Note 19 - Quarterly Results of Operations

12 Months Ended

Nov. 27, 2021

Notes to Financial Statements

Quarterly Financial Information [Text Block]

19. Quarterly Results of Operations

	2021
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Sales revenue:
Furniture and accessories	$	101,655	$	109,997	$	104,870	$	114,364
Logistics		12,018		14,062		14,036		15,532
Total sales revenue		113,673		124,059		118,906		129,896
Cost of furniture and accessories sold		48,252		52,911		52,263		56,373
Income from operations		6,021		8,379		4,490		7,109
Net income		4,011		5,974		3,016		5,041
Basic earnings per share		0.40		0.60		0.31		0.52
Diluted earnings per share		0.40		0.60		0.31		0.52

	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

All quarters shown above for fiscal 2021 and 2020 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 7), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 13). 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 12).

(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 13).

(3) Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 13).