0001437749-22-023207 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Aug. 27, 2022	Sep. 23, 2022
Document Information [Line Items]
Entity Central Index Key	0000010329
Amendment Flag	false
Current Fiscal Year End Date	--11-26
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 27, 2022
Document Transition Report	false
Entity File Number	000-00209
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES, INCORPORATED
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 Fairystone Park Highway
Entity Address, City or Town	Bassett
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,155,740

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Net sales of furniture and accessories	$ 118,012	$ 104,870	$ 364,582	$ 316,522
Cost of furniture and accessories sold	57,240	52,263	180,479	153,426
Gross profit	60,772	52,607	184,103	163,096
Selling, general and administrative expenses	54,695	47,631	160,536	145,473
Gain on sale of real estate	4,595	0	4,595	0
Income from operations	10,672	4,976	28,162	17,623
Other loss, net	(594)	(268)	(1,850)	(828)
Income from continuing operations before income taxes	10,078	4,708	26,312	16,795
Income tax expense	2,305	1,267	6,505	4,579
Income from continuing operations	7,773	3,441	19,807	12,216
Income (loss) from operations of logistical services	0	(565)	1,712	1,079
Gain on disposal (less adjustments)	(193)	0	53,061	0
Income tax expense (benefit)	(48)	(140)	14,261	294
Income (loss) from discontinued operations	(145)	(425)	40,512	785
Net income	$ 7,628	$ 3,016	$ 60,319	$ 13,001
Income from continuing operations (in dollars per share)	$ 0.84	$ 0.35	$ 2.08	$ 1.24
Income (loss) from discontinued operations (in dollars per share)	(0.02)	(0.04)	4.26	0.08
Basic and diluted earnings per share (in dollars per share)	0.82	0.31	6.34	1.32
Income from continuing operations (in dollars per share)	0.84	0.35	2.08	1.24
Income (loss) from discontinued operations (in dollars per share)	(0.02)	(0.04)	4.26	0.08
Diluted earnings per share (in dollars per share)	0.82	0.31	6.34	1.32
Regular dividends per share (in dollars per share)	0.16	0.14	0.44	0.39
Special dividend per share (in dollars per share)	$ 0	$ 0	$ 1.50	$ 0.25

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Net income	$ 7,628	$ 3,016	$ 60,319	$ 13,001
Other comprehensive income:
Other comprehensive income, net of tax	48	35	144	104
Total comprehensive income	7,676	3,051	60,463	13,105
Pension Plan [Member]
Other comprehensive income:
Amortization associated with Long Term Cash Awards (LTCA)	33	36	99	108
Income taxes related to LTCA	(8)	(9)	(24)	(28)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Long Term Cash Awards (LTCA)	31	11	93	33
Income taxes related to LTCA	$ (8)	$ (3)	$ (24)	$ (9)

- 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	Aug. 27, 2022	Nov. 27, 2021
Current assets
Cash and cash equivalents	$ 66,870	$ 34,374
Short-term investments	17,715	17,715
Accounts receivable, net	20,950	20,567
Inventories	91,681	78,004
Recoverable income taxes	5,427	8,379
Current assets of discontinued operations held for sale	0	11,064
Other current assets	11,104	10,181
Total current assets	213,747	180,284
Property and equipment, net	75,513	69,168
Deferred income taxes	6,045	3,189
Goodwill and other intangible assets	14,313	14,354
Right of use assets under operating leases	86,809	95,955
Long-term assets of discontinued operations held for sale	0	52,757
Other	6,260	5,953
Total long-term assets	113,427	172,208
Total assets	402,687	421,660
Current liabilities
Accounts payable	24,189	23,988
Accrued compensation and benefits	12,809	12,639
Customer deposits	40,311	51,492
Current portion operating lease obligations	19,969	20,235
Current liabilities of discontinued operations held for sale	0	16,095
Other current liabilites and accrued expenses	12,746	9,770
Total current liabilities	110,024	134,219
Long-term liabilities
Post employment benefit obligations	13,016	12,968
Long-term portion of operating lease obligations	84,102	94,845
Long-term liabilities of discontinued operations held for sale	0	16,210
Other long-term liabilities	606	686
Total long-term liabilities	97,724	124,709
Common stock	46,064	48,811
Retained earnings	150,553	115,631
Additional paid-in capital	0	113
Accumulated other comprehensive loss	(1,678)	(1,823)
Total stockholders' equity	194,939	162,732
Total liabilities and stockholders’ equity	$ 402,687	$ 421,660

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Operating activities:
Net income	$ 60,319	$ 13,001
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	8,732	10,458
Gain on disposal of discontinued operations	(53,061)	0
Gain on sale of property and equipment	(4,603)	(68)
Deferred income taxes	(2,856)	1,053
Other, net	1,425	478
Accounts receivable	57	(4,329)
Inventories	(13,677)	(18,941)
Other current assets	2,961	(100)
Right of use assets under operating leases	15,881	18,857
Customer deposits	(11,181)	11,341
Accounts payable and other liabilities	1,227	2,750
Obligations under operating leases	(17,519)	(20,823)
Net cash provided by (used in) operating activities	(12,295)	13,677
Investing activities:
Purchases of property and equipment	(17,266)	(7,141)
Proceeds from sales of property and equipment	8,226	101
Proceeds from the disposal of discontinued operations, net	84,534	0
Other	(1,428)	(1,173)
Net cash provided by (used in) investing activities	74,066	(8,213)
Financing activities:
Cash dividends	(18,734)	(6,321)
Proceeds from the exercise of stock options	0	42
Other issuance of common stock	340	266
Repurchases of common stock	(10,263)	(5,566)
Taxes paid related to net share settlement of equity awards	0	(219)
Repayments of finance lease obligations	(618)	(854)
Net cash used in financing activities	(29,275)	(12,652)
Change in cash and cash equivalents	32,496	(7,188)
Cash and cash equivalents - beginning of period	34,374	45,799
Cash and cash equivalents - end of period	$ 66,870	$ 38,611

Note 1 - Basis of Presentation

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

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

1. Basis of Presentation

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

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

The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees represent VIEs. We were the primary beneficiary of one VIE by virtue of our control over the activities that most significantly impact the entity’s economic performance. This VIE was created to effect a Section 1031 like-kind exchange involving the purchase of real property in the state of Florida and the sale of real property in the state of Texas (see Note 13, Retail Real Estate Transactions). Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary.

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.

On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) to J.B. Hunt Transport Services, Inc. (“J.B. Hunt”). The sale was completed on February 28, 2022. Accordingly, the operations of our logistical services segment as well as the gain realized upon disposal are presented in the accompanying condensed consolidated statements of income as discontinued operations, and the assets sold to and liabilities assumed by J.B. Hunt are presented in the accompanying condensed consolidated balance sheet as of November 27, 2021 as assets and liabilities of discontinued operations held for sale. See Note 12, Discontinued Operations, for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith are included in selling, general and administrative expenses.

Recently Adopted Accounting Pronouncements

Effective as of the beginning of fiscal 2022, we have adopted Accounting Standards Update No. 2019-12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. 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 became effective for us as of the beginning of our 2022 fiscal year. We adopted ASU 2019-12 on a prospective basis and the adoption did not have a material impact upon our financial condition or results of operations.

Certain prior year amounts have been reclassified to conform with the current year presentation.

Note 2 - Interim Financial Presentation

9 Months Ended

Aug. 27, 2022

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 nine months ended August 27, 2022 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 27, 2021.

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 rate was 22.8% and 25.6% for the three and nine months ended August 27, 2022, respectively, and 27.2% and 27.3% for the three and nine months ended August 28, 2021, respectively. These effective rates differ from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences, including those associated with Company-owned life insurance, and tax of $552 for the nine months ended August 27, 2022 associated with non-deductible goodwill written off in connection with our sale of Zenith and included in income tax on discontinued operations, and tax deficiencies of $117 during the nine months ended August 28, 2021 arising from stock-based compensation.

Cash paid for income taxes, net of refunds, during the nine months ended August 27, 2022 was $20,722, including the estimated tax payable on the taxable gain realized on our sale of Zenith. Cash paid for income taxes, net of refunds, during the nine months ended August 28, 2021 was $624. These cash payments for income taxes are included in cash flows from operating activities in the accompanying condensed consolidated statement of cash flows.

Note 3 - Financial Instruments and Investments

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

3. Financial Instruments and Investments

Financial Instruments

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

Investments

Our short-term investments of $17,715 at August 27, 2022 and November 27, 2021 consisted of CDs. At August 27, 2022, the CDs had original terms averaging eight months, bearing interest at rates ranging from 0.25% to 3.00%. At August 27, 2022, the weighted average remaining time to maturity of the CDs was approximately six months and the weighted average yield of the CDs was approximately 2.17%. 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 August 27, 2022 and November 27, 2021 approximates their fair value.

- 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

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

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

4. Accounts Receivable

Accounts receivable consists of the following:

	August 27, 2022			November 27, 2021
Gross accounts receivable	$	21,902		$	21,134
Allowance for doubtful accounts		(952	)		(567	)
Accounts receivable, net	$	20,950		$	20,567

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

Activity in the allowance for credit losses for the nine months ended August 27, 2022 was as follows:

	2022

Balance at November 27, 2021	$	567
Additions charged to expense		439
Write-offs against allowance		(54	)
Balance at August 27, 2022	$	952

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

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

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

Inventories were comprised of the following:

	August 27, 2022			November 27, 2021
Wholesale finished goods	$	50,617		$	40,254
Work in process		695			482
Raw materials and supplies		23,527			21,653
Retail merchandise		35,169			30,914
Total inventories on first-in, first-out method		110,008			93,303
LIFO adjustment		(12,407	)		(10,483	)
Reserve for excess and obsolete inventory		(5,920	)		(4,816	)
	$	91,681		$	78,004

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 27, 2021	$	3,683		$	1,133		$	4,816
Additions charged to expense		1,941			862			2,803
Write-offs		(982	)		(717	)		(1,699	)
Balance at August 27, 2022	$	4,642		$	1,278		$	5,920

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 2022 and do not anticipate that our methodology is likely to change in the future.

Note 6 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	August 27, 2022
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(264	)	$	248

Intangibles not subject to amortization:
Trade names							6,848
Goodwill							7,217

Total goodwill and other intangible assets						$	14,313

	November 27, 2021
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(223	)	$	289

Intangibles not subject to amortization:
Trade names							6,848
Goodwill							7,217

Total goodwill and other intangible assets						$	14,354

The carrying amounts of goodwill by reportable segment at both August 27, 2022 and November 27, 2021 are as follows:

	Original		Accumulated
	Recorded		Impairment			Carrying
	Value		Losses			Amount

Wholesale	$	9,188	$	(1,971	)	$	7,217
Retail		1,926		(1,926	)		-

Total goodwill	$	11,114	$	(3,897	)	$	7,217

Goodwill and other intangible assets associated with our logistical services segment totaling $9,094 at November 27, 2021 are included in assets of discontinued operations held for sale in the accompanying balance sheet (see Note 12).

Amortization expense associated with intangible assets during the three and nine months ended August 27, 2022 and August 28, 2021 was as follows:

	Quarter Ended				Nine Months Ended

	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021

Intangible asset amortization expense	$	14	$	14	$	42	$	42

Estimated future amortization expense for intangible assets that exist at August 27, 2022 is as follows:

Remainder of fiscal 2022	$	15
Fiscal 2023		57
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5

Total	$	248

Note 7 - Bank Credit Facility

9 Months Ended

Aug. 27, 2022

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 August 27, 2022, we had $3,931 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,069. In addition, we had outstanding standby letters of credit with another bank totaling $325 at August 27, 2022. The line bears interest at the One-Month Term Secured Overnight Financing Rate (“One-Month Term SOFR”) plus 1.5% and is unsecured. Our bank charges a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the facility, we must maintain the following financial covenants, measured quarterly on a rolling twelve-month basis:

●

Consolidated fixed charge coverage ratio of not less than 1.4 times,

●

Consolidated lease-adjusted leverage ratio not to exceed 3.0 times, and

●

Minimum tangible net worth of $140,000.

We were in compliance with these covenants at August 27, 2022 and expect to remain in compliance for the foreseeable future. The credit facility will mature on January 27, 2025, at which time any amounts outstanding under the facility will be due.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Note 8 - Post Employment Benefit Obligations

9 Months Ended

Aug. 27, 2022

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 $9,062 and $9,192 as of August 27, 2022 and November 27, 2021, 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 $1,560 and $1,548 as of August 27, 2022 and November 27, 2021, respectively.

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

	August 27, 2022		November 27, 2021
Accrued compensation and benefits	$	913	$	913
Post employment benefit obligations		9,709		9,827

Total pension liability	$	10,622	$	10,740

Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 27, 2022 and August 28, 2021 are as follows:

	Quarter Ended				Nine Months Ended
	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Service cost	$	9	$	31	$	27	$	91
Interest cost		58		48		173		146
Amortization of prior service costs		31		31		94		94
Amortization of loss		33		15		100		45

Net periodic pension cost	$	131	$	125	$	394	$	376

The components of net periodic pension cost other than the service cost component, which is included in selling, general and administrative expenses, are included in other loss, net in our condensed consolidated statements of operations.

Deferred Compensation Plans

We have an unfunded deferred compensation plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. Our liability under this plan was $1,657 and $1,648 as of August 27, 2022 and November 27, 2021, 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 $1,946 and $1,789 as of August 27, 2022 and November 27, 2021, respectively.

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

	August 27, 2022		November 27, 2021
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,307		3,142

Total deferred compensation liability	$	3,603	$	3,438

We recognized expense under our deferred compensation arrangements during the three and nine months ended August 27, 2022 and August 28, 2021 as follows:

	Quarter Ended					Nine Months Ended
	August 27, 2022			August 28, 2021		August 27, 2022		August 28, 2021
Deferred compensation expense (benefit)	$	(7	)	$	96	$	54	$	451

Note 9 - Commitments and Contingencies

9 Months Ended

Aug. 27, 2022

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

9 Months Ended

Aug. 27, 2022

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 $1,871 and $1,845 at August 27, 2022 and November 27, 2021, 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 August 27, 2022 and November 27, 2021 was not material.

Note 11 - Earnings Per Share

9 Months Ended

Aug. 27, 2022

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 August 27, 2022:

Basic earnings per share - continuing operations	$	7,773			9,238,185	$	0.84
Add effect of dilutive securities:
Restricted shares		-			28,927		-
Diluted earnings per share - continuing operations	$	7,773			9,267,112	$	0.84

Basic loss per share - discontinued operations	$	(145	)		9,238,185	$	(0.02	)
Add effect of dilutive securities:
Restricted shares		-			28,927		-
Diluted loss per share - discontinued operations	$	(145	)		9,267,112	$	(0.02	)

For the quarter ended August 28, 2021:

Basic earnings per share - continuing operations	$	3,441			9,779,928	$	0.35
Add effect of dilutive securities:
Options and restricted shares		-			5,415		-
Diluted earnings per share - continuing operations	$	3,441			9,785,343	$	0.35

Basic loss per share - discontinued operations	$	(425	)		9,779,928	$	(0.04	)
Add effect of dilutive securities:
Options and restricted shares		-			5,415		-
Diluted loss per share - discontinued operations	$	(425	)		9,785,343	$	(0.04	)


For the nine months ended August 27, 2022:

Basic earnings per share - continuing operations	$	19,807			9,503,937	$	2.08
Add effect of dilutive securities:
Restricted shares		-			5,688		-
Diluted earnings per share - continuing operations	$	19,807			9,509,625	$	2.08

Basic earnings per share - discontinued operations	$	40,512			9,503,937	$	4.26
Add effect of dilutive securities:
Restricted shares		-			5,688		-
Diluted earnings per share - discontinued operations	$	40,512			9,509,625	$	4.26

For the nine months ended August 28, 2021:

Basic earnings per share - continuing operations	$	12,216			9,864,691	$	1.24
Add effect of dilutive securities:
Options and restricted shares		-			9,329		-
Diluted earnings per share - continuing operations	$	12,216			9,874,020	$	1.24

Basic earnings per share - discontinued operations	$	785			9,864,691	$	0.08
Add effect of dilutive securities:
Options and restricted shares		-			9,329		-
Diluted earnings per share - discontinued operations	$	785			9,874,020	$	0.08

For the three and nine months ended August 27, 2022 and August 28, 2021, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

Quarter Ended

Nine Months Ended

August 27, 2022

August 28, 2021

August 27, 2022

August 28, 2021

Unvested shares

15,799

67,099

7,105

Note 12 - Discontinued Operations

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

12. Discontinued Operations

On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of Zenith to J.B. Hunt. The sale was completed on February 28, 2022, at which time we received the following net proceeds:

Sales price prior to post-closing working capital adjustment	$	86,939
Less:
Amount held in escrow for contingencies related to representations and warranties (1)		1,000
Seller expenses paid at closing		418
Working capital adjustment paid to buyer		987

Net proceeds from the sale (2)	$	84,534

(1)

To be held in escrow until the first anniversary of the sale, at which time any amount not distributed or reserved for specified claims will be released to the Company. This amount is included in other current assets in the accompanying condensed consolidated balance sheet at August 27, 2022.

(2)

Included in cash flows from investing activities in the accompanying condensed consolidated statement of cash flows for the nine months ended August 27, 2022.

The sales price was subject to a customary post-closing working capital adjustment which was paid during the third quarter of fiscal 2022. Including the effect of the working capital adjustment, we recognized a pre-tax gain from the sale of Zenith of $53,061.

The operations of our logistical services segment, which consisted entirely of the operations of Zenith, are presented in the accompanying condensed consolidated statements of income as discontinued operations, and the assets sold to and liabilities assumed by J.B. Hunt are presented in the accompanying condensed consolidated balance sheet as assets and liabilities of discontinued operations held for sale as of November 27, 2021.

The following table summarizes the major classes of assets and liabilities of the discontinued operations held for sale as reported in the condensed consolidated balance sheet as of November 27, 2021:

	November 27, 2021
Carrying amounts of major classes of assets included as part of discontinued operations:
Accounts receivable, net	$	7,601
Other current assets		3,463
Property and equipment, net		24,898
Goodwill and other intangible assets		9,094
Right of use assets under operating leases		18,193
Other		572

	$	63,821

Balance sheet classification:
Current assets of discontinued operations held for sale	$	11,064
Long-term assets of discontinued operations held for sale		52,757

Total assets of discontinued operations held for sale	$	63,821

Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable	$	4,336
Accrued compensation and benefits		3,295
Current portion operating lease obligations		7,458
Other current liabilites and accrued expenses		1,006
Long-term portion of operating lease obligations		10,996
Other long-term liabilities		5,214

	$	32,305

Balance sheet classification:
Current liabilities of discontinued operations held for sale	$	16,095
Long-term liabilities of discontinued operations held for sale		16,210

Total liabilities of discontinued operations held for sale	$	32,305

Following the sale of Zenith, certain of Zenith’s liabilities primarily representing reserves and accrued liabilities for pre-disposal workers’ compensation, health insurance and auto liability claims were retained by Bassett. The remaining balance of these reserves and accruals total $537 at August 27, 2022 and are included in other current liabilities and accrued expenses in the accompanying condensed consolidated balance sheet.

The following table summarizes the major classes of line items constituting income of the discontinued operations, as reported in the condensed consolidated statements of income for the three and nine months ended August 27, 2022 and August 28, 2021:

	Quarter Ended						Nine Months Ended
	August 27, 2022			August 28, 2021			August 27, 2022			August 28, 2021
Major line items constituting pretax income of discontinued operations:
Logistical services revenue	$	-		$	14,036		$	16,776		$	40,116
Cost of logistical services		-			14,522			15,001			38,849
Other loss, net		-			(79	)		(63	)		(188	)

Income (loss) from operations of logistical services		-			(565	)		1,712			1,079
Gain on disposal (less adjustments)		(193	)		-			53,061			-
Pretax income of discontinued operations		(193	)		(565	)		54,773			1,079
Income tax expense (benefit)		(48	)		(140	)		14,261			294

Income (loss) from discontinued operations, net of tax	$	(145	)	$	(425	)	$	40,512		$	785

The amounts for revenue and costs of logistical services shown above represent the results of Zenith’s business transactions with third parties. Zenith also charged Bassett for logistical services provided to our wholesale segment in the amount of $9,121 during the nine months ended August 27, 2022, and $7,164 and $23,409, respectively, for the three and nine months ended August 28, 2021. We have entered into a service agreement with J.B. Hunt for the continuation of these services for a period of seven years following the sale of Zenith. Subsequent to the sale, we incurred $10,307 and $19,852 of expense during the three and nine months ended August 27, 2022, respectively, for the performance of logistical services, of which $17,818 had been paid in cash as of August 27, 2022.

Included in other loss, net, is interest arising from finance leases assumed by J.B. Hunt as part of the transaction. Such interest amounted to $78 for the nine months ended August 27, 2022, and $86 and $207, respectively, for the three and nine months ended August 28, 2021.

The following table summarizes the cash flows generated by discontinued operations during the nine months ended August 27, 2022 and August 28, 2021:

	Nine Months Ended
	August 27, 2022			August 28, 2021
Cash provided by operating activities	$	1,681		$	3,231
Cash used in investing activities		(81	)		(2,706	)
Cash used in financing activities		(371	)		(834	)

Net cash provided by (used in) discontinued operations	$	1,229		$	(309	)

Note 13 - Retail Real Estate Transactions

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Real Estate Disclosure [Text Block]

13. Retail Real Estate Transactions

During the third quarter of fiscal 2022, we sold one of our Company-owned store locations in Houston, Texas for $8,217 net of closing costs, resulting in a gain of $4,595 during the three and nine months ended August 27, 2022. The sale closed on June 24, 2022, and we expect to vacate the premises during the fourth quarter of fiscal 2022. This store will be relocated to a new leased store in the Houston market that we expect to open during the second quarter of fiscal 2023.

This sale, together with our recent purchase of real property in Tampa, Florida for $7,668 in cash during the second quarter of fiscal 2022 will be treated as an exchange of like-kind property under Section 1031 of the Internal Revenue Code of 1986, as amended, for the purpose of deferring approximately $4,300 of the taxable gain arising from the sale of the Houston property. A VIE was established during the second quarter of fiscal 2022 for purposes of acquiring the Tampa, Florida property, of which the Company was the primary beneficiary by virtue of our control over the activities that most significantly impact the entity's economic performance. Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary We plan to remodel the Tampa property and open as a Company-owned store in the second quarter of fiscal 2023.

Note 14 - Segment Information

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

14. Segment Information

We have strategically aligned our business into two 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 loss, net, in our condensed consolidated statements of operations.

●

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.

Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate.

Our former logistical services segment which represented the operations of Zenith is now presented as a discontinued operation in the accompanying condensed consolidated balances sheets and statements of income (see Note 12).

The following table presents our segment information:

	Quarter Ended						Nine Months Ended
	August 27, 2022			August 28, 2021			August 27, 2022			August 28, 2021
Sales Revenue
Wholesale sales of furniture and accessories	$	78,959		$	73,073		$	249,945		$	219,371
Less: Sales to retail segment		(31,833	)		(26,779	)		(95,976	)		(84,303	)
Wholesale sales to external customers		47,126			46,294			153,969			135,068
Retail sales of furniture and accessories		70,886			58,576			210,613			181,454
Consolidated net sales of furniture and accessories	$	118,012		$	104,870		$	364,582		$	316,522

Income from Operations
Wholesale	$	1,611		$	4,466		$	8,430		$	14,622
Retail - Company-owned stores		4,529			917			15,754			3,663
Inter-company elimination		(63	)		(407	)		(617	)		(662	)
Gain on sale of real estate		4,595			-			4,595			-
Consolidated	$	10,672		$	4,976		$	28,162		$	17,623

Depreciation and Amortization
Wholesale	$	1,213		$	835		$	3,038		$	2,456
Retail - Company-owned stores		1,455			1,528			4,429			4,625
Consolidated	$	2,668		$	2,363		$	7,467		$	7,081

Capital Expenditures
Wholesale	$	3,160		$	2,078		$	15,065		$	4,244
Retail - Company-owned stores		1,468			54			2,201			191
Consolidated	$	4,628		$	2,132		$	17,266		$	4,435

	As of		As of
	August 27, 2022		November 27, 2021
Identifiable Assets
Wholesale	$	243,046	$	196,853
Retail - Company-owned stores		159,641		160,986
Discontinued Operations		-		63,821
Consolidated	$	402,687	$	421,660

See Note 15, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

- 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 15 - Revenue Recognition

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

15. 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 $40,311 and $51,492 as of August 27, 2022 and November 27, 2021, respectively. Substantially all of the customer deposits held at November 27, 2021 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the three and nine months ended August 27, 2022.

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At August 27, 2022 and November 27, 2021, our balance of prepaid commissions included in other current assets was $4,357 and $6,221, respectively.

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

Disaggregated revenue information for sales of furniture and accessories by product category for the three and nine months ended August 27, 2022 and August 28, 2021, excluding intercompany transactions between our segments, is a follows:

	Quarter Ended
	August 27, 2022						August 28, 2021
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	30,885	$	39,054	$	69,939	$	26,276	$	32,362	$	58,638
Bassett Leather		6,290		867		7,157		9,142		302		9,444
Bassett Custom Wood		5,564		11,357		16,921		5,745		7,674		13,419
Bassett Casegoods		4,387		10,404		14,791		5,131		10,394		15,525
Accessories, mattresses and other (1)		-		9,204		9,204		-		7,844		7,844
Consolidated net sales of furniture and accessories	$	47,126	$	70,886	$	118,012	$	46,294	$	58,576	$	104,870

	Nine Months Ended
	August 27, 2022						August 28, 2021
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	96,636	$	122,248	$	218,884	$	77,134	$	102,201	$	179,335
Bassett Leather		29,111		1,399		30,510		26,898		782		27,680
Bassett Custom Wood		17,207		32,001		49,208		17,921		20,756		38,677
Bassett Casegoods		11,015		27,884		38,899		13,115		32,175		45,290
Accessories, mattresses and other (1)		-		27,081		27,081		-		25,540		25,540
Consolidated net sales of furniture and accessories	$	153,969	$	210,613	$	364,582	$	135,068	$	181,454	$	316,522

(1)	Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans.

- 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.

+ References

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+ Details

Note 16 - Changes to Stockholders' Equity

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

16. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three and nine months ended August 27, 2022 and August 28, 2021:

	Quarter Ended						Nine Months Ended

	August 27, 2022			August 28, 2021			August 27, 2022			August 28, 2021
Common Stock:

Beginning of period	$	46,396		$	49,262		$	48,811		$	49,714
Issuance of common stock		98			23			222			143
Purchase and retirement of common stock		(430	)		(506	)		(2,969	)		(1,078	)

End of period	$	46,064		$	48,779		$	46,064		$	48,779

Common Shares Issued and Outstanding:

Beginning of period		9,279,268			9,852,359			9,762,125			9,942,787
Issuance of common stock		19,568			4,587			44,544			28,623
Purchase and retirement of common stock		(86,096	)		(101,100	)		(593,929	)		(215,564	)

End of period		9,212,740			9,755,846			9,212,740			9,755,846

Additional Paid-in Capital:

Beginning of period	$	-		$	-		$	113		$	-
Issuance of common stock		65			71			117			165
Purchase and retirement of common stock		(207	)		(119	)		(629	)		(275	)
Stock based compensation		142			48			399			110

End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	145,471		$	112,325		$	115,631		$	109,710
Net income for the period		7,628			3,016			60,319			13,001
Purchase and retirement of common stock		(982	)		(2,017	)		(6,663	)		(4,432	)
Cash dividends declared		(1,564	)		(1,366	)		(18,734	)		(6,321	)

End of period	$	150,553		$	111,958		$	150,553		$	111,958

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,726	)	$	(1,325	)	$	(1,823	)	$	(1,394	)
Amortization of pension costs, net of tax		48			35			145			104

End of period	$	(1,678	)	$	(1,290	)	$	(1,678	)	$	(1,290	)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 17 - Recent Accounting Pronouncements

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

17. Recent Accounting Pronouncements

In October 2021, the FASB issued Accounting Standards Update No. 2021-08– Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and to payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in ASU 2021-08 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted, including adoption in any interim period. We do not expect that this guidance will have a material impact upon our financial position and results of operations.

In March 2022, the FASB issued Accounting Standards Update No. 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, to address certain concerns identified in the Post-Implementation Review process for ASU Topic 326. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings by creditors in ASC Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the amendments in ASU 2022-02 require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost. The amendments in ASU 2022-02 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted. We expect that the adoption of this standard will primarily impact our disclosures but do not expect that this guidance will have a material impact upon our financial position and results of operations.

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2025 fiscal year. Early adoption is permitted. As of August 27, 2022 we do not hold any investments in equity securities, therefore we do not currently expect that this guidance will have a material impact upon our financial position and results of operations.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Note 18 - Subsequent Events

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

18. Subsequent Events

On September 2, 2022, we acquired the capital stock of Noa Home Inc. (“Noa”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa has operations in Canada, Australia, Singapore and the United Kingdom and had net revenues of approximately $15,300 (approximately C$19,100) for its most recent fiscal year ended February 28, 2022. The initial purchase price of approximately $5,900 (approximately C$7,700) included cash payments of approximately $1,500 (approximately C$2,000) paid to the co-founders of Noa and approximately $4,300 (approximately C$5,700) for the repayment of existing debt. The Noa co-founders will also have the opportunity to receive additional annual cash payments totaling approximately $1,000 per year (approximately C$1,330 per year) for the following three fiscal years based on established increases in net revenues and achieving certain internal EBITDA goals.

Note 4 - Accounts Receivable (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

Schedule Of Accounts Receivable [Table Text Block]

	August 27, 2022			November 27, 2021
Gross accounts receivable	$	21,902		$	21,134
Allowance for doubtful accounts		(952	)		(567	)
Accounts receivable, net	$	20,950		$	20,567

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

	2022

Balance at November 27, 2021	$	567
Additions charged to expense		439
Write-offs against allowance		(54	)
Balance at August 27, 2022	$	952

Note 5 - Inventories (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	August 27, 2022			November 27, 2021
Wholesale finished goods	$	50,617		$	40,254
Work in process		695			482
Raw materials and supplies		23,527			21,653
Retail merchandise		35,169			30,914
Total inventories on first-in, first-out method		110,008			93,303
LIFO adjustment		(12,407	)		(10,483	)
Reserve for excess and obsolete inventory		(5,920	)		(4,816	)
	$	91,681		$	78,004

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

	Wholesale Segment			Retail Segment			Total

Balance at November 27, 2021	$	3,683		$	1,133		$	4,816
Additions charged to expense		1,941			862			2,803
Write-offs		(982	)		(717	)		(1,699	)
Balance at August 27, 2022	$	4,642		$	1,278		$	5,920

Note 6 - Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

Schedule of Intangible Assets and Goodwill [Table Text Block]

	August 27, 2022
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(264	)	$	248

Intangibles not subject to amortization:
Trade names							6,848
Goodwill							7,217

Total goodwill and other intangible assets						$	14,313

	November 27, 2021
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(223	)	$	289

Intangibles not subject to amortization:
Trade names							6,848
Goodwill							7,217

Total goodwill and other intangible assets						$	14,354

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	)		-

Total goodwill	$	11,114	$	(3,897	)	$	7,217

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

	Quarter Ended				Nine Months Ended

	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021

Intangible asset amortization expense	$	14	$	14	$	42	$	42

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

Remainder of fiscal 2022	$	15
Fiscal 2023		57
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5

Total	$	248

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Note 8 - Post Employment Benefit Obligations (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

Schedule of Pension Liability [Table Text Block]

	August 27, 2022		November 27, 2021
Accrued compensation and benefits	$	913	$	913
Post employment benefit obligations		9,709		9,827

Total pension liability	$	10,622	$	10,740

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended				Nine Months Ended
	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Service cost	$	9	$	31	$	27	$	91
Interest cost		58		48		173		146
Amortization of prior service costs		31		31		94		94
Amortization of loss		33		15		100		45

Net periodic pension cost	$	131	$	125	$	394	$	376

Schedule of Deferred Compensation Liability [Table Text Block]

	August 27, 2022		November 27, 2021
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,307		3,142

Total deferred compensation liability	$	3,603	$	3,438

Recognized Deferred Compensation Expense [Table Text Block]

	Quarter Ended					Nine Months Ended
	August 27, 2022			August 28, 2021		August 27, 2022		August 28, 2021
Deferred compensation expense (benefit)	$	(7	)	$	96	$	54	$	451

Note 11 - Earnings Per Share (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

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

	Net Income			Weighted Average Shares		Net Income Per Share
For the quarter ended August 27, 2022:

Basic earnings per share - continuing operations	$	7,773			9,238,185	$	0.84
Add effect of dilutive securities:
Restricted shares		-			28,927		-
Diluted earnings per share - continuing operations	$	7,773			9,267,112	$	0.84

Basic loss per share - discontinued operations	$	(145	)		9,238,185	$	(0.02	)
Add effect of dilutive securities:
Restricted shares		-			28,927		-
Diluted loss per share - discontinued operations	$	(145	)		9,267,112	$	(0.02	)

For the quarter ended August 28, 2021:

Basic earnings per share - continuing operations	$	3,441			9,779,928	$	0.35
Add effect of dilutive securities:
Options and restricted shares		-			5,415		-
Diluted earnings per share - continuing operations	$	3,441			9,785,343	$	0.35

Basic loss per share - discontinued operations	$	(425	)		9,779,928	$	(0.04	)
Add effect of dilutive securities:
Options and restricted shares		-			5,415		-
Diluted loss per share - discontinued operations	$	(425	)		9,785,343	$	(0.04	)


For the nine months ended August 27, 2022:

Basic earnings per share - continuing operations	$	19,807			9,503,937	$	2.08
Add effect of dilutive securities:
Restricted shares		-			5,688		-
Diluted earnings per share - continuing operations	$	19,807			9,509,625	$	2.08

Basic earnings per share - discontinued operations	$	40,512			9,503,937	$	4.26
Add effect of dilutive securities:
Restricted shares		-			5,688		-
Diluted earnings per share - discontinued operations	$	40,512			9,509,625	$	4.26

For the nine months ended August 28, 2021:

Basic earnings per share - continuing operations	$	12,216			9,864,691	$	1.24
Add effect of dilutive securities:
Options and restricted shares		-			9,329		-
Diluted earnings per share - continuing operations	$	12,216			9,874,020	$	1.24

Basic earnings per share - discontinued operations	$	785			9,864,691	$	0.08
Add effect of dilutive securities:
Options and restricted shares		-			9,329		-
Diluted earnings per share - discontinued operations	$	785			9,874,020	$	0.08

Quarter Ended

Nine Months Ended

August 27, 2022

August 28, 2021

August 27, 2022

August 28, 2021

Unvested shares

15,799

67,099

7,105

Note 12 - Discontinued Operations (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

Sales price prior to post-closing working capital adjustment	$	86,939
Less:
Amount held in escrow for contingencies related to representations and warranties (1)		1,000
Seller expenses paid at closing		418
Working capital adjustment paid to buyer		987

Net proceeds from the sale (2)	$	84,534

	November 27, 2021
Carrying amounts of major classes of assets included as part of discontinued operations:
Accounts receivable, net	$	7,601
Other current assets		3,463
Property and equipment, net		24,898
Goodwill and other intangible assets		9,094
Right of use assets under operating leases		18,193
Other		572

	$	63,821

Balance sheet classification:
Current assets of discontinued operations held for sale	$	11,064
Long-term assets of discontinued operations held for sale		52,757

Total assets of discontinued operations held for sale	$	63,821

Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable	$	4,336
Accrued compensation and benefits		3,295
Current portion operating lease obligations		7,458
Other current liabilites and accrued expenses		1,006
Long-term portion of operating lease obligations		10,996
Other long-term liabilities		5,214

	$	32,305

Balance sheet classification:
Current liabilities of discontinued operations held for sale	$	16,095
Long-term liabilities of discontinued operations held for sale		16,210

Total liabilities of discontinued operations held for sale	$	32,305

	Quarter Ended						Nine Months Ended
	August 27, 2022			August 28, 2021			August 27, 2022			August 28, 2021
Major line items constituting pretax income of discontinued operations:
Logistical services revenue	$	-		$	14,036		$	16,776		$	40,116
Cost of logistical services		-			14,522			15,001			38,849
Other loss, net		-			(79	)		(63	)		(188	)

Income (loss) from operations of logistical services		-			(565	)		1,712			1,079
Gain on disposal (less adjustments)		(193	)		-			53,061			-
Pretax income of discontinued operations		(193	)		(565	)		54,773			1,079
Income tax expense (benefit)		(48	)		(140	)		14,261			294

Income (loss) from discontinued operations, net of tax	$	(145	)	$	(425	)	$	40,512		$	785

	Nine Months Ended
	August 27, 2022			August 28, 2021
Cash provided by operating activities	$	1,681		$	3,231
Cash used in investing activities		(81	)		(2,706	)
Cash used in financing activities		(371	)		(834	)

Net cash provided by (used in) discontinued operations	$	1,229		$	(309	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
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-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Note 14 - Segment Information (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

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

	Quarter Ended						Nine Months Ended
	August 27, 2022			August 28, 2021			August 27, 2022			August 28, 2021
Sales Revenue
Wholesale sales of furniture and accessories	$	78,959		$	73,073		$	249,945		$	219,371
Less: Sales to retail segment		(31,833	)		(26,779	)		(95,976	)		(84,303	)
Wholesale sales to external customers		47,126			46,294			153,969			135,068
Retail sales of furniture and accessories		70,886			58,576			210,613			181,454
Consolidated net sales of furniture and accessories	$	118,012		$	104,870		$	364,582		$	316,522

Income from Operations
Wholesale	$	1,611		$	4,466		$	8,430		$	14,622
Retail - Company-owned stores		4,529			917			15,754			3,663
Inter-company elimination		(63	)		(407	)		(617	)		(662	)
Gain on sale of real estate		4,595			-			4,595			-
Consolidated	$	10,672		$	4,976		$	28,162		$	17,623

Depreciation and Amortization
Wholesale	$	1,213		$	835		$	3,038		$	2,456
Retail - Company-owned stores		1,455			1,528			4,429			4,625
Consolidated	$	2,668		$	2,363		$	7,467		$	7,081

Capital Expenditures
Wholesale	$	3,160		$	2,078		$	15,065		$	4,244
Retail - Company-owned stores		1,468			54			2,201			191
Consolidated	$	4,628		$	2,132		$	17,266		$	4,435

	As of		As of
	August 27, 2022		November 27, 2021
Identifiable Assets
Wholesale	$	243,046	$	196,853
Retail - Company-owned stores		159,641		160,986
Discontinued Operations		-		63,821
Consolidated	$	402,687	$	421,660

Note 15 - Revenue Recognition (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Quarter Ended
	August 27, 2022						August 28, 2021
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	30,885	$	39,054	$	69,939	$	26,276	$	32,362	$	58,638
Bassett Leather		6,290		867		7,157		9,142		302		9,444
Bassett Custom Wood		5,564		11,357		16,921		5,745		7,674		13,419
Bassett Casegoods		4,387		10,404		14,791		5,131		10,394		15,525
Accessories, mattresses and other (1)		-		9,204		9,204		-		7,844		7,844
Consolidated net sales of furniture and accessories	$	47,126	$	70,886	$	118,012	$	46,294	$	58,576	$	104,870

	Nine Months Ended
	August 27, 2022						August 28, 2021
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	96,636	$	122,248	$	218,884	$	77,134	$	102,201	$	179,335
Bassett Leather		29,111		1,399		30,510		26,898		782		27,680
Bassett Custom Wood		17,207		32,001		49,208		17,921		20,756		38,677
Bassett Casegoods		11,015		27,884		38,899		13,115		32,175		45,290
Accessories, mattresses and other (1)		-		27,081		27,081		-		25,540		25,540
Consolidated net sales of furniture and accessories	$	153,969	$	210,613	$	364,582	$	135,068	$	181,454	$	316,522

Note 16 - Changes to Stockholders' Equity (Tables)

9 Months Ended

Aug. 27, 2022

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended						Nine Months Ended

	August 27, 2022			August 28, 2021			August 27, 2022			August 28, 2021
Common Stock:

Beginning of period	$	46,396		$	49,262		$	48,811		$	49,714
Issuance of common stock		98			23			222			143
Purchase and retirement of common stock		(430	)		(506	)		(2,969	)		(1,078	)

End of period	$	46,064		$	48,779		$	46,064		$	48,779

Common Shares Issued and Outstanding:

Beginning of period		9,279,268			9,852,359			9,762,125			9,942,787
Issuance of common stock		19,568			4,587			44,544			28,623
Purchase and retirement of common stock		(86,096	)		(101,100	)		(593,929	)		(215,564	)

End of period		9,212,740			9,755,846			9,212,740			9,755,846

Additional Paid-in Capital:

Beginning of period	$	-		$	-		$	113		$	-
Issuance of common stock		65			71			117			165
Purchase and retirement of common stock		(207	)		(119	)		(629	)		(275	)
Stock based compensation		142			48			399			110

End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	145,471		$	112,325		$	115,631		$	109,710
Net income for the period		7,628			3,016			60,319			13,001
Purchase and retirement of common stock		(982	)		(2,017	)		(6,663	)		(4,432	)
Cash dividends declared		(1,564	)		(1,366	)		(18,734	)		(6,321	)

End of period	$	150,553		$	111,958		$	150,553		$	111,958

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,726	)	$	(1,325	)	$	(1,823	)	$	(1,394	)
Amortization of pension costs, net of tax		48			35			145			104

End of period	$	(1,678	)	$	(1,290	)	$	(1,678	)	$	(1,290	)

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 27, 2022	Aug. 28, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	22.80%	27.20%		25.60%	27.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%
Effective Income Tax Rate Reconciliation, Impairment of Non-deductible Goodwill			$ 552
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount					$ 117
Income Taxes Paid, Net, Total				$ 20,722	$ 624

Note 3 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 27, 2022	Nov. 27, 2021
Short-Term Investments, Total	$ 17,715	$ 17,715
Certificates of Deposit, Average Term (Month)	8 months
Certificates of Deposit [Member]
Short-Term Investments, Total	$ 17,715	$ 17,715
Certificates of Deposit [Member] \| Minimum [Member]
Investment Interest Rate	0.25%
Certificates of Deposit [Member] \| Maximum [Member]
Investment Interest Rate	3.00%
Certificates of Deposit [Member] \| Weighted Average [Member]
Certificates of Deposit, Average Term (Month)	6 months
Interest-Earning Assets, Average Yield	2.17%

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Gross accounts receivable	$ 21,902	$ 21,134
Allowance for doubtful accounts	952	567
Accounts receivable, net	$ 20,950	$ 20,567

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Aug. 27, 2022 USD ($)
Balance at November 27, 2021	$ 567
Additions charged to expense	439
Write-offs against allowance	54
Balance at August 27, 2022	$ 952

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Wholesale finished goods	$ 50,617	$ 40,254
Work in process	695	482
Raw materials and supplies	23,527	21,653
Retail merchandise	35,169	30,914
Total inventories on first-in, first-out method	110,008	93,303
LIFO adjustment	(12,407)	(10,483)
Reserve for excess and obsolete inventory	(5,920)	(4,816)
Inventory, Net, Total	$ 91,681	$ 78,004

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	9 Months Ended
	Aug. 27, 2022 USD ($)
Balance	$ 4,816
Additions charged to expense	2,803
Write-offs	(1,699)
Balance	5,920
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	3,683
Additions charged to expense	1,941
Write-offs	(982)
Balance	4,642
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,133
Additions charged to expense	862
Write-offs	(717)
Balance	$ 1,278

Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Intangible Assets, Net (Including Goodwill), Total	$ 14,313	$ 14,354
Long-term Assets of Discontinued Operations Held for Sale [Member] \| Discontinued Operations, Held-for-sale [Member] \| Logistical Services [Member]
Intangible Assets, Net (Including Goodwill), Total		$ 9,094

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Intangibles subject to amortization, Intangible Assets, Net	$ 248
Trade names	6,848	$ 6,848
Goodwill	7,217	7,217
Goodwill and other intangible assets	14,313	14,354
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(264)	(223)
Intangibles subject to amortization, Intangible Assets, Net	$ 248	$ 289

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note 6 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Goodwill, original recorded value	$ 11,114
Goodwill, accumulated impairment loss	(3,897)
Goodwill, Ending Balance	7,217	$ 7,217
Wholesale Segment [Member]
Goodwill, original recorded value	9,188
Goodwill, accumulated impairment loss	(1,971)
Goodwill, Ending Balance	7,217
Retail Segment [Member]
Goodwill, original recorded value	1,926
Goodwill, accumulated impairment loss	(1,926)
Goodwill, Ending Balance	$ 0

- Definition

+ References + Details

Note 6 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Intangible asset amortization expense	$ 14	$ 14	$ 42	$ 42

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Aug. 27, 2022 USD ($)
Remainder of fiscal 2022	$ 15
Fiscal 2023	57
Fiscal 2024	57
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Total	$ 248

Note 7 - Bank Credit Facility (Details Textual) $ in Thousands		9 Months Ended
	Jan. 27, 2022 USD ($)	Aug. 27, 2022 USD ($)
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000
Letters of Credit Outstanding, Amount		3,931
Line of Credit Facility, Remaining Borrowing Capacity		$ 21,069
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.4
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio	3.0
Debt Instrument, Covenant, Tangible Net Worth	$ 140,000
Bank One [Member] \| One-Month Term Secured Overnight Financing Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Bank Two [Member]
Letters of Credit Outstanding, Amount		$ 325

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	Aug. 27, 2022	Nov. 27, 2021
Postemployment Benefits Liability, Noncurrent		$ 13,016	$ 12,968
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,657	1,648
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,946	1,789
Supplemental Employee Retirement Plan [Member] \| Defined Benefit Plan, Unfunded Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		9,062	9,192
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Postemployment Benefits Liability, Noncurrent		$ 1,560	$ 1,548

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Combined pension liability	$ 10,622	$ 10,740
Accrued Compensation and Benefits [Member]
Combined pension liability	913	913
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 9,709	$ 9,827

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Service cost	$ 9	$ 31	$ 27	$ 91
Interest cost	58	48	173	146
Amortization of prior service costs	31	31	94	94
Amortization of loss	(33)	(15)	(100)	(45)
Net periodic pension cost	$ 131	$ 125	$ 394	$ 376

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Liability for all deferred compensation arrangements	$ 3,603	$ 3,438
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	296	296
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 3,307	$ 3,142

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Deferred compensation expense (benefit)	$ (7)	$ 96	$ 54	$ 451

Note 10 - Lease Guarantees (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 27, 2022	Nov. 27, 2021
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,871	$ 1,845
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		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Unvested shares (in shares)	15,799	0	67,099	7,105
Basic earnings per share - continuing operations, net income	$ 7,773	$ 3,441	$ 19,807	$ 12,216
Basic earnings per share - continuing operations, weighted average shares (in shares)	9,238,185	9,779,928	9,503,937	9,864,691
Income from continuing operations (in dollars per share)	$ 0.84	$ 0.35	$ 2.08	$ 1.24
Restricted shares (in shares)	28,927	5,415	5,688	9,329
Diluted earnings per share - continuing operations, net income	$ 7,773	$ 3,441	$ 19,807	$ 12,216
Diluted earnings per share - continuing operations, weighted average shares (in shares)	9,267,112	9,785,343	9,509,625	9,874,020
Diluted earnings per share - continuing operations, net income per share (in dollars per share)	$ 0.84	$ 0.35	$ 2.08	$ 1.24
Basic loss per share - discontinued operations, net income	$ (145)	$ (425)	$ 40,512	$ 785
Income (loss) from discontinued operations (in dollars per share)	$ (0.02)	$ (0.04)	$ 4.26	$ 0.08
Diluted loss per share - discontinued operations, net income	$ (145)	$ (425)	$ 40,512	$ 785
Diluted loss per share - discontinued operations, net income per share (in dollars per share)	$ (0.02)	$ (0.04)	$ 4.26	$ 0.08
Discontinued Operations [Member]
Basic earnings per share - continuing operations, weighted average shares (in shares)	9,238,185	9,779,928	9,503,937	9,864,691
Restricted shares (in shares)	28,927	5,415	5,688	9,329
Diluted earnings per share - continuing operations, weighted average shares (in shares)	9,267,112	9,785,343	9,509,625	9,874,020

Note 12 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($)	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment	$ 53,254,000
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year)		7 years		7 years
Disposal Group, Including Discontinued Operation, Interest Expense		$ 86,000	$ 78,000	$ 12,000
Subsidiaries [Member] \| Logistical Services [Member]
Related Party Transaction, Amounts of Transaction		$ 7,164,000	9,121,000	$ 16,245
Disposal Group, Including Discontinued Operation, Operating Expense	$ 10,307,000		19,852,000
Discontinued Operation, Amount of Continuing Cash Flows after Disposal			$ 17,818

Note 12 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 28, 2022	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021	Nov. 27, 2021
Major line items constituting pretax income of discontinued operations:
Proceeds from the disposal of discontinued operations, net				$ 84,534	$ 0
Current assets of discontinued operations held for sale		$ 0		0		$ 11,064
Long-term assets of discontinued operations held for sale		0		0		52,757
Gain on disposal (less adjustments)		(193)	$ 0	53,061	0
Current liabilities of discontinued operations held for sale		0		0		16,095
Long-term liabilities of discontinued operations held for sale		0		0		16,210
Zenith Freight Lines [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Sales price prior to post-closing working capital adjustment	$ 86,939
Major line items constituting pretax income of discontinued operations:
Cash provided by operating activities				1,681	3,231
Accounts receivable, net						7,601
Logistical services revenue		0	14,036	16,776	40,116
Amount held in escrow for contingencies related to representations and warranties (1)	1,000
Other current assets						3,463
Proceeds from the disposal of discontinued operations, net	84,534			(81)	(2,706)
Seller expenses paid at closing	418
Property and equipment, net						24,898
Working capital adjustment paid to buyer	$ 987
Goodwill and other intangible assets						9,094
Cash used in financing activities				(371)	(834)
Right of use assets under operating leases						18,193
Cost of logistical services		0	14,522	15,001	38,849
Other						572
Net cash provided by (used in) discontinued operations				1,229	(309)
Disposal Group, Including Discontinued Operation, Assets, Total						63,821
Current assets of discontinued operations held for sale						11,064
Other loss, net		0	(79)	(63)	(188)
Long-term assets of discontinued operations held for sale						52,757
Accounts payable						4,336
Income (loss) from operations of logistical services		0	(565)	1,712	1,079
Accrued compensation and benefits						3,295
Current portion operating lease obligations						7,458
Other current liabilites and accrued expenses						1,006
Long-term portion of operating lease obligations						10,996
Gain on disposal (less adjustments)		(193)	0	53,061	0
Other long-term liabilities						5,214
Disposal Group, Including Discontinued Operation, Liabilities, Total						32,305
Current liabilities of discontinued operations held for sale						16,095
Pretax income of discontinued operations		(193)	(565)	54,773	1,079
Long-term liabilities of discontinued operations held for sale						$ 16,210
Income tax expense (benefit)		(48)	(140)	14,261	294
Income (loss) from discontinued operations, net of tax		$ (145)	$ (425)	$ 40,512	$ 785

Note 13 - Retail Real Estate Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$ 4,595	$ 0	$ 4,595	$ 0
Houston, Texas [Member]
Sale of Real Estate, Expected Taxable Gain (Loss)	4,300
Houston, Texas [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Disposal Group, Including Discontinued Operation, Consideration	8,217		8,217
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	4,595		$ 4,595
Tampa Florida [Member]
Payments to Acquire Real Estate, Total	$ 7,668

Note 14 - Segment Information (Details Textual)	9 Months Ended
Note 14 - Segment Information (Details Textual)	Aug. 27, 2022
Number of Reportable Segments	2

Note 14 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021	Nov. 27, 2021
Net sales	$ 118,012	$ 104,870	$ 364,582	$ 316,522
Identifiable Assets	402,687		402,687		$ 421,660
Income (loss) from Operations	10,672	4,976	28,162	17,623
Gain on sale of real estate	4,595	0	4,595	0
Depreciation and amortization			8,732	10,458
Capital Expenditures	4,628	2,132	17,266	4,435
Wholesale Segment [Member]
Net sales	47,126	46,294	153,969	135,068
Logistical Services [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Identifiable Assets	0		0		63,821
Furniture and Accessories [Member]
Net sales	118,012	104,870	364,582	316,522
Operating Segments [Member]
Depreciation and amortization	2,668	2,363	7,467	7,081
Operating Segments [Member] \| Wholesale Segment [Member]
Net sales	78,959	73,073	249,945	219,371
Identifiable Assets	243,046		243,046		196,853
Income (loss) from Operations	1,611	4,466	8,430	14,622
Depreciation and amortization	1,213	835	3,038	2,456
Capital Expenditures	3,160	2,078	15,065	4,244
Operating Segments [Member] \| Retail Segment [Member]
Net sales	70,886	58,576	210,613	181,454
Identifiable Assets	159,641		159,641		$ 160,986
Operating Segments [Member] \| Retail Segments [Member]
Income (loss) from Operations	4,529	917	15,754	3,663
Depreciation and amortization	1,455	1,528	4,429	4,625
Capital Expenditures	1,468	54	2,201	191
Intersegment Eliminations [Member] \| Wholesale Segment [Member]
Net sales	(31,833)	(26,779)	(95,976)	(84,303)
Consolidation, Eliminations [Member]
Income (loss) from Operations	$ (63)	$ (407)	$ (617)	$ (662)

Note 15 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Aug. 27, 2022	Nov. 27, 2021
Contract with Customer, Liability, Current	$ 40,311	$ 51,492
Other Current Assets [Member] \| Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 4,357	$ 6,221

Note 15 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Sales revenue	$ 118,012	$ 104,870	$ 364,582	$ 316,522
Wholesale Segment [Member]
Sales revenue	47,126	46,294	153,969	135,068
Bassett Custom Upholstery [Member]
Sales revenue	69,939	58,638	218,884	179,335
Bassett Custom Upholstery [Member] \| Wholesale Segment [Member]
Sales revenue	30,885	26,276	96,636	77,134
Bassett Custom Upholstery [Member] \| Retail Segment [Member]
Sales revenue	39,054	32,362	122,248	102,201
Bassett Leather [Member]
Sales revenue	7,157	9,444	30,510	27,680
Bassett Leather [Member] \| Wholesale Segment [Member]
Sales revenue	6,290	9,142	29,111	26,898
Bassett Leather [Member] \| Retail Segment [Member]
Sales revenue	867	302	1,399	782
Bassett Custom Wood [Member]
Sales revenue	16,921	13,419	49,208	38,677
Bassett Custom Wood [Member] \| Wholesale Segment [Member]
Sales revenue	5,564	5,745	17,207	17,921
Bassett Custom Wood [Member] \| Retail Segment [Member]
Sales revenue	11,357	7,674	32,001	20,756
Bassett Casegoods [Member]
Sales revenue	14,791	15,525	38,899	45,290
Bassett Casegoods [Member] \| Wholesale Segment [Member]
Sales revenue	4,387	5,131	11,015	13,115
Bassett Casegoods [Member] \| Retail Segment [Member]
Sales revenue	10,404	10,394	27,884	32,175
Accessories, Mattresses and Other [Member]
Sales revenue	9,204	7,844	27,081	25,540
Accessories, Mattresses and Other [Member] \| Wholesale Segment [Member]
Sales revenue	0	0	0	0
Accessories, Mattresses and Other [Member] \| Retail Segment [Member]
Sales revenue	9,204	7,844	27,081	25,540
Furniture and Accessories [Member]
Sales revenue	118,012	104,870	364,582	316,522
Furniture and Accessories [Member] \| Wholesale Segment [Member]
Sales revenue	47,126	46,294	153,969	135,068
Furniture and Accessories [Member] \| Retail Segment [Member]
Sales revenue	$ 70,886	$ 58,576	$ 210,613	$ 181,454

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 16 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021
Beginning of period			$ 162,732
Net income	$ 7,628	$ 3,016	60,319	$ 13,001
End of period	194,939		194,939
Common Stock [Member]
Beginning of period	46,396	49,262	48,811	49,714
Issuance of common stock	98	23	222	143
Purchase and retirement of common stock	$ (430)	$ (506)	$ (2,969)	$ (1,078)
Beginning of period (in shares)	9,279,268	9,852,359	9,762,125	9,942,787
Issuance of common stock (in shares)	19,568	4,587	44,544	28,623
Purchase and retirement of common stock (in shares)	(86,096)	(101,100)	(593,929)	(215,564)
End of period (in shares)	9,212,740	9,755,846	9,212,740	9,755,846
End of period	$ 46,064	$ 48,779	$ 46,064	$ 48,779
Additional Paid-in Capital [Member]
Beginning of period	0	0	113	0
Issuance of common stock	65	71	117	165
Purchase and retirement of common stock	(207)	(119)	(629)	(275)
Stock based compensation	142	48	399	110
End of period	0	0	0	0
Retained Earnings [Member]
Beginning of period	145,471	112,325	115,631	109,710
Purchase and retirement of common stock	(982)	(2,017)	(6,663)	(4,432)
Net income	7,628	3,016	60,319	13,001
Cash dividends declared	(1,564)	(1,366)	(18,734)	(6,321)
End of period	150,553	111,958	150,553	111,958
AOCI Attributable to Parent [Member]
Beginning of period	(1,726)	(1,325)	(1,823)	(1,394)
Amortization of pension costs, net of tax	48	35	145	104
End of period	$ (1,678)	$ (1,290)	$ (1,678)	$ (1,290)

Note 18 - Subsequent Events (Details Textual) - Sep. 02, 2022 - Subsequent Event [Member] $ in Millions	CNY (¥)	USD ($)
Noa Home Inc. [Member]
Payments to Acquire Businesses, Gross	¥ 7,700,000	$ 5.9
Payments to Acquire Businesses Founders	2,000,000	1.5
Payments to Acquire Businesses, Debt Paid	5,700,000	4.3
Business Combination, Annual Payments to Acquired Business	1,330	1.0
Noa Home Inc. [Member]
Revenues, Total	¥ 19,100,000	$ 15.3

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details