Note 19 - Quarterly Results of Operations

12 Months Ended

Nov. 28, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

19. Quarterly Results of Operations

	2020
	First Quarter		Second Quarter (1)			Third Quarter (2)		Fourth Quarter (3)
Sales revenue:
Furniture and accessories	$	98,942	$	53,000		$	80,341	$	105,389
Logistics		13,178		10,801			11,218		12,994
Total sales revenue		112,120		63,801			91,559		118,383
Cost of furniture and accessories sold		45,270		29,452			38,418		50,427
Income (loss) from operations		2,210		(31,229	)		2,747		10,049
Net income (loss)		1,210		(20,352	)		2,178		6,543
Basic earnings (loss) per share		0.12		(2.04	)		0.22		0.65
Diluted earnings (loss) per share		0.12		(2.04	)		0.22		0.65

	2019
	First Quarter (4)		Second Quarter		Third Quarter		Fourth Quarter (5)
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 from operations		949		701		3,400		(5,645	)
Net income		608		445		2,157		(5,138	)
Basic earnings per share		0.06		0.04		0.21		(0.50	)
Diluted earnings per share		0.06		0.04		0.21		(0.50	)

The first quarter of fiscal 2019 included 14 weeks. All other quarters shown above for fiscal 2020 and 2019 consisted of 13-week fiscal periods.

(1) Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 8), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 14). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 13).

(2) Net income includes a non-taxable gain of $914 arising from the recognition of a death benefit from Company-owned life insurance (see Note 14).

(3) Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 14).

(4) Income from operations includes a charge of $835 arising from certain eligible employees’ acceptance of voluntary early retirement package (see Note 14).

(5) 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 14).