Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2015 | Apr. 10, 2015 | Aug. 03, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Hooker Furniture Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | 0 | ||
Entity Common Stock, Shares Outstanding | 10,811,165 | ||
Entity Public Float | $152,800,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1077688 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 1-Feb-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $38,663 | $23,882 |
Trade accounts receivable, less allowance for doubtful accounts of $1,329 and $1,243 on each respective date | 32,245 | 29,393 |
Inventories | 44,973 | 49,016 |
Prepaid expenses and other current assets | 2,353 | 2,413 |
Deferred taxes | 1,704 | 1,664 |
Income tax recoverable | 0 | 682 |
Total current assets | 119,938 | 107,050 |
Property, plant and equipment, net | 22,824 | 23,752 |
Cash surrender value of life insurance policies | 20,373 | 18,891 |
Deferred taxes | 4,188 | 4,051 |
Intangible assets | 1,382 | 1,382 |
Other assets | 2,050 | 355 |
Total non-current assets | 50,817 | 48,431 |
Total assets | 170,755 | 155,481 |
Current liabilities | ||
Trade accounts payable | 10,293 | 7,077 |
Accrued salaries, wages and benefits | 4,824 | 3,478 |
Income tax accrual | 1,368 | 0 |
Accrued commissions | 916 | 934 |
Other accrued expenses | 813 | 759 |
Customer deposits | 853 | 659 |
Total current liabilities | 19,067 | 12,907 |
Deferred compensation | 8,329 | 7,668 |
Income tax accrual | 90 | 103 |
Other liabilities | 360 | 0 |
Total long-term liabilities | 8,779 | 7,771 |
Total liabilities | 27,846 | 20,678 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, 10,774 and 10,753 shares issued and outstanding on each date | 17,852 | 17,585 |
Retained earnings | 125,392 | 117,120 |
Accumulated other comprehensive income | -335 | 98 |
Total shareholders’ equity | 142,909 | 134,803 |
Total liabilities and shareholders’ equity | $170,755 | $155,481 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $1,329 | $1,243 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 10,774 | 10,753 |
Common stock, shares outstanding | 10,774 | 10,753 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Net sales | $244,350 | $228,293 | $218,359 |
Cost of sales | 181,550 | 173,568 | 165,813 |
Gross profit | 62,800 | 54,725 | 52,546 |
Selling and administrative expenses | 43,752 | 42,222 | 39,606 |
Operating income | 19,048 | 12,503 | 12,940 |
Other income (expense), net | 350 | -35 | 53 |
Income before income taxes | 19,398 | 12,468 | 12,993 |
Income taxes | 6,820 | 4,539 | 4,367 |
Net income | $12,578 | $7,929 | $8,626 |
Earnings per share: | |||
Basic (in Dollars per share) | $1.17 | $0.74 | $0.80 |
Diluted (in Dollars per share) | $1.16 | $0.74 | $0.80 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 10,736 | 10,722 | 10,745 |
Diluted (in Shares) | 10,771 | 10,752 | 10,775 |
Cash dividends declared per share (in Dollars per share) | $0.40 | $0.40 | $0.40 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Net Income | $12,578 | $7,929 | $8,626 |
Other comprehensive income (loss): | |||
Amortization of actuarial (loss) gain | -687 | -163 | 145 |
Income tax effect on amortization of actuarial gains | 254 | 59 | -51 |
Adjustments to net periodic benefit cost | -433 | -104 | 94 |
Comprehensive Income | $12,145 | $7,825 | $8,720 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Operating Activities: | |||
Net income | $12,578 | $7,929 | $8,626 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,599 | 2,491 | 2,566 |
(Gain) loss on disposal of assets | -23 | -8 | 32 |
Deferred income tax expense | -135 | 340 | 20 |
Non-cash restricted stock and performance awards | 123 | 338 | 465 |
Provision for doubtful accounts | 928 | 456 | 61 |
Changes in assets and liabilities | |||
Trade accounts receivable | -3,780 | -1,576 | -2,526 |
Income tax recoverable | 682 | -682 | 0 |
Inventories | 4,043 | 856 | -15,736 |
Gain on life insurance policies | -709 | -147 | -680 |
Prepaid expenses and other current assets | -76 | 30 | 172 |
Trade accounts payable | 3,216 | -4,499 | 2,387 |
Accrued salaries, wages and benefits | 1,347 | 162 | -539 |
Accrued income taxes | 1,368 | -751 | 1,444 |
Accrued commissions | -18 | -62 | 44 |
Customer deposits | 194 | 659 | 0 |
Other accrued (income) expenses | 56 | -31 | 251 |
Deferred compensation | 317 | 88 | 80 |
Other long-term liabilities | 58 | 103 | 0 |
Net cash provided by (used in) operating activities | 22,768 | 5,696 | -3,333 |
Investing Activities: | |||
Purchases of property, plant and equipment | -2,994 | -3,471 | -4,061 |
Proceeds received on notes receivable | 31 | 36 | 37 |
Proceeds from sale of property and equipment | 71 | 22 | 303 |
Purchase of intangible | 0 | -125 | 0 |
Premiums paid on life insurance policies | -789 | -834 | -902 |
Proceeds received on life insurance policies | 0 | 517 | 0 |
Net cash used in investing activities | -3,681 | -3,855 | -4,623 |
Financing Activities: | |||
Cash dividends paid | -4,306 | -4,301 | -5,386 |
Purchase and retirement of common stock | 0 | 0 | -671 |
Net cash used in financing activities | -4,306 | -4,301 | -6,057 |
Net increase (decrease) in cash and cash equivalents | 14,781 | -2,460 | -14,013 |
Cash and cash equivalents at the beginning of year | 23,882 | 26,342 | 40,355 |
Cash and cash equivalents at the end of year | 38,663 | 23,882 | 26,342 |
Supplemental schedule of cash flow information: | |||
Income taxes paid, net | $4,696 | $5,534 | $2,901 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
In Thousands | ||||
Balance at Jan. 29, 2012 | $17,262 | $109,742 | $109 | $127,113 |
Balance (in Shares) at Jan. 29, 2012 | 10,793 | |||
Net income | 8,626 | 8,626 | ||
Unrealized gain (loss) on deferred compensation | 94 | 94 | ||
Cash dividends paid and accrued | -4,307 | -4,307 | ||
Purchase and retirement of common stock | -93 | -578 | -671 | |
Purchase and retirement of common stock (in Shares) | -58 | |||
Restricted stock grants, net of forfeitures (in Shares) | 11 | |||
Restricted stock compensation cost | 191 | 191 | ||
Balance at Feb. 03, 2013 | 17,360 | 113,483 | 202 | 131,045 |
Balance (in Shares) at Feb. 03, 2013 | 10,746 | |||
Net income | 7,929 | 7,929 | ||
Unrealized gain (loss) on deferred compensation | -104 | -104 | ||
Cash dividends paid and accrued | -4,301 | -4,301 | ||
Restricted stock grants, net of forfeitures (in Shares) | 7 | |||
Restricted stock grants, net of forfeitures | -8 | 9 | ||
Restricted stock compensation cost | 233 | 233 | ||
Balance at Feb. 02, 2014 | 17,585 | 117,120 | 98 | 134,803 |
Balance (in Shares) at Feb. 02, 2014 | 10,753 | 10,753 | ||
Net income | 12,578 | 12,578 | ||
Unrealized gain (loss) on deferred compensation | -433 | -433 | ||
Cash dividends paid and accrued | -4,306 | -4,306 | ||
Restricted stock grants, net of forfeitures (in Shares) | 21 | |||
Restricted stock grants, net of forfeitures | 51 | 51 | ||
Restricted stock compensation cost | 216 | 216 | ||
Balance at Feb. 01, 2015 | $17,852 | $125,392 | ($335) | $142,909 |
Balance (in Shares) at Feb. 01, 2015 | 10,774 | 10,774 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (Retained Earnings [Member], USD $) | 12 Months Ended | ||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | |
Retained Earnings [Member] | |||
Cash dividends per share | $0.40 | $0.40 | $0.40 |
NOTE_1_SUMMARY_OF_SIGNIFICANT_
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Feb. 01, 2015 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Business | ||
Hooker Furniture Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture for sale to wholesale and retail merchandisers located principally in North America. | ||
Consolidation | ||
The consolidated financial statements include the accounts of Hooker Furniture Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. For comparative purposes, certain amounts in the consolidated financial statements and notes have been reclassified to conform to the fiscal 2015 presentation. | ||
Segments | ||
We are organized into three operating segments – casegoods, upholstery and an all other segment. The upholstery segment consists of Bradington-Young, Sam Moore Furniture and Hooker Upholstery. The All other segment consists of H Contract and Homeware. | ||
Prior to the fiscal 2015 third quarter, we reported our results of operations in two operating segments- casegoods and upholstery. In reports prior to the fiscal 2015 third quarter, we aggregated the results of our two new business ventures – H Contract and Homeware- with our casegoods segment in accordance with the provisions of ASC 280, Segment Reporting. We did this primarily due to the similarity of the products, production processes, distribution methods, types of customers and regulatory environment. These similarities persist and although H Contract and Homeware are likely to remain immaterial to our consolidated results of operations for the near-to-medium term, we believe that information about these businesses would be beneficial to the readers of our financial statements, as it is to management; therefore, we have elected to separately disclose information about them in an “All other” segment. | ||
Cash and Cash Equivalents | ||
We temporarily invest unused cash balances in a high quality, diversified money market fund that provides for daily liquidity and pays dividends monthly. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. | ||
Trade Accounts Receivable | ||
Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings, which consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. Our upholstered furniture subsidiaries factor substantially all of their receivables on a non-recourse basis. Accounts receivable are reported net of allowance for doubtful accounts. | ||
Fair Value Measurements | ||
We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: | ||
§ | Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. | |
§ | Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | |
§ | Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. | |
Fair Value of Financial Instruments | ||
The carrying value for each of our financial instruments (consisting of cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. | ||
Inventories | ||
All inventories are stated at the lower of cost, using the last-in, first-out (LIFO) method, or market value. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost, less allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. | ||
Impairment of Long-Lived Assets | ||
Long-lived assets, such as property, plant and equipment, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows from the use of those assets. When any such impairment exists, the related assets are written down to fair value. Long-lived assets subject to disposal by sale are measured at the lower of their carrying amount or fair value less estimated cost to sell, are no longer depreciated, and are reported separately as “assets held for sale” in the consolidated balance sheets. | ||
Intangible Assets | ||
We own certain indefinite-lived intangible assets related to our upholstery segment and all other segment. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are trademarks, trade names and a URL, which are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. The fair value of our indefinite-lived intangible assets is determined based on the estimated earnings and cash flow capacity of those assets. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible assets with their carrying amount. If the carrying amount of the indefinite-lived intangible assets exceeds their fair value, an impairment loss is recognized in an amount equal to that excess. | ||
Trade names are tested for impairment annually as of the end of our fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include: | ||
§ | a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; | |
§ | significant changes in demand for our products; | |
§ | loss of key personnel; and | |
§ | the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. | |
The assumptions used to determine the fair value of our intangible assets are highly subjective, involve significant judgment and include long term growth rates, sales volumes, projected revenues, assumed royalty rates and various factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets which may have a material adverse effect on our results of operations and financial condition. | ||
Cash Surrender Value of Life Insurance Policies | ||
We own eighty-seven life insurance policies on certain of our current and former executives and other key employees. These policies have a carrying value of approximately $20 million and a face value of approximately $34 million. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. | ||
Revenue Recognition | ||
Our sales revenue is recognized when title and the risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases however, title does not pass until the shipment is delivered to the customer. Sales are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. | ||
Cost of Sales | ||
The major components of cost of sales are: | ||
§ | the cost of imported products purchased for resale; | |
§ | raw materials and supplies used in our domestically manufactured products; | |
§ | labor and overhead costs associated with our domestically manufactured products; the cost of our foreign import operations; | |
§ | charges or credits associated with our inventory reserves; | |
§ | warehousing and certain shipping and handling costs; and | |
§ | all other costs required to be classified as cost of sales. | |
Selling and Administrative Expenses | ||
The major components of our selling and administrative expenses are: | ||
§ | the cost of our marketing and merchandising efforts, including showroom expenses; | |
§ | sales and design commissions; | |
§ | the costs of administrative support functions including, executive management, information technology, human resources and finance; and | |
§ | all other costs required to be classified as selling and administrative expenses. | |
Advertising | ||
We offer advertising programs to qualified dealers under which we may provide signage, catalogs and other marketing support to our dealers and may reimburse advertising and other costs incurred by our dealers in connection with promoting our products. The cost of these programs does not exceed the fair value of the benefit received. We charge the cost of point-of-purchase materials (including signage and catalogs) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2015, 2014 and 2013 were $2.0 million, $2.2 million and $2.3 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against revenues in our consolidated statements of income and comprehensive income. | ||
Income Taxes | ||
At times, tax law and generally accepted accounting principles differ in the treatment of certain income and expense items. These items may be excluded or included in taxable income at different times than is required for GAAP or “book” reporting purposes. These differences may be permanent or temporary in nature. | ||
We determine our annual effective income tax rate based on forecasted pre-tax book income and forecasted permanent book and tax differences. The rate is established at the beginning of the year and is evaluated on a quarterly basis. We consider the level and mix of income of our separate legal entities, statutory tax rates, business credits available in the various jurisdictions in which we operate and permanent tax differences. Significant judgment is required in evaluating tax positions that affect the annual tax rate. Any changes to the forecasted information may cause adjustments to the effective rate. Additional tax, interest and penalties associated with uncertain tax positions are recognized in tax expense on a quarterly basis. | ||
To the extent any book and tax differences are temporary in nature, that is, the book realization will occur in a different period than the tax realization, a deferred tax asset or liability is established. To the extent a deferred tax asset is created, we evaluate our ability to realize this asset. If we determine that we will not be able to fully utilize deferred tax assets, we establish a valuation reserve. In assessing the realization of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income during the periods in which those temporary differences reverse. | ||
Earnings Per Share | ||
We use the two class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. | ||
Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include the useful lives of fixed assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets; our supplemental retirement income plan; and stock-based compensation. These estimates and assumptions are based on our best judgments. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust our estimates and assumptions as facts and circumstances dictate. Actual results could differ from our estimates. | ||
NOTE_2_FISCAL_YEAR
NOTE 2 - FISCAL YEAR | 12 Months Ended | |
Feb. 01, 2015 | ||
Disclosure Text Block [Abstract] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 2 – FISCAL YEAR | |
Our fiscal years end on the Sunday closest to January 31. In some years, generally once every six years, the fourth quarter will be fourteen weeks long and the fiscal year will consist of fifty-three weeks. For example, the 2013 fiscal year that ended on February 3, 2013 was a 53-week fiscal year. Our quarterly periods are based on thirteen-week “reporting periods,” which end on Sundays. As a result, each quarterly period generally will be thirteen weeks, or 91 days long, except as noted above. | ||
In the notes to the consolidated financial statements, references to the: | ||
§ | 2015 fiscal year and comparable terminology mean the fiscal year that began February 3, 2014 and ended February 1, 2015; | |
§ | 2014 fiscal year and comparable terminology mean the fiscal year that began February 4, 2013 and ended February 2, 2014; and | |
§ | 2013 fiscal year and comparable terminology mean the fiscal year that began January 30, 2012 and ended February 3, 2013. | |
NOTE_3_ALLOWANCE_FOR_DOUBTFUL_
NOTE 3 - ALLOWANCE FOR DOUBTFUL ACCOUNTS | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Allowance for Credit Losses [Text Block] | NOTE 3 – ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||||||||||||
The activity in the allowance for doubtful accounts was: | |||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 1,243 | $ | 1,249 | $ | 1,632 | |||||||
Non-cash charges to cost and expenses | 928 | 456 | 61 | ||||||||||
Less uncollectible receivables written off, net of recoveries | (842 | ) | (462 | ) | (444 | ) | |||||||
Balance at end of year | $ | 1,329 | $ | 1,243 | $ | 1,249 | |||||||
NOTE_4_ACCOUNTS_RECEIVABLE
NOTE 4 - ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||||
Feb. 01, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 – ACCOUNTS RECEIVABLE | ||||||||
February 1, | February 2, | ||||||||
2015 | 2014 | ||||||||
Trade accounts receivable | $ | 25,322 | $ | 22,776 | |||||
Receivable from factor | 8,252 | 7,860 | |||||||
Allowance for doubtful accounts | (1,329 | ) | (1,243 | ) | |||||
Accounts receivable | $ | 32,245 | $ | 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 factor. | |||||||||
A limited number of our accounts receivable for our domestically produced upholstery are factored with recourse to us. The amounts of these receivables at February 1, 2015 and February 2, 2014 were $237,000 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. | |||||||||
NOTE_5_INVENTORIES
NOTE 5 - INVENTORIES | 12 Months Ended | ||||||||
Feb. 01, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | NOTE 5 – INVENTORIES | ||||||||
February 1, | February 2, | ||||||||
2015 | 2014 | ||||||||
Finished furniture | $ | 54,896 | $ | 58,515 | |||||
Furniture in process | 615 | 804 | |||||||
Materials and supplies | 9,131 | 8,068 | |||||||
Inventories at FIFO | 64,642 | 67,387 | |||||||
Reduction to LIFO basis | (19,669 | ) | (18,371 | ) | |||||
Inventories | $ | 44,973 | $ | 49,016 | |||||
If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $13.6 million in fiscal 2015, $8.2 million in fiscal 2014 and $9.2 million in fiscal 2013. We recorded total LIFO expense of $1.3 million in fiscal 2015, $493,000 in fiscal 2014 and $836,000 in fiscal 2013. The reduction in LIFO basis as of February 2, 2013 and January 29, 2012 was $17.9 million and $17.0 million, respectively. | |||||||||
At February 1, 2015 and February 2, 2014, we had approximately $1.1 million and $1.0 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. | |||||||||
At February 1, 2015, we held $10.2 million in inventory (approximately 6% of total assets) outside of the United States, in China and in Vietnam. At February 2, 2014, we held $9.7 million in inventory (approximately 6.2% of total assets) outside of the United States, all in China. | |||||||||
NOTE_6_PROPERTY_PLANT_AND_EQUI
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 – PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
Depreciable Lives | February 1, | February 2, | |||||||||||
(In years) | 2015 | 2014 | |||||||||||
Buildings and land improvements | 15 - 30 | $ | 22,162 | $ | 24,026 | ||||||||
Computer software and hardware | 10-Mar | 18,444 | 22,294 | ||||||||||
Machinery and equipment | 10 | 4,757 | 4,495 | ||||||||||
Leasehold improvements | Term of lease | 2,840 | 2,765 | ||||||||||
Furniture and fixtures | 8-Mar | 2,240 | 2,060 | ||||||||||
Other | 5 | 628 | 689 | ||||||||||
Total depreciable property at cost | 51,070 | 56,329 | |||||||||||
Less accumulated depreciation | 32,790 | 36,447 | |||||||||||
Total depreciable property, net | 18,280 | 19,882 | |||||||||||
Land | 1,067 | 1,152 | |||||||||||
Construction-in-progress | 3,477 | 2,718 | |||||||||||
Property, plant and equipment, net | $ | 22,824 | $ | 23,752 | |||||||||
At February 1, 2015, construction-in-progress consisted of approximately $2.7 million of expenditures related to our ongoing Enterprise Resource Planning (ERP) conversion efforts and approximately $730,000 related to various other projects to enhance our facilities and operations. | |||||||||||||
§ | The increase in machinery and equipment in fiscal 2015 is primarily related to the capitalization of computerized equipment for our upholstery operating segment. | ||||||||||||
§ | The decrease in computer software, hardware and accumulated depreciation in fiscal 2015 is primarily due to the write-off of fully depreciated assets related to our legacy information systems which are no longer in use. | ||||||||||||
§ | The decline in buildings and land improvements and land during fiscal 2015 is primarily due to the completion of the sale of our Cloverleaf warehouse facility in April 2014. We recognized a gain of $34,000 on the sale in our fiscal 2015 year-to-date financial statements. See Item 2 of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, for additional information regarding this transaction. | ||||||||||||
No significant property, plant or equipment was held outside of the United States at either February 1, 2015 or February 2, 2014. | |||||||||||||
Capitalized Software Costs | |||||||||||||
Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. These costs are amortized over periods of ten years or less. Capitalized software is reported as a component of computer software and hardware above and on the property, plant, and equipment line of our consolidated balance sheets. The activity in capitalized software costs was: | |||||||||||||
Fifty-Two Weeks | Fifty-Two Weeks | Fifty-Three Weeks | |||||||||||
Ended | Ended | Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance beginning of year | $ | 2,550 | $ | 3,954 | $ | 2,284 | |||||||
Purchases | 606 | 173 | 2,814 | ||||||||||
Amortization expense | (430 | ) | (311 | ) | (379 | ) | |||||||
Disposals | - | (1,266 | ) | (765 | ) | ||||||||
Balance end of year | $ | 2,726 | $ | 2,550 | $ | 3,954 | |||||||
NOTE_7_INTANGIBLE_ASSETS
NOTE 7 - INTANGIBLE ASSETS | 12 Months Ended | |||||||||
Feb. 01, 2015 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Intangible Assets Disclosure [Text Block] | NOTE 7 – INTANGIBLE ASSETS | |||||||||
Segment | February 1, | February 2, | ||||||||
2015 | 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 | All other | 125 | 125 | |||||||
Total Non-amortizable Intangible Assets | 1,382 | 1,382 | ||||||||
We recorded certain intangible assets related to the acquisitions of Bradington-Young and Sam Moore and upon purchase of the Homeware.com URL. The Bradington-Young and Sam Moore trademarks and trade names have indefinite useful lives and, consequently, are not subject to amortization for financial reporting purposes but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. See “Note 1 – Summary of Significant Accounting Policies: Intangible Assets.” We purchased the Homeware.com URL during the fiscal 2014 third quarter. | ||||||||||
Trademarks and trade names are related to the acquisitions of Bradington-Young and Sam Moore. In conjunction with our evaluation of the cash flows generated by the reporting units, we evaluated the carrying value of trademarks and trade names using the relief from royalty method, which values the trademark/trade name by estimating the savings achieved by ownership of the trademark/trade name when compared to licensing the mark/name from an independent owner. The inputs used in the trademark/trade name analyses are considered Level 3 fair value measurements. | ||||||||||
At February 1, 2015, the fair value of our Bradington-Young trade name exceeded its carrying value by approximately $1.2 million, and the fair value of our Sam Moore trade name was approximately $751,000 in excess of its carrying value | ||||||||||
NOTE_8_FAIR_VALUE_MEASUREMENTS
NOTE 8 - FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE 8 – FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of 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 February 1, 2015 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 February 1, 2015, a mortgage note receivable was measured at fair value on a non-recurring basis using Level 3 inputs. The note receivable was delivered to us by the buyer as part of the purchase price for our Cloverleaf facility during the fiscal 2015 first quarter and was recorded at approximately $1.6 million, the original face value of the note. The carrying value of the note is assumed to approximate its fair value. We measure the probability that amounts due to us under this note will be collected primarily based on the buyer’s payment history. Specifically, we consider the buyer’s adherence to the contractual payment terms for both 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 note, 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 consolidated balance sheets. | |||||||||||||||||||||||||||||||||
Fair value at February 1, 2015 | 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 | $ | - | $ | 20,373 | $ | - | $ | 20,373 | $ | - | $ | 18,891 | $ | - | $ | 18,891 | |||||||||||||||||
Mortgage note receivable | - | - | 1,575 | 1,575 | - | - | - | - | |||||||||||||||||||||||||
NOTE_9_LONGTERM_DEBT
NOTE 9 - LONG-TERM DEBT | 12 Months Ended | |
Feb. 01, 2015 | ||
Disclosure Text Block [Abstract] | ||
Long-term Debt [Text Block] | NOTE 9 – LONG-TERM DEBT | |
Our loan agreement with Bank of America, N.A., which is scheduled to expire on July 31, 2018, includes the following terms: | ||
§ | A $15.0 million unsecured revolving credit facility, up to $3.0 million of which can be used to support letters of credit; | |
§ | A floating interest rate, adjusted monthly, based on USD LIBOR, plus an applicable margin based on the ratio of our funded debt to our EBITDA (each as defined in the agreement); | |
§ | A quarterly unused commitment fee of 0.20%; and | |
§ | No pre-payment penalty. | |
The Company can permanently terminate or reduce the $15 million revolving commitment under the loan agreement without penalty. The loan agreement also includes customary representations and warranties and requires us to comply with customary covenants, including, among other things, the following financial covenants: | ||
§ | Maintain a tangible net worth of at least $95.0 million; | |
§ | Limit capital expenditures to no more than $15.0 million during any fiscal year; and | |
§ | Maintain a ratio of funded debt to EBITDA not exceeding 2.0:1.0. | |
We were in compliance with each of these financial covenants at February 1, 2015 and expect to remain in compliance with existing covenants through fiscal 2016 and for the foreseeable future. The loan agreement does not restrict our ability to pay cash dividends on, or repurchase our common shares, subject to complying with the financial covenants under the agreement. | ||
As of February 1, 2015, we had an aggregate $13.5 million available under our revolving credit facility to fund working capital needs. Standby letters of credit in the aggregate amount of $1.5 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the revolving credit facility as of February 1, 2015. There were no additional borrowings outstanding under the revolving credit facility on February 1, 2015. | ||
NOTE_10_EMPLOYEE_BENEFIT_PLANS
NOTE 10 - EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10 – EMPLOYEE BENEFIT PLANS | ||||||||||||
Employee Savings Plans | |||||||||||||
We sponsor a tax-qualified 401(k) retirement plan covering substantially all employees. This plan assists employees in meeting their savings and retirement planning goals through employee salary deferrals and discretionary employer matching contributions. Company contributions to the plan amounted to $605,000 in fiscal 2015, $593,000 in fiscal 2014 and $575,000 in fiscal 2013. | |||||||||||||
Executive Benefits | |||||||||||||
We provide supplemental executive retirement benefits to certain management employees under a supplemental retirement income plan (“SRIP”). The SRIP provides monthly payments to participants or their designated beneficiaries based on a participant’s “final average monthly earnings” and “specified percentage” participation level as defined in the plan, subject to a vesting schedule that may vary for each participant. The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death. In addition, the monthly retirement benefit for each participant, regardless of age, becomes fully vested and the present value of that benefit is paid to each participant in a lump sum upon a change in control of the Company as defined in the plan. The SRIP is unfunded and all benefits are payable solely from the general assets of the Company. The plan liability is based on the aggregate actuarial present value of the vested benefits to which participating employees are currently entitled, but based on the employees’ expected dates of separation or retirement. No employees have been added to the plan since 2008 and we do not expect to add additional employees in the future, due to changes in the Company’s compensation philosophy, which emphasize more performance-based compensation measures in total management compensation. | |||||||||||||
Summarized plan information as of each fiscal year-end (the measurement date) is as follows: | |||||||||||||
Fifty-Two | Fifty-Two | ||||||||||||
Weeks Ended | Weeks Ended | ||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Change in benefit obligation: | |||||||||||||
Beginning projected benefit obligation | $ | 7,662 | $ | 7,435 | |||||||||
Service cost | 102 | 256 | |||||||||||
Interest cost | 339 | 292 | |||||||||||
Benefits paid | (354 | ) | (379 | ) | |||||||||
Actuarial loss | 636 | 58 | |||||||||||
Ending projected benefit obligation (funded status) | $ | 8,385 | $ | 7,662 | |||||||||
Accumulated benefit obligation | $ | 7,373 | $ | 7,231 | |||||||||
Discount rate used to value the ending benefit obligations: | 3.5 | % | 4.5 | % | |||||||||
Amount recognized in the consolidated balance sheets: | |||||||||||||
Current liabilities (Accrued salaries, wages and benefits line) | $ | 354 | $ | 354 | |||||||||
Non-current liabilities (Deferred compensation line*) | 8,031 | 7,308 | |||||||||||
Total | $ | 8,385 | $ | 7,662 | |||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 102 | $ | 256 | $ | 255 | |||||||
Interest cost | 339 | 292 | 297 | ||||||||||
Net (gain) loss | (51 | ) | (106 | ) | (58 | ) | |||||||
Net periodic benefit cost | $ | 390 | $ | 442 | $ | 494 | |||||||
Other changes recognized in accumulated other comprehensive income | |||||||||||||
Net loss (gain) arising during period | 637 | 57 | (203 | ) | |||||||||
(Gain) loss | (51 | ) | (106 | ) | (58 | ) | |||||||
Total recognized in other comprehensive loss (income) | 688 | 163 | (145 | ) | |||||||||
Total recognized in net periodic benefit cost and | $ | 1,078 | $ | 605 | $ | 349 | |||||||
accumulated other comprehensive income | |||||||||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||
Discount rate (Moody's Composite Bond Rate) | 4.5 | % | 4 | % | 4 | % | |||||||
Increase in future compensation levels | 4 | % | 4 | % | 4 | % | |||||||
Estimated Future Benefit Payments: | |||||||||||||
Fiscal 2016 | $ | 354 | |||||||||||
Fiscal 2017 | 517 | ||||||||||||
Fiscal 2018 | 530 | ||||||||||||
Fiscal 2019 | 530 | ||||||||||||
Fiscal 2020 | 793 | ||||||||||||
Fiscal 2021 through Fiscal 2025 | 4,248 | ||||||||||||
*Total deferred compensation in the long-term liabilities section of our consolidated balance sheets is $8.3 million at February 1, 2015 and $7.7 million at February 2, 2014. These totals include the SRIP amounts shown in the table above, as well as additional long-term compensation-related items unrelated to our SRIP. | |||||||||||||
The increase in both the projected benefit obligation and the net loss recognized in other accumulated comprehensive income was primarily due to a decrease in the discount rate from 4.5% at February 2, 2014 to 3.5% at February 1, 2015. The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. | |||||||||||||
Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at February 1, 2015 by approximately $669,000 or 8%. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 1, 2015 by $759,000 or 9%. | |||||||||||||
At February 1, 2015, the actuarial losses related to this plan amounted to ($335,000), net of tax of $198,000, was recognized in accumulated other comprehensive income At February 2, 2014, actuarial losses related to this plan amounted to $98,000, net of tax of $56,000. The estimated prior service (cost) credit and actuarial gain (loss) that will be amortized from accumulated other comprehensive income into net periodic benefit cost over fiscal 2016 are $0 and ($178,000), respectively. | |||||||||||||
We also provide a life insurance program for certain executives. The life insurance program provides death benefit protection for these executives during employment up to age 65. Coverage under the program declines when a participating executive attains age 60 and automatically terminates when the executive attains age 65 or terminates employment with us for any reason, other than death, whichever occurs first. The life insurance policies funding this program are owned by the Company with a specified portion of the death benefits payable under those policies endorsed to the insured executives’ designated beneficiaries. | |||||||||||||
Performance Grants | |||||||||||||
From time to time, the Compensation Committee of our Board of Directors may award performance grants to certain senior executives under the Company’s Stock Incentive Plan. Payments under these awards are based on our achieving specified performance targets during a designated performance period. Generally, each executive must remain continuously employed with the Company through the end of the performance period. Typically, performance grants can be paid in cash, shares of the Company’s common stock, or both, at the discretion of the Compensation Committee at the time payment is made. | |||||||||||||
Outstanding performance grants are classified as liabilities since the (i) settlement amount for each grant is not known until after the applicable performance period is completed and (ii) settlement of the grants may be made in common stock, cash or a combination of both. The estimated cost of each grant is recorded as compensation expense over its performance period when it becomes probable that the applicable performance targets will be achieved. The expected cost of the performance grants is revalued each reporting period. As assumptions change regarding the expected achievement of performance targets, a cumulative adjustment is recorded and future compensation expense will increase or decrease based on the currently projected performance levels. If we determine that it is not probable that the minimum performance thresholds for outstanding performance grants will be met, no further compensation cost will be recognized and any previously recognized compensation cost will be reversed. | |||||||||||||
During fiscal 2013, the Compensation Committee awarded performance grants for the 2013 and 2014 fiscal years. The 2013 awards had a three-year performance period that ended on January 25, 2015. The performance criteria for these awards were met and were paid in April 2015. The performance period for the 2014 awards ends on January 15, 2016. During fiscal 2015, the Compensation Committee awarded performance grants for the 2015 fiscal year that have three-year performance periods ending on January 31, 2017. The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated: | |||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Performance grants | |||||||||||||
Fiscal 2013 grant (Current liabilities, Accrued wages, salaries and benefits) | $ | 689 | $ | 305 | |||||||||
Fiscal 2014 grant (Non-current liabilities, Deferred compensation) | 195 | 73 | |||||||||||
Fiscal 2015 grant (Non-current liabilities, Deferred compensation) | 86 | - | |||||||||||
Total performance grants accrued | $ | 970 | $ | 378 | |||||||||
NOTE_11_SHAREBASED_COMPENSATIO
NOTE 11 - SHARE-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 11 – SHARE-BASED COMPENSATION | ||||||||||||||||||||
Our Stock Incentive Plan permits incentive awards of restricted stock, restricted stock units, stock appreciation rights and performance grants to key employees. A maximum of 750,000 shares of the Company’s common stock is authorized for issuance under the Stock Incentive Plan. The Stock Incentive Plan also provides for annual restricted stock awards to non-employee directors. We have issued restricted stock awards to our non-employee directors since January 2006 and certain other management employees since 2014. | |||||||||||||||||||||
We account for restricted stock awards as “non-vested equity shares” until the awards vest or are forfeited. Restricted stock awards to non-employee directors and certain other management employees vest if the director/employee remains on the board/employed through a 36-month service period and may vest earlier upon certain events specified in the plan. The fair value of each share of restricted stock is the market price of our common shares on the grant date. The weighted average grant-date fair value of restricted stock awards issued during fiscal year 2015 was $15.96 and $13.86 per share and in 2014 and 2013 was $15.96 and $10.38 per share, respectively. | |||||||||||||||||||||
The restricted stock awards outstanding as of February 1, 2015 had an aggregate grant-date fair value of $376,000, after taking vested and forfeited restricted shares into account. As of February 1, 2015, we have recognized non-cash compensation expense of approximately $194,000 related to these non-vested awards and $536,000 for awards that have vested. The remaining $182,000 of grant-date fair value for unvested restricted stock awards outstanding at February 1, 2015 will be recognized over the remaining vesting periods for these awards. | |||||||||||||||||||||
For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of February 1, 2015: | |||||||||||||||||||||
Whole | Grant-Date | Aggregate | Compensation | Grant-Date Fair Value | |||||||||||||||||
Number of | Fair Value | Grant-Date | Expense | Unrecognized At | |||||||||||||||||
Shares | Per Share | Fair Value | Recognized | 1-Feb-15 | |||||||||||||||||
Previous Awards (vested) | $ | 536 | |||||||||||||||||||
Restricted shares Issued on June 5, 2012 | 10,573 | $ | 10.38 | 110 | 98 | 12 | |||||||||||||||
Restricted shares Issued on June 7, 2013 | 6,876 | $ | 15.96 | 110 | 61 | 49 | |||||||||||||||
Restricted shares Issued on June 4, 2014 | 1,624 | $ | 13.86 | 23 | 5 | 18 | |||||||||||||||
Restricted shares Issued on June 10, 2014 | 8,385 | $ | 15.96 | 133 | 30 | 103 | |||||||||||||||
Awards outstanding at February 1, 2015: | 27,458 | $ | 376 | $ | 194 | $ | 182 | ||||||||||||||
We have awarded time-based restricted stock units to certain senior executives since 2011. Each restricted stock unit, or “RSU”, entitles the executive to receive one share of the Company’s common stock if he remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of the Company’s common stock, cash or both, at the discretion of the Compensation Committee. The RSUs are accounted for as “non-vested stock grants.” Similar to the restricted stock grants issued to our non-employee directors, RSU compensation expense is recognized ratably over the applicable service period. However, unlike restricted stock grants, no shares are issued, or other payment made, until the end of the applicable service period (commonly referred to as “cliff vesting”) and grantees are not entitled to receive dividends on their RSUs during that time. The fair value of each RSU is the market price of a share of our common stock on the grant date, reduced by the present value of the dividends expected to be paid on a share of our common stock during the applicable service period, discounted at the appropriate risk-free rate. The following table presents RSU activity for the years ended February 1, 2015 and February 3, 2013, adjusted for forfeitures (as there were not RSU activities for the fiscal year ended February 2, 2014): | |||||||||||||||||||||
Whole | Grant-Date | Aggregate | Compensation | Grant-Date Fair Value | |||||||||||||||||
Number of | Fair Value | Grant-Date | Expense | Unrecognized At | |||||||||||||||||
Units | Per Unit | Fair Value | Recognized | 1-Feb-15 | |||||||||||||||||
Previous Awards (vested) | $ | 88 | |||||||||||||||||||
RSUs Awarded on February 9, 2012 | 10,390 | $ | 11.95 | $ | 124 | 124 | $ | - | |||||||||||||
RSUs Awarded on January 15, 2013 | 6,834 | $ | 13.66 | 93 | 69 | 24 | |||||||||||||||
RSUs Awarded on April 15, 2014 | 7,322 | $ | 12.91 | 95 | 32 | 63 | |||||||||||||||
Awards outstanding at February 1, 2015: | 24,546 | $ | 312 | $ | 225 | $ | 87 | ||||||||||||||
NOTE_12_EARNINGS_PER_SHARE
NOTE 12 - EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | NOTE 12 – EARNINGS PER SHARE | ||||||||||||
We refer you to the Earnings Per Share disclosure in Note 1-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share. | |||||||||||||
We have issued restricted stock awards to non-employee directors since 2006 and certain management employees since 2014 and have issued restricted stock units (RSUs) to certain senior executives since fiscal 2012, under the Company’s Stock Incentive Plan. 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 year-end dates indicated: | |||||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Restricted shares | 27,458 | 28,614 | 29,063 | ||||||||||
Restricted stock units | 24,546 | 32,353 | 32,353 | ||||||||||
52,004 | 60,967 | 61,416 | |||||||||||
All restricted shares awarded that have not yet vested are considered when computing diluted earnings per share. Unlike the restricted stock grants issued to our non-employee directors, the transfer of ownership of common shares issued under our RSUs, if any, occurs after the three-year vesting period; however, RSUs are also considered when computing diluted earnings per share. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income | $ | 12,578 | $ | 7,929 | $ | 8,626 | |||||||
Less: Dividends on unvested restricted shares | 11 | 12 | 11 | ||||||||||
Net earnings allocated to unvested restricted stock | 33 | 22 | 23 | ||||||||||
Earnings available for common shareholders | $ | 12,534 | $ | 7,895 | $ | 8,592 | |||||||
Weighted average shares outstanding for basic earnings per share | 10,736 | 10,722 | 10,745 | ||||||||||
Dilutive effect of unvested restricted stock awards | 35 | 30 | 30 | ||||||||||
Weighted average shares outstanding for diluted earnings per share | 10,771 | 10,752 | 10,775 | ||||||||||
Basic earnings per share | $ | 1.17 | $ | 0.74 | $ | 0.8 | |||||||
Diluted earnings per share | $ | 1.16 | $ | 0.74 | $ | 0.8 | |||||||
NOTE_13_INCOME_TAXES
NOTE 13 - INCOME TAXES | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | NOTE 13 – INCOME TAXES | ||||||||||||
Our provision for income taxes was as follows for the periods indicated: | |||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Current expense | |||||||||||||
Federal | $ | 6,024 | $ | 3,755 | $ | 3,894 | |||||||
Foreign | 40 | 41 | 50 | ||||||||||
State | 635 | 403 | 403 | ||||||||||
Total current expense | 6,699 | 4,199 | 4,347 | ||||||||||
Deferred taxes | |||||||||||||
Federal | 97 | 214 | (35 | ) | |||||||||
State | 24 | 126 | 55 | ||||||||||
Total deferred taxes | 121 | 340 | 20 | ||||||||||
Income tax expense | $ | 6,820 | $ | 4,539 | $ | 4,367 | |||||||
Total tax expense for fiscal 2015 was $6.6 million, of which $6.8 million was allocated to continuing operations and $254,000 benefit was allocated to other comprehensive income. Total tax expense for fiscal 2014 was $4.5 million, of which $4.5 million was allocated to continuing operations and $59,000 benefit was allocated to Other Comprehensive Income. Total tax expense for the fiscal year ended February 3, 2013 was $4.4 million, of which $4.3 million was allocated to continuing operations and $51,000 was allocated to Other Comprehensive Income. | |||||||||||||
The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated: | |||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Income taxes at statutory rate | 35 | % | 34 | % | 34 | % | |||||||
Increase (decrease) in tax rate resulting from: | |||||||||||||
State taxes, net of federal benefit | 2 | 2.1 | 2.1 | ||||||||||
Officer's life insurance | (1.2 | ) | (1.8 | ) | (3.1 | ) | |||||||
Other, net | (0.6 | ) | 2.1 | 0.6 | |||||||||
Effective income tax rate | 35.2 | % | 36.4 | % | 33.6 | % | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were: | |||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Assets | |||||||||||||
Deferred compensation | $ | 4,120 | $ | 3,455 | |||||||||
Allowance for bad debts | 492 | 448 | |||||||||||
State income taxes | 8 | 43 | |||||||||||
Property, plant and equipment | 405 | 370 | |||||||||||
Intangible assets | 524 | 745 | |||||||||||
Charitable contribution carryforward | 246 | 608 | |||||||||||
Inventories | - | 148 | |||||||||||
Other | 404 | 308 | |||||||||||
Total deferred tax assets | 6,199 | 6,125 | |||||||||||
Valuation allowance | - | (34 | ) | ||||||||||
6,199 | 6,091 | ||||||||||||
Liabilities | |||||||||||||
Employee benefits | 362 | 320 | |||||||||||
Inventory | 143 | - | |||||||||||
Total deferred tax liabilities | 505 | 320 | |||||||||||
Net deferred tax asset without AOCI | 5,694 | 5,771 | |||||||||||
Deferred tax (asset) liability in AOCI | 198 | (56 | ) | ||||||||||
Total net deferred tax asset | $ | 5,892 | $ | 5,715 | |||||||||
At February 1, 2015 and February 2, 2014 our net deferred tax asset was $5.9 million and $5.7 million, respectively. | |||||||||||||
We expect to fully realize the benefit of the deferred tax assets in future periods when the amounts become deductible. Accordingly, there was a decrease in the valuation allowance of $34,000 during the year. | |||||||||||||
In fiscal 2014, an uncertain tax position of $200,000 related to our investment in a captive insurance arrangement was identified and accrued for. The reserve increased to $284,000 at February 1, 2015. We expect this uncertain tax position will be settled during the next twelve months. Also, in fiscal 2014, we established a reserve of $103,000 for an uncertain tax position related to the use of state loss carryforwards in our tax returns. The balance of this reserve was $142,000 at February 1, 2015. We expect $53,000 of this uncertain tax position to be settled during the next twelve months. | |||||||||||||
Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosures. | |||||||||||||
A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended February 1, 2015 and February 2, 2014 are as follows: | |||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Balance, beginning of year | $ | 359 | $ | - | |||||||||
Increase related to prior year tax positions | 75 | 279 | |||||||||||
Decrease related to prior year tax positions | - | - | |||||||||||
Increase related to current year tax positions | 48 | 80 | |||||||||||
Balance, end of year | $ | 482 | $ | 359 | |||||||||
The net unrecognized tax benefits as of February 1, 2015, which, if recognized, would affect our effective tax rate are $426,000. $336,000 of this balance is recorded in our current income tax accrual and the balance of $90,000 is recorded in the non-current portion our income tax accrual. Due to taxing authorities' examinations discussed below, we expect that $350,000 of unrecognized tax benefits will decrease within the next year. | |||||||||||||
We have elected to classify interest and penalties recognized with respect to unrecognized tax benefits as income tax expense. Interest expense of $26,000 and $3,000 was accrued as of February 1, 2015 and February 2, 2014, respectively. | |||||||||||||
Tax years beginning January 30, 2012, through February 1, 2015 remain subject to examination by federal and state taxing authorities. An examination of the fiscal 2013 year is currently underway with federal taxing authorities. Also, North Carolina taxing authorities have indicated they will begin an examination of the same year in April 2015. | |||||||||||||
NOTE_14_SEGMENT_INFORMATION
NOTE 14 - SEGMENT INFORMATION | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 14 – SEGMENT INFORMATION | ||||||||||||||||||||||||
For financial reporting purposes, we are organized into three operating segments – casegoods furniture, upholstered furniture and an “all other” segment, which includes our two startup initiatives, Homeware and H Contract. The financial information for fiscal 2014 and fiscal 2013 appearing in the table below has been updated to conform to the fiscal 2015 presentation of our operating segments. The following table presents segment information for the periods, and as of the dates, indicated: | |||||||||||||||||||||||||
Fifty-Two Weeks Ended | Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||||||||||||||||||
1-Feb-15 | 2-Feb-14 | 3-Feb-13 | |||||||||||||||||||||||
% Net | % Net | % Net | |||||||||||||||||||||||
Net Sales | Sales | Sales | Sales | ||||||||||||||||||||||
Casegoods | $ | 153,882 | 63 | % | $ | 143,802 | 63 | % | $ | 141,064 | 64.6 | % | |||||||||||||
Upholstery | 86,362 | 35.3 | % | 83,027 | 36.4 | % | 77,295 | 35.4 | % | ||||||||||||||||
All other | 5,025 | 2.1 | % | 1,487 | 0.7 | % | - | 0 | % | ||||||||||||||||
Intercompany eliminations | (919 | ) | -0.4 | % | (23 | ) | 0 | % | - | 0 | % | ||||||||||||||
Consolidated | $ | 244,350 | 100 | % | $ | 228,293 | 100 | % | $ | 218,359 | 100 | % | |||||||||||||
Gross Profit | |||||||||||||||||||||||||
Casegoods | $ | 44,868 | 29.2 | % | $ | 38,762 | 27 | % | $ | 38,054 | 27 | % | |||||||||||||
Upholstery | 16,489 | 19.1 | % | 15,393 | 18.5 | % | 14,492 | 18.8 | % | ||||||||||||||||
All other | 1,465 | 29.2 | % | 588 | 39.5 | % | - | 0 | % | ||||||||||||||||
Intercompany eliminations | (22 | ) | 2.4 | % | (18 | ) | 76.7 | % | - | 0 | % | ||||||||||||||
Consolidated | $ | 62,800 | 25.7 | % | $ | 54,725 | 24 | % | $ | 52,546 | 24.1 | % | |||||||||||||
Operating Income | |||||||||||||||||||||||||
Casegoods | $ | 17,286 | 11.2 | % | $ | 12,150 | 8.4 | % | $ | 12,082 | 8.6 | % | |||||||||||||
Upholstery | 2,871 | 3.3 | % | 1,913 | 2.3 | % | 987 | 1.3 | % | ||||||||||||||||
All other | (1,087 | ) | -21.6 | % | (1,542 | ) | -103.7 | % | (129 | ) | 0 | % | |||||||||||||
Intercompany eliminations | (22 | ) | 2.4 | % | (18 | ) | 76.7 | % | - | 0 | % | ||||||||||||||
Consolidated | $ | 19,048 | 7.8 | % | $ | 12,503 | 5.5 | % | $ | 12,940 | 5.9 | % | |||||||||||||
Capital Expenditures | |||||||||||||||||||||||||
Casegoods | $ | 2,124 | $ | 2,489 | $ | 3,156 | |||||||||||||||||||
Upholstery | 830 | 982 | 905 | ||||||||||||||||||||||
All other | 40 | - | - | ||||||||||||||||||||||
Consolidated | $ | 2,994 | $ | 3,471 | $ | 4,061 | |||||||||||||||||||
Depreciation | |||||||||||||||||||||||||
& Amortization | |||||||||||||||||||||||||
Casegoods | $ | 1,591 | $ | 1,551 | $ | 1,671 | |||||||||||||||||||
Upholstery | 1,005 | 940 | 895 | ||||||||||||||||||||||
All other | 3 | - | - | ||||||||||||||||||||||
Consolidated | $ | 2,599 | $ | 2,491 | $ | 2,566 | |||||||||||||||||||
As of February 1, | As of February 2, | ||||||||||||||||||||||||
2015 | %Total | 2014 | %Total | ||||||||||||||||||||||
Total Assets | Assets | Assets | |||||||||||||||||||||||
Casegoods | $ | 135,403 | 79.3 | % | $ | 121,316 | 78 | % | |||||||||||||||||
Upholstery | 33,788 | 19.8 | % | 33,136 | 21.3 | % | |||||||||||||||||||
All other | 1,605 | 0.9 | % | 1,047 | 0.7 | % | |||||||||||||||||||
Intercompany eliminations | (41 | ) | 0 | % | (18 | ) | 0 | % | |||||||||||||||||
Consolidated | $ | 170,755 | 100 | % | $ | 155,481 | 100 | % | |||||||||||||||||
No significant long-lived assets were held outside the United States at either February 1, 2015 or February 2, 2014. International customers accounted for approximately 6% of consolidated net sales in fiscal 2015, 4.0% of consolidated net sales in fiscal 2014 and 4.4% of consolidated net sales in fiscal 2013. | |||||||||||||||||||||||||
NOTE_15_COMMITMENTS_CONTINGENC
NOTE 15 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS | 12 Months Ended |
Feb. 01, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15 – COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS |
We lease warehousing facilities, showroom space and office equipment under leases expiring over the next five years. Rent expense was $2.8 million in fiscal 2015, $2.3 million in fiscal 2014 and $2.0 million in fiscal 2013. Future minimum annual commitments under leases and operating agreements are $2.1 million in fiscal 2016, $1.7 million in fiscal 2017, $1.3 million in fiscal 2018, $1.3 million in fiscal 2019 and $1.2 million in fiscal 2020. | |
We had letters of credit outstanding totaling $1.5 million on February 1, 2015. We utilize letters of credit to collateralize certain imported inventory purchases and certain insurance arrangements. | |
In the ordinary course of our business, we may become involved in legal proceedings involving contractual and employment relationships, product liability claims, intellectual property rights and a variety of other matters. We do not believe that any pending legal proceedings will have a material impact on our financial position or results of operations. | |
NOTE_16_CONCENTRATIONS_OF_SOUR
NOTE 16 - CONCENTRATIONS OF SOURCING RISK | 12 Months Ended |
Feb. 01, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 16 – CONCENTRATIONS OF SOURCING RISK |
We source imported products through approximately 20 different vendors, from approximately 20 separate factories, located in five countries. Because of the large number and diverse nature of the foreign factories from which we can source our imported products, we have some flexibility in the placement of products in any particular factory or country. | |
Factories located in China and Vietnam are a critical resource for Hooker Furniture. In fiscal year 2015, imported products sourced from China and Vietnam accounted for approximately 73% and 20%, respectively, of import purchases, and the factory in China from which we directly source the most product accounted for approximately 59% of our worldwide purchases of imported product. A disruption in our supply chain from this factory, or from China or Vietnam in general, could significantly impact our ability to fill customer orders for products manufactured at that factory or in that country. | |
NOTE_17_CONSOLIDATED_QUARTERLY
NOTE 17 - CONSOLIDATED QUARTERLY DATA (Unaudited) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 17 – CONSOLIDATED QUARTERLY DATA (Unaudited) | ||||||||||||||||
Fiscal Quarter | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2015 | |||||||||||||||||
Net sales | $ | 61,396 | $ | 54,883 | $ | 63,168 | $ | 64,903 | |||||||||
Cost of sales | 45,786 | 41,226 | 47,137 | 47,401 | |||||||||||||
Gross profit | 15,610 | 13,657 | 16,031 | 17,502 | |||||||||||||
Selling and administrative expenses | 11,367 | 10,243 | 11,148 | 10,994 | |||||||||||||
Net income | 2,804 | 2,272 | 3,204 | 4,298 | |||||||||||||
Basic earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.3 | $ | 0.4 | |||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.3 | $ | 0.4 | |||||||||
2014 | |||||||||||||||||
Net sales | $ | 56,295 | $ | 55,301 | $ | 59,125 | $ | 57,572 | |||||||||
Cost of sales | 42,379 | 42,044 | 45,527 | 43,618 | |||||||||||||
Gross profit | 13,916 | 13,257 | 13,598 | 13,954 | |||||||||||||
Selling and administrative expenses | 10,682 | 10,617 | 10,443 | 10,480 | |||||||||||||
Net income | 2,126 | 1,688 | 2,116 | 1,999 | |||||||||||||
Basic earnings per share | $ | 0.2 | $ | 0.16 | $ | 0.2 | $ | 0.19 | |||||||||
Diluted earnings per share | $ | 0.2 | $ | 0.16 | $ | 0.2 | $ | 0.19 | |||||||||
Earnings per share for each fiscal quarter is derived using the weighted average number of shares outstanding during that quarter. Earnings per share for each fiscal year is derived using the weighted average number of shares outstanding on an annual basis. Consequently, the sum of earnings per share for the quarters of a fiscal year may not equal earnings per share for the full fiscal year. | |||||||||||||||||
NOTE_18_SUBSEQUENT_EVENTS
NOTE 18 - SUBSEQUENT EVENTS | 12 Months Ended |
Feb. 01, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 18 – SUBSEQUENT EVENTS |
Cash Dividend | |
On March 10, 2015, our Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on April 3, 2015 to shareholders of record at March 20, 2015. | |
Customs Penalty | |
In September 2009, U.S. Customs and Border Protection (“CBP”) issued an audit report asserting that we had not paid all required antidumping duties due with respect to certain bedroom furniture we imported from China. In February 2015, CBP assessed a civil penalty of approximately $2.1 million and unpaid duties of approximately $500,000 on the matter. We assert that no antidumping duties are due and that there is no basis for the imposition of a penalty. We intend to defend against the penalty vigorously. In the opinion of management, the ultimate disposition of this matter will not have a material adverse effect on our consolidated financial position, results of operations, or liquidity. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Feb. 01, 2015 | ||
Accounting Policies [Abstract] | ||
Consolidation, Policy [Policy Text Block] | Consolidation | |
The consolidated financial statements include the accounts of Hooker Furniture Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. For comparative purposes, certain amounts in the consolidated financial statements and notes have been reclassified to conform to the fiscal 2015 presentation. | ||
Segment Reporting, Policy [Policy Text Block] | Segments | |
We are organized into three operating segments – casegoods, upholstery and an all other segment. The upholstery segment consists of Bradington-Young, Sam Moore Furniture and Hooker Upholstery. The All other segment consists of H Contract and Homeware. | ||
Prior to the fiscal 2015 third quarter, we reported our results of operations in two operating segments- casegoods and upholstery. In reports prior to the fiscal 2015 third quarter, we aggregated the results of our two new business ventures – H Contract and Homeware- with our casegoods segment in accordance with the provisions of ASC 280, Segment Reporting. We did this primarily due to the similarity of the products, production processes, distribution methods, types of customers and regulatory environment. These similarities persist and although H Contract and Homeware are likely to remain immaterial to our consolidated results of operations for the near-to-medium term, we believe that information about these businesses would be beneficial to the readers of our financial statements, as it is to management; therefore, we have elected to separately disclose information about them in an “All other” segment. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |
We temporarily invest unused cash balances in a high quality, diversified money market fund that provides for daily liquidity and pays dividends monthly. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. | ||
Receivables, Policy [Policy Text Block] | Trade Accounts Receivable | |
Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings, which consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. Our upholstered furniture subsidiaries factor substantially all of their receivables on a non-recourse basis. Accounts receivable are reported net of allowance for doubtful accounts. | ||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements | |
We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: | ||
§ | Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. | |
§ | Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | |
§ | Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | |
The carrying value for each of our financial instruments (consisting of cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. | ||
Inventory, Policy [Policy Text Block] | Inventories | |
All inventories are stated at the lower of cost, using the last-in, first-out (LIFO) method, or market value. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment | |
Property, plant and equipment are stated at cost, less allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets | |
Long-lived assets, such as property, plant and equipment, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows from the use of those assets. When any such impairment exists, the related assets are written down to fair value. Long-lived assets subject to disposal by sale are measured at the lower of their carrying amount or fair value less estimated cost to sell, are no longer depreciated, and are reported separately as “assets held for sale” in the consolidated balance sheets. | ||
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Intangible Assets | |
We own certain indefinite-lived intangible assets related to our upholstery segment and all other segment. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are trademarks, trade names and a URL, which are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. The fair value of our indefinite-lived intangible assets is determined based on the estimated earnings and cash flow capacity of those assets. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible assets with their carrying amount. If the carrying amount of the indefinite-lived intangible assets exceeds their fair value, an impairment loss is recognized in an amount equal to that excess. | ||
Trade names are tested for impairment annually as of the end of our fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include: | ||
§ | a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; | |
§ | significant changes in demand for our products; | |
§ | loss of key personnel; and | |
§ | the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. | |
The assumptions used to determine the fair value of our intangible assets are highly subjective, involve significant judgment and include long term growth rates, sales volumes, projected revenues, assumed royalty rates and various factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets which may have a material adverse effect on our results of operations and financial condition. | ||
Future Policy Benefits Liability, Policy [Policy Text Block] | Cash Surrender Value of Life Insurance Policies | |
We own eighty-seven life insurance policies on certain of our current and former executives and other key employees. These policies have a carrying value of approximately $20 million and a face value of approximately $34 million. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. | ||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |
Our sales revenue is recognized when title and the risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases however, title does not pass until the shipment is delivered to the customer. Sales are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. | ||
Cost of Sales, Policy [Policy Text Block] | Cost of Sales | |
The major components of cost of sales are: | ||
§ | the cost of imported products purchased for resale; | |
§ | raw materials and supplies used in our domestically manufactured products; | |
§ | labor and overhead costs associated with our domestically manufactured products; the cost of our foreign import operations; | |
§ | charges or credits associated with our inventory reserves; | |
§ | warehousing and certain shipping and handling costs; and | |
§ | all other costs required to be classified as cost of sales. | |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses | |
The major components of our selling and administrative expenses are: | ||
§ | the cost of our marketing and merchandising efforts, including showroom expenses; | |
§ | sales and design commissions; | |
§ | the costs of administrative support functions including, executive management, information technology, human resources and finance; and | |
§ | all other costs required to be classified as selling and administrative expenses. | |
Advertising Costs, Policy [Policy Text Block] | Advertising | |
We offer advertising programs to qualified dealers under which we may provide signage, catalogs and other marketing support to our dealers and may reimburse advertising and other costs incurred by our dealers in connection with promoting our products. The cost of these programs does not exceed the fair value of the benefit received. We charge the cost of point-of-purchase materials (including signage and catalogs) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2015, 2014 and 2013 were $2.0 million, $2.2 million and $2.3 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against revenues in our consolidated statements of income and comprehensive income. | ||
Income Tax, Policy [Policy Text Block] | Income Taxes | |
At times, tax law and generally accepted accounting principles differ in the treatment of certain income and expense items. These items may be excluded or included in taxable income at different times than is required for GAAP or “book” reporting purposes. These differences may be permanent or temporary in nature. | ||
We determine our annual effective income tax rate based on forecasted pre-tax book income and forecasted permanent book and tax differences. The rate is established at the beginning of the year and is evaluated on a quarterly basis. We consider the level and mix of income of our separate legal entities, statutory tax rates, business credits available in the various jurisdictions in which we operate and permanent tax differences. Significant judgment is required in evaluating tax positions that affect the annual tax rate. Any changes to the forecasted information may cause adjustments to the effective rate. Additional tax, interest and penalties associated with uncertain tax positions are recognized in tax expense on a quarterly basis. | ||
To the extent any book and tax differences are temporary in nature, that is, the book realization will occur in a different period than the tax realization, a deferred tax asset or liability is established. To the extent a deferred tax asset is created, we evaluate our ability to realize this asset. If we determine that we will not be able to fully utilize deferred tax assets, we establish a valuation reserve. In assessing the realization of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income during the periods in which those temporary differences reverse. | ||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share | |
We use the two class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. | ||
Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. | ||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include the useful lives of fixed assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets; our supplemental retirement income plan; and stock-based compensation. These estimates and assumptions are based on our best judgments. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust our estimates and assumptions as facts and circumstances dictate. Actual results could differ from our estimates. |
NOTE_3_ALLOWANCE_FOR_DOUBTFUL_1
NOTE 3 - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Allowance for Doubtful Accounts [Table Text Block] | The activity in the allowance for doubtful accounts was: | ||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of year | $ | 1,243 | $ | 1,249 | $ | 1,632 | |||||||
Non-cash charges to cost and expenses | 928 | 456 | 61 | ||||||||||
Less uncollectible receivables written off, net of recoveries | (842 | ) | (462 | ) | (444 | ) | |||||||
Balance at end of year | $ | 1,329 | $ | 1,243 | $ | 1,249 |
NOTE_4_ACCOUNTS_RECEIVABLE_Tab
NOTE 4 - ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | February 1, | February 2, | |||||||
2015 | 2014 | ||||||||
Trade accounts receivable | $ | 25,322 | $ | 22,776 | |||||
Receivable from factor | 8,252 | 7,860 | |||||||
Allowance for doubtful accounts | (1,329 | ) | (1,243 | ) | |||||
Accounts receivable | $ | 32,245 | $ | 29,393 |
NOTE_5_INVENTORIES_Tables
NOTE 5 - INVENTORIES (Tables) | 12 Months Ended | ||||||||
Feb. 01, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | February 1, | February 2, | |||||||
2015 | 2014 | ||||||||
Finished furniture | $ | 54,896 | $ | 58,515 | |||||
Furniture in process | 615 | 804 | |||||||
Materials and supplies | 9,131 | 8,068 | |||||||
Inventories at FIFO | 64,642 | 67,387 | |||||||
Reduction to LIFO basis | (19,669 | ) | (18,371 | ) | |||||
Inventories | $ | 44,973 | $ | 49,016 |
NOTE_6_PROPERTY_PLANT_AND_EQUI1
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Depreciable Lives | February 1, | February 2, | ||||||||||
(In years) | 2015 | 2014 | |||||||||||
Buildings and land improvements | 15 - 30 | $ | 22,162 | $ | 24,026 | ||||||||
Computer software and hardware | 10-Mar | 18,444 | 22,294 | ||||||||||
Machinery and equipment | 10 | 4,757 | 4,495 | ||||||||||
Leasehold improvements | Term of lease | 2,840 | 2,765 | ||||||||||
Furniture and fixtures | 8-Mar | 2,240 | 2,060 | ||||||||||
Other | 5 | 628 | 689 | ||||||||||
Total depreciable property at cost | 51,070 | 56,329 | |||||||||||
Less accumulated depreciation | 32,790 | 36,447 | |||||||||||
Total depreciable property, net | 18,280 | 19,882 | |||||||||||
Land | 1,067 | 1,152 | |||||||||||
Construction-in-progress | 3,477 | 2,718 | |||||||||||
Property, plant and equipment, net | $ | 22,824 | $ | 23,752 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | The activity in capitalized software costs was: | ||||||||||||
Fifty-Two Weeks | Fifty-Two Weeks | Fifty-Three Weeks | |||||||||||
Ended | Ended | Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance beginning of year | $ | 2,550 | $ | 3,954 | $ | 2,284 | |||||||
Purchases | 606 | 173 | 2,814 | ||||||||||
Amortization expense | (430 | ) | (311 | ) | (379 | ) | |||||||
Disposals | - | (1,266 | ) | (765 | ) | ||||||||
Balance end of year | $ | 2,726 | $ | 2,550 | $ | 3,954 |
NOTE_7_INTANGIBLE_ASSETS_Table
NOTE 7 - INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2015 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | Segment | February 1, | February 2, | |||||||
2015 | 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 | All other | 125 | 125 | |||||||
Total Non-amortizable Intangible Assets | 1,382 | 1,382 |
NOTE_8_FAIR_VALUE_MEASUREMENTS1
NOTE 8 - FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair value at February 1, 2015 | 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 | $ | - | $ | 20,373 | $ | - | $ | 20,373 | $ | - | $ | 18,891 | $ | - | $ | 18,891 | |||||||||||||||||
Mortgage note receivable | - | - | 1,575 | 1,575 | - | - | - | - |
NOTE_10_EMPLOYEE_BENEFIT_PLANS1
NOTE 10 - EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Summarized plan information as of each fiscal year-end (the measurement date) is as follows: | ||||||||||||
Fifty-Two | Fifty-Two | ||||||||||||
Weeks Ended | Weeks Ended | ||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Change in benefit obligation: | |||||||||||||
Beginning projected benefit obligation | $ | 7,662 | $ | 7,435 | |||||||||
Service cost | 102 | 256 | |||||||||||
Interest cost | 339 | 292 | |||||||||||
Benefits paid | (354 | ) | (379 | ) | |||||||||
Actuarial loss | 636 | 58 | |||||||||||
Ending projected benefit obligation (funded status) | $ | 8,385 | $ | 7,662 | |||||||||
Accumulated benefit obligation | $ | 7,373 | $ | 7,231 | |||||||||
Discount rate used to value the ending benefit obligations: | 3.5 | % | 4.5 | % | |||||||||
Amount recognized in the consolidated balance sheets: | |||||||||||||
Current liabilities (Accrued salaries, wages and benefits line) | $ | 354 | $ | 354 | |||||||||
Non-current liabilities (Deferred compensation line*) | 8,031 | 7,308 | |||||||||||
Total | $ | 8,385 | $ | 7,662 | |||||||||
Schedule of Net Benefit Costs [Table Text Block] | Summarized plan information as of each fiscal year-end (the measurement date) is as follows: | ||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net periodic benefit cost | |||||||||||||
Service cost | $ | 102 | $ | 256 | $ | 255 | |||||||
Interest cost | 339 | 292 | 297 | ||||||||||
Net (gain) loss | (51 | ) | (106 | ) | (58 | ) | |||||||
Net periodic benefit cost | $ | 390 | $ | 442 | $ | 494 | |||||||
Other changes recognized in accumulated other comprehensive income | |||||||||||||
Net loss (gain) arising during period | 637 | 57 | (203 | ) | |||||||||
(Gain) loss | (51 | ) | (106 | ) | (58 | ) | |||||||
Total recognized in other comprehensive loss (income) | 688 | 163 | (145 | ) | |||||||||
Total recognized in net periodic benefit cost and | $ | 1,078 | $ | 605 | $ | 349 | |||||||
accumulated other comprehensive income | |||||||||||||
Assumptions used to determine net periodic benefit cost: | |||||||||||||
Discount rate (Moody's Composite Bond Rate) | 4.5 | % | 4 | % | 4 | % | |||||||
Increase in future compensation levels | 4 | % | 4 | % | 4 | % | |||||||
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: | ||||||||||||
Fiscal 2016 | $ | 354 | |||||||||||
Fiscal 2017 | 517 | ||||||||||||
Fiscal 2018 | 530 | ||||||||||||
Fiscal 2019 | 530 | ||||||||||||
Fiscal 2020 | 793 | ||||||||||||
Fiscal 2021 through Fiscal 2025 | 4,248 | ||||||||||||
Other Employee Related Liabilities [Table Text Block] | The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated: | ||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Performance grants | |||||||||||||
Fiscal 2013 grant (Current liabilities, Accrued wages, salaries and benefits) | $ | 689 | $ | 305 | |||||||||
Fiscal 2014 grant (Non-current liabilities, Deferred compensation) | 195 | 73 | |||||||||||
Fiscal 2015 grant (Non-current liabilities, Deferred compensation) | 86 | - | |||||||||||
Total performance grants accrued | $ | 970 | $ | 378 |
NOTE_11_SHAREBASED_COMPENSATIO1
NOTE 11 - SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||
NOTE 11 - SHARE-BASED COMPENSATION (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 year-end dates indicated: | ||||||||||||||||||||
February 1, | February 2, | February 3, | |||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Restricted shares | 27,458 | 28,614 | 29,063 | ||||||||||||||||||
Restricted stock units | 24,546 | 32,353 | 32,353 | ||||||||||||||||||
52,004 | 60,967 | 61,416 | |||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||
NOTE 11 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of February 1, 2015: | ||||||||||||||||||||
Whole | Grant-Date | Aggregate | Compensation | Grant-Date Fair Value | |||||||||||||||||
Number of | Fair Value | Grant-Date | Expense | Unrecognized At | |||||||||||||||||
Shares | Per Share | Fair Value | Recognized | 1-Feb-15 | |||||||||||||||||
Previous Awards (vested) | $ | 536 | |||||||||||||||||||
Restricted shares Issued on June 5, 2012 | 10,573 | $ | 10.38 | 110 | 98 | 12 | |||||||||||||||
Restricted shares Issued on June 7, 2013 | 6,876 | $ | 15.96 | 110 | 61 | 49 | |||||||||||||||
Restricted shares Issued on June 4, 2014 | 1,624 | $ | 13.86 | 23 | 5 | 18 | |||||||||||||||
Restricted shares Issued on June 10, 2014 | 8,385 | $ | 15.96 | 133 | 30 | 103 | |||||||||||||||
Awards outstanding at February 1, 2015: | 27,458 | $ | 376 | $ | 194 | $ | 182 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||
NOTE 11 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table presents RSU activity for the years ended February 1, 2015 and February 3, 2013, adjusted for forfeitures (as there were not RSU activities for the fiscal year ended February 2, 2014): | ||||||||||||||||||||
Whole | Grant-Date | Aggregate | Compensation | Grant-Date Fair Value | |||||||||||||||||
Number of | Fair Value | Grant-Date | Expense | Unrecognized At | |||||||||||||||||
Units | Per Unit | Fair Value | Recognized | 1-Feb-15 | |||||||||||||||||
Previous Awards (vested) | $ | 88 | |||||||||||||||||||
RSUs Awarded on February 9, 2012 | 10,390 | $ | 11.95 | $ | 124 | 124 | $ | - | |||||||||||||
RSUs Awarded on January 15, 2013 | 6,834 | $ | 13.66 | 93 | 69 | 24 | |||||||||||||||
RSUs Awarded on April 15, 2014 | 7,322 | $ | 12.91 | 95 | 32 | 63 | |||||||||||||||
Awards outstanding at February 1, 2015: | 24,546 | $ | 312 | $ | 225 | $ | 87 |
NOTE_12_EARNINGS_PER_SHARE_Tab
NOTE 12 - EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
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 year-end dates indicated: | ||||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Restricted shares | 27,458 | 28,614 | 29,063 | ||||||||||
Restricted stock units | 24,546 | 32,353 | 32,353 | ||||||||||
52,004 | 60,967 | 61,416 | |||||||||||
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: | ||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income | $ | 12,578 | $ | 7,929 | $ | 8,626 | |||||||
Less: Dividends on unvested restricted shares | 11 | 12 | 11 | ||||||||||
Net earnings allocated to unvested restricted stock | 33 | 22 | 23 | ||||||||||
Earnings available for common shareholders | $ | 12,534 | $ | 7,895 | $ | 8,592 | |||||||
Weighted average shares outstanding for basic earnings per share | 10,736 | 10,722 | 10,745 | ||||||||||
Dilutive effect of unvested restricted stock awards | 35 | 30 | 30 | ||||||||||
Weighted average shares outstanding for diluted earnings per share | 10,771 | 10,752 | 10,775 | ||||||||||
Basic earnings per share | $ | 1.17 | $ | 0.74 | $ | 0.8 | |||||||
Diluted earnings per share | $ | 1.16 | $ | 0.74 | $ | 0.8 |
NOTE_13_INCOME_TAXES_Tables
NOTE 13 - INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our provision for income taxes was as follows for the periods indicated: | ||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Current expense | |||||||||||||
Federal | $ | 6,024 | $ | 3,755 | $ | 3,894 | |||||||
Foreign | 40 | 41 | 50 | ||||||||||
State | 635 | 403 | 403 | ||||||||||
Total current expense | 6,699 | 4,199 | 4,347 | ||||||||||
Deferred taxes | |||||||||||||
Federal | 97 | 214 | (35 | ) | |||||||||
State | 24 | 126 | 55 | ||||||||||
Total deferred taxes | 121 | 340 | 20 | ||||||||||
Income tax expense | $ | 6,820 | $ | 4,539 | $ | 4,367 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated: | ||||||||||||
Fifty-Two | Fifty-Two | Fifty-Three | |||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||
February 1, | February 2, | February 3, | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Income taxes at statutory rate | 35 | % | 34 | % | 34 | % | |||||||
Increase (decrease) in tax rate resulting from: | |||||||||||||
State taxes, net of federal benefit | 2 | 2.1 | 2.1 | ||||||||||
Officer's life insurance | (1.2 | ) | (1.8 | ) | (3.1 | ) | |||||||
Other, net | (0.6 | ) | 2.1 | 0.6 | |||||||||
Effective income tax rate | 35.2 | % | 36.4 | % | 33.6 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were: | ||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Assets | |||||||||||||
Deferred compensation | $ | 4,120 | $ | 3,455 | |||||||||
Allowance for bad debts | 492 | 448 | |||||||||||
State income taxes | 8 | 43 | |||||||||||
Property, plant and equipment | 405 | 370 | |||||||||||
Intangible assets | 524 | 745 | |||||||||||
Charitable contribution carryforward | 246 | 608 | |||||||||||
Inventories | - | 148 | |||||||||||
Other | 404 | 308 | |||||||||||
Total deferred tax assets | 6,199 | 6,125 | |||||||||||
Valuation allowance | - | (34 | ) | ||||||||||
6,199 | 6,091 | ||||||||||||
Liabilities | |||||||||||||
Employee benefits | 362 | 320 | |||||||||||
Inventory | 143 | - | |||||||||||
Total deferred tax liabilities | 505 | 320 | |||||||||||
Net deferred tax asset without AOCI | 5,694 | 5,771 | |||||||||||
Deferred tax (asset) liability in AOCI | 198 | (56 | ) | ||||||||||
Total net deferred tax asset | $ | 5,892 | $ | 5,715 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended February 1, 2015 and February 2, 2014 are as follows: | ||||||||||||
February 1, | February 2, | ||||||||||||
2015 | 2014 | ||||||||||||
Balance, beginning of year | $ | 359 | $ | - | |||||||||
Increase related to prior year tax positions | 75 | 279 | |||||||||||
Decrease related to prior year tax positions | - | - | |||||||||||
Increase related to current year tax positions | 48 | 80 | |||||||||||
Balance, end of year | $ | 482 | $ | 359 |
NOTE_14_SEGMENT_INFORMATION_Ta
NOTE 14 - SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
Fifty-Two Weeks Ended | Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||||||||||||||||||
1-Feb-15 | 2-Feb-14 | 3-Feb-13 | |||||||||||||||||||||||
% Net | % Net | % Net | |||||||||||||||||||||||
Net Sales | Sales | Sales | Sales | ||||||||||||||||||||||
Casegoods | $ | 153,882 | 63 | % | $ | 143,802 | 63 | % | $ | 141,064 | 64.6 | % | |||||||||||||
Upholstery | 86,362 | 35.3 | % | 83,027 | 36.4 | % | 77,295 | 35.4 | % | ||||||||||||||||
All other | 5,025 | 2.1 | % | 1,487 | 0.7 | % | - | 0 | % | ||||||||||||||||
Intercompany eliminations | (919 | ) | -0.4 | % | (23 | ) | 0 | % | - | 0 | % | ||||||||||||||
Consolidated | $ | 244,350 | 100 | % | $ | 228,293 | 100 | % | $ | 218,359 | 100 | % | |||||||||||||
Gross Profit | |||||||||||||||||||||||||
Casegoods | $ | 44,868 | 29.2 | % | $ | 38,762 | 27 | % | $ | 38,054 | 27 | % | |||||||||||||
Upholstery | 16,489 | 19.1 | % | 15,393 | 18.5 | % | 14,492 | 18.8 | % | ||||||||||||||||
All other | 1,465 | 29.2 | % | 588 | 39.5 | % | - | 0 | % | ||||||||||||||||
Intercompany eliminations | (22 | ) | 2.4 | % | (18 | ) | 76.7 | % | - | 0 | % | ||||||||||||||
Consolidated | $ | 62,800 | 25.7 | % | $ | 54,725 | 24 | % | $ | 52,546 | 24.1 | % | |||||||||||||
Operating Income | |||||||||||||||||||||||||
Casegoods | $ | 17,286 | 11.2 | % | $ | 12,150 | 8.4 | % | $ | 12,082 | 8.6 | % | |||||||||||||
Upholstery | 2,871 | 3.3 | % | 1,913 | 2.3 | % | 987 | 1.3 | % | ||||||||||||||||
All other | (1,087 | ) | -21.6 | % | (1,542 | ) | -103.7 | % | (129 | ) | 0 | % | |||||||||||||
Intercompany eliminations | (22 | ) | 2.4 | % | (18 | ) | 76.7 | % | - | 0 | % | ||||||||||||||
Consolidated | $ | 19,048 | 7.8 | % | $ | 12,503 | 5.5 | % | $ | 12,940 | 5.9 | % | |||||||||||||
Capital Expenditures | |||||||||||||||||||||||||
Casegoods | $ | 2,124 | $ | 2,489 | $ | 3,156 | |||||||||||||||||||
Upholstery | 830 | 982 | 905 | ||||||||||||||||||||||
All other | 40 | - | - | ||||||||||||||||||||||
Consolidated | $ | 2,994 | $ | 3,471 | $ | 4,061 | |||||||||||||||||||
Depreciation | |||||||||||||||||||||||||
& Amortization | |||||||||||||||||||||||||
Casegoods | $ | 1,591 | $ | 1,551 | $ | 1,671 | |||||||||||||||||||
Upholstery | 1,005 | 940 | 895 | ||||||||||||||||||||||
All other | 3 | - | - | ||||||||||||||||||||||
Consolidated | $ | 2,599 | $ | 2,491 | $ | 2,566 | |||||||||||||||||||
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 February 1, | As of February 2, | ||||||||||||||||||||||||
2015 | %Total | 2014 | %Total | ||||||||||||||||||||||
Total Assets | Assets | Assets | |||||||||||||||||||||||
Casegoods | $ | 135,403 | 79.3 | % | $ | 121,316 | 78 | % | |||||||||||||||||
Upholstery | 33,788 | 19.8 | % | 33,136 | 21.3 | % | |||||||||||||||||||
All other | 1,605 | 0.9 | % | 1,047 | 0.7 | % | |||||||||||||||||||
Intercompany eliminations | (41 | ) | 0 | % | (18 | ) | 0 | % | |||||||||||||||||
Consolidated | $ | 170,755 | 100 | % | $ | 155,481 | 100 | % |
NOTE_17_CONSOLIDATED_QUARTERLY1
NOTE 17 - CONSOLIDATED QUARTERLY DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Fiscal Quarter | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2015 | |||||||||||||||||
Net sales | $ | 61,396 | $ | 54,883 | $ | 63,168 | $ | 64,903 | |||||||||
Cost of sales | 45,786 | 41,226 | 47,137 | 47,401 | |||||||||||||
Gross profit | 15,610 | 13,657 | 16,031 | 17,502 | |||||||||||||
Selling and administrative expenses | 11,367 | 10,243 | 11,148 | 10,994 | |||||||||||||
Net income | 2,804 | 2,272 | 3,204 | 4,298 | |||||||||||||
Basic earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.3 | $ | 0.4 | |||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.21 | $ | 0.3 | $ | 0.4 | |||||||||
2014 | |||||||||||||||||
Net sales | $ | 56,295 | $ | 55,301 | $ | 59,125 | $ | 57,572 | |||||||||
Cost of sales | 42,379 | 42,044 | 45,527 | 43,618 | |||||||||||||
Gross profit | 13,916 | 13,257 | 13,598 | 13,954 | |||||||||||||
Selling and administrative expenses | 10,682 | 10,617 | 10,443 | 10,480 | |||||||||||||
Net income | 2,126 | 1,688 | 2,116 | 1,999 | |||||||||||||
Basic earnings per share | $ | 0.2 | $ | 0.16 | $ | 0.2 | $ | 0.19 | |||||||||
Diluted earnings per share | $ | 0.2 | $ | 0.16 | $ | 0.2 | $ | 0.19 |
NOTE_1_SUMMARY_OF_SIGNIFICANT_1
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | |
Accounting Policies [Abstract] | |||
Number of Operating Segments | 3 | 2 | |
Number of Life Insurance Policies | 87 | ||
Cash Surrender Value of Life Insurance | $20,373,000 | $18,891,000 | |
Life Settlement Contracts, Fair Value Method, Face Value | 34,000,000 | ||
Advertising Expense | $2,000,000 | $2,200,000 | $2,300,000 |
NOTE_3_ALLOWANCE_FOR_DOUBTFUL_2
NOTE 3 - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Allowance for Doubtful Accounts [Abstract] | |||
Balance at beginning of year | $1,243 | $1,249 | $1,632 |
Non-cash charges to cost and expenses | 928 | 456 | 61 |
Less uncollectible receivables written off, net of recoveries | -842 | -462 | -444 |
Balance at end of year | $1,329 | $1,243 | $1,249 |
NOTE_4_ACCOUNTS_RECEIVABLE_Det
NOTE 4 - ACCOUNTS RECEIVABLE (Details) (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
Receivables [Abstract] | ||
Accounts receivable factor recourse | $237,000 | $324,000 |
NOTE_4_ACCOUNTS_RECEIVABLE_Det1
NOTE 4 - ACCOUNTS RECEIVABLE (Details) - Accounts Receivable (USD $) | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
In Thousands, unless otherwise specified | ||||
Accounts Receivable [Abstract] | ||||
Trade accounts receivable | $25,322 | $22,776 | ||
Receivable from factor | 8,252 | 7,860 | ||
Allowance for doubtful accounts | -1,329 | -1,243 | -1,249 | -1,632 |
Accounts receivable | $32,245 | $29,393 |
NOTE_5_INVENTORIES_Details
NOTE 5 - INVENTORIES (Details) (USD $) | 12 Months Ended | |||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |
NOTE 5 - INVENTORIES (Details) [Line Items] | ||||
Net income FIFO inventory method | $13,600,000 | $8,200,000 | $9,200,000 | |
Inventory, LIFO Reserve, Period Charge | 1,300,000 | 493,000 | 836,000 | |
Inventory, LIFO Reserve | 19,669,000 | 18,371,000 | 17,900,000 | 17,000,000 |
Inventory, Finished Goods, Gross | 54,896,000 | 58,515,000 | ||
Finished Furniture, Consigned Inventories [Member] | ||||
NOTE 5 - INVENTORIES (Details) [Line Items] | ||||
Inventory, Finished Goods, Gross | 1,100,000 | 1,000,000 | ||
China and Vietnam [Member] | ||||
NOTE 5 - INVENTORIES (Details) [Line Items] | ||||
Other Inventory, Inventory at off Site Premises, Gross | 10,200,000 | |||
Assets, Percentage of Total Assets | 6.00% | |||
China [Member] | ||||
NOTE 5 - INVENTORIES (Details) [Line Items] | ||||
Other Inventory, Inventory at off Site Premises, Gross | $9,700,000 | |||
Assets, Percentage of Total Assets | 6.20% |
NOTE_5_INVENTORIES_Details_Sch
NOTE 5 - INVENTORIES (Details) - Schedule of Inventory, Current (USD $) | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
In Thousands, unless otherwise specified | ||||
Schedule of Inventory, Current [Abstract] | ||||
Finished furniture | $54,896 | $58,515 | ||
Furniture in process | 615 | 804 | ||
Materials and supplies | 9,131 | 8,068 | ||
Inventories at FIFO | 64,642 | 67,387 | ||
Reduction to LIFO basis | -19,669 | -18,371 | -17,900 | -17,000 |
Inventories | $44,973 | $49,016 |
NOTE_6_PROPERTY_PLANT_AND_EQUI2
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2015 | Feb. 02, 2014 | |
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Construction in Progress, Gross | $3,477,000 | 2,718,000 |
Enterprise Resource Planning (ERP) [Member] | ||
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Construction in Progress, Gross | 2,700,000 | |
Various Other Projects to Enhance Facilities and Operations [Member] | ||
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Construction in Progress, Gross | 730,000 | |
Building [Member] | ||
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Gain (Loss) on Disposition of Property Plant Equipment | $34,000 | |
Capitalized Computer Software [Member] | ||
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years |
NOTE_6_PROPERTY_PLANT_AND_EQUI3
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $51,070 | $56,329 |
Less accumulated depreciation | 32,790 | 36,447 |
Total depreciable property, net | 18,280 | 19,882 |
Land | 1,067 | 1,152 |
Construction-in-progress | 3,477 | 2,718 |
Property, plant and equipment, net | 22,824 | 23,752 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives (In Years) | 15 | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives (In Years) | 30 | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 22,162 | 24,026 |
Computer Software and Hardware [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives (In Years) | 3 | |
Computer Software and Hardware [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives (In Years) | 10 | |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 18,444 | 22,294 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,757 | 4,495 |
Property, Plant and Equipment, Depreciable Lives (In Years) | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,840 | 2,765 |
Property, Plant and Equipment, Depreciable Lives (In Years) | Term of lease | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives (In Years) | 3 | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives (In Years) | 8 | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,240 | 2,060 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $628 | $689 |
Property, Plant and Equipment, Depreciable Lives (In Years) | 5 |
NOTE_6_PROPERTY_PLANT_AND_EQUI4
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) - Capitalized Software (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Capitalized Software [Abstract] | |||
Balance beginning of year | $2,550 | $3,954 | $2,284 |
Purchases | 606 | 173 | 2,814 |
Amortization expense | -430 | -311 | -379 |
Disposals | 0 | -1,266 | -765 |
Balance end of year | $2,726 | $2,550 | $3,954 |
NOTE_7_INTANGIBLE_ASSETS_Detai
NOTE 7 - INTANGIBLE ASSETS (Details) (Upholstery [Member], USD $) | Feb. 01, 2015 |
Bradington-Young [Member] | |
NOTE 7 - INTANGIBLE ASSETS (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | $1,200,000 |
Sam Moore [Member] | |
NOTE 7 - INTANGIBLE ASSETS (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | $751,000 |
NOTE_7_INTANGIBLE_ASSETS_Detai1
NOTE 7 - INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Non-amortizable Intangible Assets | ||
Total Non-amortizable Intangible Assets | $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 |
NOTE_8_FAIR_VALUE_MEASUREMENTS2
NOTE 8 - FAIR VALUE MEASUREMENTS (Details) (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Notes Receivable, Fair Value Disclosure | $1,575 | $0 |
NOTE_8_FAIR_VALUE_MEASUREMENTS3
NOTE 8 - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value | ||
Company-owned life insurance | $20,373 | $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 | 20,373 | 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 |
NOTE_9_LONGTERM_DEBT_Details
NOTE 9 - LONG-TERM DEBT (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2015 |
NOTE 9 - LONG-TERM DEBT (Details) [Line Items] | |
Line of Credit Facility, Expiration Date | 31-Jul-18 |
Line of Credit Facility, Maximum Borrowing Capacity | $15 |
Line of Credit Facility, Capacity Available for Trade Purchases | 3 |
Line of Credit Facility, Interest Rate Description | floating interest rate, adjusted monthly, based on USD LIBOR, plus an applicable margin based on the ratio of our funded debt to our EBITDA (each as defined in the agreement) |
Line of Credit Facility, Commitment Fee Description | quarterly unused commitment fee of 0.20% |
Line of Credit Facility, Covenant Terms | § Maintain a tangible net worth of at least $95.0 million;§ Limit capital expenditures to no more than $15.0 million during any fiscal year; and§ Maintain a ratio of funded debt to EBITDA not exceeding 2.0:1.0. |
Line of Credit Facility, Current Borrowing Capacity | 13.5 |
Standby Letters of Credit [Member] | |
NOTE 9 - LONG-TERM DEBT (Details) [Line Items] | |
Letters of Credit Outstanding, Amount | $1.50 |
NOTE_10_EMPLOYEE_BENEFIT_PLANS2
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | |
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Deferred Compensation Liability, Classified, Noncurrent | $8,329,000 | $7,668,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 4.50% | |
Other Postretirement Benefit Plan [Member] | |||
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 605,000 | 593,000 | 575,000 |
Supplemental Employee Retirement Plan [Member] | |||
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Benefit Plan, Other Information | The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death. | ||
Deferred Compensation Liability, Classified, Noncurrent | 8,300,000 | 7,700,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Support, Methodology and Source Data | Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at February 1, 2015 by approximately $669,000 or 8%. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 1, 2015 by $759,000 or 9%. | ||
Effect on Accumulated Other Comprehensive Income (Loss) Due to Change in Measurement Date, Net of Tax | -335,000 | 98,000 | |
Effect on Accumulated Other Comprehensive Income (Loss) Due to Change in Measurement Date, Tax | 198,000 | 56,000 | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 0 | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | ($178,000) | ||
Life Insurance, Corporate or Bank Owned, Additional Information | The life insurance program provides death benefit protection for these executives during employment up to age 65. Coverage under the program declines when a participating executive attains age 60 and automatically terminates when the executive attains age 65 or terminates employment with us for any reason, other than death, whichever occurs first. |
NOTE_10_EMPLOYEE_BENEFIT_PLANS3
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Change in benefit obligation: | |||
Beginning projected benefit obligation | $7,662 | $7,435 | |
Service cost | 102 | 256 | 255 |
Interest cost | 339 | 292 | 297 |
Benefits paid | -354 | -379 | |
Actuarial loss | 636 | 58 | |
Ending projected benefit obligation (funded status) | 8,385 | 7,662 | 7,435 |
Accumulated benefit obligation | 7,373 | 7,231 | |
Discount rate used to value the ending benefit obligations: | 3.50% | 4.50% | |
Amount recognized in the consolidated balance sheets: | |||
Current liabilities (Accrued salaries, wages and benefits line) | 354 | 354 | |
Non-current liabilities (Deferred compensation line*) | 8,031 | 7,308 | |
Total | $8,385 | $7,662 | $7,435 |
NOTE_10_EMPLOYEE_BENEFIT_PLANS4
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Net periodic benefit cost | |||
Service cost | $102 | $256 | $255 |
Interest cost | 339 | 292 | 297 |
Net (gain) loss | -51 | -106 | -58 |
Net periodic benefit cost | 390 | 442 | 494 |
Other changes recognized in accumulated other comprehensive income | |||
Net loss (gain) arising during period | 637 | 57 | -203 |
(Gain) loss | -51 | -106 | -58 |
Total recognized in other comprehensive loss (income) | 688 | 163 | -145 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $1,078 | $605 | $349 |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate (Moody's Composite Bond Rate) | 4.50% | 4.00% | 4.00% |
Increase in future compensation levels | 4.00% | 4.00% | 4.00% |
NOTE_10_EMPLOYEE_BENEFIT_PLANS5
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments (USD $) | Feb. 02, 2014 |
In Thousands, unless otherwise specified | |
Estimated Future Benefit Payments: | |
Fiscal 2016 | $354 |
Fiscal 2017 | 517 |
Fiscal 2018 | 530 |
Fiscal 2019 | 530 |
Fiscal 2020 | 793 |
Fiscal 2021 through Fiscal 2025 | $4,248 |
NOTE_10_EMPLOYEE_BENEFIT_PLANS6
NOTE 10 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Other Employee Related Liabilities (Performance Grant Awards [Member], USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Performance grants | ||
Fiscal year grant | $970 | $378 |
Fiscal Year Grant, 2013 [Member] | ||
Performance grants | ||
Fiscal year grant | 689 | 305 |
Fiscal Year Grant, 2014 [Member] | ||
Performance grants | ||
Fiscal year grant | 195 | 73 |
Fiscal Year Grant 2015 [Member] | ||
Performance grants | ||
Fiscal year grant | $86 | $0 |
NOTE_11_SHAREBASED_COMPENSATIO2
NOTE 11 - SHARE-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 02, 2014 | Feb. 01, 2015 | Feb. 03, 2013 |
Restricted Stock [Member] | Director [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 36 months | ||
Restricted Stock [Member] | Senior Executives [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | receive one share of the Company’s common stock if he remains continuously employed with the Company through the end of a three-year service period | ||
Restricted Stock [Member] | Shares Issued on June 10, 2014 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.96 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $103 | ||
Restricted Stock [Member] | Shares Issued on June 4, 2014 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $13.86 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 18 | ||
Restricted Stock [Member] | Shares Issued on June 7, 2013 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 15.96 | $15.96 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 49 | ||
Restricted Stock [Member] | Shares Issued on June 5, 2012 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.38 | $10.38 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 12 | ||
Restricted Stock [Member] | Previous Awards Vested [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Expense Recognized for Shares Outstanding | 536 | ||
Restricted Stock [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Other Than Options, Grant Date Fair Value | 376 | ||
Share-based Compensation Expense Recognized for Shares Outstanding | 194 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $182 | ||
Stock Incentive Plan [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750 |
NOTE_11_SHAREBASED_COMPENSATIO3
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Feb. 03, 2013 | Feb. 02, 2014 |
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 52,004 | 61,416 | 60,967 |
Restricted Stock [Member] | Previous Awards Vested [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity [Line Items] | |||
Compensation Expense Recognized | $536 | ||
Restricted Stock [Member] | Shares Issued on June 5, 2012 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 10,573 | ||
Grant-Date Fair Value Per Share (in Dollars per share) | $10.38 | $10.38 | |
Aggregate Grant-Date Fair Value | 110 | ||
Compensation Expense Recognized | 98 | ||
Grant-Date Fair Value Unrecognized At February 1, 2015 | 12 | ||
Restricted Stock [Member] | Shares Issued on June 7, 2013 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 6,876 | ||
Grant-Date Fair Value Per Share (in Dollars per share) | $15.96 | $15.96 | |
Aggregate Grant-Date Fair Value | 110 | ||
Compensation Expense Recognized | 61 | ||
Grant-Date Fair Value Unrecognized At February 1, 2015 | 49 | ||
Restricted Stock [Member] | Shares Issued on June 4, 2014 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 1,624 | ||
Grant-Date Fair Value Per Share (in Dollars per share) | $13.86 | ||
Aggregate Grant-Date Fair Value | 23 | ||
Compensation Expense Recognized | 5 | ||
Grant-Date Fair Value Unrecognized At February 1, 2015 | 18 | ||
Restricted Stock [Member] | Shares Issued on June 10, 2014 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 8,385 | ||
Grant-Date Fair Value Per Share (in Dollars per share) | $15.96 | ||
Aggregate Grant-Date Fair Value | 133 | ||
Compensation Expense Recognized | 30 | ||
Grant-Date Fair Value Unrecognized At February 1, 2015 | 103 | ||
Restricted Stock [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 27,458 | 29,063 | 28,614 |
Aggregate Grant-Date Fair Value | 376 | ||
Compensation Expense Recognized | 194 | ||
Grant-Date Fair Value Unrecognized At February 1, 2015 | $182 |
NOTE_11_SHAREBASED_COMPENSATIO4
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Units Activity (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Units Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 52,004 | 60,967 | 61,416 |
Restricted Stock Units (RSUs) [Member] | Previous Awards Vested [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Units Activity [Line Items] | |||
Compensation Expense Recognized | $88 | ||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units Awarded February 9, 2012 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Units Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 10,390 | ||
Grant-Date Fair Value Per Unit (in Dollars per share) | $11.95 | ||
Aggregate Grant-Date Fair Value | 124 | ||
Compensation Expense Recognized | 124 | ||
Grant-Date Fair VAlue Unrecognized At February 1, 2015 | 0 | ||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units Awarded January 15, 2013 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Units Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 6,834 | ||
Grant-Date Fair Value Per Unit (in Dollars per share) | $13.66 | ||
Aggregate Grant-Date Fair Value | 93 | ||
Compensation Expense Recognized | 69 | ||
Grant-Date Fair VAlue Unrecognized At February 1, 2015 | 24 | ||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units Awarded April 15, 2014 [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Units Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 7,322 | ||
Grant-Date Fair Value Per Unit (in Dollars per share) | $12.91 | ||
Aggregate Grant-Date Fair Value | 95 | ||
Compensation Expense Recognized | 32 | ||
Grant-Date Fair VAlue Unrecognized At February 1, 2015 | 63 | ||
Restricted Stock Units (RSUs) [Member] | |||
NOTE 11 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock Units Activity [Line Items] | |||
Whole Number of Shares (in Shares) | 24,546 | 32,353 | 32,353 |
Aggregate Grant-Date Fair Value | 312 | ||
Compensation Expense Recognized | 225 | ||
Grant-Date Fair VAlue Unrecognized At February 1, 2015 | $87 |
NOTE_12_EARNINGS_PER_SHARE_Det
NOTE 12 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
In Thousands, unless otherwise specified | |||
NOTE 12 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 52,004 | 60,967 | 61,416 |
Restricted Stock [Member] | |||
NOTE 12 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 27,458 | 28,614 | 29,063 |
Restricted Stock Units (RSUs) [Member] | |||
NOTE 12 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 24,546 | 32,353 | 32,353 |
NOTE_12_EARNINGS_PER_SHARE_Det1
NOTE 12 - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | 4-May-14 | Feb. 02, 2014 | Nov. 03, 2013 | Aug. 04, 2013 | 5-May-13 | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $4,298 | $3,204 | $2,272 | $2,804 | $1,999 | $2,116 | $1,688 | $2,126 | $12,578 | $7,929 | $8,626 |
Less: Dividends on unvested restricted shares | 11 | 12 | 11 | ||||||||
Net earnings allocated to unvested restricted stock | 33 | 22 | 23 | ||||||||
Earnings available for common shareholders | $12,534 | $7,895 | $8,592 | ||||||||
Weighted average shares outstanding for basic earnings per share (in Shares) | 10,736 | 10,722 | 10,745 | ||||||||
Dilutive effect of unvested restricted stock awards (in Shares) | 35 | 30 | 30 | ||||||||
Weighted average shares outstanding for diluted earnings per share (in Shares) | 10,771 | 10,752 | 10,775 | ||||||||
Basic earnings per share (in Dollars per share) | $0.40 | $0.30 | $0.21 | $0.26 | $0.19 | $0.20 | $0.16 | $0.20 | $1.17 | $0.74 | $0.80 |
Diluted earnings per share (in Dollars per share) | $0.40 | $0.30 | $0.21 | $0.26 | $0.19 | $0.20 | $0.16 | $0.20 | $1.16 | $0.74 | $0.80 |
NOTE_13_INCOME_TAXES_Details
NOTE 13 - INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | |
NOTE 13 - INCOME TAXES (Details) [Line Items] | |||
Other Income Tax Expense (Benefit), Continuing Operations | $6,600,000 | ($4,500,000) | $4,300,000 |
Income Tax Expense (Benefit) | 6,820,000 | 4,539,000 | 4,367,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 254,000 | 59,000 | -51,000 |
Deferred Tax Asset, Net of AOCI | 5,892,000 | 5,715,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -34,000 | ||
Unrecognized Tax Benefits | 482,000 | 359,000 | 0 |
Liability for Uncertain Tax Positions, Current | 53,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 426,000 | ||
Accrued Income Taxes, Current | 1,368,000 | 0 | |
Accrued Income Taxes, Noncurrent | 90,000 | 103,000 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | -350,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 26,000 | 3,000 | |
State and Local Jurisdiction [Member] | |||
NOTE 13 - INCOME TAXES (Details) [Line Items] | |||
Unrecognized Tax Benefits | 142,000 | 103,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate [Member] | |||
NOTE 13 - INCOME TAXES (Details) [Line Items] | |||
Accrued Income Taxes, Current | 336,000 | ||
Accrued Income Taxes, Noncurrent | 90,000 | ||
Investment in Captive Insurance Arrangement [Member] | |||
NOTE 13 - INCOME TAXES (Details) [Line Items] | |||
Increase in Unrecognized Tax Benefits is Reasonably Possible | 200,000 | ||
Unrecognized Tax Benefits | $284,000 |
NOTE_13_INCOME_TAXES_Details_S
NOTE 13 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Current expense | |||
Federal | $6,024 | $3,755 | $3,894 |
Foreign | 40 | 41 | 50 |
State | 635 | 403 | 403 |
Total current expense | 6,699 | 4,199 | 4,347 |
Deferred taxes | |||
Federal | 97 | 214 | -35 |
State | 24 | 126 | 55 |
Total deferred taxes | 121 | 340 | 20 |
Income tax expense | $6,820 | $4,539 | $4,367 |
NOTE_13_INCOME_TAXES_Details_S1
NOTE 13 - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||
Income taxes at statutory rate | 35.00% | 34.00% | 34.00% |
Increase (decrease) in tax rate resulting from: | |||
State taxes, net of federal benefit | 2.00% | 2.10% | 2.10% |
Officer's life insurance | -1.20% | -1.80% | -3.10% |
Other, net | -0.60% | 2.10% | 0.60% |
Effective income tax rate | 35.20% | 36.40% | 33.60% |
NOTE_13_INCOME_TAXES_Details_S2
NOTE 13 - INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Deferred compensation | $4,120 | $3,455 |
Allowance for bad debts | 492 | 448 |
State income taxes | 8 | 43 |
Property, plant and equipment | 405 | 370 |
Intangible assets | 524 | 745 |
Charitable contribution carryforward | 246 | 608 |
Inventories | 0 | 148 |
Other | 404 | 308 |
Total deferred tax assets | 6,199 | 6,125 |
Valuation allowance | 0 | -34 |
6,199 | 6,091 | |
Liabilities | ||
Employee benefits | 362 | 320 |
Inventory | 143 | 0 |
Total deferred tax liabilities | 505 | 320 |
Net deferred tax asset without AOCI | 5,694 | 5,771 |
Deferred tax (asset) liability in AOCI | 198 | -56 |
Total net deferred tax asset | $5,892 | $5,715 |
NOTE_13_INCOME_TAXES_Details_S3
NOTE 13 - INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Balance, beginning of year | $359 | $0 |
Increase related to prior year tax positions | 75 | 279 |
Decrease related to prior year tax positions | 0 | 0 |
Increase related to current year tax positions | 48 | 80 |
Balance, end of year | $482 | $359 |
NOTE_14_SEGMENT_INFORMATION_De
NOTE 14 - SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | |
Segment Reporting [Abstract] | |||
Number of Operating Segments | 3 | 2 | |
Consolidated Net Sales, Percent of International Customers | 6.00% | 4.00% | 4.40% |
NOTE_14_SEGMENT_INFORMATION_De1
NOTE 14 - SEGMENT INFORMATION (Details) - Segment Reporting Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | 4-May-14 | Feb. 02, 2014 | Nov. 03, 2013 | Aug. 04, 2013 | 5-May-13 | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $64,903 | $63,168 | $54,883 | $61,396 | $57,572 | $59,125 | $55,301 | $56,295 | $244,350 | $228,293 | $218,359 |
% of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||
Gross Profit | |||||||||||
Gross Profit | 17,502 | 16,031 | 13,657 | 15,610 | 13,954 | 13,598 | 13,257 | 13,916 | 62,800 | 54,725 | 52,546 |
% of Net Sales, Gross Profit | 25.70% | 24.00% | 24.10% | ||||||||
Operating Income | |||||||||||
Operating Income | 19,048 | 12,503 | 12,940 | ||||||||
% of Net Sales, Operating Income | 7.80% | 5.50% | 5.90% | ||||||||
Capital Expenditures | |||||||||||
% of Net Sales, Capital Expenditures | 2,994 | 3,471 | 4,061 | ||||||||
Depreciation & Amortization | |||||||||||
% of Net Sales, Depreciation & Amortization | 2,599 | 2,491 | 2,566 | ||||||||
Casegoods [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 153,882 | 143,802 | 141,064 | ||||||||
% of Net Sales | 63.00% | 63.00% | 64.60% | ||||||||
Gross Profit | |||||||||||
Gross Profit | 44,868 | 38,762 | 38,054 | ||||||||
% of Net Sales, Gross Profit | 29.20% | 27.00% | 27.00% | ||||||||
Operating Income | |||||||||||
Operating Income | 17,286 | 12,150 | 12,082 | ||||||||
% of Net Sales, Operating Income | 11.20% | 8.40% | 8.60% | ||||||||
Capital Expenditures | |||||||||||
% of Net Sales, Capital Expenditures | 2,124 | 2,489 | 3,156 | ||||||||
Depreciation & Amortization | |||||||||||
% of Net Sales, Depreciation & Amortization | 1,591 | 1,551 | 1,671 | ||||||||
Upholstery [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 86,362 | 83,027 | 77,295 | ||||||||
% of Net Sales | 35.30% | 36.40% | 35.40% | ||||||||
Gross Profit | |||||||||||
Gross Profit | 16,489 | 15,393 | 14,492 | ||||||||
% of Net Sales, Gross Profit | 19.10% | 18.50% | 18.80% | ||||||||
Operating Income | |||||||||||
Operating Income | 2,871 | 1,913 | 987 | ||||||||
% of Net Sales, Operating Income | 3.30% | 2.30% | 1.30% | ||||||||
Capital Expenditures | |||||||||||
% of Net Sales, Capital Expenditures | 830 | 982 | 905 | ||||||||
Depreciation & Amortization | |||||||||||
% of Net Sales, Depreciation & Amortization | 1,005 | 940 | 895 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 5,025 | 1,487 | 0 | ||||||||
% of Net Sales | 2.10% | 0.70% | 0.00% | ||||||||
Gross Profit | |||||||||||
Gross Profit | 1,465 | 588 | 0 | ||||||||
% of Net Sales, Gross Profit | 29.20% | 39.50% | 0.00% | ||||||||
Operating Income | |||||||||||
Operating Income | -1,087 | -1,542 | -129 | ||||||||
% of Net Sales, Operating Income | -21.60% | -103.70% | 0.00% | ||||||||
Capital Expenditures | |||||||||||
% of Net Sales, Capital Expenditures | 40 | 0 | 0 | ||||||||
Depreciation & Amortization | |||||||||||
% of Net Sales, Depreciation & Amortization | 3 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | -919 | -23 | 0 | ||||||||
% of Net Sales | -0.40% | 0.00% | 0.00% | ||||||||
Gross Profit | |||||||||||
Gross Profit | -22 | -18 | 0 | ||||||||
% of Net Sales, Gross Profit | 2.40% | 76.70% | 0.00% | ||||||||
Operating Income | |||||||||||
Operating Income | ($22) | ($18) | $0 | ||||||||
% of Net Sales, Operating Income | 2.40% | 76.70% | 0.00% |
NOTE_14_SEGMENT_INFORMATION_De2
NOTE 14 - SEGMENT INFORMATION (Details) - Assets from Segments to Consolidated (USD $) | Feb. 01, 2015 | Feb. 02, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $170,755 | $155,481 |
% Total Assets | 100.00% | 100.00% |
Casegoods [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 135,403 | 121,316 |
% Total Assets | 79.30% | 78.00% |
Upholstery [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 33,788 | 33,136 |
% Total Assets | 19.80% | 21.30% |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 1,605 | 1,047 |
% Total Assets | 0.90% | 0.70% |
Intersegment Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | ($41) | ($18) |
% Total Assets | 0.00% | 0.00% |
NOTE_15_COMMITMENTS_CONTINGENC1
NOTE 15 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
Building [Member] | |||
NOTE 15 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||
Operating Leases, Rent Expense | $2.80 | $2.30 | $2 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 2.1 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 1.7 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 1.3 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 1.3 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1.2 | ||
Standby Letters of Credit [Member] | |||
NOTE 15 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||
Letters of Credit Outstanding, Amount | $1.50 |
NOTE_16_CONCENTRATIONS_OF_SOUR1
NOTE 16 - CONCENTRATIONS OF SOURCING RISK (Details) | 12 Months Ended | |
Feb. 01, 2015 | Feb. 02, 2014 | |
Risks and Uncertainties [Abstract] | ||
Imports, vendors | 20 | |
Imports, factories | 20 | |
Imports, countries | 5 | |
China import purchases, percentage | 73.00% | 20.00% |
China, worldwide purchases of imported products, percentage | 59.00% |
NOTE_17_CONSOLIDATED_QUARTERLY2
NOTE 17 - CONSOLIDATED QUARTERLY DATA (Unaudited) (Details) - Schedule of Quarterly Financial Information (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2015 | Nov. 02, 2014 | Aug. 03, 2014 | 4-May-14 | Feb. 02, 2014 | Nov. 03, 2013 | Aug. 04, 2013 | 5-May-13 | Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 |
2015 | |||||||||||
Net sales | $64,903 | $63,168 | $54,883 | $61,396 | $57,572 | $59,125 | $55,301 | $56,295 | $244,350 | $228,293 | $218,359 |
Cost of sales | 47,401 | 47,137 | 41,226 | 45,786 | 43,618 | 45,527 | 42,044 | 42,379 | 181,550 | 173,568 | 165,813 |
Gross profit | 17,502 | 16,031 | 13,657 | 15,610 | 13,954 | 13,598 | 13,257 | 13,916 | 62,800 | 54,725 | 52,546 |
Selling and administrative expenses | 10,994 | 11,148 | 10,243 | 11,367 | 10,480 | 10,443 | 10,617 | 10,682 | 43,752 | 42,222 | 39,606 |
Net income | $4,298 | $3,204 | $2,272 | $2,804 | $1,999 | $2,116 | $1,688 | $2,126 | $12,578 | $7,929 | $8,626 |
Basic earnings per share (in Dollars per share) | $0.40 | $0.30 | $0.21 | $0.26 | $0.19 | $0.20 | $0.16 | $0.20 | $1.17 | $0.74 | $0.80 |
Diluted earnings per share (in Dollars per share) | $0.40 | $0.30 | $0.21 | $0.26 | $0.19 | $0.20 | $0.16 | $0.20 | $1.16 | $0.74 | $0.80 |
NOTE_18_SUBSEQUENT_EVENTS_Deta
NOTE 18 - SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Feb. 01, 2015 | Feb. 02, 2014 | Feb. 03, 2013 | Mar. 10, 2015 | Feb. 28, 2015 | |
NOTE 18 - SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $0.40 | $0.40 | $0.40 | ||
Antidumping Duties, Civil Penalty [Member] | Subsequent Event [Member] | |||||
NOTE 18 - SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Loss Contingency Accrual | $2,100,000 | ||||
Antidumping Duties [Member] | Subsequent Event [Member] | |||||
NOTE 18 - SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Loss Contingency Accrual | $500,000 | ||||
Subsequent Event [Member] | |||||
NOTE 18 - SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Dividends Payable, Date Declared | 10-Mar-15 | ||||
Common Stock, Dividends, Per Share, Declared | $0.10 | ||||
Dividends Payable, Date to be Paid | 3-Apr-15 | ||||
Dividends Payable, Date of Record | 20-Mar-15 |