Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2018 | Apr. 06, 2018 | Jul. 31, 2017 | |
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 | 11,762,409 | ||
Entity Public Float | $ 475,700,000 | ||
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. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
Current assets | ||
Cash and cash equivalents | $ 30,915 | $ 39,792 |
Trade accounts receivable, net (See notes 4 and 5) | 92,461 | 92,578 |
Inventories (see note 6) | 84,459 | 75,303 |
Prepaid expenses and other current assets | 5,314 | 4,244 |
Total current assets | 213,149 | 211,917 |
Property, plant and equipment, net | 29,249 | 25,803 |
Cash surrender value of life insurance policies (See note 10) | 23,622 | 22,366 |
Deferred taxes (See note 14) | 3,264 | 7,264 |
Intangible assets, net (See note 8) | 38,139 | 25,923 |
Goodwill (See notes 3 and 8) | 40,058 | 23,187 |
Other assets | 2,235 | 2,236 |
Total non-current assets | 136,567 | 106,779 |
Total assets | 349,716 | 318,696 |
Current liabilities | ||
Current portion of term loans | 7,528 | 5,817 |
Trade accounts payable | 32,685 | 36,552 |
Accrued salaries, wages and benefits | 9,218 | 8,394 |
Income tax accrual (See note 14) | 3,711 | 4,323 |
Customer deposits | 3,951 | 5,605 |
Other accrued expenses | 2,894 | 3,369 |
Total current liabilities | 59,987 | 64,060 |
Long term debt (See note 11) | 45,778 | 41,772 |
Deferred compensation (See note 12) | 11,164 | 10,849 |
Pension plan (See note 12) | 2,441 | 3,499 |
Other liabilities | 886 | 589 |
Total long-term liabilities | 60,269 | 56,709 |
Total liabilities | 120,256 | 120,769 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, 11,762 and 11,563 shares issued and outstanding on each date | 48,970 | 39,753 |
Retained earnings | 180,122 | 157,688 |
Accumulated other comprehensive income | 368 | 486 |
Total shareholders’ equity | 229,460 | 197,927 |
Total liabilities and shareholders’ equity | $ 349,716 | $ 318,696 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 11,762 | 11,563 |
Common stock, shares outstanding | 11,762 | 11,563 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Net sales | $ 620,632 | $ 577,219 | $ 246,999 |
Cost of sales | 485,815 | 451,098 | 178,311 |
Gross profit | 134,817 | 126,121 | 68,688 |
Selling and administrative expenses | 87,249 | 83,767 | 44,426 |
Intangible asset amortization | 2,084 | 3,134 | 0 |
Operating income | 45,484 | 39,220 | 24,262 |
Other income (expense), net | 1,536 | 930 | 261 |
Interest expense, net | 1,248 | 954 | 64 |
Income before income taxes | 45,772 | 39,196 | 24,459 |
Income taxes | 17,522 | 13,909 | 8,274 |
Net income | $ 28,250 | $ 25,287 | $ 16,185 |
Earnings per share: | |||
Basic (in Dollars per share) | $ 2.42 | $ 2.19 | $ 1.50 |
Diluted (in Dollars per share) | $ 2.42 | $ 2.18 | $ 1.49 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 11,633 | 11,531 | 10,779 |
Diluted (in Shares) | 11,663 | 11,563 | 10,807 |
Cash dividends declared per share (in Dollars per share) | $ 0.50 | $ 0.42 | $ 0.40 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Net Income | $ 28,250 | $ 25,287 | $ 16,185 |
Other comprehensive income (loss): | |||
Amortization of actuarial (loss) gain | (144) | 551 | 751 |
Income tax effect on amortization | 26 | (204) | (277) |
Adjustments to net periodic benefit cost | (118) | 347 | 474 |
Total Comprehensive Income | $ 28,132 | $ 25,634 | $ 16,659 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Operating Activities: | |||
Net income | $ 28,250 | $ 25,287 | $ 16,185 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 6,647 | 8,000 | 2,946 |
Loss/(gain) on disposal of assets | 571 | (72) | 83 |
Deferred income tax expense (benefit) | 4,110 | (2,224) | 544 |
Non-cash restricted stock and performance awards | 1,175 | 1,157 | 829 |
Provision for doubtful accounts and sales allowances | (531) | 2,188 | (105) |
Gain on life insurance policies | (582) | (964) | (799) |
Changes in assets and liabilities | |||
Trade accounts receivable | 4,224 | (21,507) | 4,174 |
Inventories | (6,776) | 6,016 | 1,260 |
Prepaid expenses and other current assets | (1,067) | (115) | (207) |
Trade accounts payable | (4,623) | 4,662 | (1,273) |
Accrued salaries, wages and benefits | 129 | 1,950 | 273 |
Accrued income taxes | (612) | 3,966 | (1,011) |
Customer deposits | (1,655) | 2,187 | (56) |
Other accrued expenses | (696) | 2,303 | (217) |
Deferred compensation | (1,151) | (1,715) | 358 |
Other long-term liabilities | 333 | 121 | 52 |
Net cash provided by operating activities | 27,746 | 31,240 | 23,036 |
Investing Activities: | |||
Acquisitions | (32,773) | (86,062) | 0 |
Purchases of property, plant and equipment | (3,166) | (2,454) | (2,847) |
Proceeds received on notes receivable | 120 | 146 | 93 |
Proceeds from sale of property and equipment | 9 | 2 | 6 |
Premiums paid on life insurance policies | (673) | (715) | (707) |
Proceeds received on life insurance policies | 0 | 1,022 | 0 |
Net cash used in investing activities | (36,483) | (88,061) | (3,455) |
Financing Activities: | |||
Proceeds from long-term debt | 12,000 | 60,000 | 0 |
Payments for long-term debt | (6,285) | (12,290) | 0 |
Debt issuance cost | (39) | (165) | 0 |
Cash dividends paid | (5,816) | (4,854) | (4,322) |
Net cash (used in) provided by financing activities | (140) | 42,691 | (4,322) |
Net (decrease) increase in cash and cash equivalents | (8,877) | (14,130) | 15,259 |
Cash and cash equivalents at the beginning of year | 39,792 | 53,922 | 38,663 |
Cash and cash equivalents at the end of year | 30,915 | 39,792 | 53,922 |
Supplemental schedule of cash flow information: | |||
Interest paid, net | 1,135 | 848 | 43 |
Income taxes paid, net | 14,122 | 12,164 | 8,837 |
Supplemental schedule of noncash investing activities: | |||
Acquisition cost paid in common stock | 8,396 | 20,267 | 0 |
Increase in property and equipment through accrued purchases | $ 58 | $ 0 | $ 85 |
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. 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 | |||
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 | |||
Restricted stock grants, net of forfeitures | $ 423 | 423 | ||
Restricted stock grants, net of forfeitures (in Shares) | 28 | |||
Restricted stock compensation cost | $ 396 | 396 | ||
Balance at Jan. 29, 2017 | $ 39,753 | 157,688 | 486 | $ 197,927 |
Balance (in Shares) at Jan. 29, 2017 | 11,563 | 11,563 | ||
Net income | 28,250 | $ 28,250 | ||
Unrealized gain loss on defined benefit plan, net of tax | (118) | (118) | ||
Cash dividends paid and accrued | (5,816) | (5,816) | ||
Stock issued for acquisition | $ 8,396 | 8,396 | ||
Stock issued for acquisition (in Shares) | 176 | |||
Restricted stock grants, net of forfeitures | $ 432 | 432 | ||
Restricted stock grants, net of forfeitures (in Shares) | 23 | |||
Restricted stock compensation cost | $ 389 | 389 | ||
Balance at Jan. 28, 2018 | $ 48,970 | $ 180,122 | $ 368 | $ 229,460 |
Balance (in Shares) at Jan. 28, 2018 | 11,762 | 11,762 |
CONSOLIDATED STATEMENT OF STOC8
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Unrealized gain loss on defined benefit plan, tax | $ (26) | $ 204 | $ 277 |
Cash dividends paid and accrued, per share | $ 0.50 | $ 0.42 | $ 0.40 |
NOTE 1 - SUMMARY OF SIGNIFICANT
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 28, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Hooker Furniture Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture, hospitality and contract furniture for sale to wholesale and retail merchandisers located principally in North America. Consolidation The consolidated financial statements include the accounts of Hooker Furniture Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. For comparative purposes, segment disclosures in the consolidated financial statements and notes have been reclassified to conform to the fiscal 2018 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”) 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 two reportable segments and “All Other”, which includes the remainder of our businesses: § Hooker Branded § Home Meridian § All Other 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 business combinations, we allocate 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 may engage 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 of certain of our financial instruments (cash and cash equivalents, trade accounts receivable and payable and accrued liabilities) approximates fair value because of the short-term nature of those instruments. The carrying value of Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. Inventories All inventories are stated at the lower of cost, or market value, with cost determined using the last-in, first-out (LIFO) method. Property, Plant and Equipment Property, plant and equipment are stated at cost, less allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment and definite-lived assets, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets or asset groups 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 Shenandoah and Home Meridian acquisitions and includes customer relationships and trademarks. Our indefinite lived assets include goodwill related to the Shenandoah and Home Meridian acquisitions, 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 goodwill and trademarks and trade names are not amortized but 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 life insurance policies on certain of our current and former executives and other key employees. These policies have a carrying value of $23.6 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, catalogs, and fabric and leather swatches) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2018, 2017 and 2016 were $3.0 million, $3.2 million, and $2.3 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against net sales 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 pre-tax book income and permanent book and tax differences. 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. 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 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 useful lives of fixed and intangible assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets and goodwill; 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. 28, 2018 | |
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 during a 53 week fiscal year which will have 14 weeks in the fourth quarter. In the notes to the consolidated financial statements, references to the: § 2018 fiscal year and comparable terminology mean the fiscal year that began January 30, 2017 and ended January 28, 2018; § 2017 fiscal year and comparable terminology mean the fiscal year that began February 1, 2016 and ended January 29, 2017; and § 2016 fiscal year and comparable terminology mean the fiscal year that began February 2, 2015 and ended January 31, 2016. |
NOTE 3 - ACQUISITION
NOTE 3 - ACQUISITION | 12 Months Ended |
Jan. 28, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 3 – ACQUISITIONS Shenandoah Acquisition On September 29, 2017, we completed the previously announced acquisition (the “Shenandoah acquisition”) of substantially all of the assets of Shenandoah Furniture, Inc. (“SFI”) pursuant to the Asset Purchase Agreement the Company and SFI entered into on September 6, 2017 (the “Asset Purchase Agreement”). Upon completion and including post-closing working capital adjustments, the Company paid $32.8 million in cash (the “Cash Consideration”) and issued 176,018 shares of the Company’s common stock (the “Stock Consideration”) to the shareholders of SFI as consideration for the Shenandoah acquisition. The Cash Consideration included an additional payment of approximately $770,000 pursuant to working capital adjustments provided for in the Asset Purchase Agreement. The number of shares of common stock issued at closing for the Stock Consideration was determined by reference to the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45). Under the Asset Purchase Agreement, we also assumed certain assets and liabilities of SFI. The assumed liabilities did not include the indebtedness (as defined in the Asset Purchase Agreement) of SFI. Also on September 29, 2017, we entered into a second amended and restated loan agreement (the “Loan Agreement”) with Bank of America, N.A. (“BofA”) in connection with the completion of the Shenandoah acquisition. The Loan Agreement amends and restates the amended and restated loan agreement the Company entered into with BofA on February 1, 2016, in connection with its acquisition of substantially all of the assets of Home Meridian International, Inc. The Amended and Restated Loan Agreement provides us with a new $12 million unsecured term loan (the “New Unsecured Term Loan”). On September 29, 2017, we borrowed the full $12 million available under the New Unsecured Term Loan in connection with the completion of the Shenandoah acquisition. For additional details regarding the Loan Agreement, see Note 10. “Long-Term Debt,” below. In accordance with FASB Accounting Standards Codification Topic 805, “Business Combinations” (“ASC 805”), the Shenandoah acquisition has been accounted for using the acquisition method of accounting. We recorded assets acquired, including identifiable intangible assets, and liabilities assumed, from SFI at their respective fair values at the date of completion of the acquisition. The excess of the purchase price over the net fair value of such assets and liabilities was recorded as goodwill. The following table summarizes the estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Shenandoah acquisition as of September 29, 2017. Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 32,773 Value of shares issued for assets acquired 8,000 Fair value adjustment to shares issued for assets acquired* 396 Total purchase price $ 41,169 Fair value estimates of assets acquired and liabilities assumed Accounts receivable $ 3,576 Inventory 2,380 Prepaid expenses and other current assets 52 Property and equipment 5,401 Intangible assets 14,300 Goodwill 16,871 Accounts payable (699 ) Accrued expenses (712 ) Total purchase price $ 41,169 *As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. During the fiscal 2018 fourth quarter, we paid $123,000 cash for the post-closing working capital adjustment which increased the purchase price by that same amount. Additionally, we (i) refined our estimates of the values of certain intangible assets which increased intangible assets by $1.1 million, (ii) recorded additional accrued expenses of $123,000 and (iii) decreased property and equipment by $17,000. These adjustments decreased goodwill by $774,000. Property and equipment were recorded at fair value and primarily consist of machinery and equipment and leasehold improvements. Property and equipment will be amortized over their estimated useful lives and leasehold improvements will be amortized over the lesser of their useful lives or the remaining lease period. Goodwill is calculated as the excess of the purchase price over the fair value net assets acquired. The goodwill recognized is attributable to growth opportunities and expected synergies. All goodwill is expected to be deductible for income tax purposes. Intangible assets other than goodwill, consist of three separately identified assets: § Shenandoah customer relationships, which are definite-lived intangible assets with an aggregate fair value of $13.2 million. The customer relationships are amortizable and will be amortized over a period of thirteen years; § The Shenandoah tradename, which is definite-lived intangible assets with an aggregate fair value of $700,000. The trade name is amortizable and will be amortized over a period of twenty years; and § Shenandoah’s order backlog which is a definite-lived intangible asset with an aggregate fair value of $400,000 that we amortized over four months, with all of the expense recognized in fiscal year 2018. The total weighted average amortization period for these assets is 12.1 years. The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the Shenandoah acquisition as if it had occurred on February 1, 2016: Pro Forma - Unaudited 13 Weeks Ended 52 Weeks Ended January 29, 2017 January 29, 2017 (Pro forma) (Pro forma) Net Sales $ 184,013 $ 619,569 Net Income $ 11,702 $ 27,896 Basic EPS $ 1.00 $ 2.38 Diluted EPS $ 1.00 $ 2.38 Pro Forma - Unaudited 13 Weeks Ended 52 Weeks Ended January 28, 2018 January 28, 2018 (Pro forma) (Pro forma) Net Sales $ 175,365 $ 649,936 Net Income $ 8,775 $ 32,977 Basic EPS $ 0.75 $ 2.82 Diluted EPS $ 0.75 $ 2.81 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 Shenandoah acquisition had been completed on the date indicated, nor is it indicative of our future operating results. Material adjustments, net of income tax, included in the fiscal 2017 pro forma financial information in the table above consist of the amortization of intangible assets ($171,000 in the quarterly period and $943,000 in the annual period), addition of transaction related costs ($0 in the quarterly period and $520,000 in the annual period), interest on additional debt incurred as part of the acquisition ($46,000 in the quarterly period and $197,000 in the annual period), salary expense ($46,000 in the quarterly period and $185,000 in the annual period), and income tax on Shenandoah operations ($536,000 in the quarterly period and $2.4 million in the annual period). Material adjustments, net of income tax, included in the fiscal 2018 pro forma financial information in the table above consist of the amortization of intangible assets (decrease of $132,000 in the quarterly period and a net increase of $191,000 in the annual period), reclassification of transaction related costs to fiscal 2017 (-$67,000 in the quarterly period and -$522,000 in the annual period), interest on additional debt incurred as part of the acquisition (-$13,000 in the quarterly period and $61,000 in the annual period), salaries ($0 in the quarterly period and $123,000 in the annual period), and income tax on Shenandoah operations ($0 in the quarterly period and $2.4 million in the annual period). 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 Shenandoah acquisition, including, but not limited to, additional professional fees, employee integration, retention, potential asset impairments and accelerated depreciation and amortization. We incurred approximately $800,000 in Shenandoah acquisition-related costs in fiscal 2018. These expenses are included in the “Selling and administrative expenses” line of our condensed consolidated statements of income. Included in our fiscal 2018 results are Shenandoah’s October 2017 through January 2018 results, which include $11.3 million in net sales and $604,000 of operating income, including $750,000 in intangible amortization expense. HMI 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. 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 (i) the continued refinement of management's estimates, (ii) changes in pre-acquisition account balances due to the timing of HMI’s final financial close and (iii) 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. 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 Fair value estimates of assets acquired and liabilities assumed: 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: 52 Weeks Ended January 31, 2016 (Pro forma) Net Sales $ 571,720 Net Income 22,831 Basic EPS 2.12 Diluted EPS 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 included in the pro forma financial information in the table above which affect proforma net income consist of amortization of intangible assets (decrease of $1.9 million), elimination of transaction related costs (an increase of $2.7 million) and an adjustment of the interest rate on short and long-term debt (a decrease of $545,000) 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 - DOUBTFUL ACCOUNTS AND
NOTE 4 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES | 12 Months Ended |
Jan. 28, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | NOTE 4 – 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 28, January 29, January 31, 2018 2017 2016 Balance at beginning of year $ 508 $ 396 $ 563 Non-cash charges to cost and expenses 767 823 115 Less uncollectible receivables written off, net of recoveries (261 ) (711 ) (282 ) Balance at end of year $ 1,014 $ 508 $ 396 The activity in other accounts receivable allowances was: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 31, 2018 2017 2016 Balance at beginning of year $ 6,298 $ 636 $ 766 Non-cash charges to cost and expenses (1,272 ) 5,586 (220 ) Less uncollectible receivables written off, net of recoveries 91 76 90 Balance at end of year $ 5,117 $ 6,298 $ 636 |
NOTE 5 - ACCOUNTS RECEIVABLE
NOTE 5 - ACCOUNTS RECEIVABLE | 12 Months Ended |
Jan. 28, 2018 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 – ACCOUNTS RECEIVABLE January 28, January 29, 2018 2017 Trade accounts receivable $ 98,592 $ 99,378 Receivable from factor - 6 Other accounts receivable allowances (5,117 ) (6,298 ) Allowance for doubtful accounts (1,014 ) (508 ) Accounts receivable $ 92,461 $ 92,578 |
NOTE 6 - INVENTORIES
NOTE 6 - INVENTORIES | 12 Months Ended |
Jan. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 6 – INVENTORIES January 28, January 29, 2018 2017 Finished furniture $ 92,502 $ 85,520 Furniture in process 1,440 735 Materials and supplies 8,780 7,536 Inventories at FIFO 102,722 93,791 Reduction to LIFO basis (18,263 ) (18,488 ) Inventories $ 84,459 $ 75,303 If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $28 million in fiscal 2018, $24.2 million in fiscal 2017, and $16.5 million in fiscal 2016. We recorded LIFO income of $340,000 in fiscal 2018, while we recorded LIFO income of $1.6 million in fiscal 2017, and $499,000 LIFO expense in fiscal 2016. At both January 28, 2018 and January 29, 2017, we had approximately $3.2 million, in consigned inventories, which are included in the “Finished furniture” line in the table above. At January 28, 2018, we held $10.5 million in inventory (approximately 3.0% of total assets) outside of the United States, in China and in Vietnam. At January 29, 2017, we held $11.9 million in inventory (approximately 3.7% of total assets) outside of the United States, in China and Vietnam. |
NOTE 7 - PROPERTY, PLANT AND EQ
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jan. 28, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 – PROPERTY, PLANT AND EQUIPMENT Depreciable Lives January 28, January 29, (In years) 2018 2017 Buildings and land improvements 15 - 30 $ 24,298 $ 23,392 Computer software and hardware 3 - 10 18,302 17,308 Machinery and equipment 10 8,586 5,031 Leasehold improvements Term of lease 8,982 7,104 Furniture and fixtures 3 - 8 2,186 1,903 Other 5 612 562 Total depreciable property at cost 62,966 55,300 Less accumulated depreciation 35,100 31,167 Total depreciable property, net 27,866 24,133 Land 1,067 1,067 Construction-in-progress 316 603 Property, plant and equipment, net $ 29,249 $ 25,803 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 28, January 29, January 31, 2018 2017 2016 Balance beginning of year $ 6,510 $ 6,062 $ 2,726 Additions 630 1,495 4,113 Amortization expense (1,151 ) (973 ) (777 ) Disposals (7 ) - - Adjustments - (74 ) Balance end of year $ 5,982 $ 6,510 $ 6,062 |
NOTE 8 - INTANGIBLE ASSETS AND
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Jan. 28, 2018 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | NOTE 8 – INTANGIBLE ASSETS AND GOODWILL During the fiscal 2018 third quarter, we recorded both non-amortizable and amortizable intangible assets as a result of the Shenandoah acquisition. The Shenandoah acquisition-related trade names and trademarks, customer relationships and order backlog were assigned fair values based on third party appraisal reports. Our goodwill, some 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 Home Meridian and Shenandoah acquisitions; and § Trademarks and tradenames related to the acquisitions of Bradington-Young (acquired in 2002), Sam Moore (acquired in 2007) and Shenandoah. We review goodwill annually for impairment or more frequently if events or circumstances indicate that it might be impaired. In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 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 28, 2018, the fair values of our Home Meridian, Bradington-Young and Sam Moore trade names exceeded their carrying values by approximately $4.3 million, $1.1 million and $1.6 million respectively. Details of our non-amortizable intangible assets are as follows: January 28, January 29, Segment 2018 2017 Non-amortizable Intangible Assets Goodwill Home Meridian $ 23,187 $ 23,187 Goodwill All Other 16,871 - Total Goodwill 40,058 23,187 Trademarks and trade names - Home Meridian Home Meridian 11,400 11,400 Trademarks and trade names - Bradington-Young All Other 861 861 Trademarks and trade names - Sam Moore All Other 396 396 Total Trademarks and trade names $ 12,657 $ 12,657 Total non-amortizable assets $ 52,715 $ 35,844 The following table is a rollforward of goodwill for the 2018 and 2017 fiscal years: Segment January 31, 2016 Acquisition January 29, 2017 Acquisition January 28, 2018 Home Meridian $ - $ 23,187 $ 23,187 $ - $ 23,187 All Other - - - 16,871 16,871 $ - $ 23,187 $ 23,187 $ 16,871 $ 40,058 Our amortizable intangible assets are recorded in the Home Meridian and in All Other. 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- HMI acquisition 14,400 1,800 200 16,400 Amortization (1,309 ) (1,800 ) (25 ) (3,134 ) Balance at January 29, 2017 $ 13,091 $ - $ 175 $ 13,266 Intangibles- Shenandoah acquisition 13,200 400 700 14,300 Amortization (1,647 ) (400 ) (37 ) (2,084 ) Balance at January 28, 2018 $ 24,644 $ - $ 838 $ 25,482 The weighted-average amortization period for all amortizable intangible assets is 11.3 years. The weighted-average amortization period for customer relationships is 10.8 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 2019 2,384 2020 2,384 2021 2,384 2022 2,384 2023 2,384 Thereafter 13,562 $ 25,482 Gross intangible assets and total accumulated amortization for each major class of intangible assets is as follows: January 28, 2018 January 29, 2017 Trademarks and tradenames $ 900 $ 200 Accumulated amortization (62 ) (25 ) Trademarks and tradenames, net 838 175 Customer relationships 27,600 14,400 Accumulated amortization (2,956 ) (1,309 ) Customer relationships, net 24,644 13,091 Backlog 2,200 1,800 Accumulated amortization (2,200 ) (1,800 ) Backlog, net - - Total intangible assets, net $ 25,482 $ 13,266 |
NOTE 9 - FAIR VALUE MEASUREMENT
NOTE 9 - FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jan. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 9 – 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 28, 2018 and January 29, 2017, 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 28, 2018, 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, 2018, 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 consolidated balance sheets as a net liability. As of January 31, 2018, the net liability for this plan was $2.4 million shown on the “Pension Plan” line of our consolidated balance sheets. The market value of pension plan assets shown below are as of January 31, 2018. See Note 11. Employee Benefit Plans for additional information about the Plan. Our assets measured at fair value on a recurring basis at January 28, 2018 and January 29, 2017, were as follows: Fair value at January 28, 2018 Fair value at January 29, 2017 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets measured at fair value Company-owned life insurance $ - $ 23,622 $ - $ 23,622 $ - $ 22,366 $ - $ 22,366 Pension plan assets 8,757 - - 8,757 13,881 - - 13,881 |
NOTE 10 - LONG-TERM DEBT
NOTE 10 - LONG-TERM DEBT | 12 Months Ended |
Jan. 28, 2018 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | NOTE 10 – LONG-TERM DEBT We currently have two unsecured term loans and one secured term loan outstanding and a revolving credit facility. The term loans are related to the Home Meridian and Shenandoah acquisitions. Details of our loan agreements and revolving credit facility are detailed below. Original Loan Agreement On February 1, 2016, we entered into an amended and restated loan agreement (the “Original Loan Agreement”) with Bank of America, N.A. (“BofA”) in connection with the closing of the Home Meridian Acquisition. Also on February 1, 2016, we borrowed in full the 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 Home Meridian Acquisition. Details of the individual credit facilities provided for in the Original Loan Agreement are as follows: § Unsecured revolving credit facility. § Unsecured Term Loan. § Secured Term Loan. New Loan Agreement On September 29, 2017, we entered into a second amended and restated loan agreement (the “New Loan Agreement”) with BofA in connection with the completion of the Shenandoah acquisition. The New Loan Agreement: § amends and restates the Original Loan Agreement detailed above such that our existing $30 million unsecured revolving credit facility (the “Existing Revolver”), Unsecured Term Loan, and Secured Term Loan all remain outstanding under the New Loan Agreement; and § provides us with a new $12 million unsecured term loan (the “New Unsecured Term Loan”). Amounts outstanding under the New Unsecured Term Loan will bear interest at a rate, adjusted monthly, equal to the then current LIBOR monthly rate plus 1.50%. We must repay the principal amount borrowed under the New Unsecured Term Loan in monthly installments of approximately $143,000, together with any accrued interest, until the full amount borrowed is repaid or until the earlier of September 30, 2022 or the expiration of the Existing Revolver, at which time all amounts outstanding under the New Unsecured Term Loan will become due and payable. We may prepay the outstanding principal amount under the New Unsecured Term Loan, in full or in part, on any interest payment date without penalty. On September 29, 2017, we borrowed the full $12 million available under the New Unsecured Term Loan to partially fund the cash consideration used in the Shenandoah acquisition. The New Loan Agreement also included customary representations and warranties and requires us to comply with customary covenants, including, among other things, the following financial covenants: · Maintain a ratio of funded debt to EBITDA not exceeding: o 2.50:1.0 through August 31, 2018; o 2.25:1.0 through August 31, 2019; and o 2.00:1.00 thereafter. · A basic fixed charge coverage ratio of at least 1.25:1.00; and · Limit capital expenditures to no more than $15.0 million during any fiscal year beginning in fiscal 2019. The New Loan Agreement also limits our right to incur other indebtedness, make certain investments and create liens upon our assets, subject to certain exceptions, among other restrictions. The New Loan Agreement does not restrict our ability to pay cash dividends on, or repurchase, shares of our common stock, subject to our compliance with the financial covenants discussed above, if we are not otherwise in default under the New Loan Agreement. We were in compliance with each of these financial covenants at January 28, 2018. Principal payments due on our terms loans are as follows: Fiscal Year Amount 2019 $ 8,059 2020 7,572 2021 31,366 2022 1,714 2023 4,714 $ 53,425 Subsequent to the end the recently completed fiscal year, we made an unscheduled $10 million payment on the New Unsecured Term Loan, which is not reflected in the table above. The carrying amount of our term loans approximates their fair value at January 28, 2018. As of January 28, 2018, we had an aggregate $28.5 million available under the Existing Revolver 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 28, 2018. There were no additional borrowings outstanding under the Existing Revolver as of January 28, 2018. |
NOTE 11 - EMPLOYEE BENEFIT PLAN
NOTE 11 - EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Jan. 28, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 11 – 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 $974,000 in fiscal 2018, $977,000 in fiscal 2017, and $666,000 in fiscal 2016. Executive Benefits Pension, SRIP and SERP Overview We maintain three “frozen” retirement plans, which are paying benefits and may include active employees among the participants but we do not expect to add participants to these plans in the future. The three plans include: § a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furniture Corporation; § 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. 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 Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 28, January 29, 2018 2017 2018 2017 Change in benefit obligation: Beginning projected benefit obligation $ 8,845 $ 8,153 $ 2,302 $ 2,413 Service cost 302 375 Interest cost 345 341 82 89 Benefits paid (520 ) (354 ) (216 ) (204 ) Actuarial loss (gain) 393 330 (160 ) 4 Ending projected benefit obligation (funded status) $ 9,365 $ 8,845 $ 2,008 $ 2,302 Accumulated benefit obligation $ 8,727 $ 8,344 $ 2,008 $ 2,302 Discount rate used to value the ending benefit obligations: 3.75 % 4.00 % 3.64 % 3.77 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 511 $ 473 $ 188 $ 221 Non-current liabilities (Deferred compensation line*) 8,854 8,372 1,820 2,081 Total $ 9,365 $ 8,845 $ 2,008 $ 2,302 Fifty-Two Fifty-Two Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 31, January 28, January 29, 2018 2017 2016 2018 2017 Net periodic benefit cost Service cost $ 302 $ 375 $ 406 $ - $ - Interest cost 345 341 289 83 89 Net loss (gain) 62 (72 ) 178 - - Net periodic benefit cost $ 709 $ 644 $ 873 $ 83 $ 89 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 393 330 (574 ) (160 ) 4 Amortizations: Gain (Loss) (62 ) 72 (178 ) - - Total recognized in other comprehensive loss (income) 331 402 (752 ) (160 ) 4 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 1,040 $ 1,046 $ 121 $ (77 ) $ 93 Assumptions used to determine net periodic benefit cost: Discount rate 4.00 % 4.3 % 3.5 % 3.77 % 3.88 % Increase in future compensation levels 4.00 % 4.0 % 4.0 % N/A N/A Estimated Future Benefit Payments: Fiscal 2019 $ 511 188 Fiscal 2020 855 183 Fiscal 2021 855 178 Fiscal 2022 855 173 Fiscal 2023 855 167 Next 5 years 4,381 735 For the SRIP, the net periodic benefit cost recognized in other comprehensive income was due to a decreased discount rate from 4.25% at January 29, 2017 to 4.00% at January 28, 2018 as well as increase in projected bonus for executives. 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 31, 2018 by approximately $630,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 31, 2018 by $705,000. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at January 28, 2018 by approximately $142,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 28, 2018 by $162,000 . At January 28, 2018, the actuarial losses related to the SRIP amounted to $393,000, net of tax of $62,000. At January 29, 2017, the actuarial losses related to the SRIP amounted to $185,000, net of tax of $68,000. 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 2019 are $0 and $160,000, respectively. At January 28, 2018, the actuarial gain related to the SERP was $160,000. The estimated net transition (asset)/obligation, prior service (cost) credit and actuarial loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost over fiscal 2019 are 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 28, 2018 were 81.3% equity and 18.7% 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 28, 2018, all using quoted prices in active markets for identical assets (Level 1), in thousands of dollars: Money Market Funds $ 53 Mutual Funds: Growth Funds $ 2,054 International Funds 1,243 Bond Funds 1,588 Value Funds 962 Small Blend Funds 1,000 Emerging Market Funds 1,021 Real Estate 836 Total Plan Assets $ 8,757 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 Pension 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 28, 2018 by approximately $1.1 million. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 28, 2018 by $1.4 million. The expected long-term rate of return on Pension Plan assets (“EROA”) is 6.9% as of We contributed $511,000 in required contributions to reduce the underfunded balance of the Pension Plan during fiscal 2018. Expected minimum Pension Plan contributions in fiscal 2019 are $488,000. In the fourth quarter of fiscal 2018, we used $6.4 million Pension Plan assets to partially settle Pension Plan liabilities through a “lift-out” transaction. The lift-out transaction removed approximately half of the participants from the Plan and fully replaced their benefits with annuities from a highly rated insurance company. We recognized a $560,000 gain from the transaction. We anticipate savings due to the elimination of variable Pension Benefit Guaranty Corporation fees and insurance premiums and the mitigation of the risk that these costs would continue to escalate. Summarized Pension Plan information as of January 28, 2018 (the measurement date) is as follows: Pulaski Furniture Pension Plan Fifty-Two Fifty-Two Weeks Ended Weeks Ended January 28, January 29, 2018 2017 Change in benefit obligation: Beginning projected benefit obligation $ 17,380 $ - Acquisition - 17,828 Service cost - - Interest cost 695 751 Benefits paid (1,187 ) (1,099 ) Settlement (5,923 ) - Actuarial (gain) loss 233 (100 ) Ending projected benefit obligation $ 11,198 $ 17,380 Change in Plan Assets: Beginning fair value of plan assets $ 13,881 $ 11,585 Actual return on plan assets 2,325 1,666 Employer contributions 511 2,011 Actual expenses paid (371 ) (282 ) Settlement (6,402 ) - Actual benefits paid (1,187 ) (1,099 ) Ending fair value of plan assets $ 8,757 $ 13,881 Funded Status of the Plan $ (2,441 ) $ (3,499 ) Discount rate used to value the ending benefit obligations: 3.82 % 4.14 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ - $ - Non-current liabilities (Deferred compensation line*) (2,441 ) (3,499 ) Total $ (2,441 ) $ (3,499 ) Fifty-Two Fifty-Two Weeks Ended Weeks Ended January 28, January 29, 2018 2017 Net periodic benefit cost Expected administrative expenses $ 280 $ 280 Interest cost 695 751 Net loss (gain) (933 ) (808 ) Net periodic benefit cost $ 42 $ 223 Settlement/Curtailment expense (Income) (562 ) - Total net periodic benefit cost (Income) $ (520 ) $ 223 Other changes recognized in other comprehensive income Net (gain) loss arising during period (590 ) (957 ) Amortization: (Loss) gain 562 - Total recognized in other comprehensive (income) loss (28 ) (957 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (548 ) $ (734 ) Assumptions used to determine net periodic benefit cost: Discount rate 4.14 % 4.36 % Increase in future compensation levels N/A N/A Estimated Future Benefit Payments: Fiscal 2019 $ 694 Fiscal 2020 687 Fiscal 2021 684 Fiscal 2022 686 Fiscal 2023 677 Fiscal 2024 through Fiscal 2028 3,464 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 2014, the Compensation Committee awarded performance grants for the 2015 fiscal year. The 2015 awards had a three-year performance period that ended on January 29, 2017. The performance criteria for these awards were met and were paid in April 2017. During fiscal 2016, fiscal 2017 and fiscal 2018, the Compensation Committee awarded performance grants that have three-year performance periods ending on January 28, 2018 February 3, 2019 and February 2, 2020, respectively. The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated: January 28, January 29, 2018 2017 Performance grants Fiscal 2015 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 644 Fiscal 2016 grant (Current liabilities, Accrued wages, salaries and benefits) 193 215 Fiscal 2017 grant (Non-current liabilities, Deferred compensation) 186 93 Fiscal 2018 grant (Non-current liabilities, Deferred compensation) 274 - Total performance grants accrued $ 653 $ 952 |
NOTE 12 - SHARE-BASED COMPENSAT
NOTE 12 - SHARE-BASED COMPENSATION | 12 Months Ended |
Jan. 28, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 12 – 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 2018 were $31.45, $41.70 and $39.05, during fiscal year 2017 were $25.45 and 24.17, and during fiscal year 2016 was $21.44 per share, respectively. The restricted stock awards outstanding as of January 28, 2018 had an aggregate grant-date fair value of $483,000, after taking vested and forfeited restricted shares into account. As of January 28, 2018, we have recognized non-cash compensation expense of approximately $289,000 related to these non-vested awards and $1.1 million for awards that have vested. The remaining $194,000 of grant-date fair value for unvested restricted stock awards outstanding at January 28, 2018 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 28, 2018: 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 28, 2018 Previous Awards (vested) $ 1,136 Restricted shares Issued on April 6, 2015 5,741 $ 21.44 123 79 4 Forfeited (1,861 ) (40 ) Restricted shares Issued on April 13, 2016 4,872 $ 25.45 130 60 39 Forfeited (1,175 ) (31 ) Restricted shares Issued on April 13, 2017 4,572 $ 31.45 142 30 78 Forfeited (1,058 ) (34 ) Restricted shares Issued on June 9, 2017 3,764 $ 41.70 157 105 52 Restricted shares Issued on August 29, 2017 922 $ 39.05 36 15 21 Awards outstanding at January 28, 2018: 15,777 $ 483 $ 289 $ 194 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 28, 2018: 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 28, 2018 Previous Awards (vested) $ 400 RSUs Awarded on April 6, 2015 5,518 $ 17.52 97 91 6 RSUs Awarded on April 13, 2016 7,622 $ 24.26 185 113 72 RSUs Awarded on April 15, 2017 6,257 $ 31.45 185 51 134 Awards outstanding at January 28, 2018: 19,397 $ 467 $ 255 $ 212 |
NOTE 13 - EARNINGS PER SHARE
NOTE 13 - EARNINGS PER SHARE | 12 Months Ended |
Jan. 28, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 13 – 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 28, January 29, January 31, 2018 2017 2016 Restricted shares 15,777 25,682 24,919 Restricted stock units 19,397 20,462 12,840 35,174 46,144 37,759 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 28, January 29, January 31, 2018 2017 2016 Net income $ 28,250 $ 25,287 $ 16,185 Less: Dividends on unvested restricted shares 10 11 11 Net earnings allocated to unvested restricted stock 50 56 40 Earnings available for common shareholders $ 28,190 $ 25,220 $ 16,134 Weighted average shares outstanding for basic earnings per share 11,633 11,531 10,779 Dilutive effect of unvested restricted stock awards 30 32 28 Weighted average shares outstanding for diluted earnings per share 11,663 11,563 10,807 Basic earnings per share $ 2.42 $ 2.19 $ 1.50 Diluted earnings per share $ 2.42 $ 2.18 $ 1.49 In fiscal year 2018, we issued 176,018 shares of common stock to the designees of SFI as partial consideration for the Shenandoah acquisition on September 29, 2017. We issued 716,910 shares of our common stock to designees of Home Meridian as partial consideration for the Home Meridian acquisition on the first day of fiscal 2017. |
NOTE 14 - INCOME TAXES
NOTE 14 - INCOME TAXES | 12 Months Ended |
Jan. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 14 – 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 28, January 29, January 31, 2018 2017 2016 Current expense Federal $ 12,022 $ 14,470 $ 7,196 Foreign 85 86 41 State 1,390 1,471 771 Total current expense 13,497 16,027 8,008 Deferred taxes Federal 4,038 (1,902 ) 244 State (13 ) (216 ) 22 Total deferred taxes 4,025 (2,118 ) 266 Income tax expense $ 17,522 $ 13,909 $ 8,274 Total tax expense for FY18 was $17.5 million, of which $17.5 million expense was allocated to continuing operations and $26,000 tax benefit was allocated to other comprehensive income. 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. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated: Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 31, 2018 2017 2016 Income taxes at statutory rate 33.9 % 35.0 % 35.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 2.1 2.2 2.1 Domestic Production Deduction -0.3 -0.4 -0.6 Officer's life insurance -0.6 -1.2 -1.1 Captive Life Insurance 0.0 -1.3 0.0 Excess tax deductions on stock-based compensation -0.4 0.0 0.0 Tax Cuts and Jobs Act of 2017 4.0 0.0 0.0 Change in Valuation allowance 0.0 1.3 0.0 Other -0.4 -0.1 -1.6 Effective income tax rate 38.3 % 35.5 % 33.8 % 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 28, January 29, 2018 2017 Assets Deferred compensation $ 3,226 $ 4,817 Allowance for bad debts 1,437 955 State income taxes 173 32 Intangible assets - 609 Inventories - 662 Employee benefits 214 144 Capital loss carryover 335 525 Other 305 460 Total deferred tax assets 5,690 8,204 Valuation allowance (335 ) (525 ) 5,355 7,679 Liabilities Inventory 315 - Intangible assets 108 - Property, plant and equipment 1,520 131 Unrecognized pension actuarial gains 148 284 Total deferred tax liabilities 2,091 415 Net deferred tax assets 3,264 7,264 At January 28, 2018 and January 29, 2017 our net deferred tax asset was $3.3 million and $7.3 million, respectively. On December 22, 2017, the Tax Cuts and Jobs Act ("Tax Act") was signed into law. As a result of the new tax law we recorded an additional tax expense of $1.8 million for fiscal 2018 due to the re-measurement of deferred tax assets and liabilities . 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 28, 2018 and are as follows: January 28, January 29, 2018 2017 Balance, beginning of year $ 248 $ 279 Increase related to prior year tax positions - - Decrease related to prior year tax positions (157 ) (31 ) Increase related to current year tax positions - - Balance, end of year $ 91 $ 248 The net unrecognized tax benefits as of January 28, 2018, which, if recognized, would affect our effective tax rate are $80,000. We expect that $48,000 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 $10,000 and $23,000 was accrued as of January 28, 2018 and , respectively. Tax years ending February 1, 2015, through January 28, 2018 remain subject to examination by federal and state taxing authorities. |
NOTE 15 - SEGMENT INFORMATION
NOTE 15 - SEGMENT INFORMATION | 12 Months Ended |
Jan. 28, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 15 – 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”) 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. We continually monitor our reportable segments for changes in facts and circumstances to determine whether changes in the identification or aggregation of operating segments are necessary. In the fourth quarter of fiscal 2018, we updated our reportable segments as follows: Hooker Upholstery was aggregated with Hooker Casegoods and reported as the Hooker Branded segment. The domestic upholstery operations of Shenandoah Furniture, Sam Moore and Bradington-Young were moved into the All Other segment with Company’s H Contract business and the remains on the Company’s Homeware division, which was shuttered earlier in the year. The Home Meridian segment remains unchanged. Therefore, for financial reporting purposes, we are organized into two reportable segments and “All Other”, which includes the remainder of our businesses: § Hooker Branded § Home Meridian § All Other 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 28, 2018 January 29, 2017 January 31, 2016 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 166,754 26.9 % $ 158,685 27.5 % $ 173,011 70.0 % Home Meridian 365,472 58.9 % 344,635 59.7 % - All other 88,406 14.2 % 73,899 12.8 % 73,988 30.0 % Consolidated $ 620,632 100.0 % $ 577,219 100.0 % $ 246,999 100.0 % Gross Profit Hooker Branded $ 53,007 31.8 % $ 51,653 32.6 % $ 51,693 29.9 % Home Meridian 62,325 17.1 % 57,289 16.6 % - All other 19,485 22.0 % 17,179 23.2 % 16,995 23.0 % Consolidated $ 134,817 21.7 % $ 126,121 21.8 % $ 68,688 27.8 % Operating Income Hooker Branded $ 21,732 13.0 % $ 20,203 12.7 % $ 20,024 11.6 % Home Meridian 18,265 5.0 % 14,375 4.2 % - All other 5,487 6.2 % 4,642 6.3 % 4,238 5.7 % Consolidated $ 45,484 7.3 % $ 39,220 6.8 % $ 24,262 9.8 % Capital Expenditures Hooker Branded $ 1,372 $ 1,193 $ 2,219 Home Meridian 1,098 280 - All other 696 981 628 Consolidated $ 3,166 $ 2,454 $ 2,847 Depreciation Hooker Branded $ 1,956 $ 2,214 $ 1,808 Home Meridian 2,716 4,704 - All other 1,975 1,082 1,138 Consolidated $ 6,647 $ 8,000 $ 2,946 As of January 28, As of January 29, 2018 %Total 2017 %Total Assets Assets Assets Hooker Branded $ 129,986 47.8 % $ 137,095 50.9 % Home Meridian 107,139 39.6 % 107,101 39.7 % All other 34,394 12.6 % 25,390 9.4 % Consolidated Assets $ 271,519 100.0 % $ 269,586 100.0 % Consolidated Goodwill and Intangibles 78,197 49,110 Total Consolidated Assets $ 349,716 $ 318,696 Sales by product type are as follows: Net Sales Fiscal 2018 2017 2016 Casegoods $ 404,808 65 % $ 391,347 68 % $ 158,963 64 % Upholstery 215,824 35 % 185,872 32 % 88,036 36 % $ 620,632 $ 577,219 $ 246,999 No significant long-lived assets were held outside the United States at either January 28, 2018 or January 31, 2016. International customers accounted for 2.5% of consolidated invoiced sales in fiscal 2018, 2% fiscal 2017 and 5% of consolidated invoiced sales in fiscal 2016. We define international sales as sales outside of the United States and Canada. |
NOTE 16 - COMMITMENTS, CONTINGE
NOTE 16 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS | 12 Months Ended |
Jan. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 16 – COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS Commitments and Off-Balance Sheet Arrangements We lease office space, warehousing facilities, showroom space and office equipment under leases expiring over the next five years. Rent expense was $9.0 million in fiscal 2018, $7.7 million in fiscal 2017, and $3.1 million in fiscal 2016. Future minimum annual commitments under leases and operating agreements are $7.2 million in fiscal 2019, $6.5 million in fiscal 2020, $6.1 million in fiscal 2021, $4.3 million in fiscal 2022 and $3.3 million in fiscal 2023. We had letters of credit outstanding totaling $1.5 million on January 28, 2018. 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. |
NOTE 17 - CONCENTRATIONS OF RIS
NOTE 17 - CONCENTRATIONS OF RISK | 12 Months Ended |
Jan. 28, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 17 – 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 2018, 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 approximately half of our fiscal 2018 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 34% of our raw materials supply purchases for domestic upholstered furniture manufacturing operations in fiscal 2018. One supplier accounted for 12% of our raw material purchases in fiscal 2018. 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 No customers accounted for more than 10% of our consolidated sales in fiscal 2018. Our top five customers accounted for nearly one-third of our fiscal 2018 consolidated sales. The loss of any one or more of these customers could adversely affect our earnings, financial condition and liquidity. At January 28, 2018, nearly half 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 18 - CONSOLIDATED QUARTERL
NOTE 18 - CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) | 12 Months Ended |
Jan. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 18 – CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant’s report.) Fiscal Quarter First Second Third Fourth 2018 Net sales $ 130,872 $ 156,308 $ 157,934 $ 175,518 Cost of sales 102,729 123,191 123,656 136,239 Gross profit 28,143 33,117 34,278 39,279 Selling and administrative expenses 20,701 20,989 22,449 23,110 Net income 4,746 7,778 7,202 8,524 Basic earnings per share $ 0.41 $ 0.67 $ 0.62 $ 0.72 Diluted earnings per share $ 0.41 $ 0.67 $ 0.61 $ 0.72 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 22,729 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 $ 0.94 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. |
NOTE 19 - RELATED PARTY TRANSAC
NOTE 19 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jan. 28, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 19 – RELATED PARTY TRANSACTIONS We lease the four properties utilized in Shenandoah’s operations. One of our employees has an ownership interest in the entities that own these properties. The leases commenced on September 29, 2017, have an initial 48-month term, and an option to renew each for an additional seven years. All four leases include annual rent escalation clauses with respect to minimum lease payments after the initial 48-month term of the lease is completed. In addition to monthly lease payments, we also incur expenses for property taxes, routine repairs and maintenance and other operating expenses. We paid $274,000 in lease payments to these entities during the fiscal 2018. |
NOTE 20 - SUBSEQUENT EVENTS
NOTE 20 - SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 28, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 20 – SUBSEQUENT EVENTS Cash Dividend On March 5, 2018, our Board of Directors declared a quarterly cash dividend of $0.14 per share, payable on March 30, 2018 to shareholders of record at March 19, 2018. Unscheduled Loan Payment In March 2018, we made an unscheduled $10 million payment towards the amounts outstanding under the New Unsecured Term Loan. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 28, 2018 | |
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 wholesale and retail merchandisers 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, segment disclosures in the consolidated financial statements and notes have been reclassified to conform to the fiscal 2018 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”) 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 two reportable segments and “All Other”, which includes the remainder of our businesses: § Hooker Branded § Home Meridian § All Other |
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 business combinations, we allocate 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 may engage 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 of certain of our financial instruments (cash and cash equivalents, trade accounts receivable and payable and accrued liabilities) approximates fair value because of the short-term nature of those instruments. The carrying value of Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. |
Inventory, Policy [Policy Text Block] | Inventories All inventories are stated at the lower of cost, or market value, with cost determined 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 allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment and definite-lived assets, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets or asset groups 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 Shenandoah and Home Meridian acquisitions and includes customer relationships and trademarks. Our indefinite lived assets include goodwill related to the Shenandoah and Home Meridian acquisitions, 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 goodwill and trademarks and trade names are not amortized but 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 life insurance policies on certain of our current and former executives and other key employees. These policies have a carrying value of $23.6 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, catalogs, and fabric and leather swatches) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2018, 2017 and 2016 were $3.0 million, $3.2 million, and $2.3 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against net sales 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 pre-tax book income and permanent book and tax differences. 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. |
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 |
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 useful lives of fixed and intangible assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets and goodwill; 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. 28, 2018 | |
Shenandoah Furniture, Inc, [Member] | |
NOTE 3 - ACQUISITION (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Shenandoah acquisition as of September 29, 2017. Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 32,773 Value of shares issued for assets acquired 8,000 Fair value adjustment to shares issued for assets acquired* 396 Total purchase price $ 41,169 Fair value estimates of assets acquired and liabilities assumed Accounts receivable $ 3,576 Inventory 2,380 Prepaid expenses and other current assets 52 Property and equipment 5,401 Intangible assets 14,300 Goodwill 16,871 Accounts payable (699 ) Accrued expenses (712 ) Total purchase price $ 41,169 *As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. |
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 Shenandoah acquisition as if it had occurred on February 1, 2016: Pro Forma - Unaudited 13 Weeks Ended 52 Weeks Ended January 29, 2017 January 29, 2017 (Pro forma) (Pro forma) Net Sales $ 184,013 $ 619,569 Net Income $ 11,702 $ 27,896 Basic EPS $ 1.00 $ 2.38 Diluted EPS $ 1.00 $ 2.38 Pro Forma - Unaudited 13 Weeks Ended 52 Weeks Ended January 28, 2018 January 28, 2018 (Pro forma) (Pro forma) Net Sales $ 175,365 $ 649,936 Net Income $ 8,775 $ 32,977 Basic EPS $ 0.75 $ 2.82 Diluted EPS $ 0.75 $ 2.81 |
Home Meridian International [Member] | |
NOTE 3 - ACQUISITION (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [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 (i) the continued refinement of management's estimates, (ii) changes in pre-acquisition account balances due to the timing of HMI’s final financial close and (iii) 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. 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 Fair value estimates of assets acquired and liabilities assumed: 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: 52 Weeks Ended January 31, 2016 (Pro forma) Net Sales $ 571,720 Net Income 22,831 Basic EPS 2.12 Diluted EPS 2.11 |
NOTE 4 - DOUBTFUL ACCOUNTS AN31
NOTE 4 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
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 28, January 29, January 31, 2018 2017 2016 Balance at beginning of year $ 508 $ 396 $ 563 Non-cash charges to cost and expenses 767 823 115 Less uncollectible receivables written off, net of recoveries (261 ) (711 ) (282 ) Balance at end of year $ 1,014 $ 508 $ 396 Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 31, 2018 2017 2016 Balance at beginning of year $ 6,298 $ 636 $ 766 Non-cash charges to cost and expenses (1,272 ) 5,586 (220 ) Less uncollectible receivables written off, net of recoveries 91 76 90 Balance at end of year $ 5,117 $ 6,298 $ 636 |
NOTE 5 - ACCOUNTS RECEIVABLE (T
NOTE 5 - ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | January 28, January 29, 2018 2017 Trade accounts receivable $ 98,592 $ 99,378 Receivable from factor - 6 Other accounts receivable allowances (5,117 ) (6,298 ) Allowance for doubtful accounts (1,014 ) (508 ) Accounts receivable $ 92,461 $ 92,578 |
NOTE 6 - INVENTORIES (Tables)
NOTE 6 - INVENTORIES (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | January 28, January 29, 2018 2017 Finished furniture $ 92,502 $ 85,520 Furniture in process 1,440 735 Materials and supplies 8,780 7,536 Inventories at FIFO 102,722 93,791 Reduction to LIFO basis (18,263 ) (18,488 ) Inventories $ 84,459 $ 75,303 |
NOTE 7 - PROPERTY, PLANT AND 34
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives January 28, January 29, (In years) 2018 2017 Buildings and land improvements 15 - 30 $ 24,298 $ 23,392 Computer software and hardware 3 - 10 18,302 17,308 Machinery and equipment 10 8,586 5,031 Leasehold improvements Term of lease 8,982 7,104 Furniture and fixtures 3 - 8 2,186 1,903 Other 5 612 562 Total depreciable property at cost 62,966 55,300 Less accumulated depreciation 35,100 31,167 Total depreciable property, net 27,866 24,133 Land 1,067 1,067 Construction-in-progress 316 603 Property, plant and equipment, net $ 29,249 $ 25,803 |
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 28, January 29, January 31, 2018 2017 2016 Balance beginning of year $ 6,510 $ 6,062 $ 2,726 Additions 630 1,495 4,113 Amortization expense (1,151 ) (973 ) (777 ) Disposals (7 ) - - Adjustments - (74 ) Balance end of year $ 5,982 $ 6,510 $ 6,062 |
NOTE 8 - INTANGIBLE ASSETS AN35
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
Disclosure Text Block [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Details of our non-amortizable intangible assets are as follows: January 28, January 29, Segment 2018 2017 Non-amortizable Intangible Assets Goodwill Home Meridian $ 23,187 $ 23,187 Goodwill All Other 16,871 - Total Goodwill 40,058 23,187 Trademarks and trade names - Home Meridian Home Meridian 11,400 11,400 Trademarks and trade names - Bradington-Young All Other 861 861 Trademarks and trade names - Sam Moore All Other 396 396 Total Trademarks and trade names $ 12,657 $ 12,657 Total non-amortizable assets $ 52,715 $ 35,844 |
Schedule of Goodwill [Table Text Block] | The following table is a rollforward of goodwill for the 2018 and 2017 fiscal years: Segment January 31, 2016 Acquisition January 29, 2017 Acquisition January 28, 2018 Home Meridian $ - $ 23,187 $ 23,187 $ - $ 23,187 All Other - - - 16,871 16,871 $ - $ 23,187 $ 23,187 $ 16,871 $ 40,058 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Our amortizable intangible assets are recorded in the Home Meridian and in All Other. 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- HMI acquisition 14,400 1,800 200 16,400 Amortization (1,309 ) (1,800 ) (25 ) (3,134 ) Balance at January 29, 2017 $ 13,091 $ - $ 175 $ 13,266 Intangibles- Shenandoah acquisition 13,200 400 700 14,300 Amortization (1,647 ) (400 ) (37 ) (2,084 ) Balance at January 28, 2018 $ 24,644 $ - $ 838 $ 25,482 |
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 2019 2,384 2020 2,384 2021 2,384 2022 2,384 2023 2,384 Thereafter 13,562 $ 25,482 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross intangible assets and total accumulated amortization for each major class of intangible assets is as follows: January 28, 2018 January 29, 2017 Trademarks and tradenames $ 900 $ 200 Accumulated amortization (62 ) (25 ) Trademarks and tradenames, net 838 175 Customer relationships 27,600 14,400 Accumulated amortization (2,956 ) (1,309 ) Customer relationships, net 24,644 13,091 Backlog 2,200 1,800 Accumulated amortization (2,200 ) (1,800 ) Backlog, net - - Total intangible assets, net $ 25,482 $ 13,266 |
NOTE 9 - FAIR VALUE MEASUREME36
NOTE 9 - FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
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 28, 2018 and January 29, 2017, were as follows: Fair value at January 28, 2018 Fair value at January 29, 2017 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets measured at fair value Company-owned life insurance $ - $ 23,622 $ - $ 23,622 $ - $ 22,366 $ - $ 22,366 Pension plan assets 8,757 - - 8,757 13,881 - - 13,881 |
NOTE 10 - LONG-TERM DEBT (Table
NOTE 10 - LONG-TERM DEBT (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
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 2019 $ 8,059 2020 7,572 2021 31,366 2022 1,714 2023 4,714 $ 53,425 |
NOTE 11 - EMPLOYEE BENEFIT PL38
NOTE 11 - EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
NOTE 11 - 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 28, January 29, 2018 2017 Performance grants Fiscal 2015 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 644 Fiscal 2016 grant (Current liabilities, Accrued wages, salaries and benefits) 193 215 Fiscal 2017 grant (Non-current liabilities, Deferred compensation) 186 93 Fiscal 2018 grant (Non-current liabilities, Deferred compensation) 274 - Total performance grants accrued $ 653 $ 952 |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |
NOTE 11 - 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 Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 28, January 29, 2018 2017 2018 2017 Change in benefit obligation: Beginning projected benefit obligation $ 8,845 $ 8,153 $ 2,302 $ 2,413 Service cost 302 375 Interest cost 345 341 82 89 Benefits paid (520 ) (354 ) (216 ) (204 ) Actuarial loss (gain) 393 330 (160 ) 4 Ending projected benefit obligation (funded status) $ 9,365 $ 8,845 $ 2,008 $ 2,302 Accumulated benefit obligation $ 8,727 $ 8,344 $ 2,008 $ 2,302 Discount rate used to value the ending benefit obligations: 3.75 % 4.00 % 3.64 % 3.77 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 511 $ 473 $ 188 $ 221 Non-current liabilities (Deferred compensation line*) 8,854 8,372 1,820 2,081 Total $ 9,365 $ 8,845 $ 2,008 $ 2,302 |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Fifty-Two Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 31, January 28, January 29, 2018 2017 2016 2018 2017 Net periodic benefit cost Service cost $ 302 $ 375 $ 406 $ - $ - Interest cost 345 341 289 83 89 Net loss (gain) 62 (72 ) 178 - - Net periodic benefit cost $ 709 $ 644 $ 873 $ 83 $ 89 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 393 330 (574 ) (160 ) 4 Amortizations: Gain (Loss) (62 ) 72 (178 ) - - Total recognized in other comprehensive loss (income) 331 402 (752 ) (160 ) 4 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 1,040 $ 1,046 $ 121 $ (77 ) $ 93 Assumptions used to determine net periodic benefit cost: Discount rate 4.00 % 4.3 % 3.5 % 3.77 % 3.88 % Increase in future compensation levels 4.00 % 4.0 % 4.0 % N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2019 $ 511 188 Fiscal 2020 855 183 Fiscal 2021 855 178 Fiscal 2022 855 173 Fiscal 2023 855 167 Next 5 years 4,381 735 |
Pension Plan [Member] | |
NOTE 11 - EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Summarized Pension Plan information as of January 28, 2018 (the measurement date) is as follows: Pulaski Furniture Pension Plan Fifty-Two Fifty-Two Weeks Ended Weeks Ended January 28, January 29, 2018 2017 Change in benefit obligation: Beginning projected benefit obligation $ 17,380 $ - Acquisition - 17,828 Service cost - - Interest cost 695 751 Benefits paid (1,187 ) (1,099 ) Settlement (5,923 ) - Actuarial (gain) loss 233 (100 ) Ending projected benefit obligation $ 11,198 $ 17,380 Change in Plan Assets: Beginning fair value of plan assets $ 13,881 $ 11,585 Actual return on plan assets 2,325 1,666 Employer contributions 511 2,011 Actual expenses paid (371 ) (282 ) Settlement (6,402 ) - Actual benefits paid (1,187 ) (1,099 ) Ending fair value of plan assets $ 8,757 $ 13,881 Funded Status of the Plan $ (2,441 ) $ (3,499 ) Discount rate used to value the ending benefit obligations: 3.82 % 4.14 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ - $ - Non-current liabilities (Deferred compensation line*) (2,441 ) (3,499 ) Total $ (2,441 ) $ (3,499 ) |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Fifty-Two Weeks Ended Weeks Ended January 28, January 29, 2018 2017 Net periodic benefit cost Expected administrative expenses $ 280 $ 280 Interest cost 695 751 Net loss (gain) (933 ) (808 ) Net periodic benefit cost $ 42 $ 223 Settlement/Curtailment expense (Income) (562 ) - Total net periodic benefit cost (Income) $ (520 ) $ 223 Other changes recognized in other comprehensive income Net (gain) loss arising during period (590 ) (957 ) Amortization: (Loss) gain 562 - Total recognized in other comprehensive (income) loss (28 ) (957 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (548 ) $ (734 ) Assumptions used to determine net periodic benefit cost: Discount rate 4.14 % 4.36 % Increase in future compensation levels N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2019 $ 694 Fiscal 2020 687 Fiscal 2021 684 Fiscal 2022 686 Fiscal 2023 677 Fiscal 2024 through Fiscal 2028 3,464 |
Schedule of Allocation of Plan Assets [Table Text Block] | The following are the major categories of plan assets measured at fair value on January 28, 2018, all using quoted prices in active markets for identical assets (Level 1), in thousands of dollars: Money Market Funds $ 53 Mutual Funds: Growth Funds $ 2,054 International Funds 1,243 Bond Funds 1,588 Value Funds 962 Small Blend Funds 1,000 Emerging Market Funds 1,021 Real Estate 836 Total Plan Assets $ 8,757 |
NOTE 12 - SHARE-BASED COMPENS39
NOTE 12 - SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
NOTE 12 - 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 28, January 29, January 31, 2018 2017 2016 Restricted shares 15,777 25,682 24,919 Restricted stock units 19,397 20,462 12,840 35,174 46,144 37,759 |
Restricted Stock [Member] | |
NOTE 12 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of January 28, 2018: 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 28, 2018 Previous Awards (vested) $ 1,136 Restricted shares Issued on April 6, 2015 5,741 $ 21.44 123 79 4 Forfeited (1,861 ) (40 ) Restricted shares Issued on April 13, 2016 4,872 $ 25.45 130 60 39 Forfeited (1,175 ) (31 ) Restricted shares Issued on April 13, 2017 4,572 $ 31.45 142 30 78 Forfeited (1,058 ) (34 ) Restricted shares Issued on June 9, 2017 3,764 $ 41.70 157 105 52 Restricted shares Issued on August 29, 2017 922 $ 39.05 36 15 21 Awards outstanding at January 28, 2018: 15,777 $ 483 $ 289 $ 194 |
Restricted Stock Units (RSUs) [Member] | |
NOTE 12 - 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 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 28, 2018 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 28, 2018 Previous Awards (vested) $ 400 RSUs Awarded on April 6, 2015 5,518 $ 17.52 97 91 6 RSUs Awarded on April 13, 2016 7,622 $ 24.26 185 113 72 RSUs Awarded on April 15, 2017 6,257 $ 31.45 185 51 134 Awards outstanding at January 28, 2018: 19,397 $ 467 $ 255 $ 212 |
NOTE 13 - EARNINGS PER SHARE (T
NOTE 13 - EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
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 28, January 29, January 31, 2018 2017 2016 Restricted shares 15,777 25,682 24,919 Restricted stock units 19,397 20,462 12,840 35,174 46,144 37,759 |
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 28, January 29, January 31, 2018 2017 2016 Net income $ 28,250 $ 25,287 $ 16,185 Less: Dividends on unvested restricted shares 10 11 11 Net earnings allocated to unvested restricted stock 50 56 40 Earnings available for common shareholders $ 28,190 $ 25,220 $ 16,134 Weighted average shares outstanding for basic earnings per share 11,633 11,531 10,779 Dilutive effect of unvested restricted stock awards 30 32 28 Weighted average shares outstanding for diluted earnings per share 11,663 11,563 10,807 Basic earnings per share $ 2.42 $ 2.19 $ 1.50 Diluted earnings per share $ 2.42 $ 2.18 $ 1.49 |
NOTE 14 - INCOME TAXES (Tables)
NOTE 14 - INCOME TAXES (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
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 28, January 29, January 31, 2018 2017 2016 Current expense Federal $ 12,022 $ 14,470 $ 7,196 Foreign 85 86 41 State 1,390 1,471 771 Total current expense 13,497 16,027 8,008 Deferred taxes Federal 4,038 (1,902 ) 244 State (13 ) (216 ) 22 Total deferred taxes 4,025 (2,118 ) 266 Income tax expense $ 17,522 $ 13,909 $ 8,274 |
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 Fifty-Two Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended January 28, January 29, January 31, 2018 2017 2016 Income taxes at statutory rate 33.9 % 35.0 % 35.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 2.1 2.2 2.1 Domestic Production Deduction -0.3 -0.4 -0.6 Officer's life insurance -0.6 -1.2 -1.1 Captive Life Insurance 0.0 -1.3 0.0 Excess tax deductions on stock-based compensation -0.4 0.0 0.0 Tax Cuts and Jobs Act of 2017 4.0 0.0 0.0 Change in Valuation allowance 0.0 1.3 0.0 Other -0.4 -0.1 -1.6 Effective income tax rate 38.3 % 35.5 % 33.8 % |
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 28, January 29, 2018 2017 Assets Deferred compensation $ 3,226 $ 4,817 Allowance for bad debts 1,437 955 State income taxes 173 32 Intangible assets - 609 Inventories - 662 Employee benefits 214 144 Capital loss carryover 335 525 Other 305 460 Total deferred tax assets 5,690 8,204 Valuation allowance (335 ) (525 ) 5,355 7,679 Liabilities Inventory 315 - Intangible assets 108 - Property, plant and equipment 1,520 131 Unrecognized pension actuarial gains 148 284 Total deferred tax liabilities 2,091 415 Net deferred tax assets 3,264 7,264 |
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 28, 2018 and January 29, 2017 are as follows: January 28, January 29, 2018 2017 Balance, beginning of year $ 248 $ 279 Increase related to prior year tax positions - - Decrease related to prior year tax positions (157 ) (31 ) Increase related to current year tax positions - - Balance, end of year $ 91 $ 248 |
NOTE 15 - SEGMENT INFORMATION (
NOTE 15 - SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
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 28, 2018 January 29, 2017 January 31, 2016 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 166,754 26.9 % $ 158,685 27.5 % $ 173,011 70.0 % Home Meridian 365,472 58.9 % 344,635 59.7 % - All other 88,406 14.2 % 73,899 12.8 % 73,988 30.0 % Consolidated $ 620,632 100.0 % $ 577,219 100.0 % $ 246,999 100.0 % Gross Profit Hooker Branded $ 53,007 31.8 % $ 51,653 32.6 % $ 51,693 29.9 % Home Meridian 62,325 17.1 % 57,289 16.6 % - All other 19,485 22.0 % 17,179 23.2 % 16,995 23.0 % Consolidated $ 134,817 21.7 % $ 126,121 21.8 % $ 68,688 27.8 % Operating Income Hooker Branded $ 21,732 13.0 % $ 20,203 12.7 % $ 20,024 11.6 % Home Meridian 18,265 5.0 % 14,375 4.2 % - All other 5,487 6.2 % 4,642 6.3 % 4,238 5.7 % Consolidated $ 45,484 7.3 % $ 39,220 6.8 % $ 24,262 9.8 % Capital Expenditures Hooker Branded $ 1,372 $ 1,193 $ 2,219 Home Meridian 1,098 280 - All other 696 981 628 Consolidated $ 3,166 $ 2,454 $ 2,847 Depreciation Hooker Branded $ 1,956 $ 2,214 $ 1,808 Home Meridian 2,716 4,704 - All other 1,975 1,082 1,138 Consolidated $ 6,647 $ 8,000 $ 2,946 |
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 28, As of January 29, 2018 %Total 2017 %Total Assets Assets Assets Hooker Branded $ 129,986 47.8 % $ 137,095 50.9 % Home Meridian 107,139 39.6 % 107,101 39.7 % All other 34,394 12.6 % 25,390 9.4 % Consolidated Assets $ 271,519 100.0 % $ 269,586 100.0 % Consolidated Goodwill and Intangibles 78,197 49,110 Total Consolidated Assets $ 349,716 $ 318,696 |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by product type are as follows: Net Sales Fiscal 2018 2017 2016 Casegoods $ 404,808 65 % $ 391,347 68 % $ 158,963 64 % Upholstery 215,824 35 % 185,872 32 % 88,036 36 % $ 620,632 $ 577,219 $ 246,999 |
NOTE 18 - CONSOLIDATED QUARTE43
NOTE 18 - CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) (Tables) | 12 Months Ended |
Jan. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal Quarter First Second Third Fourth 2018 Net sales $ 130,872 $ 156,308 $ 157,934 $ 175,518 Cost of sales 102,729 123,191 123,656 136,239 Gross profit 28,143 33,117 34,278 39,279 Selling and administrative expenses 20,701 20,989 22,449 23,110 Net income 4,746 7,778 7,202 8,524 Basic earnings per share $ 0.41 $ 0.67 $ 0.62 $ 0.72 Diluted earnings per share $ 0.41 $ 0.67 $ 0.61 $ 0.72 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 22,729 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 $ 0.94 |
NOTE 1 - SUMMARY OF SIGNIFICA44
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018USD ($) | Jan. 29, 2017USD ($) | Jan. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |||
Number of Reportable Segments | 2 | ||
Number of Life Insurance Policies | 80 | ||
Cash Surrender Value of Life Insurance | $ 23,622 | $ 22,366 | |
Life Settlement Contracts, Fair Value Method, Face Value | 34,000 | ||
Advertising Expense | $ 3,000 | $ 3,200 | $ 2,300 |
NOTE 3 - ACQUISITION (Details)
NOTE 3 - ACQUISITION (Details) - USD ($) | Sep. 29, 2017 | Feb. 01, 2016 | Jan. 28, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Gross Profit | $ 39,279,000 | $ 34,278,000 | $ 33,117,000 | $ 28,143,000 | $ 40,118,000 | $ 30,926,000 | $ 28,478,000 | $ 26,599,000 | $ 134,817,000 | $ 126,121,000 | $ 68,688,000 | |||
Operating Income (Loss) | 45,484,000 | 39,220,000 | 24,262,000 | |||||||||||
Amortization of Intangible Assets | 2,084,000 | 3,134,000 | 0 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 32,773,000 | 86,062,000 | 0 | |||||||||||
Defined Benefit Plan, Plan Assets, Amount | 8,757,000 | $ 8,757,000 | 13,881,000 | 8,757,000 | 13,881,000 | |||||||||
Shenandoah Furniture, Inc, [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 32,773,000 | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 176,018 | |||||||||||||
Payment of Post Closing Working Capital Adjustment | $ 770,000 | $ 123,000 | ||||||||||||
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 the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45). | As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). | ||||||||||||
Business Combination, Nature of Adjustments | However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.)  No additional consideration was transferred to SFI as a result of this adjustment. | |||||||||||||
Business Combination, Adjustment, Consideration Transferred | $ 396,000 | |||||||||||||
Business Combination, Adjustment, Intangibles | 1,100,000 | |||||||||||||
Business Combination, Adjustment, Accrued Expenses | 123,000 | |||||||||||||
Business Combination, Adjustment, Property, Plant, and Equipment | 17,000 | |||||||||||||
Goodwill, Period Increase (Decrease) | $ (774,000) | |||||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years 36 days | |||||||||||||
Business Combination, Adjustment, Amortization of Intangibles | 132,000 | 171,000 | $ 191,000 | 943,000 | ||||||||||
Business Combination, Adjustments Related to Previous Period | 67,000 | 0 | 522,000 | 520,000 | ||||||||||
Business Combination, Adjustment, Financial Liabilities | 13,000 | 46,000 | 61,000 | 197,000 | ||||||||||
Business Combination, Adjustment, Salaries | 0 | 46,000 | 123,000 | 185,000 | ||||||||||
Business Combination, Adjustment, Income Taxes on Operations | 0 | 536,000 | 2,400,000 | 2,400,000 | ||||||||||
Business Combination, Acquisition Related Costs | 800,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 14,300,000 | |||||||||||||
Home Meridian International [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 716,910 | |||||||||||||
Payment of Post Closing Working Capital Adjustment | 86,062,000 | |||||||||||||
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). | |||||||||||||
Business Combination, Adjustment, Intangibles | (1,900,000) | |||||||||||||
Business Combination, Adjustments Related to Previous Period | 2,700,000 | |||||||||||||
Business Combination, Adjustment, Salaries | $ 545,000 | |||||||||||||
Business Combination, Acquisition Related Costs | 1,200,000 | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 86,000,000 | |||||||||||||
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 | 8,720,000 | |||||||||||
Defined Benefit Plan, Plan Assets, Amount | 11,600,000 | |||||||||||||
Indefinite-Lived and Finite-Lived Trade Names [Member] | Home Meridian International [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,600,000 | |||||||||||||
Trade Names [Member] | Home Meridian International [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 11,400,000 | |||||||||||||
Shenandoah Furniture, Inc, [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Gross Profit | 11,300,000 | |||||||||||||
Operating Income (Loss) | 604,000 | |||||||||||||
Amortization of Intangible Assets | 750,000 | |||||||||||||
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 | |||||||||||||
Customer Relationships [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Amortization of Intangible Assets | 1,647,000 | 1,309,000 | ||||||||||||
Customer Relationships [Member] | Shenandoah Furniture, Inc, [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 13,200,000 | 13,200,000 | $ 13,200,000 | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||||||||||
Customer Relationships [Member] | Home Meridian International [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,400,000 | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | |||||||||||||
Trade Names [Member] | Shenandoah Furniture, Inc, [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 700,000 | 700,000 | $ 700,000 | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||||
Trade Names [Member] | Home Meridian International [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200,000 | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||||||||||||
Order or Production Backlog [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Amortization of Intangible Assets | $ 400,000 | $ 1,800,000 | ||||||||||||
Order or Production Backlog [Member] | Shenandoah Furniture, Inc, [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 400,000 | 400,000 | $ 400,000 | |||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 months | |||||||||||||
Order or Production Backlog [Member] | Home Meridian International [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,800,000 | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 months | |||||||||||||
Unsecured Debt [Member] | New Unsecured Term Loan [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | |||||||||||
Unsecured Debt [Member] | New Unsecured Term Loan [Member] | Shenandoah Furniture, Inc, [Member] | ||||||||||||||
NOTE 3 - ACQUISITION (Details) [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 12,000,000 | |||||||||||||
Proceeds from Loans | $ 12,000,000 |
NOTE 3 - ACQUISITION (Details)
NOTE 3 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - USD ($) $ in Thousands | Sep. 29, 2017 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
NOTE 3 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||
Goodwill | $ 40,058 | $ 23,187 | $ 0 | ||
Shenandoah Furniture, Inc, [Member] | |||||
NOTE 3 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||
Cash paid for assets acquired, including working capital adjustment | $ 32,773 | ||||
Value of shares issued for assets acquired | 8,000 | ||||
Fair value adjustment to shares issued for assets acquired | [1] | 396 | |||
Total purchase price | 41,169 | ||||
Accounts receivable | 3,576 | ||||
Inventory | 2,380 | ||||
Prepaid expenses and other current assets | 52 | ||||
Property and equipment | 5,401 | ||||
Intangible assets | 14,300 | ||||
Goodwill | 16,871 | ||||
Accounts payable | (699) | ||||
Accrued expenses | (712) | ||||
Total purchase price | $ 41,169 | ||||
[1] | As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company's common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. |
NOTE 3 - ACQUISITION (Details47
NOTE 3 - ACQUISITION (Details) - Business Acquisition, Pro Forma Information - Shenandoah Furniture, Inc, [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 28, 2018 | Jan. 29, 2017 | |
NOTE 3 - ACQUISITION (Details) - Business Acquisition, Pro Forma Information [Line Items] | ||||
Net Sales | $ 175,365 | $ 184,013 | $ 649,936 | $ 619,569 |
Net Income | $ 8,775 | $ 11,702 | $ 32,977 | $ 27,896 |
Basic EPS | $ 0.75 | $ 1 | $ 2.82 | $ 2.38 |
Diluted EPS | $ 0.75 | $ 1 | $ 2.81 | $ 2.38 |
NOTE 3 - ACQUISITION (Details48
NOTE 3 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 29, 2017 | Jan. 28, 2018 | Feb. 01, 2016 | Jan. 31, 2016 | Feb. 01, 2015 | |
NOTE 3 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||
Goodwill | $ 23,187 | $ 40,058 | $ 0 | ||
Home Meridian International [Member] | |||||
NOTE 3 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||||
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 | $ 23,187 | $ 0 | ||
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 (Details49
NOTE 3 - ACQUISITION (Details) - Business Acquisition, Pro Forma Information - Home Meridian International [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 31, 2016USD ($)$ / shares | |
NOTE 3 - ACQUISITION (Details) - Business Acquisition, Pro Forma Information [Line Items] | |
Net Sales | $ | $ 571,720 |
Net Income | $ | $ 22,831 |
Basic EPS | $ / shares | $ 2.12 |
Diluted EPS | $ / shares | $ 2.11 |
NOTE 4 - DOUBTFUL ACCOUNTS AN50
NOTE 4 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Allowance for Doubtful Accounts [Abstract] | |||
Balance at beginning of year | $ 508 | $ 396 | $ 563 |
Non-cash charges to cost and expenses | 767 | 823 | 115 |
Less uncollectible receivables written off, net of recoveries | (261) | (711) | (282) |
Balance at end of year | 1,014 | 508 | 396 |
Balance at beginning of year | 6,298 | 636 | 766 |
Non-cash charges to cost and expenses | (1,272) | 5,586 | (220) |
Less uncollectible receivables written off, net of recoveries | 91 | 76 | 90 |
Balance at end of year | $ 5,117 | $ 6,298 | $ 636 |
NOTE 5 - ACCOUNTS RECEIVABLE (
NOTE 5 - ACCOUNTS RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | Feb. 01, 2015 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract] | ||||
Trade accounts receivable | $ 98,592 | $ 99,378 | ||
Receivable from factor | 0 | 6 | ||
Other accounts receivable allowances | (5,117) | (6,298) | $ (636) | $ (766) |
Allowance for doubtful accounts | (1,014) | (508) | $ (396) | $ (563) |
Accounts receivable | $ 92,461 | $ 92,578 |
NOTE 6 - INVENTORIES (Details)
NOTE 6 - INVENTORIES (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
NOTE 6 - INVENTORIES (Details) [Line Items] | |||
Net income FIFO inventory method | $ 28,000,000 | $ 24,200,000 | $ 16,500,000 |
Inventory, LIFO Reserve, Period Charge | 340,000 | 1,600,000 | $ 499,000 |
Inventory, Finished Goods, Gross | 92,502,000 | 85,520,000 | |
Finished Furniture, Consigned Inventories [Member] | |||
NOTE 6 - INVENTORIES (Details) [Line Items] | |||
Inventory, Finished Goods, Gross | 3,200,000 | 3,200,000 | |
China and Vietnam [Member] | |||
NOTE 6 - INVENTORIES (Details) [Line Items] | |||
Other Inventory, Inventory at off Site Premises, Gross | $ 10,500,000 | $ 11,900,000 | |
Assets Percentage of Total Assets | 3.00% | 3.70% |
NOTE 6 - INVENTORIES (Details)
NOTE 6 - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
Schedule of Inventory, Current [Abstract] | ||
Finished furniture | $ 92,502 | $ 85,520 |
Furniture in process | 1,440 | 735 |
Materials and supplies | 8,780 | 7,536 |
Inventories at FIFO | 102,722 | 93,791 |
Reduction to LIFO basis | (18,263) | (18,488) |
Inventories | $ 84,459 | $ 75,303 |
NOTE 7 - PROPERTY, PLANT AND 54
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT (Details) | 12 Months Ended |
Jan. 28, 2018 | |
Computer Software and Hardware [Member] | |
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
NOTE 7 - PROPERTY, PLANT AND 55
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2018 | Jan. 29, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 62,966 | $ 55,300 |
Less accumulated depreciation | 35,100 | 31,167 |
Total depreciable property, net | 27,866 | 24,133 |
Land | 1,067 | 1,067 |
Construction-in-progress | 316 | 603 |
Property, plant and equipment, net | 29,249 | 25,803 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 24,298 | 23,392 |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 18,302 | 17,308 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 8,586 | 5,031 |
Property, Plant and Equipment, Depreciable Lives | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 8,982 | 7,104 |
Property, Plant and Equipment, Depreciable Lives | Term of lease | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,186 | 1,903 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 612 | $ 562 |
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 7 - PROPERTY, PLANT AND 56
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Balance beginning of year | $ 6,510 | $ 6,062 | $ 2,726 |
Additions | 630 | 1,495 | 4,113 |
Amortization expense | (1,151) | (973) | (777) |
Disposals | (7) | 0 | 0 |
Adjustments | 0 | (74) | 0 |
Balance end of year | $ 5,982 | $ 6,510 | $ 6,062 |
NOTE 8 - INTANGIBLE ASSETS AN57
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2018USD ($) | |
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years 109 days |
Customer Relationships [Member] | |
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 292 days |
Backlog [Member] | |
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Finite Lived Intangible Asset Useful Life, Description | less than one year |
Home Meridian International [Member] | |
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | $ 4.3 |
Bradington-Young [Member] | |
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | 1.1 |
Sam Moore [Member] | |
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Indefinite Intangible Assets, Excess of Carrying Value | $ 1.6 |
NOTE 8 - INTANGIBLE ASSETS AND
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Indefinite-Lived Intangible Assets - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
Non-amortizable Intangible Assets | |||
Goodwill | $ 40,058 | $ 23,187 | $ 0 |
Total non-amortizable assets | 52,715 | 35,844 | |
Trademarks and Trade Names [Member] | |||
Non-amortizable Intangible Assets | |||
Trademarks and trade names | 12,657 | 12,657 | |
Home Meridian International [Member] | Trademarks and Trade Names [Member] | |||
Non-amortizable Intangible Assets | |||
Trademarks and trade names | 11,400 | 11,400 | |
Other Segments [Member] | |||
Non-amortizable Intangible Assets | |||
Goodwill | 16,871 | 0 | $ 0 |
Bradington-Young [Member] | Trademarks and Trade Names [Member] | |||
Non-amortizable Intangible Assets | |||
Trademarks and trade names | 861 | 861 | |
Sam Moore [Member] | Trademarks and Trade Names [Member] | |||
Non-amortizable Intangible Assets | |||
Trademarks and trade names | 396 | 396 | |
Goodwill [Member] | |||
Non-amortizable Intangible Assets | |||
Goodwill | 40,058 | 23,187 | |
Goodwill [Member] | Home Meridian International [Member] | |||
Non-amortizable Intangible Assets | |||
Goodwill | 23,187 | 23,187 | |
Goodwill [Member] | Other Segments [Member] | |||
Non-amortizable Intangible Assets | |||
Goodwill | $ 16,871 | $ 0 |
NOTE 8 - INTANGIBLE ASSETS A59
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2018 | Jan. 29, 2017 | |
Goodwill [Line Items] | ||
Goodwill, Balance | $ 23,187 | $ 0 |
Acquisition | 16,871 | 23,187 |
Goodwill, Balance | 40,058 | 23,187 |
Home Meridian International [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Balance | 23,187 | 23,187 |
Acquisition | 0 | 23,187 |
Goodwill, Balance | 23,187 | |
Other Segments [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Balance | 0 | 0 |
Acquisition | 16,871 | 0 |
Goodwill, Balance | $ 16,871 | $ 0 |
NOTE 8 - INTANGIBLE ASSETS A60
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Finite-Lived Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Balance | $ 13,266 | $ 0 | |
Intangibles - acquisition | 14,300 | 16,400 | |
Amortization | (2,084) | (3,134) | $ 0 |
Balance | 25,482 | 13,266 | 0 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Balance | 13,091 | 0 | |
Intangibles - acquisition | 13,200 | 14,400 | |
Amortization | (1,647) | (1,309) | |
Balance | 24,644 | 13,091 | 0 |
Order or Production Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Balance | 0 | 0 | |
Intangibles - acquisition | 400 | 1,800 | |
Amortization | (400) | (1,800) | |
Balance | 0 | 0 | 0 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Balance | 175 | 0 | |
Intangibles - acquisition | 700 | 200 | |
Amortization | (37) | (25) | |
Balance | $ 838 | $ 175 | $ 0 |
NOTE 8 - INTANGIBLE ASSETS A61
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Finite-lived Intangible Assets Amortization Expense - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
Finite-lived Intangible Assets Amortization Expense [Abstract] | |||
2,019 | $ 2,384 | ||
2,020 | 2,384 | ||
2,021 | 2,384 | ||
2,022 | 2,384 | ||
2,023 | 2,384 | ||
Thereafter | 13,562 | ||
$ 25,482 | $ 13,266 | $ 0 |
NOTE 8 - INTANGIBLE ASSETS A62
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | |||
Finite-lived intangible assets, net | $ 25,482 | $ 13,266 | $ 0 |
Trademarks and Trade Names [Member] | |||
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | 900 | 200 | |
Accumulated amortization | (62) | (25) | |
Finite-lived intangible assets, net | 838 | 175 | |
Customer Relationships [Member] | |||
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | 27,600 | 14,400 | |
Accumulated amortization | (2,956) | (1,309) | |
Finite-lived intangible assets, net | 24,644 | 13,091 | $ 0 |
Backlog [Member] | |||
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | 2,200 | 1,800 | |
Accumulated amortization | (2,200) | (1,800) | |
Finite-lived intangible assets, net | $ 0 | $ 0 |
NOTE 9 - FAIR VALUE MEASUREME63
NOTE 9 - FAIR VALUE MEASUREMENTS (Details) $ in Millions | Jan. 28, 2018USD ($) |
Pension Plan [Member] | |
NOTE 9 - FAIR VALUE MEASUREMENTS (Details) [Line Items] | |
Liability, Defined Benefit Pension Plan | $ 2.4 |
NOTE 9 - FAIR VALUE MEASUREME64
NOTE 9 - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
Assets measured at fair value | ||
Company-owned life insurance | $ 23,622 | $ 22,366 |
Pension plan assets | 8,757 | 13,881 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Pension plan assets | 8,757 | 13,881 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 23,622 | 22,366 |
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 10 - LONG-TERM DEBT (Detai
NOTE 10 - LONG-TERM DEBT (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | Oct. 30, 2016 | |
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Long-term Debt, Description | We currently have two unsecured term loans and one secured term loan outstanding and a revolving credit facility. | ||||
Proceeds from Issuance of Long-term Debt | $ 12,000,000 | $ 60,000,000 | $ 0 | ||
Repayments of Long-term Debt | 6,285,000 | $ 12,290,000 | $ 0 | ||
Line of Credit Facility, Current Borrowing Capacity | 28,500,000 | ||||
Letters of Credit Outstanding, Amount | 1,500,000 | ||||
Line of Credit [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | $ 15,000,000 | |||
Letter of Credit [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000 | $ 3,000,000 | |||
Unsecured Debt [Member] | Unsecured Term Loan [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | 41,000,000 | ||||
Debt Instrument, Periodic Payment, Principal | $ 490,000 | ||||
Debt Instrument, Maturity Date | Feb. 1, 2021 | ||||
Unsecured Debt [Member] | New Unsecured Term Loan [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 12,000,000 | ||||
Debt Instrument, Periodic Payment, Principal | $ 143,000 | ||||
Debt Instrument, Covenant Description | Maintain a ratio of funded debt to EBITDA not exceeding:o2.50:1.0 through August 31, 2018;o2.25:1.0 through August 31, 2019; ando2.00:1.00 thereafter.·A basic fixed charge coverage ratio of at least 1.25:1.00; and·Limit capital expenditures to no more than $15.0 million during any fiscal year beginning in fiscal 2019.The New Loan Agreement also limits our right to incur other indebtedness, make certain investments and create liens upon our assets, subject to certain exceptions, among other restrictions. The New Loan Agreement does not restrict our ability to pay cash dividends on, or repurchase, shares of our common stock, subject to our compliance with the financial covenants discussed above, if we are not otherwise in default under the New Loan Agreement. | ||||
Debt Instrument, Covenant Compliance | We were in compliance with each of these financial covenants at January 28, 2018 | ||||
Unsecured Debt [Member] | New Unsecured Term Loan [Member] | Letter of Credit [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | $ 12,000,000 | ||||
Unsecured Debt [Member] | Subsequent Event [Member] | Unsecured Term Loan [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Repayments of Long-term Debt | $ 10,000,000 | ||||
Secured Debt [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 19 | ||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Debt [Member] | Unsecured Term Loan [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Debt [Member] | New Unsecured Term Loan [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | |||||
NOTE 10 - LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
NOTE 10 - LONG-TERM DEBT (Det66
NOTE 10 - LONG-TERM DEBT (Details) - Schedule of Maturities of Long-term Debt $ in Thousands | Jan. 28, 2018USD ($) |
Schedule of Maturities of Long-term Debt [Abstract] | |
2,019 | $ 8,059 |
2,020 | 7,572 |
2,021 | 31,366 |
2,022 | 1,714 |
2,023 | 4,714 |
$ 53,425 |
NOTE 11 - EMPLOYEE BENEFIT PL67
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2018USD ($) | Jan. 28, 2018USD ($) | Jan. 29, 2017USD ($) | Jan. 31, 2016USD ($) | |
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 974,000 | $ 977,000 | $ 666,000 | |
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. | |||
Pension Plan [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used in Calculation, Description | Increasing the Pension Plan discount rate by 1% would decrease the projected benefit obligation at January 28, 2018 by approximately $1.1 million. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 28, 2018 by $1.4 million. | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 511,000 | |||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 488,000 | $ 488,000 | ||
Defined Benefit Plan, Pension Plan Assets Used to Settle Pension Plan Liabilities | 6,400,000 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 560,000 | |||
Investments for Long-Term Growth [Member] | Pension Plan [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% | 75.00% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 81.30% | 81.30% | ||
Near-Term Benefit Payments With a Diversification of Asset Types and Fund Startegies [Member] | Pension Plan [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% | 25.00% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 18.70% | 18.70% | ||
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Description | The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death | |||
Supplemental Employee Retirement Plan [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Description | 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 | 3.77% | 3.88% | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 160,000 | $ (4,000) | ||
Supplemental Retirement Income Plan ("SRIP") [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.25% | 3.50% | |
Defined Benefit Plan, Assumptions Used in Calculation, Description | The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. | |||
Defined Benefit Plan, Plan Assets, Change in Valuation Technique and Input, Description | Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at January 31, 2018 by approximately $630,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 31, 2018 by $705,000. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at January 28, 2018 by approximately $142,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at January 28, 2018 by $162,000. | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (393,000) | $ (185,000) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (62,000) | (68,000) | ||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 0 | 0 | 160,000 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ (393,000) | $ (330,000) | $ 574,000 | |
Pension Plan [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.14% | 4.36% | ||
Defined Benefit Plan, Assumptions Used in Calculation, Description | 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. | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 233,000 | $ (100,000) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 562,000 | 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 511,000 | $ 2,011,000 | ||
Pension Plan [Member] | Pension Plan [Member] | ||||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.90% |
NOTE 11 - EMPLOYEE BENEFIT PLA
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2018 | Jan. 29, 2017 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | ||
Change in benefit obligation: | ||
Balance projected benefit obligation | $ 8,845 | $ 8,153 |
Service cost | 302 | 375 |
Interest cost | 345 | 341 |
Benefits paid | (520) | (354) |
Actuarial loss (gain) | 393 | 330 |
Balance projected benefit obligation | 9,365 | 8,845 |
Accumulated benefit obligation | $ 8,727 | $ 8,344 |
Discount rate used to value the ending benefit obligations: | 3.75% | 4.00% |
Amount recognized in the consolidated balance sheets: | ||
Current liabilities (Accrued salaries, wages and benefits line) | $ 511 | $ 473 |
Non-current liabilities (Deferred compensation line*) | 8,854 | 8,372 |
Total | 9,365 | 8,845 |
Supplemental Employee Retirement Plan [Member] | ||
Change in benefit obligation: | ||
Balance projected benefit obligation | 2,302 | 2,413 |
Interest cost | 82 | 89 |
Benefits paid | (216) | (204) |
Actuarial loss (gain) | (160) | 4 |
Balance projected benefit obligation | 2,008 | 2,302 |
Accumulated benefit obligation | $ 2,008 | $ 2,302 |
Discount rate used to value the ending benefit obligations: | 3.64% | 3.77% |
Amount recognized in the consolidated balance sheets: | ||
Current liabilities (Accrued salaries, wages and benefits line) | $ 188 | $ 221 |
Non-current liabilities (Deferred compensation line*) | 1,820 | 2,081 |
Total | $ 2,008 | $ 2,302 |
NOTE 11 - EMPLOYEE BENEFIT P69
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
Net periodic benefit cost | |||
Service cost | $ 302,000 | $ 375,000 | $ 406,000 |
Interest cost | 345,000 | 341,000 | 289,000 |
Net loss (gain) | 62,000 | (72,000) | 178,000 |
Net periodic benefit cost | 709,000 | 644,000 | 873,000 |
Other changes recognized in accumulated other comprehensive income | |||
Net loss (gain) arising during period | 393,000 | 330,000 | (574,000) |
Gain (Loss) | (62,000) | 72,000 | (178,000) |
Total recognized in other comprehensive loss (income) | 331,000 | 402,000 | (752,000) |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ 1,040,000 | $ 1,046,000 | $ 121,000 |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.00% | 4.25% | 3.50% |
Increase in future compensation levels | 4.00% | 4.00% | 4.00% |
Supplemental Employee Retirement Plan [Member] | |||
Net periodic benefit cost | |||
Service cost | $ 0 | $ 0 | |
Interest cost | 83,000 | 89,000 | |
Net loss (gain) | 0 | 0 | |
Net periodic benefit cost | 83,000 | 89,000 | |
Other changes recognized in accumulated other comprehensive income | |||
Net loss (gain) arising during period | (160,000) | 4,000 | |
Gain (Loss) | 0 | 0 | |
Total recognized in other comprehensive loss (income) | (160,000) | 4,000 | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ (77,000) | $ 93,000 | |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.77% | 3.88% | |
Increase in future compensation levels |
NOTE 11 - EMPLOYEE BENEFIT P70
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments $ in Thousands | Jan. 28, 2018USD ($) |
Supplemental Retirement Income Plan ("SRIP") [Member] | |
Estimated Future Benefit Payments: | |
Fiscal 2,019 | $ 511 |
Fiscal 2,020 | 855 |
Fiscal 2,021 | 855 |
Fiscal 2,022 | 855 |
Fiscal 2,023 | 855 |
Next 5 years | 4,381 |
Supplemental Employee Retirement Plan [Member] | |
Estimated Future Benefit Payments: | |
Fiscal 2,019 | 188 |
Fiscal 2,020 | 183 |
Fiscal 2,021 | 178 |
Fiscal 2,022 | 173 |
Fiscal 2,023 | 167 |
Next 5 years | $ 735 |
NOTE 11 - EMPLOYEE BENEFIT P71
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,757 | $ 13,881 |
Money Market Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 53 | |
Mutual Fund [Member] | Growth Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,054 | |
Mutual Fund [Member] | International Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,243 | |
Mutual Fund [Member] | Bond Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,588 | |
Mutual Fund [Member] | Value Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 962 | |
Mutual Fund [Member] | Small Blend Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,000 | |
Mutual Fund [Member] | Emerging Marketts Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,021 | |
Mutual Fund [Member] | Real Estate Funds [Member] | ||
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Allocation of Plan Assets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 836 |
NOTE 11 - EMPLOYEE BENEFIT P72
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2018 | Jan. 29, 2017 | |
Change in Plan Assets: | ||
Beginning fair value of plan assets | $ 13,881 | |
Ending fair value of plan assets | 8,757 | $ 13,881 |
Amount recognized in the consolidated balance sheets: | ||
Non-current liabilities (Deferred compensation line*) | (2,441) | (3,499) |
Pension Plan [Member] | ||
Change in benefit obligation: | ||
Balance projected benefit obligation | 17,380 | 0 |
Acquisition | 0 | 17,828 |
Service cost | 0 | 0 |
Interest cost | 695 | 751 |
Benefits paid | (1,187) | (1,099) |
Settlement | (5,923) | 0 |
Actuarial (gain) loss | 233 | (100) |
Balance projected benefit obligation | 11,198 | 17,380 |
Change in Plan Assets: | ||
Beginning fair value of plan assets | 13,881 | 11,585 |
Actual return on plan assets | 2,325 | 1,666 |
Employer contributions | 511 | 2,011 |
Actual expenses paid | (371) | (282) |
Settlement | (6,402) | 0 |
Actual benefits paid | (1,187) | (1,099) |
Ending fair value of plan assets | 8,757 | 13,881 |
Funded Status of the Plan | $ (2,441) | $ (3,499) |
Discount rate used to value the ending benefit obligations: | 3.82% | 4.14% |
Amount recognized in the consolidated balance sheets: | ||
Current liabilities (Accrued salaries, wages and benefits line) | $ 0 | $ 0 |
Non-current liabilities (Deferred compensation line*) | (2,441) | (3,499) |
Total | $ (2,441) | $ (3,499) |
NOTE 11 - EMPLOYEE BENEFIT P73
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2018 | Jan. 29, 2017 | |
Net periodic benefit cost | ||
Expected administrative expenses | $ 280 | $ 280 |
Interest cost | 695 | 751 |
Net loss (gain) | (933) | (808) |
Net periodic benefit cost | 42 | 223 |
Settlement/Curtailment expense (Income) | (562) | 0 |
Total net periodic benefit cost (Income) | (520) | 223 |
Other changes recognized in other comprehensive income | ||
Net (gain) loss arising during period | (590) | (957) |
Amortization: | ||
(Loss) gain | 562 | 0 |
Total recognized in other comprehensive (income) loss | (28) | (957) |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ (548) | $ (734) |
Assumptions used to determine net periodic benefit cost: | ||
Discount rate | 4.14% | 4.36% |
Increase in future compensation levels |
NOTE 11 - EMPLOYEE BENEFIT P74
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Pension Plan [Member] $ in Thousands | Jan. 28, 2018USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2,019 | $ 694 |
Fiscal 2,020 | 687 |
Fiscal 2,021 | 684 |
Fiscal 2,022 | 686 |
Fiscal 2,023 | 677 |
Fiscal 2024 through Fiscal 2028 | $ 3,464 |
NOTE 11 - EMPLOYEE BENEFIT P75
NOTE 11 - EMPLOYEE BENEFIT PLANS (Details) - Other Employee Related Liabilities - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
Performance grants | ||
Performance grants | $ 653 | $ 952 |
Fiscal Year Grant, 2014 [Member] | ||
Performance grants | ||
Performance grants | 0 | 644 |
Fiscal Year Grant 2015 [Member] | ||
Performance grants | ||
Performance grants | 193 | 215 |
Fiscal Year Grant 2016 [Member] | ||
Performance grants | ||
Performance grants | 186 | 93 |
Fiscal Year Grant 2017 [Member] | ||
Performance grants | ||
Performance grants | $ 274 | $ 0 |
NOTE 12 - SHARE-BASED COMPENS76
NOTE 12 - SHARE-BASED COMPENSATION (Details) - USD ($) | Aug. 29, 2017 | Jun. 09, 2017 | Apr. 13, 2017 | Jun. 10, 2016 | Apr. 13, 2016 | Apr. 06, 2015 | Jan. 28, 2018 |
NOTE 12 - 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 12 - 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 | $ 39.05 | $ 41.70 | $ 31.45 | $ 24.17 | $ 25.45 | $ 21.44 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantDateFairValue (in Dollars) | $ 483,000 | ||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | 289,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | $ 194,000 | ||||||
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 | ||||||
Vested Awards [Member] | Restricted Stock [Member] | |||||||
NOTE 12 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | $ 1,100,000 |
NOTE 12 - SHARE-BASED COMPENS77
NOTE 12 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands | Aug. 29, 2017 | Jun. 09, 2017 | Apr. 13, 2017 | Jun. 10, 2016 | Apr. 13, 2016 | Apr. 06, 2015 | Jan. 28, 2018 | Feb. 01, 2015 |
NOTE 12 - 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) | 15,777 | |||||||
Aggregate Grant-Date Fair Value, Balance | $ 483,000 | |||||||
Compensation Expense Recognized, Balance | 289,000 | $ 1,136,000 | ||||||
Grant-Date Fair Value Unrecognized, Balance | $ 194,000 | |||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 922 | |||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 39.05 | $ 41.70 | $ 31.45 | $ 24.17 | $ 25.45 | $ 21.44 | ||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 36,000 | |||||||
Compensation Expense Recognized, Restricted shares Issued | 15,000 | |||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 21,000 | |||||||
April 6, 2015 [Member] | ||||||||
NOTE 12 - 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 | 79,000 | |||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 4,000 | |||||||
Whole Number of Shares, Forfeited (in Shares) | (1,861) | |||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (40,000) | |||||||
Compensation Expense Recognized, Forfeited | 0 | |||||||
Grant-Date Fair Value Unrecognized, Forfeited | $ 0 | |||||||
April 13, 2016 [Member] | ||||||||
NOTE 12 - 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 | |||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 130,000 | |||||||
Compensation Expense Recognized, Restricted shares Issued | 60,000 | |||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 39,000 | |||||||
Whole Number of Shares, Forfeited (in Shares) | (1,175) | |||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (31,000) | |||||||
April 13, 2017 [Member] | ||||||||
NOTE 12 - 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) | 4,572 | |||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 31.45 | |||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 142,000 | |||||||
Compensation Expense Recognized, Restricted shares Issued | 30,000 | |||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 78,000 | |||||||
Whole Number of Shares, Forfeited (in Shares) | (1,058) | |||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (34,000) | |||||||
June 9, 2017 [Member] | ||||||||
NOTE 12 - 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) | 3,764 | |||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 41.70 | |||||||
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 12 - SHARE-BASED COMPENS78
NOTE 12 - 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. 15, 2017 | Apr. 13, 2016 | Apr. 06, 2015 | Jan. 28, 2018 | Feb. 01, 2015 | Jan. 29, 2017 | Jan. 31, 2016 |
NOTE 12 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||
Whole Number of Units (in Shares) | 35,174 | 46,144 | 37,759 | ||||
Restricted Stock Units (RSUs) [Member] | |||||||
NOTE 12 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||
Whole Number of Units (in Shares) | 6,257 | 7,622 | 5,518 | 19,397 | 20,462 | 12,840 | |
Grant-Date Fair Value (in Dollars per share) | $ 31.45 | $ 24.26 | $ 17.52 | ||||
Aggregate Grant-Date Fair Value | $ 185 | $ 185 | $ 97 | $ 467 | |||
Compensation Expense Recognized | 51 | 113 | 91 | 255 | $ 400 | ||
Grant-Date Fair Value Unrecognized | $ 134 | $ 72 | $ 6 | $ 212 |
NOTE 13 - EARNINGS PER SHARE (D
NOTE 13 - EARNINGS PER SHARE (Details) - shares | Sep. 29, 2017 | Feb. 01, 2016 |
Shenandoah Furniture, Inc, [Member] | ||
NOTE 13 - EARNINGS PER SHARE (Details) [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 176,018 | |
Home Meridian International [Member] | ||
NOTE 13 - EARNINGS PER SHARE (Details) [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 716,910 |
NOTE 13 - EARNINGS PER SHARE 80
NOTE 13 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Jan. 28, 2018 | Apr. 15, 2017 | Jan. 29, 2017 | Apr. 13, 2016 | Jan. 31, 2016 | Apr. 06, 2015 |
NOTE 13 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 35,174 | 46,144 | 37,759 | |||
Restricted Stock [Member] | ||||||
NOTE 13 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 15,777 | 25,682 | 24,919 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
NOTE 13 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 19,397 | 6,257 | 20,462 | 7,622 | 12,840 | 5,518 |
NOTE 13 - EARNINGS PER SHARE 81
NOTE 13 - 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. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $ 8,524 | $ 7,202 | $ 7,778 | $ 4,746 | $ 10,979 | $ 6,459 | $ 5,349 | $ 2,500 | $ 28,250 | $ 25,287 | $ 16,185 |
Less: Dividends on unvested restricted shares | 10 | 11 | 11 | ||||||||
Net earnings allocated to unvested restricted stock | 50 | 56 | 40 | ||||||||
Earnings available for common shareholders | $ 28,190 | $ 25,220 | $ 16,134 | ||||||||
Weighted average shares outstanding for basic earnings per share (in Shares) | 11,633 | 11,531 | 10,779 | ||||||||
Dilutive effect of unvested restricted stock awards (in Shares) | 30 | 32 | 28 | ||||||||
Weighted average shares outstanding for diluted earnings per share (in Shares) | 11,663 | 11,563 | 10,807 | ||||||||
Basic earnings per share (in Dollars per share) | $ 0.72 | $ 0.62 | $ 0.67 | $ 0.41 | $ 0.95 | $ 0.56 | $ 0.46 | $ 0.22 | $ 2.42 | $ 2.19 | $ 1.50 |
Diluted earnings per share (in Dollars per share) | $ 0.72 | $ 0.61 | $ 0.67 | $ 0.41 | $ 0.94 | $ 0.56 | $ 0.46 | $ 0.22 | $ 2.42 | $ 2.18 | $ 1.49 |
NOTE 14 - INCOME TAXES (Details
NOTE 14 - INCOME TAXES (Details) - USD ($) | Dec. 22, 2017 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
Income Tax Disclosure [Abstract] | ||||
Other Income Tax Expense (Benefit), Continuing Operations | $ 17,500,000 | $ 14,100,000 | $ 8,600,000 | |
Income Tax Expense (Benefit) | $ 1,800,000 | 17,522,000 | 13,909,000 | 8,274,000 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 26,000 | (204,000) | $ (277,000) | |
Deferred Tax Assets Liabilities, Net AOCI | 3,264,000 | 7,264,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 190,000 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 1,400,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 80,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 48,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 10,000 | $ 23,000 |
NOTE 14 - INCOME TAXES (Detail
NOTE 14 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | Dec. 22, 2017 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
Current expense | ||||
Federal | $ 12,022 | $ 14,470 | $ 7,196 | |
Foreign | 85 | 86 | 41 | |
State | 1,390 | 1,471 | 771 | |
Total current expense | 13,497 | 16,027 | 8,008 | |
Deferred taxes | ||||
Federal | 4,038 | (1,902) | 244 | |
State | (13) | (216) | 22 | |
Total deferred taxes | 4,025 | (2,118) | 266 | |
Income tax expense | $ 1,800 | $ 17,522 | $ 13,909 | $ 8,274 |
NOTE 14 - INCOME TAXES (Deta84
NOTE 14 - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||
Income taxes at statutory rate | 33.90% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.10% | 2.20% | 2.10% |
Domestic Production Deduction | (0.30%) | (0.40%) | (0.60%) |
Officer's life insurance | (0.60%) | (1.20%) | (1.10%) |
Captive Life Insurance | (0.00%) | (1.30%) | (0.00%) |
Excess tax deductions on stock-based compensation | (0.40%) | (0.00%) | (0.00%) |
Tax Cuts and Jobs Act of 2017 | 4.00% | (0.00%) | (0.00%) |
Change in Valuation allowance | 0.00% | 1.30% | 0.00% |
Other | (0.40%) | (0.10%) | (1.60%) |
Effective income tax rate | 38.30% | 35.50% | 33.80% |
NOTE 14 - INCOME TAXES (Deta85
NOTE 14 - INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
Assets | ||
Deferred compensation | $ 3,226 | $ 4,817 |
Allowance for bad debts | 1,437 | 955 |
State income taxes | 173 | 32 |
Intangible assets | 0 | 609 |
Inventories | 0 | 662 |
Employee benefits | 214 | 144 |
Capital loss carryover | 335 | 525 |
Other | 305 | 460 |
Total deferred tax assets | 5,690 | 8,204 |
Valuation allowance | (335) | (525) |
5,355 | 7,679 | |
Liabilities | ||
Inventory | 315 | 0 |
Intangible assets | 108 | 0 |
Property, plant and equipment | 1,520 | 131 |
Unrecognized pension actuarial gains | 148 | 284 |
Total deferred tax liabilities | 2,091 | 415 |
Net deferred tax assets | $ 3,264 | $ 7,264 |
NOTE 14 - INCOME TAXES (Deta86
NOTE 14 - INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2018 | Jan. 29, 2017 | |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Balance, beginning of year | $ 248 | $ 279 |
Increase related to prior year tax positions | 0 | 0 |
Decrease related to prior year tax positions | (157) | (31) |
Increase related to current year tax positions | 0 | 0 |
Balance, end of year | $ 91 | $ 248 |
NOTE 15 - SEGMENT INFORMATION87
NOTE 15 - SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | 2 | ||
Consolidated Net Sales, Percent of International Customers | 2.50% | 2.00% | 5.00% |
NOTE 15 - SEGMENT INFORMATION88
NOTE 15 - SEGMENT INFORMATION (Details) - Segment Reporting Information - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 175,518 | $ 157,934 | $ 156,308 | $ 130,872 | $ 173,927 | $ 145,298 | $ 136,163 | $ 121,831 | $ 620,632 | $ 577,219 | $ 246,999 |
% of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||
Gross Profit | $ 39,279 | $ 34,278 | $ 33,117 | $ 28,143 | $ 40,118 | $ 30,926 | $ 28,478 | $ 26,599 | $ 134,817 | $ 126,121 | $ 68,688 |
% of Net Sales, Gross Profit | 21.70% | 21.80% | 27.80% | ||||||||
Operating Income | $ 45,484 | $ 39,220 | $ 24,262 | ||||||||
% of Net Sales, Operating Income | 7.30% | 6.80% | 9.80% | ||||||||
Capital Expenditures | $ 3,166 | $ 2,454 | $ 2,847 | ||||||||
Depreciation & Amortization | 6,647 | 8,000 | 2,946 | ||||||||
Hooker Branded [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 166,754 | $ 158,685 | $ 173,011 | ||||||||
% of Net Sales | 26.90% | 27.50% | 70.00% | ||||||||
Gross Profit | $ 53,007 | $ 51,653 | $ 51,693 | ||||||||
% of Net Sales, Gross Profit | 31.80% | 32.60% | 29.90% | ||||||||
Operating Income | $ 21,732 | $ 20,203 | $ 20,024 | ||||||||
% of Net Sales, Operating Income | 13.00% | 12.70% | 11.60% | ||||||||
Capital Expenditures | $ 1,372 | $ 1,193 | $ 2,219 | ||||||||
Depreciation & Amortization | 1,956 | 2,214 | 1,808 | ||||||||
Home Meridian International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 365,472 | $ 344,635 | 0 | ||||||||
% of Net Sales | 58.90% | 59.70% | |||||||||
Gross Profit | $ 62,325 | $ 57,289 | 0 | ||||||||
% of Net Sales, Gross Profit | 17.10% | 16.60% | |||||||||
Operating Income | $ 18,265 | $ 14,375 | 0 | ||||||||
% of Net Sales, Operating Income | 5.00% | 4.20% | |||||||||
Capital Expenditures | $ 1,098 | $ 280 | 0 | ||||||||
Depreciation & Amortization | 2,716 | 4,704 | 0 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 88,406 | $ 73,899 | $ 73,988 | ||||||||
% of Net Sales | 14.20% | 12.80% | 30.00% | ||||||||
Gross Profit | $ 19,485 | $ 17,179 | $ 16,995 | ||||||||
% of Net Sales, Gross Profit | 22.00% | 23.20% | 23.00% | ||||||||
Operating Income | $ 5,487 | $ 4,642 | $ 4,238 | ||||||||
% of Net Sales, Operating Income | 6.20% | 6.30% | 5.70% | ||||||||
Capital Expenditures | $ 696 | $ 981 | $ 628 | ||||||||
Depreciation & Amortization | $ 1,975 | $ 1,082 | $ 1,138 |
NOTE 15 - SEGMENT INFORMATION89
NOTE 15 - SEGMENT INFORMATION (Details) - Assets from Segments to Consolidated - USD ($) $ in Thousands | Jan. 28, 2018 | Jan. 29, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 271,519 | $ 269,586 |
% Total Assets | 100.00% | 100.00% |
Consolidated Goodwill and Intangibles | $ 78,197 | $ 49,110 |
Total Consolidated Assets | 349,716 | 318,696 |
Hooker Branded [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 129,986 | $ 137,095 |
% Total Assets | 47.80% | 50.90% |
Home Meridian International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 107,139 | $ 107,101 |
% Total Assets | 39.60% | 39.70% |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 34,394 | $ 25,390 |
% Total Assets | 12.60% | 9.40% |
NOTE 15 - SEGMENT INFORMATION90
NOTE 15 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 175,518 | $ 157,934 | $ 156,308 | $ 130,872 | $ 173,927 | $ 145,298 | $ 136,163 | $ 121,831 | $ 620,632 | $ 577,219 | $ 246,999 |
% Total | 100.00% | 100.00% | 100.00% | ||||||||
Casegoods [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 404,808 | $ 391,347 | $ 158,963 | ||||||||
% Total | 65.00% | 68.00% | 64.00% | ||||||||
Upholstery [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 215,824 | $ 185,872 | $ 88,036 | ||||||||
% Total | 35.00% | 32.00% | 36.00% |
NOTE 16 - COMMITMENTS, CONTIN91
NOTE 16 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
NOTE 16 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||
Operating Leases, Rent Expense | $ 9 | $ 7.7 | $ 3.1 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 7.2 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 6.5 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 6.1 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 4.3 | ||
Letters of Credit Outstanding, Amount | 1.5 | ||
Sublease, Redlands, CA [Member] | |||
NOTE 16 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) [Line Items] | |||
Operating Leases, Future Minimum Payments, Due in Five Years | $ 3.3 |
NOTE 17 - CONCENTRATIONS OF R92
NOTE 17 - CONCENTRATIONS OF RISK (Details) | 12 Months Ended |
Jan. 28, 2018 | |
NOTE 17 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Imports, Countries | 5 |
Imports, Vendors | 5 |
Supplier Concentration Risk [Member] | Five Vendors [Member] | |
NOTE 17 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 34.00% |
Supplier Concentration Risk [Member] | One Vendor [Member] | |
NOTE 17 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 12.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |
NOTE 17 - 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 2018 consolidated sales |
NOTE 18 - CONSOLIDATED QUARTE93
NOTE 18 - 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. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Oct. 30, 2016 | Jul. 31, 2016 | May 01, 2016 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 | |
2,018 | |||||||||||
Net sales | $ 175,518 | $ 157,934 | $ 156,308 | $ 130,872 | $ 173,927 | $ 145,298 | $ 136,163 | $ 121,831 | $ 620,632 | $ 577,219 | $ 246,999 |
Cost of sales | 136,239 | 123,656 | 123,191 | 102,729 | 133,809 | 114,372 | 107,685 | 95,232 | 485,815 | 451,098 | 178,311 |
Gross profit | 39,279 | 34,278 | 33,117 | 28,143 | 40,118 | 30,926 | 28,478 | 26,599 | 134,817 | 126,121 | 68,688 |
Selling and administrative expenses | 23,110 | 22,449 | 20,989 | 20,701 | 22,729 | 20,653 | 19,441 | 20,944 | 87,249 | 83,767 | 44,426 |
Net income | $ 8,524 | $ 7,202 | $ 7,778 | $ 4,746 | $ 10,979 | $ 6,459 | $ 5,349 | $ 2,500 | $ 28,250 | $ 25,287 | $ 16,185 |
Basic earnings per share (in Dollars per share) | $ 0.72 | $ 0.62 | $ 0.67 | $ 0.41 | $ 0.95 | $ 0.56 | $ 0.46 | $ 0.22 | $ 2.42 | $ 2.19 | $ 1.50 |
Diluted earnings per share (in Dollars per share) | $ 0.72 | $ 0.61 | $ 0.67 | $ 0.41 | $ 0.94 | $ 0.56 | $ 0.46 | $ 0.22 | $ 2.42 | $ 2.18 | $ 1.49 |
NOTE 19 - RELATED PARTY TRANS94
NOTE 19 - RELATED PARTY TRANSACTIONS (Details) | 12 Months Ended | ||
Jan. 28, 2018USD ($) | Jan. 29, 2017USD ($) | Jan. 31, 2016USD ($) | |
NOTE 19 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Operating Leases, Rent Expense | $ 9,000,000 | $ 7,700,000 | $ 3,100,000 |
Shenandoah Furniture, Inc, [Member] | |||
NOTE 19 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Number of Real Estate Properties | 4 | ||
Related Party Transaction, Description of Transaction | One of our employees has an ownership interest in the entities that own these properties. | ||
Lessee, Operating Lease, Term of Contract | 48 months | ||
Lessee, Operating Lease, Renewal Term | 7 years | ||
Operating Leases, Rent Expense | $ 274,000 |
NOTE 20 - SUBSEQUENT EVENTS (De
NOTE 20 - SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 05, 2018 | Mar. 31, 2018 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
NOTE 20 - SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.50 | $ 0.42 | $ 0.40 | ||
Repayments of Long-term Debt | $ 6,285 | $ 12,290 | $ 0 | ||
Subsequent Event [Member] | |||||
NOTE 20 - SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Dividends Payable, Date Declared | Mar. 5, 2018 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | ||||
Dividends Payable, Date to be Paid | Mar. 30, 2018 | ||||
Dividends Payable, Date of Record | Mar. 19, 2018 | ||||
Unsecured Debt [Member] | Subsequent Event [Member] | Unsecured Term Loan [Member] | |||||
NOTE 20 - SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Repayments of Long-term Debt | $ 10,000 |