0001437749-21-007948 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Feb. 27, 2021	Mar. 26, 2021
Document Information [Line Items]
Entity Central Index Key	0000010329
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--11-27
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 27, 2021
Document Transition Report	false
Entity File Number	000-00209
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 Fairystone Park Highway
Entity Address, City or Town	Bassett
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,909,596

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Sales revenue:
Sales revenues	$ 113,673	$ 112,120
Cost of furniture and accessories sold	48,252	45,270
Selling, general and administrative expenses	59,400	64,640
Income from operations	6,021	2,210
Other loss, net	(337)	(362)
Income before income taxes	5,684	1,848
Income tax expense	1,673	638
Net income	$ 4,011	$ 1,210
Basic earnings per share (in dollars per share)	$ 0.40	$ 0.12
Diluted earnings per share (in dollars per share)	0.40	0.12
Regular dividends per share (in dollars per share)	0.125	0.125
Special dividend per share (in dollars per share)	$ 0.25	$ 0
Furniture and Accessories [Member]
Sales revenue:
Sales revenues	$ 101,655	$ 98,942
Logistical Services [Member]
Sales revenue:
Sales revenues	$ 12,018	$ 13,178

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Net income	$ 4,011	$ 1,210
Other comprehensive income:
Other comprehensive income, net of tax	35	25
Total comprehensive income	4,046	1,235
Pension Plan [Member]
Other comprehensive income:
Amortization associated with Long Term Cash Awards (LTCA)	36	31
Income taxes related to Retirement Plan	(9)	(8)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Long Term Cash Awards (LTCA)	11	2
Income taxes related to Retirement Plan	$ (3)	$ 0

- Definition

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

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+ Details

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Current assets
Cash and cash equivalents	$ 45,033	$ 45,799
Short-term investments	17,715	17,715
Accounts receivable, net	24,720	22,340
Inventories	62,936	54,886
Recoverable income taxes	8,831	9,666
Other current assets	11,798	10,272
Total current assets	171,033	160,678
Property and equipment, net	92,772	90,917
Deferred income taxes	3,749	4,587
Goodwill and other intangible assets	23,732	23,827
Right of use assets under operating leases	111,700	116,903
Other	5,975	5,637
Total long-term assets	145,156	150,954
Total assets	408,961	402,549
Current liabilities
Accounts payable	28,172	23,426
Accrued compensation and benefits	14,418	16,964
Customer deposits	44,674	39,762
Current portion operating lease obligations	27,088	27,078
Other current liabilites and accrued expenses	13,088	11,141
Total current liabilities	127,440	118,371
Long-term liabilities
Post employment benefit obligations	12,347	12,089
Long-term portion of operating lease obligations	105,990	111,972
Other long-term liabilities	5,483	2,087
Total long-term liabilities	123,820	126,148
Stockholders’ equity
Common stock	49,567	49,714
Retained earnings	109,493	109,710
Accumulated other comprehensive loss	(1,359)	(1,394)
Total stockholders' equity	157,701	158,030
Total liabilities and stockholders’ equity	$ 408,961	$ 402,549

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Operating activities:
Net income	$ 4,011	$ 1,210
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	3,331	3,623
Gain on lease modification	(20)	(152)
(Gain) loss on sale of property and equipment	(4)	(58)
Deferred income taxes	826	(125)
Other, net	274	321
Changes in operating assets and liabilities:
Accounts receivable	(2,380)	(1,873)
Inventories	(8,050)	(1,213)
Other current assets	(768)	(536)
Right of use assets under operating leases	6,340	6,721
Customer deposits	4,912	(1,292)
Accounts payable and other liabilities	3,584	(2,266)
Obligations under operating leases	(7,072)	(9,603)
Net cash provided by (used in) operating activities	4,984	(5,243)
Investing activities:
Purchases of property and equipment	(895)	(1,340)
Proceeds from sales of property and equipment	8	1,697
Purchases of investments	0	(241)
Other	(302)	(193)
Net cash used in investing activities	(1,189)	(77)
Financing activities:
Cash dividends	(3,718)	(1,260)
Other issuance of common stock	83	75
Repurchases of common stock	(534)	(766)
Taxes paid related to net share settlement of equity awards	(219)	(215)
Repayments of finance lease obligations	(173)	(12)
Repayments of notes payable	0	0
Net cash used in financing activities	(4,561)	(2,178)
Change in cash and cash equivalents	(766)	(7,498)
Cash and cash equivalents - beginning of period	45,799	19,687
Cash and cash equivalents - end of period	$ 45,033	$ 12,189

Note 1 - Basis of Presentation

3 Months Ended

Feb. 27, 2021

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.

Recently Adopted Accounting Pronouncements

Effective as of the beginning of fiscal 2021, we have adopted Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The guidance in ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. We determined that the guidance in ASU 2016-13 applied to our trade receivables and contract assets, and that there was no material impact to our financial condition or results of operations as a result of the adoption.

Effective as of the beginning of fiscal 2021, we have adopted 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. We adopted ASU 2018-15 on a prospective basis and the adoption did not have a material impact upon our financial position or results of operations.

Impact of the COVID-19 Pandemic Upon our Financial Condition and Results of Operations

On March 11, 2020, the World Health Organization declared the current coronavirus (“COVID-19”) outbreak to be a global pandemic. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These measures had a significant adverse impact upon many sectors of the economy, including non-essential retail commerce, beginning in our second fiscal quarter of 2020. Therefore, our results of operations for the quarter ended February 29, 2020 were not impacted by COVID-19.

During fiscal 2020, in response to the restrictive measures imposed by governmental authorities and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for several weeks primarily during the second fiscal quarter. This extended period of suspended operations had had a material adverse impact upon our results of operations during the second fiscal quarter and resulted in a significant net loss for the year ended November 28, 2020. However, since restarting our manufacturing operations and reopening stores, we have seen a significant improvement in business conditions which allowed us to return to overall profitability for the third and fourth fiscal quarters of 2020 continuing into the first quarter of fiscal 2021. Tempering these improvements are the continuing logistical challenges faced by the entire home furnishings industry resulting from COVID-related labor shortages and supply chain disruptions creating significant delays in order fulfillment and increasing backlogs.

Whereas most state and local governments have eased restrictions on commercial retail activity and mass vaccination programs in the U.S. are underway, it is nevertheless possible that a resurgence in COVID-19 cases could prompt a return to tighter restrictions in certain areas of the country. Furthermore, while the home furnishings industry has fared much better during the pandemic than certain other sectors of the economy, continued economic weakness may eventually have an adverse impact upon our business, and order cancellations could result if the present delays in order fulfillment continue for an extended period of time. Therefore, significant uncertainty remains regarding the ongoing impact of the COVID-19 outbreak upon our financial condition and future results of operations, as well as upon the significant estimates and assumptions we utilize in reporting certain assets and liabilities.

Note 2 - Interim Financial Presentation

3 Months Ended

Feb. 27, 2021

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 months ended February 27, 2021 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 28, 2020.

Income Taxes

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

Our effective tax rates for the quarters ended February 27, 2021 and February 29, 2020 of 29.4% and 34.5%, respectively, differ from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences, including tax deficiencies of $135 and $114 during the quarters ended February 27, 2021 and February 29, 2020, respectively, arising from stock-based compensation.

Note 3 - Financial Instruments and Fair Value Measurements

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

3. Financial Instruments and Fair Value Measurements

Financial Instruments

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

Investments

Our short-term investments of $17,715 at February 27, 2021 and November 28, 2020 consisted of CDs. At February 27, 2021, the CDs had original terms averaging eight months, bearing interest at rates ranging from 0.05% to 1.20%. At February 27, 2021, the weighted average remaining time to maturity of the CDs was approximately five months and the weighted average yield of the CDs was approximately 0.12%. 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 February 27, 2021 and November 28, 2020 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. Our primary non-recurring fair value estimates typically involve business acquisitions or the impairment of long-lived assets 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 4 - Accounts Receivable

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

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

4. Accounts Receivable

Accounts receivable consists of the following:

	February 27, 2021			November 28, 2020
Gross accounts receivable	$	25,914		$	23,551
Allowance for doubtful accounts		(1,194	)		(1,211	)
Accounts receivable, net	$	24,720		$	22,340

We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectibility of accounts receivable within each pool based on historical experience, current payment practices and current economic trends based on our expectations over the expected life of the receivables, which is generally ninety days or less. Actual credit losses could differ from those estimates.

Activity in the allowance for doubtful accounts for the three months ended February 27, 2021 was as follows:

Balance at November 28, 2020	$	1,211
Additions charged to expense		53
Write-offs against allowance		(70	)
Balance at February 27, 2021	$	1,194

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 3.

Note 5 - Inventories

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

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

Inventories were comprised of the following:

	February 27, 2021			November 28, 2020
Wholesale finished goods	$	29,620		$	25,001
Work in process		650			516
Raw materials and supplies		17,188			14,836
Retail merchandise		29,040			27,946
Total inventories on first-in, first-out method		76,498			68,299
LIFO adjustment		(9,084	)		(8,891	)
Reserve for excess and obsolete inventory		(4,478	)		(4,522	)
	$	62,936		$	54,886

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 28, 2020	$	3,421		$	1,101		$	4,522
Additions charged to expense		309			286			595
Write-offs		(364	)		(275	)		(639	)
Balance at February 27, 2021	$	3,366		$	1,112		$	4,478

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 2021 and do not anticipate that our methodology is likely to change in the future.

Note 6 - Goodwill and Other Intangible Assets

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	February 27, 2021
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,411	)	$	2,139
Technology - customized applications		834		(725	)		109

Total intangible assets subject to amortization	$	4,384	$	(2,136	)		2,248

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							12,146

Total goodwill and other intangible assets						$	23,732

	November 28, 2020
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,346	)	$	2,204
Technology - customized applications		834		(695	)		139

Total intangible assets subject to amortization	$	4,384	$	(2,041	)		2,343

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							12,146

Total goodwill and other intangible assets						$	23,827

The carrying amounts of goodwill by reportable segment at both February 27, 2021 and November 28, 2020 are as follows:

	Original		Accumulated
	Recorded		Impairment			Carrying
	Value		Losses			Amount

Wholesale	$	9,188	$	(1,971	)	$	7,217
Retail		1,926		(1,926	)		-
Logistical services		4,929		-			4,929

Total goodwill	$	16,043	$	(3,897	)	$	12,146

Amortization expense associated with intangible assets during the three months ended February 27, 2021 and February 29, 2020 was as follows:

	Quarter Ended
	February 27, 2021		February 29, 2020

Intangible asset amortization expense	$	95	$	95

Estimated future amortization expense for intangible assets that exist at February 27, 2021 is as follows:

Remainder of fiscal 2021	$	284
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Fiscal 2025		259
Fiscal 2026		259
Thereafter		649
Total	$	2,248

Note 7 - Bank Credit Facility

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

7. Bank Credit Facility

Our bank credit facility provides for a line of credit of up to $25,000. At February 27, 2021, we had $3,181 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,819. In addition, we have outstanding standby letters of credit with another bank totaling $325. The line bears interest at the rate of LIBOR plus 1.9%, with a fee of 0.25% charged for the unused portion of the line and is secured by a general lien on our accounts receivable and inventory. We were in compliance with all covenants under the agreement as of February 27, 2021 and expect to remain in compliance through the end of fiscal 2021. The credit facility matures on January 31, 2022.

Note 8 - Post Employment Benefit Obligations

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

8. Post Employment Benefit Obligations

Defined Benefit Plans

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $8,525 and $8,565 as of February 27, 2021 and November 28, 2020, 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 $1,533 and $1,506 as of February 27, 2021 and November 28, 2020, respectively.

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

	February 27, 2021		November 28, 2020
Accrued compensation and benefits	$	613	$	613
Post employment benefit obligations		9,445		9,458

Total pension liability	$	10,058	$	10,071

Components of net periodic pension costs for our defined benefit plans for the three months ended February 27, 2021 and February 29, 2020 are as follows:

	Quarter Ended
	February 27, 2021		February 29, 2020
Service cost	$	31	$	43
Interest cost		48		67
Amortization of prior service costs		31		31
Amortization of loss		15		1

Net periodic pension cost	$	125	$	142

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 $1,664 and $1,677 as of February 27, 2021 and November 28, 2020, 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 $1,533 and $1,250 as of February 27, 2021 and November 28, 2020, 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:

	February 27, 2021		November 28, 2020
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		2,901		2,631

Total deferred compensation liability	$	3,197	$	2,927

We recognized expense under our deferred compensation arrangements during the three months ended February 27, 2021 and February 29, 2020 as follows:

	Quarter Ended
	February 27, 2021		February 29, 2020
Deferred compensation expense	$	153	$	96

Note 9 - Commitments and Contingencies

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

9. 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.

Note 10 - Lease Guarantees

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

10. Lease Guarantees

We have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to three years. We were contingently liable under licensee lease obligation guarantees in the amounts of $2,064 and $1,811 at February 27, 2021 and November 28, 2020, 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 February 27, 2021 and November 28, 2020 was not material.

Note 11 - Earnings Per Share

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

11. 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 February 27, 2021:

Basic loss per share	$	4,011		9,919,518	$	0.40
Add effect of dilutive securities:
Options and restricted shares		-		20,287		-
Diluted loss per share	$	4,011		9,939,805	$	0.40

For the quarter ended February 29, 2020:

Basic earnings per share	$	1,210		10,027,227	$	0.12
Add effect of dilutive securities:
Options and restricted shares		-		25,969		-
Diluted earnings per share	$	1,210		10,053,196	$	0.12

For the three months ended February 27, 2021 and February 29, 2020, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

	Quarter Ended
	February 27, 2021		February 29, 2020

Unvested shares		-		34,000

Note 12 - Segment Information

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12. 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 include Lane Venture, 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 income (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 $19,621 and $20,480 for the three months ended February 27, 2021 and February 29, 2020, respectively.

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
	February 27, 2021			February 29, 2020
Sales Revenue
Wholesale	$	70,264		$	65,017
Retail - Company-owned stores		60,395			65,846
Logistical services		20,081			21,315
Inter-company eliminations:
Furniture and accessories		(29,004	)		(31,921	)
Logistical services		(8,063	)		(8,137	)
Consolidated	$	113,673		$	112,120

Income (Loss) from Operations
Wholesale	$	4,797		$	2,713
Retail - Company-owned stores		1,094			(1,249	)
Logistical services		459			835
Inter-company elimination		(329	)		(89	)
Consolidated	$	6,021		$	2,210

Depreciation and Amortization
Wholesale	$	798		$	809
Retail - Company-owned stores		1,516			1,730
Logistical services		1,017			1,084
Consolidated	$	3,331		$	3,623

Capital Expenditures
Wholesale	$	757		$	422
Retail - Company-owned stores		18			561
Logistical services		120			357
Consolidated	$	895		$	1,340

	As of		As of
Identifiable Assets	February 27, 2021		November 28, 2020
Wholesale	$	177,204	$	176,243
Retail - Company-owned stores		168,840		169,105
Logistical services		62,917		57,201
Consolidated	$	408,961	$	402,549

Wholesale shipments by type

	Quarter Ended
	February 27, 2021				February 29, 2020

Bassett Custom Upholstery	$	43,348	61.7	%	$	40,033	61.6	%
Bassett Leather		7,587	10.8	%		4,700	7.2	%
Bassett Custom Wood		11,543	16.4	%		11,290	17.4	%
Bassett Casegoods		7,786	11.1	%		8,994	13.8	%
Total	$	70,264	100.0	%	$	65,017	100.0	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Note 13 - Revenue Recognition

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

13. Revenue Recognition

We recognize revenue when we transfer promised goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. All wholesale and retail revenues are recorded net of estimated returns and allowances based on historical patterns. We typically collect a significant portion of the purchase price from our retail customers as a deposit upon order, with the balance typically collected upon delivery. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $44,674 and $39,762 as of February 27, 2021 and November 28, 2020, respectively. Approximately 76% of the customer deposits held at November 28, 2020 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the quarter ended February 27, 2021.

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 of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. The balances of assets recognized for shipping revenues earned but not billed as of February 27, 2021 and November 28, 2020 were not material. 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.

We exclude from revenue all amounts collected from customers for sales tax. We do not disclose amounts allocated to remaining unsatisfied performance obligations as they are expected to be satisfied within one year or less.

See Note 12, Segment Information, for disaggregated revenue information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note 14 - Changes to Stockholders' Equity

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

14. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three months ended February 27, 2021 and February 29, 2020:

	February 27, 2021			February 29, 2020
Common Stock:

Beginning of period	$	49,714		$	50,581
Issuance of common stock		31			29
Forfeited shares		-			(35	)
Purchase and retirement of common stock		(178	)		(402	)
End of period	$	49,567		$	50,173

Common Shares Issued and Outstanding:

Beginning of period		9,942,787			10,116,291
Issuance of common stock		6,221			5,743
Forfeited shares		-			(7,000	)
Purchase and retirement of common stock		(35,512	)		(80,443	)
End of period		9,913,496			10,034,591

Additional Paid-in Capital:

Beginning of period	$	-		$	195
Issuance of common stock		52			46
Forfeited shares		-			35
Purchase and retirement of common stock		(66	)		(361	)
Stock based compensation		14			85
End of period	$	-		$	-

Retained Earnings:

Beginning of period	$	109,710		$	129,130
Cumulative effect of a change in accounting principal		-			(3,785	)
Net income for the period		4,011			1,210
Purchase and retirement of common stock		(509	)		(217	)
Cash dividends declared		(3,719	)		(1,260	)
End of period	$	109,493		$	125,078

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,394	)	$	(1,236	)
Amortization of pension costs, net of tax		35			25
End of period	$	(1,359	)	$	(1,211	)

Note 15 - Recent Accounting Pronouncements

3 Months Ended

Feb. 27, 2021

Notes to Financial Statements

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

15. Recent Accounting Pronouncements

In December 2019, the FASB issued Accounting Standards Update No. 2019-12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 will become effective for us as of the beginning of our 2022 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)	3 Months Ended
Significant Accounting Policies (Policies)	Feb. 27, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	*Recently Adopted Accounting Pronouncements* Effective as of the beginning of fiscal 2021, we have adopted Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The guidance in ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. We determined that the guidance in ASU 2016-13 applied to our trade receivables and contract assets, and that there was no material impact to our financial condition or results of operations as a result of the adoption. Effective as of the beginning of fiscal 2021, we have adopted 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. We adopted ASU 2018-15 on a prospective basis and the adoption did not have a material impact upon our financial position or results of operations.
Impact of the COVID -19 Pandemic Upon Financial Condition and Results of Operations, Policy [Policy Text Block]	*Impact of the COVID-19 Pandemic Upon our Financial Condition and Results of Operations* On March 11, 2020, the World Health Organization declared the current coronavirus (“COVID-19”) outbreak to be a global pandemic. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These measures had a significant adverse impact upon many sectors of the economy, including non-essential retail commerce, beginning in our second fiscal quarter of 2020. Therefore, our results of operations for the quarter ended February 29, 2020 were not impacted by COVID-19. During fiscal 2020, in response to the restrictive measures imposed by governmental authorities and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for several weeks primarily during the second fiscal quarter. This extended period of suspended operations had had a material adverse impact upon our results of operations during the second fiscal quarter and resulted in a significant net loss for the year ended November 28, 2020. However, since restarting our manufacturing operations and reopening stores, we have seen a significant improvement in business conditions which allowed us to return to overall profitability for the third and fourth fiscal quarters of 2020 continuing into the first quarter of fiscal 2021. Tempering these improvements are the continuing logistical challenges faced by the entire home furnishings industry resulting from COVID-related labor shortages and supply chain disruptions creating significant delays in order fulfillment and increasing backlogs. Whereas most state and local governments have eased restrictions on commercial retail activity and mass vaccination programs in the U.S. are underway, it is nevertheless possible that a resurgence in COVID-19 cases could prompt a return to tighter restrictions in certain areas of the country. Furthermore, while the home furnishings industry has fared much better during the pandemic than certain other sectors of the economy, continued economic weakness may eventually have an adverse impact upon our business, and order cancellations could result if the present delays in order fulfillment continue for an extended period of time. Therefore, significant uncertainty remains regarding the ongoing impact of the COVID-19 outbreak upon our financial condition and future results of operations, as well as upon the significant estimates and assumptions we utilize in reporting certain assets and liabilities.

Note 4 - Accounts Receivable (Tables)

3 Months Ended

Feb. 27, 2021

Notes Tables

Schedule Of Accounts Receivable [Table Text Block]

	February 27, 2021			November 28, 2020
Gross accounts receivable	$	25,914		$	23,551
Allowance for doubtful accounts		(1,194	)		(1,211	)
Accounts receivable, net	$	24,720		$	22,340

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

Balance at November 28, 2020	$	1,211
Additions charged to expense		53
Write-offs against allowance		(70	)
Balance at February 27, 2021	$	1,194

Note 5 - Inventories (Tables)

3 Months Ended

Feb. 27, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	February 27, 2021			November 28, 2020
Wholesale finished goods	$	29,620		$	25,001
Work in process		650			516
Raw materials and supplies		17,188			14,836
Retail merchandise		29,040			27,946
Total inventories on first-in, first-out method		76,498			68,299
LIFO adjustment		(9,084	)		(8,891	)
Reserve for excess and obsolete inventory		(4,478	)		(4,522	)
	$	62,936		$	54,886

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

	Wholesale Segment			Retail Segment			Total

Balance at November 28, 2020	$	3,421		$	1,101		$	4,522
Additions charged to expense		309			286			595
Write-offs		(364	)		(275	)		(639	)
Balance at February 27, 2021	$	3,366		$	1,112		$	4,478

Note 6 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Feb. 27, 2021

Notes Tables

Schedule of Intangible Assets and Goodwill [Table Text Block]

	February 27, 2021
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,411	)	$	2,139
Technology - customized applications		834		(725	)		109

Total intangible assets subject to amortization	$	4,384	$	(2,136	)		2,248

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							12,146

Total goodwill and other intangible assets						$	23,732

	November 28, 2020
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,346	)	$	2,204
Technology - customized applications		834		(695	)		139

Total intangible assets subject to amortization	$	4,384	$	(2,041	)		2,343

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							12,146

Total goodwill and other intangible assets						$	23,827

Schedule of Goodwill [Table Text Block]

	Original		Accumulated
	Recorded		Impairment			Carrying
	Value		Losses			Amount

Wholesale	$	9,188	$	(1,971	)	$	7,217
Retail		1,926		(1,926	)		-
Logistical services		4,929		-			4,929

Total goodwill	$	16,043	$	(3,897	)	$	12,146

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

	Quarter Ended
	February 27, 2021		February 29, 2020

Intangible asset amortization expense	$	95	$	95

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

Remainder of fiscal 2021	$	284
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Fiscal 2025		259
Fiscal 2026		259
Thereafter		649
Total	$	2,248

Note 8 - Post Employment Benefit Obligations (Tables)

3 Months Ended

Feb. 27, 2021

Notes Tables

Schedule of Pension Liability [Table Text Block]

	February 27, 2021		November 28, 2020
Accrued compensation and benefits	$	613	$	613
Post employment benefit obligations		9,445		9,458

Total pension liability	$	10,058	$	10,071

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended
	February 27, 2021		February 29, 2020
Service cost	$	31	$	43
Interest cost		48		67
Amortization of prior service costs		31		31
Amortization of loss		15		1

Net periodic pension cost	$	125	$	142

Schedule of Deferred Compensation Liability [Table Text Block]

	February 27, 2021		November 28, 2020
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		2,901		2,631

Total deferred compensation liability	$	3,197	$	2,927

Recognized Deferred Compensation Expense [Table Text Block]

	Quarter Ended
	February 27, 2021		February 29, 2020
Deferred compensation expense	$	153	$	96

Note 11 - Earnings Per Share (Tables)

3 Months Ended

Feb. 27, 2021

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 February 27, 2021:

Basic loss per share	$	4,011		9,919,518	$	0.40
Add effect of dilutive securities:
Options and restricted shares		-		20,287		-
Diluted loss per share	$	4,011		9,939,805	$	0.40

For the quarter ended February 29, 2020:

Basic earnings per share	$	1,210		10,027,227	$	0.12
Add effect of dilutive securities:
Options and restricted shares		-		25,969		-
Diluted earnings per share	$	1,210		10,053,196	$	0.12

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

	Quarter Ended
	February 27, 2021		February 29, 2020

Unvested shares		-		34,000

Note 12 - Segment Information (Tables)

3 Months Ended

Feb. 27, 2021

Notes Tables

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

	Quarter Ended
	February 27, 2021			February 29, 2020
Sales Revenue
Wholesale	$	70,264		$	65,017
Retail - Company-owned stores		60,395			65,846
Logistical services		20,081			21,315
Inter-company eliminations:
Furniture and accessories		(29,004	)		(31,921	)
Logistical services		(8,063	)		(8,137	)
Consolidated	$	113,673		$	112,120

Income (Loss) from Operations
Wholesale	$	4,797		$	2,713
Retail - Company-owned stores		1,094			(1,249	)
Logistical services		459			835
Inter-company elimination		(329	)		(89	)
Consolidated	$	6,021		$	2,210

Depreciation and Amortization
Wholesale	$	798		$	809
Retail - Company-owned stores		1,516			1,730
Logistical services		1,017			1,084
Consolidated	$	3,331		$	3,623

Capital Expenditures
Wholesale	$	757		$	422
Retail - Company-owned stores		18			561
Logistical services		120			357
Consolidated	$	895		$	1,340

	As of		As of
Identifiable Assets	February 27, 2021		November 28, 2020
Wholesale	$	177,204	$	176,243
Retail - Company-owned stores		168,840		169,105
Logistical services		62,917		57,201
Consolidated	$	408,961	$	402,549

Disaggregation of Revenue [Table Text Block]

	Quarter Ended
	February 27, 2021				February 29, 2020

Bassett Custom Upholstery	$	43,348	61.7	%	$	40,033	61.6	%
Bassett Leather		7,587	10.8	%		4,700	7.2	%
Bassett Custom Wood		11,543	16.4	%		11,290	17.4	%
Bassett Casegoods		7,786	11.1	%		8,994	13.8	%
Total	$	70,264	100.0	%	$	65,017	100.0	%

Note 14 - Changes to Stockholders' Equity (Tables)

3 Months Ended

Feb. 27, 2021

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	February 27, 2021			February 29, 2020
Common Stock:

Beginning of period	$	49,714		$	50,581
Issuance of common stock		31			29
Forfeited shares		-			(35	)
Purchase and retirement of common stock		(178	)		(402	)
End of period	$	49,567		$	50,173

Common Shares Issued and Outstanding:

Beginning of period		9,942,787			10,116,291
Issuance of common stock		6,221			5,743
Forfeited shares		-			(7,000	)
Purchase and retirement of common stock		(35,512	)		(80,443	)
End of period		9,913,496			10,034,591

Additional Paid-in Capital:

Beginning of period	$	-		$	195
Issuance of common stock		52			46
Forfeited shares		-			35
Purchase and retirement of common stock		(66	)		(361	)
Stock based compensation		14			85
End of period	$	-		$	-

Retained Earnings:

Beginning of period	$	109,710		$	129,130
Cumulative effect of a change in accounting principal		-			(3,785	)
Net income for the period		4,011			1,210
Purchase and retirement of common stock		(509	)		(217	)
Cash dividends declared		(3,719	)		(1,260	)
End of period	$	109,493		$	125,078

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,394	)	$	(1,236	)
Amortization of pension costs, net of tax		35			25
End of period	$	(1,359	)	$	(1,211	)

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 29, 2020
Effective Income Tax Rate Reconciliation, Percent, Total	29.40%		34.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	$ 135	$ 114

Note 3 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($)	3 Months Ended
	Feb. 27, 2021	Nov. 28, 2020
Short-term Investments, Total	$ 17,715,000	$ 17,715,000
Certificates of Deposit, Average Term (Month)	8 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.05%
Maximum [Member]
Interest Rate of Certificates of Deposit	1.20%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	0.12%
Certificates of Deposit [Member]
Short-term Investments, Total	$ 17,715,000	$ 17,715

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Gross accounts receivable	$ 25,914	$ 23,551
Allowance for doubtful accounts	(1,194)	(1,211)
Accounts receivable, net	$ 24,720	$ 22,340

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Feb. 27, 2021 USD ($)
Balance	$ 1,211
Additions charged to expense	53
Write-offs against allowance	(70)
Balance	$ 1,194

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Wholesale finished goods	$ 29,620	$ 25,001
Work in process	650	516
Raw materials and supplies	17,188	14,836
Retail merchandise	29,040	27,946
Total inventories on first-in, first-out method	76,498	68,299
LIFO adjustment	(9,084)	(8,891)
Reserve for excess and obsolete inventory	(4,478)	(4,522)
Inventory, Net, Total	$ 62,936	$ 54,886

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	3 Months Ended
	Feb. 27, 2021 USD ($)
Balance	$ 4,522
Additions charged to expense	595
Write-offs	(639)
Balance	4,478
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	3,421
Additions charged to expense	309
Write-offs	(364)
Balance	3,366
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,101
Additions charged to expense	286
Write-offs	(275)
Balance	$ 1,112

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 4,384
Intangibles subject to amortization, Accumulated Amortization	(2,136)	(2,041)
Intangibles subject to amortization, Intangible Assets, Net	2,248	2,343
Trade names	9,338	9,338
Goodwill	12,146	12,146
Total goodwill and other intangible assets	23,732	23,827
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,550
Intangibles subject to amortization, Accumulated Amortization	(1,411)	(1,346)
Intangibles subject to amortization, Intangible Assets, Net	2,139	2,204
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(725)	(695)
Intangibles subject to amortization, Intangible Assets, Net	$ 109	$ 139

Note 6 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Original recorded value	$ 16,043
Goodwill Impairment	3,897
Goodwill, gross amount	12,146	$ 12,146
Wholesale Segment [Member]
Original recorded value	9,188
Goodwill Impairment	1,971
Goodwill, gross amount	7,217
Retail Segment [Member]
Original recorded value	1,926
Goodwill Impairment	1,926
Goodwill, gross amount	0
Logistical Services [Member]
Original recorded value	4,929
Goodwill Impairment	0
Goodwill, gross amount	$ 4,929

Note 6 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Intangible asset amortization expense	$ 95	$ 95

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Remainder of fiscal 2021	$ 284
Fiscal 2022	279
Fiscal 2023	259
Fiscal 2024	259
Fiscal 2025	259
Fiscal 2026	259
Thereafter	649
Total	$ 2,248	$ 2,343

Note 7 - Bank Credit Facility (Details Textual) $ in Thousands	Feb. 27, 2021 USD ($)
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Bank One [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Letters of Credit Outstanding, Amount	$ 3,181
Line of Credit Facility, Remaining Borrowing Capacity	$ 21,819
Debt Instrument, Basis Spread on Variable Rate	1.90%
Bank Two [Member]
Letters of Credit Outstanding, Amount	$ 325

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	Feb. 27, 2021	Nov. 28, 2020
Liability, Other Postretirement Defined Benefit Plan		$ 8,525	$ 8,565
Unfunded Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		1,664	1,677
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		1,533	1,250
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Deferred Compensation Arrangement with Individual, Recorded Liability		$ 1,533	$ 1,506

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Combined pension liability	$ 10,058	$ 10,071
Accrued Compensation and Benefits [Member]
Combined pension liability	613	613
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 9,445	$ 9,458

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Service cost	$ 31	$ 43
Interest cost	48	67
Amortization of prior service costs	31	31
Amortization of loss	15	1
Net periodic pension cost	$ 125	$ 142

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Feb. 27, 2021	Nov. 28, 2020
Liability for all deferred compensation arrangements	$ 3,197	$ 2,927
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	296	296
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 2,901	$ 2,631

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Deferred compensation expense	$ 153	$ 96

Note 10 - Lease Guarantees (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Nov. 28, 2020
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 2,064	$ 1,811
Minimum [Member]
Lease Guarantees Term (Year)	1 year
Maximum [Member]
Lease Guarantees Term (Year)	3 years

Note 11 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Basic earnings per share, net income	$ 4,011	$ 1,210
Basic earnings per share, weighted average shares (in shares)	9,919,518	10,027,227
Basic earnings per share (in dollars per share)	$ 0.40	$ 0.12
Options and restricted shares, net income	$ 0	$ 0
Options and restricted shares, weighted average shares (in shares)	20,287	25,969
Diluted earnings per share, net income	$ 4,011	$ 1,210
Diluted earnings per share, weighted average shares (in shares)	9,939,805	10,053,196
Diluted earnings per share (in dollars per share)	$ 0.40	$ 0.12

- Definition

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

+ References

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- 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.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Note 11 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Unvested shares (in shares)	0	34,000

Note 12 - Segment Information (Details Textual) $ in Thousands	3 Months Ended
	Feb. 27, 2021 USD ($)	Feb. 29, 2020 USD ($)
Number of Reportable Segments	3
SGA Expenses Excluding New Store Pre-opening Costs	$ 59,400	$ 64,640
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 19,621	$ 20,480

Note 12 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Nov. 28, 2020
Sales revenues	$ 113,673	$ 112,120
Income (loss) from Operations	6,021	2,210
Depreciation and amortization	3,331	3,623
Capital expenditures	895	1,340
Identifiable Assets	408,961	402,549	$ 402,549
Wholesale Segment [Member]
Sales revenues	70,264	65,017
Operating Segments [Member] \| Wholesale Segment [Member]
Sales revenues	70,264	65,017
Income (loss) from Operations	4,797	2,713
Depreciation and amortization	798	809
Capital expenditures	757	422
Identifiable Assets	177,204	176,243
Operating Segments [Member] \| Retail Segment [Member]
Sales revenues	60,395	65,846
Income (loss) from Operations	1,094	(1,249)
Depreciation and amortization	1,516	1,730
Capital expenditures	18	561
Identifiable Assets	168,840	169,105
Operating Segments [Member] \| Logistical Services [Member]
Sales revenues	20,081	21,315
Income (loss) from Operations	459	835
Depreciation and amortization	1,017	1,084
Capital expenditures	120	357
Identifiable Assets	62,917	57,201
Intersegment Eliminations [Member]
Income (loss) from Operations	(329)	(89)
Intersegment Eliminations [Member] \| Logistical Services [Member]
Sales revenues	(8,063)	(8,137)
Intersegment Eliminations [Member] \| Furniture and Accessories [Member]
Sales revenues	$ (29,004)	$ (31,921)

Note 12 - Segment Information - Wholesale Shipments by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Sales revenue	$ 113,673	$ 112,120
Wholesale Segment [Member]
Sales revenue	$ 70,264	$ 65,017
Sales, revenue, percent	100.00%	100.00%
Wholesale Segment [Member] \| Upholstery [Member]
Sales revenue	$ 43,348	$ 40,033
Sales, revenue, percent	61.70%	61.60%
Wholesale Segment [Member] \| Bassett Leather [Member]
Sales revenue	$ 7,587	$ 4,700
Sales, revenue, percent	10.80%	7.20%
Wholesale Segment [Member] \| Bassett Custom Wood [Member]
Sales revenue	$ 11,543	$ 11,290
Sales, revenue, percent	16.40%	17.40%
Wholesale Segment [Member] \| Bassett Casegoods [Member]
Sales revenue	$ 7,786	$ 8,994
Sales, revenue, percent	11.10%	13.80%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Note 13 - Revenue Recognition (Details Textual) - USD ($)	3 Months Ended
	Feb. 27, 2021	Nov. 28, 2020
Contract with Customer, Liability, Total	$ 44,674	$ 39,762
Contract with Customer, Liability, Revenue Recognized, Percentage	76.00%
Maximum [Member]
Contract with Customer, Timing of Payment (Year)	1 year

Note 14 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Balance	$ 158,030
Balance	157,701
Net income for the period	4,011	$ 1,210
Common Stock [Member]
Balance	49,714	50,581
Issuance of common stock	31	29
Forfeited shares	0	(35)
Purchase and retirement of common stock	(178)	(402)
Balance	$ 49,567	$ 50,173
Balance, shares (in shares)	9,942,787	10,116,291
Issuance of common stock, shares (in shares)	6,221	5,743
Forfeited shares (in shares)	0	(7,000)
Purchase and retirement of common stock, shares (in shares)	(35,512)	(80,443)
Balance, shares (in shares)	9,913,496	10,034,591
Paid in Capital [Member]
Balance	$ 0	$ 195
Issuance of common stock	52	46
Forfeited shares	0	35
Purchase and retirement of common stock	(66)	(361)
Balance	0	0
Stock based compensation	14	85
Retained Earnings [Member]
Balance	109,710	129,130
Purchase and retirement of common stock	(509)	(217)
Balance	109,493	125,078
Cumulative effect of a change in accounting principal	0	(3,785)
Net income for the period	4,011	1,210
Cash dividends declared	(3,719)	(1,260)
AOCI Attributable to Parent [Member]
Balance	(1,394)	(1,236)
Balance	(1,359)	(1,211)
Amortization of pension costs, net of tax	$ 35	$ 25