0001437749-23-026976 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	August 26, 2023

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(322	)	$	190

Intangibles not subject to amortization:
Trade names							8,688
Goodwill							12,669
Total goodwill and other intangible assets						$	21,547

	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		-		-		(102	)		(102	)
Balance as of August 26, 2023	$	7,217	$	-	$	5,452		$	12,669

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

Due to the decline in the share price of our common stock through the end of the third quarter of 2023, we performed a qualitative analysis of our goodwill as of August 26, 2023 and concluded that it was not more likely than not that the carrying value of our reporting units with goodwill exceeded their fair values.

Amortization expense associated with intangible assets during the three and nine months ended August 26, 2023 and August 27, 2022 was as follows:

	Quarter Ended				Nine Months Ended
	August 26, 2023		August 27, 2022		August 26, 2023		August 27, 2022

Intangible asset amortization expense	$	14	$	14	$	43	$	42

Estimated future amortization expense for intangible assets that exist at August 26, 2023 is as follows:

Remainder of fiscal 2023	$	14
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Total	$	190

Note 3 - Business Combinations - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands, $ in Millions	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Aug. 26, 2023 USD ($)	Nov. 26, 2022 USD ($)
Goodwill			$ 12,669	$ 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 3 - Business Combinations (Tables)

9 Months Ended

Aug. 26, 2023

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

Fair value of consideration given in exchange for 100% of Noa Home:
Cash	$	5,878
Fair value of contingent consideration as of acquisition date		1,375
Total fair value of consideration given	$	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 13 - Segment Information

9 Months Ended

Aug. 26, 2023

Segment Reporting Disclosure [Text Block]

13. Segment Information

As of the beginning of fiscal 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 beginning of fiscal 2023, the functions included in Corporate and other were included in our wholesale reportable segment, and Noa Home was included in our retail reportable segment for the fourth quarter of fiscal 2022 following its acquisition on September 2, 2022. We believe that the new alignment of our reporting segments provides our chief operating decision maker with clearer information with which to assess the operating results of our wholesale segment. Noa Home does not meet the requirements to be a separate reportable segment as it is below the thresholds of the revenue, income and asset tests. The segment information presented below for the three and nine months ended August 27, 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 operations (see Note 12).

The following table presents our segment information:

	Quarter Ended						Nine Months Ended
	August 26, 2023			August 27, 2022			August 26, 2023			August 27, 2022
Sales Revenue
Wholesale sales of furniture and accessories	$	56,660		$	78,959		$	188,318		$	249,945
Less: Sales to retail segment		(23,503	)		(31,833	)		(77,932	)		(95,976	)
Wholesale sales to external customers		33,157			47,126			110,386			153,969
Retail sales of furniture and accessories		52,264			70,886			178,004			210,613
Corporate and other		1,796			-			7,044			-
Consolidated net sales of furniture and accessories	$	87,217		$	118,012		$	295,434		$	364,582

Income (Loss) from Operations
Wholesale	$	6,340		$	9,989		$	22,339		$	31,656
Retail - Company-owned stores		(3,036	)		3,889			(751	)		13,804
Net expenses - Corporate and other		(7,420	)		(7,839	)		(22,140	)		(21,633	)
Inter-company elimination		312			38			917			(260	)
Gain on revaluation of contingent consideration		-			-			1,013			-
Gain on sale of real estate		-			4,595			-			4,595
Consolidated	$	(3,804	)	$	10,672		$	1,378		$	28,162

Depreciation and Amortization
Wholesale	$	618		$	601		$	1,838		$	1,774
Retail - Company-owned stores		1,335			1,454			4,167			4,429
Corporate and other		640			613			1,497			1,264
Consolidated	$	2,593		$	2,668		$	7,502		$	7,467

Capital Expenditures
Wholesale	$	715		$	2,108		$	2,064		$	4,539
Retail - Company-owned stores		4,776			1,468			7,798			9,869
Corporate and other		1,761			1,052			4,795			2,858
Consolidated	$	7,252		$	4,628		$	14,657		$	17,266

	As of		As of
	August 26, 2023		November 26, 2022
Identifiable Assets
Wholesale	$	102,022	$	125,433
Retail - Company-owned stores		157,415		162,222
Corporate and other		109,594		118,618
Consolidated	$	369,031	$	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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Note 4 - Financial Instruments and Investments (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 26, 2023	Nov. 26, 2022
Short-Term Investments	$ 17,743	$ 17,715
Certificates of Deposit, Average Term	7 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.70%
Maximum [Member]
Interest Rate of Certificates of Deposit	5.45%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	5.09%
Certificates of Deposit [Member]
Short-Term Investments	$ 17,743	$ 17,715

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Net sales of furniture and accessories	$ 87,217	$ 118,012	$ 295,434	$ 364,582
Cost of furniture and accessories sold	42,173	57,240	140,360	180,479
Gross profit	45,044	60,772	155,074	184,103
Selling, general and administrative expenses	48,848	54,695	154,709	160,536
Gain on sale of real estate	0	4,595	0	4,595
Gain on revaluation of contingent consideration	(0)	(0)	(1,013)	(0)
Income (loss) from operations	(3,804)	10,672	1,378	28,162
Interest income	923	120	1,644	132
Other loss, net	(309)	(714)	(1,381)	(1,982)
Income (loss) from continuing operations before income taxes	(3,190)	10,078	1,641	26,312
Income tax expense (benefit)	(599)	2,305	711	6,505
Income (loss) from continuing operations	(2,591)	7,773	930	19,807
Discontinued operations:
Income from operations of logistical services	0	0	0	1,712
Gain on disposal (less adjustments)	0	(193)	0	53,061
Income tax expense (benefit)	0	(48)	0	14,261
Income (loss) from discontinued operations, net of tax	0	(145)	0	40,512
Net income	$ (2,591)	$ 7,628	$ 930	$ 60,319
Basic earnings (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ (0.30)	$ 0.84	$ 0.11	$ 2.08
Income (loss) from discontinued operations (in dollars per share)	0	(0.02)	0	4.26
Basic earnings (loss) per share (in dollars per share)	(0.30)	0.82	0.11	6.34
Diluted earnings (loss) per share:
Income (loss0 from continuing operations (in dollars per share)	(0.30)	0.84	0.11	2.08
Income (loss) from discontinued operations (in dollars per share)	0	(0.02)	0	4.26
Diluted earnings (loss) per share (in dollars per share)	(0.30)	0.82	0.11	6.34
Regular dividends per share (in dollars per share)	0.18	0.16	0.50	0.44
Special dividend per share (in dollars per share)	$ 0	$ 0	$ 0	$ 1.50

Note 11 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Basic loss per share - continuing operations, Net Income	$ (2,591)	$ 7,773	$ 930	$ 19,807
Basic loss per share - continuing operations, Weighted Average Shares (in shares)	8,736,096	9,238,185	8,804,718	9,503,937
Basic loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.30)	$ 0.84	$ 0.11	$ 2.08
Options and restricted shares, Weighted Average Shares (in shares)	0	28,927	15,934	5,688
Diluted loss per share - continuing operations, Net Income	$ (2,591)	$ 7,773	$ 930	$ 19,807
Diluted loss per share - continuing operations, Weighted Average Shares (in shares)	8,736,096	9,267,112	8,820,652	9,509,625
Diluted loss per share - continuing operations, Net Income Per Share (in dollars per share)	$ (0.30)	$ 0.84	$ 0.11	$ 2.08
Basic loss per share - discontinued operations, Net Income		$ (145)		$ 40,512
Basic loss per share - discontinued operations, Net Income Per Share (in dollars per share)		$ (0.02)		$ 4.26
Diluted loss per share - discontinued operations, Net Income		$ (145)		$ 40,512
Diluted loss per share - discontinued operations, Net Income Per Share (in dollars per share)		$ (0.02)		$ 4.26
Discontinued Operations [Member]
Basic loss per share - continuing operations, Weighted Average Shares (in shares)		9,238,185		9,503,937
Options and restricted shares, Weighted Average Shares (in shares)		0		5,688
Diluted loss per share - continuing operations, Weighted Average Shares (in shares)		9,238,185		9,509,625

Note 11 - Earnings (Loss) Per Share (Tables)

9 Months Ended

Aug. 26, 2023

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

	Net Income (Loss)			Weighted Average Shares		Net Income (Loss) Per Share
For the quarter ended August 26, 2023:

Basic loss per share - continuing operations	$	(2,591	)		8,736,096	$	(0.30	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted loss per share - continuing operations	$	(2,591	)		8,736,096	$	(0.30	)


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:
Options and 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:
Options and restricted shares*		-			-		-
Diluted loss per share - discontinued operations	$	(145	)		9,238,185	$	(0.02	)


For the nine months ended August 26, 2023:

Basic earnings per share - continuing operations	$	930			8,804,718	$	0.11
Add effect of dilutive securities:
Restricted shares		-			15,934		-
Diluted earnings per share - continuing operations	$	930			8,820,652	$	0.11


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:
Options and 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:
Options and restricted shares		-			5,688		-
Diluted earnings per share - discontinued operations	$	40,512			9,509,625	$	4.26

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

Quarter Ended

Nine Months Ended

August 26, 2023

August 27, 2022

August 26, 2023

August 27, 2022

Unvested shares

100,313

15,799

66,113

67,099

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Net income (loss)	$ (2,591)	$ 7,628	$ 930	$ 60,319
Other comprehensive income:
Foreign currency translation adjustments	42	0	(237)	0
Income taxes related to foreign currency translation adjustments	(11)	0	63	0
Amortization associated with Long Term Cash Awards (LTCA)	31	33	98	99
Income taxes related to LTCA	(8)	(8)	(28)	(24)
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	0	31	0	93
Income taxes related to SERP	0	(8)	0	(24)
Other comprehensive income (loss), net of tax	54	48	(104)	144
Total comprehensive income (loss)	$ (2,537)	$ 7,676	$ 826	$ 60,463

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Gross accounts receivable	$ 15,791	$ 19,099
Allowance for doubtful accounts	(452)	(1,261)
Accounts receivable, net	$ 15,339	$ 17,838

Note 4 - Financial Instruments and Investments

9 Months Ended

Aug. 26, 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 $17,743 and $17,715 at August 26, 2023 and November 26, 2022 consisted of CDs. At August 26, 2023, the CDs had original terms averaging seven months, bearing interest at rates ranging from 0.7% to 5.45%. At August 26, 2023, the weighted average remaining time to maturity of the CDs was approximately six months and the weighted average yield of the CDs was approximately 5.09%. 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 26, 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 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Aug. 27, 2022	May 28, 2022	Sep. 02, 2022
Noa Home Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired			100.00%
Tampa Florida [Member]
Payments to Acquire Real Estate		$ 7,668
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

Note 16 - Recent Accounting Pronouncements

9 Months Ended

Aug. 26, 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 August 26, 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 13 - Segment Information (Details Textual)	9 Months Ended
Note 13 - Segment Information (Details Textual)	Aug. 26, 2023
Number of Reportable Segments	3

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Deferred compensation expense (benefit)	$ 166	$ (7)	$ 363	$ 54

Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Intangibles subject to amortization, Intangible Assets, Net	$ 190
Trade names	8,688	$ 8,723
Goodwill	12,669	12,772
Total goodwill and other intangible assets	21,547	21,727
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(322)	(280)
Intangibles subject to amortization, Intangible Assets, Net	$ 190	$ 232

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Aug. 26, 2023	Sep. 22, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 26, 2023
Document Transition Report	false
Entity File Number	000-00209
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES, INCORPORATED
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 Fairystone Park Highway
Entity Address, City or Town	Bassett
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,819,992
Entity Central Index Key	0000010329
Current Fiscal Year End Date	--11-25
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Note 6 - Inventories

9 Months Ended

Aug. 26, 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:

	August 26, 2023			November 26, 2022
Wholesale finished goods	$	32,258		$	46,607
Work in process		606			620
Raw materials and supplies		19,021			22,859
Retail merchandise		33,048			32,974
Total inventories on first-in, first-out method		84,933			103,060
LIFO adjustment		(11,785	)		(12,416	)
Reserve for excess and obsolete inventory		(6,282	)		(5,167	)
	$	66,866		$	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		3,228			586			3,814
Write-offs		(2,086	)		(613	)		(2,699	)
Balance at August 26, 2023	$	5,245		$	1,037		$	6,282

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 10 - Commitments and Contingencies

9 Months Ended

Aug. 26, 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 $1,906 and $1,880 at August 26, 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 August 26, 2023 and November 26, 2022 was not material.

Note 7 - Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Aug. 26, 2023

Schedule of Intangible Assets and Goodwill [Table Text Block]

	August 26, 2023

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	512	$	(322	)	$	190

Intangibles not subject to amortization:
Trade names							8,688
Goodwill							12,669
Total goodwill and other intangible assets						$	21,547

	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		-		-		(102	)		(102	)
Balance as of August 26, 2023	$	7,217	$	-	$	5,452		$	12,669

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

	Quarter Ended				Nine Months Ended
	August 26, 2023		August 27, 2022		August 26, 2023		August 27, 2022

Intangible asset amortization expense	$	14	$	14	$	43	$	42

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

Remainder of fiscal 2023	$	14
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		5
Fiscal 2028		-
Total	$	190

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

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Note 6 - Inventories (Tables)

9 Months Ended

Aug. 26, 2023

Schedule of Inventory, Current [Table Text Block]

	August 26, 2023			November 26, 2022
Wholesale finished goods	$	32,258		$	46,607
Work in process		606			620
Raw materials and supplies		19,021			22,859
Retail merchandise		33,048			32,974
Total inventories on first-in, first-out method		84,933			103,060
LIFO adjustment		(11,785	)		(12,416	)
Reserve for excess and obsolete inventory		(6,282	)		(5,167	)
	$	66,866		$	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		3,228			586			3,814
Write-offs		(2,086	)		(613	)		(2,699	)
Balance at August 26, 2023	$	5,245		$	1,037		$	6,282

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Accrued compensation and benefits	$ 7,399	$ 7,262
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	698	698
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 6,701	$ 6,564

Note 9 - Post Employment Benefit Obligations (Tables)

9 Months Ended

Aug. 26, 2023

Schedule of Pension Liability [Table Text Block]

	August 26, 2023		November 26, 2022
Accrued compensation and benefits	$	698	$	698
Post employment benefit obligations		6,701		6,564
Total pension liability	$	7,399	$	7,262

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended				Nine Months Ended
	August 26, 2023		August 27, 2022		August 26, 2023		August 27, 2022
Service cost	$	7	$	9	$	20	$	27
Interest cost		93		58		278		173
Amortization of prior service costs		31		31		94		94
Amortization of loss		-		33		-		100
Net periodic pension cost	$	131	$	131	$	392	$	394

Schedule of Deferred Compensation Liability [Table Text Block]

	August 26, 2023		November 26, 2022
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,967		3,390
Total deferred compensation liability	$	4,263	$	3,686

Recognized Deferred Compensation Expense [Table Text Block]

	Quarter Ended					Nine Months Ended
	August 26, 2023		August 27, 2022			August 26, 2023		August 27, 2022
Deferred compensation expense (benefit)	$	166	$	(7	)	$	363	$	54

Note 5 - Accounts Receivable

9 Months Ended

Aug. 26, 2023

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

5. Accounts Receivable

Accounts receivable consists of the following:

	August 26, 2023			November 26, 2022
Gross accounts receivable	$	15,791		$	19,099
Allowance for doubtful accounts		(452	)		(1,261	)
Accounts receivable, net	$	15,339		$	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 collectability 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 26, 2023 was as follows:

Balance at November 26, 2022	$	1,261
Additions charged to expense		124
Write-offs against allowance		(933	)
Balance at August 26, 2023	$	452

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 8 - Bank Credit Facility (Details Textual) - Bank One [Member] $ in Thousands	9 Months Ended
	Aug. 26, 2023 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Letters of Credit Outstanding, Amount	3,731
Line of Credit Facility, Remaining Borrowing Capacity	$ 21,269
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.4
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio	3.0
Debt Instrument, Covenant, Minimum Tangible Net Worth	$ 140,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%

Note 2 - Interim Financial Presentation and Other Information

9 Months Ended

Aug. 26, 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 and nine months ended August 26, 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 18.8% and 43.3% for the three and nine months ended August 26, 2023, respectively, and 22.8% and 25.6% for the three and nine months ended August 27, 2022, respectively. The effective rate for the three months ended August 26, 2023 differs from the federal statutory rate of 21% primarily due the effect of a change in our estimate of annual pretax income on our anticipated effective rate for the full year, offset by increases in the valuation allowance placed on deferred tax assets associated with Noa Home and the effects of state income taxes and various permanent differences. For the nine months ended August 26, 2023, the effective rate differs from the federal statutory rate primarily due to the non-taxable gain on revaluation of contingent consideration associated with the acquisition of Noa Home (see Note 3), offset by increases in the valuation allowance placed on deferred tax assets associated with Noa Home and the effects of state income taxes and various permanent differences. For the three and nine months ended August 27, 2022, the 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 a tax of $522 for the nine months ended August 27, 2022 associated with the non-deductible goodwill written off in connection with the sale of Zenith and included in income tax on discontinued operations.

Non-cash Investing and Financing Activity

During the nine months ended August 26, 2023 and August 27, 2022, $6,026 and $6,957, respectively, of lease right-of-use assets were added through the recognition of the corresponding lease obligations.

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	9 Months Ended
	Aug. 26, 2023 USD ($)
Balance	$ 5,167
Additions charged to expense	3,814
Write-offs	(2,699)
Balance	6,282
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	4,103
Additions charged to expense	3,228
Write-offs	(2,086)
Balance	5,245
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,064
Additions charged to expense	586
Write-offs	(613)
Balance	$ 1,037

Note 3 - Business Combinations

9 Months Ended

Aug. 26, 2023

Business Combination Disclosure [Text Block]

3. Business Combinations

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

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

The allocation of the 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 August 26, 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:

Fair value of consideration given in exchange for 100% of Noa Home:
Cash	$	5,878
Fair value of contingent consideration as of acquisition date		1,375
Total fair value of consideration given	$	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 and the Company determines it is more likely than not that the fair value of the goodwill is below its book value.

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

Subsequent to the acquisition date, the parties concluded that the targets originally set forth by which the Noa Home co-founders were to earn the contingent consideration would likely not be met within the initially anticipated time frame. Therefore, we have agreed to replace the contingent consideration with two fixed payments of C$200 each, the first of which was paid in June of 2023 with the second to be paid in December of 2024. As a result of the write-down of the contingent consideration payable that was recognized at the acquisition date, we recorded a gain of $1,013 for the nine months ended August 26, 2023.

The revenues and results of operations of Noa Home for the three and nine months ended August 26, 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 and nine months ended August 27, 2022.

Note 1 - Basis of Presentation

9 Months Ended

Aug. 26, 2023

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. During the second and third fiscal quarters of 2022, 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 Tampa, Florida, for $7,668 during the second quarter of 2022 and the sale of real property in Houston, Texas for $8,217 during the third quarter of 2022 for the purpose of deferring approximately $4,300 of the taxable gain resulting from the sale of the Houston property. 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 operations 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 and nine months ended August 27, 2022 are presented in the accompanying condensed consolidated statements of operations 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 nine months ended August 27, 2022.

On September 2, 2022, we acquired 100% of the capital stock of Noa Home Inc. (“Noa Home”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. Since acquisition, Noa Home has been consolidated as a wholly-owned subsidiary. See Note 3 for additional information.

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

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

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Wholesale finished goods	$ 32,258	$ 46,607
Work in process	606	620
Raw materials and supplies	19,021	22,859
Retail merchandise	33,048	32,974
Total inventories on first-in, first-out method	84,933	103,060
LIFO adjustment	(11,785)	(12,416)
Reserve for excess and obsolete inventory	(6,282)	(5,167)
Inventory, Net	$ 66,866	$ 85,477

Note 12 - Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Feb. 28, 2022

Aug. 26, 2023

Aug. 27, 2022

Aug. 26, 2023

Aug. 27, 2022

Net proceeds from the sale

$ 1,000

$ 84,534

Gain on disposal

$ 0

$ (193)

53,061

Pretax income of discontinued operations

$ 0

1,712

Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member]

Disposal Group, Including Discontinued Operation, Consideration

$ 86,939

Logistical services revenue

16,776

Cash provided by operating activities

1,681

Net proceeds from the sale

84,534

(81)

representations and warranties (1)

^[1]

1,000

Cost of logistical services

15,001

Cash used in financing activities

(371)

Seller expenses paid at closing

418

Net cash provided by discontinued operations

1,229

Working capital adjustment paid to buyer

$ 987

Other loss, net

(63)

Income from operations of logistical services

1,712

Gain on disposal

(193)

53,061

Pretax income of discontinued operations

(193)

54,773

Income tax expense

(48)

14,261

Income from discontinued operations, net of tax

$ (145)

$ 40,512

[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 November 26, 2022, this amount is included in other current assets in the accompanying condensed consolidated balance sheets.

Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Beginning of period			$ 195,609
End of period	$ 188,777		188,777
Net income for the period	(2,591)	$ 7,628	930	$ 60,319
Amortization of pension costs, net of tax	(31)	(33)	(98)	(99)
Common Stock [Member]
Beginning of period	43,900	46,396	44,759	48,811
Issuance of common stock	101	98	288	222
Purchase and retirement of common stock	(201)	(430)	(1,247)	(2,969)
End of period	$ 43,800	$ 46,064	$ 43,800	$ 46,064
Beginning of period (in shares)	8,779,912	9,279,268	8,951,839	9,762,125
Issuance of common stock (in shares)	19,996	19,568	57,406	44,544
Purchase and retirement of common stock (in shares)	(40,143)	(86,096)	(249,480)	(593,929)
End of period (in shares)	8,759,765	9,212,740	8,759,765	9,212,740
Issuance of common stock	$ (101)	$ (98)	$ (288)	$ (222)
Additional Paid-in Capital [Member]
Beginning of period	0	0	0	113
Issuance of common stock	2	65	12	117
End of period	0	0	0	0
Issuance of common stock	(2)	(65)	(12)	(117)
Purchase and retirement of common stock	(210)	(207)	(624)	(629)
Stock based compensation	212	142	636	399
Retained Earnings [Member]
Beginning of period	149,393	145,471	150,800	115,631
End of period	145,031	150,553	145,031	150,553
Purchase and retirement of common stock	(196)	(982)	(2,293)	(6,663)
Net income for the period	(2,591)	7,628	930	60,319
Cash dividends declared	(1,575)	(1,564)	(4,406)	(18,734)
AOCI Attributable to Parent [Member]
Beginning of period	(108)	(1,726)	50	(1,823)
End of period	(54)	(1,678)	(54)	(1,678)
Amortization of pension costs, net of tax	23	48	70	145
AOCI Attributable to Parent [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning of period	$ 31	$ 0	$ (174)	$ 0

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Aug. 26, 2023 USD ($)
Balance	$ 1,261
Additions charged to expense	124
Write-offs against allowance	(933)
Balance	$ 452

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	9 Months Ended
	Aug. 26, 2023 USD ($)
Balance	$ 12,771
Foreign currency translation adjustments	(102)
Balance	12,669
Wholesale Segment [Member]
Balance	7,217
Foreign currency translation adjustments	0
Balance	7,217
Retail Segment [Member]
Balance	0
Foreign currency translation adjustments	0
Balance	0
Corporate and Other [Member]
Balance	5,554
Foreign currency translation adjustments	(102)
Balance	$ 5,452

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 12 - Discontinued Operations (Tables)

9 Months Ended

Aug. 26, 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			Nine Months Ended
	August 27, 2022			August 27, 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
Gain on disposal (less adjustments)		(193	)		53,061
Pretax income (loss) of discontinued operations		(193	)		54,773
Income tax expense (benefit)		(48	)		14,261
Income (loss) from discontinued operations, net of tax	$	(145	)	$	40,512

	Nine Months Ended
	August 27, 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 - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022	Nov. 26, 2022
Consolidated net sales of furniture and accessories	$ 87,217	$ 118,012	$ 295,434	$ 364,582
Wholesale	369,031		369,031		$ 406,273
Income from operations	(3,804)	10,672	1,378	28,162
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	0	0	1,013	0
Gain on sale of real estate	0	4,595	0	4,595
Depreciation and amortization			7,502	8,732
Capital expenditures	7,252	4,628	14,657	17,266
Wholesale Segment [Member]
Consolidated net sales of furniture and accessories	33,157	47,126	110,386	153,969
Retail Segment [Member]
Consolidated net sales of furniture and accessories	52,264	70,886	178,004	210,613
Corporate and Other [Member]
Consolidated net sales of furniture and accessories	1,796	0	7,044	0
Wholesale	109,594		109,594		118,618
Income from operations	(7,420)	(7,839)	(22,140)	(21,633)
Depreciation and amortization	640	613	1,497	1,264
Capital expenditures	1,761	1,052	4,795	2,858
Operating Segments [Member]
Income from operations			(751)	13,804
Depreciation and amortization	2,593	2,668	7,502	7,467
Operating Segments [Member] \| Wholesale Segment [Member]
Consolidated net sales of furniture and accessories	56,660	78,959	188,318	249,945
Wholesale	102,022		102,022		125,433
Income from operations	6,340	9,989	22,339	31,656
Depreciation and amortization	618	601	1,838	1,774
Capital expenditures	715	2,108	2,064	4,539
Operating Segments [Member] \| Retail Segment [Member]
Consolidated net sales of furniture and accessories	52,264	70,886	178,004	210,613
Wholesale	157,415		157,415		$ 162,222
Depreciation and amortization			4,167	4,429
Capital expenditures			7,798	9,869
Operating Segments [Member] \| Corporate and Other [Member]
Consolidated net sales of furniture and accessories	1,796	0	7,044	0
Operating Segments [Member] \| Retail Segments [Member]
Income from operations	(3,036)	3,889
Depreciation and amortization	1,335	1,454
Capital expenditures	4,776	1,468
Intersegment Eliminations [Member]
Income from operations	312	38	917	(260)
Intersegment Eliminations [Member] \| Wholesale Segment [Member]
Consolidated net sales of furniture and accessories	$ (23,503)	$ (31,833)	$ (77,932)	$ (95,976)

Note 9 - Post Employment Benefit Obligations

9 Months Ended

Aug. 26, 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 $6,049 and $5,987 as of August 26, 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 $1,350 and $1,275 as of August 26, 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:

	August 26, 2023		November 26, 2022
Accrued compensation and benefits	$	698	$	698
Post employment benefit obligations		6,701		6,564
Total pension liability	$	7,399	$	7,262

Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 26, 2023 and August 27, 2022 are as follows:

	Quarter Ended				Nine Months Ended
	August 26, 2023		August 27, 2022		August 26, 2023		August 27, 2022
Service cost	$	7	$	9	$	20	$	27
Interest cost		93		58		278		173
Amortization of prior service costs		31		31		94		94
Amortization of loss		-		33		-		100
Net periodic pension cost	$	131	$	131	$	392	$	394

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 $1,645 and $1,616 as of August 26, 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 $2,618 and $2,070 as of August 26, 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:

	August 26, 2023		November 26, 2022
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,967		3,390
Total deferred compensation liability	$	4,263	$	3,686

We recognized expense under our deferred compensation arrangements during the three and nine months ended August 26, 2023 and August 27, 2022 as follows:

	Quarter Ended					Nine Months Ended
	August 26, 2023		August 27, 2022			August 26, 2023		August 27, 2022
Deferred compensation expense (benefit)	$	166	$	(7	)	$	363	$	54

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		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Intangible asset amortization expense	$ 14	$ 14	$ 43	$ 42

Note 14 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Net sales of furniture and accessories	$ 87,217	$ 118,012	$ 295,434	$ 364,582
Wholesale Segment [Member]
Net sales of furniture and accessories	33,157	47,126	110,386	153,969
Retail Segment [Member]
Net sales of furniture and accessories	52,264	70,886	178,004	210,613
Corporate and Other [Member]
Net sales of furniture and accessories	1,796	0	7,044	0
Bassett Custom Upholstery [Member]
Net sales of furniture and accessories	50,162	69,939	169,688	218,884
Bassett Custom Upholstery [Member] \| Wholesale Segment [Member]
Net sales of furniture and accessories	19,985	30,885	68,641	96,636
Bassett Custom Upholstery [Member] \| Retail Segment [Member]
Net sales of furniture and accessories	30,177	39,054	101,047	122,248
Bassett Custom Upholstery [Member] \| Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Bassett Leather [Member]
Net sales of furniture and accessories	7,080	7,157	21,038	30,510
Bassett Leather [Member] \| Wholesale Segment [Member]
Net sales of furniture and accessories	6,743	6,290	19,630	29,111
Bassett Leather [Member] \| Retail Segment [Member]
Net sales of furniture and accessories	337	867	1,408	1,399
Bassett Leather [Member] \| Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Bassett Custom Wood [Member]
Net sales of furniture and accessories	11,261	16,921	39,806	49,208
Bassett Custom Wood [Member] \| Wholesale Segment [Member]
Net sales of furniture and accessories	3,564	5,564	12,642	17,207
Bassett Custom Wood [Member] \| Retail Segment [Member]
Net sales of furniture and accessories	7,697	11,357	27,164	32,001
Bassett Custom Wood [Member] \| Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Bassett Casegoods [Member]
Net sales of furniture and accessories	9,892	14,791	34,321	38,899
Bassett Casegoods [Member] \| Wholesale Segment [Member]
Net sales of furniture and accessories	2,865	4,387	9,473	11,015
Bassett Casegoods [Member] \| Retail Segment [Member]
Net sales of furniture and accessories	7,027	10,404	24,848	27,884
Bassett Casegoods [Member] \| Corporate and Other [Member]
Net sales of furniture and accessories	0	0	0	0
Accessories, Mattresses and Other [Member]
Net sales of furniture and accessories	8,822	9,204	30,581	27,081
Accessories, Mattresses and Other [Member] \| Wholesale Segment [Member]
Net sales of furniture and accessories	0	0	0	0
Accessories, Mattresses and Other [Member] \| Retail Segment [Member]
Net sales of furniture and accessories	7,026	9,204	23,537	27,081
Accessories, Mattresses and Other [Member] \| Corporate and Other [Member]
Net sales of furniture and accessories	$ 1,796	$ 0	$ 7,044	$ 0

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

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Note 15 - Changes to Stockholders' Equity

9 Months Ended

Aug. 26, 2023

Equity [Text Block]

15. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three and nine months ended August 26, 2023 and August 27, 2022:

	Quarter Ended						Nine Months Ended

	August 26, 2023			August 27, 2022			August 26, 2023			August 27, 2022
Common Stock:
Beginning of period	$	43,900		$	46,396		$	44,759		$	48,811
Issuance of common stock		101			98			288			222
Purchase and retirement of common stock		(201	)		(430	)		(1,247	)		(2,969	)
End of period	$	43,800		$	46,064		$	43,800		$	46,064
Common Shares Issued and Outstanding:
Beginning of period		8,779,912			9,279,268			8,951,839			9,762,125
Issuance of common stock		19,996			19,568			57,406			44,544
Purchase and retirement of common stock		(40,143	)		(86,096	)		(249,480	)		(593,929	)
End of period		8,759,765			9,212,740			8,759,765			9,212,740
Additional Paid-in Capital:
Beginning of period	$	-		$	-		$	-		$	113
Issuance of common stock		(2	)		65			(12	)		117
Purchase and retirement of common stock		(210	)		(207	)		(624	)		(629	)
Stock based compensation		212			142			636			399
End of period	$	-		$	-		$	-		$	-
Retained Earnings:
Beginning of period	$	149,393		$	145,471		$	150,800		$	115,631
Net income (loss) for the period		(2,591	)		7,628			930			60,319
Purchase and retirement of common stock		(196	)		(982	)		(2,293	)		(6,663	)
Cash dividends declared		(1,575	)		(1,564	)		(4,406	)		(18,734	)
End of period	$	145,031		$	150,553		$	145,031		$	150,553
Accumulated Other Comprehensive Loss:
Beginning of period	$	(108	)	$	(1,726	)	$	50		$	(1,823	)
Cumulative translation adjustments, net of tax		31			-			(174	)		-
Amortization of pension costs, net of tax		23			48			70			145
End of period	$	(54	)	$	(1,678	)	$	(54	)	$	(1,678	)

The balance of cumulative translation adjustments, net of tax, was a net loss of $378 and $204 at August 26, 2023 and November 26, 2022, respectively.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 2 - Interim Financial Presentation and Other Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Effective Income Tax Rate Reconciliation, Percent	18.80%	25.60%	43.30%	22.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%		21.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Goodwill Differences	$ 522		$ 522
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 6,026	$ 6,957

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
Operating activities:
Net income (loss)	$ 930	$ 60,319
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,502	8,732
Gain on disposal of discontinued operations	0	(53,061)
Gain on sale of property and equipment	0	(4,603)
Gain on revaluation of contingent consideration	(1,013)	(0)
Deferred income taxes	473	(2,856)
Other, net	1,781	1,425
Changes in operating assets and liabilities:
Accounts receivable	2,499	57
Inventories	18,611	(13,677)
Other current assets	(289)	2,961
Right of use assets under operating leases	13,668	15,881
Customer deposits	(12,337)	(11,181)
Accounts payable and other liabilities	(6,586)	1,227
Obligations under operating leases	(14,990)	(17,519)
Net cash provided by (used in) operating activities	10,249	(12,295)
Investing activities:
Purchases of property and equipment	(14,657)	(17,266)
Proceeds from sales of property and equipment	0	8,226
Proceeds from the disposal of discontinued operations, net	1,000	84,534
Other	(1,664)	(1,428)
Net cash provided by (used in) investing activities	(15,321)	74,066
Financing activities:
Cash dividends	(4,406)	(18,734)
Other issuance of common stock	275	340
Repurchases of common stock	(4,056)	(10,263)
Taxes paid related to net share settlement of equity awards	(109)	0
Repayments of finance lease obligations	(208)	(618)
Net cash used in financing activities	(8,504)	(29,275)
Effect of exchange rate changes on cash and cash equivalents	(37)	0
Change in cash and cash equivalents	(13,613)	32,496
Cash and cash equivalents - beginning of period	61,625	34,374
Cash and cash equivalents - end of period	$ 48,012	$ 66,870

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Contract with Customer, Liability, Current	$ 23,626	$ 35,963
Other Current Assets [Member] \| Sales Commissions [Member]
Capitalized Contract Cost, Net, Current	$ 2,374	$ 3,768

Note 9 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Accrued compensation and benefits	$ 4,263	$ 3,686
Accrued Compensation and Benefits [Member]
Accrued compensation and benefits	296	296
Post Employment Benefit Obligations [Member]
Accrued compensation and benefits	$ 3,967	$ 3,390

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Current assets
Cash and cash equivalents	$ 48,012	$ 61,625
Short-term investments	17,743	17,715
Accounts receivable, net	15,339	17,838
Inventories	66,866	85,477
Recoverable income taxes	3,777	2,353
Other current assets	9,340	11,487
Total current assets	161,077	196,495
Property and equipment, net	84,247	77,001
Deferred income taxes	5,117	5,528
Goodwill and other intangible assets	21,547	21,727
Right of use assets under operating leases	89,993	99,472
Other	7,050	6,050
Total long-term assets	123,707	132,777
Total assets	369,031	406,273
Current liabilities
Accounts payable	17,117	20,359
Accrued compensation and benefits	9,524	12,921
Customer deposits	23,626	35,963
Current portion operating lease obligations	19,608	18,819
Other current liabilites and accrued expenses	12,168	12,765
Total current liabilities	82,043	100,827
Long-term liabilities
Post employment benefit obligations	10,668	9,954
Long-term portion of operating lease obligations	85,875	97,477
Other long-term liabilities	1,668	2,406
Total long-term liabilities	98,211	109,837
Stockholders’ equity
Common stock	43,800	44,759
Retained earnings	145,031	150,800
Additional paid-in capital	0	0
Accumulated other comprehensive income (loss)	(54)	50
Total stockholders' equity	188,777	195,609
Total liabilities and stockholders’ equity	$ 369,031	$ 406,273

Note 14 - Revenue Recognition

9 Months Ended

Aug. 26, 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 at the time delivery is scheduled. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $23,626 and $35,963 as of August 26, 2023 and November 26, 2022, respectively. Substantially all of the customer deposits held at November 26, 2022 were satisfied during the current year-to-date period and have therefore been recognized in revenue for the nine months ended August 26, 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 August 26, 2023 and November 26, 2022, our balance of prepaid commissions included in other current assets was $2,374 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 and nine months ended August 26, 2023 and August 27, 2022, excluding intercompany transactions between our segments, is a follows:

	Quarter Ended
	August 26, 2023								August 27, 2022
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	19,985	$	30,177	$	-	$	50,162	$	30,885	$	39,054	$	-	$	69,939
Bassett Leather		6,743		337		-		7,080		6,290		867		-		7,157
Bassett Custom Wood		3,564		7,697		-		11,261		5,564		11,357		-		16,921
Bassett Casegoods		2,865		7,027		-		9,892		4,387		10,404		-		14,791
Accessories, mattresses and other (1)		-		7,026		1,796		8,822		-		9,204		-		9,204
Consolidated net sales of furniture and accessories	$	33,157	$	52,264	$	1,796	$	87,217	$	47,126	$	70,886	$	-	$	118,012

	Nine Months Ended
	August 26, 2023								August 27, 2022
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	68,641	$	101,047	$	-	$	169,688	$	96,636	$	122,248	$	-	$	218,884
Bassett Leather		19,630		1,408		-		21,038		29,111		1,399		-		30,510
Bassett Custom Wood		12,642		27,164		-		39,806		17,207		32,001		-		49,208
Bassett Casegoods		9,473		24,848		-		34,321		11,015		27,884		-		38,899
Accessories, mattresses and other (1)		-		23,537		7,044		30,581		-		27,081		-		27,081
Consolidated net sales of furniture and accessories	$	110,386	$	178,004	$	7,044	$	295,434	$	153,969	$	210,613	$	-	$	364,582

(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 and nine months ended August 26, 2023 includes the sales of Noa Home, which was acquired on September 2, 2022 (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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

Note 14 - Revenue Recognition (Tables)

9 Months Ended

Aug. 26, 2023

Disaggregation of Revenue [Table Text Block]

	Quarter Ended
	August 26, 2023								August 27, 2022
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	19,985	$	30,177	$	-	$	50,162	$	30,885	$	39,054	$	-	$	69,939
Bassett Leather		6,743		337		-		7,080		6,290		867		-		7,157
Bassett Custom Wood		3,564		7,697		-		11,261		5,564		11,357		-		16,921
Bassett Casegoods		2,865		7,027		-		9,892		4,387		10,404		-		14,791
Accessories, mattresses and other (1)		-		7,026		1,796		8,822		-		9,204		-		9,204
Consolidated net sales of furniture and accessories	$	33,157	$	52,264	$	1,796	$	87,217	$	47,126	$	70,886	$	-	$	118,012

	Nine Months Ended
	August 26, 2023								August 27, 2022
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	68,641	$	101,047	$	-	$	169,688	$	96,636	$	122,248	$	-	$	218,884
Bassett Leather		19,630		1,408		-		21,038		29,111		1,399		-		30,510
Bassett Custom Wood		12,642		27,164		-		39,806		17,207		32,001		-		49,208
Bassett Casegoods		9,473		24,848		-		34,321		11,015		27,884		-		38,899
Accessories, mattresses and other (1)		-		23,537		7,044		30,581		-		27,081		-		27,081
Consolidated net sales of furniture and accessories	$	110,386	$	178,004	$	7,044	$	295,434	$	153,969	$	210,613	$	-	$	364,582

Note 3 - Business Combinations (Details Textual) $ in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Aug. 26, 2023 USD ($)	Aug. 27, 2022 USD ($)	Aug. 26, 2023 USD ($)	Aug. 27, 2022 USD ($)	Dec. 31, 2024 CAD ($)	Jun. 30, 2023 CAD ($)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ 0	$ 0	$ 1,013	$ 0
Noa Home Inc. [Member]
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
Business Combination, Contingent Consideration, Liability								$ 200
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					$ 1,013
Noa Home Inc. [Member] \| Forecast [Member]
Business Combination, Contingent Consideration, Liability							$ 200
Noa Home Inc. [Member] \| Trade Names [Member]
Intangible asset - trade name	$ 1,929

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,906	$ 1,880

Note 15 - Changes to Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	Aug. 26, 2023	Nov. 26, 2022
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 378	$ 204

Note 12 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Nov. 26, 2022	Aug. 26, 2023	Aug. 27, 2022	Aug. 27, 2022
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment		$ 193	$ (52,534)			$ (53,061)
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment		(193)	$ 52,534			$ 53,061
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year)						7 years
Disposal Group, Including Discontinued Operation, Interest Expense						$ 78
Logistical Services [Member] \| Subsidiaries [Member]
Related Party Transaction, Amounts of Transaction						$ 9,121
Disposal Group, Including Discontinued Operation, Operating Expense	$ 6,278	$ 10,307		$ 21,429	$ 19,852

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022
Service cost	$ 7	$ 9	$ 20	$ 27
Interest cost	93	58	278	173
Amortization of prior service costs	31	31	94	94
Amortization of loss	0	33	0	100
Net periodic pension cost	$ 131	$ 131	$ 392	$ 394

Note 8 - Bank Credit Facility

9 Months Ended

Aug. 26, 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 August 26, 2023, we had $3,731 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,269. The line bears interest at the One-Month Term Secured Overnight Financing Rate (“One-Month Term SOFR”) plus 1.5% and is unsecured. Our bank charges a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the 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 August 26, 2023. 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Note 12 - Discontinued Operations

9 Months Ended

Aug. 26, 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. During the second quarter 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 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. For the three and nine months ended August 27, 2022 we recognized a pre-tax gain (less post-closing adjustments) on the sale of $(193) and $53,061, respectively. Upon final settlement of the post-closing adjustments, which were paid in the second half of fiscal 2022, the final pre-tax gain was $52,534.

The operations of our logistical services segment, which consisted entirely of the operations of Zenith, are presented in the accompanying condensed consolidated statements of operations 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 operations for the three and nine months ended August 27, 2022:

	Quarter Ended			Nine Months Ended
	August 27, 2022			August 27, 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
Gain on disposal (less adjustments)		(193	)		53,061
Pretax income (loss) of discontinued operations		(193	)		54,773
Income tax expense (benefit)		(48	)		14,261
Income (loss) from discontinued operations, net of tax	$	(145	)	$	40,512

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. 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 expense for logistical services performed by J.B. Hunt of $6,278 and $21,429 during the three and nine months ended August 26, 2023, respectively, and $10,307 and $19,852 for the three and nine months ended August 27, 2022, respectively.

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.

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

	Nine Months Ended
	August 27, 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 11 - Earnings (Loss) Per Share

9 Months Ended

Aug. 26, 2023

Earnings Per Share [Text Block]

11. Earnings (Loss) Per Share

The following reconciles basic and diluted earnings (loss) per share:

	Net Income (Loss)			Weighted Average Shares		Net Income (Loss) Per Share
For the quarter ended August 26, 2023:

Basic loss per share - continuing operations	$	(2,591	)		8,736,096	$	(0.30	)
Add effect of dilutive securities:
Restricted shares*		-			-		-
Diluted loss per share - continuing operations	$	(2,591	)		8,736,096	$	(0.30	)


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:
Options and 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:
Options and restricted shares*		-			-		-
Diluted loss per share - discontinued operations	$	(145	)		9,238,185	$	(0.02	)


For the nine months ended August 26, 2023:

Basic earnings per share - continuing operations	$	930			8,804,718	$	0.11
Add effect of dilutive securities:
Restricted shares		-			15,934		-
Diluted earnings per share - continuing operations	$	930			8,820,652	$	0.11


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:
Options and 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:
Options and restricted shares		-			5,688		-
Diluted earnings per share - discontinued operations	$	40,512			9,509,625	$	4.26

*Due to the net loss for the period, potentially dilutive securities would have been anti-dilutive and are therefore excluded.

For the three and nine months ended August 26, 2023 and August 27, 2022, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

Quarter Ended

Nine Months Ended

August 26, 2023

August 27, 2022

August 26, 2023

August 27, 2022

Unvested shares

100,313

15,799

66,113

67,099

Note 13 - Segment Information (Tables)

9 Months Ended

Aug. 26, 2023

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

	Quarter Ended						Nine Months Ended
	August 26, 2023			August 27, 2022			August 26, 2023			August 27, 2022
Sales Revenue
Wholesale sales of furniture and accessories	$	56,660		$	78,959		$	188,318		$	249,945
Less: Sales to retail segment		(23,503	)		(31,833	)		(77,932	)		(95,976	)
Wholesale sales to external customers		33,157			47,126			110,386			153,969
Retail sales of furniture and accessories		52,264			70,886			178,004			210,613
Corporate and other		1,796			-			7,044			-
Consolidated net sales of furniture and accessories	$	87,217		$	118,012		$	295,434		$	364,582

Income (Loss) from Operations
Wholesale	$	6,340		$	9,989		$	22,339		$	31,656
Retail - Company-owned stores		(3,036	)		3,889			(751	)		13,804
Net expenses - Corporate and other		(7,420	)		(7,839	)		(22,140	)		(21,633	)
Inter-company elimination		312			38			917			(260	)
Gain on revaluation of contingent consideration		-			-			1,013			-
Gain on sale of real estate		-			4,595			-			4,595
Consolidated	$	(3,804	)	$	10,672		$	1,378		$	28,162

Depreciation and Amortization
Wholesale	$	618		$	601		$	1,838		$	1,774
Retail - Company-owned stores		1,335			1,454			4,167			4,429
Corporate and other		640			613			1,497			1,264
Consolidated	$	2,593		$	2,668		$	7,502		$	7,467

Capital Expenditures
Wholesale	$	715		$	2,108		$	2,064		$	4,539
Retail - Company-owned stores		4,776			1,468			7,798			9,869
Corporate and other		1,761			1,052			4,795			2,858
Consolidated	$	7,252		$	4,628		$	14,657		$	17,266

	As of		As of
	August 26, 2023		November 26, 2022
Identifiable Assets
Wholesale	$	102,022	$	125,433
Retail - Company-owned stores		157,415		162,222
Corporate and other		109,594		118,618
Consolidated	$	369,031	$	406,273

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Aug. 26, 2023 USD ($)
Remainder of fiscal 2023	$ 14
Fiscal 2024	57
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	5
Fiscal 2028	0
Total	$ 190

Note 15 - Changes to Stockholders' Equity (Tables)

9 Months Ended

Aug. 26, 2023

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended						Nine Months Ended

	August 26, 2023			August 27, 2022			August 26, 2023			August 27, 2022
Common Stock:
Beginning of period	$	43,900		$	46,396		$	44,759		$	48,811
Issuance of common stock		101			98			288			222
Purchase and retirement of common stock		(201	)		(430	)		(1,247	)		(2,969	)
End of period	$	43,800		$	46,064		$	43,800		$	46,064
Common Shares Issued and Outstanding:
Beginning of period		8,779,912			9,279,268			8,951,839			9,762,125
Issuance of common stock		19,996			19,568			57,406			44,544
Purchase and retirement of common stock		(40,143	)		(86,096	)		(249,480	)		(593,929	)
End of period		8,759,765			9,212,740			8,759,765			9,212,740
Additional Paid-in Capital:
Beginning of period	$	-		$	-		$	-		$	113
Issuance of common stock		(2	)		65			(12	)		117
Purchase and retirement of common stock		(210	)		(207	)		(624	)		(629	)
Stock based compensation		212			142			636			399
End of period	$	-		$	-		$	-		$	-
Retained Earnings:
Beginning of period	$	149,393		$	145,471		$	150,800		$	115,631
Net income (loss) for the period		(2,591	)		7,628			930			60,319
Purchase and retirement of common stock		(196	)		(982	)		(2,293	)		(6,663	)
Cash dividends declared		(1,575	)		(1,564	)		(4,406	)		(18,734	)
End of period	$	145,031		$	150,553		$	145,031		$	150,553
Accumulated Other Comprehensive Loss:
Beginning of period	$	(108	)	$	(1,726	)	$	50		$	(1,823	)
Cumulative translation adjustments, net of tax		31			-			(174	)		-
Amortization of pension costs, net of tax		23			48			70			145
End of period	$	(54	)	$	(1,678	)	$	(54	)	$	(1,678	)

Note 5 - Accounts Receivable (Tables)

9 Months Ended

Aug. 26, 2023