current Liabilities and Accrued Expenses [Member] | ||||
Disposal Group, Including Discontinued Operation, Reserve for Pre-disposal Workers'' Compensation | $ 639 | $ 358 | $ 639 |
Note 18 - Discontinued Operat_4
Note 18 - Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Feb. 28, 2022 | Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | ||||
Net proceeds from the sale | $ 1,000 | $ 84,534 | $ 0 | ||||
Gain on disposal | 0 | 52,534 | 0 | ||||
Pretax income of discontinued operations | 0 | 1,712 | 1,483 | ||||
Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 86,939 | ||||||
Cash provided by operating activities | 0 | [1] | 1,681 | [1] | 4,082 | ||
Logistical services revenue | 0 | 16,776 | 55,648 | ||||
representations and warranties (1) | [2] | 1,000 | |||||
Seller expenses paid at closing | 418 | ||||||
Net proceeds from the sale | 84,534 | 0 | [1] | (81) | [1] | (4,508) | |
Working capital adjustment paid to buyer | $ 987 | ||||||
Cost of logistical services | 0 | 15,001 | 53,905 | ||||
Cash used in financing activities | 0 | [1] | (371) | [1] | (1,259) | ||
Other loss, net | 0 | (63) | (260) | ||||
Net cash provided by discontinued operations | 0 | [1] | 1,229 | [1] | (1,685) | ||
Income from operations of logistical services | 0 | 1,712 | 1,483 | ||||
Gain on disposal | 0 | 52,534 | 0 | ||||
Pretax income of discontinued operations | 0 | 54,246 | 1,483 | ||||
Income tax expense | 0 | 14,261 | 362 | ||||
Income from discontinued operations, net of tax | $ 0 | $ 39,985 | $ 1,121 | ||||
[1]Excludes net proceeds from the sale of Zenith.[2]This was held in escrow until the first anniversary of the sale, at which time the full amount was released to the Company on March 2, 2023. This amount was included in other current assets in the accompanying condensed consolidated balance sheet at November 26, 2022. |
Note 19 - Segment Information_2
Note 19 - Segment Information (Details Textual) | 12 Months Ended |
Nov. 25, 2023 | |
Number of Reportable Segments | 3 |
Note 19 - Segment Information -
Note 19 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | |||
Consolidated net sales of furniture and accessories | $ 390,136 | $ 485,601 | $ 430,886 | ||
Income from operations | (3,135) | 34,865 | 24,257 | ||
Gain on revaluation of contingent consideration | 1,013 | 0 | 0 | ||
Full impairment of Noa Home goodwill | (5,409) | 0 | 0 | ||
Gain on sale of real estate | 0 | 4,595 | 0 | ||
Depreciation and amortization | 10,141 | 11,309 | 14,597 | ||
Capital expenditures | 17,489 | 21,296 | 10,750 | ||
Discontinued operations | 17,489 | 21,296 | 10,750 | ||
Assets | 370,424 | 406,273 | 421,660 | ||
Discontinued Operations, Disposed of by Sale [Member] | |||||
Depreciation and amortization | 0 | 1,266 | 4,631 | ||
Capital expenditures | 0 | 0 | 4,508 | ||
Discontinued operations | 0 | 0 | 4,508 | ||
Assets | 0 | 0 | 63,821 | ||
Wholesale Segment [Member] | |||||
Consolidated net sales of furniture and accessories | 145,392 | 198,680 | 183,059 | ||
Full impairment of Noa Home goodwill | 0 | ||||
Retail Segment [Member] | |||||
Consolidated net sales of furniture and accessories | 235,940 | 285,119 | 247,827 | ||
Full impairment of Noa Home goodwill | 0 | ||||
Corporate and Other [Member] | |||||
Consolidated net sales of furniture and accessories | 8,804 | [1] | 1,802 | [1] | 0 |
Income from operations | (29,926) | (30,997) | (24,829) | ||
Full impairment of Noa Home goodwill | (5,409) | ||||
Depreciation and amortization | 2,184 | 1,883 | 1,274 | ||
Capital expenditures | 5,317 | 5,238 | 1,766 | ||
Discontinued operations | 5,317 | 5,238 | 1,766 | ||
Assets | 104,816 | 118,618 | 78,972 | ||
Operating Segments [Member] | |||||
Depreciation and amortization | 10,141 | 11,309 | 14,597 | ||
Operating Segments [Member] | Wholesale Segment [Member] | |||||
Consolidated net sales of furniture and accessories | 248,911 | 324,569 | 295,329 | ||
Income from operations | 30,699 | 41,979 | 43,946 | ||
Depreciation and amortization | 2,455 | 2,410 | 2,112 | ||
Capital expenditures | 2,295 | 5,509 | 4,177 | ||
Discontinued operations | 2,295 | 5,509 | 4,177 | ||
Assets | 99,004 | 125,433 | 123,469 | ||
Operating Segments [Member] | Retail Segment [Member] | |||||
Consolidated net sales of furniture and accessories | 235,940 | 285,119 | 247,827 | ||
Income from operations | 3,924 | ||||
Depreciation and amortization | 6,580 | ||||
Capital expenditures | 299 | ||||
Discontinued operations | 299 | ||||
Assets | 166,604 | 162,222 | 155,398 | ||
Operating Segments [Member] | Corporate and Other [Member] | |||||
Consolidated net sales of furniture and accessories | 8,804 | 1,802 | 0 | ||
Operating Segments [Member] | Retail Segments [Member] | |||||
Income from operations | (536) | 19,352 | |||
Depreciation and amortization | 5,502 | 5,750 | |||
Capital expenditures | 9,877 | 10,549 | |||
Discontinued operations | 9,877 | 10,549 | |||
Intersegment Eliminations [Member] | |||||
Income from operations | 1,024 | (64) | 1,216 | ||
Intersegment Eliminations [Member] | Wholesale Segment [Member] | |||||
Consolidated net sales of furniture and accessories | $ (103,519) | $ (125,889) | $ (112,270) | ||
[1]Beginning with the fourth quarter of fiscal 2022, our Corporate and other segment includes the sales of Noa Home, which was acquired on September 2, 2022 (see Note 3). |
Note 20 - Revenue Recognition -
Note 20 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | ||||
Net sales of furniture and accessories | $ 390,136 | $ 485,601 | $ 430,886 | |||
Wholesale Segment [Member] | ||||||
Net sales of furniture and accessories | 145,392 | 198,680 | 183,059 | |||
Retail Segment [Member] | ||||||
Net sales of furniture and accessories | 235,940 | 285,119 | 247,827 | |||
Corporate and Other [Member] | ||||||
Net sales of furniture and accessories | 8,804 | [1] | 1,802 | [1] | 0 | |
Bassett Custom Upholstery [Member] | ||||||
Net sales of furniture and accessories | 223,005 | 288,320 | 244,972 | |||
Bassett Custom Upholstery [Member] | Wholesale Segment [Member] | ||||||
Net sales of furniture and accessories | 89,005 | 124,565 | 105,445 | |||
Bassett Custom Upholstery [Member] | Retail Segment [Member] | ||||||
Net sales of furniture and accessories | 134,000 | 163,755 | 139,527 | |||
Bassett Custom Upholstery [Member] | Corporate and Other [Member] | ||||||
Net sales of furniture and accessories | 0 | [1] | 0 | [1] | 0 | |
Bassett Leather [Member] | ||||||
Net sales of furniture and accessories | 28,652 | 37,660 | 36,383 | |||
Bassett Leather [Member] | Wholesale Segment [Member] | ||||||
Net sales of furniture and accessories | 26,701 | 35,953 | 36,157 | |||
Bassett Leather [Member] | Retail Segment [Member] | ||||||
Net sales of furniture and accessories | 1,951 | 1,707 | 226 | |||
Bassett Leather [Member] | Corporate and Other [Member] | ||||||
Net sales of furniture and accessories | 0 | [1] | 0 | [1] | 0 | |
Bassett Custom Wood [Member] | ||||||
Net sales of furniture and accessories | 54,089 | 65,742 | 55,010 | |||
Bassett Custom Wood [Member] | Wholesale Segment [Member] | ||||||
Net sales of furniture and accessories | 17,357 | 22,534 | 24,079 | |||
Bassett Custom Wood [Member] | Retail Segment [Member] | ||||||
Net sales of furniture and accessories | 36,732 | 43,208 | 30,931 | |||
Bassett Custom Wood [Member] | Corporate and Other [Member] | ||||||
Net sales of furniture and accessories | 0 | [1] | 0 | [1] | 0 | |
Bassett Casegoods [Member] | ||||||
Net sales of furniture and accessories | 44,581 | 55,774 | 60,036 | |||
Bassett Casegoods [Member] | Wholesale Segment [Member] | ||||||
Net sales of furniture and accessories | 12,329 | 15,628 | 17,378 | |||
Bassett Casegoods [Member] | Retail Segment [Member] | ||||||
Net sales of furniture and accessories | 32,252 | 40,146 | 42,658 | |||
Bassett Casegoods [Member] | Corporate and Other [Member] | ||||||
Net sales of furniture and accessories | 0 | [1] | 0 | [1] | 0 | |
Accessories, Mattresses and Other [Member] | ||||||
Net sales of furniture and accessories | [1],[2] | 39,809 | 38,105 | 34,485 | ||
Accessories, Mattresses and Other [Member] | Wholesale Segment [Member] | ||||||
Net sales of furniture and accessories | [1],[2] | 0 | 0 | 0 | ||
Accessories, Mattresses and Other [Member] | Retail Segment [Member] | ||||||
Net sales of furniture and accessories | [1],[2] | 31,005 | 36,303 | 34,485 | ||
Accessories, Mattresses and Other [Member] | Corporate and Other [Member] | ||||||
Net sales of furniture and accessories | [1],[2] | $ 8,804 | $ 1,802 | $ 0 | ||
[1]Beginning with the fourth quarter of fiscal 2022, our Corporate and other segment includes the sales of Noa Home, which was acquired on September 2, 2022 (see Note 3).[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. |
Schedule II - Analysis of Val_3
Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 25, 2023 | Nov. 26, 2022 | Nov. 27, 2021 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance Beginning of Period | $ 1,261 | $ 567 | $ 905 | |
Additions Charged to Cost and Expenses | 219 | 761 | (161) | |
Deductions | [1] | (945) | (67) | (177) |
Other | 0 | 0 | 0 | |
Balance End of Period | 535 | 1,261 | 567 | |
SEC Schedule, 12-09, Allowance, Notes Receivable [Member] | ||||
Balance Beginning of Period | 0 | 359 | 359 | |
Additions Charged to Cost and Expenses | 0 | 0 | ||
Deductions | [1] | (359) | 0 | |
Other | 0 | 0 | ||
Balance End of Period | 0 | 359 | ||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance Beginning of Period | 1,339 | 0 | ||
Additions Charged to Cost and Expenses | 452 | 1,339 | ||
Deductions | [1] | 0 | 0 | |
Other | 0 | 0 | ||
Balance End of Period | $ 1,791 | $ 1,339 | $ 0 | |
[1]Deductions are for the purpose for which the reserve was created. |