0001437749-23-008529 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

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.

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 for the three months ended February 26, 2022 are presented in the accompanying condensed consolidated statements of income as discontinued operations. See Note 12, Discontinued Operations, for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith were included in selling, general and administrative expenses for the three months ended February 26, 2022.

Certain prior year amounts have been reclassified to conform to the current year presentation (see Note 13, Segments).

Note 2 - Interim Financial Presentation

3 Months Ended

Feb. 25, 2023

Condensed Financial Statements [Text Block]

2. Interim Financial Presentation and Other Information

All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three months ended February 25, 2023 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 26, 2022.

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 36.8% and 26.3% for the three months ended February 25, 2023 and February 26, 2022, respectively. These effective rates differ from the federal statutory rate of 21% primarily due to increases in the valuation allowance placed on deferred tax assets associated with Noa Home, the effects of state income taxes and various permanent differences.

Non-cash Investing and Financing Activity

During the three months ended February 25, 2023 and February 26, 2022, $3,406 and $4119, respectively, of lease right-of- use assets were added through the recognition of the corresponding lease obligations.

Note 3 - Business Combinations

3 Months Ended

Feb. 25, 2023

Business Combination Disclosure [Text Block]

3. Business Combinations

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

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

The allocation of the fair value of the acquired business has been based on a preliminary valuation. Our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one year from the acquisition date). The primary areas of the preliminary allocation of the fair value of consideration transferred that are not yet finalized relate to the fair values of certain tangible and intangible assets acquired and the residual goodwill. As of February 25, 2023, there have been no changes to the preliminary allocation of the purchase price (translated into U.S. dollars as of the acquisition date) which is as follows:

The following is a collective summary of the purchase price allocations for those acquisitions:

Fair value of consideration transferred in exchange for 100% of Noa Home:
Cash	$	5,878
Fair value of contingent consideration payable		1,375
Total fair value of consideration paid or payable	$	7,253

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Cash	$	296
Inventory		1,585
Other current assets		317
Property & equipment		155
Intangible asset - trade name		1,929
Total identifiable assets acquired		4,282
Liabilities assumed:
Accounts payable		(1,227	)
Customer deposits		(1,059	)
Other current liabilities and accrued expenses		(458	)
Total liabilities assumed		(2,744	)
Net identifiable assets acquired		1,538
Goodwill		5,715
Total net assets acquired	$	7,253

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill are the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Noa Home’s position in the international e-commerce market for home furnishings and accessories.

A portion of the fair value of the consideration transferred in the amount of $1,929 has been assigned to the identifiable intangible asset associated with the Noa Home trade name. This intangible asset is considered to have an indefinite life. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists.

The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures.

The revenues and results of operations of Noa Home for the three months ended February 25, 2023 were not material. The pro forma impact of the acquisition has not been presented because it was not material to our consolidated results of operations for the three months ended February 26, 2022.

Note 4 - Financial Instruments and Investments

3 Months Ended

Feb. 25, 2023

Fair Value Disclosures [Text Block]

4. 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 $17,725 and $17,715 at February 25, 2023 and November 26, 2022 consisted of CDs. At February 25, 2023, the CDs had original terms averaging eight months, bearing interest at rates ranging from 0.3% to 4.75%. At February 25, 2023, the weighted average remaining time to maturity of the CDs was approximately five months and the weighted average yield of the CDs was approximately 4.29%. Each CD is placed with a federally insured financial institution and all deposits are within federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at February 25, 2023 and November 26, 2022 approximates their fair value.

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

+ References + Details

Note 5 - Accounts Receivable

3 Months Ended

Feb. 25, 2023

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

5. Accounts Receivable

Accounts receivable consists of the following:

	February 25, 2023			November 26, 2022
Gross accounts receivable	$	18,992		$	19,099
Allowance for doubtful accounts		(684	)		(1,261	)
Accounts receivable, net	$	18,308		$	17,838

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 three months ended February 25, 2023 was as follows:

Balance at November 26, 2022	$	1,261
Additions charged to expense		116
Write-offs against allowance		(693	)
Balance at February 25, 2023	$	684

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 4.

Note 6 - Inventories

3 Months Ended

Feb. 25, 2023

Inventory Disclosure [Text Block]

6. Inventories

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

Inventories were comprised of the following:

	February 25, 2023			November 26, 2022
Wholesale finished goods	$	38,142		$	46,607
Work in process		722			620
Raw materials and supplies		21,725			22,859
Retail merchandise		35,255			32,974
Total inventories on first-in, first-out method		95,844			103,060
LIFO adjustment		(12,187	)		(12,416	)
Reserve for excess and obsolete inventory		(4,646	)		(5,167	)
	$	79,011		$	85,477

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 26, 2022	$	4,103		$	1,064		$	5,167
Additions charged to expense		470			253			723
Write-offs		(1,067	)		(177	)		(1,244	)
Balance at February 25, 2023	$	3,506		$	1,140		$	4,646

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 2023 and do not anticipate that our methodology is likely to change in the future.

Note 7 - Goodwill and Other Intangible Assets

3 Months Ended

Feb. 25, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	February 25, 2023
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(294	)	$	218

Intangibles not subject to amortization:
Trade names							8,694
Goodwill							12,687

Total goodwill and other intangible assets						$	21,599

	November 26, 2022
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(280	)	$	232

Intangibles not subject to amortization:
Trade names							8,723
Goodwill							12,772

Total goodwill and other intangible assets						$	21,727

Changes in the carrying amounts of goodwill by reportable segment were as follows:

	Wholesale		Retail		Corporate & Other			Total

Balance as of November 26, 2022	$	7,217	$	-	$	5,554		$	12,771
Foreign currency translation adjustments		-		-		(84	)		(84	)

Balance as of February 25, 2023	$	7,217	$	-	$	5,470		$	12,687

Accumulated impairment losses at both February 25, 2023 and November 26, 2022 were $3,897.

Amortization expense associated with intangible assets during the three months ended February 25, 2023 and February 26, 2022 was as follows:

	Quarter Ended
	February 25, 2023		February 26, 2022

Intangible asset amortization expense	$	14	$	14

Estimated future amortization expense for intangible assets that exist at February 25, 2023 is as follows:

Remainder of fiscal 2023	$	42
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-

Total	$	218

Note 8 - Bank Credit Facility

3 Months Ended

Feb. 25, 2023

Debt Disclosure [Text Block]

8. Bank Credit Facility

Our bank credit facility provides for a line of credit of up to $25,000. At February 25, 2023, we had $3,731 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,269. In addition, we had outstanding standby letters of credit with another bank totaling $250 at February 25, 2023. 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 bank credit 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 February 25, 2023 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.

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.

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Note 9 - Post-employment Benefit Obligations

3 Months Ended

Feb. 25, 2023

Postemployment Benefits Disclosure [Text Block]

9. Post Employment Benefit Obligations

Defined Benefit Plans

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $6,007 and $5,987 as of February 25, 2023 and November 26, 2022, 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 $1,300 and $1,275 as of February 25, 2023 and November 26, 2022, respectively.

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

	February 25, 2023		November 26, 2022
Accrued compensation and benefits	$	698	$	698
Post employment benefit obligations		6,609		6,564

Total pension liability	$	7,307	$	7,262

Components of net periodic pension costs for our defined benefit plans for the three months ended February 25, 2023 and February 26, 2022 are as follows:

	Quarter Ended
	February 25, 2023		February 26, 2022
Service cost	$	7	$	9
Interest cost		93		58
Amortization of prior service costs		31		31
Amortization of loss		-		33

Net periodic pension cost	$	131	$	131

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 $1,626 and $1,616 as of February 25, 2023 and November 26, 2022, 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 $2,447 and $2,070 as of February 25, 2023 and November 26, 2022, respectively.

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

	February 25, 2023		November 26, 2022
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,777		3,390

Total deferred compensation liability	$	4,073	$	3,686

We recognized expense under our deferred compensation arrangements during the three months ended February 25, 2023 and February 26, 2022 as follows:

	Quarter Ended
	February 25, 2023		February 26, 2022
Deferred compensation expense (benefit)	$	78	$	54

Note 10 - Commitments and Contingencies

3 Months Ended

Feb. 25, 2023

Commitments Contingencies and Guarantees [Text Block]

10. 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.

Lease Guarantees

We were contingently liable under a licensee lease obligation guarantee in the amounts of $1,889 and $1,880 at February 25, 2023 and November 26, 2022, respectively. The remaining term under this lease guarantee extends for five years.

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 obligation, net of recorded reserves. The fair value of this lease guarantee (an estimate of the cost to the Company to perform on the guarantee) at February 25, 2023 and November 26, 2022 was not material.

Note 11 - Earnings Per Share

3 Months Ended

Feb. 25, 2023

Earnings Per Share [Text Block]

11. Earnings Per Share

The following reconciles basic and diluted earnings per share:

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended February 25, 2023:

Basic earnings per share - continuing operations	$	1,445		8,867,881	$	0.16
Add effect of dilutive securities:
Restricted shares		-		29,122		-
Diluted earnings per share - continuing operations	$	1,445		8,897,003	$	0.16


For the quarter ended February 26, 2022:

Basic earnings per share - continuing operations	$	4,291		9,750,432	$	0.44
Add effect of dilutive securities:
Options and restricted shares		-		8,545		-
Diluted earnings per share - continuing operations	$	4,291		9,758,977	$	0.44

Basic loss per share - discontinued operations	$	1,282		9,750,432	$	0.13
Add effect of dilutive securities:
Options and restricted shares		-		8,545		-
Diluted loss per share - discontinued operations	$	1,282		9,758,977	$	0.13

For the three months ended February 25, 2023 and February 26, 2022, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

	Quarter Ended
	February 25, 2023		February 26, 2022

Unvested shares		51,000		51,300

Note 12 - Discontinued Operations

3 Months Ended

Feb. 25, 2023

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. Subsequent to the first quarter of fiscal 2022 and through the end of fiscal 2022, we received the following net proceeds:

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

Net proceeds from the sale	$	84,534

(1)

This was held in escrow until the first anniversary of the sale, at which time the full amount was released to the Company on March 2, 2023. As of February 25, 2023 and November 26, 2022, this amount is included in other current assets in the accompanying condensed consolidated balance sheets.

The sales price was subject to customary post-closing working capital adjustments which were paid during the second half of fiscal 2022 and resulted in a pre-tax gain from the sale of Zenith of $52,534 recognized subsequent to the first quarter of fiscal 2022.

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.

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 months ended February 26, 2022:

	Quarter Ended
	February 26, 2022
Major line items constituting pretax income of discontinued operations:
Logistical services revenue	$	16,776
Cost of logistical services		15,001
Other loss, net		(63	)

Income from operations of logistical services		1,712
Income tax expense		430

Income from discontinued operations, net of tax	$	1,282

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 three months ended February 26, 2022. Upon the sale of Zenith we entered into a service agreement with J.B. Hunt for the continuation of these services for a period of seven years. We incurred $8,434 of expense during the three months ended February 25, 2023 for logistical services performed by J.B. Hunt.

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 three months ended February 26, 2022.

The following table summarizes the cash flows generated by discontinued operations during the three months ended February 26, 2022:

	Three Months Ended
	February 26, 2022
Cash provided by operating activities	$	1,681
Cash used in investing activities		(81	)
Cash used in financing activities		(371	)

Net cash provided by discontinued operations	$	1,229

Note 13 - Segment Information

3 Months Ended

Feb. 25, 2023

Segment Reporting Disclosure [Text Block]

13. Segment Information

Beginning with the three months ended February 25, 2023, we have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting, and as described below:

●

Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which includes Lane Venture.

●

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.

●

Corporate and other – Corporate and other includes the shared costs of corporate functions such as treasury and finance, information technology, accounting, human resources, legal and others, including certain product development and marketing functions benefitting both wholesale and retail operations. In addition to property and equipment and various other assets associated with the shared corporate functions, the identifiable assets of Corporate and other include substantially all of our cash and our investments in CDs. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segment, the recently acquired Noa Home (see Note 3).

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

Prior to the current period, the functions included in Corporate and other were included in our wholesale segment reportable segment, and Noa Home was included in our retail reportable segment for the fourth quarter of fiscal 2022 following its acquisition on September 2, 2022. We believe that the new alignment of our reporting segments provides our chief operating decision maker with clearer information with which to assess the operating results of our wholesale segment. Noa Home does not meet the requirements to be a separate reportable segment as it is below the thresholds of the revenue, income and asset tests. The segment information presented below for the three months ended February 26, 2022 and as of November 26, 2022 has been restated to reflect the new alignment of our reportable segments.

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

The following table presents our segment information:

	Quarter Ended
	February 25, 2023			February 26, 2022
Sales Revenue
Wholesale sales of furniture and accessories	$	69,884		$	83,485
Less: Sales to retail segment		(30,099	)		(29,728	)
Wholesale sales to external customers		39,785			53,757
Retail sales of furniture and accessories		64,962			64,107
Corporate and other		2,951			-
Consolidated net sales of furniture and accessories	$	107,698		$	117,864

Income from Operations
Wholesale	$	8,994		$	10,202
Retail - Company-owned stores		1,530			2,622
Net expenses - Corporate and other		(7,771	)		(6,245	)
Inter-company elimination		(51	)		(101	)
Consolidated	$	2,702		$	6,478

Depreciation and Amortization
Wholesale	$	606		$	570
Retail - Company-owned stores		1,299			1,495
Corporate and other		435			324
Consolidated	$	2,340		$	2,389

Capital Expenditures
Wholesale	$	637		$	1,103
Retail - Company-owned stores		1,282			116
Corporate and other		1,422			1,124
Consolidated	$	3,341		$	2,343

	As of		As of
Identifiable Assets	February 25, 2023		November 26, 2022
Wholesale	$	116,694	$	125,433
Retail - Company-owned stores		162,232		162,222
Corporate and other		112,691		118,618
Consolidated	$	391,617	$	406,273

See Note 14, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

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.

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Note 14 - Revenue Recognition

3 Months Ended

Feb. 25, 2023

Revenue from Contract with Customer [Text Block]

14. 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 $31,040 and $35,963 as of February 25, 2023 and November 26, 2022, respectively. Approximately 81% of the customer deposits held at November 26, 2022 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the three months ended February 25, 2023.

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 February 25, 2023 and November 26, 2022, our balance of prepaid commissions included in other current assets was $3,145 and $3,768, 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 months ended February 25, 2023 and February 26, 2022, excluding intercompany transactions between our segments, is a follows:

	Quarter Ended
	February 25, 2023								February 26, 2022
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	24,506	$	36,159	$	-	$	60,665	$	31,929	$	37,818	$	-	$	69,747
Bassett Leather		6,805		494		-		7,299		12,939		240		-		13,179
Bassett Custom Wood		4,876		9,669		-		14,545		5,980		9,407		-		15,387
Bassett Casegoods		3,598		10,050		-		13,648		2,909		8,292		-		11,201
Accessories, mattresses and other (1)		-		8,590		2,951		11,541		-		8,350		-		8,350
Consolidated net sales of furniture and accessories	$	39,785	$	64,962	$	2,951	$	107,698	$	53,757	$	64,107	$	-	$	117,864

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

(2)	Our Corporate and other segment for the three months ended February 25, 2023 includes the sales of Noa Home, which was acquired on September 2, 2023 (see Note 3).

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

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Note 15 - Changes to Stockholders' Equity

3 Months Ended

Feb. 25, 2023

Stockholders' Equity Note Disclosure [Text Block]

15. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three months ended February 25, 2023 and February 26, 2022:

	Quarter Ended

	February 25, 2023			February 26, 2022
Common Stock:

Beginning of period	$	44,759		$	48,811
Issuance of common stock		92			54
Purchase and retirement of common stock		(540	)		(225	)

End of period	$	44,311		$	48,640

Common Shares Issued and Outstanding:

Beginning of period		8,951,839			9,762,125
Issuance of common stock		18,381			10,796
Purchase and retirement of common stock		(108,083	)		(44,989	)

End of period		8,862,137			9,727,932

Additional Paid-in Capital:

Beginning of period	$	-		$	113
Issuance of common stock		(12	)		39
Purchase and retirement of common stock		(200	)		(267	)
Stock based compensation		212			115

End of period	$	-		$	-

Retained Earnings:

Beginning of period	$	150,800		$	115,631
Net income for the period		1,445			5,573
Purchase and retirement of common stock		(1,213	)		(273	)
Cash dividends declared		(1,421	)		(1,374	)

End of period	$	149,611		$	119,557

Accumulated Other Comprehensive Loss:

Beginning of period	$	50		$	(1,823	)
Cumulative translation adjustments, net of tax		(136	)		-
Amortization of pension costs, net of tax		24			49

End of period	$	(62	)	$	(1,774	)

The balance of cumulative translation adjustments, net of tax, was a net loss of $340 and $204 at February 25, 2023 and November 26, 2022, respectively.

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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Note 16 - Recent Accounting Pronouncements

3 Months Ended

Feb. 25, 2023

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

16. 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 February 25, 2023 we do not hold any investments in equity securities, therefore we do not currently expect that this guidance will have a material impact upon our financial position and results of operations.

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.

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Note 3 - Business Combinations (Tables)

3 Months Ended

Feb. 25, 2023

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Fair value of consideration transferred in exchange for 100% of Noa Home:
Cash	$	5,878
Fair value of contingent consideration payable		1,375
Total fair value of consideration paid or payable	$	7,253

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Cash	$	296
Inventory		1,585
Other current assets		317
Property & equipment		155
Intangible asset - trade name		1,929
Total identifiable assets acquired		4,282
Liabilities assumed:
Accounts payable		(1,227	)
Customer deposits		(1,059	)
Other current liabilities and accrued expenses		(458	)
Total liabilities assumed		(2,744	)
Net identifiable assets acquired		1,538
Goodwill		5,715
Total net assets acquired	$	7,253

Note 5 - Accounts Receivable (Tables)

3 Months Ended

Feb. 25, 2023

Schedule Of Accounts Receivable [Table Text Block]

	February 25, 2023			November 26, 2022
Gross accounts receivable	$	18,992		$	19,099
Allowance for doubtful accounts		(684	)		(1,261	)
Accounts receivable, net	$	18,308		$	17,838

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

Balance at November 26, 2022	$	1,261
Additions charged to expense		116
Write-offs against allowance		(693	)
Balance at February 25, 2023	$	684

Note 6 - Inventories (Tables)

3 Months Ended

Feb. 25, 2023

Schedule of Inventory, Current [Table Text Block]

	February 25, 2023			November 26, 2022
Wholesale finished goods	$	38,142		$	46,607
Work in process		722			620
Raw materials and supplies		21,725			22,859
Retail merchandise		35,255			32,974
Total inventories on first-in, first-out method		95,844			103,060
LIFO adjustment		(12,187	)		(12,416	)
Reserve for excess and obsolete inventory		(4,646	)		(5,167	)
	$	79,011		$	85,477

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

	Wholesale Segment			Retail Segment			Total

Balance at November 26, 2022	$	4,103		$	1,064		$	5,167
Additions charged to expense		470			253			723
Write-offs		(1,067	)		(177	)		(1,244	)
Balance at February 25, 2023	$	3,506		$	1,140		$	4,646

Note 7 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Feb. 25, 2023

Schedule of Intangible Assets and Goodwill [Table Text Block]

	February 25, 2023
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(294	)	$	218

Intangibles not subject to amortization:
Trade names							8,694
Goodwill							12,687

Total goodwill and other intangible assets						$	21,599

	November 26, 2022
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(280	)	$	232

Intangibles not subject to amortization:
Trade names							8,723
Goodwill							12,772

Total goodwill and other intangible assets						$	21,727

Schedule of Goodwill [Table Text Block]

	Wholesale		Retail		Corporate & Other			Total

Balance as of November 26, 2022	$	7,217	$	-	$	5,554		$	12,771
Foreign currency translation adjustments		-		-		(84	)		(84	)

Balance as of February 25, 2023	$	7,217	$	-	$	5,470		$	12,687

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	Quarter Ended
	February 25, 2023		February 26, 2022

Intangible asset amortization expense	$	14	$	14

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

Remainder of fiscal 2023	$	42
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-

Total	$	218

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

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Note 9 - Post-employment Benefit Obligations (Tables)

3 Months Ended

Feb. 25, 2023

Schedule of Pension Liability [Table Text Block]

	February 25, 2023		November 26, 2022
Accrued compensation and benefits	$	698	$	698
Post employment benefit obligations		6,609		6,564

Total pension liability	$	7,307	$	7,262

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended
	February 25, 2023		February 26, 2022
Service cost	$	7	$	9
Interest cost		93		58
Amortization of prior service costs		31		31
Amortization of loss		-		33

Net periodic pension cost	$	131	$	131

Schedule of Deferred Compensation Liability [Table Text Block]

	February 25, 2023		November 26, 2022
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,777		3,390

Total deferred compensation liability	$	4,073	$	3,686

Recognized Deferred Compensation Expense [Table Text Block]

	Quarter Ended
	February 25, 2023		February 26, 2022
Deferred compensation expense (benefit)	$	78	$	54

Note 11 - Earnings Per Share (Tables)

3 Months Ended

Feb. 25, 2023

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

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended February 25, 2023:

Basic earnings per share - continuing operations	$	1,445		8,867,881	$	0.16
Add effect of dilutive securities:
Restricted shares		-		29,122		-
Diluted earnings per share - continuing operations	$	1,445		8,897,003	$	0.16


For the quarter ended February 26, 2022:

Basic earnings per share - continuing operations	$	4,291		9,750,432	$	0.44
Add effect of dilutive securities:
Options and restricted shares		-		8,545		-
Diluted earnings per share - continuing operations	$	4,291		9,758,977	$	0.44

Basic loss per share - discontinued operations	$	1,282		9,750,432	$	0.13
Add effect of dilutive securities:
Options and restricted shares		-		8,545		-
Diluted loss per share - discontinued operations	$	1,282		9,758,977	$	0.13

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

	Quarter Ended
	February 25, 2023		February 26, 2022

Unvested shares		51,000		51,300

Note 12 - Discontinued Operations (Tables)

3 Months Ended

Feb. 25, 2023

Disposal Groups, Including Discontinued Operations [Table Text Block]

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

Net proceeds from the sale	$	84,534

	Quarter Ended
	February 26, 2022
Major line items constituting pretax income of discontinued operations:
Logistical services revenue	$	16,776
Cost of logistical services		15,001
Other loss, net		(63	)

Income from operations of logistical services		1,712
Income tax expense		430

Income from discontinued operations, net of tax	$	1,282

	Three Months Ended
	February 26, 2022
Cash provided by operating activities	$	1,681
Cash used in investing activities		(81	)
Cash used in financing activities		(371	)

Net cash provided by discontinued operations	$	1,229

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.

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Note 13 - Segment Information (Tables)

3 Months Ended

Feb. 25, 2023

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

	Quarter Ended
	February 25, 2023			February 26, 2022
Sales Revenue
Wholesale sales of furniture and accessories	$	69,884		$	83,485
Less: Sales to retail segment		(30,099	)		(29,728	)
Wholesale sales to external customers		39,785			53,757
Retail sales of furniture and accessories		64,962			64,107
Corporate and other		2,951			-
Consolidated net sales of furniture and accessories	$	107,698		$	117,864

Income from Operations
Wholesale	$	8,994		$	10,202
Retail - Company-owned stores		1,530			2,622
Net expenses - Corporate and other		(7,771	)		(6,245	)
Inter-company elimination		(51	)		(101	)
Consolidated	$	2,702		$	6,478

Depreciation and Amortization
Wholesale	$	606		$	570
Retail - Company-owned stores		1,299			1,495
Corporate and other		435			324
Consolidated	$	2,340		$	2,389

Capital Expenditures
Wholesale	$	637		$	1,103
Retail - Company-owned stores		1,282			116
Corporate and other		1,422			1,124
Consolidated	$	3,341		$	2,343

	As of		As of
Identifiable Assets	February 25, 2023		November 26, 2022
Wholesale	$	116,694	$	125,433
Retail - Company-owned stores		162,232		162,222
Corporate and other		112,691		118,618
Consolidated	$	391,617	$	406,273

Note 14 - Revenue Recognition (Tables)

3 Months Ended

Feb. 25, 2023

Disaggregation of Revenue [Table Text Block]

	Quarter Ended
	February 25, 2023								February 26, 2022
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	24,506	$	36,159	$	-	$	60,665	$	31,929	$	37,818	$	-	$	69,747
Bassett Leather		6,805		494		-		7,299		12,939		240		-		13,179
Bassett Custom Wood		4,876		9,669		-		14,545		5,980		9,407		-		15,387
Bassett Casegoods		3,598		10,050		-		13,648		2,909		8,292		-		11,201
Accessories, mattresses and other (1)		-		8,590		2,951		11,541		-		8,350		-		8,350
Consolidated net sales of furniture and accessories	$	39,785	$	64,962	$	2,951	$	107,698	$	53,757	$	64,107	$	-	$	117,864

Note 15 - Changes to Stockholders' Equity (Tables)

3 Months Ended

Feb. 25, 2023

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended

	February 25, 2023			February 26, 2022
Common Stock:

Beginning of period	$	44,759		$	48,811
Issuance of common stock		92			54
Purchase and retirement of common stock		(540	)		(225	)

End of period	$	44,311		$	48,640

Common Shares Issued and Outstanding:

Beginning of period		8,951,839			9,762,125
Issuance of common stock		18,381			10,796
Purchase and retirement of common stock		(108,083	)		(44,989	)

End of period		8,862,137			9,727,932

Additional Paid-in Capital:

Beginning of period	$	-		$	113
Issuance of common stock		(12	)		39
Purchase and retirement of common stock		(200	)		(267	)
Stock based compensation		212			115

End of period	$	-		$	-

Retained Earnings:

Beginning of period	$	150,800		$	115,631
Net income for the period		1,445			5,573
Purchase and retirement of common stock		(1,213	)		(273	)
Cash dividends declared		(1,421	)		(1,374	)

End of period	$	149,611		$	119,557

Accumulated Other Comprehensive Loss:

Beginning of period	$	50		$	(1,823	)
Cumulative translation adjustments, net of tax		(136	)		-
Amortization of pension costs, net of tax		24			49

End of period	$	(62	)	$	(1,774	)

Note 1 - Basis of Presentation (Details Textual)	Sep. 02, 2022
Noa Home Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%

Note 2 - Interim Financial Presentation (Details Textual) - USD ($)	3 Months Ended
	Feb. 25, 2023	Feb. 26, 2022
Effective Income Tax Rate Reconciliation, Percent, Total	36.80%	26.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 3,406	$ 4,119

Note 3 - Business Combinations (Details Textual) - Sep. 02, 2022 - Noa Home Inc. [Member] $ in Thousands, $ in Thousands	USD ($)	CAD ($)
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Consideration Transferred, Total	$ 7,253	$ 7,700
Payments to Acquire Businesses, Gross	5,878	2,000
Business Combination, Consideration Transferred, Repayments of Debt		5,700
Business Combination, Additional Consideration, Contingent Annual Payments Based On Performance		$ 1,330
Trade Names [Member]
Intangible asset - trade name	$ 1,929

Note 3 - Business Combinations - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands, $ in Millions	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Feb. 25, 2023 USD ($)	Feb. 26, 2022 USD ($)
Goodwill			$ 12,687	$ 12,772
Noa Home Inc. [Member]
Payments to Acquire Businesses, Gross	$ 5,878	$ 2.0
Fair value of contingent consideration payable	1,375
Business Combination, Consideration Transferred, Total	7,253	$ 7.7
Cash	296
Inventory	1,585
Other current assets	317
Property & equipment	155
Total identifiable assets acquired	4,282
Accounts payable	(1,227)
Customer deposits	(1,059)
Other current liabilities and accrued expenses	(458)
Total liabilities assumed	(2,744)
Net identifiable assets acquired	1,538
Goodwill	5,715
Total net assets acquired	7,253
Noa Home Inc. [Member] \| Trade Names [Member]
Intangible asset - trade name	$ 1,929

Note 4 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2023	Nov. 26, 2022	Feb. 26, 2022
Short-Term Investments, Total	$ 17,725	$ 17,715
Certificates of Deposit, Average Term	8 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.30%
Maximum [Member]
Interest Rate of Certificates of Deposit	4.75%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	429.00%
Certificates of Deposit [Member]
Short-Term Investments, Total	$ 17,725		$ 17,715

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Feb. 25, 2023	Nov. 26, 2022
Gross accounts receivable	$ 18,992	$ 19,099
Allowance for doubtful accounts	(684)	(1,261)
Accounts receivable, net	$ 18,308	$ 17,838

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Feb. 25, 2023 USD ($)
Balance at November 26, 2022	$ 1,261
Additions charged to expense	116
Write-offs against allowance	(693)
Balance at February 25, 2023	$ 684

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Feb. 25, 2023	Nov. 26, 2022
Wholesale finished goods	$ 38,142	$ 46,607
Work in process	722	620
Raw materials and supplies	21,725	22,859
Retail merchandise	35,255	32,974
Total inventories on first-in, first-out method	95,844	103,060
LIFO adjustment	(12,187)	(12,416)
Reserve for excess and obsolete inventory	(4,646)	(5,167)
Inventory, Net, Total	$ 79,011	$ 85,477

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	3 Months Ended
	Feb. 25, 2023 USD ($)
Balance at November 26, 2022	$ 5,167
Additions charged to expense	723
Write-offs	(1,244)
Balance at February 25, 2023	4,646
Operating Segments [Member] \| Wholesale Segment [Member]
Balance at November 26, 2022	4,103
Additions charged to expense	470
Write-offs	(1,067)
Balance at February 25, 2023	3,506
Operating Segments [Member] \| Retail Segment [Member]
Balance at November 26, 2022	1,064
Additions charged to expense	253
Write-offs	(177)
Balance at February 25, 2023	$ 1,140

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Feb. 25, 2023	Nov. 26, 2022
Goodwill, Impaired, Accumulated Impairment Loss	$ 3,897	$ 3,897

Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 25, 2023	Nov. 26, 2022	Feb. 26, 2022
Intangibles subject to amortization, Intangible Assets, Net	$ 218
Trade names	8,694		$ 8,723
Goodwill	12,687		12,772
Total goodwill and other intangible assets	21,599	$ 21,727	21,727
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512		512
Intangibles subject to amortization, Accumulated Amortization	(294)		(280)
Intangibles subject to amortization, Intangible Assets, Net	$ 218		$ 232

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Feb. 25, 2023 USD ($)
Balance as of November 26, 2022	$ 12,771
Foreign currency translation adjustments	(84)
Balance as of February 25, 2023	12,687
Wholesale Segment [Member]
Balance as of November 26, 2022	7,217
Foreign currency translation adjustments	0
Balance as of February 25, 2023	7,217
Retail Segment [Member]
Balance as of November 26, 2022	0
Foreign currency translation adjustments	0
Balance as of February 25, 2023	0
Corporate and Other [Member]
Balance as of November 26, 2022	5,554
Foreign currency translation adjustments	(84)
Balance as of February 25, 2023	$ 5,470

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 7 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2023	Feb. 26, 2022
Intangible asset amortization expense	$ 14	$ 14

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Feb. 25, 2023 USD ($)
Remainder of fiscal 2023	$ 42
Fiscal 2024	57
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Fiscal 2028	0
Total	$ 218

Note 8 - Bank Credit Facility (Details Textual)	3 Months Ended	15 Months Ended
Note 8 - Bank Credit Facility (Details Textual)	Feb. 25, 2023 USD ($)	Feb. 25, 2023 USD ($)
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000,000	$ 25,000,000
Letters of Credit Outstanding, Amount	3,731,000	3,731,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 21,269,000	$ 21,269,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.4
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio	3.0
Debt Instrument, Covenant, Minimum Tangible Net Worth	$ 140,000	$ 140,000
Bank One [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Bank Two [Member]
Letters of Credit Outstanding, Amount	$ 250,000	$ 250,000

Note 9 - Post-employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 02, 2017	Feb. 25, 2023	Nov. 26, 2022
Postemployment Benefits Liability, Noncurrent		$ 10,386	$ 9,954
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent		1,626	1,616
Deferred Compensation, Management Savings Plan [Member]
Postemployment Benefits Liability, Noncurrent		2,447	2,070
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		1,300	1,275
Supplemental Employee Retirement Plan [Member] \| Defined Benefit Plan, Unfunded Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 6,007	$ 5,987

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Feb. 25, 2023	Nov. 26, 2022
Combined pension liability	$ 7,307	$ 7,262
Accrued Compensation and Benefits [Member]
Combined pension liability	698	698
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 6,609	$ 6,564

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2023	Feb. 26, 2022
Service cost	$ 7	$ 9
Interest cost	93	58
Amortization of prior service costs	31	31
Amortization of loss	0	33
Net periodic pension cost	$ 131	$ 131

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Feb. 25, 2023	Nov. 26, 2022
Liability for all deferred compensation arrangements	$ 4,073	$ 3,686
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	296	296
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 3,777	$ 3,390

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2023	Feb. 26, 2022
Deferred compensation expense (benefit)	$ 78	$ 54

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2023	Nov. 26, 2022
Lease Guarantees Term	3 years
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,889	$ 1,880

Note 11 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 25, 2023	Feb. 26, 2022
Basic earnings per share - continuing operations	$ 1,445	$ 4,291
Basic earnings per share - continuing operations (in shares)	8,867,881	9,750,432
Income from continuing operations (in dollars per share)	$ 0.16	$ 0.44
Restricted shares (in shares)	29,122	8,545
Diluted earnings per share - continuing operations	$ 1,445	$ 4,291
Diluted earnings per share - continuing operations (in shares)	8,897,003	9,758,977
Diluted earnings per share - continuing operations (in dollars per share)	$ 0.16	$ 0.44
Basic loss per share - discontinued operations		$ 1,282
Basic loss per share - discontinued operations (in dollars per share)		$ 0.13
Diluted loss per share - discontinued operations		$ 1,282
Diluted loss per share - discontinued operations (in dollars per share)		$ 0.13
Discontinued Operations [Member]
Basic earnings per share - continuing operations (in shares)		9,750,432
Restricted shares (in shares)		8,545
Diluted earnings per share - continuing operations (in shares)		9,758,977

Note 11 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Feb. 25, 2023	Feb. 26, 2022
Unvested Shares [Member]
Unvested shares (in shares)	51,000	51,300

Note 12 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($)	3 Months Ended		6 Months Ended
	Feb. 25, 2023	Feb. 26, 2022	Nov. 26, 2022
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment			$ 52,534
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year)		7 years
Disposal Group, Including Discontinued Operation, Interest Expense		$ 78,000
Logistical Services [Member] \| Subsidiaries [Member]
Related Party Transaction, Amounts of Transaction		$ 9,121,000
Disposal Group, Including Discontinued Operation, Operating Expense	$ 8,434,000

Note 12 - Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) $ in Thousands		3 Months Ended
	Feb. 28, 2022	Feb. 26, 2022
Sales price prior to post-closing working capital adjustment	$ 86,939
Cash provided by operating activities		$ 1,681
Logistical services revenue		16,776
Net proceeds from the sale	84,534	(81)
Amount held in escrow for contingencies related to representations and warranties (1)	1,000
Cost of logistical services		15,001
Cash used in financing activities		(371)
Seller expenses paid at closing	418
Other loss, net		(63)
Net cash provided by discontinued operations		1,229
Working capital adjustment paid to buyer	$ 987
Income from operations of logistical services		1,712
Income tax expense		430
Income from discontinued operations, net of tax		$ 1,282

Note 13 - Segment Information (Details Textual)	3 Months Ended
Note 13 - Segment Information (Details Textual)	Feb. 25, 2023
Number of Reportable Segments	3

Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 25, 2023	Feb. 26, 2022	Nov. 26, 2022
Sales revenues	$ 107,698	$ 117,864
Identifiable Assets	391,617		$ 406,273
Income (loss) from Operations	2,702	6,478
Depreciation and amortization	2,340	3,655
Capital expenditures	3,341	2,343
Wholesale Segment [Member]
Sales revenues	39,785	53,757
Corporate and Other [Member]
Sales revenues	2,951	0
Identifiable Assets	112,691		118,618
Income (loss) from Operations	(7,771)	(6,245)
Depreciation and amortization	435	324
Capital expenditures	1,422	1,124
Furniture and Accessories [Member]
Sales revenues	107,698	117,864
Operating Segments [Member]
Depreciation and amortization	2,340	2,389
Operating Segments [Member] \| Wholesale Segment [Member]
Sales revenues	69,884	83,485
Identifiable Assets	116,694		125,433
Income (loss) from Operations	8,994	10,202
Depreciation and amortization	606	570
Capital expenditures	637	1,103
Operating Segments [Member] \| Retail Segment [Member]
Sales revenues	64,962	64,107
Identifiable Assets	162,232		$ 162,222
Operating Segments [Member] \| Retail Segments [Member]
Income (loss) from Operations	1,530	2,622
Depreciation and amortization	1,299	1,495
Capital expenditures	1,282	116
Intersegment Eliminations [Member]
Income (loss) from Operations	(51)	(101)
Intersegment Eliminations [Member] \| Wholesale Segment [Member]
Sales revenues	$ (30,099)	$ (29,728)

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Feb. 25, 2023	Nov. 26, 2022
Contract with Customer, Liability, Current	$ 31,040	$ 35,963
Beginning Performance Obligation Satisfied During Period		81.00%
Other Current Assets [Member] \| Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 3,145	$ 3,768

Note 14 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

Feb. 25, 2023

Feb. 26, 2022

Bassett Custom Upholstery [Member]

$ 107,698

$ 117,864

60,665

69,747

Bassett Leather [Member]

Bassett Custom Wood [Member]

7,299

13,179

Bassett Casegoods [Member]

14,545

15,387

Accessories, Mattresses and Other [Member]

13,648

11,201

Furniture and Accessories [Member]

^[1]

11,541

8,350

Wholesale Segment [Member]

107,698

117,864

Wholesale Segment [Member] | Bassett Custom Upholstery [Member]

39,785

53,757

Wholesale Segment [Member] | Bassett Leather [Member]

24,506

31,929

Wholesale Segment [Member] | Bassett Custom Wood [Member]

6,805

12,939

Wholesale Segment [Member] | Bassett Casegoods [Member]

4,876

5,980

Wholesale Segment [Member] | Accessories, Mattresses and Other [Member]

3,598

2,909

Wholesale Segment [Member] | Furniture and Accessories [Member]

^[1]

Retail Segment [Member] | Bassett Custom Upholstery [Member]

39,785

53,757

Retail Segment [Member] | Bassett Leather [Member]

36,159

37,818

Retail Segment [Member] | Bassett Custom Wood [Member]

494

240

Retail Segment [Member] | Bassett Casegoods [Member]

9,669

9,407

Retail Segment [Member] | Accessories, Mattresses and Other [Member]

10,050

8,292

Retail Segment [Member] | Furniture and Accessories [Member]

^[1]

8,590

8,350

Corporate and Other [Member]

64,962

64,107

Corporate and Other [Member] | Bassett Custom Upholstery [Member]

2,951

Corporate and Other [Member] | Bassett Leather [Member]

^[2]

Corporate and Other [Member] | Bassett Custom Wood [Member]

^[2]

Corporate and Other [Member] | Bassett Casegoods [Member]

^[2]

Corporate and Other [Member] | Accessories, Mattresses and Other [Member]

^[2]

Corporate and Other [Member] | Furniture and Accessories [Member]

^[1]

2,951

^[2]