Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Nov. 01, 2015 | Dec. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Hooker Furniture Corp | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --01-31 | |
Entity Common Stock, Shares Outstanding | 10,811,507 | |
Amendment Flag | false | |
Entity Central Index Key | 1,077,688 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Nov. 1, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Current assets | ||
Cash and cash equivalents | $ 49,474 | $ 38,663 |
Trade accounts receivable, less allowance for doubtful accounts of $1,092 and $1,329 on each respective date | 30,655 | 32,245 |
Inventories | 42,019 | 44,973 |
Prepaid expenses and other current assets | 2,456 | 2,353 |
Deferred taxes | 1,565 | 1,704 |
Total current assets | 126,169 | 119,938 |
Property, plant and equipment, net | 22,896 | 22,824 |
Cash surrender value of life insurance policies | 21,617 | 20,373 |
Deferred taxes | 4,057 | 4,188 |
Intangible assets | 1,382 | 1,382 |
Other assets | 2,300 | 2,050 |
Total non-current assets | 52,252 | 50,817 |
Total assets | 178,421 | 170,755 |
Current liabilities | ||
Trade accounts payable | 8,098 | 10,293 |
Accrued salaries, wages and benefits | 4,713 | 4,824 |
Income tax accrual | 1,141 | 1,368 |
Accrued commissions | 882 | 916 |
Customer deposits | 911 | 853 |
Other accrued expenses | 911 | 813 |
Total current liabilities | 16,656 | 19,067 |
Deferred compensation | 8,714 | 8,329 |
Income tax accrual | 165 | 90 |
Other long-term liabilities | 400 | 360 |
Total long-term liabilities | 9,279 | 8,779 |
Total liabilities | 25,935 | 27,846 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, and 10,812 and 10,774 shares issued and outstanding, respectively, on each date | 18,546 | 17,852 |
Retained earnings | 134,191 | 125,392 |
Accumulated other comprehensive loss | (251) | (335) |
Total shareholders’ equity | 152,486 | 142,909 |
Total liabilities and shareholders’ equity | $ 178,421 | $ 170,755 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Allowance for doubtful accounts (in Dollars) | $ 1,092 | $ 1,329 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 10,812 | 10,774 |
Common stock, shares outstanding | 10,812 | 10,774 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2015 | Nov. 02, 2014 | Nov. 01, 2015 | Nov. 02, 2014 | |
Net sales | $ 65,338 | $ 63,168 | $ 186,434 | $ 179,447 |
Cost of sales | 47,173 | 47,137 | 135,801 | 134,149 |
Gross profit | 18,165 | 16,031 | 50,633 | 45,298 |
Selling and administrative expenses | 11,525 | 11,148 | 32,892 | 32,758 |
Operating income | 6,640 | 4,883 | 17,741 | 12,540 |
Other income, net | 33 | 85 | 216 | 183 |
Income before income taxes | 6,673 | 4,968 | 17,957 | 12,723 |
Income tax expense | 2,043 | 1,764 | 5,917 | 4,443 |
Net income | $ 4,630 | $ 3,204 | $ 12,040 | $ 8,280 |
Earnings per share | ||||
Basic (in Dollars per share) | $ 0.43 | $ 0.30 | $ 1.11 | $ 0.77 |
Diluted (in Dollars per share) | $ 0.43 | $ 0.30 | $ 1.11 | $ 0.77 |
Weighted average shares outstanding: | ||||
Basic (in Shares) | 10,787 | 10,742 | 10,775 | 10,733 |
Diluted (in Shares) | 10,809 | 10,771 | 10,802 | 10,766 |
Cash dividends declared per share (in Dollars per share) | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2015 | Nov. 02, 2014 | Nov. 01, 2015 | Nov. 02, 2014 | |
Net Income | $ 4,630 | $ 3,204 | $ 12,040 | $ 8,280 |
Other comprehensive income: | ||||
Amortization of actuarial loss (gain) | 44 | (13) | 134 | (38) |
Income tax effect on amortization | (16) | 11 | (50) | 20 |
Other comprehensive income, net of tax | 28 | (2) | 84 | (18) |
Total comprehensive Income | $ 4,658 | $ 3,202 | $ 12,124 | $ 8,262 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2015 | Nov. 02, 2014 | |
Operating Activities: | ||
Net income | $ 12,040 | $ 8,280 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,082 | 1,927 |
Loss/(Gain) on disposal of assets | 41 | (37) |
Deferred income tax expense | 346 | 274 |
Noncash restricted stock and performance awards | 566 | 405 |
Provision for doubtful accounts | (132) | 728 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 1,722 | (1,220) |
Inventories | 2,954 | 1,584 |
Income tax recoverable | 0 | 682 |
Gain on life insurance policies | (675) | (586) |
Prepaid expenses and other current assets | (269) | (612) |
Trade accounts payable | (2,214) | 2,248 |
Accrued salaries, wages, and benefits | 47 | 614 |
Accrued income taxes | (228) | 1,167 |
Accrued commissions | (34) | (35) |
Customer deposits | 58 | 65 |
Other accrued expenses | 99 | 139 |
Deferred compensation | 439 | 136 |
Other long-term liabilities | 40 | 41 |
Net cash provided by operating activities | 16,882 | 15,800 |
Investing Activities: | ||
Purchases of property and equipment | (2,177) | (2,460) |
Proceeds received on notes for sale of assets | 23 | 24 |
Proceeds from sale of property and equipment | 0 | 69 |
Premiums paid on life insurance policies | (676) | (758) |
Net cash used in investing activities | (2,830) | (3,125) |
Financing Activities: | ||
Cash dividends paid | (3,241) | (3,229) |
Net cash used in financing activities | (3,241) | (3,229) |
Net increase in cash and cash equivalents | 10,811 | 9,446 |
Cash and cash equivalents - beginning of year | 38,663 | 23,882 |
Cash and cash equivalents - end of quarter | 49,474 | 33,328 |
Supplemental schedule of cash flow information: | ||
Income taxes paid, net | (5,779) | (2,311) |
Supplemental schedule of noncash investing activities: | ||
Increase in property and equipment through accrued purchases | $ 18 | $ 0 |
1. Preparation of Interim Finan
1. Preparation of Interim Financial Statements | 9 Months Ended |
Nov. 01, 2015 | |
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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 and include: § our results of operations for the thirteen-week period (also referred to as “three months,” “three-month period,” “quarter,” “third quarter” or “quarterly period”) that began August 3, 2015 and the thirty-nine week period (also referred to as “nine months,” “nine-month period” or “year-to-date period”) that began February 2, 2015, which both ended November 1, 2015, compared to the thirteen-week period that began August 4, 2014 and the thirty-nine week period that began February 3, 2014, which both ended November 2, 2014; and § our financial condition as of November 1, 2015 compared to February 1, 2015. 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 | 9 Months Ended |
Nov. 01, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. Accounts Receivable November 1, February 1, 2015 2015 Trade accounts receivable $ 27,731 $ 25,322 Receivable from factor 4,016 8,252 Allowance for doubtful accounts (1,092 ) (1,329 ) Accounts receivable $ 30,655 $ 32,245 “Receivable from factor” represents amounts due with respect to factored accounts receivable. Before the fiscal 2016 second quarter, we factored substantially all of our domestically-produced upholstery accounts receivable without recourse to us. However, we ended Sam Moore’s factoring relationship when our new ERP system became fully operational there at the beginning of the fiscal 2016 second quarter. Since that time, we have been managing Sam Moore’s accounts receivable in-house. As of November 1, 2015 there are no outstanding receivables for which payment is due to us from the factor as part of its residual obligations under Sam Moore’s legacy factoring agreement. Under our current factoring agreement, which continues to serve Bradington-Young (BY), invoices for domestically produced BY 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 BY upholstery products are factored with recourse to us. The amounts of these receivables at November 1, 2015 and February 1, 2015 were $242,000 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 the calculation of our allowance for doubtful accounts. |
3. Inventories
3. Inventories | 9 Months Ended |
Nov. 01, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 3. Inventories November 1, February 1, 2015 2015 Finished furniture $ 54,187 $ 54,896 Furniture in process 827 615 Materials and supplies 7,762 9,131 Inventories at FIFO 62,776 64,642 Reduction to LIFO basis (20,757 ) (19,669 ) Inventories $ 42,019 $ 44,973 |
4. Property, Plant and Equipmen
4. Property, Plant and Equipment | 9 Months Ended |
Nov. 01, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property, Plant and Equipment Depreciable Lives November 1, February 1, (In years) 2015 2015 Buildings and land improvements 15 - 30 $ 22,378 $ 22,162 Computer software and hardware 3 - 10 15,568 18,444 Machinery and equipment 10 4,836 4,757 Leasehold improvements 5 2,811 2,840 Furniture and fixtures 3 - 8 1,440 2,240 Other 5 564 628 Total depreciable property at cost 47,597 51,070 Less accumulated depreciation 26,990 32,790 Total depreciable property, net 20,607 18,280 Land 1,067 1,067 Construction-in-progress 1,222 3,477 Property, plant and equipment, net $ 22,896 $ 22,824 The decreases in computer software and hardware, furniture and fixtures and accumulated depreciation line items above are primarily due to the write-off of fully depreciated assets that are no longer in use. At November 1, 2015, construction-in-progress primarily consisted of $233,000 of expenditures related to our ongoing Enterprise Resource Planning (ERP) conversion efforts and $989,000 related to various other projects to enhance our facilities and operations. The decrease in the construction-in-progress line item above is primarily due to placing our ERP asset in-service when the Sam Moore division went-live on our ERP platform during the fiscal 2016 second quarter. This partially offset the decreases in the computer software and hardware line item discussed above. |
5. Fair Value Measurements
5. Fair Value Measurements | 9 Months Ended |
Nov. 01, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5. 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 November 1, 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 November 1, 2015, a mortgage note receivable (related to the sale of our Cloverleaf warehouse 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 current portion of the note receivable is included in the prepaid expenses and other current assets line of our condensed consolidated balance sheets. The non-current portion is included in the “Other assets” line of our condensed consolidated balance sheets. Our assets measured at fair value on a recurring and non-recurring basis at November 1, 2015 and February 1, 2015, were as follows: Fair value at November 1, 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 $ - $ 21,617 $ - $ 21,617 $ - $ 20,373 $ - $ 20,373 Mortgage note receivable - - 1,575 1,575 - - 1,575 1,575 |
6. Intangible Assets
6. Intangible Assets | 9 Months Ended |
Nov. 01, 2015 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | 6. Intangible Assets November 1, 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 | 9 Months Ended |
Nov. 01, 2015 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 7. Long-Term Debt As of November 1, 2015, we had an aggregate $13.3 million available under our $15.0 million unsecured revolving credit facility to fund working capital needs. Standby letters of credit in the aggregate amount of $1.7 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under our revolving credit facility as of November 1, 2015. There were no additional borrowings outstanding under the revolving credit facility on November 1, 2015. Any principal outstanding under the revolving credit facility is due July 31, 2018. |
8. Employee Benefit Plans
8. Employee Benefit Plans | 9 Months Ended |
Nov. 01, 2015 | |
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 November 1, 2015 and February 1, 2015 was $8.7 million and $8.4 million, respectively, and is shown in our condensed consolidated balance sheets as follows: November 1, February 1, 2015 2015 Accrued salaries, wages and benefits (current portion) $ 354 $ 354 Deferred compensation (long-term portion) 8,341 8,031 Total liability $ 8,695 $ 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 Thirty-Nine Weeks Ended November 1, November 2, November 1, November 2, 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 101 $ 25 $ 304 $ 76 Interest cost 72 85 217 254 Actuarial gain 45 (13 ) 133 (38 ) Net periodic benefit cost $ 218 $ 97 $ 654 $ 292 |
9. Earnings Per Share
9. Earnings Per Share | 9 Months Ended |
Nov. 01, 2015 | |
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. Beginning in fiscal 2016, RSU grants to non-employee members of the board of directors have a one-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: November 1, February 1, 2015 2015 Restricted shares 25 27 Restricted stock units 20 25 45 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 Thirty-Nine Weeks Ended November 1, November 2, November 1, November 2, 2015 2014 2015 2014 Net income $ 4,630 $ 3,204 $ 12,040 $ 8,280 Less: Unvested participating restricted stock dividends 2 3 8 8 Net earnings allocated to unvested participating restricted stock 11 8 30 22 Earnings available for common shareholders 4,617 3,193 12,002 8,250 Weighted average shares outstanding for basic earnings per share 10,787 10,742 10,775 10,733 Dilutive effect of unvested restricted stock and RSU awards 22 29 27 33 Weighted average shares outstanding for diluted earnings per share 10,809 10,771 10,802 10,766 Basic earnings per share $ 0.43 $ 0.30 $ 1.11 $ 0.77 Diluted earnings per share $ 0.43 $ 0.30 $ 1.11 $ 0.77 |
10. Income Taxes
10. Income Taxes | 9 Months Ended |
Nov. 01, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. Income Taxes We recorded income tax expense of $2.0 million for the fiscal 2016 third quarter compared to $1.8 million for the comparable prior year period. The effective tax rates for the fiscal 2016 and 2015 third quarters were 30.6% and 35.5%, respectively. Our effective tax rate was lower in the fiscal 2016 third quarter as compared to fiscal 2015 third quarter, primarily due to the settlement of an uncertain tax position during the fiscal 2016 third quarter and increases in certain other permanent differences. We recorded income tax expense of $5.9 million for the fiscal 2016 first nine-months compared to $4.4 million for the comparable prior year period. The effective tax rates for the fiscal 2016 and 2015 nine-month periods were 32.9% and 34.9%, respectively. Our effective tax rate was lower in the fiscal 2016 nine-month period as compared to fiscal 2015 nine-month period, primarily due to the settlement of uncertain tax positions during the fiscal 2016 nine-month period and increases in certain other permanent differences. The net unrecognized tax benefits as of November 1, 2015 and February 1, 2015, which, if recognized, would affect our effective tax rate are $219,000 and $426,000, respectively. Our Federal tax returns for the fiscal years 2014 and 2015 remain subject to examination by federal taxing authorities. An examination of fiscal year 2013 with federal taxing authorities was completed during the fiscal 2016 second quarter with no adjustments. 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 North Carolina state tax returns for fiscal years 2012 and 2013 is underway by the North Carolina Department of Revenue. |
11. Segment Information
11. Segment Information | 9 Months Ended |
Nov. 01, 2015 | |
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 new businesses, H Contract and Homeware. The following table presents segment information for the periods, and as of the dates, indicated: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 2, November 1, November 2, 2015 2014 2015 2014 % Net % Net % Net % Net Net Sales Sales Sales Sales Sales Casegoods $ 41,199 63.1 % $ 39,798 63.0 % $ 116,996 62.8 % $ 111,142 61.9 % Upholstery 21,719 33.2 % 22,046 34.9 % 63,718 34.2 % 65,311 36.4 % All other 2,424 3.7 % 1,634 2.6 % 5,949 3.2 % 3,691 2.1 % Intercompany eliminations (4 ) (310 ) (229 ) (697 ) Consolidated $ 65,338 $ 63,168 $ 186,434 $ 179,447 Gross Profit & Margin Casegoods $ 12,786 31.0 % $ 11,227 28.2 % $ 34,991 29.9 % $ 31,683 28.5 % Upholstery 4,742 21.8 % 4,332 19.6 % 13,993 22.0 % 12,565 19.2 % All other 630 26.0 % 484 29.7 % 1,629 27.4 % 1,067 28.9 % Intercompany eliminations 7 (12 ) 20 (17 ) Consolidated $ 18,165 27.8 % $ 16,031 25.4 % $ 50,633 27.2 % $ 45,298 25.2 % Operating Income & Margin Casegoods $ 5,347 13.0 % $ 4,226 10.6 % $ 13,904 11.9 % $ 11,307 10.2 % Upholstery 1,318 6.1 % 878 4.0 % 4,073 6.4 % 2,135 3.3 % All other (32 ) -1.3 % (209 ) -12.8 % (256 ) -4.3 % (885 ) -24.0 % Intercompany eliminations 7 (12 ) 20 (17 ) Consolidated $ 6,640 10.2 % $ 4,883 7.7 % $ 17,741 9.5 % $ 12,540 7.0 % Capital Expenditures Casegoods $ 724 $ 421 $ 1,664 $ 1,804 Upholstery 107 19 524 635 All other - 21 7 21 Consolidated $ 831 $ 461 $ 2,195 $ 2,460 Depreciation & Amortization Casegoods $ 500 $ 416 $ 1,374 $ 1,171 Upholstery 240 252 699 756 All other 3 - 9 - Consolidated $ 743 $ 668 $ 2,082 $ 1,927 As of Nov 1, % Total As of Feb 1, % Total Identifiable Assets 2015 Assets 2015 Assets Casegoods $ 141,900 79.5 % $ 135,403 79.3 % Upholstery 35,534 19.9 % 33,788 19.8 % All other 1,006 0.6 % 1,605 0.9 % Intercompany eliminations (19 ) (41 ) Consolidated $ 178,421 100.0 % $ 170,755 100.0 % |
12. Subsequent Events
12. Subsequent Events | 9 Months Ended |
Nov. 01, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 12. Subsequent Events Dividends On December 1, 2015, our board of directors declared a quarterly cash dividend of $0.10 per share, payable on December 31, 2015 to shareholders of record at December 15, 2015. |
2. Accounts Receivable (Tables)
2. Accounts Receivable (Tables) | 9 Months Ended |
Nov. 01, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | November 1, February 1, 2015 2015 Trade accounts receivable $ 27,731 $ 25,322 Receivable from factor 4,016 8,252 Allowance for doubtful accounts (1,092 ) (1,329 ) Accounts receivable $ 30,655 $ 32,245 |
3. Inventories (Tables)
3. Inventories (Tables) | 9 Months Ended |
Nov. 01, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | November 1, February 1, 2015 2015 Finished furniture $ 54,187 $ 54,896 Furniture in process 827 615 Materials and supplies 7,762 9,131 Inventories at FIFO 62,776 64,642 Reduction to LIFO basis (20,757 ) (19,669 ) Inventories $ 42,019 $ 44,973 |
4. Property, Plant and Equipm21
4. Property, Plant and Equipment (Tables) | 9 Months Ended |
Nov. 01, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives November 1, February 1, (In years) 2015 2015 Buildings and land improvements 15 - 30 $ 22,378 $ 22,162 Computer software and hardware 3 - 10 15,568 18,444 Machinery and equipment 10 4,836 4,757 Leasehold improvements 5 2,811 2,840 Furniture and fixtures 3 - 8 1,440 2,240 Other 5 564 628 Total depreciable property at cost 47,597 51,070 Less accumulated depreciation 26,990 32,790 Total depreciable property, net 20,607 18,280 Land 1,067 1,067 Construction-in-progress 1,222 3,477 Property, plant and equipment, net $ 22,896 $ 22,824 |
5. Fair Value Measurements (Tab
5. Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 01, 2015 | |
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 and non-recurring basis at November 1, 2015 and February 1, 2015, were as follows: Fair value at November 1, 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 $ - $ 21,617 $ - $ 21,617 $ - $ 20,373 $ - $ 20,373 Mortgage note receivable - - 1,575 1,575 - - 1,575 1,575 |
6. Intangible Assets (Tables)
6. Intangible Assets (Tables) | 9 Months Ended |
Nov. 01, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | November 1, 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 (Tabl
8. Employee Benefit Plans (Tables) | 9 Months Ended |
Nov. 01, 2015 | |
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 November 1, 2015 and February 1, 2015 was $8.7 million and $8.4 million, respectively, and is shown in our condensed consolidated balance sheets as follows: November 1, February 1, 2015 2015 Accrued salaries, wages and benefits (current portion) $ 354 $ 354 Deferred compensation (long-term portion) 8,341 8,031 Total liability $ 8,695 $ 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 Thirty-Nine Weeks Ended November 1, November 2, November 1, November 2, 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 101 $ 25 $ 304 $ 76 Interest cost 72 85 217 254 Actuarial gain 45 (13 ) 133 (38 ) Net periodic benefit cost $ 218 $ 97 $ 654 $ 292 |
9. Earnings Per Share (Tables)
9. Earnings Per Share (Tables) | 9 Months Ended |
Nov. 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 period-end dates indicated: November 1, February 1, 2015 2015 Restricted shares 25 27 Restricted stock units 20 25 45 52 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 2, November 1, November 2, 2015 2014 2015 2014 Net income $ 4,630 $ 3,204 $ 12,040 $ 8,280 Less: Unvested participating restricted stock dividends 2 3 8 8 Net earnings allocated to unvested participating restricted stock 11 8 30 22 Earnings available for common shareholders 4,617 3,193 12,002 8,250 Weighted average shares outstanding for basic earnings per share 10,787 10,742 10,775 10,733 Dilutive effect of unvested restricted stock and RSU awards 22 29 27 33 Weighted average shares outstanding for diluted earnings per share 10,809 10,771 10,802 10,766 Basic earnings per share $ 0.43 $ 0.30 $ 1.11 $ 0.77 Diluted earnings per share $ 0.43 $ 0.30 $ 1.11 $ 0.77 |
11. Segment Information (Tables
11. Segment Information (Tables) | 9 Months Ended |
Nov. 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: Thirteen Weeks Ended Thirty-Nine Weeks Ended November 1, November 2, November 1, November 2, 2015 2014 2015 2014 % Net % Net % Net % Net Net Sales Sales Sales Sales Sales Casegoods $ 41,199 63.1 % $ 39,798 63.0 % $ 116,996 62.8 % $ 111,142 61.9 % Upholstery 21,719 33.2 % 22,046 34.9 % 63,718 34.2 % 65,311 36.4 % All other 2,424 3.7 % 1,634 2.6 % 5,949 3.2 % 3,691 2.1 % Intercompany eliminations (4 ) (310 ) (229 ) (697 ) Consolidated $ 65,338 $ 63,168 $ 186,434 $ 179,447 Gross Profit & Margin Casegoods $ 12,786 31.0 % $ 11,227 28.2 % $ 34,991 29.9 % $ 31,683 28.5 % Upholstery 4,742 21.8 % 4,332 19.6 % 13,993 22.0 % 12,565 19.2 % All other 630 26.0 % 484 29.7 % 1,629 27.4 % 1,067 28.9 % Intercompany eliminations 7 (12 ) 20 (17 ) Consolidated $ 18,165 27.8 % $ 16,031 25.4 % $ 50,633 27.2 % $ 45,298 25.2 % Operating Income & Margin Casegoods $ 5,347 13.0 % $ 4,226 10.6 % $ 13,904 11.9 % $ 11,307 10.2 % Upholstery 1,318 6.1 % 878 4.0 % 4,073 6.4 % 2,135 3.3 % All other (32 ) -1.3 % (209 ) -12.8 % (256 ) -4.3 % (885 ) -24.0 % Intercompany eliminations 7 (12 ) 20 (17 ) Consolidated $ 6,640 10.2 % $ 4,883 7.7 % $ 17,741 9.5 % $ 12,540 7.0 % Capital Expenditures Casegoods $ 724 $ 421 $ 1,664 $ 1,804 Upholstery 107 19 524 635 All other - 21 7 21 Consolidated $ 831 $ 461 $ 2,195 $ 2,460 Depreciation & Amortization Casegoods $ 500 $ 416 $ 1,374 $ 1,171 Upholstery 240 252 699 756 All other 3 - 9 - Consolidated $ 743 $ 668 $ 2,082 $ 1,927 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | As of Nov 1, % Total As of Feb 1, % Total Identifiable Assets 2015 Assets 2015 Assets Casegoods $ 141,900 79.5 % $ 135,403 79.3 % Upholstery 35,534 19.9 % 33,788 19.8 % All other 1,006 0.6 % 1,605 0.9 % Intercompany eliminations (19 ) (41 ) Consolidated $ 178,421 100.0 % $ 170,755 100.0 % |
2. Accounts Receivable (Details
2. Accounts Receivable (Details) - USD ($) | Nov. 01, 2015 | Feb. 01, 2015 |
Upholstery [Member] | ||
2. Accounts Receivable (Details) [Line Items] | ||
Accounts receivable factor recourse | $ 242,000 | $ 237,000 |
2. Accounts Receivabl
2. Accounts Receivable (Details) - Schedule of Accounts Receivable - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Schedule of Accounts Receivable [Abstract] | ||
Trade accounts receivable | $ 27,731 | $ 25,322 |
Receivable from factor | 4,016 | 8,252 |
Allowance for doubtful accounts | (1,092) | (1,329) |
Accounts receivable | $ 30,655 | $ 32,245 |
3. Inventories (Deta
3. Inventories (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Schedule of Inventory, Current [Abstract] | ||
Finished furniture | $ 54,187 | $ 54,896 |
Furniture in process | 827 | 615 |
Materials and supplies | 7,762 | 9,131 |
Inventories at FIFO | 62,776 | 64,642 |
Reduction to LIFO basis | (20,757) | (19,669) |
Inventories | $ 42,019 | $ 44,973 |
4. Property, Plant and Equipm30
4. Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
4. Property, Plant and Equipment (Details) [Line Items] | ||
Construction in Progress, Gross | $ 1,222 | $ 3,477 |
Enterprise Resource Planning (ERP) [Member] | ||
4. Property, Plant and Equipment (Details) [Line Items] | ||
Construction in Progress, Gross | 233 | |
Various Other Projects to Enhance Facilities and Operations [Member] | ||
4. Property, Plant and Equipment (Details) [Line Items] | ||
Construction in Progress, Gross | $ 989 |
4. Property, Plant an
4. Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 01, 2015 | Feb. 01, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 47,597 | $ 51,070 |
Less accumulated depreciation | 26,990 | 32,790 |
Total depreciable property, net | 20,607 | 18,280 |
Land | 1,067 | 1,067 |
Construction-in-progress | 1,222 | 3,477 |
Property, plant and equipment, net | 22,896 | 22,824 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 22,378 | 22,162 |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,568 | 18,444 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 10 years | |
Property, Plant and Equipment, Gross | $ 4,836 | 4,757 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 5 years | |
Property, Plant and Equipment, Gross | $ 2,811 | 2,840 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,440 | 2,240 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 5 years | |
Property, Plant and Equipment, Gross | $ 564 | $ 628 |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 15 years | |
Minimum [Member] | Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 30 years | |
Maximum [Member] | Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 10 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 8 years |
5. Fair Value Measurements (Det
5. Fair Value Measurements (Details) - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Fair Value Disclosures [Abstract] | ||
Notes Receivable, Fair Value Disclosure | $ 1,575 | $ 1,575 |
5. Fair Value Measure
5. Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Assets measured at fair value | ||
Company-owned life insurance | $ 21,617 | $ 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 | 21,617 | 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
6. Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
6. Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] | ||
URL- Homeware.com | $ 125 | $ 125 |
Total trademarks and tradenames | 1,382 | 1,382 |
Bradington-Young [Member] | Upholstery [Member] | ||
6. Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] | ||
Trademarks and trade names | 861 | 861 |
Sam Moore [Member] | Upholstery [Member] | ||
6. Intangible Assets (Details) - Schedule of Intangible Assets [Line Items] | ||
Trademarks and trade names | $ 396 | $ 396 |
7. Long Term Debt (Details)
7. Long Term Debt (Details) $ in Millions | 9 Months Ended |
Nov. 01, 2015USD ($) | |
7. Long Term Debt (Details) [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 13.3 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 |
Line of Credit Facility, Expiration Date | Jul. 31, 2018 |
Standby Letters of Credit [Member] | |
7. Long Term Debt (Details) [Line Items] | |
Letters of Credit Outstanding, Amount | $ 1.7 |
8. Employee Benefit Plans (Deta
8. Employee Benefit Plans (Details) - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Supplemental Employee Retirement Plan [Member] | ||
8. Employee Benefit Plans (Details) [Line Items] | ||
Defined Benefit Plan, Benefit Obligation | $ 8,695 | $ 8,385 |
8. Employee Benefit P
8. Employee Benefit Plans (Details) - Schedule of Amounts Recognized in Balance Sheet - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
8. Employee Benefit Plans (Details) - Schedule of Amounts Recognized in Balance Sheet [Line Items] | ||
Accrued salaries, wages and benefits (current portion) | $ 354 | $ 354 |
Deferred compensation (long-term portion) | 8,341 | 8,031 |
Total liability | $ 8,695 | $ 8,385 |
8. Employee Benefit38
8. Employee Benefit Plans (Details) - Schedule of Net Benefit Costs - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2015 | Nov. 02, 2014 | Nov. 01, 2015 | Nov. 02, 2014 | |
Net periodic benefit cost | ||||
Service cost | $ 101 | $ 25 | $ 304 | $ 76 |
Interest cost | 72 | 85 | 217 | 254 |
Actuarial gain | 45 | (13) | 133 | (38) |
Net periodic benefit cost | $ 218 | $ 97 | $ 654 | $ 292 |
9. Earnings Per Share
9. Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
9. Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||
Number of Shares Outstanding | 45 | 52 |
Restricted Stock [Member] | ||
9. Earnings Per Share (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||
Number of Shares Outstanding | 25 | 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 Sha40
9. Earnings Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2015 | Nov. 02, 2014 | Nov. 01, 2015 | Nov. 02, 2014 | |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income | $ 4,630 | $ 3,204 | $ 12,040 | $ 8,280 |
Less: Unvested participating restricted stock dividends | 2 | 3 | 8 | 8 |
Net earnings allocated to unvested participating restricted stock | 11 | 8 | 30 | 22 |
Earnings available for common shareholders | $ 4,617 | $ 3,193 | $ 12,002 | $ 8,250 |
Weighted average shares outstanding for basic earnings per share (in Shares) | 10,787 | 10,742 | 10,775 | 10,733 |
Dilutive effect of unvested restricted stock and RSU awards (in Shares) | 22 | 29 | 27 | 33 |
Weighted average shares outstanding for diluted earnings per share (in Shares) | 10,809 | 10,771 | 10,802 | 10,766 |
Basic earnings per share (in Dollars per share) | $ 0.43 | $ 0.30 | $ 1.11 | $ 0.77 |
Diluted earnings per share (in Dollars per share) | $ 0.43 | $ 0.30 | $ 1.11 | $ 0.77 |
10. Income Taxes (Details)
10. Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2015 | Nov. 02, 2014 | Nov. 01, 2015 | Nov. 02, 2014 | Feb. 01, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Expense (Benefit) | $ 2,043,000 | $ 1,764,000 | $ 5,917,000 | $ 4,443,000 | |
Effective Income Tax Rate Reconciliation, Percent | 30.60% | 35.50% | 32.90% | 34.90% | |
Unrecognized Tax Benefits | $ 219,000 | $ 219,000 | $ 426,000 |
11. Segment Information
11. Segment Information (Details) - Segment Reporting Information - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2015 | Nov. 02, 2014 | Nov. 01, 2015 | Nov. 02, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 65,338 | $ 63,168 | $ 186,434 | $ 179,447 |
Gross Profit & Margin | ||||
Gross Profit & Margin | $ 18,165 | $ 16,031 | $ 50,633 | $ 45,298 |
% of Net Sales, Gross Profit & Margin | 27.80% | 25.40% | 27.20% | 25.20% |
Operating Income & Margin | ||||
Operating Income & Margin | $ 6,640 | $ 4,883 | $ 17,741 | $ 12,540 |
% of Net Sales, Operating Income & Margin | 10.20% | 7.70% | 9.50% | 7.00% |
Capital Expenditures | ||||
Capital Expenditures | $ 831 | $ 461 | $ 2,195 | $ 2,460 |
Depreciation & Amortization | ||||
Depreciation & Amortization | 743 | 668 | 2,082 | 1,927 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | (4) | (310) | (229) | (697) |
Gross Profit & Margin | ||||
Gross Profit & Margin | 7 | (12) | 20 | (17) |
Operating Income & Margin | ||||
Operating Income & Margin | 7 | (12) | 20 | (17) |
Casegoods [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 41,199 | $ 39,798 | $ 116,996 | $ 111,142 |
% of Net Sales | 63.10% | 63.00% | 62.80% | 61.90% |
Gross Profit & Margin | ||||
Gross Profit & Margin | $ 12,786 | $ 11,227 | $ 34,991 | $ 31,683 |
% of Net Sales, Gross Profit & Margin | 31.00% | 28.20% | 29.90% | 28.50% |
Operating Income & Margin | ||||
Operating Income & Margin | $ 5,347 | $ 4,226 | $ 13,904 | $ 11,307 |
% of Net Sales, Operating Income & Margin | 13.00% | 10.60% | 11.90% | 10.20% |
Capital Expenditures | ||||
Capital Expenditures | $ 724 | $ 421 | $ 1,664 | $ 1,804 |
Depreciation & Amortization | ||||
Depreciation & Amortization | 500 | 416 | 1,374 | 1,171 |
Upholstery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 21,719 | $ 22,046 | $ 63,718 | $ 65,311 |
% of Net Sales | 33.20% | 34.90% | 34.20% | 36.40% |
Gross Profit & Margin | ||||
Gross Profit & Margin | $ 4,742 | $ 4,332 | $ 13,993 | $ 12,565 |
% of Net Sales, Gross Profit & Margin | 21.80% | 19.60% | 22.00% | 19.20% |
Operating Income & Margin | ||||
Operating Income & Margin | $ 1,318 | $ 878 | $ 4,073 | $ 2,135 |
% of Net Sales, Operating Income & Margin | 6.10% | 4.00% | 6.40% | 3.30% |
Capital Expenditures | ||||
Capital Expenditures | $ 107 | $ 19 | $ 524 | $ 635 |
Depreciation & Amortization | ||||
Depreciation & Amortization | 240 | 252 | 699 | 756 |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 2,424 | $ 1,634 | $ 5,949 | $ 3,691 |
% of Net Sales | 3.70% | 2.60% | 3.20% | 2.10% |
Gross Profit & Margin | ||||
Gross Profit & Margin | $ 630 | $ 484 | $ 1,629 | $ 1,067 |
% of Net Sales, Gross Profit & Margin | 26.00% | 29.70% | 27.40% | 28.90% |
Operating Income & Margin | ||||
Operating Income & Margin | $ (32) | $ (209) | $ (256) | $ (885) |
% of Net Sales, Operating Income & Margin | (1.30%) | (12.80%) | (4.30%) | (24.00%) |
Capital Expenditures | ||||
Capital Expenditures | $ 0 | $ 21 | $ 7 | $ 21 |
Depreciation & Amortization | ||||
Depreciation & Amortization | $ 3 | $ 0 | $ 9 | $ 0 |
11. Segment Informati43
11. Segment Information (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands | Nov. 01, 2015 | Feb. 01, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 178,421 | $ 170,755 |
% of Total Assets | 100.00% | 100.00% |
Intersegment Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ (19) | $ (41) |
Casegoods [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 141,900 | $ 135,403 |
% of Total Assets | 79.50% | 79.30% |
Upholstery [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 35,534 | $ 33,788 |
% of Total Assets | 19.90% | 19.80% |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 1,006 | $ 1,605 |
% of Total Assets | 0.60% | 0.90% |
12. Subsequent Events (Details)
12. Subsequent Events (Details) - $ / shares | Dec. 01, 2015 | Nov. 01, 2015 | Nov. 02, 2014 | Nov. 01, 2015 | Nov. 02, 2014 |
12. Subsequent Events (Details) [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 | |
Subsequent Event [Member] | |||||
12. Subsequent Events (Details) [Line Items] | |||||
Dividends Payable, Date Declared | Dec. 1, 2015 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||
Dividends Payable, Date to be Paid | Dec. 31, 2015 | ||||
Dividends Payable, Date of Record | Dec. 15, 2015 |