Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
4-May-14 | Jun. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Hooker Furniture Corp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Common Stock, Shares Outstanding | ' | 10,752,982 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001077688 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 4-May-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $31,686 | $23,882 |
Trade accounts receivable, less allowance for doubtful accounts of $1,276 and $1,243 on each respective date | 30,396 | 29,393 |
Inventories | 43,587 | 49,016 |
Prepaid expenses and other current assets | 2,397 | 2,413 |
Deferred taxes | 1,246 | 1,664 |
Income tax recoverable | 0 | 682 |
Total current assets | 109,312 | 107,050 |
Property, plant and equipment, net | 22,840 | 23,752 |
Cash surrender value of life insurance policies | 19,202 | 18,891 |
Deferred taxes | 4,121 | 4,051 |
Intangible assets | 1,382 | 1,382 |
Other assets | 1,703 | 355 |
Total non-current assets | 49,248 | 48,431 |
Total assets | 158,560 | 155,481 |
Current liabilities | ' | ' |
Trade accounts payable | 8,694 | 7,077 |
Accrued salaries, wages and benefits | 2,805 | 3,478 |
Income tax accrual | 142 | 0 |
Accrued commissions | 856 | 934 |
Customer deposits | 433 | 659 |
Other accrued expenses | 832 | 759 |
Total current liabilities | 13,762 | 12,907 |
Deferred compensation | 7,793 | 7,668 |
Income tax accrual | 117 | 103 |
Other long-term liabilities | 308 | 0 |
Total long-term liabilities | 8,218 | 7,771 |
Total liabilities | 21,980 | 20,678 |
Shareholders’ equity | ' | ' |
Common stock, no par value, 20,000 shares authorized, 10,753 shares issued and outstanding on each date | 17,641 | 17,585 |
Retained earnings | 118,849 | 117,120 |
Accumulated other comprehensive income | 90 | 98 |
Total shareholders’ equity | 136,580 | 134,803 |
Total liabilities and shareholders’ equity | $158,560 | $155,481 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $1,276 | $1,243 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 10,753 | 10,753 |
Common stock, shares outstanding | 10,753 | 10,753 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 4-May-14 | 5-May-13 |
Net sales | $61,396 | $56,295 |
Cost of sales | 45,786 | 42,379 |
Gross profit | 15,610 | 13,916 |
Selling and administrative expenses | 11,367 | 10,682 |
Operating income | 4,243 | 3,234 |
Other income (expense), net | 46 | -32 |
Income before income taxes | 4,289 | 3,202 |
Income tax expense | 1,485 | 1,076 |
Net income | $2,804 | $2,126 |
Earnings per share | ' | ' |
Basic (in Dollars per share) | $0.26 | $0.20 |
Diluted (in Dollars per share) | $0.26 | $0.20 |
Weighted average shares outstanding: | ' | ' |
Basic (in Shares) | 10,724 | 10,717 |
Diluted (in Shares) | 10,762 | 10,747 |
Cash dividends declared per share (in Dollars per share) | $0.10 | $0.10 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 4-May-14 | 5-May-13 |
Net Income | $2,804 | $2,126 |
Other comprehensive income: | ' | ' |
Amortization of actuarial gain net of tax of $5 and $10, respectively | -8 | -17 |
Adjustments to net periodic benefit cost | -8 | -17 |
Comprehensive Income | $2,796 | $2,109 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 4-May-14 | 5-May-13 |
Amortization of actuarial gain, tax | $5 | $10 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 4-May-14 | 5-May-13 |
Operating Activities: | ' | ' |
Net income | $2,804 | $2,126 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 613 | 584 |
Gain on disposal of assets | -34 | -8 |
Deferred income tax expense (benefit) | 353 | -5 |
Noncash restricted stock and performance awards | 135 | 229 |
Provision for doubtful accounts | 125 | 75 |
Changes in assets and liabilities: | ' | ' |
Trade accounts receivable | -1,129 | 1,762 |
Inventories | 5,429 | 3,366 |
Income tax recoverable | 682 | 0 |
Gain on life insurance policies | -126 | -135 |
Prepaid expenses and other current assets | 237 | 832 |
Trade accounts payable | 1,616 | -2,876 |
Accrued salaries, wages, and benefits | -673 | -712 |
Accrued income taxes | 142 | -1,034 |
Accrued commissions | -78 | -267 |
Customer deposits | -226 | 0 |
Other accrued expenses | 77 | 11 |
Deferred compensation | 34 | 45 |
Other long-term liabilities | 20 | 0 |
Net cash provided by operating activities | 10,001 | 3,993 |
Investing Activities: | ' | ' |
Purchases of property and equipment | -1,008 | -880 |
Proceeds received on notes for sale of assets | 11 | 14 |
Proceeds from sale of property and equipment | 65 | 8 |
Premiums paid on life insurance policies | -190 | -190 |
Proceeds received on life insurance policies | 0 | 516 |
Net cash used in investing activities | -1,122 | -532 |
Financing Activities: | ' | ' |
Cash dividends paid | -1,075 | -1,075 |
Net cash used in financing activities | -1,075 | -1,075 |
Net increase in cash and cash equivalents | 7,804 | 2,386 |
Cash and cash equivalents - beginning of year | 23,882 | 26,342 |
Cash and cash equivalents - end of quarter | 31,686 | 28,728 |
Supplemental schedule of cash flow information: | ' | ' |
Income taxes paid, net | ($294) | ($2,115) |
1Preparation_of_Interim_Financ
1.Preparation of Interim Financial Statements | 3 Months Ended | |
4-May-14 | ||
Disclosure Text Block [Abstract] | ' | |
Business Description and Basis of Presentation [Text Block] | ' | |
1 | Preparation of Interim Financial Statements | |
The condensed consolidated financial statements of Hooker Furniture Corporation and subsidiaries (referred to as “we,” “us,” “our,” “Hooker” or the “Company”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these statements include all adjustments necessary for a fair statement of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) are condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of our results of operations and financial position. Operating results for the interim periods reported herein may not be indicative of the results expected for the fiscal year. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended February 2, 2014 (“2014 Annual Report”). | ||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect both the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from our estimates. | ||
The financial statements contained herein are being filed as part of a quarterly report on Form 10-Q covering the thirteen-week period (also referred to as “three months,” “three-month period,” “quarter,” “first quarter” or “quarterly period”) that began February 3, 2014 and ended May 4, 2014. These financial statements also include the thirteen-week period that began February 4, 2013 and ended May 5, 2013. | ||
References in these notes to the condensed consolidated financial statements of the Company to: | ||
§ | the 2015 fiscal year and comparable terminology mean the fiscal year that began February 3, 2014 and will end February 1, 2015; and | |
§ | the 2014 fiscal year and comparable terminology mean the fiscal year that began February 4, 2013 and ended February 2, 2014. | |
2_Change_in_Presentation_of_Co
2. Change in Presentation of Consolidated Statement of Cash Flows | 3 Months Ended | |
4-May-14 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Accounting Changes [Text Block] | ' | |
2. Change in Presentation of Consolidated Statement of Cash Flows | ||
U.S. generally accepted accounting principles permit the direct or indirect methods of computing cash flows. We have elected to change the presentation of our cash flow statement from the direct to indirect method of computing cash flows. We believe the indirect method is preferable because: | ||
§ | it provides a more straight-forward presentation of the reconciliation between consolidated net income and consolidated cash flows; | |
§ | it helps financial statement users to better understand how non-cash transactions are factors of consolidated net income but not sources of consolidated cash flows; and | |
§ | it helps financial statement users to better understand the different linkages among our consolidated financial statements. | |
Consequently, we have recast our prior-year condensed consolidated statements of cash flows to conform to the fiscal 2015 presentation under the indirect method. | ||
3_Accounts_Receivable
3. Accounts Receivable | 3 Months Ended | ||||||||
4-May-14 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
3. Accounts Receivable | |||||||||
May 4, | February 2, | ||||||||
2014 | 2014 | ||||||||
Trade accounts receivable | $ | 23,105 | $ | 22,776 | |||||
Receivable from factor | 8,567 | 7,860 | |||||||
Allowance for doubtful accounts | (1,276 | ) | (1,243 | ) | |||||
Accounts receivable | $ | 30,396 | $ | 29,393 | |||||
“Receivable from factor” represents amounts due with respect to factored accounts receivable. We factor substantially all of our domestically-produced upholstery accounts receivable without recourse to us. | |||||||||
Under our factoring agreement, invoices for domestically produced upholstery products are generated and transmitted to our customers, with copies to the factor on a daily basis, as products are shipped to our customers. The factor collects the amounts due and remits collected funds to us semi-weekly, less factoring fees. We retain ownership of the accounts receivable until the invoices are 90 days past due. At that time, the factor pays us the net invoice amount, less factoring fees, and takes ownership of the accounts receivable. The factor is then entitled to collect the invoices on its own behalf and retain any subsequent remittances. The invoiced amounts are reported as accounts receivable on our condensed consolidated balance sheets, generally from the date the merchandise is shipped to our customer until payment is received from the | |||||||||
A limited number of our accounts receivable for our domestically produced upholstery are factored with recourse to us. The amounts of these receivables at May 4, 2014 and February 2, 2014 were $413,000 and $324,000, respectively. If the factor is unable to collect the amounts due, invoices are returned to us for collection. We include an estimate of potentially uncollectible receivables in our calculation of our allowance for doubtful accounts. | |||||||||
4_Inventories
4. Inventories | 3 Months Ended | ||||||||
4-May-14 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
4. Inventories | |||||||||
May 4, | Feb 2, | ||||||||
2014 | 2014 | ||||||||
Finished furniture | $ | 53,356 | $ | 58,515 | |||||
Furniture in process | 879 | 804 | |||||||
Materials and supplies | 8,030 | 8,068 | |||||||
Inventories at FIFO | 62,265 | 67,387 | |||||||
Reduction to LIFO basis | (18,678 | ) | (18,371 | ) | |||||
Inventories | $ | 43,587 | $ | 49,016 | |||||
5_Property_Plant_and_Equipment
5. Property, Plant and Equipment | 3 Months Ended | |||||||||||
4-May-14 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||||
5. Property, Plant and Equipment | ||||||||||||
Depreciable Lives | May 4, | Feb 2, | ||||||||||
(In years) | 2014 | 2014 | ||||||||||
Computer software and hardware | 10-Mar | $ | 22,270 | $ | 22,294 | |||||||
Buildings and land improvements | 15 - 30 | 21,635 | 24,026 | |||||||||
Machinery and equipment | 10 | 4,594 | 4,495 | |||||||||
Leasehold improvements | 5 | 2,811 | 2,765 | |||||||||
Furniture and fixtures | 8-Mar | 2,092 | 2,060 | |||||||||
Other | 5 | 724 | 689 | |||||||||
Total depreciable property at cost | 54,126 | 56,329 | ||||||||||
Less accumulated depreciation | 35,774 | 36,447 | ||||||||||
Total depreciable property, net | 18,352 | 19,882 | ||||||||||
Land | 1,067 | 1,152 | ||||||||||
Construction-in-progress | 3,421 | 2,718 | ||||||||||
Property, plant and equipment, net | $ | 22,840 | $ | 23,752 | ||||||||
At May 4, 2014, construction-in-progress consisted of $1.7 million of expenditures related to our ongoing Enterprise Resource Planning (ERP) conversion efforts and $1.7 million related to various other projects to enhance our facilities and operations. | ||||||||||||
The $2.4 million change in the buildings and land improvements during the fiscal 2015 first quarter is primarily due to the completion of the previously announced sale of our Cloverleaf warehouse facility in April 2014. We recognized a gain of $34,000 on the sale in our fiscal 2015 financial statements. See Item 2 of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, for additional information on this transaction. | ||||||||||||
6_Fair_Value_Measurements
6. Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||||||||||
4-May-14 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||||||||||
6. Fair Value Measurements | |||||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: | |||||||||||||||||||||||||||||||||
Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities; | |||||||||||||||||||||||||||||||||
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and | |||||||||||||||||||||||||||||||||
Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||||||||||||||||||||
As of May 4, 2014 and February 2, 2014, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. | |||||||||||||||||||||||||||||||||
As of May 4, 2014, a mortgage note receivable (related to the previously announced sale of our Cloverleaf facility during the fiscal 2015 first quarter) was measured at fair value on a non-recurring basis using Level 3 inputs. The note receivable was recorded at approximately $1.6 million, which was the face value of the note issued for the mortgage. The carrying value of the note is assumed to approximate its fair value. We measure the probability to collect amounts due to us under this note primarily based on the buyer’s payment history. Specifically, we consider the buyer’s adherence to the contractual payment terms for both the timeliness and payment amounts. Should it become probable that we would be unable to collect all amounts due according to the contractual terms of the loan agreement, we would measure the note for impairment and record a valuation allowance against the note, if needed, with the related expense charged to income for that period. The note is included in the “Other assets” line of our condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||||
Our assets measured at fair value on a recurring basis at May 4, 2014 and February 2, 2014, respectively, were as follows: | |||||||||||||||||||||||||||||||||
Fair value at May 4, 2014 | Fair value at February 2, 2014 | ||||||||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||||||||||||
Company-owned life insurance | $ | - | $ | 19,202 | $ | - | $ | 19,202 | $ | - | $ | 18,891 | $ | - | $ | 18,891 | |||||||||||||||||
Mortgage note receivable | - | - | 1,575 | 1,575 | - | - | - | - | |||||||||||||||||||||||||
7_Intangible_Assets
7. Intangible Assets | 3 Months Ended | ||||||||||
4-May-14 | |||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||
7. Intangible Assets | |||||||||||
May 4, | February 2, | ||||||||||
Segment | 2014 | 2014 | |||||||||
Non-amortizable Intangible Assets | |||||||||||
Trademarks and trade names - Bradington-Young | Upholstery | $ | 861 | $ | 861 | ||||||
Trademarks and trade names - Sam Moore | Upholstery | 396 | 396 | ||||||||
URL- Homeware.com | Casegoods | 125 | 125 | ||||||||
Total trademarks and tradenames | $ | 1,382 | $ | 1,382 | |||||||
8_Long_Term_Debt
8. Long Term Debt | 3 Months Ended |
4-May-14 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
8. Long Term Debt | |
As of May 4, 2014, we had an aggregate $13.3 million available under our $15.0 million unsecured revolving credit facility to fund working capital needs. Standby letters of credit in the aggregate amount of $1.7 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under our revolving credit facility as of May 4, 2014. There were no additional borrowings outstanding under the revolving credit facility on May 4, 2014. Any principal outstanding under the revolving credit facility is due July 31, 2018. | |
9_Employee_Benefit_Plans
9. Employee Benefit Plans | 3 Months Ended | ||||||||
4-May-14 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||
9. Employee Benefit Plans | |||||||||
We maintain a supplemental retirement income plan (“SRIP”) for certain former and current executives. The liability for the SRIP at May 4, 2014 and February 2, 2014 was $7.7 million at both dates and is shown in our condensed consolidated balance sheets as follows: | |||||||||
May 4, | February 2, | ||||||||
2014 | 2014 | ||||||||
Accrued salaries, wages and benefits (current portion) | $ | 354 | $ | 354 | |||||
Deferred compensation (long-term portion) | 7,335 | 7,308 | |||||||
Total liability | $ | 7,689 | $ | 7,662 | |||||
Components of net periodic benefit cost for the SRIP are included in our condensed consolidated statements of income under selling and administrative expenses: | |||||||||
Thirteen Weeks Ended | |||||||||
May 4, | May 5, | ||||||||
2014 | 2013 | ||||||||
Net periodic benefit cost | |||||||||
Service cost | $ | 25 | $ | 64 | |||||
Interest cost | 85 | 73 | |||||||
Actuarial gain | (13 | ) | (26 | ) | |||||
Net periodic benefit cost | $ | 97 | $ | 111 | |||||
10_Earnings_Per_Share
10. Earnings Per Share | 3 Months Ended | ||||||||
4-May-14 | |||||||||
Earnings per share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
10. Earnings Per Share | |||||||||
We refer you to the discussion of Earnings Per Share in Note 1-Summary of Significant Accounting Policies, in the financial statements included in our 2014 Annual Report, for additional information concerning the calculation of earnings per share. | |||||||||
We have issued restricted stock awards to non-employee members of the board of directors since 2006 and restricted stock units (RSUs) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles the executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: | |||||||||
May 4, | Feb 2, | ||||||||
2014 | 2014 | ||||||||
Restricted shares | 29 | 29 | |||||||
Restricted stock units | 35 | 32 | |||||||
64 | 61 | ||||||||
All restricted shares and RSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: | |||||||||
Thirteen Weeks Ended | |||||||||
May 4, | May 5, | ||||||||
2014 | 2013 | ||||||||
Net income | $ | 2,804 | $ | 2,126 | |||||
Less: Unvested participating restricted stock dividends | 3 | 3 | |||||||
Net earnings allocated to unvested participating restricted stock | 7 | 6 | |||||||
Earnings available for common shareholders | 2,794 | 2,117 | |||||||
Weighted average shares outstanding for basic earnings per share | 10,724 | 10,717 | |||||||
Dilutive effect of unvested restricted stock and RSU awards | 38 | 30 | |||||||
Weighted average shares outstanding for diluted earnings per share | 10,762 | 10,747 | |||||||
Basic earnings per share | $ | 0.26 | $ | 0.2 | |||||
Diluted earnings per share | $ | 0.26 | $ | 0.2 | |||||
11_Income_Taxes
11. Income Taxes | 3 Months Ended |
4-May-14 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
11. Income Taxes | |
We recorded income tax expense of $1.5 million for the fiscal 2015 first quarter compared to $1.1 million for the comparable prior year period. The effective tax rates for the fiscal 2015 and 2014 first quarters were 34.6% and 33.6%, respectively. Our effective tax rate was higher in the fiscal 2015 first quarter primarily due to smaller anticipated rate benefits from earnings on company-owned life insurance policies and distributions from our former captive insurance arrangement as well as increases in our reserve for uncertain tax positions. | |
The net unrecognized tax benefits as of May 4, 2014 and February 2, 2014, which, if recognized, would affect our effective tax rate are $323,000 and $303,000, respectively. In fiscal 2014, an uncertain tax position was identified and accrued for which forthcoming remediation action steps will effectively settle the uncertainty in the next 12 months. In fiscal 2014, we also established a reserve for an uncertain tax position related to the use of a portion of state loss carryforwards in our current tax returns. The balance of that reserve at May 4, 2014 and February 2, 2014 was $117,000 and $103,000, respectively. | |
The tax years ending 2012 through 2014 remain subject to examination by federal taxing authorities. State tax returns for the years ending 2011 through 2014 remain subject to examination. | |
12_Segment_Information
12. Segment Information | 3 Months Ended | ||||||||||||||||
4-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
12. Segment Information | |||||||||||||||||
For financial reporting purposes, we are organized into two operating segments – casegoods furniture and upholstered furniture. Results from our new H Contract and Homeware business initiatives, and the elimination of intercompany sales and profits related to these businesses, are aggregated with the results from our casegoods operating segment. The following table presents segment information for the periods, and as of the dates, indicated: | |||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
4-May-14 | 5-May-13 | ||||||||||||||||
% Net Sales | % Net Sales | ||||||||||||||||
Net Sales | |||||||||||||||||
Casegoods | $ | 39,018 | 63.6 | % | $ | 35,444 | 63 | % | |||||||||
Upholstery | 22,378 | 36.4 | % | 20,851 | 37 | % | |||||||||||
Consolidated | $ | 61,396 | 100 | % | $ | 56,295 | 100 | % | |||||||||
Gross Profit & Margin | |||||||||||||||||
Casegoods | $ | 11,377 | 29.2 | % | $ | 9,998 | 28.2 | % | |||||||||
Upholstery | 4,233 | 18.9 | % | 3,918 | 18.8 | % | |||||||||||
Consolidated | $ | 15,610 | 25.4 | % | $ | 13,916 | 24.7 | % | |||||||||
Operating Income & Margin | |||||||||||||||||
Casegoods | $ | 3,712 | 9.5 | % | $ | 2,566 | 7.2 | % | |||||||||
Upholstery | 531 | 2.4 | % | 668 | 3.2 | % | |||||||||||
Consolidated | $ | 4,243 | 6.9 | % | $ | 3,234 | 5.7 | % | |||||||||
Capital Expenditures | |||||||||||||||||
Casegoods | $ | 678 | $ | 678 | |||||||||||||
Upholstery | 330 | 202 | |||||||||||||||
Consolidated | $ | 1,008 | $ | 880 | |||||||||||||
Depreciation & Amortization | |||||||||||||||||
Casegoods | $ | 367 | $ | 381 | |||||||||||||
Upholstery | 246 | 203 | |||||||||||||||
Consolidated | $ | 613 | $ | 584 | |||||||||||||
As of May 4, 2014 | % Total | As of February 2, 2014 | % Total | ||||||||||||||
Total Assets | Assets | Assets | |||||||||||||||
Casegoods | $ | 124,996 | 78.8 | % | $ | 122,345 | 78.7 | % | |||||||||
Upholstery | 33,564 | 21.2 | % | 33,136 | 21.3 | % | |||||||||||
Consolidated | $ | 158,560 | 100 | % | $ | 155,481 | 100 | % | |||||||||
13_Subsequent_Events
13. Subsequent Events | 3 Months Ended |
4-May-14 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
13. Subsequent Events | |
Dividends | |
On June 5, 2014, our board of directors declared a quarterly cash dividend of $0.10 per share, payable on June 30, 2014 to shareholders of record at June 16, 2014. | |
3_Accounts_Receivable_Tables
3. Accounts Receivable (Tables) | 3 Months Ended | ||||||||
4-May-14 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
May 4, | February 2, | ||||||||
2014 | 2014 | ||||||||
Trade accounts receivable | $ | 23,105 | $ | 22,776 | |||||
Receivable from factor | 8,567 | 7,860 | |||||||
Allowance for doubtful accounts | (1,276 | ) | (1,243 | ) | |||||
Accounts receivable | $ | 30,396 | $ | 29,393 |
4_Inventories_Tables
4. Inventories (Tables) | 3 Months Ended | ||||||||
4-May-14 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
May 4, | Feb 2, | ||||||||
2014 | 2014 | ||||||||
Finished furniture | $ | 53,356 | $ | 58,515 | |||||
Furniture in process | 879 | 804 | |||||||
Materials and supplies | 8,030 | 8,068 | |||||||
Inventories at FIFO | 62,265 | 67,387 | |||||||
Reduction to LIFO basis | (18,678 | ) | (18,371 | ) | |||||
Inventories | $ | 43,587 | $ | 49,016 |
5_Property_Plant_and_Equipment1
5. Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||||||
4-May-14 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||
Depreciable Lives | May 4, | Feb 2, | ||||||||||
(In years) | 2014 | 2014 | ||||||||||
Computer software and hardware | 10-Mar | $ | 22,270 | $ | 22,294 | |||||||
Buildings and land improvements | 15 - 30 | 21,635 | 24,026 | |||||||||
Machinery and equipment | 10 | 4,594 | 4,495 | |||||||||
Leasehold improvements | 5 | 2,811 | 2,765 | |||||||||
Furniture and fixtures | 8-Mar | 2,092 | 2,060 | |||||||||
Other | 5 | 724 | 689 | |||||||||
Total depreciable property at cost | 54,126 | 56,329 | ||||||||||
Less accumulated depreciation | 35,774 | 36,447 | ||||||||||
Total depreciable property, net | 18,352 | 19,882 | ||||||||||
Land | 1,067 | 1,152 | ||||||||||
Construction-in-progress | 3,421 | 2,718 | ||||||||||
Property, plant and equipment, net | $ | 22,840 | $ | 23,752 |
6_Fair_Value_Measurements_Tabl
6. Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
4-May-14 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 'Our assets measured at fair value on a recurring basis at May 4, 2014 and February 2, 2014, respectively, were as follows: | ||||||||||||||||||||||||||||||||
Fair value at May 4, 2014 | Fair value at February 2, 2014 | ||||||||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||||||||||||
Company-owned life insurance | $ | - | $ | 19,202 | $ | - | $ | 19,202 | $ | - | $ | 18,891 | $ | - | $ | 18,891 | |||||||||||||||||
Mortgage note receivable | - | - | 1,575 | 1,575 | - | - | - | - |
7_Intangible_Assets_Tables
7. Intangible Assets (Tables) | 3 Months Ended | ||||||||||
4-May-14 | |||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||
May 4, | February 2, | ||||||||||
Segment | 2014 | 2014 | |||||||||
Non-amortizable Intangible Assets | |||||||||||
Trademarks and trade names - Bradington-Young | Upholstery | $ | 861 | $ | 861 | ||||||
Trademarks and trade names - Sam Moore | Upholstery | 396 | 396 | ||||||||
URL- Homeware.com | Casegoods | 125 | 125 | ||||||||
Total trademarks and tradenames | $ | 1,382 | $ | 1,382 |
9_Employee_Benefit_Plans_Table
9. Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||
4-May-14 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | 'We maintain a supplemental retirement income plan (“SRIP”) for certain former and current executives. The liability for the SRIP at May 4, 2014 and February 2, 2014 was $7.7 million at both dates and is shown in our condensed consolidated balance sheets as follows: | ||||||||
May 4, | February 2, | ||||||||
2014 | 2014 | ||||||||
Accrued salaries, wages and benefits (current portion) | $ | 354 | $ | 354 | |||||
Deferred compensation (long-term portion) | 7,335 | 7,308 | |||||||
Total liability | $ | 7,689 | $ | 7,662 | |||||
Schedule of Net Benefit Costs [Table Text Block] | 'Components of net periodic benefit cost for the SRIP are included in our condensed consolidated statements of income under selling and administrative expenses: | ||||||||
Thirteen Weeks Ended | |||||||||
May 4, | May 5, | ||||||||
2014 | 2013 | ||||||||
Net periodic benefit cost | |||||||||
Service cost | $ | 25 | $ | 64 | |||||
Interest cost | 85 | 73 | |||||||
Actuarial gain | (13 | ) | (26 | ) | |||||
Net periodic benefit cost | $ | 97 | $ | 111 |
10_Earnings_Per_Share_Tables
10. Earnings Per Share (Tables) | 3 Months Ended | ||||||||
4-May-14 | |||||||||
10. Earnings Per Share (Tables) [Line Items] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Thirteen Weeks Ended | |||||||||
May 4, | May 5, | ||||||||
2014 | 2013 | ||||||||
Net income | $ | 2,804 | $ | 2,126 | |||||
Less: Unvested participating restricted stock dividends | 3 | 3 | |||||||
Net earnings allocated to unvested participating restricted stock | 7 | 6 | |||||||
Earnings available for common shareholders | 2,794 | 2,117 | |||||||
Weighted average shares outstanding for basic earnings per share | 10,724 | 10,717 | |||||||
Dilutive effect of unvested restricted stock and RSU awards | 38 | 30 | |||||||
Weighted average shares outstanding for diluted earnings per share | 10,762 | 10,747 | |||||||
Basic earnings per share | $ | 0.26 | $ | 0.2 | |||||
Diluted earnings per share | $ | 0.26 | $ | 0.2 | |||||
Restricted Stock [Member] | ' | ||||||||
10. Earnings Per Share (Tables) [Line Items] | ' | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | 'The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: | ||||||||
May 4, | Feb 2, | ||||||||
2014 | 2014 | ||||||||
Restricted shares | 29 | 29 | |||||||
Restricted stock units | 35 | 32 | |||||||
64 | 61 |
12_Segment_Information_Tables
12. Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
4-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 'The following table presents segment information for the periods, and as of the dates, indicated: | ||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
4-May-14 | 5-May-13 | ||||||||||||||||
% Net Sales | % Net Sales | ||||||||||||||||
Net Sales | |||||||||||||||||
Casegoods | $ | 39,018 | 63.6 | % | $ | 35,444 | 63 | % | |||||||||
Upholstery | 22,378 | 36.4 | % | 20,851 | 37 | % | |||||||||||
Consolidated | $ | 61,396 | 100 | % | $ | 56,295 | 100 | % | |||||||||
Gross Profit & Margin | |||||||||||||||||
Casegoods | $ | 11,377 | 29.2 | % | $ | 9,998 | 28.2 | % | |||||||||
Upholstery | 4,233 | 18.9 | % | 3,918 | 18.8 | % | |||||||||||
Consolidated | $ | 15,610 | 25.4 | % | $ | 13,916 | 24.7 | % | |||||||||
Operating Income & Margin | |||||||||||||||||
Casegoods | $ | 3,712 | 9.5 | % | $ | 2,566 | 7.2 | % | |||||||||
Upholstery | 531 | 2.4 | % | 668 | 3.2 | % | |||||||||||
Consolidated | $ | 4,243 | 6.9 | % | $ | 3,234 | 5.7 | % | |||||||||
Capital Expenditures | |||||||||||||||||
Casegoods | $ | 678 | $ | 678 | |||||||||||||
Upholstery | 330 | 202 | |||||||||||||||
Consolidated | $ | 1,008 | $ | 880 | |||||||||||||
Depreciation & Amortization | |||||||||||||||||
Casegoods | $ | 367 | $ | 381 | |||||||||||||
Upholstery | 246 | 203 | |||||||||||||||
Consolidated | $ | 613 | $ | 584 | |||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | 'The following table presents segment information for the periods, and as of the dates, indicated: | ||||||||||||||||
As of May 4, 2014 | % Total | As of February 2, 2014 | % Total | ||||||||||||||
Total Assets | Assets | Assets | |||||||||||||||
Casegoods | $ | 124,996 | 78.8 | % | $ | 122,345 | 78.7 | % | |||||||||
Upholstery | 33,564 | 21.2 | % | 33,136 | 21.3 | % | |||||||||||
Consolidated | $ | 158,560 | 100 | % | $ | 155,481 | 100 | % |
3_Accounts_Receivable_Details
3. Accounts Receivable (Details) (USD $) | 4-May-14 | Feb. 02, 2014 |
Receivables [Abstract] | ' | ' |
Accounts receivable factor recourse | $413,000 | $324,000 |
3_Accounts_Receivable_Details_
3. Accounts Receivable (Details) - Accounts Receivable (USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable [Abstract] | ' | ' |
Trade accounts receivable | $23,105 | $22,776 |
Receivable from factor | 8,567 | 7,860 |
Allowance for doubtful accounts | -1,276 | -1,243 |
Accounts receivable | $30,396 | $29,393 |
4_Inventories_Details_Schedule
4. Inventories (Details) - Schedule of Inventory, Current (USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Inventory, Current [Abstract] | ' | ' |
Finished furniture | $53,356 | $58,515 |
Furniture in process | 879 | 804 |
Materials and supplies | 8,030 | 8,068 |
Inventories at FIFO | 62,265 | 67,387 |
Reduction to LIFO basis | -18,678 | -18,371 |
Inventories | $43,587 | $49,016 |
5_Property_Plant_and_Equipment2
5. Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | |
4-May-14 | Feb. 02, 2014 | |
5. Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Construction in Progress, Gross | $3,421,000 | $2,718,000 |
Increase (decrease) in building and improvements | -2,400,000 | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 34,000 | ' |
Enterprise Resource Planning (ERP) [Member] | ' | ' |
5. Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Construction in Progress, Gross | 1,700,000 | ' |
Various Other Projects to Enhance Facilities and Operations [Member] | ' | ' |
5. Property, Plant and Equipment (Details) [Line Items] | ' | ' |
Construction in Progress, Gross | $1,700,000 | ' |
5_Property_Plant_and_Equipment3
5. Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 4-May-14 | Feb. 02, 2014 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $54,126 | $56,329 |
Less accumulated depreciation | 35,774 | 36,447 |
Total depreciable property, net | 18,352 | 19,882 |
Land | 1,067 | 1,152 |
Construction-in-progress | 3,421 | 2,718 |
Property, plant and equipment, net | 22,840 | 23,752 |
Computer Software and Hardware [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 22,270 | 22,294 |
Computer Software and Hardware [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Depreciable Lives | '3 years | ' |
Computer Software and Hardware [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Depreciable Lives | '10 years | ' |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 21,635 | 24,026 |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Depreciable Lives | '15 years | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Depreciable Lives | '30 years | ' |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 4,594 | 4,495 |
Property, Plant and Equipment, Depreciable Lives | '10 years | ' |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 2,811 | 2,765 |
Property, Plant and Equipment, Depreciable Lives | '5 years | ' |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 2,092 | 2,060 |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Depreciable Lives | '3 years | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Depreciable Lives | '8 years | ' |
Property, Plant and Equipment, Other Types [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $724 | $689 |
Property, Plant and Equipment, Depreciable Lives | '5 years | ' |
6_Fair_Value_Measurements_Deta
6. Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value | ' | ' |
Company-owned life insurance | $19,202 | $18,891 |
Mortgage note receivable | 1,575 | 0 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets measured at fair value | ' | ' |
Company-owned life insurance | 0 | 0 |
Mortgage note receivable | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets measured at fair value | ' | ' |
Company-owned life insurance | 19,202 | 18,891 |
Mortgage note receivable | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets measured at fair value | ' | ' |
Company-owned life insurance | 0 | 0 |
Mortgage note receivable | $1,575 | $0 |
7_Intangible_Assets_Details_Sc
7. Intangible Assets (Details) - Schedule of Intangible Assets (USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Non-amortizable Intangible Assets | ' | ' |
Total trademarks and tradenames | $1,382 | $1,382 |
Upholstery [Member] | Bradington-Young [Member] | ' | ' |
Non-amortizable Intangible Assets | ' | ' |
Trademarks and trade names | 861 | 861 |
Upholstery [Member] | Sam Moore [Member] | ' | ' |
Non-amortizable Intangible Assets | ' | ' |
Trademarks and trade names | 396 | 396 |
Casegoods [Member] | ' | ' |
Non-amortizable Intangible Assets | ' | ' |
URL- Homeware.com | $125 | $125 |
8_Long_Term_Debt_Details
8. Long Term Debt (Details) (USD $) | 4-May-14 |
In Millions, unless otherwise specified | |
8. Long Term Debt (Details) [Line Items] | ' |
Line of Credit Facility, Current Borrowing Capacity | $13.30 |
Line of Credit Facility, Maximum Borrowing Capacity | 15 |
Standby Letters of Credit [Member] | ' |
8. Long Term Debt (Details) [Line Items] | ' |
Letters of Credit Outstanding, Amount | $1.70 |
9_Employee_Benefit_Plans_Detai
9. Employee Benefit Plans (Details) (Supplemental Employee Retirement Plan, Defined Benefit [Member], USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' |
9. Employee Benefit Plans (Details) [Line Items] | ' | ' |
Other Postretirement Defined Benefit Plan, Liabilities | $7,689 | $7,662 |
9_Employee_Benefit_Plans_Detai1
9. Employee Benefit Plans (Details) - Schedule of Amounts Recognized in Balance Sheet (USD $) | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
9. Employee Benefit Plans (Details) - Schedule of Amounts Recognized in Balance Sheet [Line Items] | ' | ' |
Accrued salaries, wages and benefits (current portion) | $2,805 | $3,478 |
Deferred compensation (long-term portion) | 7,793 | 7,668 |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' |
9. Employee Benefit Plans (Details) - Schedule of Amounts Recognized in Balance Sheet [Line Items] | ' | ' |
Accrued salaries, wages and benefits (current portion) | 354 | 354 |
Deferred compensation (long-term portion) | 7,335 | 7,308 |
Total liability | $7,689 | $7,662 |
9_Employee_Benefit_Plans_Detai2
9. Employee Benefit Plans (Details) - Schedule of Net Benefit Costs (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 4-May-14 | 5-May-13 |
Net periodic benefit cost | ' | ' |
Service cost | $25 | $64 |
Interest cost | 85 | 73 |
Actuarial gain | -13 | -26 |
Net periodic benefit cost | $97 | $111 |
10_Earnings_Per_Share_Details
10. Earnings Per Share (Details) (Restricted Stock [Member]) | 3 Months Ended |
4-May-14 | |
Restricted Stock [Member] | ' |
10. Earnings Per Share (Details) [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 'Each RSU entitles the executive to receive one share of the Company's common stock if the executive remains continuously employed with the Company through the end of a three-year service period |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | '3 years |
10_Earnings_Per_Share_Details_
10. Earnings Per Share (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | 4-May-14 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
10. Earnings Per Share (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | ' | ' |
Number of Shares Outstanding | 64 | 61 |
Restricted Stock [Member] | ' | ' |
10. Earnings Per Share (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | ' | ' |
Number of Shares Outstanding | 29 | 29 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
10. Earnings Per Share (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | ' | ' |
Number of Shares Outstanding | 35 | 32 |
10_Earnings_Per_Share_Details_1
10. Earnings Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 4-May-14 | 5-May-13 |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | ' | ' |
Net income | $2,804 | $2,126 |
Less: Unvested participating restricted stock dividends | 3 | 3 |
Net earnings allocated to unvested participating restricted stock | 7 | 6 |
Earnings available for common shareholders | $2,794 | $2,117 |
Weighted average shares outstanding for basic earnings per share (in Shares) | 10,724 | 10,717 |
Dilutive effect of unvested restricted stock and RSU awards (in Shares) | 38 | 30 |
Weighted average shares outstanding for diluted earnings per share (in Shares) | 10,762 | 10,747 |
Basic earnings per share (in Dollars per share) | $0.26 | $0.20 |
Diluted earnings per share (in Dollars per share) | $0.26 | $0.20 |
11_Income_Taxes_Details
11. Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 4-May-14 | 5-May-13 | Feb. 02, 2014 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income Tax Expense (Benefit) | $1,485 | $1,076 | ' |
Effective Income Tax Rate Reconciliation, Percent | 34.60% | 33.60% | ' |
Unrecognized Tax Benefits | 323 | ' | 303 |
Accrued Income Taxes, Noncurrent | $117 | ' | $103 |
12_Segment_Information_Details
12. Segment Information (Details) | 3 Months Ended |
4-May-14 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
12_Segment_Information_Details1
12. Segment Information (Details) - Segment Reporting Information (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 4-May-14 | 5-May-13 |
Net Sales | ' | ' |
Net Sales | $61,396 | $56,295 |
Net Sales | 100.00% | 100.00% |
Gross Profit & Margin | ' | ' |
Gross Profit | 15,610 | 13,916 |
Gross Profit | 25.40% | 24.70% |
Operating Income & Margin | ' | ' |
Operating Income | 4,243 | 3,234 |
Operating Income | 6.90% | 5.70% |
Capital Expenditures | ' | ' |
Capital Expenditures | 1,008 | 880 |
Depreciation & Amortization | ' | ' |
Depreciation & Amortization | 613 | 584 |
Casegoods [Member] | ' | ' |
Net Sales | ' | ' |
Net Sales | 39,018 | 35,444 |
Net Sales | 63.60% | 63.00% |
Gross Profit & Margin | ' | ' |
Gross Profit | 11,377 | 9,998 |
Gross Profit | 29.20% | 28.20% |
Operating Income & Margin | ' | ' |
Operating Income | 3,712 | 2,566 |
Operating Income | 9.50% | 7.20% |
Capital Expenditures | ' | ' |
Capital Expenditures | 678 | 678 |
Depreciation & Amortization | ' | ' |
Depreciation & Amortization | 367 | 381 |
Upholstery [Member] | ' | ' |
Net Sales | ' | ' |
Net Sales | 22,378 | 20,851 |
Net Sales | 36.40% | 37.00% |
Gross Profit & Margin | ' | ' |
Gross Profit | 4,233 | 3,918 |
Gross Profit | 18.90% | 18.80% |
Operating Income & Margin | ' | ' |
Operating Income | 531 | 668 |
Operating Income | 2.40% | 3.20% |
Capital Expenditures | ' | ' |
Capital Expenditures | 330 | 202 |
Depreciation & Amortization | ' | ' |
Depreciation & Amortization | $246 | $203 |
12_Segment_Information_Details2
12. Segment Information (Details) - Assets from Segments to Consolidated (USD $) | 4-May-14 | Feb. 02, 2014 | 5-May-13 |
In Thousands, unless otherwise specified | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Total Assets | $158,560 | $155,481 | $155,481 |
Total Assets | 100.00% | ' | 100.00% |
Casegoods [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Total Assets | 124,996 | ' | 122,345 |
Total Assets | 78.80% | ' | 78.70% |
Upholstery [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Total Assets | $33,564 | ' | $33,136 |
Total Assets | 21.20% | ' | 21.30% |
13_Subsequent_Events_Details
13. Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
4-May-14 | 5-May-13 | Jun. 05, 2014 | |
Subsequent Event [Member] | |||
13. Subsequent Events (Details) [Line Items] | ' | ' | ' |
Dividends Payable, Date Declared | ' | ' | 5-Jun-14 |
Common Stock, Dividends, Per Share, Declared | $0.10 | $0.10 | $0.10 |
Dividends Payable, Date to be Paid | ' | ' | 30-Jun-14 |
Dividends Payable, Date of Record | ' | ' | 16-Jun-14 |