Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 03, 2019 | Apr. 12, 2019 | Jul. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Hooker Furniture Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 11,785,147 | ||
Entity Public Float | $ 514,700,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001077688 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Feb. 3, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 |
Current assets | ||
Cash and cash equivalents | $ 11,435 | $ 30,915 |
Trade accounts receivable, net (See notes 6 and 7) | 112,557 | 92,803 |
Inventories (see note 8) | 105,204 | 84,459 |
Prepaid expenses and other current assets | 5,735 | 5,314 |
Total current assets | 234,931 | 213,491 |
Property, plant and equipment, net | 29,482 | 29,249 |
Cash surrender value of life insurance policies (See note 11) | 23,816 | 23,622 |
Deferred taxes (See note 16) | 4,522 | 3,264 |
Intangible assets, net (See note 10) | 35,755 | 38,139 |
Goodwill (See notes 4 and 10) | 40,058 | 40,058 |
Other assets | 1,152 | 2,235 |
Total non-current assets | 134,785 | 136,567 |
Total assets | 369,716 | 350,058 |
Current liabilities | ||
Current portion of term loans | 5,829 | 7,528 |
Trade accounts payable | 40,838 | 32,685 |
Accrued salaries, wages and benefits | 8,002 | 9,218 |
Income tax accrual (See note 16) | 3,159 | 3,711 |
Customer deposits | 3,023 | 4,293 |
Other accrued expenses | 3,564 | 2,894 |
Total current liabilities | 64,415 | 60,329 |
Long term debt (See note 12) | 29,628 | 45,778 |
Deferred compensation (See note 13) | 11,513 | 11,164 |
Pension plan (See note 13) | 0 | 2,441 |
Other liabilities | 984 | 886 |
Total long-term liabilities | 42,125 | 60,269 |
Total liabilities | 106,540 | 120,598 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, 11,785 and 11,762 shares issued and outstanding on each date | 49,549 | 48,970 |
Retained earnings | 213,380 | 180,122 |
Accumulated other comprehensive income | 247 | 368 |
Total shareholders’ equity | 263,176 | 229,460 |
Total liabilities and shareholders’ equity | $ 369,716 | $ 350,058 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Feb. 03, 2019 | Jan. 28, 2018 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 11,785 | 11,762 |
Common stock, shares outstanding | 11,785 | 11,762 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Net sales | $ 683,501 | $ 620,632 | $ 577,219 |
Gross profit | 146,987 | 134,817 | 126,121 |
Selling and administrative expenses | 91,928 | 87,279 | 83,186 |
Intangible asset amortization | 2,384 | 2,084 | 3,134 |
Operating income | 52,675 | 45,454 | 39,801 |
Other income, net | 369 | 1,566 | 349 |
Interest expense, net | 1,454 | 1,248 | 954 |
Income before income taxes | 51,590 | 45,772 | 39,196 |
Income taxes | 11,717 | 17,522 | 13,909 |
Net income | $ 39,873 | $ 28,250 | $ 25,287 |
Basic (in Dollars per share) | $ 3.38 | $ 2.42 | $ 2.19 |
Diluted (in Dollars per share) | $ 3.38 | $ 2.42 | $ 2.18 |
Basic (in Shares) | 11,759 | 11,633 | 11,531 |
Diluted (in Shares) | 11,783 | 11,663 | 11,563 |
Cash dividends declared per share (in Dollars per share) | $ 0.57 | $ 0.50 | $ 0.42 |
Cost of Sales [Member] | |||
Cost of sales | $ 536,014 | $ 485,815 | $ 451,098 |
Casualty Loss [Member] | |||
Cost of sales | $ 500 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Net Income | $ 39,873 | $ 28,250 | $ 25,287 |
Amortization of actuarial (loss) gain | (305) | (144) | 551 |
Income tax effect on amortization | 73 | 26 | (204) |
Adjustments to net periodic benefit cost | (232) | (118) | 347 |
Reclassification of tax effects due to the adoption of ASU 2018-02 | 111 | 0 | 0 |
Total Comprehensive Income | $ 39,752 | $ 28,132 | $ 25,634 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Operating Activities: | |||
Net income | $ 39,873 | $ 28,250 | $ 25,287 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 7,442 | 6,647 | 8,000 |
(Gain)/Loss on disposal of assets | (73) | 571 | (72) |
Proceeds from Casualty Loss | 409 | 0 | 0 |
Deferred income tax (benefit) expense | (1,221) | 4,110 | (2,224) |
Non-cash restricted stock and performance awards | 1,284 | 1,175 | 1,157 |
Provision for doubtful accounts and sales allowances | (799) | (531) | 2,188 |
Gain on life insurance policies | (748) | (582) | (964) |
Changes in assets and liabilities: | |||
Trade accounts receivable | (17,982) | 2,908 | (20,467) |
Inventories | (21,323) | (6,776) | 6,016 |
Prepaid expenses and other current assets | 267 | (1,067) | (115) |
Trade accounts payable | 8,130 | (4,623) | 4,662 |
Accrued salaries, wages and benefits | (1,643) | 129 | 1,950 |
Accrued income taxes | (672) | (612) | 3,966 |
Customer deposits | (1,270) | (339) | 1,147 |
Other accrued expenses | 604 | (696) | 2,303 |
Deferred compensation | (2,757) | (1,151) | (1,715) |
Other long-term liabilities | 141 | 333 | 121 |
Net cash provided by operating activities | 9,662 | 27,746 | 31,240 |
Investing Activities: | |||
Acquisitions | 0 | (32,773) | (86,062) |
Purchases of property, plant and equipment | (5,214) | (3,166) | (2,454) |
Proceeds received on notes receivable | 119 | 120 | 146 |
Proceeds from sale of property and equipment | 11 | 9 | 2 |
Premiums paid on life insurance policies | (652) | (673) | (715) |
Proceeds received on life insurance policies | 1,225 | 0 | 1,022 |
Net cash used in investing activities | (4,511) | (36,483) | (88,061) |
Financing Activities: | |||
Proceeds from long-term debt | 0 | 12,000 | 60,000 |
Payments for long-term debt | (17,917) | (6,285) | (12,290) |
Debt issuance cost | 0 | (39) | (165) |
Cash dividends paid | (6,714) | (5,816) | (4,854) |
Net cash (used in) provided by financing activities | (24,631) | (140) | 42,691 |
Net decrease in cash and cash equivalents | (19,480) | (8,877) | (14,130) |
Cash and cash equivalents at the beginning of year | 30,915 | 39,792 | 53,922 |
Cash and cash equivalents at the end of year | 11,435 | 30,915 | 39,792 |
Supplemental schedule of cash flow information: | |||
Interest paid, net | 1,338 | 1,135 | 848 |
Income taxes paid, net | 13,613 | 14,122 | 12,164 |
Supplemental schedule of noncash investing activities: | |||
Acquisition cost paid in common stock | 0 | 8,396 | 20,267 |
Increase in property and equipment through accrued purchases | $ 23 | $ 58 | $ 0 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at 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 | |||
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 | ||
Net income | 39,873 | $ 39,873 | ||
Prior year adjustment for ASU 2014-09 and 2018-02 | 99 | 111 | 210 | |
Unrealized gain loss on defined benefit plan, net of tax | (232) | (232) | ||
Cash dividends paid and accrued | (6,714) | (6,714) | ||
Restricted stock grants, net of forfeitures | $ (30) | (30) | ||
Restricted stock grants, net of forfeitures (in Shares) | 23 | |||
Restricted stock compensation cost | $ 609 | 609 | ||
Balance at Feb. 03, 2019 | $ 49,549 | $ 213,380 | $ 247 | $ 263,176 |
Balance (in Shares) at Feb. 03, 2019 | 11,785 | 11,785 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Unrealized gain loss on defined benefit plan, tax | $ (73) | $ (26) | $ 204 |
Cash dividends paid and accrued, per share | $ 0.57 | $ 0.50 | $ 0.42 |
NOTE 1 - ACCOUNTING STANDARDS A
NOTE 1 - ACCOUNTING STANDARDS ADOPTED IN FISCAL 2019 | 12 Months Ended |
Feb. 03, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | NOTE 1 – ACCOUNTING STANDARDS ADOPTED IN FISCAL 2019 In February 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ”). In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805 Clarifying the Definition of a Business In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Feb. 03, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – 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. 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 operating 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 Accounts receivable are reported net of the allowance for doubtful accounts and sales-related allowances. 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. We regularly review and revise accounts receivable for doubtful accounts and customer allowances based upon historical bad debts and customer allowances and any agreements with specific customers. If the financial condition of a customer or customers were to deteriorate, resulting in an impairment of their ability to make payments, additional bad debt allowances may be required. 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. 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. See Note 11 for details. 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 indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill, trademarks and trade names are tested for impairment annually as of the first day of our fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include, but are not limited to: ■ a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; ■ significant changes in demand for our products; ■ loss of key personnel; and ■ the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. The assumptions used to determine the fair value of our intangible assets are highly subjective and judgmental and include long-term growth rates, sales volumes, projected revenues, assumed royalty rates and factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets that may have a material-adverse effect on our results of operations and financial condition. Cash Surrender Value of Life Insurance Policies We own eighty life insurance policies on certain of our current and former executives and other key employees. These policies had a carrying value of $23.8 million at February 3, 2019 and have a face value of approximately $52 million as of that date. 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 We recognize revenue pursuant to Accounting Standards Codification 606, which requires revenue to be recognized at an amount that reflects the consideration we expect to be entitled to receive in exchange for transferring goods or services to our customers. Our policy is to record revenue when control of the goods transfers to the customer. We have a present right to payment at the time of shipment as customers are invoiced at that time. We believe the customer obtains control of goods at the time of shipment, which is typically when title passes. While the customer may not enjoy immediate physical possession of the products, the customers’ right to re-direct shipment indicates control. In the very limited instances when products are sold under consignment arrangements, we do not recognize revenue until control over such products has transferred to the end consumer. Orders are generally non-cancellable once loaded into a shipping trailer or container. The transaction price for each contract is the stated price of the product, reduced by any stated discounts or allowances at that point in time. We do not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit contract with the customer, as reflected in the order acknowledgement and invoice, states the final terms of the sale, including the description, quantity, and price of each product purchased. The transaction price reflects the amount of estimated consideration to which we expect to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Net sales are comprised of gross revenues from sales of home furnishings and hospitality furniture products and are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. Physical product returns are very rare due to the high probability of damages to our products in return transit. Other revenues, primarily royalties, are immaterial to our overall results. Payment is typically due within 30-60 days of shipment for customers qualifying for payment terms. Collectability is reasonably assured since we extend credit to customers for whom we have performed credit evaluations and/or from whom we have received a down payment or deposit. Due to the highly-customized nature of our hospitality products, we typically require substantial prepayments on these orders, with the balance due within 30 days of delivery. 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 2019, 2018 and 2017 were $3.3 million, $3.0 million, and $3.2 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 under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include 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 - FISCAL YEAR
NOTE 3 - FISCAL YEAR | 12 Months Ended |
Feb. 03, 2019 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 3- 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. The 2019 fiscal year that ended on February 3, 2019 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: ■ 2019 fiscal year and comparable terminology mean the fiscal year that began January 29, 2018 and ended February 3, 2019; ■ 2018 fiscal year and comparable terminology mean the fiscal year that began January 30, 2017 and ended January 28, 2018; and ■ 2017 fiscal year and comparable terminology mean the fiscal year that began February 1, 2016 and ended January 29, 2017. |
NOTE 4 - ACQUISITION
NOTE 4 - ACQUISITION | 12 Months Ended |
Feb. 03, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 4- 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. 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 12. “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. (in thousands) Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 86,062 Value of shares issued for assets acquired 15,000 Value of shares issued for excess net working capital 5,267 Total purchase price $ 106,329 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 (in millions except per share data) 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 excluded from the pro forma financial information in the table above consist of amortization of intangible assets, elimination of transaction related costs and an adjustment of the interest rate on short and long-term debt to reflect the interest rates in our amended credit facility. The unaudited pro forma results do not reflect events that either have occurred or may occur in the future. They also do not give effect to certain charges that we expect to incur in connection with the acquisition, including, but not limited to, additional professional fees, employee integration, retention, potential asset impairments and accelerated depreciation and amortization. We recorded acquisition related costs of $1.2 million in fiscal 2017. These expenses are included in the “Selling and administrative expenses” line of our condensed consolidated statements of income. |
NOTE 5 - Casualty Loss
NOTE 5 - Casualty Loss | 12 Months Ended |
Feb. 03, 2019 | |
Casualty Loss [Abstract] | |
Casualty Loss [Text Block] | NOTE 5 - Casualty Loss On May 18, 2018, the Martinsville/Henry County, Va. area experienced torrential rains. Two of our Hooker Brands segment warehouse facilities were damaged as a result. No employees were injured and the casualty loss caused only a nominal disruption in our ability to fulfill and ship orders. The costs associated with the recovery efforts exceeded our insurance deductible of $500,000. Consequently, we recorded a $500,000 casualty loss during the fiscal 2019 second quarter. We incurred another $409,000 of repair and remediation-related expenses during the third quarter, which was recovered from our casualty insurer during the fourth quarter of fiscal 2019. |
NOTE 6 - DOUBTFUL ACCOUNTS AND
NOTE 6 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES | 12 Months Ended |
Feb. 03, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | NOTE 6 – DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES The activity in the allowance for doubtful accounts was: Fifty-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Balance at beginning of year $ 1,014 $ 508 $ 396 Non-cash charges to cost and expenses 158 767 823 Less uncollectible receivables written off, net of recoveries (264 ) (261 ) (711 ) Balance at end of year $ 908 $ 1,014 $ 508 The activity in other accounts receivable allowances was: Fifty-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Balance at beginning of year $ 5,117 $ 6,298 $ 636 Non-cash charges to cost and expenses (957 ) (1,272 ) 5,586 Less uncollectible receivables written off, net of recoveries 107 91 76 Balance at end of year $ 4,267 $ 5,117 $ 6,298 |
NOTE 7 - ACCOUNTS RECEIVABLE
NOTE 7 - ACCOUNTS RECEIVABLE | 12 Months Ended |
Feb. 03, 2019 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 7 – ACCOUNTS RECEIVABLE February 3, January 28, 2019 2018 Trade accounts receivable $ 117,732 $ 98,934 Other accounts receivable allowances (4,267 ) (5,117 ) Allowance for doubtful accounts (908 ) (1,014 ) Accounts receivable $ 112,557 $ 92,803 |
NOTE 8 - INVENTORIES
NOTE 8 - INVENTORIES | 12 Months Ended |
Feb. 03, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 8 – INVENTORIES February 3, January 28, 2019 2018 Finished furniture $ 112,847 $ 92,502 Furniture in process 1,825 1,440 Materials and supplies 10,896 8,780 Inventories at FIFO 125,568 102,722 Reduction to LIFO basis (20,364 ) (18,263 ) Inventories $ 105,204 $ 84,459 If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $41.5 million in fiscal 2019, $28.1 million in fiscal 2018, and $24.2 million in fiscal 2017. We recorded LIFO expense of $2.1 million in fiscal 2019, LIFO income of $225,000 in fiscal 2018 and $1.6 million in fiscal 2017. At February 3, 2019 and January 28, 2018, we had $1.3 million and $3.2 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. At February 3, 2019, we held $8.1 million in inventory outside of the United States, in China and in Vietnam. At January 28, 2018, we held $10.5 million in inventory outside of the United States, in China and in Vietnam. |
NOTE 9 - PROPERTY, PLANT AND EQ
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Feb. 03, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 9 – PROPERTY, PLANT AND EQUIPMENT Depreciable Lives February 3, January 28, (In years) 2019 2018 Buildings and land improvements 15 - 30 $ 24,588 $ 24,298 Computer software and hardware 3 - 10 18,719 18,302 Machinery and equipment 10 8,934 8,586 Leasehold improvements Term of lease 9,376 8,982 Furniture and fixtures 3 - 8 2,318 2,186 Other 5 665 612 Total depreciable property at cost 64,600 62,966 Less accumulated depreciation 39,925 35,100 Total depreciable property, net 24,675 27,866 Land 1,067 1,067 Construction-in-progress 3,740 316 Property, plant and equipment, net $ 29,482 $ 29,249 Depreciation expense for fiscal 2019, 2018 and 2017 were $5.0 million, $4.5 million and $4.7 million, respectively. 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-Three Weeks Fifty-Two Weeks Fifty-Two Weeks Ended Ended Ended February 3, January 28, January 29, 2019 2018 2017 Balance beginning of year $ 5,982 $ 6,510 $ 6,062 Additions 373 630 1,495 Amortization expense (1,227 ) (1,151 ) (973 ) Disposals (5 ) (7 ) - Adjustments - - (74 ) Balance end of year $ 5,123 $ 5,982 $ 6,510 |
NOTE 10 - INTANGIBLE ASSETS AND
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Feb. 03, 2019 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | NOTE 10 – INTANGIBLE ASSETS AND GOODWILL 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 Home Meridian (acquired in 2016). 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, the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test outlined in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the quantitative assessment. The quantitative assessment involves estimating the fair value of our goodwill using projected future cash flows that are discounted using a weighted average cost of capital analysis that reflects current market conditions. Management judgment is a significant factor in the goodwill impairment evaluation process. The computations require management to make estimates and assumptions, the most critical of which are the potential future cash flows and an appropriate discount rate. Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of February 3, 2019. 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. Details of our non-amortizable intangible assets are as follows: Segment February 3, January 28, Non-amortizable Intangible Assets 2019 2018 Goodwill Home Meridian $ 23,187 $ 23,187 Goodwill All Other 16,871 16,871 Total Goodwill 40,058 40,058 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 $ 52,715 The following table is a rollforward of goodwill for the 2019, 2018 and 2017 fiscal years: Segment January 29, 2017 Acquisition January 28, 2018 Acquisition February 3, 2019 Home Meridian $ 23,187 $ - $ 23,187 $ - $ 23,187 All Other - 16,871 16,871 - 16,871 $ 23,187 $ 16,871 $ 40,058 $ - $ 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 Trademarks Totals Balance at January 28, 2018 $ 24,644 $ 838 $ 25,482 Amortization (2,324 ) (60 ) (2,384 ) Balance at February 3, 2019 $ 22,320 $ 778 $ 23,098 The weighted-average amortization period for all amortizable intangible assets is 10.2 years. The weighted-average amortization period for customer relationships is 9.9 years and is 16.5 years for our trademarks. The estimated amortization expense associated with our amortizable intangible assets is expected to be as follows: Fiscal Year Amount 2020 2,384 2021 2,384 2022 2,384 2023 2,384 2024 2,384 2025 and thereafter 11,178 $ 23,098 Gross intangible assets and total accumulated amortization for each major class of intangible assets is as follows: February 3, 2019 January 28, 2018 Goodwill $ 40,058 $ 40,058 Trademarks and tradenames 13,495 13,557 Accumulated amortization (60 ) (62 ) Trademarks and tradenames, net 13,435 13,495 Customer relationships 24,644 27,600 Accumulated amortization (2,324 ) (2,956 ) Customer relationships, net 22,320 24,644 Total Goodwill and other intangible assets, net $ 75,813 $ 78,197 |
NOTE 11 - FAIR VALUE MEASUREMEN
NOTE 11 - FAIR VALUE MEASUREMENTS | 12 Months Ended |
Feb. 03, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 11 – FAIR VALUE MEASUREMENTS Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of February 3, 2019 and January 28, 2018, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. As of February 3, 2019, 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 bond funds. During the fiscal 2019 third quarter, we transferred $3 million to the Pension Plan to reduce the underfunded balance and engaged in a “de-risking” strategy by moving Plan assets into fixed income securities, in order to reduce the volatility of the Plan Assets. As of February 3, 2019, the funded status for this plan was $86,000 shown on the “Other assets” line of our condensed consolidated balance sheets. See Note 13. Employee Benefit Plans for additional information about the Plan. Our assets measured at fair value on a recurring basis at February 3, 2019 and January 28, 2018, were as follows: Fair value at February 3, 2019 Fair value at January 28, 2018 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Assets measured at fair value Company-owned life insurance $ - $ 23,816 $ - $ 23,816 $ - $ 23,622 $ - $ 23,622 Pension plan assets 10,992 - - 10,992 8,757 - - 8,757 |
NOTE 12 - LONG-TERM DEBT
NOTE 12 - LONG-TERM DEBT | 12 Months Ended |
Feb. 03, 2019 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | NOTE 12 – LONG-TERM DEBT We currently have one unsecured term loan and one secured term loan outstanding and a revolving credit facility. The term loans are related to the Home Meridian acquisition. A second unsecured term loan, used to partially fund the Shenandoah acquisition, was paid off during fiscal 2019. 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: ■ amended and restated 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 ■ provided 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 2.25:1.0 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 2020. 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 February 3, 2019. Principal payments due on our term loans are as follows: Fiscal Year Amount 2020 5,857 2021 29,651 $ 35,508 Given that our term loans have a floating rate of interest and our credit profile has not materially changed since the inception of the loans, the carrying amount of our term loans approximates their fair value at February 3, 2019. During fiscal 2019, we paid off the remaining amounts due under the New Unsecured Term Loan. As of February 3, 2019, we had an aggregate $27.7 million available under the Existing Revolver to fund working capital needs. Standby letters of credit in the aggregate amount of $2.3 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the revolving credit facility as of February 3, 2019. There were no additional borrowings outstanding under the Existing Revolver as of February 3, 2019. |
NOTE 13 - EMPLOYEE BENEFIT PLAN
NOTE 13 - EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Feb. 03, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 13 – 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 $1.3 million in fiscal 2019, $974,000 in fiscal 2018, and $977,000 in fiscal 2017. We adopted ASU 2017-07 as of the beginning of our 2019 fiscal year on January 29, 2018. Components of net periodic benefit cost other than the service cost for the SRIP, SERP and the Pension Plan are included in the line item “Other income, net” in our condensed consolidated statements of income. Service cost is included in our condensed consolidated statements of income under “Selling and administrative expenses.” The adoption resulted in the reclassification of $30,000 gain and $581,000 expense from Selling and administrative expenses to Other income, net in our fiscal 2018 and 2017 condensed consolidated statements of income. 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-Three Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended February 3, January 28, February 3, January 28, 2019 2018 2019 2018 Change in benefit obligation: Beginning projected benefit obligation $ 9,365 $ 8,845 $ 2,008 $ 2,302 Service cost 326 302 Interest cost 341 345 70 83 Benefits paid (511 ) (520 ) (185 ) (216 ) Actuarial loss (gain) 101 393 (88 ) (160 ) Ending projected benefit obligation (funded status) $ 9,622 $ 9,365 $ 1,805 $ 2,008 Accumulated benefit obligation $ 9,182 $ 8,727 $ 1,805 $ 2,008 Discount rate used to value the ending benefit obligations: 3.75 % 3.75 % 3.90 % 3.64 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 511 $ 511 $ 173 $ 188 Non-current liabilities (Deferred compensation line*) 9,111 8,854 1,632 1,820 Total $ 9,622 $ 9,365 $ 1,805 $ 2,008 Fifty-Three Fifty-Two Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 3-Feb January 28, 2019 2018 2017 2019 2018 Net periodic benefit cost Service cost $ 326 $ 302 $ 375 $ - $ - Interest cost 341 345 341 70 83 Net loss (gain) 172 62 (72 ) - - Net periodic benefit cost $ 839 $ 709 $ 644 $ 70 $ 83 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 101 393 330 (88 ) (160 ) Amortizations: Gain (Loss) (172 ) (62 ) 72 - - Total recognized in other comprehensive loss (income) (71 ) 331 402 (88 ) (160 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 768 $ 1,040 $ 1,046 $ (18 ) $ (77 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.75 % 4.00 % 4.3 % 3.64 % 3.77 % Increase in future compensation levels 4.00 % 4.00 % 4.0 % N/A N/A Estimated Future Benefit Payments: Fiscal 2020 $ 511 $ 173 Fiscal 2021 873 169 Fiscal 2022 873 165 Fiscal 2023 873 160 Fiscal 2024 960 155 Fiscal 2025 through fiscal 2029 4,340 683 For the SRIP, the discount rate used to determine the fiscal 2019 net periodic cost was 3.75% based on the Moody’s Composite Bond Rate as of January 31, 2018. 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 February 3, 2019 by approximately $640,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 3, 2019 by $715,000. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at February 3, 2019 by approximately $124,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 3, 2019 by $141,000 . At February 3, 2019, the actuarial losses related to the SRIP amounted to $101,000, net of tax of $23,000. At January 28, 2018, the actuarial losses related to the SRIP amounted to $393,000, net of tax of $62,000. 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 2020 are $0 and $149,000, respectively. At February 3, 2019, the actuarial gain related to the SERP was $88,000. 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 2020 are immaterial. The Pension Plan No benefits have accrued under the Pension Plan since it was frozen in March 1995. We contributed $110,000 in required contributions to the Pension Plan in the fiscal 2019 first quarter. During the fiscal 2019 third quarter, we transferred $3 million to the Pension Plan to reduce the underfunded balance and engaged in a “de-risking” strategy by moving Plan assets into fixed income securities, in order to reduce the volatility of the Plan Assets. On January 30, 2019, our Board of Directors voted to terminate the Pension Plan. Pension Plan termination is an eighteen to twenty-four-month process, that involves seeking certain approvals from both the IRS and PBGC. Once we receive the appropriate approvals, an insurance company will be selected to provide annuities for participants at an amount equal to their current monthly pension benefit. Upon settlement of the pension liability, we will reclassify the related pension losses currently recorded in accumulated other comprehensive loss, to the consolidated statements of operations. We expect to record pension settlement expenses against earnings which could adversely affect our earnings. Additionally, there could be excess costs to terminate the plan. As of February 3, 2019, current Pension Plan assets are invested in bond funds and are measured at fair value using Level 1 inputs, which are quoted prices in active markets. 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 February 3, 2019 by approximately $1.1 million. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 3, 2019 by $1.3 million. The expected long-term rate of return on Pension Plan assets (“EROA”) is 3.8% as of Summarized Pension Plan information as of February 3, 2019 (the measurement date) is as follows: Pulaski Furniture Pension Plan Fifty-Three Fifty-Two Weeks Ended Weeks Ended February 3, January 28, 2019 2018 Change in benefit obligation: Beginning projected benefit obligation $ 11,198 $ 17,380 Acquisition Service cost - - Interest cost 415 695 Benefits paid (708 ) (1,187 ) Settlement - (5,923 ) Actuarial loss 1 233 Ending projected benefit obligation $ 10,906 $ 11,198 Change in Plan Assets: Beginning fair value of plan assets $ 8,757 $ 13,881 Actual return on plan assets 23 2,325 Employer contributions 3,110 511 Actual expenses paid (190 ) (371 ) Settlement - (6,402 ) Actual benefits paid (708 ) (1,187 ) Ending fair value of plan assets $ 10,992 $ 8,757 Funded Status of the Plan $ 86 $ (2,441 ) Discount rate used to value the ending benefit obligations: 3.80 % 3.82 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 86 $ - Non-current liabilities (Deferred compensation line*) - (2,441 ) Net Asset/(Liability) $ 86 $ (2,441 ) Fifty-Three Fifty-Two Weeks Ended Weeks Ended February 3, January 28, 2019 2018 Net periodic benefit cost Expected administrative expenses $ 280 $ 280 Interest cost 415 695 Net loss (gain) (575 ) (933 ) Net periodic benefit cost $ 120 $ 42 Settlement/Curtailment expense (Income) (562 ) Total net periodic benefit cost (Income) $ 120 $ (520 ) Other changes recognized in other comprehensive income Net (gain) loss arising during period 464 (590 ) Amortization: (Loss) gain - 562 Total recognized in other comprehensive (income) loss 464 (28 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 584 $ (548 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.82 % 4.14 % Increase in future compensation levels N/A N/A Estimated Future Benefit Payments: Fiscal 2020 $ 681 Fiscal 2021 681 Fiscal 2022 683 Fiscal 2023 674 Fiscal 2024 693 Fiscal 2025 through Fiscal 2029 3,461 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 2016, the Compensation Committee awarded performance grants for the 2017 fiscal year. The 2016 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 2017, fiscal 2018 and fiscal 2019, 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: February 3, January 28, 2019 2018 Performance grants Fiscal 2016 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 193 Fiscal 2017 grant (Current liabilities, Accrued wages, salaries and benefits) 621 186 Fiscal 2018 grant (Non-current liabilities, Deferred compensation) 468 274 Fiscal 2019 grant (Non-current liabilities, Deferred compensation) 268 - Total performance grants accrued $ 1,357 $ 653 |
NOTE 14 - SHARE-BASED COMPENSAT
NOTE 14 - SHARE-BASED COMPENSATION | 12 Months Ended |
Feb. 03, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | NOTE 14 – 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 2019 were $37.83 and $46.88, respectively, during fiscal 2018 were $31.45, $41.70 and $39.05, during fiscal year 2017 were $25.45 and $24.17, respectively. The restricted stock awards outstanding as of February 3, 2019 had an aggregate grant-date fair value of $830,000, after taking vested and forfeited restricted shares into account. As of February 3, 2019, we have recognized non-cash compensation expense of approximately $476,000 related to these non-vested awards and $1.4 million for awards that have vested. The remaining $354,000 of grant-date fair value for unvested restricted stock awards outstanding at February 3, 2019 will be recognized over the remaining vesting periods for these awards. For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of February 3, 2019: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Shares Per Share Fair Value Recognized February 3, 2019 Previous Awards (vested) $ 1,425 Restricted shares Issued on April 13, 2016 4,872 $ 25.45 $ 129 93 $ 5 Forfeited (1,175 ) (31 ) Restricted shares Issued on April 13, 2017 4,572 $ 31.45 142 66 42 Forfeited (1,058 ) (34 ) Restricted shares Issued on May 7, 2018 7,972 $ 37.83 301 75 226 Restricted shares Issued on June 8, 2018 6,887 $ 46.88 323 242 81 Awards outstanding at February 3, 2019: 22,070 $ 830 $ 476 $ 354 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 February 3, 2019: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized February 3, 2019 Previous Awards (vested) $ 255 RSUs Awarded on April 13, 2016 7,622 $ 24.26 $ 185 156 $ 6 Forfeited (3,143 ) (23 ) RSUs Awarded on April 15, 2017 6,257 $ 30.03 185 94 42 Forfeited (2,579 ) (49 ) RSUs Awarded on June 4, 2018 6,032 $ 35.86 216 54 162 Awards outstanding at February 3, 2019: 14,189 $ 514 $ 304 $ 210 |
NOTE 15 - EARNINGS PER SHARE
NOTE 15 - EARNINGS PER SHARE | 12 Months Ended |
Feb. 03, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 15 – EARNINGS PER SHARE We refer you to the Earnings Per Share disclosure in Note 2-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share. We have issued restricted stock awards to non-employee directors since 2006 and certain management employees since 2014 and have issued restricted stock units (RSUs) to certain senior executives since fiscal 2012, under the Company’s Stock Incentive Plan. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal year-end dates indicated: February 3, January 28, January 29, 2019 2018 2017 Restricted shares 22,070 15,777 25,682 Restricted stock units 14,189 19,397 20,462 36,259 35,174 46,144 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-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Net income $ 39,873 $ 28,250 $ 25,287 Less: Dividends on unvested restricted shares 11 10 11 Net earnings allocated to unvested restricted stock 68 50 56 Earnings available for common shareholders $ 39,794 $ 28,190 $ 25,220 Weighted average shares outstanding for basic earnings per share 11,759 11,633 11,531 Dilutive effect of unvested restricted stock awards 24 30 32 Weighted average shares outstanding for diluted earnings per share 11,783 11,663 11,563 Basic earnings per share $ 3.38 $ 2.42 $ 2.19 Diluted earnings per share $ 3.38 $ 2.42 $ 2.18 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 16 - INCOME TAXES
NOTE 16 - INCOME TAXES | 12 Months Ended |
Feb. 03, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 16 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated: Fifty-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Current expense Federal $ 10,537 $ 12,022 $ 14,470 Foreign 118 85 86 State 2,247 1,390 1,471 Total current expense 12,902 13,497 16,027 Deferred taxes Federal (963 ) 4,038 (1,902 ) State (222 ) (13 ) (216 ) Total deferred taxes (1,185 ) 4,025 (2,118 ) Income tax expense $ 11,717 $ 17,522 $ 13,909 Total tax expense for fiscal 2019 was $11.6 million, of which $11.7 million expense was allocated to continuing operations and $73,000 tax benefit was allocated to other comprehensive income. Total tax expense for fiscal 2018 was $17.5 million, of which $17.5 million 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 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-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Income taxes at statutory rate 21.0 % 33.9 % 35.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 3.2 2.0 2.2 Officer's life insurance -0.7 -0.6 -1.2 Captive Life Insurance 0.0 0.0 -1.3 Tax Cuts and Jobs Act of 2017 0.0 4.0 0.0 Change in Valuation allowance 0.0 0.0 1.3 Other -0.8 -1.0 -0.5 Effective income tax rate 22.7 % 38.3 % 35.5 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were: February 3, January 28, 2019 2018 Assets Deferred compensation $ 3,572 $ 3,226 Allowance for bad debts 1,236 1,437 Inventories 882 - Capital loss carryover 339 335 Other 1,120 692 Total deferred tax assets 7,149 5,690 Valuation allowance (339 ) (335 ) 6,810 5,355 Liabilities Inventory - 315 Intangible assets 923 108 Property, plant and equipment 1,288 1,520 Unrecognized pension actuarial losses 77 148 Total deferred tax liabilities 2,288 2,091 Net deferred tax assets $ 4,522 $ 3,264 At February 3, 2019 and January 28, 2018 our net deferred tax asset was $4.5 million and $3.3 million, respectively. The increase in the valuation allowance of $4,000 was due to the change in deferred state tax rates. We expect to fully realize the benefit of the deferred tax assets, with the exception of the capital loss, in future periods when the amounts become deductible. The capital loss carry forward is $1.4 million and expires in fiscal 2022. Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosures. A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended February 3, 2019 and January 28, 2018 are as follows: February 3, January 28, 2019 2018 Balance, beginning of year $ 91 $ 248 Increase related to prior year tax positions - - Decrease related to prior year tax positions (48 ) (157 ) Increase related to current year tax positions - - Balance, end of year $ 43 $ 91 The net unrecognized tax benefits as of February 3, 2019, which, if recognized, would affect our effective tax rate are $38,000. We expect that $39,000 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 $5,600 and $10,000 was accrued as of February 3, 2019 and January 28, 2018, respectively. Tax years ending February 1, 2016, through February 3, 2019 remain subject to examination by federal and state taxing authorities. |
NOTE 17 - SEGMENT INFORMATION
NOTE 17 - SEGMENT INFORMATION | 12 Months Ended |
Feb. 03, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 17 – 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 in fiscal year 2018. 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-Three Weeks Ended Fifty-Two Weeks Ended Fifty-Two Weeks Ended February 3, 2019 January 28, 2018 January 29, 2017 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 178,710 26.2 % $ 166,754 26.9 % $ 158,685 27.5 % Home Meridian 387,825 56.7 % 365,472 58.9 % 344,635 59.7 % All other 116,966 17.1 % 88,406 14.2 % 73,899 12.8 % Consolidated $ 683,501 100.0 % $ 620,632 100.0 % $ 577,219 100.0 % Gross Profit Hooker Branded $ 58,122 32.5 % $ 53,007 31.8 % $ 51,653 32.6 % Home Meridian 62,850 16.2 % 62,325 17.1 % 57,289 16.6 % All other 26,015 22.2 % 19,485 22.0 % 17,179 23.2 % Consolidated $ 146,987 21.5 % $ 134,817 21.7 % $ 126,121 21.8 % Operating Income Hooker Branded $ 25,269 14.1 % $ 22,139 13.3 % $ 20,472 12.9 % Home Meridian 18,828 4.9 % 17,828 4.9 % 14,687 4.3 % All other 8,578 7.3 % 5,487 6.2 % 4,642 6.3 % Consolidated $ 52,675 7.7 % $ 45,454 7.3 % $ 39,801 6.9 % Capital Expenditures Hooker Branded $ 843 $ 1,372 $ 1,193 Home Meridian 534 1,098 280 All other 3,837 696 981 Consolidated $ 5,214 $ 3,166 $ 2,454 Depreciation & Amortization Hooker Branded $ 1,979 $ 1,956 $ 2,214 Home Meridian 2,407 2,716 4,704 All other 3,056 1,975 1,082 Consolidated $ 7,442 $ 6,647 $ 8,000 As of February 3, As of January 28, 2019 %Total 2018 %Total Assets Assets Assets Hooker Branded $ 108,445 36.9 % $ 130,184 47.9 % Home Meridian 144,277 49.1 % 107,283 39.4 % All other 41,181 14.0 % 34,394 12.7 % Consolidated Assets $ 293,903 100.0 % $ 271,861 100.0 % Consolidated Goodwill and Intangibles 75,813 78,197 Total Consolidated Assets $ 369,716 350,058 Sales by product type are as follows: Net Sales (in thousands) Fiscal 2019 2018 2017 Casegoods $ 417,677 61 % $ 404,808 65 % $ 391,347 68 % Upholstery 265,824 39 % 215,824 35 % 185,872 32 % $ 683,501 $ 620,632 $ 577,219 No significant long-lived assets were held outside the United States at either February 3, 2019 or January 28, 2018. International customers accounted for 1.2% of consolidated invoiced sales in fiscal 2019, 2.5% fiscal 2018 and 2% of consolidated invoiced sales in fiscal 2017. We define international sales as sales outside of the United States and Canada. |
NOTE 18 - COMMITMENTS, CONTINGE
NOTE 18 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS | 12 Months Ended |
Feb. 03, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 18 – COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS Legal contingencies We are a party to legal proceedings and claims which arise during the ordinary course of business. We review our legal proceedings and claims and other legal matters on an ongoing basis and follow appropriate accounting guidance when making accrual and disclosure decisions. We establish accruals for those contingencies when the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our condensed financial statements to not be misleading. We do not record an accrual when the likelihood of loss being incurred is probable, but the amount cannot be reasonably estimated, or when the loss is believed to be only reasonably possible or remote, although we will make disclosures for material matters as required by ASC 450-20, Contingencies - Loss Contingencies. Our assessment of whether a loss is reasonably possible or probable is based on our assessment and consultation with legal counsel regarding the ultimate outcome of the matter. In the fiscal 2019 third quarter, we recorded a $4.0 million liability and related insurance proceeds receivable for a claim arising from a lawsuit in which we were named a defendant. The lawsuit stemmed from an auto-accident involving an independent contractor that had delivered products to one of our distribution facilities immediately prior to the accident. During the fiscal 2019 third quarter, the Company and its insurance carriers reached a $4.0 million settlement with the plaintiff and our insurance carriers reimbursed us for the full $4.0 million settlement amount. The lawsuit was dismissed by the court during the fiscal 2019 fourth quarter. 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 $10.1 million in fiscal 2019, $9.0 million in fiscal 2018, and $7.7 million in fiscal 2017. Future minimum annual commitments under leases and operating agreements are $7.8 million in fiscal 2020, $7.2 million in fiscal 2021, $5.3 million in fiscal 2022 and $3.6 million in fiscal 2023. We had letters of credit outstanding totaling $2.3 million on February 3, 2019. 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 19 - CONCENTRATIONS OF RIS
NOTE 19 - CONCENTRATIONS OF RISK | 12 Months Ended |
Feb. 03, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 19 – CONCENTRATIONS OF RISK Imported Products Sourcing We source imported products through multiple vendors, located in eight 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 2019, 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 2019 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 28% of our raw materials supply purchases for domestic upholstered furniture manufacturing operations in fiscal 2019. One supplier accounted for 7.5% of our raw material purchases in fiscal 2019. 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 customer accounted for more than 10% of our consolidated sales in fiscal 2019. Our top five customers accounted for nearly one-third of our fiscal 2019 consolidated sales. The loss of any one or more of these customers could adversely affect our earnings, financial condition and liquidity. At February 3, 2019, 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 20 - CONSOLIDATED QUARTERL
NOTE 20 - CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) | 12 Months Ended |
Feb. 03, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 20 – CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant’s report.) Fiscal Quarter First Second Third Fourth 2019 Net sales $ 142,892 $ 168,661 $ 171,474 $ 200,475 Cost of sales 110,926 133,016 135,638 156,935 Gross profit 31,966 35,645 35,836 43,540 Selling and administrative expenses 21,990 23,184 22,979 23,777 Net income 7,154 8,693 9,332 14,691 Basic earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.25 Diluted earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.24 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 20,570 20,858 22,318 23,533 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 Earnings per share for each fiscal quarter is derived using the weighted average number of shares outstanding during that quarter. Earnings per share for each fiscal year is derived using the weighted average number of shares outstanding on an annual basis. Consequently, the sum of earnings per share for the quarters of a fiscal year may not equal earnings per share for the full fiscal year. |
NOTE 21 - RELATED PARTY TRANSAC
NOTE 21 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Feb. 03, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 21- 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 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 84-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 $821,000 in lease payments to these entities during fiscal 2019. |
NOTE 22 - SUBSEQUENT EVENTS
NOTE 22 - SUBSEQUENT EVENTS | 12 Months Ended |
Feb. 03, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 22- SUBSEQUENT EVENTS Cash Dividend On March 3, 2019, our Board of Directors declared a quarterly cash dividend of $0.15 per share, payable on March 29, 2019 to shareholders of record at March 18, 2019. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Feb. 03, 2019 | |
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. |
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 operating 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. |
Receivable [Policy Text Block] | Trade Accounts Receivable Accounts receivable are reported net of the allowance for doubtful accounts and sales-related allowances. 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. We regularly review and revise accounts receivable for doubtful accounts and customer allowances based upon historical bad debts and customer allowances and any agreements with specific customers. If the financial condition of a customer or customers were to deteriorate, resulting in an impairment of their ability to make payments, additional bad debt allowances may be required. 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. |
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. See Note 11 for details. |
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 indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill, trademarks and trade names are tested for impairment annually as of the first day of our fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include, but are not limited to: ■ a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; ■ significant changes in demand for our products; ■ loss of key personnel; and ■ the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. The assumptions used to determine the fair value of our intangible assets are highly subjective and judgmental and include long-term growth rates, sales volumes, projected revenues, assumed royalty rates and factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets that may have a material-adverse effect on our results of operations and financial condition. |
Liability for Future Policy Benefit [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 had a carrying value of $23.8 million at February 3, 2019 and have a face value of approximately $52 million as of that date. 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 [Policy Text Block] | Revenue Recognition We recognize revenue pursuant to Accounting Standards Codification 606, which requires revenue to be recognized at an amount that reflects the consideration we expect to be entitled to receive in exchange for transferring goods or services to our customers. Our policy is to record revenue when control of the goods transfers to the customer. We have a present right to payment at the time of shipment as customers are invoiced at that time. We believe the customer obtains control of goods at the time of shipment, which is typically when title passes. While the customer may not enjoy immediate physical possession of the products, the customers’ right to re-direct shipment indicates control. In the very limited instances when products are sold under consignment arrangements, we do not recognize revenue until control over such products has transferred to the end consumer. Orders are generally non-cancellable once loaded into a shipping trailer or container. The transaction price for each contract is the stated price of the product, reduced by any stated discounts or allowances at that point in time. We do not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit contract with the customer, as reflected in the order acknowledgement and invoice, states the final terms of the sale, including the description, quantity, and price of each product purchased. The transaction price reflects the amount of estimated consideration to which we expect to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Net sales are comprised of gross revenues from sales of home furnishings and hospitality furniture products and are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. Physical product returns are very rare due to the high probability of damages to our products in return transit. Other revenues, primarily royalties, are immaterial to our overall results. Payment is typically due within 30-60 days of shipment for customers qualifying for payment terms. Collectability is reasonably assured since we extend credit to customers for whom we have performed credit evaluations and/or from whom we have received a down payment or deposit. Due to the highly-customized nature of our hospitality products, we typically require substantial prepayments on these orders, with the balance due within 30 days of delivery. |
Cost of Goods and Service [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 Cost [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 2019, 2018 and 2017 were $3.3 million, $3.0 million, and $3.2 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 under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include 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 4 - ACQUISITION (Tables)
NOTE 4 - ACQUISITION (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Shenandoah Furniture, Inc, [Member] | |
NOTE 4 - 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 4 - 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. (in thousands) Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 86,062 Value of shares issued for assets acquired 15,000 Value of shares issued for excess net working capital 5,267 Total purchase price $ 106,329 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 (in millions except per share data) January 31, 2016 (Pro forma) Net Sales $ 571,720 Net Income 22,831 Basic EPS 2.12 Diluted EPS 2.11 |
NOTE 6 - DOUBTFUL ACCOUNTS AN_2
NOTE 6 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Doubtful Accounts [Table Text Block] | The activity in the allowance for doubtful accounts was: Fifty-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Balance at beginning of year $ 1,014 $ 508 $ 396 Non-cash charges to cost and expenses 158 767 823 Less uncollectible receivables written off, net of recoveries (264 ) (261 ) (711 ) Balance at end of year $ 908 $ 1,014 $ 508 Fifty-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Balance at beginning of year $ 5,117 $ 6,298 $ 636 Non-cash charges to cost and expenses (957 ) (1,272 ) 5,586 Less uncollectible receivables written off, net of recoveries 107 91 76 Balance at end of year $ 4,267 $ 5,117 $ 6,298 |
NOTE 7 - ACCOUNTS RECEIVABLE (T
NOTE 7 - ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | February 3, January 28, 2019 2018 Trade accounts receivable $ 117,732 $ 98,934 Other accounts receivable allowances (4,267 ) (5,117 ) Allowance for doubtful accounts (908 ) (1,014 ) Accounts receivable $ 112,557 $ 92,803 |
NOTE 8 - INVENTORIES (Tables)
NOTE 8 - INVENTORIES (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | February 3, January 28, 2019 2018 Finished furniture $ 112,847 $ 92,502 Furniture in process 1,825 1,440 Materials and supplies 10,896 8,780 Inventories at FIFO 125,568 102,722 Reduction to LIFO basis (20,364 ) (18,263 ) Inventories $ 105,204 $ 84,459 |
NOTE 9 - PROPERTY, PLANT AND _2
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives February 3, January 28, (In years) 2019 2018 Buildings and land improvements 15 - 30 $ 24,588 $ 24,298 Computer software and hardware 3 - 10 18,719 18,302 Machinery and equipment 10 8,934 8,586 Leasehold improvements Term of lease 9,376 8,982 Furniture and fixtures 3 - 8 2,318 2,186 Other 5 665 612 Total depreciable property at cost 64,600 62,966 Less accumulated depreciation 39,925 35,100 Total depreciable property, net 24,675 27,866 Land 1,067 1,067 Construction-in-progress 3,740 316 Property, plant and equipment, net $ 29,482 $ 29,249 |
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-Three Weeks Fifty-Two Weeks Fifty-Two Weeks Ended Ended Ended February 3, January 28, January 29, 2019 2018 2017 Balance beginning of year $ 5,982 $ 6,510 $ 6,062 Additions 373 630 1,495 Amortization expense (1,227 ) (1,151 ) (973 ) Disposals (5 ) (7 ) - Adjustments - - (74 ) Balance end of year $ 5,123 $ 5,982 $ 6,510 |
NOTE 10 - INTANGIBLE ASSETS A_2
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Disclosure Text Block [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Details of our non-amortizable intangible assets are as follows: Segment February 3, January 28, Non-amortizable Intangible Assets 2019 2018 Goodwill Home Meridian $ 23,187 $ 23,187 Goodwill All Other 16,871 16,871 Total Goodwill 40,058 40,058 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 $ 52,715 |
Schedule of Goodwill [Table Text Block] | The following table is a rollforward of goodwill for the 2019, 2018 and 2017 fiscal years: Segment January 29, 2017 Acquisition January 28, 2018 Acquisition February 3, 2019 Home Meridian $ 23,187 $ - $ 23,187 $ - $ 23,187 All Other - 16,871 16,871 - 16,871 $ 23,187 $ 16,871 $ 40,058 $ - $ 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 Trademarks Totals Balance at January 28, 2018 $ 24,644 $ 838 $ 25,482 Amortization (2,324 ) (60 ) (2,384 ) Balance at February 3, 2019 $ 22,320 $ 778 $ 23,098 |
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 2020 2,384 2021 2,384 2022 2,384 2023 2,384 2024 2,384 2025 and thereafter 11,178 $ 23,098 |
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: February 3, 2019 January 28, 2018 Goodwill $ 40,058 $ 40,058 Trademarks and tradenames 13,495 13,557 Accumulated amortization (60 ) (62 ) Trademarks and tradenames, net 13,435 13,495 Customer relationships 24,644 27,600 Accumulated amortization (2,324 ) (2,956 ) Customer relationships, net 22,320 24,644 Total Goodwill and other intangible assets, net $ 75,813 $ 78,197 |
NOTE 11 - FAIR VALUE MEASUREM_2
NOTE 11 - 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 February 3, 2019 and January 28, 2018, were as follows: Fair value at February 3, 2019 Fair value at January 28, 2018 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Assets measured at fair value Company-owned life insurance $ - $ 23,816 $ - $ 23,816 $ - $ 23,622 $ - $ 23,622 Pension plan assets 10,992 - - 10,992 8,757 - - 8,757 |
NOTE 12 - LONG-TERM DEBT (Table
NOTE 12 - LONG-TERM DEBT (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Disclosure Text Block [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Principal payments due on our term loans are as follows: Fiscal Year Amount 2020 5,857 2021 29,651 $ 35,508 |
NOTE 13 - EMPLOYEE BENEFIT PL_2
NOTE 13 - EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
NOTE 13 - 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: February 3, January 28, 2019 2018 Performance grants Fiscal 2016 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 193 Fiscal 2017 grant (Current liabilities, Accrued wages, salaries and benefits) 621 186 Fiscal 2018 grant (Non-current liabilities, Deferred compensation) 468 274 Fiscal 2019 grant (Non-current liabilities, Deferred compensation) 268 - Total performance grants accrued $ 1,357 $ 653 |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |
NOTE 13 - 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-Three Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended February 3, January 28, February 3, January 28, 2019 2018 2019 2018 Change in benefit obligation: Beginning projected benefit obligation $ 9,365 $ 8,845 $ 2,008 $ 2,302 Service cost 326 302 Interest cost 341 345 70 83 Benefits paid (511 ) (520 ) (185 ) (216 ) Actuarial loss (gain) 101 393 (88 ) (160 ) Ending projected benefit obligation (funded status) $ 9,622 $ 9,365 $ 1,805 $ 2,008 Accumulated benefit obligation $ 9,182 $ 8,727 $ 1,805 $ 2,008 Discount rate used to value the ending benefit obligations: 3.75 % 3.75 % 3.90 % 3.64 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 511 $ 511 $ 173 $ 188 Non-current liabilities (Deferred compensation line*) 9,111 8,854 1,632 1,820 Total $ 9,622 $ 9,365 $ 1,805 $ 2,008 |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Three Fifty-Two Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 3-Feb January 28, 2019 2018 2017 2019 2018 Net periodic benefit cost Service cost $ 326 $ 302 $ 375 $ - $ - Interest cost 341 345 341 70 83 Net loss (gain) 172 62 (72 ) - - Net periodic benefit cost $ 839 $ 709 $ 644 $ 70 $ 83 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 101 393 330 (88 ) (160 ) Amortizations: Gain (Loss) (172 ) (62 ) 72 - - Total recognized in other comprehensive loss (income) (71 ) 331 402 (88 ) (160 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 768 $ 1,040 $ 1,046 $ (18 ) $ (77 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.75 % 4.00 % 4.3 % 3.64 % 3.77 % Increase in future compensation levels 4.00 % 4.00 % 4.0 % N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2020 $ 511 $ 173 Fiscal 2021 873 169 Fiscal 2022 873 165 Fiscal 2023 873 160 Fiscal 2024 960 155 Fiscal 2025 through fiscal 2029 4,340 683 |
Pension Plan [Member] | |
NOTE 13 - EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Summarized Pension Plan information as of February 3, 2019 (the measurement date) is as follows: Fifty-Three Fifty-Two Weeks Ended Weeks Ended February 3, January 28, 2019 2018 Change in benefit obligation: Beginning projected benefit obligation $ 11,198 $ 17,380 Acquisition Service cost - - Interest cost 415 695 Benefits paid (708 ) (1,187 ) Settlement - (5,923 ) Actuarial loss 1 233 Ending projected benefit obligation $ 10,906 $ 11,198 Change in Plan Assets: Beginning fair value of plan assets $ 8,757 $ 13,881 Actual return on plan assets 23 2,325 Employer contributions 3,110 511 Actual expenses paid (190 ) (371 ) Settlement - (6,402 ) Actual benefits paid (708 ) (1,187 ) Ending fair value of plan assets $ 10,992 $ 8,757 Funded Status of the Plan $ 86 $ (2,441 ) Discount rate used to value the ending benefit obligations: 3.80 % 3.82 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 86 $ - Non-current liabilities (Deferred compensation line*) - (2,441 ) Net Asset/(Liability) $ 86 $ (2,441 ) |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Three Fifty-Two Weeks Ended Weeks Ended February 3, January 28, 2019 2018 Net periodic benefit cost Expected administrative expenses $ 280 $ 280 Interest cost 415 695 Net loss (gain) (575 ) (933 ) Net periodic benefit cost $ 120 $ 42 Settlement/Curtailment expense (Income) (562 ) Total net periodic benefit cost (Income) $ 120 $ (520 ) Other changes recognized in other comprehensive income Net (gain) loss arising during period 464 (590 ) Amortization: (Loss) gain - 562 Total recognized in other comprehensive (income) loss 464 (28 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 584 $ (548 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.82 % 4.14 % Increase in future compensation levels N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2020 $ 681 Fiscal 2021 681 Fiscal 2022 683 Fiscal 2023 674 Fiscal 2024 693 Fiscal 2025 through Fiscal 2029 3,461 |
NOTE 14 - SHARE-BASED COMPENS_2
NOTE 14 - SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Restricted Stock [Member] | |
NOTE 14 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of February 3, 2019: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Shares Per Share Fair Value Recognized February 3, 2019 Previous Awards (vested) $ 1,425 Restricted shares Issued on April 13, 2016 4,872 $ 25.45 $ 129 93 $ 5 Forfeited (1,175 ) (31 ) Restricted shares Issued on April 13, 2017 4,572 $ 31.45 142 66 42 Forfeited (1,058 ) (34 ) Restricted shares Issued on May 7, 2018 7,972 $ 37.83 301 75 226 Restricted shares Issued on June 8, 2018 6,887 $ 46.88 323 242 81 Awards outstanding at February 3, 2019: 22,070 $ 830 $ 476 $ 354 |
Restricted Stock Units (RSUs) [Member] | |
NOTE 14 - SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, 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 February 3, 2019: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized February 3, 2019 Previous Awards (vested) $ 255 RSUs Awarded on April 13, 2016 7,622 $ 24.26 $ 185 156 $ 6 Forfeited (3,143 ) (23 ) RSUs Awarded on April 15, 2017 6,257 $ 30.03 185 94 42 Forfeited (2,579 ) (49 ) RSUs Awarded on June 4, 2018 6,032 $ 35.86 216 54 162 Awards outstanding at February 3, 2019: 14,189 $ 514 $ 304 $ 210 |
NOTE 15 - EARNINGS PER SHARE (T
NOTE 15 - EARNINGS PER SHARE (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Earnings Per Share [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, 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: February 3, January 28, January 29, 2019 2018 2017 Restricted shares 22,070 15,777 25,682 Restricted stock units 14,189 19,397 20,462 36,259 35,174 46,144 |
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-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Net income $ 39,873 $ 28,250 $ 25,287 Less: Dividends on unvested restricted shares 11 10 11 Net earnings allocated to unvested restricted stock 68 50 56 Earnings available for common shareholders $ 39,794 $ 28,190 $ 25,220 Weighted average shares outstanding for basic earnings per share 11,759 11,633 11,531 Dilutive effect of unvested restricted stock awards 24 30 32 Weighted average shares outstanding for diluted earnings per share 11,783 11,663 11,563 Basic earnings per share $ 3.38 $ 2.42 $ 2.19 Diluted earnings per share $ 3.38 $ 2.42 $ 2.18 |
NOTE 16 - INCOME TAXES (Tables)
NOTE 16 - INCOME TAXES (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
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-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Current expense Federal $ 10,537 $ 12,022 $ 14,470 Foreign 118 85 86 State 2,247 1,390 1,471 Total current expense 12,902 13,497 16,027 Deferred taxes Federal (963 ) 4,038 (1,902 ) State (222 ) (13 ) (216 ) Total deferred taxes (1,185 ) 4,025 (2,118 ) Income tax expense $ 11,717 $ 17,522 $ 13,909 |
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-Three Fifty-Two Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 3, January 28, January 29, 2019 2018 2017 Income taxes at statutory rate 21.0 % 33.9 % 35.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 3.2 2.0 2.2 Officer's life insurance -0.7 -0.6 -1.2 Captive Life Insurance 0.0 0.0 -1.3 Tax Cuts and Jobs Act of 2017 0.0 4.0 0.0 Change in Valuation allowance 0.0 0.0 1.3 Other -0.8 -1.0 -0.5 Effective income tax rate 22.7 % 38.3 % 35.5 % |
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 February 3, January 28, 2019 2018 Assets Deferred compensation $ 3,572 $ 3,226 Allowance for bad debts 1,236 1,437 Inventories 882 - Capital loss carryover 339 335 Other 1,120 692 Total deferred tax assets 7,149 5,690 Valuation allowance (339 ) (335 ) 6,810 5,355 Liabilities Inventory - 315 Intangible assets 923 108 Property, plant and equipment 1,288 1,520 Unrecognized pension actuarial losses 77 148 Total deferred tax liabilities 2,288 2,091 Net deferred tax assets $ 4,522 $ 3,264 |
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 February 3, 2019 and January 28, 2018 are as follows: February 3, January 28, 2019 2018 Balance, beginning of year $ 91 $ 248 Increase related to prior year tax positions - - Decrease related to prior year tax positions (48 ) (157 ) Increase related to current year tax positions - - Balance, end of year $ 43 $ 91 |
NOTE 17 - SEGMENT INFORMATION (
NOTE 17 - SEGMENT INFORMATION (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
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-Three Weeks Ended Fifty-Two Weeks Ended Fifty-Two Weeks Ended February 3, 2019 January 28, 2018 January 29, 2017 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 178,710 26.2 % $ 166,754 26.9 % $ 158,685 27.5 % Home Meridian 387,825 56.7 % 365,472 58.9 % 344,635 59.7 % All other 116,966 17.1 % 88,406 14.2 % 73,899 12.8 % Consolidated $ 683,501 100.0 % $ 620,632 100.0 % $ 577,219 100.0 % Gross Profit Hooker Branded $ 58,122 32.5 % $ 53,007 31.8 % $ 51,653 32.6 % Home Meridian 62,850 16.2 % 62,325 17.1 % 57,289 16.6 % All other 26,015 22.2 % 19,485 22.0 % 17,179 23.2 % Consolidated $ 146,987 21.5 % $ 134,817 21.7 % $ 126,121 21.8 % Operating Income Hooker Branded $ 25,269 14.1 % $ 22,139 13.3 % $ 20,472 12.9 % Home Meridian 18,828 4.9 % 17,828 4.9 % 14,687 4.3 % All other 8,578 7.3 % 5,487 6.2 % 4,642 6.3 % Consolidated $ 52,675 7.7 % $ 45,454 7.3 % $ 39,801 6.9 % Capital Expenditures Hooker Branded $ 843 $ 1,372 $ 1,193 Home Meridian 534 1,098 280 All other 3,837 696 981 Consolidated $ 5,214 $ 3,166 $ 2,454 Depreciation & Amortization Hooker Branded $ 1,979 $ 1,956 $ 2,214 Home Meridian 2,407 2,716 4,704 All other 3,056 1,975 1,082 Consolidated $ 7,442 $ 6,647 $ 8,000 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The following table presents segment information for the periods, and as of the dates, indicated: As of February 3, As of January 28, 2019 %Total 2018 %Total Assets Assets Assets Hooker Branded $ 108,445 36.9 % $ 130,184 47.9 % Home Meridian 144,277 49.1 % 107,283 39.4 % All other 41,181 14.0 % 34,394 12.7 % Consolidated Assets $ 293,903 100.0 % $ 271,861 100.0 % Consolidated Goodwill and Intangibles 75,813 78,197 Total Consolidated Assets $ 369,716 350,058 |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by product type are as follows: Net Sales (in thousands) Fiscal 2019 2018 2017 Casegoods $ 417,677 61 % $ 404,808 65 % $ 391,347 68 % Upholstery 265,824 39 % 215,824 35 % 185,872 32 % $ 683,501 $ 620,632 $ 577,219 |
NOTE 20 - CONSOLIDATED QUARTE_2
NOTE 20 - CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) (Tables) | 12 Months Ended |
Feb. 03, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal Quarter First Second Third Fourth 2019 Net sales $ 142,892 $ 168,661 $ 171,474 $ 200,475 Cost of sales 110,926 133,016 135,638 156,935 Gross profit 31,966 35,645 35,836 43,540 Selling and administrative expenses 21,990 23,184 22,979 23,777 Net income 7,154 8,693 9,332 14,691 Basic earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.25 Diluted earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.24 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 20,570 20,858 22,318 23,533 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 |
NOTE 1 - ACCOUNTING STANDARDS_2
NOTE 1 - ACCOUNTING STANDARDS ADOPTED IN FISCAL 2019 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 29, 2018 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Accounting Changes and Error Corrections [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 33.90% | 35.00% | |
Reclassification from AOCI, Current Period, Tax | $ 111 | $ 111 | $ 0 | $ 0 |
Cumulative Effect on Retained Earnings, Net of Tax | $ 210 | $ 210 |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019USD ($) | Jan. 28, 2018USD ($) | Jan. 29, 2017USD ($) | |
Accounting Policies [Abstract] | |||
Number of Reportable Segments | 2 | ||
Number of Life Insurance Policies | 80 | ||
Cash Surrender Value of Life Insurance | $ 23,816 | $ 23,622 | |
Life Settlement Contracts, Fair Value Method, Face Value | 52,000 | ||
Advertising Expense | $ 3,300 | $ 3,000 | $ 3,200 |
NOTE 4 - ACQUISITION (Details)
NOTE 4 - ACQUISITION (Details) - USD ($) | Sep. 29, 2017 | Feb. 01, 2016 | Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Jan. 29, 2017 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 |
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Gross Profit | $ 43,540,000 | $ 35,836,000 | $ 35,645,000 | $ 31,966,000 | $ 39,279,000 | $ 34,278,000 | $ 33,117,000 | $ 28,143,000 | $ 146,987,000 | $ 134,817,000 | $ 126,121,000 | ||||
Operating Income (Loss) | 52,675,000 | 45,454,000 | 39,801,000 | ||||||||||||
Amortization of Intangible Assets | 2,384,000 | 2,084,000 | 3,134,000 | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 32,773,000 | 86,062,000 | ||||||||||||
Defined Benefit Plan, Plan Assets, Amount | 10,992,000 | 8,757,000 | $ 8,757,000 | 10,992,000 | 8,757,000 | ||||||||||
Customer Relationships [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Amortization of Intangible Assets | 2,324,000 | ||||||||||||||
Order or Production Backlog [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Amortization of Intangible Assets | 60,000 | ||||||||||||||
Unsecured Debt [Member] | New Unsecured Term Loan [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 12,000,000 | $ 12,000,000 | |||||||||||||
Shenandoah Furniture, Inc, [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Gross Profit | 11,300,000 | ||||||||||||||
Operating Income (Loss) | 604,000 | ||||||||||||||
Amortization of Intangible Assets | 750,000 | ||||||||||||||
Shenandoah Furniture, Inc, [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | $ 32,800,000 | 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 | 943,000,000 | |||||||||||
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 | 14,300,000 | |||||||||||||
Shenandoah Furniture, Inc, [Member] | Customer Relationships [Member] | |||||||||||||||
NOTE 4 - 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 | ||||||||||||||
Shenandoah Furniture, Inc, [Member] | Trade Names [Member] | |||||||||||||||
NOTE 4 - 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 | ||||||||||||||
Shenandoah Furniture, Inc, [Member] | Order or Production Backlog [Member] | |||||||||||||||
NOTE 4 - 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 | ||||||||||||||
Shenandoah Furniture, Inc, [Member] | Unsecured Debt [Member] | New Unsecured Term Loan [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 12,000,000 | ||||||||||||||
Proceeds from Loans | $ 12,000,000 | ||||||||||||||
Home Meridian International [Member] | |||||||||||||||
NOTE 4 - 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, 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 | ||||||||||||||
Home Meridian International [Member] | Customer Relationships [Member] | |||||||||||||||
NOTE 4 - 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 | ||||||||||||||
Home Meridian International [Member] | Trade Names [Member] | |||||||||||||||
NOTE 4 - 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 | ||||||||||||||
Home Meridian International [Member] | Order or Production Backlog [Member] | |||||||||||||||
NOTE 4 - 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 | ||||||||||||||
Home Meridian International [Member] | Shares Issued for Asset Purchase Agreement [Member] | |||||||||||||||
NOTE 4 - 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 | ||||||||||||||
Home Meridian International [Member] | Share Issued for Working Capital Adjustments [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 186,312 | ||||||||||||||
Trade Names [Member] | Home Meridian International [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 11,400,000 | ||||||||||||||
Indefinite-Lived and Finite-Lived Trade Names [Member] | Home Meridian International [Member] | |||||||||||||||
NOTE 4 - ACQUISITION (Details) [Line Items] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 11,600,000 |
NOTE 4 - ACQUISITION (Details)
NOTE 4 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - Shenandoah Furniture, Inc, [Member] - USD ($) $ in Thousands | Sep. 29, 2017 | Jan. 29, 2017 | |
NOTE 4 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||
Cash paid for assets acquired, including working capital adjustment | $ 32,800 | $ 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 ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. |
NOTE 4 - ACQUISITION (Details_2
NOTE 4 - ACQUISITION (Details) - Business Acquisition, Pro Forma Information - Shenandoah Furniture, Inc, [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2018 | Jan. 29, 2017 | Jan. 28, 2018 | Jan. 29, 2017 | |
NOTE 4 - 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 4 - ACQUISITION (Details_3
NOTE 4 - ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - Home Meridian International [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2017 | Jan. 28, 2018 | Feb. 01, 2016 | Jan. 31, 2016 | |
NOTE 4 - 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 | $ 23,187 | |
Accounts payable | (22,784) | |||
Accrued expenses | (316) | |||
Pension plan liabilities and deferred compensation balances | (8,720) | $ (8,700) | ||
Total purchase price | $ 106,329 |
NOTE 4 - ACQUISITION (Details_4
NOTE 4 - ACQUISITION (Details) - Business Acquisition, Pro Forma Information - Home Meridian International [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 31, 2016USD ($)$ / shares | |
NOTE 4 - 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 5 - Casualty Loss (Details
NOTE 5 - Casualty Loss (Details) | May 18, 2018USD ($) | Feb. 03, 2019USD ($) | Jan. 28, 2018USD ($) | Jan. 29, 2017USD ($) |
Casualty Loss [Abstract] | ||||
Number of Warehouses | 2 | |||
Insurance Deductible | $ 500,000 | |||
Casualty Loss | $ 500,000 | |||
Insurance Recoveries | $ (409,000) | $ 0 | $ 0 |
NOTE 6 - DOUBTFUL ACCOUNTS AN_3
NOTE 6 - DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Allowance for Doubtful Accounts [Abstract] | |||
Balance at beginning of year | $ 1,014 | $ 508 | $ 396 |
Non-cash charges to cost and expenses | 158 | 767 | 823 |
Less uncollectible receivables written off, net of recoveries | (264) | (261) | (711) |
Balance at end of year | 908 | 1,014 | 508 |
Balance at beginning of year | 5,117 | 6,298 | 636 |
Non-cash charges to cost and expenses | (957) | (1,272) | 5,586 |
Less uncollectible receivables written off, net of recoveries | 107 | 91 | 76 |
Balance at end of year | $ 4,267 | $ 5,117 | $ 6,298 |
NOTE 7 - ACCOUNTS RECEIVABLE (
NOTE 7 - ACCOUNTS RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | Jan. 31, 2016 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract] | ||||
Trade accounts receivable | $ 117,732 | $ 98,934 | ||
Other accounts receivable allowances | (4,267) | (5,117) | $ (6,298) | $ (636) |
Allowance for doubtful accounts | (908) | (1,014) | $ (508) | $ (396) |
Accounts receivable | $ 112,557 | $ 92,803 |
NOTE 8 - INVENTORIES (Details)
NOTE 8 - INVENTORIES (Details) - USD ($) | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
NOTE 8 - INVENTORIES (Details) [Line Items] | |||
Net income FIFO inventory method | $ 41,500,000 | $ 28,100,000 | $ 24,200,000 |
Inventory, LIFO Reserve, Period Charge | 2,100,000 | 225,000 | $ 1,600,000 |
Inventory, Finished Goods, Gross | 112,847,000 | 92,502,000 | |
Finished Furniture, Consigned Inventories [Member] | |||
NOTE 8 - INVENTORIES (Details) [Line Items] | |||
Inventory, Finished Goods, Gross | 1,300,000 | 3,200,000 | |
China and Vietnam [Member] | |||
NOTE 8 - INVENTORIES (Details) [Line Items] | |||
Other Inventory, Inventory at off Site Premises, Gross | $ 8,100,000 | $ 10,500,000 |
NOTE 8 - INVENTORIES (Details)
NOTE 8 - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 |
Schedule of Inventory, Current [Abstract] | ||
Finished furniture | $ 112,847 | $ 92,502 |
Furniture in process | 1,825 | 1,440 |
Materials and supplies | 10,896 | 8,780 |
Inventories at FIFO | 125,568 | 102,722 |
Reduction to LIFO basis | (20,364) | (18,263) |
Inventories | $ 105,204 | $ 84,459 |
NOTE 9 - PROPERTY, PLANT AND _3
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Depreciation | $ 5 | $ 4.5 | $ 4.7 |
Computer Software and Hardware [Member] | |||
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
NOTE 9 - PROPERTY, PLANT AND _4
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2019 | Jan. 28, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 64,600 | $ 62,966 |
Less accumulated depreciation | 39,925 | 35,100 |
Total depreciable property, net | 24,675 | 27,866 |
Land | 1,067 | 1,067 |
Construction-in-progress | 3,740 | 316 |
Property, plant and equipment, net | 29,482 | 29,249 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 24,588 | 24,298 |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 18,719 | 18,302 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 8,934 | 8,586 |
Property, Plant and Equipment, Depreciable Lives | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,376 | 8,982 |
Property, Plant and Equipment, Depreciable Lives | Term of lease | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,318 | 2,186 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 665 | $ 612 |
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 9 - PROPERTY, PLANT AND _5
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Balance beginning of year | $ 5,982 | $ 6,510 | $ 6,062 |
Additions | 373 | 630 | 1,495 |
Amortization expense | (1,227) | (1,151) | (973) |
Disposals | (5) | (7) | 0 |
Adjustments | 0 | 0 | (74) |
Balance end of year | $ 5,123 | $ 5,982 | $ 6,510 |
NOTE 10 - INTANGIBLE ASSETS A_3
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) | 12 Months Ended |
Feb. 03, 2019 | |
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 73 days |
Customer Relationships [Member] | |
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 328 days |
Trademarks [Member] | |
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years 6 months |
NOTE 10 - INTANGIBLE ASSETS AN
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Indefinite-Lived Intangible Assets - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 |
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 40,058 | $ 40,058 | $ 23,187 |
Total non-amortizable assets | 52,715 | 52,715 | |
Trademarks and Trade Names [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Trademarks and trade names | 12,657 | 12,657 | |
Home Meridian International [Member] | Trademarks and Trade Names [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Trademarks and trade names | 11,400 | 11,400 | |
Other Segments [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 16,871 | 16,871 | $ 0 |
Bradington-Young [Member] | Trademarks and Trade Names [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Trademarks and trade names | 861 | 861 | |
Sam Moore [Member] | Trademarks and Trade Names [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Trademarks and trade names | 396 | 396 | |
Goodwill [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 40,058 | 40,058 | |
Goodwill [Member] | Home Meridian International [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 23,187 | 23,187 | |
Goodwill [Member] | Other Segments [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 16,871 | $ 16,871 |
NOTE 10 - INTANGIBLE ASSETS _2
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Goodwill - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2019 | Jan. 28, 2018 | |
Goodwill [Line Items] | ||
Goodwill, Balance | $ 40,058 | $ 23,187 |
Acquisition | 0 | 16,871 |
Goodwill, Balance | 40,058 | 40,058 |
Home Meridian International [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Balance | 23,187 | 23,187 |
Acquisition | 0 | 0 |
Goodwill, Balance | 23,187 | |
Other Segments [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Balance | 16,871 | 0 |
Acquisition | 0 | 16,871 |
Goodwill, Balance | $ 16,871 | $ 16,871 |
NOTE 10 - INTANGIBLE ASSETS _3
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Finite-Lived Intangible Assets $ in Thousands | 12 Months Ended |
Feb. 03, 2019USD ($) | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | $ 24,644 |
Amortization | (2,324) |
Balance | 22,320 |
Order or Production Backlog [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 838 |
Amortization | (60) |
Balance | 778 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 25,482 |
Amortization | (2,384) |
Balance | $ 23,098 |
NOTE 10 - INTANGIBLE ASSETS _4
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Finite-lived Intangible Assets Amortization Expense $ in Thousands | Feb. 03, 2019USD ($) |
Finite-lived Intangible Assets Amortization Expense [Abstract] | |
2020 | $ 2,384 |
2021 | 2,384 |
2022 | 2,384 |
2023 | 2,384 |
2024 | 2,384 |
2025 and thereafter | 11,178 |
$ 23,098 |
NOTE 10 - INTANGIBLE ASSETS _5
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 |
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | |||
Goodwill | $ 40,058 | $ 40,058 | $ 23,187 |
Finite-lived intangible assets, net | 23,098 | ||
Total Goodwill and other intangible assets, net | 75,813 | 78,197 | |
Trademarks and Trade Names [Member] | |||
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | 13,495 | 13,557 | |
Accumulated amortization | (60) | (62) | |
Finite-lived intangible assets, net | 13,435 | 13,495 | |
Customer Relationships [Member] | |||
NOTE 10 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | |||
Finite-lived intangible assets, gross | 24,644 | 27,600 | |
Accumulated amortization | (2,324) | (2,956) | |
Finite-lived intangible assets, net | $ 22,320 | $ 24,644 |
NOTE 11 - FAIR VALUE MEASUREM_3
NOTE 11 - FAIR VALUE MEASUREMENTS (Details) - USD ($) | 12 Months Ended | 15 Months Ended | |
Feb. 03, 2019 | Jan. 28, 2018 | Apr. 29, 2019 | |
NOTE 11 - FAIR VALUE MEASUREMENTS (Details) [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 3,000,000 | ||
Pension Plan [Member] | |||
NOTE 11 - FAIR VALUE MEASUREMENTS (Details) [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3,110,000 | $ 511,000 | $ 110,000 |
Assets for Plan Benefits, Defined Benefit Plan | $ 86,000 | $ (2,441,000) |
NOTE 11 - FAIR VALUE MEASUREM_4
NOTE 11 - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 |
Assets measured at fair value | ||
Company-owned life insurance | $ 23,816 | $ 23,622 |
Pension plan assets | 10,992 | 8,757 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Pension plan assets | 10,992 | 8,757 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 23,816 | 23,622 |
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 12 - LONG-TERM DEBT (Detai
NOTE 12 - LONG-TERM DEBT (Details) - USD ($) | 12 Months Ended | |||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | Oct. 30, 2016 | |
NOTE 12 - LONG-TERM DEBT (Details) [Line Items] | ||||
Long-term Debt, Description | We currently have one unsecured term loan and one secured term loan outstanding and a revolving credit facility. | |||
Proceeds from Issuance of Long-term Debt | $ 0 | $ 12,000,000 | $ 60,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | 27,700,000 | |||
Letters of Credit Outstanding, Amount | 2,300,000 | |||
Line of Credit [Member] | ||||
NOTE 12 - LONG-TERM DEBT (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | $ 15,000,000 | ||
Letter of Credit [Member] | ||||
NOTE 12 - 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 12 - 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 12 - 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: o2.25:1.0 through August 31, 2019; and o2.00:1.00 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 2020.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 February 3, 2019 | |||
Unsecured Debt [Member] | Letter of Credit [Member] | New Unsecured Term Loan [Member] | ||||
NOTE 12 - LONG-TERM DEBT (Details) [Line Items] | ||||
Proceeds from Issuance of Long-term Debt | $ 12,000,000 | |||
Secured Debt [Member] | ||||
NOTE 12 - LONG-TERM DEBT (Details) [Line Items] | ||||
Debt Instrument, Face Amount | $ 19 | |||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||
NOTE 12 - 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 12 - 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 12 - 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 12 - LONG-TERM DEBT (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
NOTE 12 - LONG-TERM DEBT (Det_2
NOTE 12 - LONG-TERM DEBT (Details) - Schedule of Maturities of Long-term Debt $ in Thousands | Feb. 03, 2019USD ($) |
Schedule of Maturities of Long-term Debt [Abstract] | |
2020 | $ 5,857 |
2021 | 29,651 |
$ 35,508 |
NOTE 13 - EMPLOYEE BENEFIT PL_3
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) | 12 Months Ended | 15 Months Ended | ||
Feb. 03, 2019USD ($) | Jan. 28, 2018USD ($) | Jan. 29, 2017USD ($) | Apr. 29, 2019USD ($) | |
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,300,000 | $ 974,000 | $ 977,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 3,000,000 | |||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | $ 3,000,000 | |||
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. | |||
Accounting Standards Update 2017-07 [Member] | ||||
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Prior Period Reclassification Adjustment | $ 30,000 | $ 581,000 | ||
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | ||||
NOTE 13 - 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 13 - 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 | 3.64% | 3.77% | ||
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) | $ 88,000 | $ 160,000 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 88,000 | $ 160,000 | ||
Supplemental Retirement Income Plan ("SRIP") [Member] | ||||
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.75% | 4.00% | 4.25% | |
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 February 3, 2019 by approximately $640,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 3, 2019 by $715,000. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at February 3, 2019 by approximately $124,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 3, 2019 by $141,000. | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (101,000) | $ (393,000) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (23,000) | (62,000) | ||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 0 | 149,000 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ (101,000) | $ (393,000) | $ (330,000) | |
Pension Plan [Member] | ||||
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.82% | 4.14% | ||
Defined Benefit Plan, Assumptions Used in Calculation, Description | Increasing the Pension Plan discount rate by 1% would decrease the projected benefit obligation at February 3, 2019 by approximately $1.1 million. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 3, 2019 by $1.3 million. | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 1,000 | $ 233,000 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 0 | 562,000 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 3,110,000 | $ 511,000 | $ 110,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.80% |
NOTE 13 - EMPLOYEE BENEFIT PLA
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
Change in benefit obligation: | |||
Balance projected benefit obligation | $ 9,365,000 | $ 8,845,000 | |
Service cost | 326,000 | 302,000 | $ 375,000 |
Interest cost | 341,000 | 345,000 | 341,000 |
Benefits paid | (511,000) | (520,000) | |
Actuarial loss (gain) | 101,000 | 393,000 | |
Balance projected benefit obligation | 9,622,000 | 9,365,000 | 8,845,000 |
Accumulated benefit obligation | $ 9,182,000 | $ 8,727,000 | |
Discount rate used to value the ending benefit obligations: | 3.75% | 3.75% | |
Amount recognized in the consolidated balance sheets: | |||
Current liabilities (Accrued salaries, wages and benefits line) | $ 511,000 | $ 511,000 | |
Non-current liabilities (Deferred compensation line*) | 9,111,000 | 8,854,000 | |
Total | 9,622,000 | 9,365,000 | |
Supplemental Employee Retirement Plan [Member] | |||
Change in benefit obligation: | |||
Balance projected benefit obligation | 2,008,000 | 2,302,000 | |
Service cost | 0 | 0 | |
Interest cost | 70,000 | 83,000 | |
Benefits paid | (185,000) | (216,000) | |
Actuarial loss (gain) | (88,000) | (160,000) | |
Balance projected benefit obligation | 1,805,000 | 2,008,000 | $ 2,302,000 |
Accumulated benefit obligation | $ 1,805,000 | $ 2,008,000 | |
Discount rate used to value the ending benefit obligations: | 3.90% | 3.64% | |
Amount recognized in the consolidated balance sheets: | |||
Current liabilities (Accrued salaries, wages and benefits line) | $ 173,000 | $ 188,000 | |
Non-current liabilities (Deferred compensation line*) | 1,632,000 | 1,820,000 | |
Total | $ 1,805,000 | $ 2,008,000 |
NOTE 13 - EMPLOYEE BENEFIT P_2
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
Net periodic benefit cost | |||
Service cost | $ 326,000 | $ 302,000 | $ 375,000 |
Interest cost | 341,000 | 345,000 | 341,000 |
Net loss (gain) | 172,000 | 62,000 | (72,000) |
Net periodic benefit cost | 839,000 | 709,000 | 644,000 |
Other changes recognized in accumulated other comprehensive income | |||
Net loss (gain) arising during period | 101,000 | 393,000 | 330,000 |
Gain (Loss) | (172,000) | (62,000) | 72,000 |
Total recognized in other comprehensive loss (income) | (71,000) | 331,000 | 402,000 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ 768,000 | $ 1,040,000 | $ 1,046,000 |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.75% | 4.00% | 4.25% |
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 | 70,000 | 83,000 | |
Net loss (gain) | 0 | 0 | |
Net periodic benefit cost | 70,000 | 83,000 | |
Other changes recognized in accumulated other comprehensive income | |||
Net loss (gain) arising during period | (88,000) | (160,000) | |
Gain (Loss) | 0 | 0 | |
Total recognized in other comprehensive loss (income) | (88,000) | (160,000) | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ (18,000) | $ (77,000) | |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.64% | 3.77% | |
Increase in future compensation levels |
NOTE 13 - EMPLOYEE BENEFIT P_3
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments $ in Thousands | Feb. 03, 2019USD ($) |
Supplemental Retirement Income Plan ("SRIP") [Member] | |
Estimated Future Benefit Payments: | |
Fiscal 2020 | $ 511 |
Fiscal 2021 | 873 |
Fiscal 2022 | 873 |
Fiscal 2023 | 873 |
Fiscal 2024 | 960 |
Fiscal 2025 through fiscal 2029 | 4,340 |
Supplemental Employee Retirement Plan [Member] | |
Estimated Future Benefit Payments: | |
Fiscal 2020 | 173 |
Fiscal 2021 | 169 |
Fiscal 2022 | 165 |
Fiscal 2023 | 160 |
Fiscal 2024 | 155 |
Fiscal 2025 through fiscal 2029 | $ 683 |
NOTE 13 - EMPLOYEE BENEFIT P_4
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - Pension Plan [Member] - USD ($) | 12 Months Ended | 15 Months Ended | |
Feb. 03, 2019 | Jan. 28, 2018 | Apr. 29, 2019 | |
Change in benefit obligation: | |||
Balance projected benefit obligation | $ 11,198,000 | $ 17,380,000 | $ 11,198,000 |
Service cost | 0 | 0 | |
Interest cost | 415,000 | 695,000 | |
Benefits paid | (708,000) | (1,187,000) | |
Settlement | (5,923,000) | ||
Actuarial (gain) loss | 1,000 | 233,000 | |
Balance projected benefit obligation | 10,906,000 | 11,198,000 | |
Change in Plan Assets: | |||
Beginning fair value of plan assets | 8,757,000 | 13,881,000 | 8,757,000 |
Actual return on plan assets | 23,000 | 2,325,000 | |
Employer contributions | 3,110,000 | 511,000 | $ 110,000 |
Actual expenses paid | (190,000) | (371,000) | |
Settlement | (6,402,000) | ||
Actual benefits paid | (708,000) | (1,187,000) | |
Ending fair value of plan assets | 10,992,000 | 8,757,000 | |
Funded Status of the Plan | $ 86,000 | $ (2,441,000) | |
Discount rate used to value the ending benefit obligations: | 3.80% | 3.82% | |
Amount recognized in the consolidated balance sheets: | |||
Current liabilities (Accrued salaries, wages and benefits line) | $ 86,000 | $ 0 | |
Non-current liabilities (Deferred compensation line*) | (2,441,000) | ||
Total | $ 86,000 | $ (2,441,000) |
NOTE 13 - EMPLOYEE BENEFIT P_5
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2019 | Jan. 28, 2018 | |
Net periodic benefit cost | ||
Expected administrative expenses | $ 280 | $ 280 |
Interest cost | 415 | 695 |
Net loss (gain) | (575) | (933) |
Net periodic benefit cost | 120 | 42 |
Settlement/Curtailment expense (Income) | (562) | |
Total net periodic benefit cost (Income) | 120 | (520) |
Other changes recognized in other comprehensive income | ||
Net (gain) loss arising during period | 464 | (590) |
(Loss) gain | 0 | 562 |
Total recognized in other comprehensive (income) loss | 464 | (28) |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ 584 | $ (548) |
Assumptions used to determine net periodic benefit cost: | ||
Discount rate | 3.82% | 4.14% |
Increase in future compensation levels |
NOTE 13 - EMPLOYEE BENEFIT P_6
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Pension Plan [Member] $ in Thousands | Feb. 03, 2019USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2020 | $ 681 |
Fiscal 2021 | 681 |
Fiscal 2022 | 683 |
Fiscal 2023 | 674 |
Fiscal 2024 | 693 |
Fiscal 2025 through Fiscal 2029 | $ 3,461 |
NOTE 13 - EMPLOYEE BENEFIT P_7
NOTE 13 - EMPLOYEE BENEFIT PLANS (Details) - Other Employee Related Liabilities - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 |
Performance grants | ||
Performance grants | $ 1,357 | $ 653 |
Fiscal Year Grant 2016 [Member] | ||
Performance grants | ||
Performance grants | 0 | 193 |
Fiscal Year Grant 2017 [Member] | ||
Performance grants | ||
Performance grants | 621 | 186 |
Fiscal Year Grant 2018 [Member] | ||
Performance grants | ||
Performance grants | 468 | 274 |
Fiscal Year Grant 2019 [Member] | ||
Performance grants | ||
Performance grants | $ 268 | $ 0 |
NOTE 14 - SHARE-BASED COMPENS_3
NOTE 14 - SHARE-BASED COMPENSATION (Details) - USD ($) | Jun. 08, 2018 | May 07, 2018 | Aug. 29, 2017 | Jun. 09, 2017 | Apr. 13, 2017 | Jun. 10, 2016 | Apr. 13, 2016 | Feb. 03, 2019 | Jan. 28, 2018 |
NOTE 14 - 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 14 - 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 | $ 46.88 | $ 37.83 | $ 31.45 | $ 41.70 | $ 39.05 | $ 24.17 | $ 25.45 | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantDateFairValue (in Dollars) | $ 830,000 | ||||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | 476,000 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars) | 354,000 | ||||||||
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 14 - SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | $ 1,400,000 |
NOTE 14 - SHARE-BASED COMPENS_4
NOTE 14 - 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 | Jun. 08, 2018 | May 07, 2018 | Aug. 29, 2017 | Jun. 09, 2017 | Apr. 13, 2017 | Jun. 10, 2016 | Apr. 13, 2016 | Feb. 03, 2019 | Feb. 01, 2015 |
NOTE 14 - 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) | 22,070 | ||||||||
Aggregate Grant-Date Fair Value, Balance | $ 830,000 | ||||||||
Compensation Expense Recognized, Balance | 476,000 | $ 1,425,000 | |||||||
Grant-Date Fair Value Unrecognized, Balance | $ 354,000 | ||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 6,887 | 7,972 | 4,572 | ||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 46.88 | $ 37.83 | $ 31.45 | $ 41.70 | $ 39.05 | $ 24.17 | $ 25.45 | ||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 323,000 | $ 301,000 | $ 142,000 | ||||||
Compensation Expense Recognized, Restricted shares Issued | 242,000 | 75,000 | 66,000 | ||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 81,000 | $ 226,000 | $ 42,000 | ||||||
April 13, 2016 [Member] | |||||||||
NOTE 14 - 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 | $ 129,000 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 93,000 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 5,000 | ||||||||
Whole Number of Shares, Forfeited (in Shares) | (1,175) | ||||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (31,000) | ||||||||
April 13, 2017 [Member] | |||||||||
NOTE 14 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Forfeited (in Shares) | (1,058) | ||||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (34,000) |
NOTE 14 - SHARE-BASED COMPENS_5
NOTE 14 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 04, 2018 | Apr. 15, 2017 | Apr. 13, 2016 | Feb. 03, 2019 | Feb. 01, 2015 | Jan. 28, 2018 | Jan. 29, 2017 |
NOTE 14 - SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||
Whole Number of Units (in Shares) | 6,032 | 6,257 | 7,622 | 14,189 | 19,397 | 20,462 | |
Grant-Date Fair Value (in Dollars per share) | $ 35.86 | $ 30.03 | $ 24.26 | ||||
Aggregate Grant-Date Fair Value | $ 216 | $ 185 | $ 185 | $ 514 | |||
Compensation Expense Recognized | 54 | 94 | 156 | 304 | $ 255 | ||
Grant-Date Fair Value Unrecognized | $ 162 | $ 42 | $ 6 | $ 210 | |||
Forfeited, Whole Number of Units (in Shares) | (2,579) | (3,143) | |||||
Forfeited, Aggregate Grant-Date Fair Value | $ (49) | $ (23) |
NOTE 15 - EARNINGS PER SHARE (D
NOTE 15 - EARNINGS PER SHARE (Details) - shares | Sep. 29, 2017 | Feb. 01, 2016 |
Shenandoah Furniture, Inc, [Member] | ||
NOTE 15 - EARNINGS PER SHARE (Details) [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 176,018 | |
Home Meridian International [Member] | ||
NOTE 15 - EARNINGS PER SHARE (Details) [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 716,910 |
NOTE 15 - EARNINGS PER SHARE _2
NOTE 15 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Feb. 03, 2019 | Jun. 04, 2018 | Jan. 28, 2018 | Apr. 15, 2017 | Jan. 29, 2017 | Apr. 13, 2016 |
NOTE 15 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 36,259 | 35,174 | 46,144 | |||
Restricted Stock [Member] | ||||||
NOTE 15 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 22,070 | 15,777 | 25,682 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
NOTE 15 - EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | ||||||
Number of Shares Outstanding | 14,189 | 6,032 | 19,397 | 6,257 | 20,462 | 7,622 |
NOTE 15 - EARNINGS PER SHARE _3
NOTE 15 - 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 | |||||||||
Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $ 14,691 | $ 9,332 | $ 8,693 | $ 7,154 | $ 8,524 | $ 7,202 | $ 7,778 | $ 4,746 | $ 39,873 | $ 28,250 | $ 25,287 |
Less: Dividends on unvested restricted shares | 11 | 10 | 11 | ||||||||
Net earnings allocated to unvested restricted stock | 68 | 50 | 56 | ||||||||
Earnings available for common shareholders | $ 39,794 | $ 28,190 | $ 25,220 | ||||||||
Weighted average shares outstanding for basic earnings per share (in Shares) | 11,759 | 11,633 | 11,531 | ||||||||
Dilutive effect of unvested restricted stock awards (in Shares) | 24 | 30 | 32 | ||||||||
Weighted average shares outstanding for diluted earnings per share (in Shares) | 11,783 | 11,663 | 11,563 | ||||||||
Basic earnings per share (in Dollars per share) | $ 1.25 | $ 0.79 | $ 0.74 | $ 0.61 | $ 0.72 | $ 0.62 | $ 0.67 | $ 0.41 | $ 3.38 | $ 2.42 | $ 2.19 |
Diluted earnings per share (in Dollars per share) | $ 1.24 | $ 0.79 | $ 0.74 | $ 0.61 | $ 0.72 | $ 0.61 | $ 0.67 | $ 0.41 | $ 3.38 | $ 2.42 | $ 2.18 |
NOTE 16 - INCOME TAXES (Details
NOTE 16 - INCOME TAXES (Details) - USD ($) | Dec. 22, 2017 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 |
Income Tax Disclosure [Abstract] | ||||
Other Income Tax Expense (Benefit), Continuing Operations | $ 11,600,000 | $ 17,500,000 | $ 14,100,000 | |
Income Tax Expense (Benefit) | 11,717,000 | 17,522,000 | 13,909,000 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 73,000 | 26,000 | $ (204,000) | |
Deferred Tax Assets Liabilities, Net AOCI | 4,522,000 | 3,264,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 4,000 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 1,400,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 38,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 39,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 5,600 | $ 10,000 |
NOTE 16 - INCOME TAXES (Detail
NOTE 16 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Current expense | |||
Federal | $ 10,537 | $ 12,022 | $ 14,470 |
Foreign | 118 | 85 | 86 |
State | 2,247 | 1,390 | 1,471 |
Total current expense | 12,902 | 13,497 | 16,027 |
Deferred taxes | |||
Federal | (963) | 4,038 | (1,902) |
State | (222) | (13) | (216) |
Total deferred taxes | (1,185) | 4,025 | (2,118) |
Income tax expense | $ 11,717 | $ 17,522 | $ 13,909 |
NOTE 16 - INCOME TAXES (Deta_2
NOTE 16 - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||
Income taxes at statutory rate | 21.00% | 33.90% | 35.00% |
State taxes, net of federal benefit | 3.20% | 2.00% | 2.20% |
Officer's life insurance | (0.70%) | (0.60%) | (1.20%) |
Captive Life Insurance | (0.00%) | (0.00%) | (1.30%) |
Tax Cuts and Jobs Act of 2017 | (0.00%) | 4.00% | (0.00%) |
Change in Valuation allowance | 0.00% | 0.00% | 1.30% |
Other | (0.80%) | (1.00%) | (0.50%) |
Effective income tax rate | 22.70% | 38.30% | 35.50% |
NOTE 16 - INCOME TAXES (Deta_3
NOTE 16 - INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 |
Assets | ||
Deferred compensation | $ 3,572 | $ 3,226 |
Allowance for bad debts | 1,236 | 1,437 |
Inventories | 882 | 0 |
Capital loss carryover | 339 | 335 |
Other | 1,120 | 692 |
Total deferred tax assets | 7,149 | 5,690 |
Valuation allowance | (339) | (335) |
6,810 | 5,355 | |
Liabilities | ||
Inventory | 0 | 315 |
Intangible assets | 923 | 108 |
Property, plant and equipment | 1,288 | 1,520 |
Unrecognized pension actuarial losses | 77 | 148 |
Total deferred tax liabilities | 2,288 | 2,091 |
Net deferred tax assets | $ 4,522 | $ 3,264 |
NOTE 16 - INCOME TAXES (Deta_4
NOTE 16 - INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2019 | Jan. 28, 2018 | |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Balance, beginning of year | $ 91 | $ 248 |
Increase related to prior year tax positions | 0 | 0 |
Decrease related to prior year tax positions | (48) | (157) |
Increase related to current year tax positions | 0 | 0 |
Balance, end of year | $ 43 | $ 91 |
NOTE 17 - SEGMENT INFORMATION_2
NOTE 17 - SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | 2 | ||
Consolidated Net Sales, Percent of International Customers | 1.20% | 2.50% | 2.00% |
NOTE 17 - SEGMENT INFORMATION_3
NOTE 17 - SEGMENT INFORMATION (Details) - Segment Reporting Information - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 200,475 | $ 171,474 | $ 168,661 | $ 142,892 | $ 175,518 | $ 157,934 | $ 156,308 | $ 130,872 | $ 683,501 | $ 620,632 | $ 577,219 |
% of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||
Gross Profit | $ 43,540 | $ 35,836 | $ 35,645 | $ 31,966 | $ 39,279 | $ 34,278 | $ 33,117 | $ 28,143 | $ 146,987 | $ 134,817 | $ 126,121 |
% of Net Sales, Gross Profit | 21.50% | 21.70% | 21.80% | ||||||||
Operating Income | $ 52,675 | $ 45,454 | $ 39,801 | ||||||||
% of Net Sales, Operating Income | 7.70% | 7.30% | 6.90% | ||||||||
Capital Expenditures | $ 5,214 | $ 3,166 | $ 2,454 | ||||||||
Depreciation & Amortization | 7,442 | 6,647 | 8,000 | ||||||||
Hooker Branded [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 178,710 | $ 166,754 | $ 158,685 | ||||||||
% of Net Sales | 26.20% | 26.90% | 27.50% | ||||||||
Gross Profit | $ 58,122 | $ 53,007 | $ 51,653 | ||||||||
% of Net Sales, Gross Profit | 32.50% | 31.80% | 32.60% | ||||||||
Operating Income | $ 25,269 | $ 22,139 | $ 20,472 | ||||||||
% of Net Sales, Operating Income | 14.10% | 13.30% | 12.90% | ||||||||
Capital Expenditures | $ 843 | $ 1,372 | $ 1,193 | ||||||||
Depreciation & Amortization | 1,979 | 1,956 | 2,214 | ||||||||
Home Meridian International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 387,825 | $ 365,472 | $ 344,635 | ||||||||
% of Net Sales | 56.70% | 58.90% | 59.70% | ||||||||
Gross Profit | $ 62,850 | $ 62,325 | $ 57,289 | ||||||||
% of Net Sales, Gross Profit | 16.20% | 17.10% | 16.60% | ||||||||
Operating Income | $ 18,828 | $ 17,828 | $ 14,687 | ||||||||
% of Net Sales, Operating Income | 4.90% | 4.90% | 4.30% | ||||||||
Capital Expenditures | $ 534 | $ 1,098 | $ 280 | ||||||||
Depreciation & Amortization | 2,407 | 2,716 | 4,704 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 116,966 | $ 88,406 | $ 73,899 | ||||||||
% of Net Sales | 17.10% | 14.20% | 12.80% | ||||||||
Gross Profit | $ 26,015 | $ 19,485 | $ 17,179 | ||||||||
% of Net Sales, Gross Profit | 22.20% | 22.00% | 23.20% | ||||||||
Operating Income | $ 8,578 | $ 5,487 | $ 4,642 | ||||||||
% of Net Sales, Operating Income | 7.30% | 6.20% | 6.30% | ||||||||
Capital Expenditures | $ 3,837 | $ 696 | $ 981 | ||||||||
Depreciation & Amortization | $ 3,056 | $ 1,975 | $ 1,082 |
NOTE 17 - SEGMENT INFORMATION_4
NOTE 17 - SEGMENT INFORMATION (Details) - Assets from Segments to Consolidated - USD ($) $ in Thousands | Feb. 03, 2019 | Jan. 28, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Consolidated Assets | $ 369,716 | $ 350,058 |
Total Assets | $ 293,903 | $ 271,861 |
% Total Assets | 100.00% | 100.00% |
Consolidated Goodwill and Intangibles | $ 75,813 | $ 78,197 |
Hooker Branded [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 108,445 | $ 130,184 |
% Total Assets | 36.90% | 47.90% |
Home Meridian International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 144,277 | $ 107,283 |
% Total Assets | 49.10% | 39.40% |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 41,181 | $ 34,394 |
% Total Assets | 14.00% | 12.70% |
NOTE 17 - SEGMENT INFORMATION_5
NOTE 17 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 200,475 | $ 171,474 | $ 168,661 | $ 142,892 | $ 175,518 | $ 157,934 | $ 156,308 | $ 130,872 | $ 683,501 | $ 620,632 | $ 577,219 |
% Total | 100.00% | 100.00% | 100.00% | ||||||||
Casegoods [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 417,677 | $ 404,808 | $ 391,347 | ||||||||
% Total | 61.00% | 65.00% | 68.00% | ||||||||
Upholstery [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 265,824 | $ 215,824 | $ 185,872 | ||||||||
% Total | 39.00% | 35.00% | 32.00% |
NOTE 18 - COMMITMENTS, CONTIN_2
NOTE 18 - COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Oct. 28, 2018 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Loss Contingency Accrual, Provision | $ 4 | |||
Litigation Settlement, Amount Awarded from Other Party | 4 | |||
Loss Contingency, Receivable | $ 4 | |||
Operating Leases, Rent Expense | $ 10.1 | $ 9 | $ 7.7 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 7.8 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 7.2 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 5.3 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 3.6 | |||
Letters of Credit Outstanding, Amount | $ 2.3 |
NOTE 19 - CONCENTRATIONS OF R_2
NOTE 19 - CONCENTRATIONS OF RISK (Details) | 12 Months Ended |
Feb. 03, 2019 | |
NOTE 19 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Imports, Countries | 8 |
Imports, Vendors | 5 |
Supplier Concentration Risk [Member] | Five Vendors [Member] | |
NOTE 19 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 28.00% |
Supplier Concentration Risk [Member] | One Vendor [Member] | |
NOTE 19 - CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 7.50% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |
NOTE 19 - 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 2019 consolidated sales |
NOTE 20 - CONSOLIDATED QUARTE_3
NOTE 20 - 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 | |||||||||
Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Oct. 29, 2017 | Jul. 30, 2017 | Apr. 30, 2017 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
2019 | |||||||||||
Net sales | $ 200,475 | $ 171,474 | $ 168,661 | $ 142,892 | $ 175,518 | $ 157,934 | $ 156,308 | $ 130,872 | $ 683,501 | $ 620,632 | $ 577,219 |
Cost of sales | 156,935 | 135,638 | 133,016 | 110,926 | 136,239 | 123,656 | 123,191 | 102,729 | |||
Gross profit | 43,540 | 35,836 | 35,645 | 31,966 | 39,279 | 34,278 | 33,117 | 28,143 | 146,987 | 134,817 | 126,121 |
Selling and administrative expenses | 23,777 | 22,979 | 23,184 | 21,990 | 23,533 | 22,318 | 20,858 | 20,570 | 91,928 | 87,279 | 83,186 |
Net income | $ 14,691 | $ 9,332 | $ 8,693 | $ 7,154 | $ 8,524 | $ 7,202 | $ 7,778 | $ 4,746 | $ 39,873 | $ 28,250 | $ 25,287 |
Basic earnings per share (in Dollars per share) | $ 1.25 | $ 0.79 | $ 0.74 | $ 0.61 | $ 0.72 | $ 0.62 | $ 0.67 | $ 0.41 | $ 3.38 | $ 2.42 | $ 2.19 |
Diluted earnings per share (in Dollars per share) | $ 1.24 | $ 0.79 | $ 0.74 | $ 0.61 | $ 0.72 | $ 0.61 | $ 0.67 | $ 0.41 | $ 3.38 | $ 2.42 | $ 2.18 |
NOTE 21 - RELATED PARTY TRANS_2
NOTE 21 - RELATED PARTY TRANSACTIONS (Details) - Shenandoah Furniture, Inc, [Member] | 12 Months Ended |
Feb. 03, 2019USD ($) | |
NOTE 21 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |
Number of Leases with Related Parties | 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, Renewal Term | 7 years |
Lessee, Operating Lease, Term of Contract | 84 months |
Operating Leases, Rent Expense | $ 821,000 |
NOTE 22 - SUBSEQUENT EVENTS (De
NOTE 22 - SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | Mar. 03, 2019$ / shares |
NOTE 22 - SUBSEQUENT EVENTS (Details) [Line Items] | |
Dividends Payable, Date Declared | Mar. 3, 2019 |
Dividends Payable, Date to be Paid | Mar. 29, 2019 |
Dividends Payable, Date of Record | Mar. 18, 2019 |
Common Stock, Dividends, Per Share, Declared | $ 0.15 |