Hooker Furnishings (HOFT) 10-Q 9 Jun 15 2016 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	3-May-15	Jun. 03, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Hooker Furniture Corp
Document Type	10-Q
Current Fiscal Year End Date	-30
Entity Common Stock, Shares Outstanding		10,811,165
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	3-May-15
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$40,534	$38,663
Trade accounts receivable, less allowance for doubtful accounts of $1,233 and $1,329 on each respective date	30,323	32,245
Inventories	43,956	44,973
Income Tax Recoverable	178	0
Prepaid expenses and other current assets	2,133	2,353
Deferred taxes	871	1,704
Total current assets	117,995	119,938
Property, plant and equipment, net	22,591	22,824
Cash surrender value of life insurance policies	20,734	20,373
Deferred taxes	4,194	4,188
Intangible assets	1,382	1,382
Other assets	2,051	2,050
Total non-current assets	50,952	50,817
Total assets	168,947	170,755
Current liabilities
Trade accounts payable	8,425	10,293
Accrued salaries, wages and benefits	2,873	4,824
Income tax accrual	0	1,368
Accrued commissions	940	916
Customer deposits	910	853
Other accrued expenses	942	813
Total current liabilities	14,090	19,067
Deferred compensation	8,525	8,329
Income tax accrual	89	90
Other long-term liabilities	376	360
Total long-term liabilities	8,990	8,779
Total liabilities	23,080	27,846
Shareholders’ equity
Common stock, no par value, 20,000 shares authorized, 10,811 and 10,774 shares issued and outstanding, respectively, on each date	18,389	17,852
Retained earnings	127,786	125,392
Accumulated other comprehensive loss	-308	-335
Total shareholders’ equity	145,867	142,909
Total liabilities and shareholders’ equity	$168,947	$170,755

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Allowance for doubtful accounts (in Dollars)	$1,233	$1,329
Common stock, shares authorized	20,000	20,000
Common stock, shares issued	10,811	10,774
Common stock, shares outstanding	10,811	10,774

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	3-May-15	4-May-14
Net sales	$60,956	$61,396
Cost of sales	44,581	45,786
Gross profit	16,375	15,610
Selling and administrative expenses	11,133	11,367
Operating income	5,242	4,243
Other income, net	132	46
Income before income taxes	5,374	4,289
Income tax expense	1,902	1,485
Net income	$3,472	$2,804
Earnings per share
Basic (in Dollars per share)	$0.32	$0.26
Diluted (in Dollars per share)	$0.32	$0.26
Weighted average shares outstanding:
Basic (in Shares)	10,756	10,724
Diluted (in Shares)	10,781	10,762
Cash dividends declared per share (in Dollars per share)	$0.10	$0.10

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15	4-May-14
Net Income	$3,472	$2,804
Other comprehensive income:
Amortization of actuarial loss (gain)	45	-13
Income tax effect on amortization	-17	5
Adjustments to net periodic benefit cost	28	-8
Total comprehensive Income	$3,500	$2,796

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15	4-May-14
Operating Activities:
Net income	$3,472	$2,804
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	620	613
Loss/(Gain) on disposal of assets	41	-34
Deferred income tax expense	826	353
Noncash restricted stock and performance awards	157	135
Provision for doubtful accounts	698	125
Changes in assets and liabilities:
Trade accounts receivable	1,224	-1,129
Inventories	1,017	5,429
Income tax recoverable	-178	682
Gain on life insurance policies	-173	-126
Prepaid expenses and other current assets	193	237
Trade accounts payable	-1,869	1,616
Accrued salaries, wages, and benefits	-1,494	-673
Accrued income taxes	-1,368	142
Accrued commissions	24	-78
Customer deposits	58	-226
Other accrued expenses	130	77
Deferred compensation	146	34
Other long-term liabilities	15	20
Net cash provided by operating activities	3,539	10,001
Investing Activities:
Purchases of property and equipment	-428	-1,008
Proceeds received on notes for sale of assets	7	11
Proceeds from sale of property and equipment	0	65
Premiums paid on life insurance policies	-168	-190
Net cash used in investing activities	-589	-1,122
Financing Activities:
Cash dividends paid	-1,079	-1,075
Net cash used in financing activities	-1,079	-1,075
Net increase in cash and cash equivalents	1,871	7,804
Cash and cash equivalents - beginning of year	38,663	23,882
Cash and cash equivalents - end of quarter	40,534	31,686
Supplemental schedule of cash flow information:
Income taxes paid, net	($2,611)	($294)

1_Preparation_of_Interim_Finan

1. Preparation of Interim Financial Statements	3 Months Ended
	3-May-15
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]	1.           Preparation of Interim Financial Statements
	The condensed consolidated financial statements of Hooker Furniture Corporation and subsidiaries (referred to as “we,” “us,” “our,” “Hooker” or the “Company”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”).  In the opinion of management, these statements include all adjustments necessary for a fair statement of the results of all interim periods reported herein.  All such adjustments are of a normal recurring nature.  Certain information and footnote disclosures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) are condensed or omitted pursuant to SEC rules and regulations.  However, we believe that the disclosures made are adequate for a fair presentation of our results of operations and financial position.  Operating results for the interim periods reported herein may not be indicative of the results expected for the fiscal year.  These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended February 1, 2015 (“2015 Annual Report”).
	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect both the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from our estimates.
	The financial statements contained herein are being filed as part of a quarterly report on Form 10-Q covering the thirteen-week period (also referred to as “three months,” “three-month period,” “quarter,” “first quarter” or “quarterly period”) that began February 2, 2015 and ended May 3, 2015.  These financial statements also include the thirteen-week period that began February 3, 2014 and ended May 4, 2014.
	References in these notes to the condensed consolidated financial statements of the Company to:
	§	the 2016 fiscal year and comparable terminology mean the fiscal year that began February 2, 2015 and will end January 31, 2016; and
	§	the 2015 fiscal year and comparable terminology mean the fiscal year that began February 3, 2014 and ended February 1, 2015.

2_Accounts_Receivable

2. Accounts Receivable	3 Months Ended
	3-May-15
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	2.           Accounts Receivable
		May 3,			February 1,
		2015			2015
	Trade accounts receivable	$	23,052		$	25,322
	Receivable from factor		8,504			8,252
	Allowance for doubtful accounts		(1,233	)		(1,329	)
	Accounts receivable	$	30,323		$	32,245
	“Receivable from factor” represents amounts due with respect to factored accounts receivable. Through the fiscal 2016 first quarter, we factored 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 May 3, 2015 and February 1, 2015 were $256,000 and $237,000, 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.

3_Inventories

3. Inventories	3 Months Ended
	3-May-15
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	3.           Inventories
			May 3,		February 1,
			2015		2015
	Finished furniture	$	54,035		$	54,896
	Furniture in process		642			615
	Materials and supplies		9,307			9,131
	Inventories at FIFO		63,984			64,642
	Reduction to LIFO basis		(20,028	)		(19,669	)
	Inventories	$	43,956		$	44,973

4_Property_Plant_and_Equipment

4. Property, Plant and Equipment	3 Months Ended
	3-May-15
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	4.           Property, Plant and Equipment
		Depreciable Lives	May 3,		Feb 1,
		(In years)	2015		2015
	Buildings and land improvements	15 - 30	$	21,966	$	22,162
	Computer software and hardware	10-Mar		11,921		18,444
	Machinery and equipment	10		4,771		4,757
	Leasehold improvements	5		2,874		2,840
	Furniture and fixtures	8-Mar		1,433		2,240
	Other	5		564		628
	Total depreciable property at cost			43,529		51,070
	Less accumulated depreciation			25,791		32,790
	Total depreciable property, net			17,738		18,280
	Land			1,067		1,067
	Construction-in-progress			3,786		3,477
	Property, plant and equipment, net		$	22,591	$	22,824
	The decreases in computer software and hardware, furniture and fixtures and accumulated depreciation line items above in the first quarter of fiscal 2016 are primarily due to the write-off of fully depreciated assets that are no longer in use.  At May 3, 2015, construction-in-progress consisted of approximately $3.0 million of expenditures related to our ongoing Enterprise Resource Planning (ERP) conversion efforts and approximately $800,000 of expenditures related to various other projects to enhance our facilities and operations.

5_Fair_Value_Measurements

5. Fair Value Measurements	3 Months Ended
	3-May-15
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	5.           Fair Value Measurements
	Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
	Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities;
	Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
	Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
	As of May 3, 2015 and February 1, 2015, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period.
	As of May 3, 2015, a mortgage note receivable (related to the previously announced sale of our Cloverleaf facility during the fiscal 2015 first quarter) was measured at fair value on a non-recurring basis using Level 3 inputs. The note receivable was recorded at approximately $1.6 million, which was the face value of the note issued for the mortgage. The carrying value of the note receivable is assumed to approximate its fair value. We measure the probability to collect amounts due to us under this note receivable primarily based on the buyer’s payment history. Specifically, we consider the buyer’s adherence to the contractual payment terms for both the timeliness and payment amounts. Should it become probable that we would be unable to collect all amounts due according to the contractual terms of the underlying loan agreement, we would measure the note for impairment and record a valuation allowance against the note receivable, if needed, with the related expense charged to income for that period. The note receivable is included in the “Other assets” line of our condensed consolidated balance sheets.
	Our assets measured at fair value on a recurring basis at May 3, 2015 and February 1, 2015, respectively, were as follows:
		Fair value at May 3, 2015								Fair value at February 1, 2015
	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	$	-	$	20,734	$	-	$	20,734	$	-	$	20,373	$	-	$	20,373
	Mortgage note receivable		-		-		1,575		1,575		-		-		1,575		1,575

6_Intangible_Assets

6. Intangible Assets	3 Months Ended
	3-May-15
Disclosure Text Block [Abstract]
Intangible Assets Disclosure [Text Block]	6.           Intangible Assets
			May 3,		February 1,
	Non-amortizable Intangible Assets	Segment	2015		2015
	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 trademarks and tradenames			1,382		1,382

7_Long_Term_Debt

7. Long Term Debt	3 Months Ended
	3-May-15
Disclosure Text Block [Abstract]
Long-term Debt [Text Block]	7.           Long Term Debt
	As of May 3, 2015, we had an aggregate $13.5 million available under our $15.0 million unsecured revolving credit facility to fund working capital needs.  Standby letters of credit in the aggregate amount of $1.5 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under our revolving credit facility as of May 3, 2015.  There were no additional borrowings outstanding under the revolving credit facility on May 3, 2015.  Any principal outstanding under the revolving credit facility is due July 31, 2018.

8_Employee_Benefit_Plans

8. Employee Benefit Plans	3 Months Ended
	3-May-15
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	8.           Employee Benefit Plans
	We maintain a supplemental retirement income plan (“SRIP”) for certain former and current executives. The liability for the SRIP at May 3, 2015 and February 1, 2015 was $8.5 million and $8.4 million, respectively, and is shown in our condensed consolidated balance sheets as follows:
			May 3,	February 1,
			2015	2015
	Accrued salaries, wages and benefits (current portion)	$	354	$	354
	Deferred compensation (long-term portion)		8,122		8,031
	Total liability	$	8,476	$	8,385
	Components of net periodic benefit cost for the SRIP are included in our condensed consolidated statements of income under selling and administrative expenses:
		Thirteen Weeks Ended
		May 3,		May 4,
		2015		2014
	Net periodic benefit cost
	Service cost	$	101	$	25
	Interest cost		72		85
	Actuarial loss (gain)		45		(13	)
	Net periodic benefit cost	$	218	$	97
	The performance criteria for the performance grants awarded to our named executive officers in fiscal 2013 were met and common stock was issued during the fiscal 2016 first quarter for this stock-based compensation. Consequently, most of the increase in the balance of our common stock as of the end of our fiscal 2016 first quarter resulted from this stock based compensation.

9_Earnings_Per_Share

9. Earnings Per Share	3 Months Ended
	3-May-15
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	9.           Earnings Per Share
	We refer you to the discussion of Earnings Per Share in Note 1-Summary of Significant Accounting Policies, in the financial statements included in our 2015 Annual Report, for additional information concerning the calculation of earnings per share.
	We have issued restricted stock awards to non-employee members of the board of directors since 2006 and restricted stock units (RSUs) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles the executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated:
		May 3,		Feb 1,
		2015		2015
	Restricted shares		33		27
	Restricted stock units		20		25
			53		52
	All restricted shares and RSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share:
		Thirteen Weeks Ended
		May 3,		May 4,
		2015		2014
	Net income	$	3,472	$	2,804
	Less: Unvested participating restricted stock dividends		3		3
	Net earnings allocated to unvested participating restricted stock		9		7
	Earnings available for common shareholders		3,460		2,794
	Weighted average shares outstanding for basic earnings per share		10,756		10,724
	Dilutive effect of unvested restricted stock and RSU awards		25		38
	Weighted average shares outstanding for diluted earnings per share		10,781		10,762
	Basic earnings per share	$	0.32	$	0.26
	Diluted earnings per share	$	0.32	$	0.26

10_Income_Taxes

10. Income Taxes	3 Months Ended
	3-May-15
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	10.         Income Taxes
	We recorded income tax expense of $1.9 million for the fiscal 2016 first quarter compared to $1.5 million for the comparable prior year period.  The effective tax rates for the fiscal 2016 and 2015 first quarters were 35.4% and 34.6%, respectively.  Our effective tax rate was higher in the fiscal 2016 first quarter as a result of a higher federal rate due to higher taxable income.
	The net unrecognized tax benefits as of May 3, 2015 and February 1, 2015, which, if recognized, would affect our effective tax rate are $427,000 and $426,000, respectively.
	Our Federal tax returns for the fiscal years 2013 through 2015 remain subject to examination by federal taxing authorities. Our state tax returns for the fiscal years ending 2012 through fiscal 2015 remain subject to examination by state taxing authorities.  An examination of our fiscal year 2013 Federal tax return is currently underway by the Internal Revenue Service. In addition, an examination of our North Carolina state tax returns for fiscal years 2012 and 2013 is also underway by the North Carolina Department of Revenue.

11_Segment_Information

11. Segment Information	3 Months Ended
	3-May-15
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	11.         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 the fiscal 2015 first quarter appearing in the table below has been updated to conform to the current presentation of our operating segments. The following table presents segment information for the periods, and as of the dates, indicated:
		Thirteen Weeks Ended
		3-May-15						4-May-14
					% Net Sales						% Net Sales
	Net Sales
	Casegoods	$	38,483			63.1	%	$	38,253			62.3	%
	Upholstery		21,303			34.9	%		22,378			36.4	%
	All other		1,332			2.2	%		910			1.5	%
	Intercompany eliminations		(162	)		-0.3	%		(145	)		-0.2	%
	Consolidated	$	60,956			100	%	$	61,396			100	%
	Gross Profit & Margin
	Casegoods	$	11,301			29.4	%	$	11,092			29	%
	Upholstery		4,718			22.1	%		4,233			18.9	%
	All other		351			26.4	%		283			31.1	%
	Intercompany eliminations		5			-2.8	%		2			-1.6	%
	Consolidated	$	16,375			26.9	%	$	15,610			25.4	%
	Operating Income & Margin
	Casegoods	$	4,101			10.7	%	$	4,066			10.6	%
	Upholstery		1,447			6.8	%		531			2.4	%
	All other		(311	)		-23.3	%		(356	)		-39.2	%
	Intercompany eliminations		5			-2.8	%		2			-1.6	%
	Consolidated	$	5,242			8.6	%	$	4,243			6.9	%
	Capital Expenditures
	Casegoods	$	369					$	678
	Upholstery		59						330
	All other		-						-
	Consolidated	$	428					$	1,008
	Depreciation & Amortization
	Casegoods	$	397					$	367
	Upholstery		221						246
	All other		2						-
	Consolidated	$	620					$	613
		As of May 3, 2015			% Total			As of February 1, 2015			% Total
	Total Assets				Assets						Assets
	Casegoods	$	133,077			78.8	%	$	135,403			79.3	%
	Upholstery		34,382			20.4	%		33,788			19.8	%
	All other		1,523			0.9	%		1,605			0.9	%
	Intercompany eliminations		(35	)		0	%		(41	)		0	%
	Consolidated	$	168,947			100	%	$	170,755			100	%

12_Subsequent_Events

12. Subsequent Events	3 Months Ended
	3-May-15
Subsequent Events [Abstract]
Subsequent Events [Text Block]	12.         Subsequent Events
	Dividends
	On June 4, 2015, our board of directors declared a quarterly cash dividend of $0.10 per share, payable on June 30, 2015 to shareholders of record at June 15, 2015.

2_Accounts_Receivable_Tables

2. Accounts Receivable (Tables)	3 Months Ended
	3-May-15
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]		May 3,			February 1,
		2015			2015
	Trade accounts receivable	$	23,052		$	25,322
	Receivable from factor		8,504			8,252
	Allowance for doubtful accounts		(1,233	)		(1,329	)
	Accounts receivable	$	30,323		$	32,245

3_Inventories_Tables

3. Inventories (Tables)	3 Months Ended
	3-May-15
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]			May 3,		February 1,
			2015		2015
	Finished furniture	$	54,035		$	54,896
	Furniture in process		642			615
	Materials and supplies		9,307			9,131
	Inventories at FIFO		63,984			64,642
	Reduction to LIFO basis		(20,028	)		(19,669	)
	Inventories	$	43,956		$	44,973

4_Property_Plant_and_Equipment1

4. Property, Plant and Equipment (Tables)	3 Months Ended
	3-May-15
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]		Depreciable Lives	May 3,		Feb 1,
		(In years)	2015		2015
	Buildings and land improvements	15 - 30	$	21,966	$	22,162
	Computer software and hardware	10-Mar		11,921		18,444
	Machinery and equipment	10		4,771		4,757
	Leasehold improvements	5		2,874		2,840
	Furniture and fixtures	8-Mar		1,433		2,240
	Other	5		564		628
	Total depreciable property at cost			43,529		51,070
	Less accumulated depreciation			25,791		32,790
	Total depreciable property, net			17,738		18,280
	Land			1,067		1,067
	Construction-in-progress			3,786		3,477
	Property, plant and equipment, net		$	22,591	$	22,824

5_Fair_Value_Measurements_Tabl

5. Fair Value Measurements (Tables)	3 Months Ended
	3-May-15
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Our assets measured at fair value on a recurring basis at May 3, 2015 and February 1, 2015, respectively, were as follows:
		Fair value at May 3, 2015								Fair value at February 1, 2015
	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	$	-	$	20,734	$	-	$	20,734	$	-	$	20,373	$	-	$	20,373
	Mortgage note receivable		-		-		1,575		1,575		-		-		1,575		1,575

6_Intangible_Assets_Tables

6. Intangible Assets (Tables)	3 Months Ended
	3-May-15
Disclosure Text Block [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]			May 3,		February 1,
	Non-amortizable Intangible Assets	Segment	2015		2015
	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 trademarks and tradenames			1,382		1,382

8_Employee_Benefit_Plans_Table

8. Employee Benefit Plans (Tables)	3 Months Ended
	3-May-15
Compensation and Retirement Disclosure [Abstract]
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]	We maintain a supplemental retirement income plan (“SRIP”) for certain former and current executives. The liability for the SRIP at May 3, 2015 and February 1, 2015 was $8.5 million and $8.4 million, respectively, and is shown in our condensed consolidated balance sheets as follows:
			May 3,	February 1,
			2015	2015
	Accrued salaries, wages and benefits (current portion)	$	354	$	354
	Deferred compensation (long-term portion)		8,122		8,031
	Total liability	$	8,476	$	8,385
Schedule of Net Benefit Costs [Table Text Block]	Components of net periodic benefit cost for the SRIP are included in our condensed consolidated statements of income under selling and administrative expenses:
		Thirteen Weeks Ended
		May 3,		May 4,
		2015		2014
	Net periodic benefit cost
	Service cost	$	101	$	25
	Interest cost		72		85
	Actuarial loss (gain)		45		(13	)
	Net periodic benefit cost	$	218	$	97

9_Earnings_Per_Share_Tables

9. Earnings Per Share (Tables)	3 Months Ended
	3-May-15
Earnings Per Share [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	We have issued restricted stock awards to non-employee members of the board of directors since 2006 and restricted stock units (RSUs) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles the executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated:
		May 3,		Feb 1,
		2015		2015
	Restricted shares		33		27
	Restricted stock units		20		25
			53		52
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	All restricted shares and RSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share:
		Thirteen Weeks Ended
		May 3,		May 4,
		2015		2014
	Net income	$	3,472	$	2,804
	Less: Unvested participating restricted stock dividends		3		3
	Net earnings allocated to unvested participating restricted stock		9		7
	Earnings available for common shareholders		3,460		2,794
	Weighted average shares outstanding for basic earnings per share		10,756		10,724
	Dilutive effect of unvested restricted stock and RSU awards		25		38
	Weighted average shares outstanding for diluted earnings per share		10,781		10,762
	Basic earnings per share	$	0.32	$	0.26
	Diluted earnings per share	$	0.32	$	0.26

11_Segment_Information_Tables

11. Segment Information (Tables)	3 Months Ended
	3-May-15
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table presents segment information for the periods, and as of the dates, indicated:
		Thirteen Weeks Ended
		3-May-15						4-May-14
					% Net Sales						% Net Sales
	Net Sales
	Casegoods	$	38,483			63.1	%	$	38,253			62.3	%
	Upholstery		21,303			34.9	%		22,378			36.4	%
	All other		1,332			2.2	%		910			1.5	%
	Intercompany eliminations		(162	)		-0.3	%		(145	)		-0.2	%
	Consolidated	$	60,956			100	%	$	61,396			100	%
	Gross Profit & Margin
	Casegoods	$	11,301			29.4	%	$	11,092			29	%
	Upholstery		4,718			22.1	%		4,233			18.9	%
	All other		351			26.4	%		283			31.1	%
	Intercompany eliminations		5			-2.8	%		2			-1.6	%
	Consolidated	$	16,375			26.9	%	$	15,610			25.4	%
	Operating Income & Margin
	Casegoods	$	4,101			10.7	%	$	4,066			10.6	%
	Upholstery		1,447			6.8	%		531			2.4	%
	All other		(311	)		-23.3	%		(356	)		-39.2	%
	Intercompany eliminations		5			-2.8	%		2			-1.6	%
	Consolidated	$	5,242			8.6	%	$	4,243			6.9	%
	Capital Expenditures
	Casegoods	$	369					$	678
	Upholstery		59						330
	All other		-						-
	Consolidated	$	428					$	1,008
	Depreciation & Amortization
	Casegoods	$	397					$	367
	Upholstery		221						246
	All other		2						-
	Consolidated	$	620					$	613
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	The following table presents segment information for the periods, and as of the dates, indicated:
		As of May 3, 2015			% Total			As of February 1, 2015			% Total
	Total Assets				Assets						Assets
	Casegoods	$	133,077			78.8	%	$	135,403			79.3	%
	Upholstery		34,382			20.4	%		33,788			19.8	%
	All other		1,523			0.9	%		1,605			0.9	%
	Intercompany eliminations		(35	)		0	%		(41	)		0	%
	Consolidated	$	168,947			100	%	$	170,755			100	%

2_Accounts_Receivable_Details

2. Accounts Receivable (Details) (USD $)	3-May-15	Feb. 01, 2015
Receivables [Abstract]
Accounts receivable factor recourse	$256,000	$237,000

2_Accounts_Receivable_Details_

2. Accounts Receivable (Details) - Accounts Receivable (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Accounts Receivable [Abstract]
Trade accounts receivable	$23,052	$25,322
Receivable from factor	8,504	8,252
Allowance for doubtful accounts	-1,233	-1,329
Accounts receivable	$30,323	$32,245

3_Inventories_Details_Schedule

3. Inventories (Details) - Schedule of Inventory, Current (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Schedule of Inventory, Current [Abstract]
Finished furniture	$54,035	$54,896
Furniture in process	642	615
Materials and supplies	9,307	9,131
Inventories at FIFO	63,984	64,642
Reduction to LIFO basis	-20,028	-19,669
Inventories	$43,956	$44,973

4_Property_Plant_and_Equipment2

4. Property, Plant and Equipment (Details) (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
4. Property, Plant and Equipment (Details) [Line Items]
Construction in Progress, Gross	$3,786	$3,477
Enterprise Resource Planning (ERP) [Member]
4. Property, Plant and Equipment (Details) [Line Items]
Construction in Progress, Gross	3,000
Various Other Projects to Enhance Facilities and Operations [Member]
4. Property, Plant and Equipment (Details) [Line Items]
Construction in Progress, Gross	$800,000

4_Property_Plant_and_Equipment3

4. Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15	Feb. 01, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$43,529	$51,070
Less accumulated depreciation	25,791	32,790
Total depreciable property, net	17,738	18,280
Land	1,067	1,067
Construction-in-progress	3,786	3,477
Property, plant and equipment, net	22,591	22,824
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives (In Years)	15 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives (In Years)	30 years
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	21,966	22,162
Computer Software and Hardware [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives (In Years)	3 years
Computer Software and Hardware [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives (In Years)	10 years
Computer Software and Hardware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	11,921	18,444
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,771	4,757
Property, Plant and Equipment, Depreciable Lives (In Years)	10 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,874	2,840
Property, Plant and Equipment, Depreciable Lives (In Years)	5 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives (In Years)	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives (In Years)	8 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,433	2,240
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$564	$628
Property, Plant and Equipment, Depreciable Lives (In Years)	5 years

5_Fair_Value_Measurements_Deta

5. Fair Value Measurements (Details) (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]
Notes Receivable, Fair Value Disclosure	$1,575	$1,575

5_Fair_Value_Measurements_Deta1

5. Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Assets measured at fair value
Company-owned life insurance	$20,734	$20,373
Mortgage note receivable	1,575	1,575
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	20,734	20,373
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	$1,575

6_Intangible_Assets_Details_Sc

6. Intangible Assets (Details) - Schedule of Intangible Assets (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
6. Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]
Total trademarks and tradenames	$1,382	$1,382
Upholstery [Member] | Bradington-Young [Member]
6. Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]
Trademarks and trade names	861	861
Upholstery [Member] | Sam Moore [Member]
6. Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]
Trademarks and trade names	396	396
Casegoods [Member]
6. Intangible Assets (Details) - Schedule of Intangible Assets [Line Items]
URL- Homeware.com	125	125
Total trademarks and tradenames	$1,382	$1,382

7_Long_Term_Debt_Details

7. Long Term Debt (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	3-May-15
7. Long Term Debt (Details) [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$13.50
Line of Credit Facility, Maximum Borrowing Capacity	15
Line of Credit Facility, Expiration Date	31-Jul-18
Standby Letters of Credit [Member]
7. Long Term Debt (Details) [Line Items]
Letters of Credit Outstanding, Amount	$1.50

8_Employee_Benefit_Plans_Detai

8. Employee Benefit Plans (Details) (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
8. Employee Benefit Plans (Details) [Line Items]
Defined Benefit Plan, Benefit Obligation	$8,476	$8,385
Supplemental Employee Retirement Plan [Member]
8. Employee Benefit Plans (Details) [Line Items]
Defined Benefit Plan, Benefit Obligation	$8,500	$8,400

8_Employee_Benefit_Plans_Detai1

8. Employee Benefit Plans (Details) - Schedule of Amounts Recognized in Balance Sheet (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Schedule of Amounts Recognized in Balance Sheet [Abstract]
Accrued salaries, wages and benefits (current portion)	$354	$354
Deferred compensation (long-term portion)	8,122	8,031
Total liability	$8,476	$8,385

8_Employee_Benefit_Plans_Detai2

8. Employee Benefit Plans (Details) - Schedule of Net Benefit Costs (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15	4-May-14
Net periodic benefit cost
Service cost	$101	$25
Interest cost	72	85
Actuarial loss (gain)	45	-13
Net periodic benefit cost	$218	$97

9_Earnings_Per_Share_Details_S

9. Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
9. Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items]
Number of Shares Outstanding	53	52
Restricted Stock [Member]
9. Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items]
Number of Shares Outstanding	33	27
Restricted Stock Units (RSUs) [Member]
9. Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items]
Number of Shares Outstanding	20	25

9_Earnings_Per_Share_Details_S1

9. Earnings Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	3-May-15	4-May-14
Schedule of Earnings Per Share, Basic and Diluted [Abstract]
Net income	$3,472	$2,804
Less: Unvested participating restricted stock dividends	3	3
Net earnings allocated to unvested participating restricted stock	9	7
Earnings available for common shareholders	$3,460	$2,794
Weighted average shares outstanding for basic earnings per share (in Shares)	10,756	10,724
Dilutive effect of unvested restricted stock and RSU awards (in Shares)	25	38
Weighted average shares outstanding for diluted earnings per share (in Shares)	10,781	10,762
Basic earnings per share (in Dollars per share)	$0.32	$0.26
Diluted earnings per share (in Dollars per share)	$0.32	$0.26

10_Income_Taxes_Details

10. Income Taxes (Details) (USD $)	3 Months Ended
	3-May-15	4-May-14
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$1,902,000	$1,485,000
Effective Income Tax Rate Reconciliation, Percent	35.40%	-34.60%
Unrecognized Tax Benefits	$427,000	$426,000

11_Segment_Information_Details

11. Segment Information (Details) - Segment Reporting Information (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15	4-May-14
Net Sales
Net Sales	$60,956	$61,396
% of Net Sales	100.00%	100.00%
Gross Profit & Margin
Gross Profit & Margin	16,375	15,610
% of Net Sales, Gross Profit & Margin	26.90%	25.40%
Operating Income & Margin
Operating Income & Margin	5,242	4,243
% of Net Sales, Operating Income & Margin	8.60%	6.90%
Capital Expenditures
% of Net Sales, Capital Expenditures	428	1,008
Depreciation & Amortization
% of Net Sales, Depreciation & Amortization	620	613
Casegoods [Member]
Net Sales
Net Sales	38,483	38,253
% of Net Sales	63.10%	62.30%
Gross Profit & Margin
Gross Profit & Margin	11,301	11,092
% of Net Sales, Gross Profit & Margin	29.40%	29.00%
Operating Income & Margin
Operating Income & Margin	4,101	4,066
% of Net Sales, Operating Income & Margin	10.70%	10.60%
Capital Expenditures
% of Net Sales, Capital Expenditures	369	678
Depreciation & Amortization
% of Net Sales, Depreciation & Amortization	397	367
Upholstery [Member]
Net Sales
Net Sales	21,303	22,378
% of Net Sales	34.90%	36.40%
Gross Profit & Margin
Gross Profit & Margin	4,718	4,233
% of Net Sales, Gross Profit & Margin	22.10%	18.90%
Operating Income & Margin
Operating Income & Margin	1,447	531
% of Net Sales, Operating Income & Margin	6.80%	2.40%
Capital Expenditures
% of Net Sales, Capital Expenditures	59	330
Depreciation & Amortization
% of Net Sales, Depreciation & Amortization	221	246
Other Segments [Member]
Net Sales
Net Sales	1,332	910
% of Net Sales	2.20%	1.50%
Gross Profit & Margin
Gross Profit & Margin	351	283
% of Net Sales, Gross Profit & Margin	26.40%	31.10%
Operating Income & Margin
Operating Income & Margin	-311	-356
% of Net Sales, Operating Income & Margin	-23.30%	-39.20%
Capital Expenditures
% of Net Sales, Capital Expenditures	0	0
Depreciation & Amortization
% of Net Sales, Depreciation & Amortization	2	0
Intersegment Eliminations [Member]
Net Sales
Net Sales	-162	-145
% of Net Sales	-0.30%	-0.20%
Gross Profit & Margin
Gross Profit & Margin	5	2
% of Net Sales, Gross Profit & Margin	-2.80%	-1.60%
Operating Income & Margin
Operating Income & Margin	$5	$2
% of Net Sales, Operating Income & Margin	-2.80%	-1.60%

11_Segment_Information_Details1

11. Segment Information (Details) - Assets from Segments to Consolidated (USD $)	3-May-15	Feb. 01, 2015
In Thousands, unless otherwise specified
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$168,947	$170,755
% Total Assets	100.00%	100.00%
Casegoods [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	133,077	135,403
% Total Assets	78.80%	79.30%
Upholstery [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	34,382	33,788
% Total Assets	20.40%	19.80%
Other Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	1,523	1,605
% Total Assets	0.90%	0.90%
Intersegment Eliminations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	($35)	($41)
% Total Assets	0.00%	0.00%

12_Subsequent_Events_Details

12. Subsequent Events (Details) (USD $)	3 Months Ended		1 Months Ended
	3-May-15	4-May-14	Jun. 09, 2015
12. Subsequent Events (Details) [Line Items]
Common Stock, Dividends, Per Share, Declared	$0.10	$0.10
Subsequent Event [Member]
12. Subsequent Events (Details) [Line Items]
Dividends Payable, Date Declared			4-Jun-15
Common Stock, Dividends, Per Share, Declared			$0.10
Dividends Payable, Date to be Paid			30-Jun-15
Dividends Payable, Date of Record			15-Jun-15