Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2022 | Apr. 11, 2022 | Aug. 02, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | HOOKER FURNISHINGS CORPORATION | ||
Trading Symbol | HOFT | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 11,942,493 | ||
Entity Public Float | $ 385.7 | ||
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 | Jan. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
Entity File Number | 000-25349 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-0251350 | ||
Entity Address, Address Line One | 440 East Commonwealth Boulevard | ||
Entity Address, City or Town | Martinsville | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24112 | ||
City Area Code | 276 | ||
Local Phone Number | 632-2133 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 185 | ||
Auditor Location | Raleigh, North Carolina | ||
Document Transition Report | false | ||
Auditor Name | KPMG |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jan. 30, 2022 | Jan. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 69,366,000 | $ 65,841,000 |
Trade accounts receivable, net (See notes 4 and 5) | 73,727,000 | 83,290,000 |
Inventories (see note 6) | 75,023,000 | 70,159,000 |
Income tax recoverable | 4,361,000 | 0 |
Prepaid expenses and other current assets | 5,237,000 | 4,432,000 |
Total current assets | 227,714,000 | 223,722,000 |
Property, plant and equipment, net (See note 7) | 28,058,000 | 26,780,000 |
Cash surrender value of life insurance policies (See note 9) | 26,479,000 | 25,365,000 |
Deferred taxes (See note 15) | 11,612,000 | 14,173,000 |
Operating leases right-of-use assets (See note 10) | 51,854,000 | 34,613,000 |
Intangible assets, net (See note 8) | 23,853,000 | 26,237,000 |
Goodwill (See note 8) | 490,000 | 490,000 |
Other assets | 4,499,000 | 893,000 |
Total non-current assets | 146,845,000 | 128,551,000 |
Total assets | 374,559,000 | 352,273,000 |
Current liabilities | ||
Trade accounts payable | 30,916,000 | 32,213,000 |
Accrued salaries, wages and benefits | 7,141,000 | 7,136,000 |
Income tax accrual (See note 15) | 0 | 501,000 |
Customer deposits | 7,145,000 | 4,256,000 |
Current portion of lease liabilities (See note 10) | 7,471,000 | 6,650,000 |
Other accrued expenses | 4,264,000 | 3,354,000 |
Total current liabilities | 56,937,000 | 54,110,000 |
Deferred compensation (See note 12) | 9,924,000 | 11,219,000 |
Lease liabilities (See note 10) | 46,570,000 | 29,441,000 |
Total long-term liabilities | 56,494,000 | 40,660,000 |
Total liabilities | 113,431,000 | 94,770,000 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, 11,922 and 11,888 shares issued and outstanding on each date | 53,295,000 | 53,323,000 |
Retained earnings | 207,884,000 | 204,988,000 |
Accumulated other comprehensive loss | (51,000) | (808,000) |
Total shareholders’ equity | 261,128,000 | 257,503,000 |
Total liabilities and shareholders’ equity | $ 374,559,000 | $ 352,273,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Jan. 30, 2022 | Jan. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 11,922 | 11,888 |
Common stock, shares outstanding | 11,922 | 11,888 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 593,612 | $ 540,081 | $ 610,824 |
Cost of sales | 491,910 | 427,333 | 496,866 |
Gross profit | 101,702 | 112,748 | 113,958 |
Selling and administrative expenses | 84,475 | 80,410 | 88,867 |
Goodwill impairment charges | 0 | 39,568 | 0 |
Trade name impairment charges | 0 | 4,750 | 0 |
Intangible asset amortization | 2,384 | 2,384 | 2,384 |
Operating income/(loss) | 14,843 | (14,364) | 22,707 |
Other income, net | 373 | 336 | 458 |
Interest expense, net | 110 | 540 | 1,238 |
Income/(loss) before income taxes | 15,106 | (14,568) | 21,927 |
Income tax expense/(benefit) | 3,388 | (4,142) | 4,844 |
Net income/(loss) | $ 11,718 | $ (10,426) | $ 17,083 |
Earnings/(loss) per share: | |||
Basic (in Dollars per share) | $ 0.99 | $ (0.88) | $ 1.44 |
Diluted (in Dollars per share) | $ 0.97 | $ (0.88) | $ 1.44 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 11,852 | 11,822 | 11,784 |
Diluted (in Shares) | 11,970 | 11,822 | 11,838 |
Cash dividends declared per share (in Dollars per share) | $ 0.74 | $ 0.66 | $ 0.61 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income/(Loss) | $ 11,718 | $ (10,426) | $ 17,083 |
Amortization of actuarial gain / (loss) | 994 | (125) | (740) |
Income tax effect on amortization | (237) | 30 | 176 |
Gain on pension plan settlement | 0 | 0 | (520) |
Income tax effect on settlement | 0 | 0 | 124 |
Adjustments to net periodic benefit cost | 757 | (95) | (960) |
Total Comprehensive Income/(Loss) | $ 12,475 | $ (10,521) | $ 16,123 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Operating Activities: | |||
Net income/(loss) | $ 11,718 | $ (10,426) | $ 17,083 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Goodwill and intangible asset impairment charges | 0 | 44,318 | 0 |
Depreciation and amortization | 7,814 | 6,778 | 7,100 |
Gain on pension settlement | 0 | 0 | (520) |
Gain on disposal of assets | (18) | 0 | (271) |
Deferred income tax expense/(benefit) | 2,323 | (11,262) | 1,940 |
Non-cash restricted stock and performance awards | (28) | 1,741 | 1,296 |
Provision for doubtful accounts and sales allowances | 45 | 4,686 | (435) |
Gain on life insurance policies | (1,008) | (1,207) | (831) |
Changes in assets and liabilities: | |||
Trade accounts receivable | 9,518 | (323) | 25,339 |
Inventories | (4,863) | 22,654 | 12,391 |
Income tax recoverable | (4,361) | 751 | (751) |
Prepaid expenses and other current assets | (4,400) | 515 | (557) |
Trade accounts payable | (1,312) | 6,686 | (15,349) |
Accrued salaries, wages and benefits | 76 | 2,204 | (3,070) |
Accrued income taxes | (501) | 501 | (3,159) |
Customer deposits | 2,890 | 904 | 328 |
Operating lease liabilities | 708 | 888 | 299 |
Other accrued expenses | 908 | (856) | 645 |
Deferred compensation | (300) | (289) | (49) |
Net cash provided by operating activities | 19,209 | 68,263 | 41,429 |
Investing Activities: | |||
Purchases of property, plant and equipment | (6,692) | (1,210) | (5,129) |
Proceeds received on notes receivable | 0 | 0 | 1,449 |
Proceeds from sale of property and equipment | 18 | 0 | 16 |
Premiums paid on life insurance policies | (560) | (555) | (590) |
Proceeds received on life insurance policies | 372 | 1,289 | 0 |
Net cash used in investing activities | (6,862) | (476) | (4,254) |
Financing Activities: | |||
Cash dividends paid | (8,822) | (7,838) | (7,211) |
Payments for long-term debt | 0 | (30,139) | (5,368) |
Net cash used in financing activities | (8,822) | (37,977) | (12,579) |
Net increase in cash and cash equivalents | 3,525 | 29,810 | 24,596 |
Cash and cash equivalents at the beginning of year | 65,841 | 36,031 | 11,435 |
Cash and cash equivalents at the end of year | 69,366 | 65,841 | 36,031 |
Supplemental schedule of cash flow information: | |||
Income taxes paid, net | 5,888 | 5,872 | 6,818 |
Interest paid, net | 0 | 444 | 993 |
Supplemental schedule of noncash investing activities: | |||
Increase in lease liabilities arising from obtaining right-of-use assets | 24,513 | 2,236 | 625 |
Increase in property and equipment through accrued purchases | $ 15 | $ 33 | $ 5 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Feb. 03, 2019 | $ 49,549 | $ 213,380 | $ 247 | $ 263,176 |
Balance (in Shares) at Feb. 03, 2019 | 11,785 | |||
Net income (loss) | 17,083 | 17,083 | ||
Gain on pension settlement, net of tax | (396) | (396) | ||
Unrealized gain loss on defined benefit plan, net of tax | (564) | (564) | ||
Cash dividends paid and accrued | (7,211) | (7,211) | ||
Restricted stock grants, net of forfeitures | $ 344 | 344 | ||
Restricted stock grants, net of forfeitures (in Shares) | 53 | |||
Restricted stock compensation cost | $ 790 | 790 | ||
Recognition of PSUs as equity-based awards | 899 | 899 | ||
Balance at Feb. 02, 2020 | $ 51,582 | 223,252 | (713) | 274,121 |
Balance (in Shares) at Feb. 02, 2020 | 11,838 | |||
Net income (loss) | (10,426) | (10,426) | ||
Unrealized gain loss on defined benefit plan, net of tax | (95) | (95) | ||
Cash dividends paid and accrued | (7,838) | (7,838) | ||
Restricted stock grants, net of forfeitures | $ 169 | 169 | ||
Restricted stock grants, net of forfeitures (in Shares) | 50 | |||
Restricted stock compensation cost | $ 809 | 809 | ||
Recognition of PSUs as equity-based awards | 763 | 763 | ||
Balance at Jan. 31, 2021 | $ 53,323 | 204,988 | (808) | $ 257,503 |
Balance (in Shares) at Jan. 31, 2021 | 11,888 | 11,888 | ||
Net income (loss) | 11,718 | $ 11,718 | ||
Unrealized gain loss on defined benefit plan, net of tax | 757 | 757 | ||
Cash dividends paid and accrued | (8,822) | (8,822) | ||
Restricted stock grants, net of forfeitures | $ (126) | (126) | ||
Restricted stock grants, net of forfeitures (in Shares) | 34 | |||
Restricted stock compensation cost | $ 1,074 | 1,074 | ||
Recognition of PSUs as equity-based awards | 502 | 502 | ||
PSU awards | (1,478) | (1,478) | ||
Balance at Jan. 30, 2022 | $ 53,295 | $ 207,884 | $ (51) | $ 261,128 |
Balance (in Shares) at Jan. 30, 2022 | 11,922 | 11,922 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Gain on pension settlement, tax | $ 0 | $ 0 | $ (124) |
Unrealized gain loss on defined benefit plan, tax | $ 237 | $ (30) | $ (176) |
Cash dividends paid and accrued, per share (in Dollars per share) | $ 0.74 | $ 0.66 | $ 0.61 |
RECENTLY ADOPTED ACCOUNTING STA
RECENTLY ADOPTED ACCOUNTING STANDARDS | 12 Months Ended |
Jan. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 1 RECENTLY ADOPTED ACCOUNTING STANDARDS In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-14, Compensation —Retirement Benefits —Defined Benefit Plans —General (Subtopic 715-20) —Disclosure Framework —Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The amendments in this update change the disclosure requirements for employers that sponsor defined benefit pension and/or other post-retirement benefit plans. It eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new disclosures that the FASB considers pertinent. The guidance is effective for fiscal years ending after December 15, 2020. We adopted this guidance in the fiscal 2022 first quarter. The adoption of ASU 2018-14 did not have a material impact on our consolidated financial statements or disclosures. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Hooker Furnishings 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 Furnishings 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 three operating segments and “All Other”, which includes the remainder of our businesses: ■ Hooker Branded ■ Home Meridian ■ Domestic Upholstery ■ All Other, Cash and Cash Equivalents We consider cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Trade Accounts Receivable Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings or commercial purchasers of our hospitality and senior living products, and consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. These trade accounts receivable are reported net of customer allowances and an allowance for doubtful accounts. Reserves for customer allowances comprise the majority of the reduction of our gross trade accounts receivable to the estimated fair value reported on the face of our financial statements. We regularly review and revise customer allowances based on unprocessed claims received and current and historical activity and any agreements made with specific customers. In the Home Meridian segment, Clubs channel customers drive most of the customer allowance activity due to their consumer-facing product return policies. We base anticipated future claims on historical experience with these customers. We regularly review and revise accounts receivable for doubtful accounts based upon historical bad debts . 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. 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 9 for details. Inventories Inventories, consisting of finished furniture for sale, raw materials, manufacturing supplies and furniture in process, are stated at the lower of cost, or market value, with cost determined using the last-in, first-out (LIFO) method. Under this method, inventory is valued at cost, which is determined by applying a cumulative index to current year inventory dollars. We review inventories on hand and record an allowance for slow-moving and obsolete inventory based on historical experience and expected sales. 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. Leases Leases are classified as either finance leases or operating leases based on criteria in Topic 842. All of our current leases are classified as operating leases. We do not currently have finance leases but could in the future. Operating lease right-of-use ("ROU") assets and liabilities are recognized on the adoption date based on the present value of lease payments over the remaining lease term. As interest rates are not explicitly stated or implicit in any of our leases, we utilized our incremental borrowing rate at the adoption date of February 4, 2019. For leases without explicitly stated or implicit interest rates that commenced after the adoption date, we use our incremental borrowing rate which was one-month LIBOR at the lease commencement date plus 1.5%. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. At the inception of a lease, we allocate the consideration in the contract to each lease and non-lease component based on the component's relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Some of our real estate leases contain variable lease payments, including payments based on the percentage increase in the Consumer Price Index for Urban Consumers (“CPI-U”). We used February 2019 CPI-U issued by the US Department of Labor’s Bureau of Labor Statistics to measure lease payments and calculate lease liabilities upon adoption of this standard. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded when incurred. We have a sub-lease at one of our warehouses. In accordance with the provisions of Topic 842, since we have not been relieved as the primary obligor of the warehouse lease, we cannot net the sublease income against our lease payment to calculate the lease liability and ROU asset. Our practice is to straight-line the sub-lease income over the term of the sublease. Our leases have remaining lease terms of less than one year to ten years, some of which include options to extend the leases for up to ten years. We have elected not to recognize ROU assets and lease liabilities that arise from short term leases for any class of underlying asset. Short term leases are leases with lease terms of 12 months or less with either (a) no renewal option or (b) a renewal option which we are not reasonably certain to exercise. 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 acquisition, as well as the Bradington-Young and Sam Moore tradenames. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill, 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 seventy-four life insurance policies on certain of our current and former executives and other key employees. These policies had a carrying value of $26.7 million at January 30, 2022 and have a face value of approximately $55 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. 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 2022, 2021 and 2020 were $1.9 million, $2.1 million, and $3.4 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 operations and comprehensive income. 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. |
FISCAL YEAR
FISCAL YEAR | 12 Months Ended |
Jan. 30, 2022 | |
Accounting Policies [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: ■ 2022 fiscal year and comparable terminology mean the fiscal year that began February 1, 2021 and ended January 30, 2022; ■ 2021 fiscal year and comparable terminology mean the fiscal year that began February 3, 2020 and ended January 31, 2021; ■ 2020 fiscal year and comparable terminology mean the fiscal year that began February 4, 2019 and ended February 2, 2020. |
DOUBTFUL ACCOUNTS AND CUSTOMER
DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES | 12 Months Ended |
Jan. 30, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | NOTE 4 DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES The activity in the allowance for doubtful accounts was: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Balance at beginning of year $ 2,338 $ 903 $ 908 Non-cash charges to cost and expenses (76 ) 1,262 417 Less uncollectible receivables written off, net of recoveries (246 ) 173 (422 ) Balance at end of year $ 2,016 $ 2,338 $ 903 The activity in customer allowances was: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Balance at beginning of year $ 6,993 $ 3,493 $ 4,267 Charges to cost and expenses 23,766 29,243 31,815 Less allowances applied (23,305 ) (25,666 ) (32,511 ) Less uncollectible receivables written off, net of recoveries (170 ) (77 ) (78 ) Balance at end of year $ 7,284 $ 6,993 $ 3,493 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Jan. 30, 2022 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 ACCOUNTS RECEIVABLE January 30, January 31, 2022 2021 Gross accounts receivable $ 83,027 $ 92,621 Customer allowances (7,284 ) (6,993 ) Allowance for doubtful accounts (2,016 ) (2,338 ) Trade accounts receivable $ 73,727 $ 83,290 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Jan. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 6 INVENTORIES January 30, January 31, 2022 2021 Finished furniture $ 89,066 $ 81,290 Furniture in process 2,314 1,397 Materials and supplies 13,179 9,639 Inventories at FIFO 104,559 92,326 Reduction to LIFO basis (29,536 ) (22,167 ) Inventories $ 75,023 $ 70,159 If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $17.4 million in fiscal 2022, net loss would have been $11.1 million in fiscal 2021, and net income would have been $19.5 million in fiscal 2020. We recorded LIFO expense of $7.4 million in fiscal 2022, LIFO income of $1.3 million in fiscal 2021, and LIFO expense of $3.1 million in fiscal 2020. At January 30, 2022 and January 31, 2021, we had $8.9 million and $6.7 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. At January 30, 2022, we held $11.1 million in inventory outside of the United States, in Vietnam and China. At January 31, 2021, we held $11.3 million in inventory outside of the United States, in Vietnam and China. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jan. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 PROPERTY, PLANT AND EQUIPMENT Depreciable Lives January 30, January 31, (In years) 2022 2021 Buildings and land improvements 15 - 30 $ 32,030 $ 31,316 Computer software and hardware 3 - 10 15,648 15,012 Machinery and equipment 10 10,390 9,314 Leasehold improvements Term of lease 10,984 10,005 Furniture and fixtures 3 - 8 5,829 2,614 Other 5 676 651 Total depreciable property at cost 75,557 68,912 Less accumulated depreciation (49,077 ) (44,098 ) Total depreciable property, net 26,480 24,814 Land 1,077 1,077 Construction-in-progress 501 889 Property, plant and equipment, net $ 28,058 $ 26,780 Depreciation expense for fiscal 2022, 2021 and 2020 was $5.4 million, $4.4 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-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Balance beginning of year $ 3,211 $ 4,277 $ 5,123 Additions 65 33 286 Amortization expense (1,053 ) (1,099 ) (1,132 ) Disposals - - - Balance end of year $ 2,223 $ 3,211 $ 4,277 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Jan. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | NOTE 8 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 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. The adverse economic effects brought on by the COVID-19 pandemic, including reductions in our sales, earnings and market value, as well as other changing market dynamics, required that we perform a valuation of our intangible assets in the 2021 first quarter. The calculation methodology for the fair value of our Home Meridian segment’s and the Shenandoah division of our Domestic Upholstery segment’s goodwill included three approaches: the Discounted Cash Flow Method (DCF) which was given the largest weighting, the Guideline Public Company Method (GPCM) based on the consideration of the facts of the Company’s peer competitors and the Guideline Transaction Method (GTM) based on consideration of transactions with varying risk profiles, geographies and market conditions. The income approach, specifically the relief from royalty method, was used as the valuation methodology for our trade names and trademarks, based on cash flow projections and growth rates for each trade name for five years in the future provided by management, and a royalty rate benchmark for companies with similar activities. As a result of our intangible asset valuation analysis, in the first quarter of fiscal 2021, we recorded $44.3 million non-cash impairment charges including $23.2 million to Home Meridian goodwill, $16.4 million to Shenandoah goodwill and $4.8 million to certain of Home Meridian segment’s trade names. Based on our internal analyses at January 30, 2022, the fair values of our non-amortizable trademarks and trade names exceeded their carrying values and we concluded that Shenandoah goodwill in the Domestic Upholstery segment is not impaired. Details of our non-amortizable intangible assets are as follows: Fifty-Two Weeks Ended January 30, 2022 January 31, 2021 Non-amortizable Intangible Assets Segment Beginning Balance Impairment Charges Net Book Value Beginning Balance Impairment Charges Net Book Value Goodwill Domestic Upholstery $ 490 $ - $ 490 $ 16,871 $ (16,381 ) $ 490 Goodwill Home Meridian - - - 23,187 (23,187 ) - Total Goodwill 490 - 490 40,058 (39,568 ) 490 Trademarks and trade names - Home Meridian Home Meridian 6,650 - 6,650 11,400 (4,750 ) 6,650 Trademarks and trade names - Bradington-Young Domestic Upholstery 861 - 861 861 - 861 Trademarks and trade names - Sam Moore Domestic Upholstery 396 - 396 396 - 396 Total Trademarks and trade names $ 7,907 $ - $ 7,907 $ 12,657 $ (4,750 ) $ 7,907 Total non-amortizable assets $ 8,397 $ - $ 8,397 $ 52,715 $ (44,318 ) $ 8,397 Our amortizable intangible assets are recorded in the Home Meridian and in Domestic Upholstery segments. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Trademarks Totals Balance at January 31, 2021 $ 17,672 $ 658 $ 18,330 Amortization (2,324 ) (60 ) (2,384 ) Balance at January 30, 2022 $ 15,348 $ 598 $ 15,946 The estimated amortization expense associated with our amortizable intangible assets is expected to be as follows: Fiscal Year Amount 2023 2,384 2024 2,384 2025 2,359 2026 2,359 2027 2,359 2028 and thereafter 4,101 $ 15,946 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jan. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 9 FAIR VALUE MEASUREMENTS Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of January 30, 2022, and January 31, 2021, 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. Our assets measured at fair value on a recurring basis at January 30, 2022 and January 31, 2021, were as follows Fair value at January 30, 2022 Fair value at January 31, 2021 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 $ - $ 26,479 $ - $ 26,479 $ - $ 25,365 $ - $ 25,365 |
LEASES
LEASES | 12 Months Ended |
Jan. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 10 LEASES In fiscal 2020, we adopted Accounting Standards Codification Topic 842 Leases. The components of lease cost and supplemental cash flow information for leases in fiscal 2022, 2021 and 2020 were: Fifty-two Weeks Ended January 30, 2022 January 31, 2021 February 2, 2020 Operating lease cost $ 8,144 $ 8,367 $ 8,408 Variable lease cost 208 146 153 Short-term lease cost 117 291 581 Total operating lease cost $ 8,469 $ 8,804 $ 9,142 Operating cash outflows $ 7,730 $ 7,921 $ 8,725 The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 30, 2022 and January 31, 2021 were: January 30, 2022 January 31, 2021 Real estate $ 50,749 $ 33,651 Property and equipment 1,105 962 Total operating leases right-of-use assets $ 51,854 $ 34,613 Current portion of operating lease liabilities $ 7,471 $ 6,650 Long term operating lease liabilities 46,570 29,441 Total operating lease liabilities $ 54,041 $ 36,091 The increase in right-of-use assets and lease liabilities is primarily due to the commencement of the operating lease at our new warehouse facility in Georgia during the fiscal 2022 third quarter. Weighted-average remaining lease term is 8.3 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 1.91%. The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the consolidated balance sheet at January 30, 2022: Fiscal Year Undiscounted Future Operating Lease Payments 2023 $ 8,414 2024 7,098 2025 7,140 2026 7,213 2027 6,850 2028 and thereafter 21,805 Total lease payments $ 58,520 Less: impact of discounting (4,479 ) Present value of lease payments $ 54,041 As of January 30, 2022, the Company had an additional lease for a showroom in High Point, North Carolina. This lease is expected to commence in Fall of calendar 2022 with an initial lease term of 10 years and estimated future minimum rental commitments of approximately $23.7 million. Since the lease has not yet commenced, the undiscounted amounts are not included in the table above. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jan. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt [Text Block] | NOTE 11 LONG-TERM DEBT We paid off the term loans which were related to the Home Meridian acquisition in fiscal 2021 and currently have a $35 million revolving credit facility (“Existing Revolver”). The Existing Revolver is based on successive past amendments to previous BofA banking agreements which are collectively referred to as the “Previous Agreements.” Details of our Existing Revolver are outlined below: ■ The Existing Revolver is available between January 27, 2021 and February 1, 2026 or such earlier date as the availability may terminate or such later date as BofA may from time to time in its sole discretion designate in any extension notice; ■ During the availability period, BofA will provide a line of credit to the maximum amount of the Existing Revolver; ■ The sublimit of the Existing Revolver available for the issuance of letters of credit was increased to $10 million; ■ The actual daily amount of undrawn letters of credit is subject to a quarterly fee equal to a per annum rate of 1%; ■ We may, on a one-time basis, request an increase in the Existing Revolver by an amount not to exceed $30 million at BofA’s discretion; and ■ Any amounts outstanding under the Existing Revolver bear interest at a rate, equal to the then current LIBOR monthly rate (adjusted periodically) plus 1.00%. We must also pay a quarterly unused commitment fee at a rate of 0.15% determined by the actual daily amount of credit outstanding during the applicable quarter. The loan covenants agreed to under the Second Amended and Restated Loan Agreement continue to apply to us. They include 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 2.00:1.00. ● 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. They also limit our right to incur other indebtedness, make certain investments and create liens upon our assets, subject to certain exceptions, among other restrictions. They do 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 agreements. We were in compliance with each of these financial covenants at January 30, 2022. As of January 30, 2022, we had an aggregate $27.9 million available under the Existing Revolver to fund working capital needs. Standby letters of credit in the aggregate amount of $7.1 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the Existing Revolver as of January 30, 2022. There were no additional borrowings outstanding under the Existing Revolver as of January 30, 2022. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Jan. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [Text Block] | NOTE 12 EMPLOYEE BENEFIT PLANS Employee Savings Plans We sponsor a tax-qualified 401(k) retirement plan covering substantially all employees. This plan assists employees in meeting their savings and retirement planning goals through employee salary deferrals and discretionary employer matching contributions. Our contributions to the plan amounted to $1.4 million in fiscal 2022, $1.3 million in fiscal 2021, and $1.4 million in fiscal 2020. Executive Benefits SRIP and SERP Overview We maintain two “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 two plans include: ■ a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furnishings Corporation; and ■ the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. 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) January 30, January 31, 2022 2021 Change in benefit obligation: Beginning projected benefit obligation $ 10,572 $ 10,256 Service cost 133 128 Interest cost 178 249 Benefits paid (904 ) (591 ) Actuarial (gain)/ loss (553 ) 530 Ending projected benefit obligation (funded status) $ 9,426 $ 10,572 Accumulated benefit obligation $ 9,277 $ 10,421 Discount rate used to value the ending benefit obligations: 1.75 % 1.75 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 877 $ 877 Non-current liabilities (Deferred compensation line) 8,549 9,695 Total $ 9,426 $ 10,572 Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Net periodic benefit cost Service cost $ 133 $ 128 $ 104 Interest cost 178 249 351 Net loss 402 338 149 Net periodic benefit cost $ 713 $ 715 $ 604 Other changes recognized in accumulated other comprehensive income Net (gain) / loss arising during period (553 ) 530 716 Amortizations: Gain (loss) (402 ) (338 ) (149 ) Total recognized in other comprehensive loss (income) (955 ) 192 567 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (242 ) $ 907 $ 1,171 Assumptions used to determine net periodic benefit cost: Discount rate 1.75 % 2.50 % 3.75 % Increase in future compensation levels 4.00 % 4.00 % 4.00 % Estimated Future Benefit Payments: Fiscal 2023 $ 877 Fiscal 2024 957 Fiscal 2025 957 Fiscal 2026 957 Fiscal 2027 783 Fiscal 2028 through fiscal 2032 4,126 For the SRIP, the discount rate used to determine the fiscal 2022 net periodic cost was 1.75%, based on the Mercer yield curve and the plan’s expected benefit payments. At January 30, 2022, combining the Mercer yield curve and the plan's expected benefit payments resulted in a rate of 1.75%. This rate was used to value the ending benefit obligations. At January 30, 2022, the actuarial gain related to the SRIP amounted to $553,000, net of tax of $237,000. At January 31, 2021, the actuarial losses related to the SRIP amounted to $530,000, net of tax of $338,000. The estimated actuarial gain that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the 2023 fiscal year is $83,310. There is no expected prior service (cost) or credit amortization. SERP (Supplemental Executive Retirement Plan) January 30, January 31, 2022 2021 Change in benefit obligation: Beginning projected benefit obligation $ 1,681 $ 1,860 Service cost - - Interest cost 34 46 Benefits paid (145 ) (158 ) Actuarial (gain)/loss (39 ) (67 ) Ending projected benefit obligation (funded status) $ 1,531 $ 1,681 Accumulated benefit obligation $ 1,531 $ 1,681 Discount rate used to value the ending benefit obligations: 2.10 % 2.10 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 156 $ 156 Non-current liabilities (Deferred compensation line) 1,375 1,525 Total $ 1,531 $ 1,681 Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Net periodic benefit cost Service cost $ - $ - $ - Interest cost 34 46 67 Net gain - (5 ) Net periodic benefit cost $ 34 $ 46 $ 62 Other changes recognized in accumulated other comprehensive income Net (gain)/loss arising during period (39 ) (67 ) 168 Amortizations: Gain (Loss) - - 5 Total recognized in other comprehensive loss (income) (39 ) (67 ) 173 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (5 ) $ (21 ) $ 235 Assumptions used to determine net periodic benefit cost: Discount rate 2.80 % 2.60 % 3.90 % Increase in future compensation levels N/A N/A N/A Estimated Future Benefit Payments: Fiscal 2023 $ 155 Fiscal 2024 151 Fiscal 2025 145 Fiscal 2026 139 Fiscal 2027 133 Fiscal 2028 through fiscal 2032 553 For the SERP, the discount rate assumption used to measure the projected benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by our actuary, Aon (“Aon”) and the plan’s projected cash flows, rounded to the nearest 10 bps. At January 31, 2021, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.10%. This rate was used to value the ending benefit obligations. At January 30, 2022, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.80%. The change in the discount rate from 2.10% to 2.80% decreased liabilities. At January 30, 2022, the actuarial gain related to the SERP was $39,000. At January 31, 2021, the actuarial gain related to the SERP was $67,000. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Jan. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement [Text Block] | NOTE 13 SHARE-BASED COMPENSATION Our Stock Incentive Plan permits incentive awards of restricted stock, restricted stock units, stock appreciation rights and performance grants to key employees. A maximum of 750,000 shares of the Company’s common stock is authorized for issuance under the Stock Incentive Plan. The Stock Incentive Plan also provides for annual restricted stock awards to non-employee directors. We have issued restricted stock awards to our non-employee directors since January 2006 and certain other management employees since 2014. We account for restricted stock awards as “non-vested equity shares” until the awards vest or are forfeited. Restricted stock awards to non-employee directors and certain other management employees vest if the director/employee remains on the board/employed through the specified vesting period for shares and may vest earlier upon certain events specified in the plan. For shares issued to non-employee directors during fiscal 2016 and after, there is a 12-month service period. The fair value of each share of restricted stock is the market price of our common shares on the grant date. The weighted average grant-date fair values of restricted stock awards issued during fiscal 2022 were $37.20 and $40.00, during fiscal 2021 were $13.92, $19.20 and $29.34, during fiscal 2020 were $29.77, $29.21 and $19.87, respectively. The restricted stock awards outstanding as of January 30, 2022 had an aggregate grant-date fair value of $1.7 million, after taking vested and forfeited restricted shares into account. As of January 30, 2022, we have recognized non-cash compensation expense of approximately $996,000 related to these non-vested awards and $2.6 million for awards that have vested. The remaining $692,000 of grant-date fair value for unvested restricted stock awards outstanding at January 30, 2022 will be recognized over the remaining vesting periods for these awards. The number of outstanding restricted shares increased due primarily to grants of restricted shares to a larger population of our non-executive employees as an incentive for retention and alignment of individual performance to our values. For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of January 30, 2022: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Shares Per Share Fair Value Recognized January 30, 2022 Previous Awards (vested) $ 2,580 Restricted shares Issued on April 17, 2019 15,939 29.80 475 356 21 Forfeited (3,275 ) (98 ) Partial vested due to separation (415 ) Restricted shares Issued on May 8, 2019 1,027 29.21 30 27 3 Restricted shares Issued on April 7, 2020 23,484 13.92 327 167 108 Forfeited (3,718 ) (52 ) Restricted shares Issued on October 19, 2020 1,022 29.34 30 13 17 Restricted shares Issued on April 8, 2021 16,613 37.20 618 154 402 Forfeited (1,677 ) (62 ) Restricted shares Issued on June 3, 2021 12,000 40.00 480 279 141 Forfeited (1,500 ) (60 ) Awards outstanding at January 30, 2022: 59,500 $ 1,688 $ 996 $ 692 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 activities for the year ended January 30, 2022: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 30, 2022 Previous Awards (vested) $ 1,062 RSUs Awarded on April 17, 2019 10,196 28.05 286 178 12 Forfeited (3,436 ) (96 ) Partial vested due to separation (2,549 ) RSUs Awarded on April 7, 2020 17,672 $ 12.01 212 76 50 Forfeited (7,183 ) (86 ) Partial vested due to separation (1,437 ) RSUs Awarded on April 8, 2021 8,186 35.05 287 61 160 Forfeited (1,882 ) (66 ) RSUs for retention Awarded on April 8, 2021 4,865 35.05 171 31 83 Forfeited (1,613 ) (57 ) Awards outstanding at January 30, 2022: 22,819 $ 651 $ 346 $ 305 We have issued Performance-based Restricted Stock Units (“PSUs”) to our named executive officers since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock. PSUs awarded in fiscal 2019 and fiscal 2020 were forfeited as the performance targets were not met. The following table presents PSU activities for the year ended January 30, 2022: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 30, 2022 Previous Awards (vested) - PSUs Awarded on April 7, 2020 69,075 13.92 962 409 128 Forfeited (30,532 ) (425 ) PSUs Awarded on April 8, 2021 20,243 37.20 753 204 409 Forfeited (3,764 ) (140 ) Awards outstanding at January 30, 2022: 55,022 $ 1,150 $ 613 $ 537 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jan. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 14 EARNINGS PER SHARE We refer you to the Earnings Per Share disclosure in Note 2-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share. All stock awards are designed to encourage retention and to provide an incentive for increasing shareholder value. We have issued restricted stock awards to non-employee members of the board of directors since 2006 and to certain non-executive employees since 2014. We have issued restricted stock units (“RSUs”) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles an executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We have issued Performance-based Restricted Stock Units (“PSUs”) to certain senior executives since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock. 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 and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: January 30, January 31, February 2, 2022 2021 2020 Restricted shares 59,500 54,747 45,946 RSUs and PSUs 77,841 140,911 73,060 137,341 195,658 119,006 All restricted shares, RSUs and PSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Net income/(loss) $ 11,718 $ (10,426 ) $ 17,083 Less: Dividends on unvested restricted shares 46 36 25 Net earnings allocated to unvested restricted stock 61 - 60 Earnings available for common shareholders $ 11,611 $ (10,462 ) $ 16,998 Weighted average shares outstanding for basic earnings per share 11,852 11,822 11,784 Dilutive effect of unvested restricted stock awards 118 * 54 Weighted average shares outstanding for diluted earnings per share 11,970 11,822 11,838 Basic earnings/(loss) per share $ 0.99 $ (0.88 ) $ 1.44 Diluted earnings/(loss) per share $ 0.97 $ (0.88 ) $ 1.44 *Due to the fiscal 2021 net loss, approximately 119,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 15 INCOME TAXES Our provision for income taxes was as follows for the periods indicated: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Current expense Federal $ 650 $ 5,858 $ 2,312 Foreign 107 108 255 State 307 1,154 334 Total current expense 1,064 7,120 2,901 Deferred taxes Federal 1,980 (9,554 ) 1,645 State 344 (1,708 ) 298 Total deferred taxes 2,324 (11,262 ) 1,943 Income tax expense / (benefit) $ 3,388 $ (4,142 ) $ 4,844 Total tax expense for fiscal 2022 was $3.6 million, of which $3.4 million expense was allocated to continuing operations and $200,000 tax expense was allocated to other comprehensive income. Total tax benefit for fiscal 2021 was $4.2 million, of which $4.1 million benefit was allocated to continuing operations and $ 30,000 tax benefit was allocated to other comprehensive income. Total tax expense for fiscal 2020 was $4.5 million, of which $4.8 million expense was allocated to continuing operations and $ 300,000 tax benefit was allocated to other comprehensive income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Income taxes at statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 3.4 3.0 2.4 Officer's life insurance -1.3 1.7 -1.1 Expiration of capital loss 2.0 0.0 0.0 Change in valuation allowance -1.9 0.0 0.0 Consolidated Appropriation Act provisions 0.0 1.8 0.0 Other -0.8 0.9 -0.2 Effective income tax rate 22.4 % 28.4 % 22.1 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were: January 30, January 31, 2022 2021 Assets Intangible assets $ 7,212 $ 8,057 Deferred compensation 2,807 2,765 Allowance for bad debts 2,079 2,235 Employee benefits 643 848 Loss and credit carryover 88 411 Accrued liabilities 320 511 Deferred rent 618 444 Other 194 369 Total deferred tax assets 13,961 15,640 Valuation allowance (88 ) (411 ) 13,873 15,229 Liabilities Property, plant and equipment 1,361 775 Inventories 900 281 Total deferred tax liabilities 2,261 1,056 Net deferred tax assets $ 11,612 $ 14,173 At January 30, 2022 and January 31, 2021 our net deferred asset was $11.6 and $14.2 million, respectively. The decrease in the valuation allowance of $323,000 was primarily due to the expiration of a capital loss carryforward. We expect to fully realize the benefit of the deferred tax assets, with the exception of the foreign tax credit carry forward, in future periods when the amounts become deductible. The foreign tax credit carry forward is $88,000 and expires beginning in fiscal 2029. 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 disclosure. We do not have unrecognized tax benefits as of January 30, 2022. Tax years ending February 3, 2019 through January 30, 2022 remain subject to examination by federal and state taxing authorities. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jan. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 16 SEGMENT INFORMATION As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments ■ better understand our performance; ■ better assess our prospects for future net cash flows; and ■ make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”) 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 2020, we updated our reportable segments as follows: Domestic upholstery producers Bradington-Young, Sam Moore and Shenandoah Furniture were moved from All other and aggregated into a new reportable segment called “Domestic Upholstery.” All Other now consists of H Contract and Lifestyle Brands. Lifestyle Brands is a business in its start-up phase targeted at the interior designer channel. The Hooker Branded and Home Meridian segments were unchanged. (Fiscal 2020 results shown below have been recast based on the re-composition of our operating segments during the 2020 fourth quarter.) Therefore, for financial reporting purposes, we are organized into three reportable segments and “All Other”, which includes the remainder of our businesses: ■ Hooker Branded ■ Home Meridian ■ Domestic Upholstery, ■ All Other The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the changes in segments discussed above. Fifty-Two Weeks Ended January 30, 2022 January 31, 2021 February 2, 2020 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 200,692 33.8 % $ 162,442 30.1 % $ 161,990 26.4 % Home Meridian 278,902 47.0 % 282,423 52.3 % 340,630 55.8 % Domestic Upholstery 102,283 17.2 % 83,678 15.5 % 95,670 15.7 % All Other 11,735 2.0 % 11,538 2.1 % 12,534 2.1 % Consolidated $ 593,612 100 % $ 540,081 100 % $ 610,824 100 % Gross Profit Hooker Branded $ 63,146 31.5 % $ 51,832 31.9 % $ 51,462 31.8 % Home Meridian 15,213 5.5 % 39,832 14.1 % 36,936 10.8 % Domestic Upholstery 19,471 19.0 % 17,121 20.5 % 21,120 22.1 % All Other 3,872 33.0 % 3,963 34.4 % 4,440 35.4 % Consolidated $ 101,702 17.1 % $ 112,748 20.9 % $ 113,958 18.7 % Operating Income/(Loss) Hooker Branded $ 30,667 15.3 % $ 22,827 14.1 % $ 21,512 13.3 % Home Meridian (21,260 ) -7.6 % (26,071 ) -9.2 % (7,169 ) -2.1 % Domestic Upholstery 4,304 4.2 % (12,418 ) -14.8 % 6,637 6.9 % All Other 1,132 9.6 % 1,298 11.3 % 1,727 13.8 % Consolidated $ 14,843 2.5 % $ (14,364 ) -2.7 % $ 22,707 3.7 % Capital Expenditures Hooker Branded $ 558 $ 377 $ 690 Home Meridian 4,829 347 496 Domestic Upholstery 1,295 475 3,914 All Other 10 11 29 Consolidated $ 6,692 $ 1,210 $ 5,129 Depreciation & Amortization Hooker Branded $ 2,530 $ 1,809 $ 1,930 Home Meridian 2,594 2,160 2,218 Domestic Upholstery 2,678 2,797 2,938 All Other 12 12 14 Consolidated $ 7,814 $ 6,778 $ 7,100 As of January 30, As of January 31, 2022 %Total 2021 %Total Assets Assets Assets Hooker Branded $ 170,968 48.8 % $ 174,475 53.5 % Home Meridian 130,890 37.4 % 100,497 30.9 % Domestic Upholstery 47,232 13.5 % 49,370 15.2 % All Other 1,126 0.3 % 1,204 0.4 % Consolidated Assets $ 350,216 100 % $ 325,546 100 % Consolidated Goodwill and Intangibles 24,343 26,727 Total Consolidated Assets $ 374,559 $ 352,273 Sales by product type are as follows: Net Sales (in thousands) Fiscal 2022 2021 2020 Casegoods $ 348,548 59 % $ 329,906 61 % $ 397,192 65 % Upholstery 245,064 41 % 210,175 39 % 213,632 35 % $ 593,612 100 % $ 540,081 100 % $ 610,824 100 % No significant long-lived assets were held outside the United States at either January 30, 2022 or January 31, 2021. International customers accounted for 2.0% of consolidated invoiced sales in fiscal 2022 and 2021, and 1.6% in fiscal 2020. We define international sales as sales outside of the United States and Canada. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS | 12 Months Ended |
Jan. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 17 COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS Commitments and Off-Balance Sheet Arrangements We lease office space, warehousing facilities, showroom space and office equipment under leases expiring over the next five years. Rent expense, was $10.1 million in fiscal 2022, $10.7 million in fiscal 2021, and $11.2 million in fiscal 2020. Future minimum annual commitments under leases and operating agreements are $9.5 million in fiscal 2023, $8.2 million in fiscal 2024, $8.2 million in fiscal 2025, $8.3 million in fiscal 2026 and $7.8 million in fiscal 2027. We had letters of credit outstanding totaling $7.1 million on January 30, 2022. We utilize letters of credit to collateralize certain imported inventory purchases and certain insurance arrangements. 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. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 12 Months Ended |
Jan. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 18 CONCENTRATIONS OF RISK Imported Products Sourcing We source imported products through multiple vendors, located in nine 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 Furnishings. In fiscal 2022, imported products sourced from Vietnam and China accounted for 88% of our import purchases and our top five suppliers in those countries accounted for 42% of our fiscal 2022 import purchases. A disruption in our supply chain from Vietnam, China or Malaysia 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 32% of our raw materials supply purchases for domestic upholstered furniture manufacturing operations in fiscal 2022. One supplier accounted for 9.2% of our raw material purchases in fiscal 2022. 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 One customer accounted for 8% of our consolidated sales in fiscal 2022. Our top five customers accounted for 26% of our fiscal 2022 consolidated sales. The loss of any one or more of these customers could adversely affect our earnings, financial condition and liquidity. At January 30, 2022, 25% of our consolidated accounts receivable is concentrated in our top five customers. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jan. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 19- RELATED PARTY TRANSACTIONS We lease the four properties utilized in Shenandoah’s operations. One of our employees has an ownership interest in the entities that own these properties. The leases commenced on September 29, 2017 with 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 $784,000 in lease payments to these entities during fiscal 2022. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 20- SUBSEQUENT EVENTS Cash Dividend On March 1, 2022, our Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on March 31, 2022 to shareholders of record at March 17, 2022. Sunset West Acquisition On January 31, 2022, the first day of our 2023 fiscal year, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Sunset HWM, LLC (“Sunset West”) and its three members (the “Sunset West Members”) to acquire substantially all of the assets of Sunset West (the “Sunset Acquisition”). Simultaneously, we closed on the transaction by paying $23.5 million in cash and $2 million subject to an escrow arrangement and possible earn-out payments to the Sunset West Members up to an aggregate of $4 million with the closing cash consideration subject to adjustment for customary working capital estimates. Under the Asset Purchase Agreement, the Company also assumed specified liabilities of Sunset West. Sunset West is a leading West Coast-based manufacturer of outdoor furniture with its headquarters in Vista, California. The transaction enables us to immediately gain market share in the growing outdoor furniture segment of the industry with one of the most respected brands in the category. Fair Value Estimates of Assets Acquired and Liabilities Assumed The consideration and components of our initial fair value allocation of the purchase price paid at closing and in the subsequent Net Working Capital Adjustment consisted of the following: Purchase price consideration Cash paid for assets acquired $ 23,500 Net working capital excess to working capital target 411 Escrow Fee (1 ) Earnout 4,000 Total purchase price $ 27,910 Fair value estimates of assets acquired and liabilities assumed: Net working capital $ 578 Fixed assets 101 Intangible assets 8,170 Goodwill 19,061 Total purchase price $ 27,910 Substantially all of these amounts are subject to subsequent adjustment as we continue to gather information during the measurement period. Certain intangible assets were acquired as part of this transaction. Trademarks, trade names and customer relationships have been assigned preliminary fair values subject to additional analysis during the measurement period. While we are still analyzing Sunset West’s operations and the requirements of ASC 280: Segment Reporting |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Business Hooker Furnishings 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 Furnishings 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 three operating segments and “All Other”, which includes the remainder of our businesses: ■ Hooker Branded ■ Home Meridian ■ Domestic Upholstery ■ 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 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. These trade accounts receivable are reported net of customer allowances and an allowance for doubtful accounts. Reserves for customer allowances comprise the majority of the reduction of our gross trade accounts receivable to the estimated fair value reported on the face of our financial statements. We regularly review and revise customer allowances based on unprocessed claims received and current and historical activity and any agreements made with specific customers. In the Home Meridian segment, Clubs channel customers drive most of the customer allowance activity due to their consumer-facing product return policies. We base anticipated future claims on historical experience with these customers. We regularly review and revise accounts receivable for doubtful accounts based upon historical bad debts . 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. |
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 9 for details. |
Inventory, Policy [Policy Text Block] | Inventories Inventories, consisting of finished furniture for sale, raw materials, manufacturing supplies and furniture in process, are stated at the lower of cost, or market value, with cost determined using the last-in, first-out (LIFO) method. Under this method, inventory is valued at cost, which is determined by applying a cumulative index to current year inventory dollars. We review inventories on hand and record an allowance for slow-moving and obsolete inventory based on historical experience and expected sales. |
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. |
Lessee, Leases [Policy Text Block] | Leases Leases are classified as either finance leases or operating leases based on criteria in Topic 842. All of our current leases are classified as operating leases. We do not currently have finance leases but could in the future. Operating lease right-of-use ("ROU") assets and liabilities are recognized on the adoption date based on the present value of lease payments over the remaining lease term. As interest rates are not explicitly stated or implicit in any of our leases, we utilized our incremental borrowing rate at the adoption date of February 4, 2019. For leases without explicitly stated or implicit interest rates that commenced after the adoption date, we use our incremental borrowing rate which was one-month LIBOR at the lease commencement date plus 1.5%. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. At the inception of a lease, we allocate the consideration in the contract to each lease and non-lease component based on the component's relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Some of our real estate leases contain variable lease payments, including payments based on the percentage increase in the Consumer Price Index for Urban Consumers (“CPI-U”). We used February 2019 CPI-U issued by the US Department of Labor’s Bureau of Labor Statistics to measure lease payments and calculate lease liabilities upon adoption of this standard. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded when incurred. We have a sub-lease at one of our warehouses. In accordance with the provisions of Topic 842, since we have not been relieved as the primary obligor of the warehouse lease, we cannot net the sublease income against our lease payment to calculate the lease liability and ROU asset. Our practice is to straight-line the sub-lease income over the term of the sublease. Our leases have remaining lease terms of less than one year to ten years, some of which include options to extend the leases for up to ten years. We have elected not to recognize ROU assets and lease liabilities that arise from short term leases for any class of underlying asset. Short term leases are leases with lease terms of 12 months or less with either (a) no renewal option or (b) a renewal option which we are not reasonably certain to exercise. |
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 acquisition, as well as the Bradington-Young and Sam Moore tradenames. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill, 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 seventy-four life insurance policies on certain of our current and former executives and other key employees. These policies had a carrying value of $26.7 million at January 30, 2022 and have a face value of approximately $55 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. |
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 2022, 2021 and 2020 were $1.9 million, $2.1 million, and $3.4 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 operations and comprehensive income. |
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. |
DOUBTFUL ACCOUNTS AND CUSTOME_2
DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Doubtful Accounts and Other Accounts Receivable Allowances [Table Text Block] | The activity in the allowance for doubtful accounts was: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Balance at beginning of year $ 2,338 $ 903 $ 908 Non-cash charges to cost and expenses (76 ) 1,262 417 Less uncollectible receivables written off, net of recoveries (246 ) 173 (422 ) Balance at end of year $ 2,016 $ 2,338 $ 903 Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Balance at beginning of year $ 6,993 $ 3,493 $ 4,267 Charges to cost and expenses 23,766 29,243 31,815 Less allowances applied (23,305 ) (25,666 ) (32,511 ) Less uncollectible receivables written off, net of recoveries (170 ) (77 ) (78 ) Balance at end of year $ 7,284 $ 6,993 $ 3,493 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | January 30, January 31, 2022 2021 Gross accounts receivable $ 83,027 $ 92,621 Customer allowances (7,284 ) (6,993 ) Allowance for doubtful accounts (2,016 ) (2,338 ) Trade accounts receivable $ 73,727 $ 83,290 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | January 30, January 31, 2022 2021 Finished furniture $ 89,066 $ 81,290 Furniture in process 2,314 1,397 Materials and supplies 13,179 9,639 Inventories at FIFO 104,559 92,326 Reduction to LIFO basis (29,536 ) (22,167 ) Inventories $ 75,023 $ 70,159 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives January 30, January 31, (In years) 2022 2021 Buildings and land improvements 15 - 30 $ 32,030 $ 31,316 Computer software and hardware 3 - 10 15,648 15,012 Machinery and equipment 10 10,390 9,314 Leasehold improvements Term of lease 10,984 10,005 Furniture and fixtures 3 - 8 5,829 2,614 Other 5 676 651 Total depreciable property at cost 75,557 68,912 Less accumulated depreciation (49,077 ) (44,098 ) Total depreciable property, net 26,480 24,814 Land 1,077 1,077 Construction-in-progress 501 889 Property, plant and equipment, net $ 28,058 $ 26,780 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. These costs are amortized over periods of ten years or less. Capitalized software is reported as a component of computer software and hardware above and on the property, plant, and equipment line of our consolidated balance sheets. The activity in capitalized software costs was: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Balance beginning of year $ 3,211 $ 4,277 $ 5,123 Additions 65 33 286 Amortization expense (1,053 ) (1,099 ) (1,132 ) Disposals - - - Balance end of year $ 2,223 $ 3,211 $ 4,277 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Details of our non-amortizable intangible assets are as follows: Fifty-Two Weeks Ended January 30, 2022 January 31, 2021 Non-amortizable Intangible Assets Segment Beginning Balance Impairment Charges Net Book Value Beginning Balance Impairment Charges Net Book Value Goodwill Domestic Upholstery $ 490 $ - $ 490 $ 16,871 $ (16,381 ) $ 490 Goodwill Home Meridian - - - 23,187 (23,187 ) - Total Goodwill 490 - 490 40,058 (39,568 ) 490 Trademarks and trade names - Home Meridian Home Meridian 6,650 - 6,650 11,400 (4,750 ) 6,650 Trademarks and trade names - Bradington-Young Domestic Upholstery 861 - 861 861 - 861 Trademarks and trade names - Sam Moore Domestic Upholstery 396 - 396 396 - 396 Total Trademarks and trade names $ 7,907 $ - $ 7,907 $ 12,657 $ (4,750 ) $ 7,907 Total non-amortizable assets $ 8,397 $ - $ 8,397 $ 52,715 $ (44,318 ) $ 8,397 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Our amortizable intangible assets are recorded in the Home Meridian and in Domestic Upholstery segments. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Trademarks Totals Balance at January 31, 2021 $ 17,672 $ 658 $ 18,330 Amortization (2,324 ) (60 ) (2,384 ) Balance at January 30, 2022 $ 15,348 $ 598 $ 15,946 |
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 2023 2,384 2024 2,384 2025 2,359 2026 2,359 2027 2,359 2028 and thereafter 4,101 $ 15,946 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Our assets measured at fair value on a recurring basis at January 30, 2022 and January 31, 2021, were as follows Fair value at January 30, 2022 Fair value at January 31, 2021 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 $ - $ 26,479 $ - $ 26,479 $ - $ 25,365 $ - $ 25,365 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease cost and supplemental cash flow information for leases in fiscal 2022, 2021 and 2020 were: Fifty-two Weeks Ended January 30, 2022 January 31, 2021 February 2, 2020 Operating lease cost $ 8,144 $ 8,367 $ 8,408 Variable lease cost 208 146 153 Short-term lease cost 117 291 581 Total operating lease cost $ 8,469 $ 8,804 $ 9,142 Operating cash outflows $ 7,730 $ 7,921 $ 8,725 |
Schedule of Right-of-Use Assets and Lease Liabilities [Table Text Block] | The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 30, 2022 and January 31, 2021 were: January 30, 2022 January 31, 2021 Real estate $ 50,749 $ 33,651 Property and equipment 1,105 962 Total operating leases right-of-use assets $ 51,854 $ 34,613 Current portion of operating lease liabilities $ 7,471 $ 6,650 Long term operating lease liabilities 46,570 29,441 Total operating lease liabilities $ 54,041 $ 36,091 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the consolidated balance sheet at January 30, 2022: Fiscal Year Undiscounted Future Operating Lease Payments 2023 $ 8,414 2024 7,098 2025 7,140 2026 7,213 2027 6,850 2028 and thereafter 21,805 Total lease payments $ 58,520 Less: impact of discounting (4,479 ) Present value of lease payments $ 54,041 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |
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) January 30, January 31, 2022 2021 Change in benefit obligation: Beginning projected benefit obligation $ 10,572 $ 10,256 Service cost 133 128 Interest cost 178 249 Benefits paid (904 ) (591 ) Actuarial (gain)/ loss (553 ) 530 Ending projected benefit obligation (funded status) $ 9,426 $ 10,572 Accumulated benefit obligation $ 9,277 $ 10,421 Discount rate used to value the ending benefit obligations: 1.75 % 1.75 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 877 $ 877 Non-current liabilities (Deferred compensation line) 8,549 9,695 Total $ 9,426 $ 10,572 SERP (Supplemental Executive Retirement Plan) January 30, January 31, 2022 2021 Change in benefit obligation: Beginning projected benefit obligation $ 1,681 $ 1,860 Service cost - - Interest cost 34 46 Benefits paid (145 ) (158 ) Actuarial (gain)/loss (39 ) (67 ) Ending projected benefit obligation (funded status) $ 1,531 $ 1,681 Accumulated benefit obligation $ 1,531 $ 1,681 Discount rate used to value the ending benefit obligations: 2.10 % 2.10 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 156 $ 156 Non-current liabilities (Deferred compensation line) 1,375 1,525 Total $ 1,531 $ 1,681 |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Net periodic benefit cost Service cost $ 133 $ 128 $ 104 Interest cost 178 249 351 Net loss 402 338 149 Net periodic benefit cost $ 713 $ 715 $ 604 Other changes recognized in accumulated other comprehensive income Net (gain) / loss arising during period (553 ) 530 716 Amortizations: Gain (loss) (402 ) (338 ) (149 ) Total recognized in other comprehensive loss (income) (955 ) 192 567 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (242 ) $ 907 $ 1,171 Assumptions used to determine net periodic benefit cost: Discount rate 1.75 % 2.50 % 3.75 % Increase in future compensation levels 4.00 % 4.00 % 4.00 % Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Net periodic benefit cost Service cost $ - $ - $ - Interest cost 34 46 67 Net gain - (5 ) Net periodic benefit cost $ 34 $ 46 $ 62 Other changes recognized in accumulated other comprehensive income Net (gain)/loss arising during period (39 ) (67 ) 168 Amortizations: Gain (Loss) - - 5 Total recognized in other comprehensive loss (income) (39 ) (67 ) 173 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (5 ) $ (21 ) $ 235 Assumptions used to determine net periodic benefit cost: Discount rate 2.80 % 2.60 % 3.90 % Increase in future compensation levels N/A N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2023 $ 877 Fiscal 2024 957 Fiscal 2025 957 Fiscal 2026 957 Fiscal 2027 783 Fiscal 2028 through fiscal 2032 4,126 |
Pension Plan [Member] | |
EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2023 $ 155 Fiscal 2024 151 Fiscal 2025 145 Fiscal 2026 139 Fiscal 2027 133 Fiscal 2028 through fiscal 2032 553 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Restricted Stock [Member] | |
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 January 30, 2022: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Shares Per Share Fair Value Recognized January 30, 2022 Previous Awards (vested) $ 2,580 Restricted shares Issued on April 17, 2019 15,939 29.80 475 356 21 Forfeited (3,275 ) (98 ) Partial vested due to separation (415 ) Restricted shares Issued on May 8, 2019 1,027 29.21 30 27 3 Restricted shares Issued on April 7, 2020 23,484 13.92 327 167 108 Forfeited (3,718 ) (52 ) Restricted shares Issued on October 19, 2020 1,022 29.34 30 13 17 Restricted shares Issued on April 8, 2021 16,613 37.20 618 154 402 Forfeited (1,677 ) (62 ) Restricted shares Issued on June 3, 2021 12,000 40.00 480 279 141 Forfeited (1,500 ) (60 ) Awards outstanding at January 30, 2022: 59,500 $ 1,688 $ 996 $ 692 |
Restricted Stock Units (RSUs) [Member] | |
SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table presents RSU activities for the year ended January 30, 2022: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 30, 2022 Previous Awards (vested) $ 1,062 RSUs Awarded on April 17, 2019 10,196 28.05 286 178 12 Forfeited (3,436 ) (96 ) Partial vested due to separation (2,549 ) RSUs Awarded on April 7, 2020 17,672 $ 12.01 212 76 50 Forfeited (7,183 ) (86 ) Partial vested due to separation (1,437 ) RSUs Awarded on April 8, 2021 8,186 35.05 287 61 160 Forfeited (1,882 ) (66 ) RSUs for retention Awarded on April 8, 2021 4,865 35.05 171 31 83 Forfeited (1,613 ) (57 ) Awards outstanding at January 30, 2022: 22,819 $ 651 $ 346 $ 305 |
Performance Shares [Member] | |
SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | We have issued Performance-based Restricted Stock Units (“PSUs”) to our named executive officers since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock. Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 30, 2022 Previous Awards (vested) - PSUs Awarded on April 7, 2020 69,075 13.92 962 409 128 Forfeited (30,532 ) (425 ) PSUs Awarded on April 8, 2021 20,243 37.20 753 204 409 Forfeited (3,764 ) (140 ) Awards outstanding at January 30, 2022: 55,022 $ 1,150 $ 613 $ 537 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Earnings Per Share [Abstract] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | 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 and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: January 30, January 31, February 2, 2022 2021 2020 Restricted shares 59,500 54,747 45,946 RSUs and PSUs 77,841 140,911 73,060 137,341 195,658 119,006 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Net income/(loss) $ 11,718 $ (10,426 ) $ 17,083 Less: Dividends on unvested restricted shares 46 36 25 Net earnings allocated to unvested restricted stock 61 - 60 Earnings available for common shareholders $ 11,611 $ (10,462 ) $ 16,998 Weighted average shares outstanding for basic earnings per share 11,852 11,822 11,784 Dilutive effect of unvested restricted stock awards 118 * 54 Weighted average shares outstanding for diluted earnings per share 11,970 11,822 11,838 Basic earnings/(loss) per share $ 0.99 $ (0.88 ) $ 1.44 Diluted earnings/(loss) per share $ 0.97 $ (0.88 ) $ 1.44 *Due to the fiscal 2021 net loss, approximately 119,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our provision for income taxes was as follows for the periods indicated: Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Current expense Federal $ 650 $ 5,858 $ 2,312 Foreign 107 108 255 State 307 1,154 334 Total current expense 1,064 7,120 2,901 Deferred taxes Federal 1,980 (9,554 ) 1,645 State 344 (1,708 ) 298 Total deferred taxes 2,324 (11,262 ) 1,943 Income tax expense / (benefit) $ 3,388 $ (4,142 ) $ 4,844 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate differed from the federal statutory tax rate as follows for the period Fifty-Two Weeks Ended January 30, January 31, February 2, 2022 2021 2020 Income taxes at statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 3.4 3.0 2.4 Officer's life insurance -1.3 1.7 -1.1 Expiration of capital loss 2.0 0.0 0.0 Change in valuation allowance -1.9 0.0 0.0 Consolidated Appropriation Act provisions 0.0 1.8 0.0 Other -0.8 0.9 -0.2 Effective income tax rate 22.4 % 28.4 % 22.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax January 30, January 31, 2022 2021 Assets Intangible assets $ 7,212 $ 8,057 Deferred compensation 2,807 2,765 Allowance for bad debts 2,079 2,235 Employee benefits 643 848 Loss and credit carryover 88 411 Accrued liabilities 320 511 Deferred rent 618 444 Other 194 369 Total deferred tax assets 13,961 15,640 Valuation allowance (88 ) (411 ) 13,873 15,229 Liabilities Property, plant and equipment 1,361 775 Inventories 900 281 Total deferred tax liabilities 2,261 1,056 Net deferred tax assets $ 11,612 $ 14,173 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
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. Prior-year information has been recast to reflect the changes in segments discussed above. Fifty-Two Weeks Ended January 30, 2022 January 31, 2021 February 2, 2020 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 200,692 33.8 % $ 162,442 30.1 % $ 161,990 26.4 % Home Meridian 278,902 47.0 % 282,423 52.3 % 340,630 55.8 % Domestic Upholstery 102,283 17.2 % 83,678 15.5 % 95,670 15.7 % All Other 11,735 2.0 % 11,538 2.1 % 12,534 2.1 % Consolidated $ 593,612 100 % $ 540,081 100 % $ 610,824 100 % Gross Profit Hooker Branded $ 63,146 31.5 % $ 51,832 31.9 % $ 51,462 31.8 % Home Meridian 15,213 5.5 % 39,832 14.1 % 36,936 10.8 % Domestic Upholstery 19,471 19.0 % 17,121 20.5 % 21,120 22.1 % All Other 3,872 33.0 % 3,963 34.4 % 4,440 35.4 % Consolidated $ 101,702 17.1 % $ 112,748 20.9 % $ 113,958 18.7 % Operating Income/(Loss) Hooker Branded $ 30,667 15.3 % $ 22,827 14.1 % $ 21,512 13.3 % Home Meridian (21,260 ) -7.6 % (26,071 ) -9.2 % (7,169 ) -2.1 % Domestic Upholstery 4,304 4.2 % (12,418 ) -14.8 % 6,637 6.9 % All Other 1,132 9.6 % 1,298 11.3 % 1,727 13.8 % Consolidated $ 14,843 2.5 % $ (14,364 ) -2.7 % $ 22,707 3.7 % Capital Expenditures Hooker Branded $ 558 $ 377 $ 690 Home Meridian 4,829 347 496 Domestic Upholstery 1,295 475 3,914 All Other 10 11 29 Consolidated $ 6,692 $ 1,210 $ 5,129 Depreciation & Amortization Hooker Branded $ 2,530 $ 1,809 $ 1,930 Home Meridian 2,594 2,160 2,218 Domestic Upholstery 2,678 2,797 2,938 All Other 12 12 14 Consolidated $ 7,814 $ 6,778 $ 7,100 |
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. Prior-year information has been recast to reflect the changes in segments discussed above. As of January 30, As of January 31, 2022 %Total 2021 %Total Assets Assets Assets Hooker Branded $ 170,968 48.8 % $ 174,475 53.5 % Home Meridian 130,890 37.4 % 100,497 30.9 % Domestic Upholstery 47,232 13.5 % 49,370 15.2 % All Other 1,126 0.3 % 1,204 0.4 % Consolidated Assets $ 350,216 100 % $ 325,546 100 % Consolidated Goodwill and Intangibles 24,343 26,727 Total Consolidated Assets $ 374,559 $ 352,273 |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by product type are as follows: Net Sales (in thousands) Fiscal 2022 2021 2020 Casegoods $ 348,548 59 % $ 329,906 61 % $ 397,192 65 % Upholstery 245,064 41 % 210,175 39 % 213,632 35 % $ 593,612 100 % $ 540,081 100 % $ 610,824 100 % |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Jan. 30, 2022 | |
Subsequent Events [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase price consideration Cash paid for assets acquired $ 23,500 Net working capital excess to working capital target 411 Escrow Fee (1 ) Earnout 4,000 Total purchase price $ 27,910 Fair value estimates of assets acquired and liabilities assumed: Net working capital $ 578 Fixed assets 101 Intangible assets 8,170 Goodwill 19,061 Total purchase price $ 27,910 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | ||
Jan. 30, 2022USD ($) | Jan. 31, 2021USD ($) | Feb. 02, 2020USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number of Reportable Segments | 3 | ||
Lessee, Operating Lease, Renewal Term | 10 years | ||
Number of Life Insurance Policies | 74 | ||
Cash Surrender Value, Fair Value Disclosure | $ 26.7 | ||
Life Settlement Contracts, Fair Value Method, Face Value | 55 | ||
Advertising Expense | $ 1.9 | $ 2.1 | $ 3.4 |
London Interbank Offered Rate (LIBOR) [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Operating Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 1.50% |
DOUBTFUL ACCOUNTS AND CUSTOME_3
DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Allowance for Doubtful Accounts [Abstract] | |||
Balance at beginning of year | $ 2,338 | $ 903 | $ 908 |
Non-cash charges to cost and expenses | (76) | 1,262 | 417 |
Less uncollectible receivables written off, net of recoveries | (246) | 173 | (422) |
Balance at end of year | 2,016 | 2,338 | 903 |
Balance at beginning of year | 6,993 | 3,493 | 4,267 |
Charges to cost and expenses | 23,766 | 29,243 | 31,815 |
Less allowances applied | (23,305) | (25,666) | (32,511) |
Less uncollectible receivables written off, net of recoveries | (170) | (77) | (78) |
Balance at end of year | $ 7,284 | $ 6,993 | $ 3,493 |
ACCOUNTS RECEIVABLE (Details) -
ACCOUNTS RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | Feb. 03, 2019 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract] | ||||
Gross accounts receivable | $ 83,027 | $ 92,621 | ||
Customer allowances | (7,284) | (6,993) | $ (3,493) | $ (4,267) |
Allowance for doubtful accounts | (2,016) | (2,338) | $ (903) | $ (908) |
Trade accounts receivable | $ 73,727 | $ 83,290 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
INVENTORIES (Details) [Line Items] | |||
Net income FIFO inventory method | $ 17,400 | $ 11,100 | $ 19,500 |
Inventory, LIFO Reserve, Period Charge | 7,400 | 1,300 | $ 3,100 |
Inventory, Finished Goods, Gross | 89,066 | 81,290 | |
Finished Furniture, Consigned Inventories [Member] | |||
INVENTORIES (Details) [Line Items] | |||
Inventory, Finished Goods, Gross | 8,900 | 6,700 | |
China and Vietnam [Member] | |||
INVENTORIES (Details) [Line Items] | |||
Other Inventory, Inventory at off Site Premises, Gross | $ 11,100 | $ 11,300 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jan. 30, 2022 | Jan. 31, 2021 |
Schedule of Inventory, Current [Abstract] | ||
Finished furniture | $ 89,066 | $ 81,290 |
Furniture in process | 2,314 | 1,397 |
Materials and supplies | 13,179 | 9,639 |
Inventories at FIFO | 104,559 | 92,326 |
Reduction to LIFO basis | (29,536) | (22,167) |
Inventories | $ 75,023 | $ 70,159 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Depreciation | $ 5.4 | $ 4.4 | $ 4.7 |
Computer Software and Hardware [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2022 | Jan. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 75,557 | $ 68,912 |
Less accumulated depreciation | (49,077) | (44,098) |
Total depreciable property, net | 26,480 | 24,814 |
Land | 1,077 | 1,077 |
Construction-in-progress | 501 | 889 |
Property, plant and equipment, net | 28,058 | 26,780 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 32,030 | 31,316 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 15 | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 30 | |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,648 | 15,012 |
Computer Software and Hardware [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 | |
Computer Software and Hardware [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 10 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 10,390 | 9,314 |
Property, Plant and Equipment, Depreciable Lives | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 10,984 | 10,005 |
Property, Plant and Equipment, Depreciable Lives | Term of lease | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,829 | 2,614 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 3 | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 8 | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 676 | $ 651 |
Property, Plant and Equipment, Depreciable Lives | 5 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Balance beginning of year | $ 3,211 | $ 4,277 | $ 5,123 |
Additions | 65 | 33 | 286 |
Amortization expense | (1,053) | (1,099) | (1,132) |
Disposals | 0 | 0 | |
Balance end of year | $ 2,223 | $ 3,211 | $ 4,277 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | $ 0 | $ 44,318 | $ 0 |
Goodwill [Member] | Home Meridian International [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | 23,200 | ||
Goodwill [Member] | Shenandoah Furniture, Inc, [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | 16,400 | ||
Trade Names [Member] | Home Meridian International [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | $ 4,800 |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Indefinite-Lived Intangible Assets - USD ($) | 12 Months Ended | |||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | Jan. 31, 2022 | |
Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 0 | $ (39,568,000) | $ 0 | |
Goodwill | 490,000 | 490,000 | $ 19,061 | |
Trademarks and trade names | 23,853,000 | 26,237,000 | ||
Total non-amortizable assets | 8,397,000 | 52,715,000 | ||
Total non-amortizable assets | 0 | (44,318,000) | 0 | |
Total non-amortizable assets | 8,397,000 | 8,397,000 | ||
Goodwill [Member] | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 40,058,000 | |||
Goodwill | 0 | (39,568,000) | ||
Goodwill | 490,000 | 490,000 | ||
Goodwill | 490,000 | 40,058,000 | ||
Goodwill [Member] | Home Meridian International [Member] | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 490,000 | 16,871,000 | ||
Goodwill | 0 | (16,381,000) | ||
Goodwill | 490,000 | 490,000 | ||
Goodwill | 490,000 | 16,871,000 | ||
Goodwill [Member] | Other Segments [Member] | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 23,187,000 | |||
Goodwill | 0 | (23,187,000) | ||
Goodwill | 0 | 0 | ||
Goodwill | 0 | 23,187,000 | ||
Trademarks and Trade Names [Member] | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Trademarks and trade names | 12,657,000 | |||
Trademarks and trade names | 0 | (4,750,000) | ||
Trademarks and trade names | 7,907,000 | 7,907,000 | ||
Trademarks and trade names | 7,907,000 | 12,657,000 | ||
Trademarks and Trade Names [Member] | Bradington-Young [Member] | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Trademarks and trade names | 861,000 | |||
Trademarks and trade names | 0 | 0 | ||
Trademarks and trade names | 861,000 | 861,000 | ||
Trademarks and trade names | 861,000 | 861,000 | ||
Trademarks and Trade Names [Member] | Sam Moore [Member] | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Trademarks and trade names | 396,000 | |||
Trademarks and trade names | 0 | 0 | ||
Trademarks and trade names | 396,000 | 396,000 | ||
Trademarks and trade names | 396,000 | 396,000 | ||
Trademarks and Trade Names [Member] | Home Meridian International [Member] | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Trademarks and trade names | 6,650,000 | 11,400,000 | ||
Trademarks and trade names | 0 | (4,750,000) | ||
Trademarks and trade names | $ 6,650,000 | 6,650,000 | ||
Trademarks and trade names | $ 6,650,000 | $ 11,400,000 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Finite-Lived Intangible Assets $ in Thousands | 12 Months Ended |
Jan. 30, 2022USD ($) | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | $ 17,672 |
Amortization | (2,324) |
Balance | 15,348 |
Order or Production Backlog [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 658 |
Amortization | (60) |
Balance | 598 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 18,330 |
Amortization | (2,384) |
Balance | $ 15,946 |
INTANGIBLE ASSETS AND GOODWIL_5
INTANGIBLE ASSETS AND GOODWILL (Details) - Finite-lived Intangible Assets Amortization Expense $ in Thousands | Jan. 30, 2022USD ($) |
Finite-lived Intangible Assets Amortization Expense [Abstract] | |
2023 | $ 2,384 |
2024 | 2,384 |
2025 | 2,359 |
2026 | 2,359 |
2027 | 2,359 |
2028 and thereafter | 4,101 |
$ 15,946 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 30, 2022 | Jan. 31, 2021 |
Assets measured at fair value | ||
Company-owned life insurance | $ 26,479 | $ 25,365 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 26,479 | 25,365 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | $ 0 | $ 0 |
LEASES (Details)
LEASES (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
LEASES (Details) [Line Items] | |||
Operating Leases, Income Statement, Sublease Revenue | $ 890,000 | $ 576,000 | $ 405,000 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 3 months 18 days | ||
Operating Leases of Lessee, Contingent Rentals, Description of Variable Rate Basis | incremental borrowing rate which is LIBOR plus 1.5% | ||
Operating Lease, Weighted Average Discount Rate, Percent | 1.91% | ||
Lessee, Operating Lease, Term of Contract | 10 years | ||
Operating Leases, Future Minimum Payments Due | $ 23,700,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
LEASES (Details) [Line Items] | |||
Operating Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 1.50% |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | $ 8,469 | $ 8,804 | $ 9,142 |
Operating cash outflows | 7,730 | 7,921 | 8,725 |
Operating Lease Costs [Member] | |||
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | 8,144 | 8,367 | 8,408 |
Variable Lease Cost [Member] | |||
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | 208 | 146 | 153 |
Leases Less Then 12 Months [Member] | |||
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | $ 117 | $ 291 | $ 581 |
LEASES (Details) - Schedule of
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities - USD ($) $ in Thousands | Jan. 30, 2022 | Jan. 31, 2021 |
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | $ 51,854 | $ 34,613 |
Current portion of operating lease liabilities | 7,471 | 6,650 |
Long term operating lease liabilities | 46,570 | 29,441 |
Total operating lease liabilities | 54,041 | 36,091 |
Real Estate [Member] | ||
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | 50,749 | 33,651 |
Property, Plant and Equipment [Member] | ||
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | $ 1,105 | $ 962 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Jan. 30, 2022 | Jan. 31, 2021 |
Lessee, Operating Lease, Liability, Maturity [Abstract] | ||
2023 | $ 8,414 | |
2024 | 7,098 | |
2025 | 7,140 | |
2026 | 7,213 | |
2027 | 6,850 | |
2028 and thereafter | 21,805 | |
Total lease payments | 58,520 | |
Less: impact of discounting | (4,479) | |
Present value of lease payments | $ 54,041 | $ 36,091 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) $ in Millions | 12 Months Ended |
Jan. 30, 2022USD ($) | |
LONG-TERM DEBT (Details) [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 27.9 |
Letters of Credit Outstanding, Amount | $ 7.1 |
New Unsecured Term Loan [Member] | Unsecured Debt [Member] | |
LONG-TERM DEBT (Details) [Line Items] | |
Debt Instrument, Covenant Description | Maintain a ratio of funded debt to EBITDA not exceeding 2.00:1.00. ● 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. They also limit our right to incur other indebtedness, make certain investments and create liens upon our assets, subject to certain exceptions, among other restrictions. They do 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 agreements. |
Line of Credit [Member] | |
LONG-TERM DEBT (Details) [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 35 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) | 12 Months Ended | ||
Jan. 30, 2022USD ($) | Jan. 31, 2021USD ($) | Feb. 02, 2020USD ($) | |
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,400,000 | $ 1,300,000 | $ 1,400,000 |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |||
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] | |||
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 in Calculation, Description | For the SERP, the discount rate assumption used to measure the projected benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by our actuary, Aon (“Aon”) and the plan’s projected cash flows, rounded to the nearest 10 bps. | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.10% | 2.10% | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 39,000 | $ 67,000 | |
Defined Benefit Plan, Plan Assets, Change in Valuation Technique and Input, Description | At January 31, 2021, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.10%. This rate was used to value the ending benefit obligations. At January 30, 2022, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.80%. The change in the discount rate from 2.10% to 2.80% decreased liabilities. | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 39,000 | $ 67,000 | (168,000) |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Benefit Plan, Assumptions Used in Calculation, Description | the discount rate used to determine the fiscal 2022 net periodic cost was 1.75%, based on the Mercer yield curve and the plan’s expected benefit payments. | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.75% | 1.75% | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 553,000 | $ (530,000) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (237,000) | (338,000) | |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 83,310 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 553,000 | $ (530,000) | $ (716,000) |
EMPLOYEE BENEFIT PLANS (Detai_2
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance projected benefit obligation | $ 10,572 | $ 10,256 | |
Accumulated benefit obligation | $ 9,277 | $ 10,421 | |
Discount rate used to value the ending benefit obligations: | 1.75% | 1.75% | |
Service cost | $ 133 | $ 128 | $ 104 |
Interest cost | 178 | 249 | 351 |
Benefits paid | (904) | (591) | |
Actuarial (gain)/ loss | (553) | 530 | |
Ending projected benefit obligation (funded status) | 9,426 | 10,572 | 10,256 |
Current liabilities (Accrued salaries, wages and benefits line) | 877 | 877 | |
Non-current liabilities (Deferred compensation line) | 8,549 | 9,695 | |
Total | 9,426 | 10,572 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance projected benefit obligation | 1,681 | 1,860 | |
Accumulated benefit obligation | $ 1,531 | $ 1,681 | |
Discount rate used to value the ending benefit obligations: | 2.10% | 2.10% | |
Service cost | $ 0 | $ 0 | 0 |
Interest cost | 34 | 46 | 67 |
Benefits paid | (145) | (158) | |
Actuarial (gain)/ loss | (39) | (67) | |
Ending projected benefit obligation (funded status) | 1,531 | 1,681 | $ 1,860 |
Current liabilities (Accrued salaries, wages and benefits line) | 156 | 156 | |
Non-current liabilities (Deferred compensation line) | 1,375 | 1,525 | |
Total | $ 1,531 | $ 1,681 |
EMPLOYEE BENEFIT PLANS (Detai_3
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs [Line Items] | |||
Service cost | $ 133 | $ 128 | $ 104 |
Interest cost | 178 | 249 | 351 |
Net Gain (Loss) | 402 | 338 | 149 |
Net periodic benefit cost | 713 | 715 | 604 |
Net loss (gain) arising during period | (553) | 530 | 716 |
Gain (Loss) | (402) | (338) | (149) |
Total recognized in other comprehensive loss (income) | (955) | 192 | 567 |
Total recognized in other comprehensive loss (income) accumulated other comprehensive income | $ (242) | $ 907 | $ 1,171 |
Discount rate | 1.75% | 2.50% | 3.75% |
Increase in future compensation levels | 4.00% | 4.00% | 4.00% |
Supplemental Employee Retirement Plan [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 34 | 46 | 67 |
Net Gain (Loss) | 0 | 0 | (5) |
Net periodic benefit cost | 34 | 46 | 62 |
Net loss (gain) arising during period | (39) | (67) | 168 |
Gain (Loss) | 0 | 0 | 5 |
Total recognized in other comprehensive loss (income) | (39) | (67) | 173 |
Total recognized in other comprehensive loss (income) accumulated other comprehensive income | $ (5) | $ (21) | $ 235 |
Discount rate | 2.80% | 2.60% | 3.90% |
Increase in future compensation levels |
EMPLOYEE BENEFIT PLANS (Detai_4
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Supplemental Retirement Income Plan ("SRIP") [Member] $ in Thousands | Jan. 30, 2022USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2023 | $ 877 |
Fiscal 2024 | 957 |
Fiscal 2025 | 957 |
Fiscal 2026 | 957 |
Fiscal 2027 | 783 |
Fiscal 2028 through fiscal 2032 | $ 4,126 |
EMPLOYEE BENEFIT PLANS (Detai_5
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Pension Plan [Member] $ in Thousands | Jan. 30, 2022USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2023 | $ 155 |
Fiscal 2024 | 151 |
Fiscal 2025 | 145 |
Fiscal 2026 | 139 |
Fiscal 2027 | 133 |
Fiscal 2028 through fiscal 2032 | $ 553 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) | Jun. 03, 2021 | Apr. 08, 2021 | Oct. 19, 2020 | Jun. 16, 2020 | Apr. 07, 2020 | Jun. 17, 2019 | May 08, 2019 | Apr. 17, 2019 | Jan. 30, 2022 | Jan. 31, 2021 |
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] | ||||||||||
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 | $ 40 | $ 37.2 | $ 29.34 | $ 19.2 | $ 13.92 | $ 19.87 | $ 29.21 | $ 29.77 | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantDateFairValue (in Dollars) | $ 1,700,000 | |||||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | 996,000 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars) | $ 692,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award | 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 | |||||||||
Restricted Stock [Member] | Vested Awards [Member] | ||||||||||
SHARE-BASED COMPENSATION (Details) [Line Items] | ||||||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | $ 2,600,000 |
SHARE-BASED COMPENSATION (Det_2
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. 03, 2021 | Apr. 08, 2021 | Oct. 19, 2020 | Jun. 16, 2020 | Apr. 07, 2020 | Jun. 17, 2019 | May 08, 2019 | Apr. 17, 2019 | May 07, 2019 | Jun. 02, 2021 | Oct. 18, 2020 | Jan. 30, 2022 | Jan. 30, 2022 | Apr. 16, 2019 |
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) | 59,500 | 59,500 | ||||||||||||
Aggregate Grant-Date Fair Value, Balance | $ 1,688,000 | $ 1,688,000 | ||||||||||||
Compensation Expense Recognized, Balance | 996,000 | $ 2,580,000 | ||||||||||||
Grant-Date Fair Value Unrecognized, Balance | $ 692,000 | $ 692,000 | ||||||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 40 | $ 37.2 | $ 29.34 | $ 19.2 | $ 13.92 | $ 19.87 | $ 29.21 | $ 29.77 | ||||||
Whole Number of Shares, Forfeited (in Shares) | (3,275) | (1,677) | (3,718) | (1,500) | ||||||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (98,000) | $ (62,000) | $ (52,000) | $ (60,000) | ||||||||||
Partial vested due to separation (in Shares) | (415) | |||||||||||||
April 17, 2019 [Member] | ||||||||||||||
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) | 15,939 | |||||||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 29.8 | |||||||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 475,000 | |||||||||||||
Compensation Expense Recognized, Restricted shares Issued | 356,000 | |||||||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 21,000 | |||||||||||||
May 8, 2019 [Member] | ||||||||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | ||||||||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 1,027 | |||||||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 29.21 | |||||||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 30,000 | |||||||||||||
Compensation Expense Recognized, Restricted shares Issued | 27,000 | |||||||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 3,000 | |||||||||||||
April 7, 2020 [Member] | ||||||||||||||
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) | 23,484 | |||||||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 13.92 | |||||||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 327,000 | |||||||||||||
Compensation Expense Recognized, Restricted shares Issued | 167,000 | |||||||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 108,000 | |||||||||||||
October 19, 2020 [Member] | ||||||||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | ||||||||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 1,022 | |||||||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 29.34 | |||||||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 30,000 | |||||||||||||
Compensation Expense Recognized, Restricted shares Issued | 13,000 | |||||||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 17,000 | |||||||||||||
April 8, 2021 [Member] | ||||||||||||||
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) | 16,613 | |||||||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 37.2 | |||||||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 618,000 | |||||||||||||
Compensation Expense Recognized, Restricted shares Issued | 154,000 | |||||||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 402,000 | |||||||||||||
June 3, 2021 [Member] | ||||||||||||||
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) | 12,000 | |||||||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 40 | |||||||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 480,000 | |||||||||||||
Compensation Expense Recognized, Restricted shares Issued | 279,000 | |||||||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 141,000 |
SHARE-BASED COMPENSATION (Det_3
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, $ in Thousands | Apr. 08, 2021 | Apr. 07, 2020 | Apr. 17, 2019 | Jan. 30, 2022 | Jan. 30, 2022 | Apr. 07, 2021 | Apr. 06, 2020 | Apr. 16, 2019 |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | ||||||||
Whole Number of Units (in Shares) | 8,186,000 | 17,672,000 | 10,196,000 | 22,819,000 | 22,819,000 | |||
Grant-Date Fair Value (in Dollars per share) | $ 35.05 | $ 12.01 | $ 28.05 | |||||
Aggregate Grant-Date Fair Value | $ 287 | $ 212 | $ 286 | $ 651 | ||||
Compensation Expense Recognized | 61 | 76 | 178 | 346 | $ 1,062 | |||
Grant-Date Fair Value Unrecognized | $ 160 | $ 50 | $ 12 | $ 305 | $ 305 | |||
Forfeited, Whole Number of Units (in Shares) | (1,882,000) | (1,613,000) | (7,183,000) | (3,436,000) | ||||
Forfeited, Aggregate Grant-Date Fair Value | $ (66) | $ (57) | $ (86) | $ (96) | ||||
Partial vested due to separation (in Shares) | (1,437,000) | (2,549,000) | ||||||
Retention Award [Member] | ||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | ||||||||
Whole Number of Units (in Shares) | 4,865,000 | |||||||
Grant-Date Fair Value (in Dollars per share) | $ 35.05 | |||||||
Aggregate Grant-Date Fair Value | $ 171 | |||||||
Compensation Expense Recognized | 31 | |||||||
Grant-Date Fair Value Unrecognized | $ 83 |
SHARE-BASED COMPENSATION (Det_4
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity - Performance Shares [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Jan. 30, 2022USD ($)$ / sharesshares | |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |
PSUs Awarded, Whole Number of Units (in Shares) | shares | 55,022 |
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 1,150 |
PSUs Awarded, Compensation Expense Recognized | 613 |
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 537 |
April 7, 2020 [Member] | |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |
PSUs Awarded, Whole Number of Units (in Shares) | shares | 69,075 |
PSUs Awarded, Grant-Date Fair Value Per Unit (in Dollars per share) | $ / shares | $ 13.92 |
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 962 |
PSUs Awarded, Compensation Expense Recognized | 409 |
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 128 |
Forfeited, Whole Number of Units (in Shares) | shares | (3,764) |
Forfeited, Aggregate Grant-Date Fair Value | $ (140) |
April 17, 2019 [Member] | |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |
PSUs Awarded, Whole Number of Units (in Shares) | shares | 20,243 |
PSUs Awarded, Grant-Date Fair Value Per Unit (in Dollars per share) | $ / shares | $ 37.2 |
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 753 |
PSUs Awarded, Compensation Expense Recognized | 204 |
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 409 |
Forfeited, Whole Number of Units (in Shares) | shares | (30,532) |
Forfeited, Aggregate Grant-Date Fair Value | $ (425) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 118,000 | 119,000 | 54,000 |
EARNINGS PER SHARE (Details) -
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 |
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 137,341 | 195,658 | 119,006 |
Restricted Stock [Member] | |||
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 59,500 | 54,747 | 45,946 |
Restricted Stock Units (RSUs) and Performance Shares (PSUs) [Member] | |||
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 77,841 | 140,911 | 73,060 |
EARNINGS PER SHARE (Details) _2
EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||
Net income/(loss) | $ 11,718 | $ (10,426) | $ 17,083 |
Less: Dividends on unvested restricted shares | 46 | 36 | 25 |
Net earnings allocated to unvested restricted stock | 61 | 0 | 60 |
Earnings available for common shareholders | $ 11,611 | $ (10,462) | $ 16,998 |
earnings per share (in Shares) | 11,852,000 | 11,822,000 | 11,784,000 |
Dilutive effect of unvested restricted stock awards (in Shares) | 118,000 | 119,000 | 54,000 |
earnings per share (in Shares) | 11,970,000 | 11,822,000 | 11,838,000 |
Basic earnings/(loss) per share (in Dollars per share) | $ 0.99 | $ (0.88) | $ 1.44 |
Diluted earnings/(loss) per share (in Dollars per share) | $ 0.97 | $ (0.88) | $ 1.44 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Income Tax Disclosure [Abstract] | |||
Other Income Tax Expense (Benefit), Continuing Operations | $ 3,600,000 | $ 4,200,000 | $ 4,500,000 |
Income Tax Expense (Benefit) | 3,388,000 | (4,142,000) | 4,844,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 200,000 | 30,000 | $ 300,000 |
Deferred Tax Assets Liabilities, Net AOCI | 11,600,000 | $ 14,200,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 323,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 88,000 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Current expense | |||
Federal | $ 650 | $ 5,858 | $ 2,312 |
Foreign | 107 | 108 | 255 |
State | 307 | 1,154 | 334 |
Total current expense | 1,064 | 7,120 | 2,901 |
Deferred taxes | |||
Federal | 1,980 | (9,554) | 1,645 |
State | 344 | (1,708) | 298 |
Total deferred taxes | 2,324 | (11,262) | 1,943 |
Income tax expense / (benefit) | $ 3,388 | $ (4,142) | $ 4,844 |
INCOME TAXES (Details) - Sche_2
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||
Income taxes at statutory rate | 21.00% | 21.00% | 21.00% |
State taxes, net of federal benefit | 3.40% | 3.00% | 2.40% |
Officer's life insurance | (1.30%) | 1.70% | (1.10%) |
Expiration of capital loss | 2.00% | 0.00% | 0.00% |
Change in valuation allowance | (1.90%) | 0.00% | 0.00% |
Consolidated Appropriation Act provisions | 0.00% | 1.80% | 0.00% |
Other | (0.80%) | 0.90% | (0.20%) |
Effective income tax rate | 22.40% | 28.40% | 22.10% |
INCOME TAXES (Details) - Sche_3
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 |
Assets | |||
Intangible assets | $ 7,212 | $ 8,057 | |
Deferred compensation | 2,807 | 2,765 | |
Allowance for bad debts | 2,079 | 2,235 | |
Employee benefits | 643 | 848 | |
Loss and credit carryover | 88 | 411 | |
Accrued liabilities | 320 | 511 | |
Deferred rent | 618 | 444 | |
Other | 194 | 369 | |
Total deferred tax assets | 13,961 | 15,640 | |
Valuation allowance | (88) | (411) | |
13,873 | 15,229 | ||
Liabilities | |||
Property, plant and equipment | 1,361 | 775 | |
Inventories | 900 | 281 | |
Total deferred tax liabilities | 2,261 | 1,056 | |
Net deferred tax assets | $ 11,612 | $ 14,173 | $ 14,173 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | 3 | ||
Consolidated Net Sales, Percent of International Customers | 2.00% | 2.00% | 1.60% |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Segment Reporting Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 593,612 | $ 540,081 | $ 610,824 |
% of Net Sales | 100.00% | 100.00% | 100.00% |
Gross Profit | |||
Gross Profit | $ 101,702 | $ 112,748 | $ 113,958 |
% of Net Sales, Gross Profit | 17.10% | 20.90% | 18.70% |
Operating Income/(Loss) | |||
Operating Income | $ 14,843 | $ (14,364) | $ 22,707 |
% of Net Sales, Operating Income | 2.50% | (2.70%) | 3.70% |
Capital Expenditures | |||
Capital Expenditures | $ 6,692 | $ 1,210 | $ 5,129 |
Depreciation & Amortization | |||
Depreciation & Amortization | 7,814 | 6,778 | 7,100 |
Hooker Branded [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 200,692 | $ 162,442 | $ 161,990 |
% of Net Sales | 33.80% | 30.10% | 26.40% |
Gross Profit | |||
Gross Profit | $ 63,146 | $ 51,832 | $ 51,462 |
% of Net Sales, Gross Profit | 31.50% | 31.90% | 31.80% |
Operating Income/(Loss) | |||
Operating Income | $ 30,667 | $ 22,827 | $ 21,512 |
% of Net Sales, Operating Income | 15.30% | 14.10% | 13.30% |
Capital Expenditures | |||
Capital Expenditures | $ 558 | $ 377 | $ 690 |
Depreciation & Amortization | |||
Depreciation & Amortization | 2,530 | 1,809 | 1,930 |
Home Meridian International [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 278,902 | $ 282,423 | $ 340,630 |
% of Net Sales | 47.00% | 52.30% | 55.80% |
Gross Profit | |||
Gross Profit | $ 15,213 | $ 39,832 | $ 36,936 |
% of Net Sales, Gross Profit | 5.50% | 14.10% | 10.80% |
Operating Income/(Loss) | |||
Operating Income | $ (21,260) | $ (26,071) | $ (7,169) |
% of Net Sales, Operating Income | (7.60%) | (9.20%) | (2.10%) |
Capital Expenditures | |||
Capital Expenditures | $ 4,829 | $ 347 | $ 496 |
Depreciation & Amortization | |||
Depreciation & Amortization | 2,594 | 2,160 | 2,218 |
Upholstery [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 102,283 | $ 83,678 | $ 95,670 |
% of Net Sales | 17.20% | 15.50% | 15.70% |
Gross Profit | |||
Gross Profit | $ 19,471 | $ 17,121 | $ 21,120 |
% of Net Sales, Gross Profit | 19.00% | 20.50% | 22.10% |
Operating Income/(Loss) | |||
Operating Income | $ 4,304 | $ (12,418) | $ 6,637 |
% of Net Sales, Operating Income | 4.20% | (14.80%) | 6.90% |
Capital Expenditures | |||
Capital Expenditures | $ 1,295 | $ 475 | $ 3,914 |
Depreciation & Amortization | |||
Depreciation & Amortization | 2,678 | 2,797 | 2,938 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 11,735 | $ 11,538 | $ 12,534 |
% of Net Sales | 2.00% | 2.10% | 2.10% |
Gross Profit | |||
Gross Profit | $ 3,872 | $ 3,963 | $ 4,440 |
% of Net Sales, Gross Profit | 33.00% | 34.40% | 35.40% |
Operating Income/(Loss) | |||
Operating Income | $ 1,132 | $ 1,298 | $ 1,727 |
% of Net Sales, Operating Income | 9.60% | 11.30% | 13.80% |
Capital Expenditures | |||
Capital Expenditures | $ 10 | $ 11 | $ 29 |
Depreciation & Amortization | |||
Depreciation & Amortization | $ 12 | $ 12 | $ 14 |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Assets from Segments to Consolidated - USD ($) $ in Thousands | Jan. 30, 2022 | Jan. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 350,216 | $ 325,546 |
% Total Assets | 100.00% | 100.00% |
Consolidated Goodwill and Intangibles | $ 24,343 | $ 26,727 |
Total Consolidated Assets | 374,559 | 352,273 |
Hooker Branded [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 170,968 | $ 174,475 |
% Total Assets | 48.80% | 53.50% |
Home Meridian International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 130,890 | $ 100,497 |
% Total Assets | 37.40% | 30.90% |
Upholstery [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 47,232 | $ 49,370 |
% Total Assets | 13.50% | 15.20% |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 1,126 | $ 1,204 |
% Total Assets | 0.30% | 0.40% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Revenue from External Customer [Line Items] | |||
Net Sales | $ 593,612 | $ 540,081 | $ 610,824 |
% Total | 100.00% | 100.00% | 100.00% |
Casegoods [Member] | |||
Revenue from External Customer [Line Items] | |||
Net Sales | $ 348,548 | $ 329,906 | $ 397,192 |
% Total | 59.00% | 61.00% | 65.00% |
Upholstery [Member] | |||
Revenue from External Customer [Line Items] | |||
Net Sales | $ 245,064 | $ 210,175 | $ 213,632 |
% Total | 41.00% | 39.00% | 35.00% |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 10.1 | $ 10.7 | $ 11.2 |
Other Commitment, to be Paid, Year One | 9.5 | ||
Other Commitment, to be Paid, Year Two | 8.2 | ||
Other Commitment, to be Paid, Year Three | 8.3 | ||
Other Commitment, to be Paid, Year Four | 7.8 | ||
Letters of Credit Outstanding, Amount | $ 7.1 |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details) | 12 Months Ended |
Jan. 30, 2022 | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Imports, Countries | 9 |
Imports, Vendors | 5 |
Vietnam and China [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 88.00% |
Five Vendors [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 32.00% |
One Vendor [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 9.20% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 8.00% |
Concentration Risk, Customer | Our top five customers accounted for 26% of our fiscal 2022 consolidated sales |
Vietnam and China [Member] | Five Vendors [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 42.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Shenandoah Furniture, Inc, [Member] | 12 Months Ended |
Jan. 30, 2022USD ($) | |
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 | $ 784,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Mar. 01, 2022 | Jan. 31, 2022 |
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Dividends Payable, Date Declared | Mar. 1, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.2 | |
Dividends Payable, Date to be Paid | Mar. 31, 2022 | |
Dividends Payable, Date of Record | Mar. 17, 2022 | |
Sunset HWM, LLC [Member] | ||
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 23.5 | |
Business Combination, Contingent Consideration, Liability | 4 | |
Sunset HWM, LLC [Member] | Escrow Arrangement [Member] | ||
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 2 |
SUBSEQUENT EVENTS (Details) - S
SUBSEQUENT EVENTS (Details) - Schedule of Business Acquisitions, by Acquisition - USD ($) | Jan. 31, 2022 | Jan. 30, 2022 | Jan. 31, 2021 |
Schedule of Business Acquisitions, by Acquisition [Abstract] | |||
Cash paid for assets acquired | $ 23,500 | ||
Net working capital excess to working capital target | 411 | ||
Escrow Fee | (1) | ||
Earnout | 4,000 | ||
Purchase consideration | 27,910 | ||
Net working capital | 578 | ||
Fixed assets | 101 | ||
Intangible assets | 8,170 | ||
Goodwill | 19,061 | $ 490,000 | $ 490,000 |
Total | $ 27,910 |