XML 42 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 20 - Quarterly Results of Operations
 12 Months Ended
Nov. 24, 2018
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
20.
Quarterly Results of Operations
 
 
   
2018
  
   
First
Quarter (1)
    
Second
Quarter (2)
    
Third
Quarter
   
Fourth
Quarter (3)
  
                                 
Sales revenue:
                                
Furniture and accessories
   $
96,123
     $
102,675
     $
99,807
     $
103,864
  
Logistics
    
14,149
      
14,305
      
13,149
      
12,783
  
Total sales revenue
    
110,272
      
116,980
      
112,956
      
116,647
  
Cost of furniture and accessories sold
    
43,269
      
45,660
      
44,821
      
45,831
  
Income from operations
    
2,050
      
5,663
      
4,324
      
2,047
  
Net income (loss)
    
(913
 )    
4,289
      
2,945
      
1,897
  
Basic earnings (loss) per share
    
(0.09
 )    
0.40
      
0.28
      
0.18
  
Diluted earnings (loss) per share
    
(0.09
 )    
0.40
      
0.28
      
0.18
  
 
   
2017
  
   
First
Quarter
    
Second
Quarter (4)
    
Third
Quarter (5)
    
Fourth
Quarter (6)
  
                                 
Sales revenue:
                                
Furniture and accessories
   $
93,698
     $
100,294
     $
100,152
     $
103,953
  
Logistics
    
12,194
      
13,831
      
14,109
      
14,272
  
Total sales revenue
    
105,892
      
114,125
      
114,261
      
118,225
  
Cost of furniture and accessories sold
    
41,898
      
44,981
      
45,320
      
45,380
  
Income from operations
    
4,664
      
7,600
      
7,260
      
7,494
  
Net income
    
2,861
      
5,842
      
4,579
      
4,974
  
Basic earnings per share
    
0.27
      
0.55
      
0.43
      
0.46
  
Diluted earnings per share
    
0.27
      
0.54
      
0.43
      
0.46
  
 
All quarters shown above for fiscal
2018
and
2017
consist of
13
week fiscal periods.
 
 
(
1
)
Net income includes a
$2,157
charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act.(see Note
14
).
 
(
2
)
Income from operations includes a gain of
$165
from the sale of our Spring, Texas retail store Isee Note
15
). Net income includes a benefit of
$155
in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note
14
).
 
(
3
)
Income from operations includes a
$469
asset impairment charge related to our Torrance, California retail store and a
$301
charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note
15
). Net income includes a
$704
tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note
14
).
 
(
4
)
Net income includes a gain of
$2,026
from the sale of an investment, net of related income tax effects of approximately
$1,241
(see Note
9
), and a loss of
$672,
net of related income tax effects of approximately
$412,
resulting from the impairment of retail real estate (see Note
2
).
 
(
5
)
Income from operations included a gain of
$1,220
from the sale of our Las Vegas, Nevada retail store (see Note
15
).
 
(
6
)
Net income includes a gain of
$591
from the disposition of our interest in IMC, net of related income tax effects of approximately
$363
(see Note
9
).