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Note 20 - Quarterly Results of Operations

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information [Text Block]

20.

Quarterly Results of Operations

	2019
	First Quarter (1)		Second Quarter		Third Quarter		Fourth Quarter (2)

Sales revenue:
Furniture and accessories	$	107,357	$	95,824	$	98,369	$	102,315
Logistics		13,484		12,366		11,050		11,322
Total sales revenue		120,841		108,190		109,419		113,637
Cost of furniture and accessories sold		49,177		42,530		42,246		45,291
Income (loss) from operations		949		701		3,400		(5,645	)
Net income (loss)		608		445		2,157		(5,138	)
Basic earnings (loss) per share		0.06		0.04		0.21		(0.50	)
Diluted earnings (loss) per share		0.06		0.04		0.21		(0.50	)

	2018
	First Quarter (3)			Second Quarter (4)		Third Quarter		Fourth Quarter (5)

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		(913	)		4,289		2,945		1,897
Basic earnings per share		(0.09	)		0.40		0.28		0.18
Diluted earnings per share		(0.09	)		0.40		0.28		0.18

The first quarter of fiscal 2019 included 14 weeks. All other quarters shown above for fiscal 2019 and 2018 consist of 13 week fiscal periods.

(1)

Income from operations includes a charge of $835 arising from certain eligible employees’ acceptance of voluntary early retirement package (see Note 15).

(2)

Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 15).

(3)

Net loss 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).

(4)

Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store (see 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).

(5)

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).