Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 29, 2017 | Apr. 07, 2017 | Jul. 31, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Hooker Furniture Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-29 | ||
Entity Common Stock, Shares Outstanding | 11,562,810 | ||
Entity Public Float | $ 259,300,000 | ||
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 | Jan. 29, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 39,792 | $ 53,922 |
Trade accounts receivable, net (See notes 5 and 6) | 92,578 | 28,176 |
Inventories (see note 7) | 75,303 | 43,713 |
Prepaid expenses and other current assets | 4,244 | 2,256 |
Total current assets | 211,917 | 128,067 |
Property, plant and equipment, net | 25,803 | 22,768 |
Cash surrender value of life insurance policies (See note 10) | 22,366 | 21,888 |
Deferred taxes (See note 15) | 7,264 | 5,350 |
Intangible assets (See note 9) | 25,923 | 1,382 |
Goodwill (See notes 3 and 9) | 23,187 | 0 |
Other assets | 2,236 | 2,198 |
Total non-current assets | 106,779 | 53,586 |
Total assets | 318,696 | 181,653 |
Current liabilities | ||
Current portion of term loan | 5,817 | 0 |
Trade accounts payable | 36,552 | 9,105 |
Accrued salaries, wages and benefits | 8,394 | 4,834 |
Income tax accrual (See note 15) | 4,323 | 357 |
Customer deposits | 5,605 | 797 |
Other accrued expenses | 3,369 | 1,512 |
Total current liabilities | 64,060 | 16,605 |
Long term debt (See note 11) | 41,772 | 0 |
Deferred compensation (See note 12) | 10,849 | 8,409 |
Pension plan (See note 12) | 3,499 | 0 |
Other liabilities | 589 | 578 |
Total long-term liabilities | 56,709 | 8,987 |
Total liabilities | 120,769 | 25,592 |
Shareholders’ equity (See note 4) | ||
Common stock, no par value, 20,000 shares authorized, 11,563 and 10,818 shares issued and outstanding on each date | 39,753 | 18,667 |
Retained earnings | 157,688 | 137,255 |
Accumulated other comprehensive income | 486 | 139 |
Total shareholders’ equity | 197,927 | 156,061 |
Total liabilities and shareholders’ equity | $ 318,696 | $ 181,653 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 11,563 | 10,818 |
Common stock, shares outstanding | 11,563 | 10,818 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Net sales | $ 577,219 | $ 246,999 | $ 244,350 |
Cost of sales | 451,098 | 178,311 | 181,550 |
Gross profit | 126,121 | 68,688 | 62,800 |
Selling and administrative expenses | 83,767 | 44,426 | 43,752 |
Intangible asset amortization | 3,134 | 0 | 0 |
Operating income | 39,220 | 24,262 | 19,048 |
Other income, net | 930 | 261 | 403 |
Interest expense, net | 954 | 64 | 53 |
Income before income taxes | 39,196 | 24,459 | 19,398 |
Income taxes | 13,909 | 8,274 | 6,820 |
Net income | $ 25,287 | $ 16,185 | $ 12,578 |
Earnings per share: | |||
Basic (in Dollars per share) | $ 2.19 | $ 1.50 | $ 1.17 |
Diluted (in Dollars per share) | $ 2.18 | $ 1.49 | $ 1.16 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 11,531 | 10,779 | 10,736 |
Diluted (in Shares) | 11,563 | 10,807 | 10,771 |
Cash dividends declared per share (in Dollars per share) | $ 0.42 | $ 0.40 | $ 0.40 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Net Income | $ 25,287 | $ 16,185 | $ 12,578 |
Other comprehensive income (loss): | |||
Amortization of actuarial gain (loss) | 551 | 751 | (687) |
Income tax effect on amortization | (204) | (277) | 254 |
Adjustments to net periodic benefit cost | 347 | 474 | (433) |
Total Comprehensive Income | $ 25,634 | $ 16,659 | $ 12,145 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Operating Activities: | |||
Net income | $ 25,287 | $ 16,185 | $ 12,578 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 8,000 | 2,946 | 2,599 |
(Gain)/Loss on disposal of assets | (72) | 83 | (23) |
Deferred income tax (benefit) expense | (2,224) | 544 | (135) |
Non-cash restricted stock and performance awards | 1,157 | 829 | 123 |
Provision for doubtful accounts | 2,188 | (105) | 928 |
Changes in assets and liabilities | |||
Trade accounts receivable | (21,507) | 4,174 | (3,780) |
Inventories | 6,016 | 1,260 | 4,043 |
Gain on life insurance policies | (964) | (799) | (709) |
Prepaid expenses and other current assets | (115) | (207) | (76) |
Trade accounts payable | 4,662 | (1,273) | 3,216 |
Accrued salaries, wages and benefits | 1,950 | 273 | 1,347 |
Accrued income taxes | 3,966 | (1,011) | 2,050 |
Customer deposits | 2,187 | (56) | 194 |
Other accrued expenses | 2,303 | (217) | 38 |
Deferred compensation | (1,715) | 358 | 317 |
Other long-term liabilities | 121 | 52 | 58 |
Net cash provided by operating activities | 31,240 | 23,036 | 22,768 |
Investing Activities: | |||
Acquisition of Home Meridian | (86,062) | 0 | 0 |
Purchases of property, plant and equipment | (2,454) | (2,847) | (2,994) |
Proceeds received on notes receivable | 146 | 93 | 31 |
Proceeds from sale of property and equipment | 2 | 6 | 71 |
Premiums paid on life insurance policies | (715) | (707) | (789) |
Proceeds received on life insurance policies | 1,022 | 0 | 0 |
Net cash used in investing activities | (88,061) | (3,455) | (3,681) |
Financing Activities: | |||
Proceeds from long-term debt | 60,000 | 0 | 0 |
Payments for long-term debt | (12,290) | 0 | 0 |
Debt issuance cost | (165) | 0 | 0 |
Cash dividends paid | (4,854) | (4,322) | (4,306) |
Net cash provided by (used in) financing activities | 42,691 | (4,322) | (4,306) |
Net (decrease) increase in cash and cash equivalents | (14,130) | 15,259 | 14,781 |
Cash and cash equivalents at the beginning of year | 53,922 | 38,663 | 23,882 |
Cash and cash equivalents at the end of year | 39,792 | 53,922 | 38,663 |
Supplemental schedule of cash flow information: | |||
Interest paid, net | 848 | 43 | 45 |
Income taxes paid, net | 12,164 | 8,837 | 4,696 |
Supplemental schedule of noncash investing activities: | |||
Acquisition cost paid in common stock | 20,267 | 0 | 0 |
Increase in property and equipment through accrued purchases | $ 0 | $ 85 | $ 0 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Feb. 02, 2014 | $ 17,585 | $ 117,120 | $ 98 | $ 134,803 |
Balance (in Shares) at Feb. 02, 2014 | 10,753 | |||
Net income | 12,578 | 12,578 | ||
Unrealized gain loss on defined benefit plan, net of tax | (433) | (433) | ||
Cash dividends paid and accrued | (4,306) | (4,306) | ||
Restricted stock grants, net of forfeitures | $ 51 | 51 | ||
Restricted stock grants, net of forfeitures (in Shares) | 21 | |||
Restricted stock compensation cost | $ 216 | 216 | ||
Balance at Feb. 01, 2015 | $ 17,852 | 125,392 | (335) | 142,909 |
Balance (in Shares) at Feb. 01, 2015 | 10,774 | |||
Net income | 16,185 | 16,185 | ||
Unrealized gain loss on defined benefit plan, net of tax | 474 | 474 | ||
Cash dividends paid and accrued | (4,322) | (4,322) | ||
Restricted stock grants, net of forfeitures | $ 563 | 563 | ||
Restricted stock grants, net of forfeitures (in Shares) | 44 | |||
Restricted stock compensation cost | $ 252 | 252 | ||
Balance at Jan. 31, 2016 | $ 18,667 | 137,255 | 139 | $ 156,061 |
Balance (in Shares) at Jan. 31, 2016 | 10,818 | 10,818 | ||
Net income | 25,287 | $ 25,287 | ||
Unrealized gain loss on defined benefit plan, net of tax | 347 | 347 | ||
Cash dividends paid and accrued | (4,854) | (4,854) | ||
Stock issued for acquisition | $ 20,267 | $ 20,267 | ||
Stock issued for acquisition (in Shares) | 717 | 717 | ||
Restricted stock grants, net of forfeitures | $ 819 | $ 819 | ||
Restricted stock grants, net of forfeitures (in Shares) | 28 | 0 | ||
Balance at Jan. 29, 2017 | $ 39,753 | $ 157,688 | $ 486 | $ 197,927 |
Balance (in Shares) at Jan. 29, 2017 | 11,563 | 11,563 |
CONSOLIDATED STATEMENT OF STOC8
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Unrealized gain loss on defined benefit plan, tax | $ 204 | $ 277 | $ (254) |
Cash dividends paid and accrued, per share | $ 0.42 | $ 0.40 | $ 0.40 |
NOTE 1 - SUMMARY OF SIGNIFICANT
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 29, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Nature of Business Hooker Furniture Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture, hospitality and contract furniture for sale to retail merchandisers and commercial businesses located principally in North America. Consolidation The consolidated financial statements include the accounts of Hooker Furniture Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. For comparative purposes, certain amounts in the consolidated financial statements and notes have been reclassified to conform to the fiscal 2017 presentation. Operating Segments As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments § better understand our performance; § better assess our prospects for future net cash flows; and § make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”), our Chief Executive Officer, regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. For financial reporting purposes, we are organized into four operating segments: § Hooker Casegoods § Upholstery § All Other § Home Meridian Cash and Cash Equivalents We consider cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Trade Accounts Receivable Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings or commercial purchasers of our hospitality and senior living products, and consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. Accounts receivable are reported net of allowance for doubtful accounts. Business Combinations-Purchase Price Allocation For the Acquisition, we allocated the purchase price to the various tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. Determining the fair value of certain assets and liabilities acquired is subjective in nature and often involves the use of significant estimates and assumptions, which are inherently uncertain. Many of the estimates and assumptions used to determine fair values, such as those used for intangible assets, are made based on forecasted information and discount rates. To assist in the purchase price allocation process, as well as the estimate of remaining useful lives of acquired assets, we engaged a third-party appraisal firm. In addition, the judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. Fair Value Measurements We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: § Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. § Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. § Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Fair Value of Financial Instruments The carrying value for each of our financial instruments (consisting of cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. Inventories All inventories are stated at the lower of cost, or market value using the last-in, first-out (LIFO) method. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated productive lives. Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows from the use of those assets. When any such impairment exists, the related assets are written down to fair value. Long-lived assets subject to disposal by sale are measured at the lower of their carrying amount or fair value less estimated cost to sell, are no longer depreciated, and are reported separately as “assets held for sale” in the consolidated balance sheets. Intangible Assets and Goodwill We own both definite-lived (amortizable) assets and indefinite-lived intangible assets. Our amortizable intangible assets are related to the recent Acquisition and include customer relationships and organic trademarks. Our indefinite lived assets include goodwill and tradenames related to the recent Acquisition, as well as the Bradington-Young and Sam Moore tradenames. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill and trade names are tested for impairment annually as of the first day of our fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include, but are not limited to: § a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; § significant changes in demand for our products; § loss of key personnel; and § the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. The assumptions used to determine the fair value of our intangible assets are highly subjective and judgmental and include long-term growth rates, sales volumes, projected revenues, assumed royalty rates and factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets that may have a material-adverse effect on our results of operations and financial condition. Cash Surrender Value of Life Insurance Policies We own eighty-three life insurance policies on certain of our current and former executives and other key employees. These policies have a carrying value of $22.4 million and a face value of approximately $34 million. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. Substantially all of the cash value of our company owned life insurance is pledged as collateral for our secured term loan. Revenue Recognition Our sales revenue is recognized when title and the risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases however, title does not pass until the shipment is delivered to the customer. Sales are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. Cost of Sales The major components of cost of sales are: § the cost of imported products purchased for resale; § raw materials and supplies used in our domestically manufactured products; § labor and overhead costs associated with our domestically manufactured products; § the cost of our foreign import operations; § charges associated with our inventory reserves; § warehousing and certain shipping and handling costs; and § all other costs required to be classified as cost of sales. Selling and Administrative Expenses The major components of our selling and administrative expenses are: § the cost of our marketing and merchandising efforts, including showroom expenses; § sales and design commissions; § the costs of administrative support functions including, executive management, information technology, human resources and finance; and § all other costs required to be classified as selling and administrative expenses. Advertising We offer advertising programs to qualified dealers under which we may provide signage, catalogs and other marketing support to our dealers and may reimburse some advertising and other costs incurred by our dealers in connection with promoting our products. The cost of these programs does not exceed the fair value of the benefit received. We charge the cost of point-of-purchase materials (including signage and catalogs) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2017, 2016 and 2015 were $3.2 million, $2.3 million, and $2.0 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against revenues in our consolidated statements of income and comprehensive income. Income Taxes At times, tax law and generally accepted accounting principles differ in the treatment of certain income and expense items. These items may be excluded or included in taxable income at different times than is required for GAAP or “book” reporting purposes. These differences may be permanent or temporary in nature. We determine our annual effective income tax rate based on forecasted pre-tax book income and forecasted permanent book and tax differences. The rate is established at the beginning of the year and is evaluated on a quarterly basis. We consider the level and mix of income of our separate legal entities, statutory tax rates, business credits available in the various jurisdictions in which we operate and permanent tax differences. Significant judgment is required in evaluating tax positions that affect the annual tax rate. Any changes to the forecasted information may cause adjustments to the effective rate. Additional tax, interest and penalties associated with uncertain tax positions are recognized in tax expense on a quarterly basis. To the extent any book and tax differences are temporary in nature, that is, the book realization will occur in a different period than the tax realization, a deferred tax asset or liability is established. To the extent a deferred tax asset is created, we evaluate our ability to realize this asset. If we determine that we will not be able to fully utilize deferred tax assets, we establish a valuation reserve. In assessing the realization of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income during the periods in which those temporary differences reverse. All deferred tax assets and liabilities are classified as non-current on our consolidated balance sheets. We believe the classification of all deferred tax assets and liabilities as noncurrent provides a more informative disclosure because many of our deferred tax items are by definition short-term; however, are of a recurring nature and tend to behave more like non-current assets or liabilities. Earnings Per Share We use the two class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors and certain employees are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and certain employees and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include the useful lives of fixed assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets, goodwill and intangible assets; our pension and supplemental retirement income plans; and stock-based compensation. These estimates and assumptions are based on our best judgments. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust our estimates and assumptions as facts and circumstances dictate. Actual results could differ from our estimates. |
NOTE 2 - FISCAL YEAR
NOTE 2 - FISCAL YEAR | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 2 – FISCAL YEAR Our fiscal years end on the Sunday closest to January 31. In some years, generally once every six years, the fourth quarter will be fourteen weeks long and the fiscal year will consist of fifty-three weeks. For example, the 2013 fiscal year that ended on February 3, 2013 was a 53-week fiscal year. Our quarterly periods are based on thirteen-week “reporting periods,” which end on Sundays. As a result, each quarterly period generally will be thirteen weeks, or 91 days long, except as noted above. In the notes to the consolidated financial statements, references to the: § 2017 fiscal year and comparable terminology mean the fiscal year that began February 1, 2016 and ended January 29, 2017; § 2016 fiscal year and comparable terminology mean the fiscal year that began February 2, 2015 and ended January 31, 2016; § 2015 fiscal year and comparable terminology mean the fiscal year that began February 3, 2014 and ended February 1, 2015. |
NOTE 3 - ACQUISITION
NOTE 3 - ACQUISITION | 12 Months Ended |
Jan. 29, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 3 – ACQUISITION On February 1, 2016, (the “Closing Date”) we completed the previously announced acquisition (the “Acquisition”) of substantially all of the assets of Home Meridian International, Inc. (“HMI”) pursuant to the Asset Purchase Agreement into which we and HMI entered on January 5, 2016 (the “Asset Purchase Agreement”). Upon completion and including post-closing working capital adjustments, we paid $86 million in cash and issued 716,910 shares of our common stock (the “Stock Consideration”) to designees of HMI as consideration for the Acquisition. The Stock Consideration consisted of (i) 530,598 shares due to the $15 million of consideration payable in shares of our common stock under the Asset Purchase Agreement, and (ii) 186,312 shares issued pursuant to working capital adjustments detailed in the Asset Purchase Agreement. The working capital adjustment was driven by an increase in HMI’s accounts receivable due to strong sales towards the end of calendar 2015. The number of shares of common stock issued at closing for the Stock Consideration was determined by reference to the mean closing price of our common stock for the fifteen trading days immediately preceding the Closing Date ($28.27). Under the Asset Purchase Agreement, we also assumed certain liabilities of HMI, including approximately $7.8 million of liabilities related to certain retirement plans. The assumed liabilities did not include the indebtedness (as defined in the Asset Purchase Agreement) of HMI. Also on February 1, 2016, we entered into an amended and restated loan agreement (the “Loan Agreement”) with Bank of America, N.A. (“BofA”) in connection with the completion of the Acquisition. The Loan Agreement increases the amount available under our existing unsecured revolving credit facility from $15 million to $30 million and increases the sublimit of such facility available for the issuance of letters of credit to $4 million. The Loan Agreement also provided us with a $41 million unsecured term loan (the “Unsecured Term Loan”) and a $19 million term loan (the “Secured Term Loan”) secured by a security interest in certain Company-owned life insurance policies granted to BofA under a security agreement, dated as of February 1, 2016 (the “Security Agreement”). On February 1, 2016, we borrowed in full the amounts available under the Unsecured Term Loan and the Secured Term Loan in connection with the completion of the Acquisition. For additional details regarding the Loan Agreement, see Note 11 Long-Term Debt, below. In accordance with FASB Accounting Standards Codification 805, Business Combinations The following table summarizes our final estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Acquisition as of January 29, 2017. Adjustments recorded to our preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of February 1, 2016 were due to the continued refinement of management’s estimates and adjustments made to conform the newly acquired entity’s accounting policies to our own. These adjustments included the reclassification of accounts receivable-related reserve items from accrued expenses to accounts receivable, the write-off of deferred rent, the reduction of property and equipment and prepaid expenses for items that had been capitalized inconsistent with our capitalization policy and the recognition of accrued salaries and wages to recognize compensated absences. Fair value estimates of assets acquired and liabilities assumed: (in thousands) Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 86,062 Value of shares issued for assets acquired 15,000 Value of shares issued for excess net working capital 5,267 Total purchase price $ 106,329 Accounts receivable $ 42,463 Inventory 37,606 Prepaid expenses and other current assets 1,801 Property and equipment 5,292 Intangible assets 27,800 Goodwill 23,187 Accounts payable (22,784 ) Accrued expenses (316 ) Pension plan liabilities and deferred compensation balances (8,720 ) Total purchase price $ 106,329 Property and equipment were recorded at fair value and primarily consist of leasehold improvements and will be amortized over their estimated useful lives. Goodwill is calculated as the excess of the purchase price over the net assets acquired. The goodwill recognized is attributable to growth opportunities and expected synergies. We expect that all of the goodwill will be deductible for income tax purposes. Intangible assets, net, consist of three separately identified assets: § Home Meridian tradenames of $11.6 million consisting of: o Indefinite-lived intangible assets with an aggregate fair value of $11.4 million. The tradenames are not subject to amortization, but will be evaluated annually and as circumstances dictate, for impairment; and o Definite-lived intangible assets with an aggregate fair value of $200,000, which we expect to amortize over an eight-year period. § Home Meridian customer relationships which are definite-lived intangible assets with an aggregate fair value of $14.4 million. The customer relationships are amortizable and will be amortized over a period of eleven years; and § Home Meridian order backlog which is a definite-lived intangible asset with an aggregate fair value of $1.8 million which we amortized over five months, with most of the expense recognized in the fiscal 2017 first quarter. We also assumed the net liability for Home Meridian’s legacy pension plans of $8.7 million, which was based on an actuarial valuation performed on February 2, 2016. The market value of pension plan assets, primarily consisting of mutual funds, was $11.6 million on February 2, 2016. Components of net periodic benefit cost for these plans are based on annual actuarial valuations and are included in our condensed consolidated statements of income under selling and administrative expenses. The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the Acquisition as if it had occurred on February 1, 2015: 13 Weeks Ended 52 Weeks Ended January 31, 2016 January 31, 2016 (Pro forma) (Pro forma) Net Sales $ 152,434 $ 571,720 Net Income 8,027 22,831 Basic EPS 0.74 2.12 Diluted EPS 0.74 2.11 The unaudited consolidated pro forma financial information was prepared in accordance with existing standards and is not necessarily indicative of the results of operations that would have occurred if the Acquisition had been completed on the date indicated, nor is it indicative of our future operating results. Material non-recurring adjustments excluded from the pro forma financial information in the table above consist of amortization of intangible assets, elimination of transaction related costs and an adjustment of the interest rate on short and long-term debt to reflect the interest rates in our amended credit facility. The unaudited pro forma results do not reflect events that either have occurred or may occur in the future. They also do not give effect to certain charges that we expect to incur in connection with the Acquisition, including, but not limited to, additional professional fees, employee integration, retention, potential asset impairments and accelerated depreciation and amortization. We recorded Acquisition related costs of $1.2 million in fiscal 2017. These expenses are included in the “Selling and administrative expenses” line of our condensed consolidated statements of income. |
NOTE 4 - SHAREHOLDER_S EQUITY
NOTE 4 - SHAREHOLDER’S EQUITY | 12 Months Ended |
Jan. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4 – SHAREHOLDER’S EQUITY The number of shares and the amount of common stock outstanding changed materially from the end of the 2016 fiscal year, as a result of issuing 716,910 shares of common stock to the designees of HMI as partial consideration for the Acquisition. The table below reconciles the number of shares and amounts of common stock outstanding from our most recent fiscal year end to the end of the fiscal 2017 fourth quarter. The table shows the effects of the Acquisition issuance, as well as other activity in the common stock account unrelated to the Acquisition. Common Stock Shares Amount Outstanding shares January 31, 2016 10,818 $ 18,667 Shares issued for Acquisition 717 20,267 Restricted share grants 28 819 Restricted stock compensation costs - - Outstanding shares January 29, 2017 11,563 $ 39,753 |
NOTE 5 - DOUBTFUL ACCOUNTS AND
NOTE 5 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | NOTE 5 – DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES The activity in the allowance for doubtful accounts was: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Balance at beginning of year $ 396 $ 563 $ 513 Home Meridian Acquisition 355 - - Non-cash charges to cost and expenses 468 115 601 Less uncollectible receivables written off, net of recoveries (711 ) (282 ) (551 ) Balance at end of year $ 508 $ 396 $ 563 The activity in other accounts receivable allowances was: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Balance at beginning of year $ 636 $ 766 $ 730 Home Meridian Acquisition 3,866 - - Non-cash charges to cost and expenses 1,720 (220 ) 327 Less uncollectible receivables written off, net of recoveries 76 90 (291 ) Balance at end of year $ 6,298 $ 636 $ 766 |
NOTE 6 - ACCOUNTS RECEIVABLE
NOTE 6 - ACCOUNTS RECEIVABLE | 12 Months Ended |
Jan. 29, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 6 – ACCOUNTS RECEIVABLE January 29, January 31, 2017 2016 Trade accounts receivable $ 99,378 $ 25,520 Receivable from factor 6 3,688 Other accounts receivable allowances (6,298 ) (636 ) Allowance for doubtful accounts (508 ) (396 ) Accounts receivable $ 92,578 $ 28,176 “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 our factoring relationships at Sam Moore in the fiscal 2016 second quarter and at Bradington Young in the fiscal 2017 second quarter. We are now managing Sam Moore’s and Bradington Young’s accounts receivable in-house. As of January 29, 2017, $6,000 in Bradington Young receivables represent outstanding receivables for which payment is due to us from the factor as part of its residual obligations under Bradington Young’s legacy factoring agreement. |
NOTE 7 - INVENTORIES
NOTE 7 - INVENTORIES | 12 Months Ended |
Jan. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 7 – INVENTORIES January 29, January 31, 2017 2016 Finished furniture $ 85,520 $ 55,120 Furniture in process 735 727 Materials and supplies 7,536 7,994 Inventories at FIFO 93,791 63,841 Reduction to LIFO basis (18,488 ) (20,128 ) Inventories $ 75,303 $ 43,713 If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $24.2 million in fiscal 2017, $16.5 million in fiscal 2016, and $13.4 million in fiscal 2015. We recorded LIFO income of $1.6 million in fiscal 2017, while we recorded LIFO expense of $499,000 in fiscal 2016, and $1.3 million expense in fiscal 2015. At January 29, 2017 and January 31, 2016, we had approximately $1.2 million and $1.3 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. At January 29, 2017, we held $11.9 million in inventory (approximately 3.7% of total assets) outside of the United States in China, Vietnam and Canada. At January 31, 2016, we held $11.0 million in inventory (approximately 6% of total assets) outside of the United States, in China and Vietnam. |
NOTE 8 - PROPERTY, PLANT AND EQ
NOTE 8 - PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jan. 29, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 – PROPERTY, PLANT AND EQUIPMENT Depreciable Lives January 29, January 31, (In years) 2017 2016 Buildings and land improvements 15 - 30 $ 23,392 $ 22,777 Computer software and hardware 3 - 10 17,308 16,137 Machinery and equipment 10 5,031 4,864 Leasehold improvements Term of lease 7,104 2,817 Furniture and fixtures 3 - 8 1,903 1,453 Other 5 562 546 Total depreciable property at cost 55,300 48,594 Less accumulated depreciation 31,167 27,739 Total depreciable property, net 24,133 20,855 Land 1,067 1,067 Construction-in-progress 603 846 Property, plant and equipment, net $ 25,803 $ 22,768 Capitalized Software Costs Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. These costs are amortized over periods of ten years or less. Capitalized software is reported as a component of computer software and hardware above and on the property, plant, and equipment line of our consolidated balance sheets. The activity in capitalized software costs was: Fifty-Two Weeks Fifty-Two Weeks Fifty-Two Weeks Ended Ended Ended January 29, January 31, February 1, 2017 2016 2015 Balance beginning of year $ 6,062 $ 2,726 $ 2,550 Purchases 1,495 4,113 606 Amortization expense (973 ) (777 ) (430 ) Disposals - - - Adjustments (74 ) Balance end of year $ 6,510 $ 6,062 $ 2,726 |
NOTE 9 - INTANGIBLE ASSETS AND
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | NOTE 9 – INTANGIBLE ASSETS AND GOODWILL During the fiscal 2017 first quarter, we recorded both non-amortizable and amortizable intangible assets as a result of the Acquisition. The Acquisition-related trade names, customer relationships and order backlog were assigned fair values based on third party appraisal reports. Our goodwill and trademarks and trade names have indefinite useful lives and, consequently, are not subject to amortization for financial reporting purposes but are tested for impairment annually, or more frequently if events or circumstances indicate that the asset might be impaired. Our non-amortizable intangible assets consist of: § Goodwill and trademarks and tradenames related to the Acquisition; § Trademarks and tradenames related to the acquisitions of Bradington-Young and Sam Moore; and § The URL for Homeware.com, the value of which was written off in the 2017 fourth quarter, due to the winding down of Homeware’s operations. We review goodwill annually for impairment or more frequently if events or circumstances indicate that it might be impaired. In accordance with current accounting guidance, Goodwill & Other, the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test outlined in ASC Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the quantitative assessment. The quantitative assessment involves estimating the fair value of our goodwill using projected future cash flows that are discounted using a weighted average cost of capital analysis that reflects current market conditions. Management judgment is a significant factor in the goodwill impairment evaluation process. The computations require management to make estimates and assumptions, the most critical of which are the potential future cash flows and an appropriate discount rate. Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of January 29, 2017. In conjunction with our evaluation of the cash flows generated by the Home Meridian, Bradington-Young and Sam Moore reporting units, we evaluated the carrying value of trademarks and trade names using the relief from royalty method, which values the trademark/trade name by estimating the savings achieved by ownership of the trademark/trade name when compared to licensing the mark/name from an independent owner. The inputs used in the trademark/trade name analyses are considered Level 3 fair value measurements. At January 29, 2017, the fair values of our Bradington-Young, Home Meridian and Sam Moore trade names exceeded their carrying values by approximately $1.4 million, $660,000 and $619,000, respectively. Details of our non-amortizable intangible assets are as follows: January 29, January 31, Non-amortizable Intangible Assets Segment 2017 2016 Goodwill Home Meridian $ 23,187 $ - Trademarks and trade names - Home Meridian Home Meridian 11,400 - Trademarks and trade names - Bradington-Young Upholstery 861 861 Trademarks and trade names - Sam Moore Upholstery 396 396 URL- Homeware.com All Other - 125 Total non-amortizable assets 35,844 1,382 All of our amortizable intangible assets are recorded in our Home Meridian segment. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Backlog Trademarks Totals Balance at January 31, 2016 $ - $ - $ - $ - Intangibles- the Acquisition 14,400 1,800 200 16,400 Accumulated amortization (1,309 ) (1,800 ) (25 ) (3,134 ) Balance at January 29, 2017 $ 13,091 $ - $ 175 $ 13,266 The weighted-average amortization period for all amortizable intangible assets is 9.8 years. The weighted-average amortization period for customer relationships is 9.7 years and is less than one year for our backlog and trademarks. The estimated amortization expense associated with our amortizable intangible assets is expected to be as follows: Fiscal Year Amount 2018 1,334 2019 1,334 2020 1,334 2021 1,334 2022 1,334 Thereafter 6,596 $ 13,266 |
NOTE 10 - FAIR VALUE MEASUREMEN
NOTE 10 - FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jan. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 10 – 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 January 29, 2017 and January 31, 2016, 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 January 29, 2017, the assets of the Home Meridian segment’s legacy Pension Plan (the “Plan”) were measured at fair value on a recurring basis based on Level 1 inputs. Pension plan assets, held in a trust account by the Plan’s trustee, primarily consist of a wide-range of mutual fund asset classes, including domestic and international equities, fixed income securities such as corporate bonds, mortgage-backed securities, real estate investments and U.S. Treasuries. As of January 31, 2017, the date of the latest actuarial valuation, Plan assets were netted against the Plan’s Projected Benefit Obligation (“PBO”) on that date to determine the Plan’s funded status. Since the PBO exceeded the market value of the Plan’s assets, the funded status is recorded in our condensed consolidated balance sheets as a net liability. As of January 31, 2017, the net liability for this plan was $3.5 million shown on the “Pension Plan” line of our condensed consolidated balance sheets. The market value of pension plan assets shown below are as of January 31, 2017. See Note 12. Employee Benefit Plans for additional information about the Plan. Our assets measured at fair value on a recurring basis at January 29, 2017 and January 31, 2016, were as follows: Fair value at January 29, 2017 Fair value at January 31, 2016 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 $ - $ 22,366 $ - $ 22,366 $ - $ 21,888 $ - $ 21,888 Pension plan assets 13,881 13,881 - - |
NOTE 11 - LONG-TERM DEBT
NOTE 11 - LONG-TERM DEBT | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | NOTE 11 – LONG-TERM DEBT On February 1, 2016, we entered into an amended and restated loan agreement with Bank of America, N.A. (the “Loan Agreement”) in connection with the completion of the Acquisition. Also on February 1, 2016, we borrowed $60 million, the in full amounts available under the Unsecured Term Loan (the “Unsecured Term Loan”) and the Secured Term Loan (the “Secured Term Loan”) in connection with the completion of the Acquisition. Substantially all of the cash value of our company owned life insurance is pledged as collateral for the Secured Term Loan. Any amounts borrowed under the unsecured term loan bear interest at a rate, adjusted monthly, equal to the then current LIBOR rate plus 1.5%. Any amounts borrowed under the secured term loan bear interest at a rate, adjusted monthly, equal to the then current LIBOR rate plus 0.5%. All amounts borrowed are due on February 1, 2021. We may prepay any outstanding principal amounts borrowed under either the Unsecured Term Loan or the Secured Term Loan in full or in part on any interest payment date without penalty. During fiscal 2017, we made unscheduled payments of $5.0 million on the Unsecured Term Loan and $1.9 million on the Secured Term Loan, in addition to the regularly scheduled debt service payments required by the Loan Agreement. Additionally, we incurred $165,000 in debt issuance costs in connection with our term loans. These costs are amortized over the life of the loan using the interest method and are included in the “interest expense” line of our condensed consolidated income statements. Unamortized debt issuance costs are netted against the carrying value of our term loans on our condensed consolidated balance sheets. As of January 29, 2017, unamortized loan costs of $122,000 were netted against the carrying value of our term loans on our condensed consolidated balance sheets. Principal payments due on our terms loans are as follows: Fiscal Year Amount 2018 $ 5,857 2019 5,857 2020 5,857 2021 30,139 $ 47,710 The carrying amount of our term loans approximates their fair value at January 29, 2017. The Loan Agreement increased the amount available under our existing unsecured revolving credit facility from $15 million to $30 million and increased the sublimit of the facility available for the issuance of letters of credit from $3 million to $4 million. Amounts outstanding under the revolving facility bear interest at a rate, adjusted monthly, equal to the then current LIBOR monthly rate plus 1.50%. We must also pay a quarterly unused commitment fee that is based on the average daily amount of the facility utilized during the applicable quarter. As of January 29, 2017, we had an aggregate $28.5 million available under our revolving credit facility to fund working capital needs. Standby letters of credit in the aggregate amount of $1.5 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the revolving credit facility as of January 29, 2017. There were no additional borrowings outstanding under the revolving credit facility as of January 29, 2017. |
NOTE 12 - EMPLOYEE BENEFIT PLAN
NOTE 12 - EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Jan. 29, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 12 – EMPLOYEE BENEFIT PLANS Employee Savings Plans We sponsor a tax-qualified 401(k) retirement plan covering substantially all employees. This plan assists employees in meeting their savings and retirement planning goals through employee salary deferrals and discretionary employer matching contributions. Our contributions to the plan amounted to $977,000 in fiscal 2017, $666,000 in fiscal 2016, and $605,000 in fiscal 2015. Executive Benefits Pension, SRIP and SERP Overview We maintain a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furniture Corporation. Additionally, we assumed Home Meridian’s pension plan and other retirement plan liabilities upon completion of the Acquisition on February 1, 2016. Home Meridian’s legacy pension plan obligations relate to Pulaski Furniture Corporation, one of two entities combined to form HMI. These legacy pension plan obligations include: § the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives; and § the Pulaski Furniture Corporation Pension Plan (“Pension Plan”) for former Pulaski Furniture Corporation employees. The SRIP, SERP and Pension plans are all “frozen” and we do not expect to add additional employees to any of these plans in the future. SRIP and SERP The SRIP provides monthly payments to participants or their designated beneficiaries based on a participant’s “final average monthly earnings” and “specified percentage” participation level as defined in the plan, subject to a vesting schedule that may vary for each participant. The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death. In addition, the monthly retirement benefit for each participant, regardless of age, becomes fully vested and the present value of that benefit is paid to each participant in a lump sum upon a change in control of the Company as defined in the plan. The SRIP is unfunded and all benefits are payable solely from our general assets. The plan liability is based on the aggregate actuarial present value of the vested benefits to which participating employees are currently entitled, but based on the employees’ expected dates of separation or retirement. No employees have been added to the plan since 2008 and we do not expect to add additional employees in the future, due to changes in our compensation philosophy, which emphasizes more performance-based compensation measures in total management compensation. The SERP provides monthly payments to eight retirees or their designated beneficiaries based on a defined benefit formula as defined in the plan. The benefit is payable for the life of the retiree with the following forms available as a reduced monthly benefit: Ten-year Certain and Life; 50% or 100% Joint and Survivor Annuity. The SERP is unfunded and all benefits are payable solely from our general assets. The plan liability is based on the aggregate actuarial present value of the benefits to which retired employees are currently entitled. No employees have been added to the plan since 2006 and we do not expect to add additional employees in the future. Summarized SRIP and SERP information as of each fiscal year-end (the measurement date) is as follows: SRIP (Supplemental Retirement Income Plan) SERP (Supplemental Executive Retirement Plan) Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, January 29, 2017 2016 2017 Change in benefit obligation: Beginning projected benefit obligation $ 8,153 $ 8,385 $ 2,413 Service cost 375 406 Interest cost 341 289 89 Benefits paid (354 ) (354 ) (204 ) Actuarial loss (gain) 330 (573 ) 4 Ending projected benefit obligation (funded status) $ 8,845 $ 8,153 $ 2,302 Accumulated benefit obligation $ 8,344 $ 7,446 $ 2,302 Discount rate used to value the ending benefit obligations: 4.00 % 4.25 % 3.77 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 473 $ 354 $ 221 Non-current liabilities (Deferred compensation line*) 8,372 7,799 2,081 Total $ 8,845 $ 8,153 $ 2,302 Fifty-Two Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, January 29, 2017 2016 2015 2017 Net periodic benefit cost Service cost $ 375 $ 406 $ 102 $ - Interest cost 341 289 339 89 Net (gain) loss (72 ) 178 (51 ) - Net periodic benefit cost $ 644 $ 873 $ 390 $ 89 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 330 (574 ) 636 4 Gain (Loss) 72 (178 ) 51 - Total recognized in other comprehensive loss (income) 402 (752 ) 687 4 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 1,046 $ 121 $ 1,077 $ 93 Assumptions used to determine net periodic benefit cost: Discount rate (1) 4.25 % 3.5 % 4.5 % 3.88 % Increase in future compensation levels 4.00 % 4.0 % 4.0 % N/A Estimated Future Benefit Payments: Fiscal 2018 $ 473 221 Fiscal 2019 551 209 Fiscal 2020 834 203 Fiscal 2021 834 195 Fiscal 2022 834 187 Next 5 years 4,347 795 (1) The discount rate used for the SRIP is the Moody’s Composite Bond rate rounded to the nearest 0.25%. The discount rate used for the SERP Plan is hypothetical AA-rated corporate bond spot-rate explained in greater detail below. For the SRIP plan, the gain recognized in other comprehensive income was due to an increased discount rate from 3.5% at January 31, 2016 to 4.25% at January 29, 2017. It also reflects the retirements of several participants. The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. For the SERP, the discount rate assumption used to measure the postretirement benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by our actuary, Aon Hewitt (“Aon”). This yield curve was constructed from the underlying bond price and yield data collected as of the Plan’s measurement date and is represented by a series of annualized, individual discount rates with durations ranging from six months to seventy-five years. Aon then applies the yield curve to the actuarially projected cash flow patterns to derive the appropriate discount rate. Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at January 29, 2017 by approximately $625,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 29, 2017 by $701,000. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at January 29, 2017 by approximately $161,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 29, 2017 by $185,000 . At January 29, 2017, the actuarial losses related to the SRIP amounted to $185,000, net of tax of $68,000. At January 31, 2016, the actuarial gains related to the SRIP amounted to $139,000, net of tax of $79,000. The estimated prior service (cost) credit and actuarial loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost over fiscal 2018 are $0 and $62,000, respectively. At January 29, 2017, the actuarial losses related to the SERP were immaterial. Consequently, the estimated prior service (cost) credit and actuarial loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost over fiscal 2018 are also immaterial. The Pension Plan Pension plan assets include a range of mutual fund asset classes and are measured at fair value using Level 1 inputs, which are quoted prices in active markets. Our Pension Plan investment policy includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges by asset class. The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plan’s actuarial assumptions, and achieve asset returns that are competitive with like institutions employing similar investment strategies. We and our third-party advisors periodically review the pension plan for investment matters. The same advisor assists in specific investment review and selection. Our overall investment strategy is to achieve a mix of approximately 75% of investments for long-term growth and 25% for near-term benefit payments with a diversification of asset types and fund strategies. The allocations for plan assets at January 29, 2017 were 77.5% equity and 22.5% corporate bonds and U.S. Treasury Securities. Mutual funds primarily include investments in a range of asset classes, including: domestic and international equities (both large and small cap), fixed income securities such as corporate bonds, mortgage-backed securities, real estate investments and U.S. Treasuries. The following are the major categories of plan assets measured at fair value on January 29, 2017, all using quoted prices in active markets for identical assets (Level 1), in thousands of dollars: Money Market Funds $ 324 Mutual Funds: Growth Funds $ 2,807 International Funds 2,089 Bond Funds 3,121 Value Funds 1,390 Small Blend Funds 1,377 Emerging Market Funds 1,399 Real Estate Funds 1,374 Total Plan Assets $ 13,881 The Pension Plan discount rate assumption used to measure the postretirement benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by Aon. This yield curve was constructed from the underlying bond price and yield data collected as of the Plan’s measurement date and is represented by a series of annualized, individual discount rates with durations ranging from six months to seventy-five years. Aon then applies the yield curve to the actuarially projected cash flow patterns to derive the appropriate discount rate. The vested benefit obligation for the Pension Plan is the actuarial present value of the vested benefits to which the employee is currently entitled, but based on the employee’s expected date of separation or retirement. Increasing the Pension Plan discount rate by 1% would decrease the projected benefit obligation at January 29, 2017 by approximately $1.7 million. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 29, 2017 by $2.0 million. The expected long-term rate of return on Pension Plan assets (“EROA”) is 7.0% as of We contributed $1.2 million to reduce the underfunded balance of the Pension Plan during the fiscal 2017 third quarter. We also contributed $811,000 in required contributions to the Pension Plan in fiscal 2017. Expected minimum Pension Plan contributions in fiscal 2018 are $776,000. Summarized Pension Plan information as of January 29, 2017 (the measurement date) is as follows: Pulaski Furniture Pension Plan Fifty-Two Weeks Ended January 29, 2017 Change in benefit obligation: Beginning projected benefit obligation $ 17,829 Service cost - Interest cost 751 Benefits paid (1,099 ) Actuarial (gain) loss (101 ) Ending projected benefit obligation $ 17,380 Change in Plan Assets: Beginning fair value of plan assets $ 11,585 Actual return on plan assets 1,666 Employer contributions 2,011 Actual expenses paid (282 ) Actual benefits paid $ (1,099 ) Ending fair value of plan assets $ 13,881 Funded Status of the Plan $ (3,499 ) Discount rate used to value the ending benefit obligations: 4.14 % Amount recognized in the consolidated balance sheets: Current liabilities $ - Non-current liabilities (3,499 ) Total $ (3,499 ) Fifty-Two Weeks Ended January 29, 2017 Net periodic benefit cost Expected administrative expenses $ 280 Interest cost 751 Net loss (gain) (808 ) Net periodic benefit cost $ 223 Other changes recognized in accumulated other comprehensive income Net (gain) loss arising during period (957 ) Total recognized in other comprehensive (income) loss (957 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (734 ) Assumptions used to determine net periodic benefit cost: Discount rate (Moody’s Composite Bond Rate) 4.36 % Increase in future compensation levels N/A Estimated Future Benefit Payments: Fiscal 2018 $ 1,179 Fiscal 2019 1,155 Fiscal 2020 1,144 Fiscal 2021 1,130 Fiscal 2022 1,109 Fiscal 2023 through Fiscal 2027 5,463 Life Insurance We also provide a life insurance program for certain executives. The life insurance program provides death benefit protection for these executives during employment up to age 65. Coverage under the program declines when a participating executive attains age 60 and automatically terminates when the executive attains age 65 or terminates employment with us for any reason, other than death, whichever occurs first. The life insurance policies funding this program are owned by the Company with a specified portion of the death benefits payable under those policies endorsed to the insured executives’ designated beneficiaries. Performance Grants The Compensation Committee of our Board of Directors annually awards performance grants to certain senior executives under the Company’s Stock Incentive Plan. Payments under these awards are based on our achieving specified performance targets during a designated performance period. Generally, each executive must remain continuously employed with the Company through the end of the performance period. Typically, performance grants can be paid in cash, shares of the Company’s common stock, or both, at the discretion of the Compensation Committee at the time payment is made. Outstanding performance grants are classified as liabilities since the (i) settlement amount for each grant is not known until after the applicable performance period is completed and (ii) settlement of the grants may be made in common stock, cash or a combination of both. The estimated cost of each grant is recorded as compensation expense over its performance period when it becomes probable that the applicable performance targets will be achieved. The expected cost of the performance grants is revalued each reporting period. As assumptions change regarding the expected achievement of performance targets, a cumulative adjustment is recorded and future compensation expense will increase or decrease based on the currently projected performance levels. If we determine that it is not probable that the minimum performance thresholds for outstanding performance grants will be met, no further compensation cost will be recognized and any previously recognized compensation cost will be reversed. During fiscal 2013, the Compensation Committee awarded performance grants for the 2014 fiscal year. The 2014 awards had a three-year performance period that ended on January 15, 2016. The performance criteria for these awards were met and were paid in April 2016. During fiscal 2015, fiscal 2016 and fiscal 2017, the Compensation Committee awarded performance grants for the 2015, 2016 and 2017 fiscal years that have three-year performance periods ending on January 29, 2017, January 28, 2018 and February 3, 2019. The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated: January 29, January 31, 2017 2016 Performance grants Fiscal 2014 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 619 Fiscal 2015 grant (Current liabilities, Accrued wages, salaries and benefits) 644 429 Fiscal 2016 grant (Non-current liabilities, Deferred compensation) 215 129 Fiscal 2017 grant (Non-current liabilities, Deferred compensation) 93 - Total performance grants accrued $ 952 $ 1,177 |
NOTE 13 - SHARE-BASED COMPENSAT
NOTE 13 - SHARE-BASED COMPENSATION | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 13 – SHARE-BASED COMPENSATION Our Stock Incentive Plan permits incentive awards of restricted stock, restricted stock units, stock appreciation rights and performance grants to key employees. A maximum of 750,000 shares of the Company’s common stock is authorized for issuance under the Stock Incentive Plan. The Stock Incentive Plan also provides for annual restricted stock awards to non-employee directors. We have issued restricted stock awards to our non-employee directors since January 2006 and certain other management employees since 2014. We account for restricted stock awards as “non-vested equity shares” until the awards vest or are forfeited. Restricted stock awards to non-employee directors and certain other management employees vest if the director/employee remains on the board/employed through the specified vesting period for shares and may vest earlier upon certain events specified in the plan. For shares issued to non-employee directors during fiscal 2016 and after, there is a 12-month service period. The fair value of each share of restricted stock is the market price of our common shares on the grant date. The weighted average grant-date fair values of restricted stock awards issued during fiscal year 2017 were $25.45 and 24.17, during 2016 was $21.44, and during 2015 were $15.96 and $13.86 per share, respectively. The restricted stock awards outstanding as of January 29, 2017 had an aggregate grant-date fair value of $633,000, after taking vested and forfeited restricted shares into account. As of January 29, 2017, we have recognized non-cash compensation expense of approximately $424,000 related to these non-vested awards and $846,000 for awards that have vested. The remaining $209,000 of grant-date fair value for unvested restricted stock awards outstanding at January 29, 2017 will be recognized over the remaining vesting periods for these awards. For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of January 29, 2017: Whole Number of Shares Grant-Date Fair Value Per Share Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At January 31, 2016 Previous Awards (vested) $ 846 Restricted shares Issued on June 4, 2014 1,624 $ 13.86 23 20 3 Restricted shares Issued on June 10, 2014 8,385 $ 15.96 133 98 12 Forfeited (1,434 ) $ 15.96 (23 ) - - Balance 6,951 110 98 12 Restricted shares Issued on April 6, 2015 5,741 $ 21.44 123 75 48 Restricted shares Issued on April 13, 2016 4,872 $ 25.45 130 36 94 Restricted shares Issued on June10, 2016 6,494 $ 24.17 157 105 52 Awards outstanding at January 29, 2017: 25,682 $ 633 $ 424 $ 209 We have awarded time-based restricted stock units to certain senior executives since 2011. Each restricted stock unit, or “RSU”, entitles the executive to receive one share of the Company’s common stock if he remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of the Company’s common stock, cash or both, at the discretion of the Compensation Committee. The RSUs are accounted for as “non-vested stock grants.” Similar to the restricted stock grants issued to our non-employee directors, RSU compensation expense is recognized ratably over the applicable service period. However, unlike restricted stock grants, no shares are issued, or other payment made, until the end of the applicable service period (commonly referred to as “cliff vesting”) and grantees are not entitled to receive dividends on their RSUs during that time. The fair value of each RSU is the market price of a share of our common stock on the grant date, reduced by the present value of the dividends expected to be paid on a share of our common stock during the applicable service period, discounted at the appropriate risk-free rate. The following table presents RSU activity for the year ended January 29, 2017: Whole Number of Units Grant-Date Fair Value Per Unit Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At January 29, 2017 Previous Awards (vested) $ 400 RSUs Awarded on April 15, 2014 7,322 $ 12.91 95 95 - RSUs Awarded on April 6, 2015 5,518 $ 17.52 97 58 39 RSUs Awarded on April 13, 2016 7,622 $ 24.26 185 51 134 Awards outstanding at January 29, 2017: 20,462 $ 377 $ 204 $ 173 |
NOTE 14 - EARNINGS PER SHARE
NOTE 14 - EARNINGS PER SHARE | 12 Months Ended |
Jan. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 14 – EARNINGS PER SHARE We refer you to the Earnings Per Share disclosure in Note 1-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share. We have issued restricted stock awards to non-employee directors since 2006 and certain management employees since 2014 and have issued restricted stock units (RSUs) to certain senior executives since fiscal 2012, under the Company’s Stock Incentive Plan. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal year-end dates indicated: January 29, January 31, February 1, 2017 2016 2015 Restricted shares 25,682 24,919 27,458 Restricted stock units 20,462 12,840 24,546 46,144 37,759 52,004 All restricted shares awarded that have not yet vested are considered when computing diluted earnings per share. Unlike the restricted stock grants issued to our non-employee directors, the transfer of ownership of common shares issued under our RSUs, if any, occurs after the three-year vesting period; however, RSUs are also considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Net income $ 25,287 $ 16,185 $ 12,578 Less: Dividends on unvested restricted shares 11 11 11 Net earnings allocated to unvested restricted stock 56 40 33 Earnings available for common shareholders $ 25,220 $ 16,134 $ 12,534 Weighted average shares outstanding for basic 11,531 10,779 10,736 Dilutive effect of unvested restricted stock awards 32 28 35 Weighted average shares outstanding for diluted 11,563 10,807 10,771 Basic earnings per share $ 2.19 $ 1.50 $ 1.17 Diluted earnings per share $ 2.18 $ 1.49 $ 1.16 We completed the Acquisition on the first day of fiscal 2017 and issued 716,910 shares of our common stock to designees of Home Meridian as partial consideration for the Acquisition. |
NOTE 15 - INCOME TAXES
NOTE 15 - INCOME TAXES | 12 Months Ended |
Jan. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 15 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Current expense Federal $ 14,470 $ 7,196 $ 6,024 Foreign 86 41 40 State 1,471 771 635 Total current expense 16,027 8,008 6,699 Deferred taxes Federal (2,427 ) 244 97 State (216 ) 22 24 Valuation Allowance 525 0 0 Total deferred taxes (2,118 ) 266 121 Income tax expense $ 13,909 $ 8,274 $ 6,820 Total tax expense for fiscal 2017 was $14.1 million, of which $13.9 million was allocated to continuing operations and $204,000 was allocated to other comprehensive income. Total tax expense for fiscal 2016 was $8.6 million, of which $8.3 million was allocated to continuing operations and $277,000 expense was allocated to other comprehensive income. Total tax expense for fiscal 2015 was $6.6 million, of which $6.8 million was allocated to continuing operations and $254,000 benefit was allocated to Other Comprehensive Income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated: January 29, January 31, February 1, 2017 2016 2015 Income taxes at statutory rate 35.0 % 35.0 % 35.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 2.2 2.1 2.0 Domestic Production Deduction (0.4 ) (0.6 ) - Captive Insurance (1.3 ) - - Change in valuation allowance 1.3 - - Officer’s life insurance (1.2 ) (1.1 ) (1.2 ) Other, net (0.1 ) (1.6 ) (0.6 ) Effective income tax rate 35.5 % 33.8 % 35.2 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were: January 29, January 31, 2017 2016 Assets Deferred compensation $ 4,817 $ 4,345 Allowance for bad debts 955 380 State income taxes 32 43 Intangible assets 609 703 Inventories 662 158 Employee benefits 144 - Capital loss carryover 525 - Other 460 378 Total deferred tax assets 8,204 6,007 Valuation allowance (525 ) - 7,679 6,007 Liabilities Employee benefits - 256 Property, plant and equipment 131 321 Total deferred tax liabilities 131 577 Net deferred tax asset without AOCI 7,548 5,430 Deferred tax asset (liability) in AOCI (284 ) (80 ) Total net deferred tax asset $ 7,264 $ 5,350 At January 29, 2017 and January 31, 2016 our net deferred tax asset was $7.3 million and $5.4 million, respectively. The increase in valuation allowance of $525,000 is due to a capital loss that is not expected to be realized. We expect to fully realize the benefit of the deferred tax assets, with the exception of the capital loss, in future periods when the amounts become deductible. At January 31, 2016, we had an uncertain tax position of $74,000 related to our investment in a captive insurance arrangement. The reserve increased to $76,000 at January 29, 2017. Also, at January 31, 2016, we had a reserve of $147,000 for an uncertain tax position related to the use of state loss carryforwards in our tax returns. The balance of this reserve was $125,000 at January 29, 2017. We expect $139,000 of this uncertain tax position to be settled during the next twelve months. Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosures. A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended January 29, 2017 and are as follows: January 29, January 31, 2017 2016 Balance, beginning of year $ 279 $ 482 Increase related to prior year tax positions - Decrease related to prior year tax positions (31 ) (203 ) Increase related to current year tax positions - Balance, end of year $ 248 $ 279 The net unrecognized tax benefits as of January 29, 2017, which, if recognized, would affect our effective tax rate are $201,000. We expect that $157,000 of gross unrecognized tax benefits will decrease within the next year. We have elected to classify interest and penalties recognized with respect to unrecognized tax benefits as income tax expense. Interest expense of $23,000 and $12,000 was accrued as of January 29, 2017 and , respectively. Tax years ending February 2, 2014, through January 29, 2017 remain subject to examination by federal and state taxing authorities. |
NOTE 16 - SEGMENT INFORMATION
NOTE 16 - SEGMENT INFORMATION | 12 Months Ended |
Jan. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 16 – SEGMENT INFORMATION As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments § better understand our performance; § better assess our prospects for future net cash flows; and § make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”), our Chief Executive Officer, regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. For financial reporting purposes, we are organized into four operating segments: § Hooker Casegoods § Upholstery § All Other § Home Meridian The following table presents segment information for the periods, and as of the dates, indicated: Fifty-Two Weeks Ended Fifty-Two Weeks Ended Fifty-Two Weeks Ended January 29, 2017 January 31, 2016 February 1, 2015 % Net % Net % Net Net Sales Sales Sales Sales Hooker Casegoods $ 141,486 24.5 % $ 155,106 62.8 % $ 153,882 63.0 % Upholstery 81,965 14.2 % 84,090 34.0 % 86,362 35.3 % Home Meridian 344,635 59.7 % - - All Other 9,133 1.6 % 8,033 3.3 % 5,025 2.1 % Intercompany eliminations - (230 ) (919 ) Consolidated $ 577,219 100.0 % $ 246,999 100.0 % $ 244,350 100.0 % Gross Profit Hooker Casegoods $ 47,218 33.4 % $ 47,558 30.7 % $ 44,868 29.2 % Upholstery 18,949 23.1 % 18,852 22.4 % 16,489 19.1 % Home Meridian 57,289 16.6 % - - All Other 2,655 29.1 % 2,252 28.0 % 1,465 29.2 % Intercompany eliminations 10 26 (22 ) Consolidated $ 126,121 21.8 % $ 68,688 27.8 % $ 62,800 25.7 % Operating Income Hooker Casegoods $ 18,543 13.1 % $ 18,509 11.9 % $ 17,286 11.2 % Upholstery 6,043 7.4 % 6,020 7.2 % 2,871 3.3 % Home Meridian 14,375 4.2 % - - All Other 249 2.7 % (293 ) -3.6 % (1,087 ) -21.6 % Intercompany eliminations 10 26 (22 ) Consolidated $ 39,220 6.8 % $ 24,262 9.8 % $ 19,048 7.8 % Capital Expenditures Hooker Casegoods $ 1,193 $ 2,219 $ 2,124 Upholstery 972 621 830 Home Meridian 280 All Other 9 7 40 Consolidated $ 2,454 $ 2,847 $ 2,994 Depreciation & Amortization Hooker Casegoods $ 2,214 $ 1,808 $ 1,591 Upholstery 947 1,126 1,005 Home Meridian 4,704 All Other 135 12 3 Consolidated $ 8,000 $ 2,946 $ 2,599 As of January 29, As of January 31, 2017 %Total 2016 %Total Identifiable Assets Assets Assets Hooker Casegoods $ 130,917 41.1 % $ 146,794 80.8 % Upholstery 32,275 10.1 % 34,010 18.7 % Home Meridian 154,954 48.6 % - All Other 554 0.2 % 863 0.5 % Intercompany eliminations (4 ) (14 ) Consolidated $ 318,696 100.0 % $ 181,653 100.0 % Sales by product type are as follows: Net Sales (in thousands) Fiscal 2017 2016 2015 Casegoods $ 391,347 $ 158,963 $ 156,464 Upholstery 185,872 88,036 87,886 $ 577,219 $ 246,999 $ 244,350 No significant long-lived assets were held outside the United States at either January 29, 2017 or February 1, 2015. International customers accounted for approximately 2% of consolidated invoiced sales in fiscal 2017 and fiscal 2016 and 6% of consolidated invoiced sales in fiscal 2015. |
NOTE 17 - COMMITMENTS, CONTINGE
NOTE 17 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS | 12 Months Ended |
Jan. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 17 – COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS Customs Penalty In September 2009, U.S. Customs and Border Patrol (“CBP”) issued an audit report asserting that we had not paid all required antidumping duties due with respect to certain bedroom furniture we imported from China. In February 2015, CBP assessed a civil penalty of approximately $2.1 million and unpaid duties of approximately $500,000 on the matter. We actively disputed the amounts and in March 2017, we were notified by CBP that it had reduced the civil penalty and unpaid duties to $357,000, conditioned on timely payment of these modified duties and penalties. We paid these amounts in March 2017 and consider this matter closed. Commitments and Off Balance Sheet Arrangements We lease warehousing facilities, showroom space and office equipment under leases expiring over the next five years. Rent expense was $7.7 million in fiscal 2017, $3.1 million in fiscal 2016, and $2.8 million in fiscal 2015. Future minimum annual commitments under leases and operating agreements are $7.6 million in fiscal 2018, $6.5 million in fiscal 2019, $6.4 million in fiscal 2020, $6.2 million in fiscal 2021 and $4.7 million in fiscal 2022. We sublease space in our Redlands, CA facility. Total amounts due to us under the sublease are $563,000 in fiscal 2018, $575,000 in fiscal 2019, $586,000 in fiscal 2020, $598,000 in fiscal 2021 and $101,000 in fiscal 2022. We had letters of credit outstanding totaling $1.5 million on January 29, 2017. We utilize letters of credit to collateralize certain imported inventory purchases and certain insurance arrangements. Substantially all of the cash value of our company owned life insurance is pledged as collateral for our secured term loan. In the ordinary course of our business, we may become involved in legal proceedings involving contractual and employment relationships, product liability claims, intellectual property rights and a variety of other matters. We do not believe that any pending legal proceedings will have a material impact on our financial position or results of operations. Our business is subject to a number of significant risks and uncertainties, including our reliance on offshore sourcing, any of which can adversely affect our business, results of operations, financial condition or future prospects. For a discussion of risks and uncertainties that we face, see “Forward Looking Statements” beginning on page 2 of this report and Item 1A, “Risk Factors” beginning on page 8 of this report. |
NOTE 18 - CONCENTRATIONS OF RIS
NOTE 18 - CONCENTRATIONS OF RISK | 12 Months Ended |
Jan. 29, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 18 – CONCENTRATIONS OF RISK Imported Products Sourcing We source imported products through multiple vendors, located in five countries. Because of the large number and diverse nature of the foreign factories from which we can source our imported products, we have some flexibility in the placement of products in any particular factory or country. Factories located in Vietnam and China are a critical resource for Hooker Furniture. In fiscal 2017, imported products sourced from Vietnam and China accounted for nearly all of our import purchases and our top five suppliers in those countries accounted for over half of our fiscal 2017 import purchases. A disruption in our supply chain from Vietnam or China could significantly impact our ability to fill customer orders for products manufactured at that factory or in that country. Raw Materials Sourcing for Domestic Upholstery Manufacturing Our five largest domestic upholstery suppliers accounted for approximately 37% of our raw materials supply purchases for domestic upholstered furniture manufacturing operations in fiscal 2017. One supplier accounted for 16% of our raw material purchases in fiscal 2017. Should disruptions with these suppliers occur, we believe we could successfully source these products from other suppliers without significant disruption to our operations. Concentration of Sales and Accounts Receivable Sales to Costco Wholesale Corporation accounted for approximately 10% of our consolidated sales in fiscal 2017. Our top five customers accounted for nearly one-third of our fiscal 2017 consolidated sales. The loss of any one or more of these customers could adversely affect our earnings, financial condition and liquidity. At January 29, 2017, nearly 40% of our consolidated accounts receivable is concentrated in our top five customers. Should any one of these receivables become uncollectible, it would have an immediate and material adverse impact on our financial condition and liquidity. |
NOTE 19 - CONSOLIDATED QUARTERL
NOTE 19 - CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) | 12 Months Ended |
Jan. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 19 – CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant’s report.) Fiscal Quarter First Second Third Fourth 2017 Net sales $ 121,831 $ 136,163 $ 145,298 $ 173,927 Cost of sales 95,232 107,685 114,372 133,809 Gross profit 26,599 28,478 30,926 40,118 Selling and administrative expenses 20,944 19,441 20,653 22,728 Net income 2,500 5,349 6,459 10,979 Basic earnings per share $ 0.22 $ 0.46 $ 0.56 $ 0.95 Diluted earnings per share $ 0.22 $ 0.46 $ 0.56 $ 0.95 2016 Net sales $ 60,956 $ 60,140 $ 65,338 $ 60,565 Cost of sales 44,581 44,047 47,173 42,510 Gross profit 16,375 16,093 18,165 18,055 Selling and administrative expenses 11,133 10,234 11,525 11,534 Net income 3,472 3,938 4,630 4,145 Basic earnings per share $ 0.32 $ 0.36 $ 0.43 $ 0.38 Diluted earnings per share $ 0.32 $ 0.36 $ 0.43 $ 0.38 Earnings per share for each fiscal quarter is derived using the weighted average number of shares outstanding during that quarter. Earnings per share for each fiscal year is derived using the weighted average number of shares outstanding on an annual basis. Consequently, the sum of earnings per share for the quarters of a fiscal year may not equal earnings per share for the full fiscal year. |
NOTE 20 - SUBSEQUENT EVENTS
NOTE 20 - SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 29, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 20 – SUBSEQUENT EVENTS Cash Dividend On March 1, 2017, our Board of Directors declared a quarterly cash dividend of $0.12 per share, payable on March 31, 2017 to shareholders of record at March 17, 2017. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 29, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Business Hooker Furniture Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture, hospitality and contract furniture for sale to retail merchandisers and commercial businesses located principally in North America. |
Consolidation, Policy [Policy Text Block] | Consolidation The consolidated financial statements include the accounts of Hooker Furniture Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. For comparative purposes, certain amounts in the consolidated financial statements and notes have been reclassified to conform to the fiscal 2017 presentation. |
Segment Reporting, Policy [Policy Text Block] | Operating Segments As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments § better understand our performance; § better assess our prospects for future net cash flows; and § make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”), our Chief Executive Officer, regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. For financial reporting purposes, we are organized into four operating segments: § Hooker Casegoods § Upholstery § All Other § Home Meridian |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. |
Receivables, Policy [Policy Text Block] | Trade Accounts Receivable Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings or commercial purchasers of our hospitality and senior living products, and consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. Accounts receivable are reported net of allowance for doubtful accounts. |
Business Combinations Policy [Policy Text Block] | Business Combinations-Purchase Price Allocation For the Acquisition, we allocated the purchase price to the various tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. Determining the fair value of certain assets and liabilities acquired is subjective in nature and often involves the use of significant estimates and assumptions, which are inherently uncertain. Many of the estimates and assumptions used to determine fair values, such as those used for intangible assets, are made based on forecasted information and discount rates. To assist in the purchase price allocation process, as well as the estimate of remaining useful lives of acquired assets, we engaged a third-party appraisal firm. In addition, the judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: § Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. § Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. § Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value for each of our financial instruments (consisting of cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. |
Inventory, Policy [Policy Text Block] | Inventories All inventories are stated at the lower of cost, or market value using the last-in, first-out (LIFO) method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated productive lives. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows from the use of those assets. When any such impairment exists, the related assets are written down to fair value. Long-lived assets subject to disposal by sale are measured at the lower of their carrying amount or fair value less estimated cost to sell, are no longer depreciated, and are reported separately as “assets held for sale” in the consolidated balance sheets. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Intangible Assets and Goodwill We own both definite-lived (amortizable) assets and indefinite-lived intangible assets. Our amortizable intangible assets are related to the recent Acquisition and include customer relationships and organic trademarks. Our indefinite lived assets include goodwill and tradenames related to the recent Acquisition, as well as the Bradington-Young and Sam Moore tradenames. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill and trade names are tested for impairment annually as of the first day of our fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include, but are not limited to: § a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; § significant changes in demand for our products; § loss of key personnel; and § the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. The assumptions used to determine the fair value of our intangible assets are highly subjective and judgmental and include long-term growth rates, sales volumes, projected revenues, assumed royalty rates and factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets that may have a material-adverse effect on our results of operations and financial condition. |
Future Policy Benefits Liability, Policy [Policy Text Block] | Cash Surrender Value of Life Insurance Policies We own eighty-three life insurance policies on certain of our current and former executives and other key employees. These policies have a carrying value of $22.4 million and a face value of approximately $34 million. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. Substantially all of the cash value of our company owned life insurance is pledged as collateral for our secured term loan. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Our sales revenue is recognized when title and the risk of loss pass to the customer, which typically occurs at the time of shipment. In some cases however, title does not pass until the shipment is delivered to the customer. Sales are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales The major components of cost of sales are: § the cost of imported products purchased for resale; § raw materials and supplies used in our domestically manufactured products; § labor and overhead costs associated with our domestically manufactured products; § the cost of our foreign import operations; § charges associated with our inventory reserves; § warehousing and certain shipping and handling costs; and § all other costs required to be classified as cost of sales. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses The major components of our selling and administrative expenses are: § the cost of our marketing and merchandising efforts, including showroom expenses; § sales and design commissions; § the costs of administrative support functions including, executive management, information technology, human resources and finance; and § all other costs required to be classified as selling and administrative expenses. |
Advertising Costs, Policy [Policy Text Block] | Advertising We offer advertising programs to qualified dealers under which we may provide signage, catalogs and other marketing support to our dealers and may reimburse some advertising and other costs incurred by our dealers in connection with promoting our products. The cost of these programs does not exceed the fair value of the benefit received. We charge the cost of point-of-purchase materials (including signage and catalogs) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2017, 2016 and 2015 were $3.2 million, $2.3 million, and $2.0 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against revenues in our consolidated statements of income and comprehensive income. |
Income Tax, Policy [Policy Text Block] | Income Taxes At times, tax law and generally accepted accounting principles differ in the treatment of certain income and expense items. These items may be excluded or included in taxable income at different times than is required for GAAP or “book” reporting purposes. These differences may be permanent or temporary in nature. We determine our annual effective income tax rate based on forecasted pre-tax book income and forecasted permanent book and tax differences. The rate is established at the beginning of the year and is evaluated on a quarterly basis. We consider the level and mix of income of our separate legal entities, statutory tax rates, business credits available in the various jurisdictions in which we operate and permanent tax differences. Significant judgment is required in evaluating tax positions that affect the annual tax rate. Any changes to the forecasted information may cause adjustments to the effective rate. Additional tax, interest and penalties associated with uncertain tax positions are recognized in tax expense on a quarterly basis. To the extent any book and tax differences are temporary in nature, that is, the book realization will occur in a different period than the tax realization, a deferred tax asset or liability is established. To the extent a deferred tax asset is created, we evaluate our ability to realize this asset. If we determine that we will not be able to fully utilize deferred tax assets, we establish a valuation reserve. In assessing the realization of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income during the periods in which those temporary differences reverse. All deferred tax assets and liabilities are classified as non-current on our consolidated balance sheets. We believe the classification of all deferred tax assets and liabilities as noncurrent provides a more informative disclosure because many of our deferred tax items are by definition short-term; however, are of a recurring nature and tend to behave more like non-current assets or liabilities |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We use the two class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors and certain employees are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and certain employees and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include the useful lives of fixed assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets, goodwill and intangible assets; our pension and supplemental retirement income plans; and stock-based compensation. These estimates and assumptions are based on our best judgments. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust our estimates and assumptions as facts and circumstances dictate. Actual results could differ from our estimates. |
NOTE 3 - ACQUISITION (Tables)
NOTE 3 - ACQUISITION (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes our final estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Acquisition as of January 29, 2017. Adjustments recorded to our preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of February 1, 2016 were due to the continued refinement of management’s estimates and adjustments made to conform the newly acquired entity’s accounting policies to our own. These adjustments included the reclassification of accounts receivable-related reserve items from accrued expenses to accounts receivable, the write-off of deferred rent, the reduction of property and equipment and prepaid expenses for items that had been capitalized inconsistent with our capitalization policy and the recognition of accrued salaries and wages to recognize compensated absences. Fair value estimates of assets acquired and liabilities assumed: (in thousands) Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 86,062 Value of shares issued for assets acquired 15,000 Value of shares issued for excess net working capital 5,267 Total purchase price $ 106,329 Accounts receivable $ 42,463 Inventory 37,606 Prepaid expenses and other current assets 1,801 Property and equipment 5,292 Intangible assets 27,800 Goodwill 23,187 Accounts payable (22,784 ) Accrued expenses (316 ) Pension plan liabilities and deferred compensation balances (8,720 ) Total purchase price $ 106,329 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the Acquisition as if it had occurred on February 1, 2015: 13 Weeks Ended 52 Weeks Ended January 31, 2016 January 31, 2016 (Pro forma) (Pro forma) Net Sales $ 152,434 $ 571,720 Net Income 8,027 22,831 Basic EPS 0.74 2.12 Diluted EPS 0.74 2.11 |
NOTE 4 - SHAREHOLDER_S EQUITY (
NOTE 4 - SHAREHOLDER’S EQUITY (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | The number of shares and the amount of common stock outstanding changed materially from the end of the 2016 fiscal year, as a result of issuing 716,910 shares of common stock to the designees of HMI as partial consideration for the Acquisition. The table below reconciles the number of shares and amounts of common stock outstanding from our most recent fiscal year end to the end of the fiscal 2017 fourth quarter. The table shows the effects of the Acquisition issuance, as well as other activity in the common stock account unrelated to the Acquisition. Common Stock Shares Amount Outstanding shares January 31, 2016 10,818 $ 18,667 Shares issued for Acquisition 717 20,267 Restricted share grants 28 819 Restricted stock compensation costs - - Outstanding shares January 29, 2017 11,563 $ 39,753 |
NOTE 5 - DOUBTFUL ACCOUNTS AN32
NOTE 5 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Doubtful Accounts [Table Text Block] | The activity in the allowance for doubtful accounts was: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Balance at beginning of year $ 396 $ 563 $ 513 Home Meridian Acquisition 355 - - Non-cash charges to cost and expenses 468 115 601 Less uncollectible receivables written off, net of recoveries (711 ) (282 ) (551 ) Balance at end of year $ 508 $ 396 $ 563 Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Balance at beginning of year $ 636 $ 766 $ 730 Home Meridian Acquisition 3,866 - - Non-cash charges to cost and expenses 1,720 (220 ) 327 Less uncollectible receivables written off, net of recoveries 76 90 (291 ) Balance at end of year $ 6,298 $ 636 $ 766 |
NOTE 6 - ACCOUNTS RECEIVABLE (T
NOTE 6 - ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | January 29, January 31, 2017 2016 Trade accounts receivable $ 99,378 $ 25,520 Receivable from factor 6 3,688 Other accounts receivable allowances (6,298 ) (636 ) Allowance for doubtful accounts (508 ) (396 ) Accounts receivable $ 92,578 $ 28,176 |
NOTE 7 - INVENTORIES (Tables)
NOTE 7 - INVENTORIES (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | January 29, January 31, 2017 2016 Finished furniture $ 85,520 $ 55,120 Furniture in process 735 727 Materials and supplies 7,536 7,994 Inventories at FIFO 93,791 63,841 Reduction to LIFO basis (18,488 ) (20,128 ) Inventories $ 75,303 $ 43,713 |
NOTE 8 - PROPERTY, PLANT AND 35
NOTE 8 - PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives January 29, January 31, (In years) 2017 2016 Buildings and land improvements 15 - 30 $ 23,392 $ 22,777 Computer software and hardware 3 - 10 17,308 16,137 Machinery and equipment 10 5,031 4,864 Leasehold improvements Term of lease 7,104 2,817 Furniture and fixtures 3 - 8 1,903 1,453 Other 5 562 546 Total depreciable property at cost 55,300 48,594 Less accumulated depreciation 31,167 27,739 Total depreciable property, net 24,133 20,855 Land 1,067 1,067 Construction-in-progress 603 846 Property, plant and equipment, net $ 25,803 $ 22,768 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. These costs are amortized over periods of ten years or less. Capitalized software is reported as a component of computer software and hardware above and on the property, plant, and equipment line of our consolidated balance sheets. The activity in capitalized software costs was: Fifty-Two Weeks Fifty-Two Weeks Fifty-Two Weeks Ended Ended Ended January 29, January 31, February 1, 2017 2016 2015 Balance beginning of year $ 6,062 $ 2,726 $ 2,550 Purchases 1,495 4,113 606 Amortization expense (973 ) (777 ) (430 ) Disposals - - - Adjustments (74 ) Balance end of year $ 6,510 $ 6,062 $ 2,726 |
NOTE 9 - INTANGIBLE ASSETS AN36
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | January 29, January 31, Non-amortizable Intangible Assets Segment 2017 2016 Goodwill Home Meridian $ 23,187 $ - Trademarks and trade names - Home Meridian Home Meridian 11,400 - Trademarks and trade names - Bradington-Young Upholstery 861 861 Trademarks and trade names - Sam Moore Upholstery 396 396 URL- Homeware.com All Other - 125 Total non-amortizable assets 35,844 1,382 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | All of our amortizable intangible assets are recorded in our Home Meridian segment. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Backlog Trademarks Totals Balance at January 31, 2016 $ - $ - $ - $ - Intangibles- the Acquisition 14,400 1,800 200 16,400 Accumulated amortization (1,309 ) (1,800 ) (25 ) (3,134 ) Balance at January 29, 2017 $ 13,091 $ - $ 175 $ 13,266 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The estimated amortization expense associated with our amortizable intangible assets is expected to be as follows: Fiscal Year Amount 2018 1,334 2019 1,334 2020 1,334 2021 1,334 2022 1,334 Thereafter 6,596 $ 13,266 |
NOTE 10 - FAIR VALUE MEASUREM37
NOTE 10 - FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
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 January 29, 2017 and January 31, 2016, were as follows: Fair value at January 29, 2017 Fair value at January 31, 2016 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 $ - $ 22,366 $ - $ 22,366 $ - $ 21,888 $ - $ 21,888 Pension plan assets 13,881 13,881 - - |
NOTE 11 - LONG-TERM DEBT (Table
NOTE 11 - LONG-TERM DEBT (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Principal payments due on our terms loans are as follows: Fiscal Year Amount 2018 $ 5,857 2019 5,857 2020 5,857 2021 30,139 $ 47,710 |
NOTE 12 - EMPLOYEE BENEFIT PL39
NOTE 12 - EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
NOTE 12 - EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Other Employee Related Liabilities [Table Text Block] | The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated: January 29, January 31, 2017 2016 Performance grants Fiscal 2014 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 619 Fiscal 2015 grant (Current liabilities, Accrued wages, salaries and benefits) 644 429 Fiscal 2016 grant (Non-current liabilities, Deferred compensation) 215 129 Fiscal 2017 grant (Non-current liabilities, Deferred compensation) 93 - Total performance grants accrued $ 952 $ 1,177 |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |
NOTE 12 - EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Summarized SRIP and SERP information as of each fiscal year-end (the measurement date) is as follows: SRIP (Supplemental Retirement Income Plan) SERP (Supplemental Executive Retirement Plan) Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, January 29, 2017 2016 2017 Change in benefit obligation: Beginning projected benefit obligation $ 8,153 $ 8,385 $ 2,413 Service cost 375 406 Interest cost 341 289 89 Benefits paid (354 ) (354 ) (204 ) Actuarial loss (gain) 330 (573 ) 4 Ending projected benefit obligation (funded status) $ 8,845 $ 8,153 $ 2,302 Accumulated benefit obligation $ 8,344 $ 7,446 $ 2,302 Discount rate used to value the ending benefit obligations: 4.00 % 4.25 % 3.77 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 473 $ 354 $ 221 Non-current liabilities (Deferred compensation line*) 8,372 7,799 2,081 Total $ 8,845 $ 8,153 $ 2,302 |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, January 29, 2017 2016 2015 2017 Net periodic benefit cost Service cost $ 375 $ 406 $ 102 $ - Interest cost 341 289 339 89 Net (gain) loss (72 ) 178 (51 ) - Net periodic benefit cost $ 644 $ 873 $ 390 $ 89 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 330 (574 ) 636 4 Gain (Loss) 72 (178 ) 51 - Total recognized in other comprehensive loss (income) 402 (752 ) 687 4 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 1,046 $ 121 $ 1,077 $ 93 Assumptions used to determine net periodic benefit cost: Discount rate (1) 4.25 % 3.5 % 4.5 % 3.88 % Increase in future compensation levels 4.00 % 4.0 % 4.0 % N/A (1) The discount rate used for the SRIP is the Moody’s Composite Bond rate rounded to the nearest 0.25%. The discount rate used for the SERP Plan is hypothetical AA-rated corporate bond spot-rate explained in greater detail below. |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2018 $ 473 221 Fiscal 2019 551 209 Fiscal 2020 834 203 Fiscal 2021 834 195 Fiscal 2022 834 187 Next 5 years 4,347 795 |
Pension Plan [Member] | |
NOTE 12 - EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Summarized Pension Plan information as of January 29, 2017 (the measurement date) is as follows: Pulaski Furniture Pension Plan Fifty-Two Weeks Ended January 29, 2017 Change in benefit obligation: Beginning projected benefit obligation $ 17,829 Service cost - Interest cost 751 Benefits paid (1,099 ) Actuarial (gain) loss (101 ) Ending projected benefit obligation $ 17,380 Change in Plan Assets: Beginning fair value of plan assets $ 11,585 Actual return on plan assets 1,666 Employer contributions 2,011 Actual expenses paid (282 ) Actual benefits paid $ (1,099 ) Ending fair value of plan assets $ 13,881 Funded Status of the Plan $ (3,499 ) Discount rate used to value the ending benefit obligations: 4.14 % Amount recognized in the consolidated balance sheets: Current liabilities $ - Non-current liabilities (3,499 ) Total $ (3,499 ) |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Weeks Ended January 29, 2017 Net periodic benefit cost Expected administrative expenses $ 280 Interest cost 751 Net loss (gain) (808 ) Net periodic benefit cost $ 223 Other changes recognized in accumulated other comprehensive income Net (gain) loss arising during period (957 ) Total recognized in other comprehensive (income) loss (957 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (734 ) Assumptions used to determine net periodic benefit cost: Discount rate (Moody’s Composite Bond Rate) 4.36 % Increase in future compensation levels N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2018 $ 1,179 Fiscal 2019 1,155 Fiscal 2020 1,144 Fiscal 2021 1,130 Fiscal 2022 1,109 Fiscal 2023 through Fiscal 2027 5,463 |
Schedule of Allocation of Plan Assets [Table Text Block] | The following are the major categories of plan assets measured at fair value on January 29, 2017, all using quoted prices in active markets for identical assets (Level 1), in thousands of dollars: Money Market Funds $ 324 Mutual Funds: Growth Funds $ 2,807 International Funds 2,089 Bond Funds 3,121 Value Funds 1,390 Small Blend Funds 1,377 Emerging Market Funds 1,399 Real Estate Funds 1,374 Total Plan Assets $ 13,881 |
NOTE 13 - SHARE-BASED COMPENS40
NOTE 13 - SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
NOTE 13 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | We have issued restricted stock awards to non-employee directors since 2006 and certain management employees since 2014 and have issued restricted stock units (RSUs) to certain senior executives since fiscal 2012, under the Company’s Stock Incentive Plan. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal year-end dates indicated: January 29, January 31, February 1, 2017 2016 2015 Restricted shares 25,682 24,919 27,458 Restricted stock units 20,462 12,840 24,546 46,144 37,759 52,004 |
Restricted Stock [Member] | |
NOTE 13 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | For each restricted stock issuance, the following table summarizes restricted stock activity, includ Whole Number of Shares Grant-Date Fair Value Per Share Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At January 31, 2016 Previous Awards (vested) $ 846 Restricted shares Issued on June 4, 2014 1,624 $ 13.86 23 20 3 Restricted shares Issued on June 10, 2014 8,385 $ 15.96 133 98 12 Forfeited (1,434 ) $ 15.96 (23 ) - - Balance 6,951 110 98 12 Restricted shares Issued on April 6, 2015 5,741 $ 21.44 123 75 48 Restricted shares Issued on April 13, 2016 4,872 $ 25.45 130 36 94 Restricted shares Issued on June10, 2016 6,494 $ 24.17 157 105 52 Awards outstanding at January 29, 2017: 25,682 $ 633 $ 424 $ 209 |
Restricted Stock Units (RSUs) [Member] | |
NOTE 13 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | We have awarded time-based restricted stock units to certain senior executives since 2011. Each rest Whole Number of Units Grant-Date Fair Value Per Unit Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At January 29, 2017 Previous Awards (vested) $ 400 RSUs Awarded on April 15, 2014 7,322 $ 12.91 95 95 - RSUs Awarded on April 6, 2015 5,518 $ 17.52 97 58 39 RSUs Awarded on April 13, 2016 7,622 $ 24.26 185 51 134 Awards outstanding at January 29, 2017: 20,462 $ 377 $ 204 $ 173 |
NOTE 14 - EARNINGS PER SHARE (T
NOTE 14 - EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
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 directors since 2006 and certain management employees since 2014 and have issued restricted stock units (RSUs) to certain senior executives since fiscal 2012, under the Company’s Stock Incentive Plan. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal year-end dates indicated: January 29, January 31, February 1, 2017 2016 2015 Restricted shares 25,682 24,919 27,458 Restricted stock units 20,462 12,840 24,546 46,144 37,759 52,004 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Net income $ 25,287 $ 16,185 $ 12,578 Less: Dividends on unvested restricted shares 11 11 11 Net earnings allocated to unvested restricted stock 56 40 33 Earnings available for common shareholders $ 25,220 $ 16,134 $ 12,534 Weighted average shares outstanding for basic 11,531 10,779 10,736 Dilutive effect of unvested restricted stock awards 32 28 35 Weighted average shares outstanding for diluted 11,563 10,807 10,771 Basic earnings per share $ 2.19 $ 1.50 $ 1.17 Diluted earnings per share $ 2.18 $ 1.49 $ 1.16 |
NOTE 15 - INCOME TAXES (Tables)
NOTE 15 - INCOME TAXES (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our provision for income taxes was as follows for the periods indicated: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 29, January 31, February 1, 2017 2016 2015 Current expense Federal $ 14,470 $ 7,196 $ 6,024 Foreign 86 41 40 State 1,471 771 635 Total current expense 16,027 8,008 6,699 Deferred taxes Federal (2,427 ) 244 97 State (216 ) 22 24 Valuation Allowance 525 0 0 Total deferred taxes (2,118 ) 266 121 Income tax expense $ 13,909 $ 8,274 $ 6,820 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate differed from the federal statutory tax rate as follows for the period January 29, January 31, February 1, 2017 2016 2015 Income taxes at statutory rate 35.0 % 35.0 % 35.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 2.2 2.1 2.0 Domestic Production Deduction (0.4 ) (0.6 ) - Captive Insurance (1.3 ) - - Change in valuation allowance 1.3 - - Officer’s life insurance (1.2 ) (1.1 ) (1.2 ) Other, net (0.1 ) (1.6 ) (0.6 ) Effective income tax rate 35.5 % 33.8 % 35.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax January 29, January 31, 2017 2016 Assets Deferred compensation $ 4,817 $ 4,345 Allowance for bad debts 955 380 State income taxes 32 43 Intangible assets 609 703 Inventories 662 158 Employee benefits 144 - Capital loss carryover 525 - Other 460 378 Total deferred tax assets 8,204 6,007 Valuation allowance (525 ) - 7,679 6,007 Liabilities Employee benefits - 256 Property, plant and equipment 131 321 Total deferred tax liabilities 131 577 Net deferred tax asset without AOCI 7,548 5,430 Deferred tax asset (liability) in AOCI (284 ) (80 ) Total net deferred tax asset $ 7,264 $ 5,350 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended January 29, 2017 and January 31, 2016 are as follows: January 29, January 31, 2017 2016 Balance, beginning of year $ 279 $ 482 Increase related to prior year tax positions - Decrease related to prior year tax positions (31 ) (203 ) Increase related to current year tax positions - Balance, end of year $ 248 $ 279 |
NOTE 16 - SEGMENT INFORMATION (
NOTE 16 - SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents segment information for the periods, and as of the dates, indicated: Fifty-Two Weeks Ended Fifty-Two Weeks Ended Fifty-Two Weeks Ended January 29, 2017 January 31, 2016 February 1, 2015 % Net % Net % Net Net Sales Sales Sales Sales Hooker Casegoods $ 141,486 24.5 % $ 155,106 62.8 % $ 153,882 63.0 % Upholstery 81,965 14.2 % 84,090 34.0 % 86,362 35.3 % Home Meridian 344,635 59.7 % - - All Other 9,133 1.6 % 8,033 3.3 % 5,025 2.1 % Intercompany eliminations - (230 ) (919 ) Consolidated $ 577,219 100.0 % $ 246,999 100.0 % $ 244,350 100.0 % Gross Profit Hooker Casegoods $ 47,218 33.4 % $ 47,558 30.7 % $ 44,868 29.2 % Upholstery 18,949 23.1 % 18,852 22.4 % 16,489 19.1 % Home Meridian 57,289 16.6 % - - All Other 2,655 29.1 % 2,252 28.0 % 1,465 29.2 % Intercompany eliminations 10 26 (22 ) Consolidated $ 126,121 21.8 % $ 68,688 27.8 % $ 62,800 25.7 % Operating Income Hooker Casegoods $ 18,543 13.1 % $ 18,509 11.9 % $ 17,286 11.2 % Upholstery 6,043 7.4 % 6,020 7.2 % 2,871 3.3 % Home Meridian 14,375 4.2 % - - All Other 249 2.7 % (293 ) -3.6 % (1,087 ) -21.6 % Intercompany eliminations 10 26 (22 ) Consolidated $ 39,220 6.8 % $ 24,262 9.8 % $ 19,048 7.8 % Capital Expenditures Hooker Casegoods $ 1,193 $ 2,219 $ 2,124 Upholstery 972 621 830 Home Meridian 280 All Other 9 7 40 Consolidated $ 2,454 $ 2,847 $ 2,994 Depreciation & Amortization Hooker Casegoods $ 2,214 $ 1,808 $ 1,591 Upholstery 947 1,126 1,005 Home Meridian 4,704 All Other 135 12 3 Consolidated $ 8,000 $ 2,946 $ 2,599 |
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 January 29, As of January 31, 2017 %Total 2016 %Total Identifiable Assets Assets Assets Hooker Casegoods $ 130,917 41.1 % $ 146,794 80.8 % Upholstery 32,275 10.1 % 34,010 18.7 % Home Meridian 154,954 48.6 % - All Other 554 0.2 % 863 0.5 % Intercompany eliminations (4 ) (14 ) Consolidated $ 318,696 100.0 % $ 181,653 100.0 % |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by product type are as follows: Net Sales (in thousands) Fiscal 2017 2016 2015 Casegoods $ 391,347 $ 158,963 $ 156,464 Upholstery 185,872 88,036 87,886 $ 577,219 $ 246,999 $ 244,350 |
NOTE 19 - CONSOLIDATED QUARTE44
NOTE 19 - CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) (Tables) | 12 Months Ended |
Jan. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal Quarter First Second Third Fourth 2017 Net sales $ 121,831 $ 136,163 $ 145,298 $ 173,927 Cost of sales 95,232 107,685 114,372 133,809 Gross profit 26,599 28,478 30,926 40,118 Selling and administrative expenses 20,944 19,441 20,653 22,728 Net income 2,500 5,349 6,459 10,979 Basic earnings per share $ 0.22 $ 0.46 $ 0.56 $ 0.95 Diluted earnings per share $ 0.22 $ 0.46 $ 0.56 $ 0.95 2016 Net sales $ 60,956 $ 60,140 $ 65,338 $ 60,565 Cost of sales 44,581 44,047 47,173 42,510 Gross profit 16,375 16,093 18,165 18,055 Selling and administrative expenses 11,133 10,234 11,525 11,534 Net income 3,472 3,938 4,630 4,145 Basic earnings per share $ 0.32 $ 0.36 $ 0.43 $ 0.38 Diluted earnings per share $ 0.32 $ 0.36 $ 0.43 $ 0.38 |
NOTE 1 - SUMMARY OF SIGNIFICA45
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | ||
Jan. 29, 2017USD ($) | Jan. 31, 2016USD ($) | Feb. 01, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Number of Operating Segments | 4 | ||
Number of Life Insurance Policies | 83 | ||
Cash Surrender Value of Life Insurance | $ 22,366,000 | $ 21,888,000 | |
Life Settlement Contracts, Fair Value Method, Face Value | 34,000,000 | ||
Advertising Expense | $ 3,200,000 | $ 2,300,000 | $ 2,000,000 |
NOTE 3 - ACQUISITION (Details)
NOTE 3 - ACQUISITION (Details) - USD ($) | Feb. 01, 2016 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | Oct. 30, 2016 |
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 86,062,000 | $ 0 | $ 0 | ||
Finite-Lived Intangible Asset, Useful Life | 9 years 292 days | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,881,000 | $ 0 | |||
Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 86,000,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 716,910 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Basis for Determining Value | The number of shares of common stock issued at closing for the Stock Consideration was determined by reference to the mean closing price of our common stock for the fifteen trading days immediately preceding the Closing Date ($28.27). | ||||
Noncash or Part Noncash Acquisition, Other Liabilities Assumed | $ 7,800,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 8,700,000 | 8,720,000 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,600,000 | ||||
Business Combination, Acquisition Related Costs | 1,200,000 | ||||
Home Meridian International [Member] | Indefinite-Lived and Finite-Lived Trade Names [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,600,000 | ||||
Home Meridian International [Member] | Trade Names [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 11,400,000 | ||||
Line of Credit [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | $ 15,000,000 | |||
Line of Credit [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | ||||
Letter of Credit [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | $ 3,000,000 | |||
Letter of Credit [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | ||||
Shares Issued for Asset Purchase Agreement [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 530,598 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 15,000,000 | ||||
Share Issued for Working Capital Adjustments [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 186,312 | ||||
Unsecured Debt [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 60,000,000 | ||||
Unsecured Debt [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Debt Instrument, Face Amount | 41,000,000 | ||||
Secured Debt [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 19,000,000 | ||||
Trade Names [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200,000 | ||||
Customer Relationships [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years 255 days | ||||
Customer Relationships [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 11 years | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,400,000 | ||||
Order or Production Backlog [Member] | Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 months | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,800,000 |
NOTE 3 - ACQUISITION (Details)
NOTE 3 - ACQUISITION (Details) - Schedule of Business Acquisitions, by Acquisition - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Feb. 01, 2016 | Jan. 31, 2016 | |
Purchase price consideration | |||
Goodwill | $ 23,187 | $ 0 | |
Home Meridian International [Member] | |||
Purchase price consideration | |||
Cash paid for assets acquired, including working capital adjustment | 86,062 | ||
Value of shares issued for assets acquired | 15,000 | ||
Value of shares issued for excess net working capital | 5,267 | ||
Total purchase price | 106,329 | ||
Accounts receivable | 42,463 | ||
Inventory | 37,606 | ||
Prepaid expenses and other current assets | 1,801 | ||
Property and equipment | 5,292 | ||
Intangible assets | 27,800 | ||
Goodwill | 23,187 | ||
Accounts payable | (22,784) | ||
Accrued expenses | (316) | ||
Pension plan liabilities and deferred compensation balances | (8,720) | $ (8,700) | |
Total purchase price | $ 106,329 |
NOTE 3 - ACQUISITION (Details48
NOTE 3 - ACQUISITION (Details) - Business Acquisition, Pro Forma Information - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jan. 31, 2016 | Jan. 31, 2016 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net Sales | $ 152,434 | $ 571,720 |
Net Income | $ 8,027 | $ 22,831 |
Basic EPS | $ 0.74 | $ 2.12 |
Diluted EPS | $ 0.74 | $ 2.11 |
NOTE 4 - SHAREHOLDER_S EQUITY49
NOTE 4 - SHAREHOLDER’S EQUITY (Details) | Feb. 01, 2016shares |
Home Meridian International [Member] | |
NOTE 4 - SHAREHOLDER’S EQUITY (Details) [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 716,910 |
NOTE 4 - SHAREHOLDER_S EQUITY50
NOTE 4 - SHAREHOLDER’S EQUITY (Details) - Schedule of Common Stock Outstanding Roll Forward shares in Thousands, $ in Thousands | 12 Months Ended |
Jan. 29, 2017USD ($)shares | |
Schedule of Common Stock Outstanding Roll Forward [Abstract] | |
Balance | shares | 10,818 |
Balance | $ | $ 18,667 |
Shares issued for Acquisition | shares | 717 |
Shares issued for Acquisition | $ | $ 20,267 |
Restricted share grants | shares | 28 |
Restricted share grants | $ | $ 819 |
Restricted stock compensation costs | shares | 0 |
Restricted stock compensation costs | $ | $ 0 |
Balance | shares | 11,563 |
Balance | $ | $ 39,753 |
NOTE 5 - DOUBTFUL ACCOUNTS AN51
NOTE 5 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Allowance for Doubtful Accounts [Abstract] | |||
Balance at beginning of year | $ 396 | $ 563 | $ 513 |
Home Meridian Acquisition | 355 | ||
Non-cash charges to cost and expenses | 468 | 115 | 601 |
Less uncollectible receivables written off, net of recoveries | (711) | (282) | (551) |
Balance at end of year | 508 | 396 | 563 |
Balance at beginning of year | 636 | 766 | 730 |
Home Meridian Acquisition | 3,866 | ||
Non-cash charges to cost and expenses | 1,720 | (220) | 327 |
Less uncollectible receivables written off, net of recoveries | 76 | 90 | (291) |
Balance at end of year | $ 6,298 | $ 636 | $ 766 |
NOTE 6 - ACCOUNTS RECEIVABLE (D
NOTE 6 - ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Receivables [Abstract] | ||
Financing Receivable, Recorded Investment, Current | $ 6 | $ 3,688 |
NOTE 6 - ACCOUNTS RECEIVABLE (
NOTE 6 - ACCOUNTS RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | Feb. 02, 2014 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract] | ||||
Trade accounts receivable | $ 99,378 | $ 25,520 | ||
Receivable from factor | 6 | 3,688 | ||
Other accounts receivable allowances | (6,298) | (636) | $ (766) | $ (730) |
Allowance for doubtful accounts | (508) | (396) | $ (563) | $ (513) |
Accounts receivable | $ 92,578 | $ 28,176 |
NOTE 7 - INVENTORIES (Details)
NOTE 7 - INVENTORIES (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
NOTE 7 - INVENTORIES (Details) [Line Items] | |||
Net income FIFO inventory method | $ 24,200,000 | $ 16,500,000 | $ 13,400,000 |
Inventory, LIFO Reserve, Period Charge | 1,600,000 | 499,000 | $ 1,300,000 |
Inventory, Finished Goods, Gross | 85,520,000 | 55,120,000 | |
Inventory, Net | 75,303,000 | $ 43,713,000 | |
China, Vietnam and Canada [Member] | |||
NOTE 7 - INVENTORIES (Details) [Line Items] | |||
Inventory, Net | $ 11,900,000 | ||
Assets Percentage of Total Assets | 3.70% | ||
CHINA | |||
NOTE 7 - INVENTORIES (Details) [Line Items] | |||
Assets Percentage of Total Assets | 6.00% | ||
Other Inventory, Inventory at off Site Premises, Gross | $ 11,000,000 | ||
Finished Furniture, Consigned Inventories [Member] | |||
NOTE 7 - INVENTORIES (Details) [Line Items] | |||
Inventory, Finished Goods, Gross | $ 1,200,000 | $ 1,300,000 |
NOTE 7 - INVENTORIES (Details)
NOTE 7 - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Schedule of Inventory, Current [Abstract] | ||
Finished furniture | $ 85,520 | $ 55,120 |
Furniture in process | 735 | 727 |
Materials and supplies | 7,536 | 7,994 |
Inventories at FIFO | 93,791 | 63,841 |
Reduction to LIFO basis | (18,488) | (20,128) |
Inventories | $ 75,303 | $ 43,713 |
NOTE 8 - PROPERTY, PLANT AND 56
NOTE 8 - PROPERTY, PLANT AND EQUIPMENT (Details) | 12 Months Ended |
Jan. 29, 2017 | |
Computer Software and Hardware [Member] | |
NOTE 8 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
NOTE 8 - PROPERTY, PLANT AND 57
NOTE 8 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2017 | Jan. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 55,300 | $ 48,594 |
Less accumulated depreciation | 31,167 | 27,739 |
Total depreciable property, net | 24,133 | 20,855 |
Land | 1,067 | 1,067 |
Construction-in-progress | 603 | 846 |
Property, plant and equipment, net | 25,803 | 22,768 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 23,392 | 22,777 |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 17,308 | 16,137 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,031 | 4,864 |
Property, Plant and Equipment, Depreciable Lives | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,104 | 2,817 |
Property, Plant and Equipment, Depreciable Lives | Term of lease | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,903 | 1,453 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 562 | $ 546 |
Property, Plant and Equipment, Depreciable Lives | 5 | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 15 | |
Minimum [Member] | Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 30 | |
Maximum [Member] | Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 10 | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 8 |
NOTE 8 - PROPERTY, PLANT AND 58
NOTE 8 - PROPERTY, PLANT AND EQUIPMENT (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Balance beginning of year | $ 6,062 | $ 2,726 | $ 2,550 |
Purchases | 1,495 | 4,113 | 606 |
Amortization expense | (973) | (777) | (430) |
Disposals | 0 | 0 | 0 |
Adjustments | (74) | ||
Balance end of year | $ 6,510 | $ 6,062 | $ 2,726 |
NOTE 9 - INTANGIBLE ASSETS AN59
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) | 12 Months Ended |
Jan. 29, 2017USD ($) | |
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 9 years 292 days |
Customer Relationships [Member] | |
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 9 years 255 days |
Backlog and Trademarks [Member] | |
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Finite Lived Intangible Asset Useful Life, Description | less than one year |
Bradington-Young [Member] | |
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | $ 1,400,000 |
Home Meridian International [Member] | |
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | 660,000 |
Sam Moore [Member] | |
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | $ 619,000 |
NOTE 9 - INTANGIBLE ASSETS AND
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets [Line Items] | ||
Goodwill | $ 23,187 | $ 0 |
Total non-amortizable assets | 35,844 | 1,382 |
Casegoods [Member] | ||
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets [Line Items] | ||
URL- Homeware.com | 0 | 125 |
Bradington-Young [Member] | Upholstery [Member] | ||
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets [Line Items] | ||
Trademarks and trade names | 861 | 861 |
Sam Moore [Member] | Upholstery [Member] | ||
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets [Line Items] | ||
Trademarks and trade names | 396 | 396 |
Home Meridian International [Member] | Home Meridian International [Member] | ||
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets [Line Items] | ||
Trademarks and trade names | $ 11,400 | $ 0 |
NOTE 9 - INTANGIBLE ASSETS A61
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Finite-Lived Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Balance at January 31, 2016 | $ 0 | ||
Intangibles- the Acquisition | 16,400 | ||
Accumulated amortization | (3,134) | $ 0 | $ 0 |
Balance at January 29, 2017 | 13,266 | 0 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Balance at January 31, 2016 | 0 | ||
Intangibles- the Acquisition | 14,400 | ||
Accumulated amortization | (1,309) | ||
Balance at January 29, 2017 | 13,091 | 0 | |
Order or Production Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Balance at January 31, 2016 | 0 | ||
Intangibles- the Acquisition | 1,800 | ||
Accumulated amortization | (1,800) | ||
Balance at January 29, 2017 | 0 | 0 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Balance at January 31, 2016 | 0 | ||
Intangibles- the Acquisition | 200 | ||
Accumulated amortization | (25) | ||
Balance at January 29, 2017 | $ 175 | $ 0 |
NOTE 9 - INTANGIBLE ASSETS A62
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL (Details) - Finite-lived Intangible Assets Amortization Expense - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Finite-lived Intangible Assets Amortization Expense [Abstract] | ||
2,018 | $ 1,334 | |
2,019 | 1,334 | |
2,020 | 1,334 | |
2,021 | 1,334 | |
2,022 | 1,334 | |
Thereafter | 6,596 | |
$ 13,266 | $ 0 |
NOTE 10 - FAIR VALUE MEASUREM63
NOTE 10 - FAIR VALUE MEASUREMENTS (Details) $ in Millions | Jan. 29, 2017USD ($) |
Pension Plan [Member] | |
NOTE 10 - FAIR VALUE MEASUREMENTS (Details) [Line Items] | |
Defined Benefit Pension Plan, Liabilities | $ 3.5 |
NOTE 10 - FAIR VALUE MEASUREM64
NOTE 10 - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Assets measured at fair value | ||
Company-owned life insurance | $ 22,366 | $ 21,888 |
Pension plan assets | 13,881 | 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Pension plan assets | 13,881 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 22,366 | 21,888 |
Pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Pension plan assets | $ 0 | $ 0 |
NOTE 11 - LONG-TERM DEBT (Detai
NOTE 11 - LONG-TERM DEBT (Details) - USD ($) | Feb. 01, 2016 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | Oct. 30, 2016 |
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Repayments of Long-term Debt | $ 12,290,000 | $ 0 | $ 0 | ||
Debt Issuance Costs, Gross | 165,000 | ||||
Debt Issuance Costs, Net | 122,000 | ||||
Unsecured Debt [Member] | |||||
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 60,000,000 | ||||
Debt Instrument, Maturity Date | Feb. 1, 2021 | ||||
Repayments of Long-term Debt | 5,000,000 | ||||
Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Secured Debt [Member] | |||||
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Maturity Date | Feb. 1, 2021 | ||||
Repayments of Long-term Debt | 1,900,000 | ||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Line of Credit [Member] | |||||
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | $ 15,000,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 28,500,000 | ||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Letter of Credit [Member] | |||||
NOTE 11 - LONG-TERM DEBT (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | $ 3,000,000 | |||
Letters of Credit Outstanding, Amount | $ 1,500,000 |
NOTE 11 - LONG-TERM DEBT (Det66
NOTE 11 - LONG-TERM DEBT (Details) - Schedule of Maturities of Long-term Debt $ in Thousands | Jan. 29, 2017USD ($) |
Schedule of Maturities of Long-term Debt [Abstract] | |
2,018 | $ 5,857 |
2,019 | 5,857 |
2,020 | 5,857 |
2,021 | 30,139 |
$ 47,710 |
NOTE 12 - EMPLOYEE BENEFIT PL67
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) | 3 Months Ended | 12 Months Ended | ||||
Oct. 30, 2016USD ($) | Jan. 29, 2017USD ($) | Jan. 31, 2016USD ($) | Feb. 01, 2015USD ($) | Jan. 31, 2017 | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 977,000 | $ 666,000 | $ 605,000 | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | 185,000 | 139,000 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 68,000 | 79,000 | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 0 | $ 62,000 | ||||
Life Insurance, Corporate or Bank Owned, Additional Information | The life insurance program provides death benefit protection for these executives during employment up to age 65. Coverage under the program declines when a participating executive attains age 60 and automatically terminates when the executive attains age 65 or terminates employment with us for any reason, other than death, whichever occurs first. | |||||
Supplemental Employee Retirement Plan [Member] | ||||||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Benefit Plan, Other Information | The benefit is payable for the life of the retiree with the following forms available as a reduced monthly benefit: Ten-year Certain and Life; 50% or 100% Joint and Survivor Annuity. | |||||
Defined Benefit Plan, Number of Retirees | 8 | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | [1] | 3.88% | ||||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | $ (4,000) | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.77% | |||||
Supplemental Retirement Income Plan ("SRIP") [Member] | ||||||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | [1] | 4.25% | 3.50% | 4.50% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Support, Methodology and Source Data | Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at January 29, 2017 by approximately $625,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 29, 2017 by $701,000. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at January 29, 2017 by approximately $161,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 29, 2017 by $185,000. | |||||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | $ (330,000) | $ 574,000 | $ (636,000) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.25% | ||||
Pension Plan [Member] | ||||||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.36% | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Support, Methodology and Source Data | Increasing the Pension Plan discount rate by 1% would decrease the projected benefit obligation at January 29, 2017 by approximately $1.7 million. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 29, 2017 by $2.0 million. | |||||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | $ 957,000 | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Inputs | The Pension Plan discount rate assumption used to measure the postretirement benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by Aon. This yield curve was constructed from the underlying bond price and yield data collected as of the Plan’s measurement date and is represented by a series of annualized, individual discount rates with durations ranging from six months to seventy-five years. Aon then applies the yield curve to the actuarially projected cash flow patterns to derive the appropriate discount rate. | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.14% | 7.00% | ||||
Defined Benefit Plan, Contributions by Employer | $ 1,200,000 | $ 2,011,000 | ||||
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | $ 776,000 | |||||
Investments for Long-Term Growth [Member] | ||||||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 75.00% | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 77.50% | |||||
Near-Term Benefit Payments With a Diversification of Asset Types and Fund Startegies [Member] | ||||||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Benefit Plan, Target Plan Asset Allocations | 25.00% | |||||
Defined Benefit Plan, Actual Plan Asset Allocations | 22.50% | |||||
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | ||||||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Benefit Plan, Other Information | The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death | |||||
Minimum [Member] | Pension Plan [Member] | ||||||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||||
Defined Benefit Plan, Contributions by Employer | $ 811,000 | |||||
[1] | The discount rate used for the SRIP is the Moody's Composite Bond rate rounded to the nearest 0.25%. The discount rate used for the SERP Plan is hypothetical AA-rated corporate bond spot-rate explained in greater detail below. |
NOTE 12 - EMPLOYEE BENEFIT PLA
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
Change in benefit obligation: | |||
Balance projected benefit obligation | $ 8,153 | $ 8,385 | |
Service cost | 375 | 406 | $ 102 |
Interest cost | 341 | 289 | 339 |
Benefits paid | (354) | (354) | |
Actuarial loss (gain) | 330 | (573) | |
Balance projected benefit obligation | 8,845 | 8,153 | $ 8,385 |
Accumulated benefit obligation | $ 8,344 | $ 7,446 | |
Discount rate used to value the ending benefit obligations: | 4.00% | 4.25% | |
Amount recognized in the consolidated balance sheets: | |||
Current liabilities (Accrued salaries, wages and benefits line) | $ 473 | $ 354 | |
Non-current liabilities (Deferred compensation line*) | 8,372 | 7,799 | |
Total | 8,845 | 8,153 | |
Supplemental Employee Retirement Plan [Member] | |||
Change in benefit obligation: | |||
Balance projected benefit obligation | 2,413 | ||
Service cost | 0 | ||
Interest cost | 89 | ||
Benefits paid | (204) | ||
Actuarial loss (gain) | 4 | ||
Balance projected benefit obligation | 2,302 | $ 2,413 | |
Accumulated benefit obligation | $ 2,302 | ||
Discount rate used to value the ending benefit obligations: | 3.77% | ||
Amount recognized in the consolidated balance sheets: | |||
Current liabilities (Accrued salaries, wages and benefits line) | $ 221 | ||
Non-current liabilities (Deferred compensation line*) | 2,081 | ||
Total | $ 2,302 |
NOTE 12 - EMPLOYEE BENEFIT P69
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | ||
Other changes recognized in accumulated other comprehensive income | ||||
Net loss (gain) arising during period | $ (185) | $ (139) | ||
Supplemental Retirement Income Plan ("SRIP") [Member] | ||||
Net periodic benefit cost | ||||
Service cost | 375 | 406 | $ 102 | |
Interest cost | 341 | 289 | 339 | |
Net (gain) loss | (72) | 178 | (51) | |
Net periodic benefit cost | 644 | 873 | 390 | |
Other changes recognized in accumulated other comprehensive income | ||||
Net loss (gain) arising during period | 330 | (574) | 636 | |
Gain (Loss) | 72 | (178) | 51 | |
Total recognized in other comprehensive loss (income) | 402 | (752) | 687 | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ 1,046 | $ 121 | $ 1,077 | |
Assumptions used to determine net periodic benefit cost: | ||||
Discount rate | [1] | 4.25% | 3.50% | 4.50% |
Increase in future compensation levels | 4.00% | 4.00% | 4.00% | |
Supplemental Employee Retirement Plan [Member] | ||||
Net periodic benefit cost | ||||
Service cost | $ 0 | |||
Interest cost | 89 | |||
Net (gain) loss | 0 | |||
Net periodic benefit cost | 89 | |||
Other changes recognized in accumulated other comprehensive income | ||||
Net loss (gain) arising during period | 4 | |||
Gain (Loss) | 0 | |||
Total recognized in other comprehensive loss (income) | 4 | |||
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ 93 | |||
Assumptions used to determine net periodic benefit cost: | ||||
Discount rate | [1] | 3.88% | ||
Increase in future compensation levels | 0.00% | |||
[1] | The discount rate used for the SRIP is the Moody's Composite Bond rate rounded to the nearest 0.25%. The discount rate used for the SERP Plan is hypothetical AA-rated corporate bond spot-rate explained in greater detail below. |
NOTE 12 - EMPLOYEE BENEFIT P70
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments $ in Thousands | Jan. 29, 2017USD ($) |
Supplemental Retirement Income Plan ("SRIP") [Member] | |
Estimated Future Benefit Payments: | |
Fiscal 2,018 | $ 473 |
Fiscal 2,019 | 551 |
Fiscal 2,020 | 834 |
Fiscal 2,021 | 834 |
Fiscal 2,022 | 834 |
Next 5 years | 4,347 |
Supplemental Employee Retirement Plan [Member] | |
Estimated Future Benefit Payments: | |
Fiscal 2,018 | 221 |
Fiscal 2,019 | 209 |
Fiscal 2,020 | 203 |
Fiscal 2,021 | 195 |
Fiscal 2,022 | 187 |
Next 5 years | $ 795 |
NOTE 12 - EMPLOYEE BENEFIT P71
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,881 | $ 0 |
Money Market Funds [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 324 | |
Growth Funds [Member] | Mutual Fund [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,807 | |
International Funds [Member] | Mutual Fund [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,089 | |
Bond Funds [Member] | Mutual Fund [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,121 | |
Value Funds [Member] | Mutual Fund [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,390 | |
Small Blend Funds [Member] | Mutual Fund [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,377 | |
Emerging Marketts Funds [Member] | Mutual Fund [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,399 | |
Real Estate Funds [Member] | Mutual Fund [Member] | ||
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,374 |
NOTE 12 - EMPLOYEE BENEFIT P72
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Oct. 30, 2016 | Jan. 29, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | |
Change in Plan Assets: | ||||
Beginning fair value of plan assets | $ 0 | |||
Ending fair value of plan assets | 13,881 | $ 0 | ||
Amount recognized in the consolidated balance sheets: | ||||
Non-current liabilities (Deferred compensation line*) | (3,499) | 0 | ||
Pension Plan [Member] | ||||
Change in benefit obligation: | ||||
Balance projected benefit obligation | 17,829 | |||
Service cost | 0 | |||
Interest cost | 751 | |||
Benefits paid | (1,099) | |||
Actuarial (gain) loss | (101) | |||
Balance projected benefit obligation | 17,380 | 17,829 | ||
Change in Plan Assets: | ||||
Beginning fair value of plan assets | 11,585 | |||
Actual return on plan assets | 1,666 | |||
Employer contributions | $ 1,200 | 2,011 | ||
Actual expenses paid | (282) | |||
Actual benefits paid | (1,099) | |||
Ending fair value of plan assets | 13,881 | $ 11,585 | ||
Funded Status of the Plan | $ (3,499) | |||
Discount rate used to value the ending benefit obligations: | 4.14% | 7.00% | ||
Amount recognized in the consolidated balance sheets: | ||||
Current liabilities (Accrued salaries, wages and benefits line) | $ 0 | |||
Non-current liabilities (Deferred compensation line*) | (3,499) | |||
Total | $ (3,499) |
NOTE 12 - EMPLOYEE BENEFIT P73
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2017 | Jan. 31, 2016 | |
Other changes recognized in accumulated other comprehensive income | ||
Net (gain) loss arising during period | $ (185) | $ (139) |
Pension Plan [Member] | ||
Net periodic benefit cost | ||
Expected administrative expenses | 280 | |
Interest cost | 751 | |
Net loss (gain) | (808) | |
Net periodic benefit cost | 223 | |
Other changes recognized in accumulated other comprehensive income | ||
Net (gain) loss arising during period | (957) | |
Total recognized in other comprehensive (income) loss | (957) | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ (734) | |
Assumptions used to determine net periodic benefit cost: | ||
Discount rate (Moody’s Composite Bond Rate) | 4.36% | |
Increase in future compensation levels | 0.00% |
NOTE 12 - EMPLOYEE BENEFIT P74
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Pension Plan [Member] $ in Thousands | Jan. 29, 2017USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2,018 | $ 1,179 |
Fiscal 2,019 | 1,155 |
Fiscal 2,020 | 1,144 |
Fiscal 2,021 | 1,130 |
Fiscal 2,022 | 1,109 |
Fiscal 2023 through Fiscal 2027 | $ 5,463 |
NOTE 12 - EMPLOYEE BENEFIT P75
NOTE 12 - EMPLOYEE BENEFIT PLANS (Details) - Other Employee Related Liabilities - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Performance grants | ||
Performance grants | $ 952 | $ 1,177 |
Fiscal Year Grant, 2014 [Member] | ||
Performance grants | ||
Performance grants | 0 | 619 |
Fiscal Year Grant 2015 [Member] | ||
Performance grants | ||
Performance grants | 644 | 429 |
Fiscal Year Grant 2016 [Member] | ||
Performance grants | ||
Performance grants | 215 | 129 |
Fiscal Year Grant 2017 [Member] | ||
Performance grants | ||
Performance grants | $ 93 | $ 0 |
NOTE 13 - SHARE-BASED COMPENS76
NOTE 13 - SHARE-BASED COMPENSATION (Details) - USD ($) | Jun. 10, 2016 | Apr. 13, 2016 | Jun. 10, 2014 | Jun. 04, 2014 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 |
NOTE 13 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 750,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 12 months | ||||||
Restricted Stock [Member] | |||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.44 | ||||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantDateFairValue (in Dollars) | $ 633,000 | ||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | 424,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | $ 209,000 | $ 12,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | receive one share of the Company’s common stock if he remains continuously employed with the Company through the end of a three-year service period | ||||||
Restricted Stock [Member] | Vested Awards [Member] | |||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | $ 846,000 | ||||||
Restricted Stock [Member] | April 13, 2016 [Member] | |||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.45 | $ 25.45 | |||||
Restricted Stock [Member] | June 10, 2016 [Member] | |||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 24.17 | $ 24.17 | |||||
Restricted Stock [Member] | June 10, 2014 [Member] | |||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.96 | $ 15.96 | |||||
Restricted Stock [Member] | June 4, 2014 [Member] | |||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.86 | $ 13.86 |
NOTE 13 - SHARE-BASED COMPENS77
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity - USD ($) $ / shares in Units, shares in Thousands | Jun. 10, 2016 | Apr. 13, 2016 | Apr. 06, 2015 | Jun. 10, 2014 | Jun. 04, 2014 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | Feb. 03, 2013 |
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Compensation Expense Recognized, Balance | $ 0 | ||||||||
Restricted Stock [Member] | |||||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Balance (in Shares) | 25,682 | 6,951 | |||||||
Aggregate Grant-Date Fair Value, Balance | $ 633,000 | $ 110,000 | |||||||
Compensation Expense Recognized, Balance | 424,000 | 98,000 | $ 846,000 | ||||||
Grant-Date Fair Value Unrecognized, Balance | $ 209,000 | $ 12,000 | |||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 21.44 | ||||||||
Whole Number of Shares, Forfeited (in Shares) | (1,434) | ||||||||
Grant-Date Fair Value Per Share, Forfeited (in Dollars per share) | $ 15.96 | ||||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (23,000) | ||||||||
Compensation Expense Recognized, Forfeited | 0 | ||||||||
Grant-Date Fair Value Unrecognized, Forfeited | $ 0 | ||||||||
Restricted Stock [Member] | June 4, 2014 [Member] | |||||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 1,624 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 13.86 | $ 13.86 | |||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 23,000 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 20,000 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 3,000 | ||||||||
Restricted Stock [Member] | June 10, 2014 [Member] | |||||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 8,385 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 15.96 | $ 15.96 | |||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 133,000 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 98,000 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 12,000 | ||||||||
Restricted Stock [Member] | April 6, 2015 [Member] | |||||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 5,741 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 21.44 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 123,000 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 75,000 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 48,000 | ||||||||
Restricted Stock [Member] | April 13, 2016 [Member] | |||||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 4,872 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 25.45 | $ 25.45 | |||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 130,000 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 36,000 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 94,000 | ||||||||
Restricted Stock [Member] | June 10, 2016 [Member] | |||||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 6,494 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 24.17 | $ 24.17 | |||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 157,000 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 105,000 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 52,000 |
NOTE 13 - SHARE-BASED COMPENS78
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 13, 2016 | Apr. 06, 2015 | Apr. 15, 2014 | Jan. 29, 2017 | Feb. 03, 2013 | Jan. 31, 2016 | Feb. 01, 2015 |
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||
Whole Number of Units (in Shares) | 46,144 | 37,759 | 52,004 | ||||
Compensation Expense Recognized | $ 0 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
NOTE 13 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||
Whole Number of Units (in Shares) | 7,622 | 5,518 | 7,322 | 20,462 | 12,840 | 24,546 | |
Grant-Date Fair Value (in Dollars per share) | $ 24.26 | $ 17.52 | $ 12.91 | ||||
Aggregate Grant-Date Fair Value | $ 185 | $ 97 | $ 95 | $ 377 | |||
Compensation Expense Recognized | 51 | 58 | 95 | 204 | $ 400 | ||
Grant-Date Fair Value Unrecognized | $ 134 | $ 39 | $ 0 | $ 173 |
NOTE 14 - EARNINGS PER SHARE (D
NOTE 14 - EARNINGS PER SHARE (Details) | Feb. 01, 2016shares |
Home Meridian International [Member] | |
NOTE 14 - EARNINGS PER SHARE (Details) [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 716,910 |
NOTE 14 - EARNINGS PER SHARE 80
NOTE 14 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Jan. 29, 2017 | Apr. 13, 2016 | Jan. 31, 2016 | Apr. 06, 2015 | Feb. 01, 2015 | Apr. 15, 2014 |
NOTE 14 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 46,144 | 37,759 | 52,004 | |||
Restricted Stock [Member] | ||||||
NOTE 14 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 25,682 | 24,919 | 27,458 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
NOTE 14 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 20,462 | 7,622 | 12,840 | 5,518 | 24,546 | 7,322 |
NOTE 14 - EARNINGS PER SHARE 81
NOTE 14 - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $ 10,979 | $ 6,459 | $ 5,349 | $ 2,500 | $ 4,145 | $ 4,630 | $ 3,938 | $ 3,472 | $ 25,287 | $ 16,185 | $ 12,578 |
Less: Dividends on unvested restricted shares | 11 | 11 | 11 | ||||||||
Net earnings allocated to unvested restricted stock | 56 | 40 | 33 | ||||||||
Earnings available for common shareholders | $ 25,220 | $ 16,134 | $ 12,534 | ||||||||
Weighted average shares outstanding for basic earnings per share (in Shares) | 11,531 | 10,779 | 10,736 | ||||||||
Dilutive effect of unvested restricted stock awards (in Shares) | 32 | 28 | 35 | ||||||||
Weighted average shares outstanding for diluted earnings per share (in Shares) | 11,563 | 10,807 | 10,771 | ||||||||
Basic earnings per share (in Dollars per share) | $ 0.95 | $ 0.56 | $ 0.46 | $ 0.22 | $ 0.38 | $ 0.43 | $ 0.36 | $ 0.32 | $ 2.19 | $ 1.50 | $ 1.17 |
Diluted earnings per share (in Dollars per share) | $ 0.95 | $ 0.56 | $ 0.46 | $ 0.22 | $ 0.38 | $ 0.43 | $ 0.36 | $ 0.32 | $ 2.18 | $ 1.49 | $ 1.16 |
NOTE 15 - INCOME TAXES (Details
NOTE 15 - INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
NOTE 15 - INCOME TAXES (Details) [Line Items] | |||
Other Income Tax Expense (Benefit), Continuing Operations | $ 14,100,000 | $ 8,600,000 | $ 6,600,000 |
Income Tax Expense (Benefit) | 13,909,000 | 8,274,000 | 6,820,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | (204,000) | (277,000) | 254,000 |
Deferred Tax Assets Liabilities, Net AOCI | 7,264,000 | 5,350,000 | |
Deferred Tax Assets, Valuation Allowance | 525,000 | 0 | |
Unrecognized Tax Benefits | 248,000 | 279,000 | $ 482,000 |
Liability for Uncertainty in Income Taxes, Current | 139,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 201,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 157,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 23,000 | 12,000 | |
Investment in Captive Insurance Arrangement [Member] | |||
NOTE 15 - INCOME TAXES (Details) [Line Items] | |||
Unrecognized Tax Benefits | 76,000 | 74,000 | |
State and Local Jurisdiction [Member] | |||
NOTE 15 - INCOME TAXES (Details) [Line Items] | |||
Unrecognized Tax Benefits | $ 125,000 | $ 147,000 |
NOTE 15 - INCOME TAXES (Detail
NOTE 15 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Current expense | |||
Federal | $ 14,470 | $ 7,196 | $ 6,024 |
Foreign | 86 | 41 | 40 |
State | 1,471 | 771 | 635 |
Total current expense | 16,027 | 8,008 | 6,699 |
Deferred taxes | |||
Federal | (2,427) | 244 | 97 |
State | (216) | 22 | 24 |
Valuation Allowance | 525 | 0 | 0 |
Total deferred taxes | (2,118) | 266 | 121 |
Income tax expense | $ 13,909 | $ 8,274 | $ 6,820 |
NOTE 15 - INCOME TAXES (Deta84
NOTE 15 - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||
Income taxes at statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax rate resulting from: | |||
State taxes, net of federal benefit | 2.20% | 2.10% | 2.00% |
Domestic Production Deduction | (0.40%) | (0.60%) | 0.00% |
Captive Insurance | (1.30%) | 0.00% | 0.00% |
Change in valuation allowance | 1.30% | 0.00% | 0.00% |
Officer’s life insurance | (1.20%) | (1.10%) | (1.20%) |
Other, net | (0.10%) | (1.60%) | (0.60%) |
Effective income tax rate | 35.50% | 33.80% | 35.20% |
NOTE 15 - INCOME TAXES (Deta85
NOTE 15 - INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Assets | ||
Deferred compensation | $ 4,817 | $ 4,345 |
Allowance for bad debts | 955 | 380 |
State income taxes | 32 | 43 |
Intangible assets | 609 | 703 |
Inventories | 662 | 158 |
Employee benefits | 144 | 0 |
Capital loss carryover | 525 | 0 |
Other | 460 | 378 |
Total deferred tax assets | 8,204 | 6,007 |
Valuation allowance | (525) | 0 |
7,679 | 6,007 | |
Liabilities | ||
Employee benefits | 0 | 256 |
Property, plant and equipment | 131 | 321 |
Total deferred tax liabilities | 131 | 577 |
Net deferred tax asset without AOCI | 7,548 | 5,430 |
Deferred tax asset (liability) in AOCI | (284) | (80) |
Total net deferred tax asset | $ 7,264 | $ 5,350 |
NOTE 15 - INCOME TAXES (Deta86
NOTE 15 - INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2017 | Jan. 31, 2016 | |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Balance, beginning of year | $ 279 | $ 482 |
Increase related to prior year tax positions | 0 | 0 |
Decrease related to prior year tax positions | (31) | (203) |
Increase related to current year tax positions | 0 | 0 |
Balance, end of year | $ 248 | $ 279 |
NOTE 16 - SEGMENT INFORMATION87
NOTE 16 - SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Segment Reporting [Abstract] | |||
Number of Operating Segments | 4 | ||
Consolidated Net Sales, Percent of International Customers | 2.00% | 2.00% | 6.00% |
NOTE 16 - SEGMENT INFORMATION88
NOTE 16 - SEGMENT INFORMATION (Details) - Segment Reporting Information - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 173,927 | $ 145,298 | $ 136,163 | $ 121,831 | $ 60,565 | $ 65,338 | $ 60,140 | $ 60,956 | $ 577,219 | $ 246,999 | $ 244,350 |
% of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 40,118 | $ 30,926 | $ 28,478 | $ 26,599 | $ 18,055 | $ 18,165 | $ 16,093 | $ 16,375 | $ 126,121 | $ 68,688 | $ 62,800 |
% of Net Sales, Gross Profit | 21.80% | 27.80% | 25.70% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 39,220 | $ 24,262 | $ 19,048 | ||||||||
% of Net Sales, Operating Income | 6.80% | 9.80% | 7.80% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 2,454 | $ 2,847 | $ 2,994 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 8,000 | 2,946 | 2,599 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | (230) | (919) | ||||||||
Gross Profit | |||||||||||
Gross Profit | 10 | 26 | (22) | ||||||||
Operating Income | |||||||||||
Operating Income | 10 | 26 | (22) | ||||||||
Casegoods [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 141,486 | $ 155,106 | $ 153,882 | ||||||||
% of Net Sales | 24.50% | 62.80% | 63.00% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 47,218 | $ 47,558 | $ 44,868 | ||||||||
% of Net Sales, Gross Profit | 33.40% | 30.70% | 29.20% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 18,543 | $ 18,509 | $ 17,286 | ||||||||
% of Net Sales, Operating Income | 13.10% | 11.90% | 11.20% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 1,193 | $ 2,219 | $ 2,124 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 2,214 | 1,808 | 1,591 | ||||||||
Upholstery [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 81,965 | $ 84,090 | $ 86,362 | ||||||||
% of Net Sales | 14.20% | 34.00% | 35.30% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 18,949 | $ 18,852 | $ 16,489 | ||||||||
% of Net Sales, Gross Profit | 23.10% | 22.40% | 19.10% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 6,043 | $ 6,020 | $ 2,871 | ||||||||
% of Net Sales, Operating Income | 7.40% | 7.20% | 3.30% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 972 | $ 621 | $ 830 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 947 | 1,126 | 1,005 | ||||||||
Home Meridian International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 344,635 | 0 | 0 | ||||||||
% of Net Sales | 59.70% | ||||||||||
Gross Profit | |||||||||||
Gross Profit | $ 57,289 | 0 | 0 | ||||||||
% of Net Sales, Gross Profit | 16.60% | ||||||||||
Operating Income | |||||||||||
Operating Income | $ 14,375 | 0 | 0 | ||||||||
% of Net Sales, Operating Income | 4.20% | ||||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 280 | 0 | |||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 4,704 | 0 | |||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 9,133 | $ 8,033 | $ 5,025 | ||||||||
% of Net Sales | 1.60% | 3.30% | 2.10% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 2,655 | $ 2,252 | $ 1,465 | ||||||||
% of Net Sales, Gross Profit | 29.10% | 28.00% | 29.20% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 249 | $ (293) | $ (1,087) | ||||||||
% of Net Sales, Operating Income | 2.70% | (3.60%) | (21.60%) | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 9 | $ 7 | $ 40 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | $ 135 | $ 12 | $ 3 |
NOTE 16 - SEGMENT INFORMATION89
NOTE 16 - SEGMENT INFORMATION (Details) - Assets from Segments to Consolidated - USD ($) $ in Thousands | Jan. 29, 2017 | Jan. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 318,696 | $ 181,653 |
% Total Assets | 100.00% | 100.00% |
Intersegment Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ (4) | $ (14) |
% Total Assets | 0.00% | |
Casegoods [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 130,917 | $ 146,794 |
% Total Assets | 41.10% | 80.80% |
Upholstery [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 32,275 | $ 34,010 |
% Total Assets | 10.10% | 18.70% |
Home Meridian International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 154,954 | $ 0 |
% Total Assets | 48.60% | |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 554 | $ 863 |
% Total Assets | 0.20% | 0.50% |
NOTE 16 - SEGMENT INFORMATION90
NOTE 16 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 173,927 | $ 145,298 | $ 136,163 | $ 121,831 | $ 60,565 | $ 65,338 | $ 60,140 | $ 60,956 | $ 577,219 | $ 246,999 | $ 244,350 |
Casegoods [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 391,347 | 158,963 | 156,464 | ||||||||
Upholstery [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 185,872 | $ 88,036 | $ 87,886 |
NOTE 17 - COMMITMENTS, CONTIN91
NOTE 17 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2015 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | Mar. 31, 2017 | |
NOTE 17 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||||
Operating Leases, Rent Expense | $ 7,700,000 | $ 3,100,000 | $ 2,800,000 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 7,600,000 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 6,500,000 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 6,400,000 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 6,200,000 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | $ 4,700,000 | ||||
Sublease, Redlands, CA [Member] | |||||
NOTE 17 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 563,000 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 575,000 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 586,000 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 598,000 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 101,000 | ||||
Antidumping Duties, Civil Penalty [Member] | |||||
NOTE 17 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||||
Loss Contingency, Damages Sought, Value | $ 2,100,000 | 1,500,000 | |||
Antidumping Duties [Member] | |||||
NOTE 17 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||||
Loss Contingency, Damages Sought, Value | $ 500,000 | ||||
Loss Contingency Accrual | $ 500,000 | ||||
Subsequent Event [Member] | Civil Penalty and Unpaid Duties [Member] | |||||
NOTE 17 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||||
Loss Contingency Accrual | $ 357,000 |
NOTE 18 - CONCENTRATIONS OF R92
NOTE 18 - CONCENTRATIONS OF RISK (Details) | 12 Months Ended |
Jan. 29, 2017 | |
NOTE 18 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Imports, Countries | 5 |
Imports, Vendors | 5 |
Five Vendors [Member] | Supplier Concentration Risk [Member] | |
NOTE 18 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 37.00% |
One Vendor [Member] | Supplier Concentration Risk [Member] | |
NOTE 18 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 16.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |
NOTE 18 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 10.00% |
Concentration Risk, Customer | Our top five customers accounted for nearly one-third of our fiscal 2017 consolidated sales |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |
NOTE 18 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 40.00% |
NOTE 19 - CONSOLIDATED QUARTE93
NOTE 19 - CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) (Details) - Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 31, 2016 | Nov. 01, 2015 | Aug. 02, 2015 | May 03, 2015 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 | |
2,017 | |||||||||||
Net sales | $ 173,927 | $ 145,298 | $ 136,163 | $ 121,831 | $ 60,565 | $ 65,338 | $ 60,140 | $ 60,956 | $ 577,219 | $ 246,999 | $ 244,350 |
Cost of sales | 133,809 | 114,372 | 107,685 | 95,232 | 42,510 | 47,173 | 44,047 | 44,581 | 451,098 | 178,311 | 181,550 |
Gross profit | 40,118 | 30,926 | 28,478 | 26,599 | 18,055 | 18,165 | 16,093 | 16,375 | 126,121 | 68,688 | 62,800 |
Selling and administrative expenses | 22,728 | 20,653 | 19,441 | 20,944 | 11,534 | 11,525 | 10,234 | 11,133 | 83,767 | 44,426 | 43,752 |
Net income | $ 10,979 | $ 6,459 | $ 5,349 | $ 2,500 | $ 4,145 | $ 4,630 | $ 3,938 | $ 3,472 | $ 25,287 | $ 16,185 | $ 12,578 |
Basic earnings per share (in Dollars per share) | $ 0.95 | $ 0.56 | $ 0.46 | $ 0.22 | $ 0.38 | $ 0.43 | $ 0.36 | $ 0.32 | $ 2.19 | $ 1.50 | $ 1.17 |
Diluted earnings per share (in Dollars per share) | $ 0.95 | $ 0.56 | $ 0.46 | $ 0.22 | $ 0.38 | $ 0.43 | $ 0.36 | $ 0.32 | $ 2.18 | $ 1.49 | $ 1.16 |
NOTE 20 - SUBSEQUENT EVENTS (De
NOTE 20 - SUBSEQUENT EVENTS (Details) - $ / shares | Mar. 01, 2017 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 |
NOTE 20 - SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.42 | $ 0.40 | $ 0.40 | |
Subsequent Event [Member] | ||||
NOTE 20 - SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Dividends Payable, Date Declared | Mar. 1, 2017 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.12 | |||
Dividends Payable, Date to be Paid | Mar. 31, 2017 | |||
Dividends Payable, Date of Record | Mar. 17, 2017 |