0001437749-19-013287 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

Print Document View Excel Document

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 01, 2019	Jun. 26, 2019
Document Information [Line Items]
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Entity Central Index Key	0000010329
Trading Symbol	BSET
Current Fiscal Year End Date	--11-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		10,409,751
Document Type	10-Q
Document Period End Date	Jun. 01, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Address, Address Line One	3525 Fairystone Park Highway
EntityIncorporationStateCountryCode	VA
EntityAddressCityOrTown	Bassett
EntityAddressStateOrProvince	VA
EntityAddressPostalZipCode	24055
CityAreaCode	276
LocalPhoneNumber	629-6000
EntityTaxIdentificationNumber	54-0135270
EntityFileNumber	000-00209
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Sales revenue:
Sales revenues	$ 108,190,000	$ 116,980,000	$ 229,031,000	$ 227,252,000
Cost of furniture and accessories sold	42,530,000	45,660,000	91,707,000	88,929,000
Selling, general and administrative expenses excluding new store pre-opening costs	64,590,000	65,456,000	133,976,000	129,707,000
New store pre-opening costs	369,000	201,000	863,000	903,000
Early retirement program	0	0	835,000	0
Income from operations	701,000	5,663,000	1,650,000	7,713,000
Other loss, net	(145,000)	(233,000)	(268,000)	(860,000)
Income before income taxes	556,000	5,430,000	1,382,000	6,853,000
Income tax expense	111,000	1,141,000	329,000	3,477,000
Net income	$ 445,000	$ 4,289,000	$ 1,053,000	$ 3,376,000
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.40	$ 0.10	$ 0.32
Diluted earnings per share (in dollars per share)	0.04	0.40	0.10	0.31
Dividends per share (in dollars per share)	$ 0.125	$ 0.11	$ 0.25	$ 0.22
Furniture and Accessories [Member]
Sales revenue:
Sales revenues	$ 95,824,000	$ 102,675,000	$ 203,181,000	$ 198,798,000
Logistical Services [Member]
Sales revenue:
Sales revenues	$ 12,366,000	$ 14,305,000	$ 25,850,000	$ 28,454,000

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Net income	$ 445	$ 4,289	$ 1,053	$ 3,376
Other comprehensive income:
Other comprehensive income, net of tax	57	80	114	160
Total comprehensive income	502	4,369	1,167	3,536
Pension Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	31	31	62	62
Income taxes related to Retirement Plan	(8)	(8)	(16)	(16)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	46	76	92	152
Income taxes related to Retirement Plan	$ (12)	$ (19)	$ (24)	$ (38)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Current assets
Cash and cash equivalents	$ 11,581	$ 33,468
Short-term investments	22,643	22,643
Accounts receivable, net	20,906	19,055
Inventories	66,715	64,192
Other current assets	14,652	9,189
Total current assets	136,497	148,547
Property and equipment, net	106,089	104,863
Deferred income taxes	3,250	3,266
Goodwill and other intangible assets	28,291	28,480
Other	6,374	6,485
Total long-term assets	37,915	38,231
Total assets	280,501	291,641
Current liabilities
Accounts payable	19,587	27,407
Accrued compensation and benefits	11,299	12,994
Customer deposits	24,910	27,157
Other current liabilites and accrued expenses	11,667	14,261
Total current liabilities	67,463	81,819
Long-term liabilities
Post employment benefit obligations	12,623	13,173
Other long-term liabilities	13,249	6,340
Total long-term liabilities	25,872	19,513
Stockholders’ equity
Common stock	52,262	52,638
Retained earnings	137,127	140,009
Accumulated other comprehensive loss	(2,223)	(2,338)
Total stockholders' equity	187,166	190,309
Total liabilities and stockholders’ equity	$ 280,501	$ 291,641

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 01, 2019	May 26, 2018
Operating activities:
Net income	$ 1,053,000	$ 3,376,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,735,000	6,688,000
Gain on sale of property and equipment	(3,000)	(136,000)
Deferred income taxes	23,000	2,183,000
Other, net	(276,000)	1,243,000
Changes in operating assets and liabilities:
Accounts receivable	(1,824,000)	124,000
Inventories	(3,355,000)	(3,689,000)
Other current assets	(3,274,000)	(2,311,000)
Customer deposits	(2,247,000)	(5,014,000)
Accounts payable and other liabilities	(5,774,000)	(2,185,000)
Net cash provided by (used in) operating activities	(8,942,000)	279,000
Investing activities:
Purchases of property and equipment	(8,313,000)	(7,662,000)
Proceeds from sales of property and equipment	11,000	2,463,000
Other	343,000	(527,000)
Net cash used in investing activities	(7,959,000)	(21,282,000)
Financing activities:
Cash dividends	(2,603,000)	(6,124,000)
Proceeds from the exercise of stock options	25,000	27,000
Other issuance of common stock	159,000	173,000
Repurchases of common stock	(2,347,000)	(823,000)
Taxes paid related to net share settlement of equity awards	0	(522,000)
Repayments of notes payable	(220,000)	(3,128,000)
Net cash used in financing activities	(4,986,000)	(10,397,000)
Change in cash and cash equivalents	(21,887,000)	(31,400,000)
Cash and cash equivalents - beginning of period	33,468,000	53,949,000
Cash and cash equivalents - end of period	11,581,000	22,549,000
Acquisition of Lane Venture [Member]
Investing activities:
Cash paid for business acquisition	$ 0	$ (15,556,000)

Note 1 - Basis of Presentation

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative GAAP.

The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees nor any other of our counterparties represent VIEs.

Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances.

Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”). Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated in consolidation, and Zenith’s operating costs and expenses are included in selling, general and administrative expenses in our condensed consolidated statements of income.

Our fiscal year, which ends on the last Saturday of November, periodically results in a 53-week year instead of the normal 52 weeks. The current fiscal year ending November 30, 2019 is a 53-week year, with the additional week being included in our first fiscal quarter. Accordingly, the information presented below includes 27 weeks of operations for the six months ended June 1, 2019 as compared with 26 weeks included in the six months ended May 26, 2018.

Lane Venture Acquisition

On December 21, 2017, we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC. Lane Venture is being operated as a component of our wholesale segment (see Note 3, Business Combinations). Results of operations for the Lane Venture business are included in our condensed consolidated statements of income since the date of acquisition.

Recently Adopted Accounting Pronouncements

Effective as of the beginning of fiscal 2019, we have adopted Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. Among the types of cash flows addressed are payments for costs related to debt prepayments or extinguishments, payments representing accreted interest on discounted debt, payments of contingent consideration after a business combination, proceeds from insurance claims and company-owned life insurance, and distributions from equity method investees, among others. The amendments in ASU 2016-15 are to be adopted retrospectively with comparative amounts in prior period cash flow statements reclassified to conform to the current period presentation. Accordingly, for the six months ended May 26, 2018 we have reclassified investments in Company-owned life insurance of $527 from cash flows from operating activities to cash flows from investing activities, and we have reclassified $78 representing the portion of a debt payment attributable to discount accretion from cash flows from financing activities to cash flows from operating activities.

As of the beginning of fiscal 2019, we also adopted Accounting Standards Update No. 2014-09, Revenue – Revenue from Contracts with Customers (Topic 606 or “ASC 606”). Refer to Note 14, Revenue Recognition, for more information regarding the impact of ASC 606 on our financial statements.

Note 2 - Interim Financial Presentation

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Condensed Financial Statements [Text Block]

2. Interim Financial Presentation

All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three and six months ended June 1, 2019 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended November 24, 2018.

Income Taxes and Impact of the Tax Cuts and Jobs Act

We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter.

On December 22, 2017, The Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act reduced the federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018 for all corporate taxpayers. Our effective tax rate for the three and six months ended June 1, 2019 differs from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences, including the recognition of non-taxable proceeds from Company-owned life insurance.

Because the Act specified the new 21% tax rate beginning on January 1, 2018, we were only subject to the reduced rate for 11 months of 2018. Therefore, we computed our income tax expense for fiscal 2018 using a blended federal statutory rate of 22.2%. Our effective tax rates for the three and six months ended May 26, 2018 of 21.3% and 51.4%, respectively, differ from the blended statutory rate primarily due to a discrete charge (benefit) of ($155) and $2,032, respectively, arising from the re-measurement of our deferred tax assets at the lower statutory rate. Other items impacting our effective tax rate for the three and six months ended May 26, 2018 included the effects of state income taxes and various permanent differences including the favorable impacts of excess tax benefits on stock-based compensation of $16 and $197, respectively, non-taxable life insurance proceeds of $266 during the second quarter of 2018, and the Section 199: Domestic Production Activities Deduction, which was eliminated by the Act for our fiscal 2019 tax return.

Note 3 - Business Combinations

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3. Business Combinations

Acquisition of Lane Venture

On December 21, 2017, we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC for $15,556 in cash. Lane Venture is a manufacturer and distributor of premium outdoor furniture, and is now being operated as a component of our wholesale segment.

Under the acquisition method of accounting, the fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill.

The allocation of the $15,556 all-cash purchase price to the acquired assets and liabilities of the Lane Venture business, was as follows:

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Accounts receivable, net of reserve	$	1,507
Inventory, net of reserve		3,718
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,622
Liabilities assumed:
Accounts payable		(357	)
Other accrued liabilities		(852	)
Total liabilities assumed		(1,209	)
Net identifiable assets acquired		11,413
Goodwill		4,143
Total net assets acquired	$	15,556

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill are the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Lane Venture’s position in the outdoor furnishings market, a segment of the market not previously served by Bassett.

A portion of the fair value of the consideration transferred was assigned to identifiable intangible assets as follows:

	Useful Life
Description	In Years		Fair Value

Trade name	Indefinite		$	6,848
Customer relationships		9		512

Total acquired intangible assets			$	7,360

The finite-lived intangible asset is being amortized on a straight-line basis over its estimated useful life. The indefinite-lived intangible asset and goodwill are not 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. See Note 4.

Acquisition costs related to the Lane Venture acquisition totaled $26 and $254 during the three and six months ended May 26, 2018, and are included in selling, general and administrative expenses in the condensed consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services.

The pro forma results of operations for the acquisition of Lane Venture have not been presented because they are not material to our consolidated results of operations for the three and six months ended May 26, 2018.

Note 4 - Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

4. Financial Instruments and Fair Value Measurements

Financial Instruments

Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and notes payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value.

Investments

Our short-term investments of $22,643 at June 1, 2019 and November 24, 2018 consisted of certificates of deposit (CDs). At June 1, 2019, the CDs had original terms averaging 11 months, bearing interest at rates ranging from 0.85% to 2.70%. At June 1, 2019, the weighted average remaining time to maturity of the CDs was approximately 2 months and the weighted average yield of the CDs was approximately 2.45%. Each CD is placed with a federally insured financial institution and all deposits are within federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at June 1, 2019 and November 24, 2018 approximates their fair value.

Fair Value Measurement

The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:

Level 1 Inputs– Quoted prices for identical instruments in active markets.

Level 2 Inputs– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 Inputs– Instruments with primarily unobservable value drivers.

We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note 8) involves Level 3 inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 5 - Accounts Receivable

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

5. Accounts Receivable

Accounts receivable consists of the following:

	June 1, 2019			November 24, 2018
Gross accounts receivable	$	21,677		$	19,809
Allowance for doubtful accounts		(771	)		(754	)
Accounts receivable, net	$	20,906		$	19,055

Activity in the allowance for doubtful accounts for the six months ended June 1, 2019 was as follows:

Balance at November 24, 2018	$	754
Additions to allowance, net		17
Balance at June 1, 2019	$	771

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. See Note 4.

Note 6 - Inventories

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Inventory Disclosure [Text Block]

6. Inventories

Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first-out (LIFO) method, or market. Imported inventories and those applicable to Lane Venture are valued at the lower of cost, which is determined using the first-in, first-out (FIFO) method, or net realizable value.

Inventories were comprised of the following:

	June 1, 2019			November 24, 2018
Wholesale finished goods	$	28,034		$	30,750
Work in process		512			432
Raw materials and supplies		17,090			15,503
Retail merchandise		31,837			27,599
Total inventories on first-in, first-out method		77,473			74,284
LIFO adjustment		(8,456	)		(8,326	)
Reserve for excess and obsolete inventory		(2,302	)		(1,766	)
	$	66,715		$	64,192

We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses.

Activity in the reserves for excess quantities and obsolete inventory by segment are as follows:

	Wholesale Segment			Retail Segment			Total

Balance at November 24, 2018	$	1,500		$	266		$	1,766
Additions charged to expense		1,066			208			1,274
Write-offs		(569	)		(169	)		(738	)
Balance at June 1, 2019	$	1,997		$	305		$	2,302

Additions charged to expense for our wholesale segment during the six months ended June 1, 2019 includes a $390 inventory valuation charge arising from our decision to exit the juvenile furniture line of business.

Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2019 and do not anticipate that our methodology is likely to change in the future.

Note 7 - Goodwill and Other Intangible Assets

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	June 1, 2019
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(958	)	$	2,592
Technology - customized applications		834		(516	)		318

Total intangible assets subject to amortization		4,384		(1,474	)		2,910

Intangibles not subject to amortization:
Trade names		9,338		-			9,338
Goodwill		16,043		-			16,043

Total goodwill and other intangible assets	$	29,765	$	(1,474	)	$	28,291

	November 24, 2018
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(829	)	$	2,721
Technology - customized applications		834		(456	)		378

Total intangible assets subject to amortization		4,384		(1,285	)		3,099

Intangibles not subject to amortization:
Trade names		9,338		-			9,338
Goodwill		16,043		-			16,043

Total goodwill and other intangible assets	$	29,765	$	(1,285	)	$	28,480

There were noaccumulated impairment losses on goodwill as of June 1, 2019 or November 24, 2018.

The carrying amounts of goodwill by reportable segment at both June 1, 2019 and November 24, 2018 were as follows:

Wholesale	$	9,188
Retail		1,926
Logistical services		4,929

Total goodwill	$	16,043

Amortization expense associated with intangible assets during the three and six months ended June 1, 2019 and May 26, 2018 was as follows:

	Quarter Ended				Six Months Ended

	June 1, 2019		May 26, 2018		June 1, 2019		May 26, 2018
Intangible asset amortization expense	$	95	$	95	$	190	$	185

PART I-FINANCIAL INFORMATION-CONTINUED
BASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-UNAUDITED
JUNE 1, 2019
(Dollars in thousands except share and per share data)

Estimated future amortization expense for intangible assets that exist at June 1, 2019 is as follows:

Remainder of fiscal 2019	$	189
Fiscal 2020		379
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Thereafter		1,166

Total	$	2,910

Note 8 - Notes Payable and Bank Credit Facility

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

8. Notes Payable and Bank Credit Facility

Real Estate Notes Payable

Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling $72 and $292 at June 1, 2019 and November 24, 2018, respectively. The mortgages each bear interest at a fixed rate of 6.73%. They are collateralized by the respective properties with net book values totaling approximately $5,536 and $5,599 at June 1, 2019 and November 24, 2018, respectively. The entire balance of these mortgages is included in other current liabilities and accrued expenses in the accompanying condensed consolidated balance sheets. These obligations have been paid in full subsequent to June 1, 2019.

Fair Value

We believe that the carrying amount of our notes payable approximates fair value at both June 1, 2019 and November 24, 2018. In estimating the fair value, we utilize current market interest rates for similar instruments. The inputs into these fair value calculations 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. See Note 4.

Bank Credit Facility

Our credit facility with our bank provides for a line of credit of up to $25,000. This credit facility is unsecured and contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the agreement and expect to remain in compliance for the foreseeable future. The credit facility will mature in December 2021.

At June 1, 2019, we had $2,798 outstanding under standby letters of credit against our line, leaving availability under our credit line of $22,202. In addition, we have outstanding standby letters of credit with another bank totaling $325.

Note 9 - Post Employment Benefit Obligations

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

9. Post Employment Benefit Obligations

Defined Benefit Plans

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $10,038 and $10,574 as of June 1, 2019 and November 24, 2018, respectively.

We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second quarter of fiscal 2017. The Management Savings Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. As part of the Management Savings Plan, we have made Long Term Cash Awards (“LTC Awards”) totaling $2,000 to certain management employees in the amount of $400 each. The liability for the LTC Awards was $1,124 and $1,078 as of June 1, 2019 and November 24, 2018, respectively.

The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets:

	June 1, 2019		November 24, 2018
Accrued compensation and benefits	$	798	$	798
Post employment benefit obligations		10,364		10,854

Total pension liability	$	11,162	$	11,652

Components of net periodic pension costs for our defined benefit plans for the three and six months ended June 1, 2019 and May 26, 2018 are as follows:

	Quarter Ended				Six Months Ended
	June 1, 2019		May 26, 2018		June 1, 2019		May 26, 2018
Service cost	$	47	$	49	$	94	$	98
Interest cost		110		105		221		210
Amortization of prior service costs		31		31		63		62
Amortization of transition obligation		-		11		-		22
Amortization of loss		46		65		92		130

Net periodic pension cost	$	234	$	261	$	470	$	522

The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of income.

Deferred Compensation Plans

We have an unfunded deferred compensation plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. Our liability under this plan was $1,798 and $1,837 as of March 2, 2019 and November 24, 2018, respectively.

We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was $726 and $611 as of June 1, 2019 and November 24, 2018, respectively.

Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets:

	June 1, 2019		November 24, 2018
Accrued compensation and benefits	$	266	$	266
Post employment benefit obligations		2,258		2,053

Total deferred compensation liability	$	2,524	$	2,319

We recognized expense under our deferred compensation arrangements during the three and six months ended June 1, 2019 and May 26, 2018 as follows:

	Quarter Ended				Six Months Ended
	June 1, 2019		May 26, 2018		June 1, 2019		May 26, 2018
Deferred compensation expense	$	84	$	80	$	183	$	159

Note 10 - Other Operating Losses

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Other Operating Income and Expense [Text Block]

10. Other Operating Gains and Losses

Fiscal 2019

Early Retirement Program

During the first quarter of fiscal 2019, we offered a voluntary early retirement package to certain eligible employees of the Company. Twenty-three employees accepted the offer, which expired on February 28, 2019. These employees are to receive pay equal to one-half their current salary plus benefits over a period of 1 year from the final day of each individual’s active employment. Accordingly, we recognized a charge of $835 during the six months ended June 1, 2019. The unpaid obligation of $733 is included in other current liabilities and accrued expenses in our condensed consolidated balance sheet as of June 1, 2019.

Fiscal 2018

Sale of Retail Location

In May 2018 we sold the land and building occupied by our Spring, Texas retail store in connection with the eventual relocation of the store to another site in the Houston market. We received net cash proceeds of $2,463 from the sale, resulting in a gain of $165 recognized during the three and six months ended May 26, 2018 which is included in income from operations in our accompanying condensed consolidated statements of income.

Note 11 - Commitments and Contingencies

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

11. Commitments and Contingencies

We are involved in various legal and environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment, and local delivery trucks used in our retail segment. Our real estate lease terms range from 1 to 15 years and generally have renewal options of between 5 and 15 years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from 2 to 7 years with fixed monthly rental payments plus variable charges based upon mileage. The following schedule shows future minimum lease payments under non-cancellable operating leases with terms in excess of one year as of June 1, 2019:

	Retail Stores		Warehousing & Distribution Centers		Transportation Equipment		All Other		Total

Remainder of fiscal 2019	$	12,308	$	2,893	$	2,240	$	870	$	18,311
Fiscal 2020		24,078		5,440		4,230		1,637		35,385
Fiscal 2021		21,501		4,835		3,060		970		30,366
Fiscal 2022		19,002		4,586		2,151		487		26,226
Fiscal 2023		16,808		3,182		1,263		-		21,253
Fiscal 2024		12,957		1,291		958		-		15,206
Thereafter		39,919		676		354		-		40,949
Total future minimum lease payments	$	146,573	$	22,903	$	14,256	$	3,964	$	187,696

Improvement allowances received from lessors at the inception of a lease are deferred and amortized over the term of the lease. The unamortized balance of such amounts was $8,277 and $6,716 at June 1, 2019 and November 24, 2018, respectively, with the non-current portion of $7,060 and $5,715, respectively, included in other long term liabilities in our condensed consolidated balance sheets and the remaining current portion included in other current liabilities and accrued expenses. At June 1, 2019 and November 24, 2018 prepaid rent of $3,213 and $245, respectively, was included in other current assets in our condensed consolidated balance sheets.

We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from 1 to 10 years. We were contingently liable under licensee lease obligation guarantees in the amount of $1,886 and $2,021 at June 1, 2019 and November 24, 2018, 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 or liquidating the collateral (primarily inventory). The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at June 1, 2019 and November 24, 2018 was not material.

Note 12 - Earnings Per Share

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Earnings Per Share

The following reconciles basic and diluted earnings per share:

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended June 1, 2019:

Basic earnings per share	$	445		10,433,492	$	0.04
Add effect of dilutive securities:
Options and restricted shares		-		26,329		-
Diluted earnings per share	$	445		10,459,821	$	0.04

For the quarter ended May 26, 2018:

Basic earnings per share	$	4,289		10,701,154	$	0.40
Add effect of dilutive securities:
Options and restricted shares		-		40,182		-
Diluted earnings per share	$	4,289		10,741,336	$	0.40


For the six months ended June 1, 2019:

Basic earnings per share	$	1,053		10,444,306	$	0.10
Add effect of dilutive securities:
Options and restricted shares		-		27,530		-
Diluted earnings per share	$	1,053		10,471,836	$	0.10

For the six months ended May 26, 2018:

Basic earnings per share	$	3,376		10,693,815	$	0.32
Add effect of dilutive securities:
Options and restricted shares		-		53,936		(0.01	)
Diluted earnings per share	$	3,376		10,747,751	$	0.31

For the three and six months ended June 1, 2019 and May 26, 2018, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

Quarter Ended

Six Months Ended

June 1,

2019

May 26,

2018

June 1,

2019

May 26,

2018

Unvested shares

45,653

5,292

45,653

5,292

Note 13 - Segment Information

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. Segment Information

We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting, and as described below:

●

Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which now include Lane Venture (see Note 3, Business Combinations), as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. Our wholesale segment also includes our holdings of short-term investments and retail real estate previously leased as licensee stores. The earnings and costs associated with these assets are included in other loss, net, in our condensed consolidated statements of income.

●

Retail – Company-owned stores. Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores and the Company-owned distribution network utilized to deliver products to our retail customers.

●

Logistical services. Our logistical services segment reflects the operations of Zenith. In addition to providing shipping and warehousing services for the Company, Zenith also provides similar services to other customers, primarily in the furniture industry. Revenue from the performance of these services to other customers is included in logistical services revenue in our condensed consolidated statements of income. Zenith’s total operating costs, including those associated with providing logistical services to the Company as well as to third-party customers, are included in selling, general and administrative expenses and were $19,841 and $40,880 for the three and six months ended June 1, 2019, and $20,940 and $42,032 for the three and six months ended May 26, 2018, respectively.

During the fourth quarter of fiscal 2018, we substantially completed transferring operational control of home delivery services for BHF stores from Zenith to our retail segment, including the transfer of the assets and many of the employees used in providing that service. Accordingly, the results for the retail and logistical services segments for all periods presented have been restated to present the depreciation and amortization, capital expenditures and identifiable assets associated with home delivery services formerly provided by Zenith to the Bassett retail segment as though they had been incurred within the retail segment, and intercompany revenues for those services are no longer included in the logistical services segment. The impact of the restatement upon the income (loss) from operations for both the logistical services and retail segments was not material. Concurrently with the transfer of home delivery operations to retail, Zenith also ceased providing such services to third party customers. Revenues from Zenith’s home delivery services formerly provided to third party customers and the associated costs thereof continue to be reported in the logistical services segment. Zenith continues to provide other intercompany shipping and warehousing services to Bassett which are eliminated in consolidation.

Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not 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, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations.

The following table presents our segment information:

	Quarter Ended						Six Months Ended
	June 1, 2019			May 26, 2018			June 1, 2019			May 26, 2018
Sales Revenue
Wholesale	$	63,131		$	63,788		$	135,912		$	126,888
Retail - Company-owned stores		62,568			68,682			132,197			133,343
Logistical services		20,093			21,229			41,844			42,651
Inter-company eliminations:
Furniture and accessories		(29,875	)		(29,795	)		(64,929	)		(61,433	)
Logistical services		(7,727	)		(6,924	)		(15,993	)		(14,197	)
Consolidated	$	108,190		$	116,980		$	229,031		$	227,252

Income from Operations
Wholesale	$	3,173		$	3,039		$	7,355		$	6,103
Retail - Company-owned stores		(2,953	)		1,626			(5,999	)		113
Logistical services		252			289			964			619
Inter-company elimination		229			709			165			878
Early retirement program		-			-			(835	)		-
Consolidated	$	701		$	5,663		$	1,650		$	7,713

Depreciation and Amortization
Wholesale	$	827		$	757		$	1,645		$	1,460
Retail - Company-owned stores		1,544			1,603			3,049			3,201
Logistical services		994			1,024			2,041			2,027
Consolidated	$	3,365		$	3,384		$	6,735		$	6,688

Capital Expenditures
Wholesale	$	1,075		$	1,113		$	2,140		$	2,330
Retail - Company-owned stores		1,373			1,861			5,390			4,478
Logistical services		313			730			783			854
Consolidated	$	2,761		$	3,704		$	8,313		$	7,662

	As of		As of
Identifiable Assets	June 1, 2019		November 24, 2018
Wholesale	$	133,828	$	144,209
Retail - Company-owned stores		101,658		96,241
Logistical services		45,015		51,191
Consolidated	$	280,501	$	291,641

Wholesale shipments by type

	Quarter Ended								Six Months Ended
	June 1, 2019				May 26, 2018				June 1, 2019				May 26, 2018

Bassett Custom Upholstery	$	36,853	58.4	%	$	36,506	57.2	%	$	78,391	57.7	%	$	70,074	55.2	%
Bassett Leather		4,463	7.1	%		5,082	8.0	%		10,234	7.5	%		11,606	9.1	%
Bassett Custom Wood		10,526	16.7	%		11,184	17.5	%		22,201	16.3	%		22,171	17.5	%
Bassett Casegoods		9,979	15.8	%		9,948	15.6	%		22,619	16.6	%		20,745	16.3	%
Accessories		1,310	2.1	%		1,068	1.7	%		2,467	1.8	%		2,292	1.8	%
Total	$	63,131	100.0	%	$	63,788	100.0	%	$	135,912	100.0	%	$	126,888	100.0	%

Note 14 - Revenue Recognition

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

14. Revenue Recognition

We adopted ASU 2014-09, Revenue - Revenue from Contracts with Customers (ASC Topic 606 or "ASC 606") effective as of November 25, 2018, the beginning of our 2019 fiscal year. ASC 606 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 $24,910 and $27,157 as of June 1, 2019 and November 24, 2018, respectively. Substantially all of the customer deposits held at November 24, 2018 related to performance obligations satisfied during the current period and have therefore been recognized in revenue for the six months ended June 1, 2019. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. 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.

For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate the amount of time freight has been in transit as of the reporting date compared with our estimate total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not yet billed which is included in other current assets. The balance of this asset was $472 at June 1, 2019 and $512 at the beginning of the first quarter of fiscal 2019. Warehousing services revenue is based upon warehouse space occupied by a customer’s goods and inventory movements in and out of a warehouse and is recognized as such services are provided and billed to the customer concurrently in the same period. All invoices for logistical services are due 30 days from invoice date.

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 June 1, 2019 and November 24, 2018, our balance of prepaid commissions included in other current assets was $2,418 and $2,739, respectively. We do not incur sales commissions in our logistical services segment.

We adopted ASC 606 using the modified retrospective method and applied the standard only to contracts that were not completed as of initial application. Results for reporting periods beginning after November 24, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting. Our adoption of ASC 606 did not have a material impact on our consolidated financial statements except for our enhanced presentation and disclosures. We also expect the impact of the adoption of ASC 606 to be immaterial to our net income and financial position on an ongoing basis.

Upon adoption of ASC 606, we have adopted the following policy elections and practical expedients:

●

We exclude from revenue amounts collected from customers for sales tax, which is consistent with our policy prior to the adoption of ASC 606.

●

We do not 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 1 year.

●

We do not disclose the value of unsatisfied performance obligations because the transfer of goods or services is made within 1 year of the placement of customer orders.

See Note 13, Segment Information, for disaggregated revenue information.

Note 15 - Changes to Stockholders' Equity

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

15. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three and six months ended June 1, 2019 and May 26, 2018:

	Quarter Ended						Six Months Ended

	June 1, 2019			May 26, 2018			June 1, 2019			May 26, 2018
Common Stock:

Beginning of period	$	52,598		$	53,776		$	52,638		$	53,690
Issuance of common stock		64			61			281			254
Purchase and retirement of common stock		(400	)		(101	)		(657	)		(208	)

End of period	$	52,262		$	53,736		$	52,262		$	53,736

Common Shares Issued and Outstanding:

Beginning of period		10,519,640			10,755,291			10,527,636			10,737,950
Issuance of common stock		12,729			12,165			56,201			50,806
Purchase and retirement of common stock		(80,024	)		(20,334	)		(131,492	)		(41,634	)

End of period		10,452,345			10,747,122			10,452,345			10,747,122

Additional Paid-in Capital:

Beginning of period	$	-		$	499		$	-		$	962
Issuance of common stock		21			56			(97	)		(53	)
Purchase and retirement of common stock		(242	)		(477	)		(379	)		(1,136	)
Stock based compensation		221			304			476			609

End of period	$	-		$	382		$	-		$	382

Retained Earnings:

Beginning of period	$	138,687		$	137,827		$	140,009		$	139,378
Cumulative effect of a change in accounting principal		-			-			(21	)		-
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			545
Net income for the period		445			4,289			1,053			3,376
Purchase and retirement of common stock		(693	)		-			(1,311	)		-
Cash dividends		(1,312	)		(1,182	)		(2,603	)		(2,365	)

End of period	$	137,127		$	140,934		$	137,127		$	140,934

Accumulated Other Comprehensive Loss:

Beginning of period	$	(2,280	)	$	(3,036	)	$	(2,338	)	$	(2,570	)
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			(545	)
Amortization of pension costs, net of tax		57			80			115			159

End of period	$	(2,223	)	$	(2,956	)	$	(2,223	)	$	(2,956	)

Note 16 - Recent Accounting Pronouncements

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

16. Recent Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 (as subsequently amended by ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01) requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. As with previous guidance, there continues to be a differentiation between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. Lease assets and liabilities arising from both finance and operating leases will be recognized in the statement of financial position. ASU 2016-02 leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU 2016-02 calls for a modified retrospective approach that includes a number of optional practical expedients that entities may elect to apply. In addition, ASU 2018-11 provides for an additional (and optional) transition method by which entities may elect to initially apply the transition requirements in Topic 842 at that Topic’s effective date with the effects of initially applying Topic 842 recognized as a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption and without retrospective application to any comparative prior periods presented. Also, ASU 2018-20 provides certain narrow-scope improvements to Topic 842 as it relates to lessors. The guidance in ASU 2016-02 will become effective for us as of the beginning of our 2020 fiscal year. We are currently evaluating the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position (refer to Note 11 for information regarding our leases currently classified as operating leases under ASC Topic 840). We have acquired a lease accounting software package and are currently in the process of entering lease data into the system and testing outputs against the requirements of Topic 842. We currently anticipate that we will adopt the guidance of ASU 2016-02 as of the beginning of our 2020 fiscal year using the optional transition method as provided by ASU 2018-11.

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates Step 2 from the goodwill impairment test. Under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in ASU 2017-04 will become effective for us as of the beginning of our 2021 fiscal year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Accounting Standards Update No. 2018-15 – Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018-15. The amendments in ASU 2018-15 will become effective for us as of the beginning of our 2021 fiscal year. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 01, 2019

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Note 3 - Business Combinations (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Accounts receivable, net of reserve	$	1,507
Inventory, net of reserve		3,718
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,622
Liabilities assumed:
Accounts payable		(357	)
Other accrued liabilities		(852	)
Total liabilities assumed		(1,209	)
Net identifiable assets acquired		11,413
Goodwill		4,143
Total net assets acquired	$	15,556

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Useful Life
Description	In Years		Fair Value

Trade name	Indefinite		$	6,848
Customer relationships		9		512

Total acquired intangible assets			$	7,360

Note 5 - Accounts Receivable (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule Of Accounts Receivable [Table Text Block]

	June 1, 2019			November 24, 2018
Gross accounts receivable	$	21,677		$	19,809
Allowance for doubtful accounts		(771	)		(754	)
Accounts receivable, net	$	20,906		$	19,055

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

Balance at November 24, 2018	$	754
Additions to allowance, net		17
Balance at June 1, 2019	$	771

Note 6 - Inventories (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 1, 2019			November 24, 2018
Wholesale finished goods	$	28,034		$	30,750
Work in process		512			432
Raw materials and supplies		17,090			15,503
Retail merchandise		31,837			27,599
Total inventories on first-in, first-out method		77,473			74,284
LIFO adjustment		(8,456	)		(8,326	)
Reserve for excess and obsolete inventory		(2,302	)		(1,766	)
	$	66,715		$	64,192

Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]

	Wholesale Segment			Retail Segment			Total

Balance at November 24, 2018	$	1,500		$	266		$	1,766
Additions charged to expense		1,066			208			1,274
Write-offs		(569	)		(169	)		(738	)
Balance at June 1, 2019	$	1,997		$	305		$	2,302

Note 7 - Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Intangible Assets and Goodwill [Table Text Block]

	June 1, 2019
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(958	)	$	2,592
Technology - customized applications		834		(516	)		318

Total intangible assets subject to amortization		4,384		(1,474	)		2,910

Intangibles not subject to amortization:
Trade names		9,338		-			9,338
Goodwill		16,043		-			16,043

Total goodwill and other intangible assets	$	29,765	$	(1,474	)	$	28,291

	November 24, 2018
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(829	)	$	2,721
Technology - customized applications		834		(456	)		378

Total intangible assets subject to amortization		4,384		(1,285	)		3,099

Intangibles not subject to amortization:
Trade names		9,338		-			9,338
Goodwill		16,043		-			16,043

Total goodwill and other intangible assets	$	29,765	$	(1,285	)	$	28,480

Schedule of Goodwill [Table Text Block]

Wholesale	$	9,188
Retail		1,926
Logistical services		4,929

Total goodwill	$	16,043

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

	Quarter Ended				Six Months Ended

	June 1, 2019		May 26, 2018		June 1, 2019		May 26, 2018
Intangible asset amortization expense	$	95	$	95	$	190	$	185

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Remainder of fiscal 2019	$	189
Fiscal 2020		379
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Thereafter		1,166

Total	$	2,910

Note 9 - Post Employment Benefit Obligations (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Pension Liability [Table Text Block]

	June 1, 2019		November 24, 2018
Accrued compensation and benefits	$	798	$	798
Post employment benefit obligations		10,364		10,854

Total pension liability	$	11,162	$	11,652

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended				Six Months Ended
	June 1, 2019		May 26, 2018		June 1, 2019		May 26, 2018
Service cost	$	47	$	49	$	94	$	98
Interest cost		110		105		221		210
Amortization of prior service costs		31		31		63		62
Amortization of transition obligation		-		11		-		22
Amortization of loss		46		65		92		130

Net periodic pension cost	$	234	$	261	$	470	$	522

Schedule of Deferred Compensation Liability [Table Text Block]

	June 1, 2019		November 24, 2018
Accrued compensation and benefits	$	266	$	266
Post employment benefit obligations		2,258		2,053

Total deferred compensation liability	$	2,524	$	2,319

Recognized Deferred Compensation Expense [Table Text Block]

	Quarter Ended				Six Months Ended
	June 1, 2019		May 26, 2018		June 1, 2019		May 26, 2018
Deferred compensation expense	$	84	$	80	$	183	$	159

Note 11 - Commitments and Contingencies (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

	Retail Stores		Warehousing & Distribution Centers		Transportation Equipment		All Other		Total

Remainder of fiscal 2019	$	12,308	$	2,893	$	2,240	$	870	$	18,311
Fiscal 2020		24,078		5,440		4,230		1,637		35,385
Fiscal 2021		21,501		4,835		3,060		970		30,366
Fiscal 2022		19,002		4,586		2,151		487		26,226
Fiscal 2023		16,808		3,182		1,263		-		21,253
Fiscal 2024		12,957		1,291		958		-		15,206
Thereafter		39,919		676		354		-		40,949
Total future minimum lease payments	$	146,573	$	22,903	$	14,256	$	3,964	$	187,696

Note 12 - Earnings Per Share (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended June 1, 2019:

Basic earnings per share	$	445		10,433,492	$	0.04
Add effect of dilutive securities:
Options and restricted shares		-		26,329		-
Diluted earnings per share	$	445		10,459,821	$	0.04

For the quarter ended May 26, 2018:

Basic earnings per share	$	4,289		10,701,154	$	0.40
Add effect of dilutive securities:
Options and restricted shares		-		40,182		-
Diluted earnings per share	$	4,289		10,741,336	$	0.40


For the six months ended June 1, 2019:

Basic earnings per share	$	1,053		10,444,306	$	0.10
Add effect of dilutive securities:
Options and restricted shares		-		27,530		-
Diluted earnings per share	$	1,053		10,471,836	$	0.10

For the six months ended May 26, 2018:

Basic earnings per share	$	3,376		10,693,815	$	0.32
Add effect of dilutive securities:
Options and restricted shares		-		53,936		(0.01	)
Diluted earnings per share	$	3,376		10,747,751	$	0.31

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Quarter Ended

Six Months Ended

June 1,

2019

May 26,

2018

June 1,

2019

May 26,

2018

Unvested shares

45,653

5,292

45,653

5,292

Note 13 - Segment Information (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Quarter Ended						Six Months Ended
	June 1, 2019			May 26, 2018			June 1, 2019			May 26, 2018
Sales Revenue
Wholesale	$	63,131		$	63,788		$	135,912		$	126,888
Retail - Company-owned stores		62,568			68,682			132,197			133,343
Logistical services		20,093			21,229			41,844			42,651
Inter-company eliminations:
Furniture and accessories		(29,875	)		(29,795	)		(64,929	)		(61,433	)
Logistical services		(7,727	)		(6,924	)		(15,993	)		(14,197	)
Consolidated	$	108,190		$	116,980		$	229,031		$	227,252

Income from Operations
Wholesale	$	3,173		$	3,039		$	7,355		$	6,103
Retail - Company-owned stores		(2,953	)		1,626			(5,999	)		113
Logistical services		252			289			964			619
Inter-company elimination		229			709			165			878
Early retirement program		-			-			(835	)		-
Consolidated	$	701		$	5,663		$	1,650		$	7,713

Depreciation and Amortization
Wholesale	$	827		$	757		$	1,645		$	1,460
Retail - Company-owned stores		1,544			1,603			3,049			3,201
Logistical services		994			1,024			2,041			2,027
Consolidated	$	3,365		$	3,384		$	6,735		$	6,688

Capital Expenditures
Wholesale	$	1,075		$	1,113		$	2,140		$	2,330
Retail - Company-owned stores		1,373			1,861			5,390			4,478
Logistical services		313			730			783			854
Consolidated	$	2,761		$	3,704		$	8,313		$	7,662

	As of		As of
Identifiable Assets	June 1, 2019		November 24, 2018
Wholesale	$	133,828	$	144,209
Retail - Company-owned stores		101,658		96,241
Logistical services		45,015		51,191
Consolidated	$	280,501	$	291,641

Wholesale Revenue by Major Product Category [Table Text Block]

	Quarter Ended								Six Months Ended
	June 1, 2019				May 26, 2018				June 1, 2019				May 26, 2018

Bassett Custom Upholstery	$	36,853	58.4	%	$	36,506	57.2	%	$	78,391	57.7	%	$	70,074	55.2	%
Bassett Leather		4,463	7.1	%		5,082	8.0	%		10,234	7.5	%		11,606	9.1	%
Bassett Custom Wood		10,526	16.7	%		11,184	17.5	%		22,201	16.3	%		22,171	17.5	%
Bassett Casegoods		9,979	15.8	%		9,948	15.6	%		22,619	16.6	%		20,745	16.3	%
Accessories		1,310	2.1	%		1,068	1.7	%		2,467	1.8	%		2,292	1.8	%
Total	$	63,131	100.0	%	$	63,788	100.0	%	$	135,912	100.0	%	$	126,888	100.0	%

Note 15 - Changes to Stockholders' Equity (Tables)

6 Months Ended

Jun. 01, 2019

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended						Six Months Ended

	June 1, 2019			May 26, 2018			June 1, 2019			May 26, 2018
Common Stock:

Beginning of period	$	52,598		$	53,776		$	52,638		$	53,690
Issuance of common stock		64			61			281			254
Purchase and retirement of common stock		(400	)		(101	)		(657	)		(208	)

End of period	$	52,262		$	53,736		$	52,262		$	53,736

Common Shares Issued and Outstanding:

Beginning of period		10,519,640			10,755,291			10,527,636			10,737,950
Issuance of common stock		12,729			12,165			56,201			50,806
Purchase and retirement of common stock		(80,024	)		(20,334	)		(131,492	)		(41,634	)

End of period		10,452,345			10,747,122			10,452,345			10,747,122

Additional Paid-in Capital:

Beginning of period	$	-		$	499		$	-		$	962
Issuance of common stock		21			56			(97	)		(53	)
Purchase and retirement of common stock		(242	)		(477	)		(379	)		(1,136	)
Stock based compensation		221			304			476			609

End of period	$	-		$	382		$	-		$	382

Retained Earnings:

Beginning of period	$	138,687		$	137,827		$	140,009		$	139,378
Cumulative effect of a change in accounting principal		-			-			(21	)		-
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			545
Net income for the period		445			4,289			1,053			3,376
Purchase and retirement of common stock		(693	)		-			(1,311	)		-
Cash dividends		(1,312	)		(1,182	)		(2,603	)		(2,365	)

End of period	$	137,127		$	140,934		$	137,127		$	140,934

Accumulated Other Comprehensive Loss:

Beginning of period	$	(2,280	)	$	(3,036	)	$	(2,338	)	$	(2,570	)
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			(545	)
Amortization of pension costs, net of tax		57			80			115			159

End of period	$	(2,223	)	$	(2,956	)	$	(2,223	)	$	(2,956	)

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 01, 2019	May 26, 2018
Net Cash Provided by (Used in) Operating Activities, Total	$ (8,942)	$ 279
Net Cash Provided by (Used in) Investing Activities, Total	(7,959)	(21,282)
Net Cash Provided by (Used in) Financing Activities, Total	$ (4,986)	(10,397)
Reclassification Of Investments in Company-owned Life Insurance Due to ASU 2016-15 [Member]
Net Cash Provided by (Used in) Operating Activities, Total		527
Net Cash Provided by (Used in) Investing Activities, Total		(527)
Reclassification Representing Portion of Debt Payment Attributable to Discount Accretion Due to ASU 2016-15 [Member]
Net Cash Provided by (Used in) Operating Activities, Total		(78)
Net Cash Provided by (Used in) Financing Activities, Total		$ 78

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	May 26, 2018	May 26, 2018	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				22.20%	35.00%
Effective Income Tax Rate Reconciliation, Percent, Total	21.30%	51.40%
Tax Cuts and Jobs Act of 2017 Provisional Adjustment of Deferred Tax Asset Liability	$ (155)	$ 2,032
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	16	$ 197
Proceeds from Life Insurance Policy	$ 266
Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%

Note 3 - Business Combinations (Details Textual) - Acquisition of Lane Venture [Member] - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Dec. 21, 2017	May 26, 2018	May 26, 2018
Payments to Acquire Businesses, Gross	$ 15,556
Business Combination, Acquisition Related Costs		$ 26	$ 254

Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018	Dec. 21, 2017
Goodwill	$ 16,043	$ 16,043
Acquisition of Lane Venture [Member]
Accounts receivable, net of reserve			$ 1,507
Inventory, net of reserve			3,718
Prepaid expenses and other current assets			37
Intangible assets			7,360
Total identifiable assets acquired			12,622
Accounts payable			(357)
Other accrued liabilities			(852)
Total liabilities assumed			(1,209)
Net identifiable assets acquired			11,413
Goodwill			4,143
Total net assets acquired			$ 15,556

Note 3 - Business Combinations - Acquired Identifiable Intangible Assets (Details) - Acquisition of Lane Venture [Member] $ in Thousands	Dec. 21, 2017 USD ($)
Intangible assets	$ 7,360
Customer Relationships [Member]
Intangible assets	$ 512
Useful Life (Year)	9 years
Trade Names [Member]
Intangible assets	$ 6,848

Note 4 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 01, 2019	Nov. 24, 2018
Short-term Investments, Total	$ 22,643	$ 22,643
Certificates of Deposit Terms	11 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.85%
Maximum [Member]
Interest Rate of Certificates of Deposit	2.70%
Weighted Average [Member]
Certificates of Deposit Terms	2 months
Interest Rate of Certificates of Deposit	2.45%

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Gross accounts receivable	$ 21,677	$ 19,809
Allowance for doubtful accounts	(771)	(754)
Accounts receivable, net	$ 20,906	$ 19,055

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	6 Months Ended
	Jun. 01, 2019 USD ($)
Balance, beginning	$ 754
Additions to allowance, net	17
Balance, ending	$ 771

Note 6 - Inventories (Details Textual) $ in Thousands	6 Months Ended
Note 6 - Inventories (Details Textual) $ in Thousands	Jun. 01, 2019 USD ($)
Inventory Write-down	$ 1,274
Wholesale Segment [Member] \| Juvenile Furniture Line of Business [Member]
Inventory Write-down	$ 390

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Wholesale finished goods	$ 28,034	$ 30,750
Work in process	512	432
Raw materials and supplies	17,090	15,503
Retail merchandise	31,837	27,599
Total inventories on first-in, first-out method	77,473	74,284
LIFO adjustment	(8,456)	(8,326)
Reserve for excess and obsolete inventory	(2,302)	(1,766)
Inventory, net	$ 66,715	$ 64,192

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	6 Months Ended
	Jun. 01, 2019 USD ($)
Balance, beginning	$ 1,766
Inventory Write-down	1,274
Write-offs	(738)
Balance, ending	2,302
Operating Segments [Member] \| Wholesale Segment [Member]
Balance, beginning	1,500
Inventory Write-down	1,066
Write-offs	(569)
Balance, ending	1,997
Operating Segments [Member] \| Retail Segment [Member]
Balance, beginning	266
Inventory Write-down	208
Write-offs	(169)
Balance, ending	$ 305

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0

Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 4,384
Intangibles subject to amortization, Accumulated Amortization	(1,474)	(1,285)
Intangibles subject to amortization, Intangible Assets, Net	2,910	3,099
Trade names	9,338	9,338
Goodwill	16,043	16,043
Total goodwill and other intangible assets	29,765	29,765
Total goodwill and other intangible assets	28,291	28,480
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,550
Intangibles subject to amortization, Accumulated Amortization	(958)	(829)
Intangibles subject to amortization, Intangible Assets, Net	2,592	2,721
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(516)	(456)
Intangibles subject to amortization, Intangible Assets, Net	$ 318	$ 378

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Carrying amounts of goodwill	$ 16,043	$ 16,043
Wholesale Segment [Member]
Carrying amounts of goodwill	9,188	9,188
Retail Segment [Member]
Carrying amounts of goodwill	1,926	1,926
Logistical Services [Member]
Carrying amounts of goodwill	$ 4,929	$ 4,929

Note 7 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Intangible asset amortization expense	$ 95	$ 95	$ 190	$ 185

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Remainder of fiscal 2019	$ 189
Fiscal 2020	379
Fiscal 2021	379
Fiscal 2022	279
Fiscal 2023	259
Fiscal 2024	259
Thereafter	1,166
Total	$ 2,910	$ 3,099

Note 8 - Notes Payable and Bank Credit Facility (Details Textual) - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Letters of Credit Outstanding, Amount	2,798
Line of Credit Facility, Remaining Borrowing Capacity	22,202
Bank Two [Member]
Letters of Credit Outstanding, Amount	325
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt, Total	$ 72	$ 292
Debt Instrument, Interest Rate, Stated Percentage	6.73%	6.73%
Debt Instrument, Collateral Amount	$ 5,536	$ 5,599

Note 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	Jun. 01, 2019	Mar. 02, 2019	Nov. 24, 2018
Unfunded Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability			$ 1,798	$ 1,837
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		$ 726		611
Management Savings Plan [member]
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Deferred Compensation Arrangement with Individual, Recorded Liability		1,124		1,078
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 10,038		$ 10,574

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Combined pension liability	$ 11,162	$ 11,652
Accrued Compensation and Benefits [Member]
Combined pension liability	798	798
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 10,364	$ 10,854

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Service cost	$ 47,000	$ 49,000	$ 94,000	$ 98,000
Interest cost	110,000	105,000	221,000	210,000
Amortization of prior service costs	31,000	31,000	63,000	62,000
Amortization of transition obligation	0	11,000	0	22,000
Amortization of loss	46,000	65,000	92,000	130,000
Net periodic pension cost	$ 234,000	$ 261,000	$ 470,000	$ 522,000

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Jun. 01, 2019	Nov. 24, 2018
Liability for all deferred compensation arrangements	$ 2,524	$ 2,319
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	266	266
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 2,258	$ 2,053

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Deferred compensation expense	$ 84	$ 80	$ 183	$ 159

Note 10 - Other Operating Losses (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Early Retirement Program, Benefits Payment Period			1 year
Early Retirement Program Expense	$ 0	$ 0	$ 835,000	$ 0
Proceeds from Sale of Property, Plant, and Equipment, Total			11,000	$ 2,463,000
Land and Building occupied by Spring, Texas Retail Store [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total		2,463,000
Gain (Loss) on Disposition of Property Plant Equipment, Total		$ 165,000
Other Current Liabilities [Member]
Liability, Other Retirement Benefits	$ 733,000		$ 733,000

Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 01, 2019	Nov. 24, 2018
Operating Lease, Lease and Rental Expense, Unamortized Balance	$ 8,277	$ 6,716
Operating Lease, Lease and Rental Expense, Unamortized Balance, Noncurrent	7,060	5,715
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	1,886	2,021
Other Current Assets [Member]
Prepaid Rent	$ 3,213	$ 245
Minimum [Member]
Lease Guarantees Term	1 year
Minimum [Member] \| Retail Stores [Member]
Lessee, Operating Lease, Term of Contract	1 year
Lessee, Operating Lease, Renewal Term	5 years
Minimum [Member] \| Transportation Equipment [Member]
Lessee, Operating Lease, Term of Contract	2 years
Maximum [Member]
Lease Guarantees Term	10 years
Maximum [Member] \| Retail Stores [Member]
Lessee, Operating Lease, Term of Contract	15 years
Lessee, Operating Lease, Renewal Term	15 years
Maximum [Member] \| Transportation Equipment [Member]
Lessee, Operating Lease, Term of Contract	7 years

Note 11 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details)	Mar. 02, 2019 USD ($)
Remainder of fiscal 2019	$ 18,311,000
Fiscal 2020	35,385,000
Fiscal 2021	30,366,000
Fiscal 2022	26,226,000
Fiscal 2023	21,253,000
Fiscal 2024	15,206,000
Thereafter	40,949,000
Total future minimum lease payments	187,696,000
Retail Stores [Member]
Remainder of fiscal 2019	12,308,000
Fiscal 2020	24,078,000
Fiscal 2021	21,501,000
Fiscal 2022	19,002,000
Fiscal 2023	16,808,000
Fiscal 2024	12,957,000
Thereafter	39,919,000
Total future minimum lease payments	146,573,000
Distribution Centers [Member]
Remainder of fiscal 2019	2,893,000
Fiscal 2020	5,440,000
Fiscal 2021	4,835,000
Fiscal 2022	4,586,000
Fiscal 2023	3,182,000
Fiscal 2024	1,291,000
Thereafter	676,000
Total future minimum lease payments	22,903,000
Transportation Equipment Leases [Member]
Remainder of fiscal 2019	2,240,000
Fiscal 2020	4,230,000
Fiscal 2021	3,060,000
Fiscal 2022	2,151,000
Fiscal 2023	1,263,000
Fiscal 2024	958,000
Thereafter	354,000
Total future minimum lease payments	14,256,000
All Other Lease Payment [Member]
Remainder of fiscal 2019	870,000
Fiscal 2020	1,637,000
Fiscal 2021	970,000
Fiscal 2022	487,000
Fiscal 2023	0
Fiscal 2024	0
Thereafter	0
Total future minimum lease payments	$ 3,964,000

Note 12 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Basic earnings (loss) per share, net income (loss)	$ 445,000	$ 4,289,000	$ 1,053,000	$ 3,376,000
Basic earnings (loss) per share, weighted average shares (in shares)	10,433,492	10,701,154	10,444,306	10,693,815
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.40	$ 0.10	$ 0.32
Options and restricted shares	$ 0	$ 0	$ 0	$ 0
Options and restricted shares, weighted average shares (in shares)	26,329	40,182	27,530	53,936
Options and restricted shares, net income per share (in dollars per share)	$ 0	$ 0	$ 0	$ (0.01)
Diluted earnings per share, net income (loss)	$ 445,000	$ 4,289,000	$ 1,053,000	$ 3,376,000
Diluted earnings per share, weighted average shares (in shares)	10,459,821	10,741,336	10,471,836	10,747,751
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.40	$ 0.10	$ 0.31

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

Note 12 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Unvested Shares [Member]
Anti-dilutive securities (in shares)	45,653	5,292	45,653	5,292

Note 13 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 01, 2019 USD ($)	May 26, 2018 USD ($)	Jun. 01, 2019 USD ($)	May 26, 2018 USD ($)
Number of Reportable Segments			3
Zenith Freight Lines [Member]
Operating Expenses, Total	$ 19,841	$ 20,940	$ 40,880	$ 42,032

Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018	Nov. 24, 2018
Sales revenue	$ 108,190,000	$ 116,980,000	$ 229,031,000	$ 227,252,000
Income (loss) from Operations	701,000	5,663,000	1,650,000	7,713,000
Early retirement program	0	0	(835,000)	0
Depreciation and amortization	3,365,000	3,384,000	6,735,000	6,688,000
Capital Expenditures
Capital expenditures	2,761,000	3,704,000	8,313,000	7,662,000
Identifiable Assets	280,501,000		280,501,000		$ 291,641,000
Wholesale Segment [Member]
Sales revenue	63,131,000	63,788,000	135,912,000	126,888,000
Operating Segments [Member] \| Wholesale Segment [Member]
Sales revenue	63,131,000	63,788,000	135,912,000	126,888,000
Income (loss) from Operations	3,173,000	3,039,000	7,355,000	6,103,000
Depreciation and amortization	827,000	757,000	1,645,000	1,460,000
Capital Expenditures
Identifiable Assets	133,828,000		133,828,000		144,209,000
Operating Segments [Member] \| Wholesale Segment [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	1,075,000	1,113,000	2,140,000	2,330,000
Operating Segments [Member] \| Company-owned Retail Stores [Member]
Sales revenue	62,568,000	68,682,000	132,197,000	133,343,000
Income (loss) from Operations	(2,953,000)	1,626,000	(5,999,000)	113,000
Depreciation and amortization	1,544,000	1,603,000	3,049,000	3,201,000
Capital Expenditures
Identifiable Assets	101,658,000		101,658,000		96,241,000
Operating Segments [Member] \| Company-owned Retail Stores [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	1,373,000	1,861,000	5,390,000	4,478,000
Operating Segments [Member] \| Logistical Services [Member]
Sales revenue	20,093,000	21,229,000	41,844,000	42,651,000
Income (loss) from Operations	252,000	289,000	964,000	619,000
Depreciation and amortization	994,000	1,024,000	2,041,000	2,027,000
Capital Expenditures
Identifiable Assets	45,015,000		45,015,000		$ 51,191,000
Operating Segments [Member] \| Logistical Services [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	313,000	730,000	783,000	854,000
Intersegment Eliminations [Member]
Income (loss) from Operations	229,000	709,000	165,000	878,000
Intersegment Eliminations [Member] \| Logistical Services [Member]
Sales revenue	(7,727,000)	(6,924,000)	(15,993,000)	(14,197,000)
Intersegment Eliminations [Member] \| Furniture and Accessories [Member]
Sales revenue	$ (29,875,000)	$ (29,795,000)	$ (64,929,000)	$ (61,433,000)

Note 13 - Segment Information - Wholesale Shipments by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Sales revenue	$ 108,190	$ 116,980	$ 229,031	$ 227,252
Wholesale Segment [Member]
Sales revenue	$ 63,131	$ 63,788	$ 135,912	$ 126,888
Sales, revenue, percent	100.00%	100.00%	100.00%	100.00%
Wholesale Segment [Member] \| Upholstery [Member]
Sales revenue	$ 36,853	$ 36,506	$ 78,391	$ 70,074
Sales, revenue, percent	58.40%	57.20%	57.70%	55.20%
Wholesale Segment [Member] \| Bassett Leather [Member]
Sales revenue	$ 4,463	$ 5,082	$ 10,234	$ 11,606
Sales, revenue, percent	7.10%	8.00%	7.50%	9.10%
Wholesale Segment [Member] \| Bassett Custom Wood [Member]
Sales revenue	$ 10,526	$ 11,184	$ 22,201	$ 22,171
Sales, revenue, percent	16.70%	17.50%	16.30%	17.50%
Wholesale Segment [Member] \| Bassett Casegoods [Member]
Sales revenue	$ 9,979	$ 9,948	$ 22,619	$ 20,745
Sales, revenue, percent	15.80%	15.60%	16.60%	16.30%
Wholesale Segment [Member] \| Accessories [Member]
Sales revenue	$ 1,310	$ 1,068	$ 2,467	$ 2,292
Sales, revenue, percent	2.10%	1.70%	1.80%	1.80%

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 01, 2019	Nov. 25, 2018	Nov. 24, 2018
Contract with Customer, Liability, Total	$ 24,910		$ 27,157
Contract with Customer, Asset, after Allowance for Credit Loss, Total	472	$ 512
Sales Commissions [Member] \| Other Current Assets [Member]
Capitalized Contract Cost, Net, Total	$ 2,418		$ 2,739
Logistical Services [Member]
Invoice Payment Term	30 days
Minimum [Member]
Payment Terms For Wholesale Customers	30 days
Maximum [Member]
Payment Terms For Wholesale Customers	60 days
Contract with Customer, Timing of Payment	1 year
Revenue, Performance Obligation,Timing	1 year

Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 01, 2019	May 26, 2018	Jun. 01, 2019	May 26, 2018
Balance			$ 190,309,000
Net income (loss) for the period	$ 445,000	$ 4,289,000	1,053,000	$ 3,376,000
Balance	187,166,000		187,166,000
Common Stock [Member]
Balance	52,598,000	53,776,000	52,638,000	53,690,000
Issuance of common stock	64,000	61,000	281,000	254,000
Purchase and retirement of common stock	$ (400,000)	$ (101,000)	$ (657,000)	$ (208,000)
Balance, shares (in shares)	10,519,640	10,755,291	10,527,636	10,737,950
Issuance of common stock, shares (in shares)	12,729	12,165	56,201	50,806
Purchase and retirement of common stock, shares (in shares)	(80,024)	(20,334)	(131,492)	(41,634)
Balance, shares (in shares)	10,452,345	10,747,122	10,452,345	10,747,122
Balance	$ 52,262,000	$ 53,736,000	$ 52,262,000	$ 53,736,000
Paid in Capital [Member]
Balance	0	499,000	0	962,000
Issuance of common stock	21,000	56,000	(97,000)	(53,000)
Purchase and retirement of common stock	(242,000)	(477,000)	(379,000)	(1,136,000)
Stock based compensation	221,000	304,000	476,000	609,000
Balance	0	382,000	0	382,000
Retained Earnings [Member]
Balance	138,687,000	137,827,000	140,009,000	139,378,000
Purchase and retirement of common stock	(693,000)	0	(1,311,000)	0
Cumulative effect of a change in accounting principal	0	0	(21,000)	0
Reclassification of certain tax effects from accumulated other comprehensive loss	0	0	0	545,000
Net income (loss) for the period	445,000	4,289,000	1,053,000	3,376,000
Cash dividends	(1,312,000)	(1,182,000)	(2,603,000)	(2,365,000)
Balance	137,127,000	140,934,000	137,127,000	140,934,000
AOCI Attributable to Parent [Member]
Balance	(2,280,000)	(3,036,000)	(2,338,000)	(2,570,000)
Reclassification of certain tax effects from accumulated other comprehensive loss	0	0	0	(545,000)
Amortization of pension costs, net of tax	57,000	80,000	115,000	159,000
Balance	$ (2,223,000)	$ (2,956,000)	$ (2,223,000)	$ (2,956,000)