Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 02, 2020 | Apr. 13, 2020 | Aug. 04, 2019 | |
Document Information Line Items | |||
Entity Registrant Name | Hooker Furniture Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 11,872,461 | ||
Entity Public Float | $ 229,400,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001077688 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Feb. 2, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Current assets | ||
Cash and cash equivalents | $ 36,031 | $ 11,435 |
Trade accounts receivable, net (See notes 6 and 7) | 87,653 | 112,557 |
Inventories (see note 8) | 92,813 | 105,204 |
Income tax recoverable | 751 | 0 |
Prepaid expenses and other current assets | 4,719 | 5,735 |
Total current assets | 221,967 | 234,931 |
Property, plant and equipment, net (See note 9) | 29,907 | 29,482 |
Cash surrender value of life insurance policies (See note 11) | 24,888 | 23,816 |
Deferred taxes (See note 17) | 2,880 | 4,522 |
Operating leases right-of-use assets (See note 12) | 39,512 | 0 |
Intangible assets, net (See note 10) | 33,371 | 35,755 |
Goodwill (See notes 4 and 10) | 40,058 | 40,058 |
Other assets | 1,125 | 1,152 |
Total non-current assets | 171,741 | 134,785 |
Total assets | 393,708 | 369,716 |
Current liabilities | ||
Current portion of term loans | 5,834 | 5,829 |
Trade accounts payable | 25,493 | 40,838 |
Accrued salaries, wages and benefits | 4,933 | 8,002 |
Income tax accrual (See note 17) | 0 | 3,159 |
Customer deposits | 3,351 | 3,023 |
Current portion of lease liabilities | 6,307 | 0 |
Other accrued expenses | 4,211 | 3,564 |
Total current liabilities | 50,129 | 64,415 |
Long term debt (See note 13) | 24,282 | 29,628 |
Deferred compensation (See note 14) | 11,382 | 11,513 |
Lease liabilities | 33,794 | 0 |
Other liabilities | 0 | 984 |
Total long-term liabilities | 69,458 | 42,125 |
Total liabilities | 119,587 | 106,540 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, 11,838 and 11,785 shares issued and outstanding on each date | 51,582 | 49,549 |
Retained earnings | 223,252 | 213,380 |
Accumulated other comprehensive (loss) income | (713) | 247 |
Total shareholders’ equity | 274,121 | 263,176 |
Total liabilities and shareholders’ equity | $ 393,708 | $ 369,716 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 11,838 | 11,785 |
Common stock, shares outstanding | 11,838 | 11,785 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Net sales | $ 610,824 | $ 683,501 | $ 620,632 |
Gross profit | 113,958 | 146,987 | 134,817 |
Selling and administrative expenses | 88,867 | 91,928 | 87,279 |
Intangible asset amortization | 2,384 | 2,384 | 2,084 |
Operating income | 22,707 | 52,675 | 45,454 |
Other income, net | 458 | 369 | 1,566 |
Interest expense, net | 1,238 | 1,454 | 1,248 |
Income before income taxes | 21,927 | 51,590 | 45,772 |
Income taxes | 4,844 | 11,717 | 17,522 |
Net income | $ 17,083 | $ 39,873 | $ 28,250 |
Earnings per share: | |||
Basic (in Dollars per share) | $ 1.44 | $ 3.38 | $ 2.42 |
Diluted (in Dollars per share) | $ 1.44 | $ 3.38 | $ 2.42 |
Weighted average shares outstanding: | |||
Basic (in Shares) | 11,784 | 11,759 | 11,633 |
Diluted (in Shares) | 11,838 | 11,783 | 11,663 |
Cash dividends declared per share (in Dollars per share) | $ 0.61 | $ 0.57 | $ 0.50 |
Cost of Sales [Member] | |||
Cost of sales | $ 496,866 | $ 536,014 | $ 485,815 |
Casualty Loss [Member] | |||
Cost of sales | $ 0 | $ 500 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Net Income | $ 17,083 | $ 39,873 | $ 28,250 |
Other comprehensive income (loss): | |||
Gain on pension plan settlement | (520) | 0 | 0 |
Income tax effect on settlement | 124 | 0 | 0 |
Amortization of actuarial (loss) gain | (740) | (305) | (144) |
Income tax effect on amortization | 176 | 73 | 26 |
Adjustments to net periodic benefit cost | (960) | (232) | (118) |
Reclassification of tax effects due to the adoption of ASU 2018-02 | 0 | 111 | 0 |
Total Comprehensive Income | $ 16,123 | $ 39,752 | $ 28,132 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Operating Activities: | |||
Net income | $ 17,083 | $ 39,873 | $ 28,250 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 7,100 | 7,442 | 6,647 |
Gain on pension settlement | (520) | 0 | 0 |
(Gain)/Loss on disposal of assets | (271) | (73) | 571 |
Proceeds from Casualty Loss | 0 | 409 | 0 |
Deferred income tax expense (benefit) | 1,940 | (1,221) | 4,110 |
Non-cash restricted stock and performance awards | 1,296 | 1,284 | 1,175 |
Provision for doubtful accounts and sales allowances | (435) | (799) | (531) |
Gain on life insurance policies | (831) | (748) | (582) |
Changes in assets and liabilities: | |||
Trade accounts receivable | 25,339 | (17,982) | 2,908 |
Inventories | 12,391 | (21,323) | (6,776) |
Income tax recoverable | (751) | 0 | 0 |
Prepaid expenses and other current assets | (557) | 267 | (1,067) |
Trade accounts payable | (15,349) | 8,130 | (4,623) |
Accrued salaries, wages and benefits | (3,070) | (1,643) | 129 |
Accrued income taxes | (3,159) | (672) | (612) |
Customer deposits | 328 | (1,270) | (339) |
Operating lease liabilities | 299 | 0 | 0 |
Other accrued expenses | 645 | 604 | (696) |
Deferred compensation | (49) | (2,757) | (1,151) |
Other long-term liabilities | 0 | 141 | 333 |
Net cash provided by operating activities | 41,429 | 9,662 | 27,746 |
Investing Activities: | |||
Acquisitions | 0 | 0 | (32,773) |
Purchases of property, plant and equipment | (5,129) | (5,214) | (3,166) |
Proceeds received on notes receivable | 1,449 | 119 | 120 |
Proceeds from sale of property and equipment | 16 | 11 | 9 |
Premiums paid on life insurance policies | (590) | (652) | (673) |
Proceeds received on life insurance policies | 0 | 1,225 | 0 |
Net cash used in investing activities | (4,254) | (4,511) | (36,483) |
Financing Activities: | |||
Proceeds from long-term debt | 0 | 0 | 12,000 |
Payments for long-term debt | (5,368) | (17,917) | (6,285) |
Debt issuance cost | 0 | 0 | (39) |
Cash dividends paid | (7,211) | (6,714) | (5,816) |
Net cash used in financing activities | (12,579) | (24,631) | (140) |
Net increase (decrease) in cash and cash equivalents | 24,596 | (19,480) | (8,877) |
Cash and cash equivalents at the beginning of year | 11,435 | 30,915 | 39,792 |
Cash and cash equivalents at the end of year | 36,031 | 11,435 | 30,915 |
Supplemental schedule of cash flow information: | |||
Interest paid, net | 993 | 1,338 | 1,135 |
Income taxes paid, net | 6,818 | 13,613 | 14,122 |
Supplemental schedule of noncash investing activities: | |||
Acquisition cost paid in common stock | 0 | 0 | 8,396 |
Increase in lease liabilities arising from obtaining right-of-use assets | 625 | 0 | 0 |
Increase in property and equipment through accrued purchases | $ 5 | $ 23 | $ 58 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Jan. 29, 2017 | $ 39,753 | $ 157,688 | $ 486 | $ 197,927 | |||
Balance (in Shares) at Jan. 29, 2017 | 11,563 | ||||||
Net income | 28,250 | 28,250 | |||||
Unrealized gain loss on defined benefit plan, net of tax | (118) | (118) | |||||
Cash dividends paid and accrued | (5,816) | (5,816) | |||||
Stock issued for acquisition | $ 8,396 | 8,396 | |||||
Stock issued for acquisition (in Shares) | 176 | ||||||
Restricted stock grants, net of forfeitures | $ 432 | 432 | |||||
Restricted stock grants, net of forfeitures (in Shares) | 23 | ||||||
Restricted stock compensation cost | $ 389 | 389 | |||||
Balance at Jan. 28, 2018 | $ 48,970 | 180,122 | 368 | 229,460 | |||
Balance (in Shares) at Jan. 28, 2018 | 11,762 | ||||||
Net income | 39,873 | 39,873 | |||||
Unrealized gain loss on defined benefit plan, net of tax | (232) | (232) | |||||
Cash dividends paid and accrued | (6,714) | (6,714) | |||||
Restricted stock grants, net of forfeitures | $ (30) | (30) | |||||
Restricted stock grants, net of forfeitures (in Shares) | 23 | ||||||
Restricted stock compensation cost | $ 609 | 609 | |||||
Balance at Feb. 03, 2019 | $ 49,549 | 213,380 | 247 | $ 263,176 | |||
Balance (in Shares) at Feb. 03, 2019 | 11,785 | 11,785 | |||||
Prior year adjustment for ASU 2014-09 and 2018-02 | $ 99 | $ 111 | $ 210 | $ 213,380 | |||
Net income | 17,083 | 17,083 | |||||
Gain on pension settlement, net of tax of $124 | (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 | 11,838 | |||||
Prior year adjustment for ASU 2014-09 and 2018-02 | $ 223,252 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Unrealized gain loss on defined benefit plan, tax | $ (176) | $ (73) | $ (26) |
Cash dividends paid and accrued, per share (in Dollars per share) | $ 0.61 | $ 0.57 | $ 0.50 |
Gain on pension settlement, tax | $ (124) | $ 0 | $ 0 |
RECENTLY ADOPTED ACCOUNTING STA
RECENTLY ADOPTED ACCOUNTING STANDARDS | 12 Months Ended |
Feb. 02, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | NOTE 1 – RECENTLY ADOPTED ACCOUNTING STANDARDS In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“Topic 842”), which requires lessees to recognize lease right-of-use assets and liabilities on-balance sheet and disclose key information about leasing arrangements. ASU 2016-02 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. We adopted Topic 842 standard on February 4, 2019 and used the effective date transition method. As a result, our condensed consolidated balance sheets prior to February 4, 2019 were not restated and continue to be reported under previous guidance that did not require the recognition of lease liabilities and corresponding lease assets on the condensed consolidated balance sheets. In addition, we have elected the package of practical expedients, which allowed us not to reassess prior conclusions related to the expired or existing leases, and not to reassess the accounting for initial direct costs. As a result of the adoption of Topic 842, we have operating lease right-of-use assets of $39.5 million and operating lease liabilities of $40.1 million as of February 2, 2020. The adoption of Topic 842 did not have a material impact on our condensed consolidated statements of income and condensed consolidated statement of cash flows for the fiscal 2020. See Note 12 for additional information and disclosures required by Topic 842. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Feb. 02, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Hooker Furniture Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture, hospitality and contract furniture for sale to wholesale and retail merchandisers located principally in North America. Consolidation The consolidated financial statements include the accounts of Hooker Furniture Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. Operating Segments As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments ■ better understand our performance; ■ better assess our prospects for future net cash flows; and ■ make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. For financial reporting purposes, we are organized into 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 Accounts receivable are reported net of the allowance for doubtful accounts and sales-related allowances. Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings or commercial purchasers of our hospitality and senior living products, and consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. We regularly review and revise accounts receivable for doubtful accounts and customer allowances based upon historical bad debts and customer allowances and any agreements with specific customers. If the financial condition of a customer or customers were to deteriorate, resulting in an impairment of their ability to make payments, additional bad debt allowances may be required. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. Business Combinations-Purchase Price Allocation For business combinations, we allocate the purchase price to the various tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. Determining the fair value of certain assets and liabilities acquired is subjective in nature and often involves the use of significant estimates and assumptions, which are inherently uncertain. Many of the estimates and assumptions used to determine fair values, such as those used for intangible assets, are made based on forecasted information and discount rates. To assist in the purchase price allocation process, as well as the estimate of remaining useful lives of acquired assets, we may engage a third-party appraisal firm. In addition, the judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. Fair Value Measurements We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ■ Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ■ Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ■ Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Fair Value of Financial Instruments The carrying value of certain of our financial instruments (cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. The carrying value of Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. See Note 11 for details. Inventories All inventories are stated at the lower of cost, or market value, with cost determined using the last-in, first-out (LIFO) method. Property, Plant and Equipment Property, plant and equipment are stated at cost, less allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. 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 has been, and we will continue 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 seven years, some of which include options to extend the leases for up to seven 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 and Home Meridian acquisitions, as well as the Bradington-Young and Sam Moore tradenames. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill, trademarks and trade names are tested for impairment annually as of the first day of our fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include, but are not limited to: ■ a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; ■ significant changes in demand for our products; ■ loss of key personnel; and ■ the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. The assumptions used to determine the fair value of our intangible assets are highly subjective and judgmental and include long-term growth rates, sales volumes, projected revenues, assumed royalty rates and factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets that may have a material-adverse effect on our results of operations and financial condition. Cash Surrender Value of Life Insurance Policies We own 78 life insurance policies on certain of our current and former executives and other key employees. These policies had a carrying value of $24.9 million at February 2, 2020 and have a face value of approximately $54 million as of that date. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently, the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. Substantially all of the cash value of our company owned life insurance is pledged as collateral for our secured term loan. Revenue Recognition We recognize revenue pursuant to Accounting Standards Codification 606, which requires revenue to be recognized at an amount that reflects the consideration we expect to be entitled to receive in exchange for transferring goods or services to our customers. Our policy is to record revenue when control of the goods transfers to the customer. We have a present right to payment at the time of shipment as customers are invoiced at that time. We believe the customer obtains control of goods at the time of shipment, which is typically when title passes. While the customer may not enjoy immediate physical possession of the products, the customers’ right to re-direct shipment indicates control. In the very limited instances when products are sold under consignment arrangements, we do not recognize revenue until control over such products has transferred to the end consumer. Orders are generally non-cancellable once loaded into a shipping trailer or container. The transaction price for each contract is the stated price of the product, reduced by any stated discounts or allowances at that point in time. We do not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit contract with the customer, as reflected in the order acknowledgement and invoice, states the final terms of the sale, including the description, quantity, and price of each product purchased. The transaction price reflects the amount of estimated consideration to which we expect to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Net sales are comprised of gross revenues from sales of home furnishings and hospitality furniture products and are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. Physical product returns are very rare due to the high probability of damages to our products in return transit. Other revenues, primarily royalties, are immaterial to our overall results. Payment is typically due within 30-60 days of shipment for customers qualifying for payment terms. Collectability is reasonably assured since we extend credit to customers for whom we have performed credit evaluations and/or from whom we have received a down payment or deposit. Due to the highly-customized nature of our hospitality products, we typically require substantial prepayments on these orders, with the balance due within 30 days of delivery. Cost of Sales The major components of cost of sales are: ■ the cost of imported products purchased for resale; ■ raw materials and supplies used in our domestically manufactured products; ■ labor and overhead costs associated with our domestically manufactured products; ■ the cost of our foreign import operations; ■ charges associated with our inventory reserves; ■ warehousing and certain shipping and handling costs; and ■ all other costs required to be classified as cost of sales. Selling and Administrative Expenses The major components of our selling and administrative expenses are: ■ the cost of our marketing and merchandising efforts, including showroom expenses; ■ sales and design commissions; ■ the costs of administrative support functions including, executive management, information technology, human resources and finance; and ■ all other costs required to be classified as selling and administrative expenses. Advertising We offer advertising programs to qualified dealers under which we may provide signage, catalogs and other marketing support to our dealers and may reimburse some advertising and other costs incurred by our dealers in connection with promoting our products. The cost of these programs does not exceed the fair value of the benefit received. We charge the cost of point-of-purchase materials (including signage, catalogs, and fabric and leather swatches) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2020, 2019 and 2018 were $3.4 million, $3.3 million, and $3.0 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against net sales in our consolidated statements of income and comprehensive income. Income Taxes At times, tax law and generally accepted accounting principles differ in the treatment of certain income and expense items. These items may be excluded or included in taxable income at different times than is required for GAAP or “book” reporting purposes. These differences may be permanent or temporary in nature. We determine our annual effective income tax rate based on pre-tax book income and permanent book and tax differences. To the extent any book and tax differences are temporary in nature, that is, the book realization will occur in a different period than the tax realization, a deferred tax asset or liability is established. To the extent a deferred tax asset is created, we evaluate our ability to realize this asset. If we determine that we will not be able to fully utilize deferred tax assets, we establish a valuation reserve. In assessing the realization of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income during the periods in which those temporary differences reverse. All deferred tax assets and liabilities are classified as non-current on our consolidated balance sheets. Earnings Per Share We use the two-class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors and certain employees are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and certain employees and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include useful lives of fixed and intangible assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets and goodwill; our pension and supplemental retirement income plans; and stock-based compensation. These estimates and assumptions are based on our best judgments. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust our estimates and assumptions as facts and circumstances dictate. Actual results could differ from our estimates. |
FISCAL YEAR
FISCAL YEAR | 12 Months Ended |
Feb. 02, 2020 | |
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: ■ 2020 fiscal year and comparable terminology mean the fiscal year that began February 4, 2019 and ended February 2, 2020; ■ 2019 fiscal year and comparable terminology mean the fiscal year that began January 29, 2018 and ended February 3, 2019; and ■ 2018 fiscal year and comparable terminology mean the fiscal year that began January 30, 2017 and ended January 28, 2018. |
SHENANDOAH ACQUISITION
SHENANDOAH ACQUISITION | 12 Months Ended |
Feb. 02, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 4 – SHENANDOAH ACQUISITION On September 29, 2017, we completed the previously announced acquisition (the “Shenandoah acquisition”) of substantially all of the assets of Shenandoah Furniture, Inc. (“SFI”) pursuant to the Asset Purchase Agreement the Company and SFI entered into on September 6, 2017 (the “Asset Purchase Agreement”). Upon completion and including post-closing working capital adjustments, the Company paid $32.8 million in cash (the “Cash Consideration”) and issued 176,018 shares of the Company’s common stock (the “Stock Consideration”) to the shareholders of SFI as consideration for the Shenandoah acquisition. The Cash Consideration included an additional payment of approximately $770,000 pursuant to working capital adjustments provided for in the Asset Purchase Agreement. The number of shares of common stock issued at closing for the Stock Consideration was determined by reference to the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45). Under the Asset Purchase Agreement, we also assumed certain assets and liabilities of SFI. The assumed liabilities did not include the indebtedness (as defined in the Asset Purchase Agreement) of SFI. Also on September 29, 2017, we entered into a second amended and restated loan agreement (the “Loan Agreement”) with Bank of America, N.A. (“BofA”) in connection with the completion of the Shenandoah acquisition. The Loan Agreement amends and restates the amended and restated loan agreement the Company entered into with BofA on February 1, 2016, in connection with its acquisition of substantially all of the assets of Home Meridian International, Inc. The Amended and Restated Loan Agreement provides us with a new $12 million unsecured term loan (the “New Unsecured Term Loan”). On September 29, 2017, we borrowed the full $12 million available under the New Unsecured Term Loan in connection with the completion of the Shenandoah acquisition. For additional details regarding the Loan Agreement, see Note 13. “Long-Term Debt,” below. In accordance with FASB Accounting Standards Codification Topic 805, “Business Combinations” (“ASC 805”), the Shenandoah acquisition has been accounted for using the acquisition method of accounting. We recorded assets acquired, including identifiable intangible assets, and liabilities assumed, from SFI at their respective fair values at the date of completion of the acquisition. The excess of the purchase price over the net fair value of such assets and liabilities was recorded as goodwill. The following table summarizes the estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Shenandoah acquisition as of September 29, 2017. Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 32,773 Value of shares issued for assets acquired 8,000 Fair value adjustment to shares issued for assets acquired* 396 Total purchase price $ 41,169 Fair value estimates of assets acquired and liabilities assumed Accounts receivable $ 3,576 Inventory 2,380 Prepaid expenses and other current assets 52 Property and equipment 5,401 Intangible assets 14,300 Goodwill 16,871 Accounts payable (699 ) Accrued expenses (712 ) Total purchase price $ 41,169 *As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. During the fiscal 2018 fourth quarter, we paid $123,000 cash for the post-closing working capital adjustment which increased the purchase price by that same amount. Additionally, we (i) refined our estimates of the values of certain intangible assets which increased intangible assets by $1.1 million, (ii) recorded additional accrued expenses of $123,000 and (iii) decreased property and equipment by $17,000. These adjustments decreased goodwill by $774,000. Property and equipment were recorded at fair value and primarily consist of machinery and equipment and leasehold improvements. Property and equipment will be amortized over their estimated useful lives and leasehold improvements will be amortized over the lesser of their useful lives or the remaining lease period. Goodwill is calculated as the excess of the purchase price over the fair value net assets acquired. The goodwill recognized is attributable to growth opportunities and expected synergies. All goodwill is expected to be deductible for income tax purposes. Intangible assets other than goodwill, consist of three separately identified assets: ■ Shenandoah customer relationships, which are definite-lived intangible assets with an aggregate fair value of $13.2 million. The customer relationships are amortizable and will be amortized over a period of thirteen years; ■ The Shenandoah tradename, which is definite-lived intangible assets with an aggregate fair value of $700,000. The trade name is amortizable and will be amortized over a period of twenty years; and ■ Shenandoah’s order backlog which is a definite-lived intangible asset with an aggregate fair value of $400,000 that we amortized over four months, with all of the expense recognized in fiscal year 2018. The total weighted average amortization period for these assets is 12.1 years. The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the Shenandoah acquisition as if it had occurred on February 1, 2016: Pro Forma - Unaudited 13 Weeks Ended 52 Weeks Ended January 28, 2018 January 28, 2018 (Pro forma) (Pro forma) Net Sales $ 175,365 $ 649,936 Net Income $ 8,775 $ 32,977 Basic EPS $ 0.75 $ 2.82 Diluted EPS $ 0.75 $ 2.81 The unaudited consolidated pro forma financial information was prepared in accordance with existing standards and is not necessarily indicative of the results of operations that would have occurred if the Shenandoah acquisition had been completed on the date indicated, nor is it indicative of our future operating results. Material adjustments, net of income tax, included in the fiscal 2017 pro forma financial information in the table above consist of the amortization of intangible assets ($171,000 in the quarterly period and $943,000 in the annual period), addition of transaction related costs ($0 in the quarterly period and $520,000 in the annual period), interest on additional debt incurred as part of the acquisition ($46,000 in the quarterly period and $197,000 in the annual period), salary expense ($46,000 in the quarterly period and $185,000 in the annual period), and income tax on Shenandoah operations ($536,000 in the quarterly period and $2.4 million in the annual period). Material adjustments, net of income tax, included in the fiscal 2018 pro forma financial information in the table above consist of the amortization of intangible assets (decrease of $132,000 in the quarterly period and a net increase of $191,000 in the annual period), reclassification of transaction related costs to fiscal 2017 (-$67,000 in the quarterly period and -$522,000 in the annual period), interest on additional debt incurred as part of the acquisition (-$13,000 in the quarterly period and $61,000 in the annual period), salaries ($0 in the quarterly period and $123,000 in the annual period), and income tax on Shenandoah operations ($0 in the quarterly period and $2.4 million in the annual period). The unaudited pro forma results do not reflect events that either have occurred or may occur in the future. They also do not give effect to certain charges that we expect to incur in connection with the Shenandoah acquisition, including, but not limited to, additional professional fees, employee integration, retention, potential asset impairments and accelerated depreciation and amortization. We incurred approximately $800,000 in Shenandoah acquisition-related costs in fiscal 2018. These expenses are included in the “Selling and administrative expenses” line of our condensed consolidated statements of income. Included in our fiscal 2018 results are Shenandoah’s October 2017 through January 2018 results, which include $11.3 million in net sales and $604,000 of operating income, including $750,000 in intangible amortization expense. |
CASUALTY LOSS
CASUALTY LOSS | 12 Months Ended |
Feb. 02, 2020 | |
Casualty Loss [Abstract] | |
Casualty Loss [Text Block] | NOTE 5 – Casualty Loss On May 18, 2018, the Martinsville/Henry County, Va. area experienced torrential rains. Two of our Hooker Brands segment warehouse facilities were damaged as a result. No employees were injured, and the casualty loss caused only a nominal disruption in our ability to fulfill and ship orders. The costs associated with the recovery efforts exceeded our insurance deductible of $500,000. Consequently, we recorded a $500,000 casualty loss during the fiscal 2019 second quarter. We incurred another $409,000 of repair and remediation-related expenses during the third quarter, which was recovered from our casualty insurer during the fourth quarter of fiscal 2019. |
DOUBTFUL ACCOUNTS AND OTHER ACC
DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES | 12 Months Ended |
Feb. 02, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | NOTE 6 – DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES The activity in the allowance for doubtful accounts was: Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Balance at beginning of year $ 908 $ 1,014 $ 508 Non-cash charges to cost and expenses 417 158 767 Less uncollectible receivables written off, net of recoveries (422 ) (264 ) (261 ) Balance at end of year $ 903 $ 908 $ 1,014 The activity in other accounts receivable allowances was: Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Balance at beginning of year $ 4,267 $ 5,117 $ 6,298 Charges to cost and expenses 31,815 41,606 ) 30,447 ) Less uncollectible receivables written off, net of recoveries (32,589 ) (42,456 ) (31,628 ) Balance at end of year $ 3,493 $ 4,267 $ 5,117 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Feb. 02, 2020 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 7 – ACCOUNTS RECEIVABLE February 2, February 3, 2020 2019 Trade accounts receivable $ 91,261 $ 117,732 Receivable from factor 788 - Other accounts receivable allowances (3,493 ) (4,267 ) Allowance for doubtful accounts (903 ) (908 ) Accounts receivable $ 87,653 $ 112,557 “Receivable from factor” represented amounts due with respect to factored accounts receivable for a single customer. The agreement was discontinued in early fiscal 2021. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Feb. 02, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 8 – INVENTORIES February 2, February 3, 2020 2019 Finished furniture $ 106,495 $ 112,847 Furniture in process 1,304 1,825 Materials and supplies 8,479 10,896 Inventories at FIFO 116,278 125,568 Reduction to LIFO basis (23,465 ) (20,364 ) Inventories $ 92,813 $ 105,204 If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $19.5 million in fiscal 2020, $41.5 million in fiscal 2019, and $28.1 million in fiscal 2018. We recorded LIFO expense of $3.1 million in fiscal 2020, $2.1 million in fiscal 2019, and LIFO income of $225,000 in fiscal 2018. At February 2, 2020 and February 3, 2019, we had $424,000 and $1.3 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. At February 2, 2020, we held $9.6 million in inventory outside of the United States, in China and in Vietnam. At February 3, 2019, we held $8.1 million in inventory outside of the United States, in China and in Vietnam. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Feb. 02, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 9 – PROPERTY, PLANT AND EQUIPMENT Depreciable Lives February 2, February 3, (In years) 2020 2019 Buildings and land improvements 15 - 30 $ 31,316 $ 24,588 Computer software and hardware 3 - 10 19,166 18,719 Machinery and equipment 10 9,271 8,934 Leasehold improvements Term of lease 9,737 9,376 Furniture and fixtures 3 - 8 2,597 2,318 Other 5 651 665 Total depreciable property at cost 72,738 64,600 Less accumulated depreciation 44,089 39,925 Total depreciable property, net 28,649 24,675 Land 1,077 1,067 Construction-in-progress 181 3,740 Property, plant and equipment, net $ 29,907 $ 29,482 Depreciation expense for fiscal 2020, 2019 and 2018 were $4.7 million, $5.0 million and $4.5 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 Fifty-Three Weeks Fifty-Two Weeks Ended Ended Ended February 2, February 3, January 28, 2020 2019 2018 Balance beginning of year $ 5,123 $ 5,982 $ 6,510 Additions 286 373 630 Amortization expense (1,132 ) (1,227 ) (1,151 ) Disposals - (5 ) (7 ) Balance end of year $ 4,277 $ 5,123 $ 5,982 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Feb. 02, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | NOTE 10 – INTANGIBLE ASSETS AND GOODWILL Our goodwill, some trademarks and trade names have indefinite useful lives and, consequently, are not subject to amortization for financial reporting purposes but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our non-amortizable intangible assets consist of: ■ Goodwill and trademarks and tradenames related to the Home Meridian and Shenandoah acquisitions; and ■ Trademarks and tradenames related to the acquisitions of Bradington-Young (acquired in 2002), Sam Moore (acquired in 2007) and Home Meridian (acquired in 2016). We review goodwill annually for impairment or more frequently if events or circumstances indicate that it might be impaired. In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test outlined in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the quantitative assessment. The quantitative assessment involves estimating the fair value of our goodwill using projected future cash flows that are discounted using a weighted average cost of capital analysis that reflects current market conditions. Management judgment is a significant factor in the goodwill impairment evaluation process. The computations require management to make estimates and assumptions, the most critical of which are the potential future cash flows and an appropriate discount rate. In addition to our qualitative assessment, management performed a quantitative analysis on the Home Meridian reporting unit’s goodwill in the fiscal 2020 fourth quarter. Based on our qualitative assessment and quantitative analysis, we have concluded that our goodwill is not impaired as of February 2, 2020. In conjunction with our evaluation of the cash flows generated by the Home Meridian, Bradington-Young and Sam Moore reporting units, we evaluated the carrying value of trademarks and trade names using the relief from royalty method, which values the trademark/trade name by estimating the savings achieved by ownership of the trademark/trade name when compared to licensing the mark/name from an independent owner. The inputs used in the trademark/trade name analyses are considered Level 3 fair value measurements. Details of our non-amortizable intangible assets are as follows: February 2, February 3, Non-amortizable Intangible Assets Segment 2020 2019 Goodwill Home Meridian $ 23,187 $ 23,187 Goodwill Domestic Upholstery 16,871 16,871 Total Goodwill 40,058 40,058 Trademarks and trade names - Home Meridian Home Meridian 11,400 11,400 Trademarks and trade names - Bradington-Young Domestic Upholstery 861 861 Trademarks and trade names - Sam Moore Domestic Upholstery 396 396 Total Trademarks and trade names $ 12,657 $ 12,657 Total non-amortizable assets $ 52,715 $ 52,715 The following table is a rollforward of goodwill for the 2020 and 2019 fiscal years: Segment February 2, 2020 February 3, 2019 Home Meridian $ 23,187 $ 23,187 Domestic Upholstery 16,871 16,871 $ 40,058 $ 40,058 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 February 3, 2019 $ 22,320 $ 778 $ 23,098 Amortization (2,324 ) (60 ) (2,384 ) Balance at February 2, 2020 $ 19,996 $ 718 $ 20,714 The weighted-average amortization period for all amortizable intangible assets is 9.2 years. The weighted-average amortization period for customer relationships is 9.0 years and is 15.8 years for our trademarks. The estimated amortization expense associated with our amortizable intangible assets is expected to be as follows: Fiscal Year Amount 2021 2,384 2022 2,384 2023 2,384 2024 2,384 2025 2,359 2026 and thereafter 8,819 $ 20,714 Gross intangible assets and total accumulated amortization for each major class of intangible assets is as follows: February 2, 2020 February 3, 2019 Goodwill $ 40,058 $ 40,058 Trademarks and tradenames 13,435 13,495 Accumulated amortization (60 ) (60 ) Trademarks and tradenames, net 13,375 13,435 Customer relationships 22,320 24,644 Accumulated amortization (2,324 ) (2,324 ) Customer relationships, net 19,996 22,320 Total Goodwill and other intangible assets, net $ 73,429 $ 75,813 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Feb. 02, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 11 – FAIR VALUE MEASUREMENTS Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of February 2, 2020, and February 3, 2019, 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. On January 30, 2019, our Board of Directors voted to terminate the Pension Plan. We settled all Pension Plan obligations during the fiscal 2020 third quarter with the purchase of annuities for plan participants. See Note 14. Employee Benefit Plans for additional information about the Plan. Our assets measured at fair value on a recurring basis at February 2, 2020 and February 3, 2019, were as follows Fair value at February 2, 2020 Fair value at February 3, 2019 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 $ - $ 24,888 $ - $ 24,888 $ - $ 23,816 $ - $ 23,816 Pension plan assets - - - - 10,992 - - 10,992 |
LEASES
LEASES | 12 Months Ended |
Feb. 02, 2020 | |
ASU 2016-02 Transition [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | NOTE 12 – LEASES On February 4, 2019, we adopted Accounting Standards Codification Topic 842 Leases. Leases are classified as either finance leases or operating leases based on criteria in Topic 842. All of our 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, which was one-month LIBOR plus 1.5%. For leases without explicitly stated or implicit interest rates that commenced after the adoption date, we used 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. 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 and are not included in the calculation of our lease liabilities. 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 has been, and we will continue to, straight-line the sub-lease income over the term of the sublease. We recognized $405,000 sub-lease income in fiscal 2020. Our leases have remaining lease terms of less than one year to seven years, some of which include options to extend the leases for up to seven 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. We have elected to adopt a package of practical expedients provided under Topic 842 that allows us not to reassess: (a) whether expired or existing contracts contain a lease under the new definition of a lease; (b) lease classification of expired or existing leases; and (c) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. The components of lease cost and supplemental cash flow information for leases in fiscal 2020 were: Fifty-two Weeks Ended February 2, 2020 Operating lease cost $ 8,408 Variable lease cost 153 Short-term lease cost 581 Total operating lease cost $ 9,142 Operating cash outflows $ 8,725 The right-of-use assets and lease liabilities recorded on our Condensed Consolidated Balance Sheets as of February 2, 2020 were: February 2, 2020 Real estate $ 38,175 Property and equipment 1,337 Total operating leases right-of-use assets $ 39,512 Current portion of operating lease liabilities $ 6,307 Long term operating lease liabilities 33,794 Total operating lease liabilities $ 40,101 Weighted-average remaining lease term is 7.4 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 3.99%. The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the condensed consolidated balance sheet at February 2, 2020: Undiscounted Future Operating Lease Payments 2020 $ 7,805 2021 7,182 2022 5,588 2023 5,329 2024 5,280 2025 and thereafter 15,205 Total lease payments $ 46,389 Less: impact of discounting (6,288 ) Present value of lease payments $ 40,101 As of February 2, 2020, we did not have any additional material operating or finance leases that had not yet commenced. Under ASC 840, future minimum lease payments as of February 3, 2019 were as follows: Minimum Future Operating Lease Payments 2019 $ 7,778 2020 7,226 2021 5,320 2022 3,610 2023 2,412 2024 and thereafter 588 Total minimum lease payments $ 26,934 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Feb. 02, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 13 – LONG-TERM DEBT We currently have one unsecured term loan and one secured term loan outstanding and a revolving credit facility. The term loans are related to the Home Meridian acquisition. Details of our loan agreements and revolving credit facility are detailed below. Original Loan Agreement On February 1, 2016, we entered into an amended and restated loan agreement (the “Original Loan Agreement”) with Bank of America, N.A. (“BofA”) in connection with the closing of the Home Meridian Acquisition. Also on February 1, 2016, we borrowed in full the amounts available under the Unsecured Term Loan (the “Unsecured Term Loan”) and the Secured Term Loan (the “Secured Term Loan”) in connection with the completion of the Home Meridian Acquisition. Details of the individual credit facilities provided for in the Original Loan Agreement are as follows: ■ Unsecured revolving credit facility. ■ Unsecured Term Loan. ■ Secured Term Loan. New Loan Agreement On September 29, 2017, we entered into a second amended and restated loan agreement (the “New Loan Agreement”) with BofA in connection with the completion of the Shenandoah acquisition. The New Loan Agreement: ■ amended and restated the Original Loan Agreement detailed above such that our existing $30 million unsecured revolving credit facility (the “Existing Revolver”), Unsecured Term Loan, and Secured Term Loan all remain outstanding under the New Loan Agreement; and ■ provided us with a new $12 million unsecured term loan (the “New Unsecured Term Loan”), which we subsequently paid off in full in fiscal 2019. The New Loan Agreement also included customary representations and warranties and requires us to comply with customary covenants, including, among other things, the following financial covenants: ● Maintain a ratio of funded debt to EBITDA not exceeding: o 2.00:1.00; ● 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 beginning in fiscal 2020. The New Loan Agreement also limits our right to incur other indebtedness, make certain investments and create liens upon our assets, subject to certain exceptions, among other restrictions. The New Loan Agreement does not restrict our ability to pay cash dividends on, or repurchase, shares of our common stock, subject to our compliance with the financial covenants discussed above, if we are not otherwise in default under the New Loan Agreement. We were in compliance with each of these financial covenants at February 2, 2020. The full remaining principal amounts of $30.1 million on our term loans are due on February 1, 2021. We expect to refinance the balance of our term loans and any balance due under our revolving credit facility (currently $0) during fiscal 2021. Given that our term loans have a floating rate of interest and our credit profile has not materially changed since the inception of the loans, the carrying amount of our term loans approximates their fair value at February 2, 2020. As of February 2, 2020, we had an aggregate $25.7 million available under the Existing Revolver to fund working capital needs. Standby letters of credit in the aggregate amount of $4.3 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the revolving credit facility as of February 2, 2020. There were no additional borrowings outstanding under the Existing Revolver as of February 2, 2020. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Feb. 02, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [Text Block] | NOTE 14 – 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 2020, $1.3 million in fiscal 2019 and $974,000 in fiscal 2018. We adopted ASU 2017-07 as of the beginning of our 2019 fiscal year on January 29, 2018. Components of net periodic benefit cost other than the service cost for the SRIP, SERP and the Pension Plan are included in the line item “Other income, net” in our condensed consolidated statements of income. Service cost is included in our condensed consolidated statements of income under “Selling and administrative expenses.” The adoption resulted in the reclassification of a $30,000 gain from Selling and administrative expenses to Other income, net in fiscal 2018 consolidated statements of income. Executive Benefits Pension, 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 Furniture Corporation; and ■ the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. In January 2019, we terminated the Pulaski Furniture Corporation Pension Plan (“Pension Plan”) settled all the obligations in fiscal 2020 which was also frozen and had been frozen since we acquired it in the Home Meridian acquisition. 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) Fifty-Two Fifty-Three Weeks Ended Weeks Ended February 2, February 3, 2020 2019 Change in benefit obligation: Beginning projected benefit obligation $ 9,622 $ 9,365 Service cost 104 326 Interest cost 351 341 Benefits paid (537 ) (511 ) Actuarial loss 716 101 Ending projected benefit obligation (funded status) $ 10,256 $ 9,622 Accumulated benefit obligation $ 10,131 $ 9,182 Discount rate used to value the ending benefit obligations: 2.50 % 3.75 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 557 $ 511 Non-current liabilities (Deferred compensation line) 9,699 9,111 Total $ 10,256 $ 9,622 Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net periodic benefit cost Service cost $ 104 $ 326 $ 302 Interest cost 351 341 345 Net loss 149 172 62 Net periodic benefit cost $ 604 $ 839 $ 709 Other changes recognized in accumulated other comprehensive income Net loss arising during period 716 101 393 Amortizations: Loss (149 ) (172 ) (62 ) Total recognized in other comprehensive loss (income) 567 (71 ) 331 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 1,171 $ 768 $ 1,040 Assumptions used to determine net periodic benefit cost: Discount rate 3.75 % 3.75 % 4.00 % Increase in future compensation levels 4.00 % 4.00 % 4.00 % Estimated Future Benefit Payments: Fiscal 2021 $ 556 Fiscal 2022 868 Fiscal 2023 868 Fiscal 2024 955 Fiscal 2025 955 Fiscal 2026 through fiscal 2030 4,202 For the SRIP, the discount rate used to determine the fiscal 2020 net periodic cost was 3.75% based on the Moody’s Composite Bond Rate as of January 31, 2019. The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. At February 2, 2020, combining the Mercer yield curve and the plan's expected benefit payments resulted in a rate of 2.50%. This rate was used to value the ending benefit obligations. Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at February 2, 2020 by approximately $695,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 2, 2020 by $780,000. At February 2, 2020, the actuarial losses related to the SRIP amounted to $716,000, net of tax of $149,000. At February 3, 2019, the actuarial losses related to the SRIP amounted to $101,000, net of tax of $23,000. The estimated actuarial loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the 2021 fiscal year is $337,633. There is no expected prior service (cost) or credit amortization. SERP (Supplemental Executive Retirement Plan) Fifty-Two Fifty-Three Weeks Ended Weeks Ended February 2, February 3, 2020 2019 Change in benefit obligation: Beginning projected benefit obligation $ 1,805 $ 2,008 Service cost - - Interest cost 67 70 Benefits paid (180 ) (185 ) Actuarial loss (gain) 168 (88 ) Ending projected benefit obligation (funded status) $ 1,860 $ 1,805 Accumulated benefit obligation $ 1,860 $ 1,805 Discount rate used to value the ending benefit obligations: 2.60 % 3.90 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 172 $ 173 Non-current liabilities (Deferred compensation line) 1,688 1,632 Total $ 1,860 $ 1,805 Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net periodic benefit cost Service cost $ - $ - $ - Interest cost 67 70 83 Net gain (5 ) - - Net periodic benefit cost $ 62 $ 70 $ 83 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 168 (88 ) (160 ) Amortizations: Gain (Loss) 5 - - Total recognized in other comprehensive loss (income) 173 (88 ) (160 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 235 $ (18 ) $ (77 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.90 % 3.64 % 3.77 % Increase in future compensation levels N/A N/A N/A Estimated Future Benefit Payments: Fiscal 2021 $ 172 Fiscal 2022 168 Fiscal 2023 163 Fiscal 2024 158 Fiscal 2025 152 Fiscal 2026 through fiscal 2030 651 For the SERP, the discount rate assumption used to measure the postretirement benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by our actuary, Aon Hewitt (“Aon”). This yield curve was constructed from the underlying bond price and yield data collected as of the Plan’s measurement date and is represented by a series of annualized, individual discount rates with durations ranging from six months to seventy-five years. Aon then applies the yield curve to the actuarially projected cash flow patterns to derive the appropriate discount rate. At February 3, 2019, the plan used 3.90% based on the Aon AA Above Median yield curve as of January 31, 2019. This rate was used to determine the fiscal 2020 net periodic cost. At February 2, 2020, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.60%. This rate was used to value the ending benefit obligations. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at February 2, 2020 by approximately $130,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 2, 2020 by $148,000 . At February 2, 2020, the actuarial loss related to the SERP was $168,000. At February 3, 2019, the actuarial gain related to the SERP was $88,000. The estimated net transition (asset)/obligation, prior service (cost) credit and actuarial loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost over fiscal 2020 are immaterial. The Pension Plan On January 30, 2019, our Board of Directors voted to terminate the Pension Plan. We settled all Pension Plan obligations during the third quarter of fiscal 2020 with the purchase of nonparticipating annuity contracts for plan participants. Consequently, we recognized a $520,000 settlement gain during the quarter, which is recorded in the “other income” line of our condensed consolidated statements of income. The $520,000 represented an amount recorded in accumulated other comprehensive income until the pension obligation was settled upon plan termination. Summarized Pension Plan information as of February 2, 2020 (the measurement date) is as follows: Pulaski Furniture Pension Plan Fifty-Two Fifty-Three Weeks Ended Weeks Ended February 2, February 3, 2020 2019 Change in benefit obligation: Beginning projected benefit obligation $ 10,906 $ 11,198 Acquisition Service cost - - Interest cost 303 415 Benefits paid (522 ) (708 ) Settlement (12,557 ) - Actuarial loss 1,870 1 Ending projected benefit obligation $ - $ 10,906 Change in Plan Assets: Beginning fair value of plan assets $ 10,992 $ 8,757 Actual return on plan assets 1,960 23 Employer contributions 344 3,110 Actual expenses paid (217 ) (190 ) Settlement (12,557 ) - Actual benefits paid (522 ) (708 ) Ending fair value of plan assets $ - $ 10,992 Funded Status of the Plan $ - $ 86 Discount rate used to value the ending benefit obligations: N/A 3.80 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ - $ 86 Non-current liabilities (Deferred compensation line) - - Net Asset/(Liability) $ - $ 86 Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net periodic benefit cost Expected administrative expenses $ 105 $ 280 $ 280 Interest cost 303 415 695 Net gain (305 ) (575 ) (933 ) Net periodic benefit cost $ 103 $ 120 $ 42 Settlement/Curtailment Income (193 ) - (562 ) Total net periodic benefit cost (Income) $ (90 ) $ 120 $ (520 ) Other changes recognized in other comprehensive income Net (gain) loss arising during period 327 464 (590 ) Amortization: Gain 193 - 562 Total recognized in other comprehensive (income) loss 520 464 (28 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 430 $ 584 $ (548 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.80 % 3.82 % 4.14 % Increase in future compensation levels N/A N/A N/A Performance Grants The Compensation Committee of our Board of Directors annually awards performance grants to certain senior executives under the Company’s Stock Incentive Plan. Payments under these awards are based on our achieving specified performance targets during a designated performance period. Generally, each executive must remain continuously employed with the Company through the end of the performance period. Typically, performance grants can be paid in cash, shares of the Company’s common stock, or both, at the discretion of the Compensation Committee at the time payment is made. Outstanding performance grants are classified as liabilities since the (i) settlement amount for each grant is not known until after the applicable performance period is completed and (ii) settlement of the grants may be made in common stock, cash or a combination of both. The estimated cost of each grant is recorded as compensation expense over its performance period when it becomes probable that the applicable performance targets will be achieved. The expected cost of the performance grants is revalued each reporting period. As assumptions change regarding the expected achievement of performance targets, a cumulative adjustment is recorded and future compensation expense will increase or decrease based on the currently projected performance levels. If we determine that it is not probable that the minimum performance thresholds for outstanding performance grants will be met, no further compensation cost will be recognized and any previously recognized compensation cost will be reversed. During fiscal 2017, the Compensation Committee awarded performance grants for the 2018 fiscal year. The 2017 awards had a three-year performance period that ended on January 28, 2018. The performance criteria for these awards were met and were paid in April 2018. During fiscal 2018, fiscal 2019 and fiscal 2020, the Compensation Committee awarded performance grants that have three-year performance periods ending on February 3, 2019, February 2, 2020 and January 31, 2021, respectively. The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated: February 2, February 3, 2020 2019 Performance grants Fiscal 2017 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 621 Fiscal 2018 grant (Current liabilities, Accrued wages, salaries and benefits) 333 468 Total performance grants accrued $ 333 $ 1,089 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Feb. 02, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | NOTE 15 – 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 2020 were $29.77, $29.21 and $19.87, during fiscal 2019 were $37.83 and $46.88, during fiscal 2018 were $31.45, $41.70 and $39.05, respectively. The restricted stock awards outstanding as of February 2, 2020 had an aggregate grant-date fair value of $1.2 million, after taking vested and forfeited restricted shares into account. As of February 2, 2020, we have recognized non-cash compensation expense of approximately $654,000 related to these non-vested awards and $1.9 million for awards that have vested. The remaining $563,000 of grant-date fair value for unvested restricted stock awards outstanding at February 2, 2020 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 February 2, 2020: Whole Number of Shares Grant-Date Fair Value Per Share Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At February 2, 2020 Previous Awards (vested) $ 1,901 Restricted shares Issued on April 13, 2017 4,572 31.45 142 102 6 Forfeited (1,058 ) (34 ) Restricted shares Issued on May 7, 2018 7,972 37.83 301 156 111 Forfeited (886 ) (34 ) Restricted shares Issued on April 17, 2019 15,239 29.77 454 109 283 Forfeited (2,058 ) (62 ) Restricted shares Issued on May 8, 2019 1,027 29.21 30 7 23 Restricted shares Issued on June 17, 2019 21,138 19.87 420 280 140 Awards outstanding at February 2, 2020: 45,946 $ 1,217 $ 654 $ 563 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 February 2, 2020: Whole Number of Units Grant-Date Fair Value Per Unit Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At February 2, 2020 Previous Awards (vested) $ 959 RSUs Awarded on April 15, 2017 6,258 $ 30.03 185 129 4 Forfeited (2,687 ) (52 ) RSUs Awarded on June 4, 2018 6,032 $ 35.86 216 125 69 Forfeited (616 ) (22 ) RSUs Awarded on April 17, 2019 10,196 $ 28.01 286 78 168 Forfeited (1,441 ) (40 ) Awards outstanding at February 2, 2020: 17,742 $ 573 $ 332 $ 241 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. Whole Number of Units Grant-Date Fair Value Per Unit Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At February 2, 2020 PSUs Awarded on June 4, 2018 22,499 $ 35.86 807 538 229 Forfeited (893 ) (40 ) PSUs Awarded on April 17, 2019 36,412 $ 29.77 1,084 361 642 Forfeited (2,700 ) (81 ) Awards outstanding at February 2, 2020: 55,318 $ 1,770 $ 899 $ 871 The number of RSUs and PSUs increased primarily due to the addition of three executive officers in the second quarter of fiscal 2019. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Feb. 02, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 16 – 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: February 2, February 3, January 28, 2020 2019 2018 Restricted shares 45,946 22,070 15,777 RSUs and PSUs 73,060 14,189 19,397 119,006 36,259 35,174 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 Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net income $ 17,083 $ 39,873 $ 28,250 Less: Dividends on unvested restricted shares 25 11 10 Net earnings allocated to unvested restricted stock 60 68 50 Earnings available for common shareholders $ 16,998 $ 39,794 $ 28,190 Weighted average shares outstanding for basic earnings per share 11,784 11,759 11,633 Dilutive effect of unvested restricted stock awards 54 24 30 Weighted average shares outstanding for diluted earnings per share 11,838 11,783 11,663 Basic earnings per share $ 1.44 $ 3.38 $ 2.42 Diluted earnings per share $ 1.44 $ 3.38 $ 2.42 In fiscal year 2018, we issued 176,018 shares of common stock to the designees of SFI as partial consideration for the Shenandoah acquisition on September 29, 2017. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Feb. 02, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 17 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated: Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Current expense Federal $ 2,312 $ 10,537 $ 12,022 Foreign 255 118 85 State 334 2,247 1,390 Total current expense 2,901 12,902 13,497 Deferred taxes Federal 1,645 (963 ) 4,038 State 298 (222 ) (13 ) Total deferred taxes 1,943 (1,185 ) 4,025 Income tax expense $ 4,844 $ 11,717 $ 17,522 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. Total tax expense for fiscal 2019 was $11.6 million, of which $11.7 million expense was allocated to continuing operations and $73,000 tax benefit was allocated to other comprehensive income. Total tax expense for fiscal 2018 was $17.5 million, of which $17.5 million was allocated to continuing operations and $26,000 tax benefit was allocated to other comprehensive income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated: Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Income taxes at statutory rate 21.0 % 21.0 % 33.9 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 2.4 3.2 2.0 Officer's life insurance -1.1 -0.7 -0.6 Tax Cuts and Jobs Act of 2017 0.0 0.0 4.0 Other -0.2 -0.8 -1.0 Effective income tax rate 22.1 % 22.7 % 38.3 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were: February 2, February 3, 2020 2019 Assets Deferred compensation $ 2,673 $ 3,572 Allowance for bad debts 1,050 1,236 Employee benefits 607 335 Inventories 600 882 Capital loss carryover 393 339 Accrued liabilities 338 448 Deferred rent 231 168 Other 431 169 Total deferred tax assets 6,323 7,149 Valuation allowance (393 ) (339 ) 5,930 6,810 Liabilities Intangible assets 1,737 923 Property, plant and equipment 1,313 1,288 Unrecognized pension actuarial losses - 77 Total deferred tax liabilities 3,050 2,288 Net deferred tax assets $ 2,880 $ 4,522 At February 2, 2020 and February 3, 2019 our net deferred asset was $2.9 million and $4.5, respectively. The increase in the valuation allowance of $54,000 was due to foreign tax credit limitations. We expect to fully realize the benefit of the deferred tax assets, with the exception of the capital loss carry forward and foreign tax credit carry forward, in future periods when the amounts become deductible. The capital loss carry-forward is $1.4 million and expires in fiscal 2022. The foreign tax credit carry-forward is $54,000 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 disclosures. A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended February 2, 2020 and February 3, 2019 are as follows: February 2, February 3, 2020 2019 Balance, beginning of year $ 43 $ 91 Decrease related to prior year tax positions (39 ) (48 ) Balance, end of year $ 4 $ 43 The net unrecognized tax benefits as of February 2, 2020 which, if recognized, would affect our effective tax rate are $3,000. We expect that $4,000 of gross unrecognized tax benefits will decrease within the next year. We have elected to classify interest and penalties recognized with respect to unrecognized tax benefits as income tax expense. Interest expense of $1,000 and $5,600 was accrued as of February 2, 2020 and February 3, 2019, respectively. Tax years ending January 29, 2017, through February 2, 2020 remain subject to examination by federal and state taxing authorities. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Feb. 02, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 18 – 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. 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 Fifty-Three Weeks Ended Fifty-Two Weeks Ended February 2, 2020 February 3, 2019 January 28, 2018 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 161,990 26.4 % $ 178,710 26.2 % $ 166,754 26.9 % Home Meridian 340,630 55.8 % 387,825 56.7 % 365,472 58.9 % Domestic Upholstery 95,670 15.7 % 106,580 15.6 % 78,392 12.6 % All Other 12,534 2.1 % 10,386 1.5 % 10,014 1.6 % Consolidated $ 610,824 100 % $ 683,501 100 % $ 620,632 100 % Gross Profit Hooker Branded $ 51,462 31.8 % $ 58,122 32.5 % $ 53,007 31.8 % Home Meridian 36,936 10.8 % 62,850 16.2 % 62,325 17.1 % Domestic Upholstery 21,120 22.1 % 22,503 21.1 % 16,228 20.7 % All Other 4,440 35.4 % 3,512 33.8 % 3,257 32.5 % Consolidated $ 113,958 18.7 % $ 146,987 21.5 % $ 134,817 21.7 % Operating Income Hooker Branded $ 21,512 13.3 % $ 25,269 14.1 % $ 22,139 13.3 % Home Meridian (7,169 ) -2.1 % 18,828 4.9 % 17,828 4.9 % Domestic Upholstery 6,637 6.9 % 7,607 7.1 % 4,463 5.7 % All Other 1,727 13.8 % 971 9.4 % 1,024 10.2 % Consolidated $ 22,707 3.7 % $ 52,675 7.7 % $ 45,454 7.3 % Capital Expenditures Hooker Branded $ 690 $ 843 $ 1,372 Home Meridian 496 534 1,098 Domestic Upholstery 3,914 3,807 696 All Other 29 30 - Consolidated $ 5,129 $ 5,214 $ 3,166 Depreciation & Amortization Hooker Branded $ 1,930 $ 1,979 $ 1,956 Home Meridian 2,218 2,407 2,716 Domestic Upholstery 2,938 3,049 1,968 All Other 14 7 7 Consolidated $ 7,100 $ 7,442 $ 6,647 As of February 2, As of February 3, 2020 %Total 2019 %Total Assets Assets Assets Hooker Branded $ 144,112 45.0 % $ 109,702 37.3 % Home Meridian 138,313 43.2 % 144,277 49.1 % Domestic Upholstery 36,085 11.3 % 38,467 13.1 % All Other 1,769 0.6 % 1,457 0.5 % Consolidated Assets $ 320,279 100 % $ 293,903 100 % Consolidated Goodwill and Intangibles 73,429 75,813 Total Consolidated Assets $ 393,708 $ 369,716 Sales by product type are as follows: Net Sales (in thousands) Fiscal 2020 2019 2018 Casegoods $ 397,192 65 % $ 417,677 61 % $ 404,808 65 % Upholstery 213,632 35 % 265,824 39 % 215,824 35 % $ 610,824 $ 683,501 $ 620,632 No significant long-lived assets were held outside the United States at either February 2, 2020 or February 3, 2019. International customers accounted for 1.6% of consolidated invoiced sales in fiscal 2020, 1.2% fiscal 2019 and 2.5% of consolidated invoiced sales in fiscal 2018. 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 |
Feb. 02, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 19 – 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 $11.2 million in fiscal 2020, $10.1 million in fiscal 2019, and $9.0 million in fiscal 2018. Future minimum annual commitments under leases and operating agreements are $8.7 million in fiscal 2021, $8.2 million in fiscal 2022, $6.6 million in fiscal 2023, $6.4 million in fiscal 2024 and $6.4 million in fiscal 2025. We had letters of credit outstanding totaling $4.3 million on February 2, 2020. We utilize letters of credit to collateralize certain imported inventory purchases and certain insurance arrangements. Substantially all of the cash value of our company owned life insurance is pledged as collateral for our secured term loan. In the ordinary course of our business, we may become involved in legal proceedings involving contractual and employment relationships, product liability claims, intellectual property rights and a variety of other matters. We do not believe that any pending legal proceedings will have a material impact on our financial position or results of operations. Our business is subject to a number of significant risks and uncertainties, including our reliance on offshore sourcing, any of which can adversely affect our business, results of operations, financial condition or future prospects. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 12 Months Ended |
Feb. 02, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 20 – CONCENTRATIONS OF RISK Imported Products Sourcing We source imported products through multiple vendors, located in eight countries. Because of the large number and diverse nature of the foreign factories from which we can source our imported products, we have some flexibility in the placement of products in any particular factory or country. Factories located in Vietnam and China are a critical resource for Hooker Furniture. In fiscal 2020, imported products sourced from Vietnam and China accounted for nearly all of our import purchases and our top five suppliers in those countries accounted for approximately half of our fiscal 2020 import purchases. A disruption in our supply chain from Vietnam or China could significantly impact our ability to fill customer orders for products manufactured at that factory or in that country. Raw Materials Sourcing for Domestic Upholstery Manufacturing Our five largest domestic upholstery suppliers accounted for 28% of our raw materials supply purchases for domestic upholstered furniture manufacturing operations in fiscal 2020. One supplier accounted for 8.1% of our raw material purchases in fiscal 2020. 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 nearly 11% of our consolidated sales in fiscal 2020. Our top five customers accounted for approximately 30% of our fiscal 2020 consolidated sales. The loss of any one or more of these customers could adversely affect our earnings, financial condition and liquidity. At February 2, 2020, 35% of our consolidated accounts receivable is concentrated in our top five customers. Should any one of these receivables become uncollectible, it would have an immediate and material adverse impact on our financial condition and liquidity. |
CONSOLIDATED QUARTERLY DATA (Un
CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) | 12 Months Ended |
Feb. 02, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 21 – CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant’s report.) Fiscal Quarter First Second Third Fourth 2020 Net sales $ 135,518 $ 152,248 $ 158,176 $ 164,882 Cost of sales 110,001 123,422 129,777 133,665 Gross profit 25,517 28,826 28,399 31,217 Selling and administrative expenses 22,016 22,462 22,810 21,581 Net income 1,987 4,160 3,920 7,016 Basic earnings per share $ 0.17 $ 0.35 $ 0.33 $ 0.59 Diluted earnings per share $ 0.17 $ 0.35 $ 0.33 $ 0.59 2019 Net sales $ 142,892 $ 168,661 $ 171,474 $ 200,475 Cost of sales 110,926 133,016 135,638 156,935 Gross profit 31,966 35,645 35,836 43,540 Selling and administrative expenses 21,990 23,184 22,979 23,777 Net income 7,154 8,693 9,332 14,691 Basic earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.25 Diluted earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.24 Earnings per share for each fiscal quarter is derived using the weighted average number of shares outstanding during that quarter. Earnings per share for each fiscal year is derived using the weighted average number of shares outstanding on an annual basis. Consequently, the sum of earnings per share for the quarters of a fiscal year may not equal earnings per share for the full fiscal year. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Feb. 02, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 22 – RELATED PARTY TRANSACTIONS We lease the four properties utilized in Shenandoah’s operations. One of our employees has an ownership interest in the entities that own these properties. The leases commenced on September 29, 2017 and an option to renew each for an additional seven years. All four leases include annual rent escalation clauses with respect to minimum lease payments after the initial 84-month term of the lease is completed. In addition to monthly lease payments, we also incur expenses for property taxes, routine repairs and maintenance and other operating expenses. We paid $821,000 in lease payments to these entities during fiscal 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Feb. 02, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 23 – SUBSEQUENT EVENTS Cash Dividend On March 2, 2020, our Board of Directors declared a quarterly cash dividend of $0.16 per share, payable on March 31, 2020 to shareholders of record at March 17, 2020. COVID-19 In late 2019, an outbreak of COVID-19 was identified and has subsequently been recognized as a global pandemic by the World Health Organization. Federal, state and local governments in the U.S and elsewhere have imposed restrictions on travel and business operations and are advising or requiring individuals to limit or eliminate time outside of their homes. Temporary closures of businesses have also been ordered in certain jurisdictions and other businesses have temporarily closed on a voluntarily basis. Consequently, the COVID-19 outbreak has severely restricted the level of economic activity in the U.S. and around the world. Due to the aforementioned effects of COVID-19, we have seen decreased demand for home furnishings in our industry and for our company. We have also seen a spike in order cancellations over the last few weeks prior to filing this Annual Report, which has blunted some of the strong backlog we had at fiscal year-end. Some customers have taken or are expected to take extended payment terms and we expect cash collections to slow. To begin to address the financial impact of the virus, we have delayed non-essential capital spending and have implemented other cost-cutting measures, including abbreviated shifts, furloughs, the temporary closure of our domestic manufacturing plants, staff reductions, temporary fee reductions for Board of Directors, temporary salary reductions for officers and other managers, rationalizing current import purchase orders and working with our vendors to cut costs and extend payment terms where we can. We expect sales and earnings to be down materially in the fiscal 2021 first quarter and for fiscal 2021, both as compared to prior-year periods, but we are unable to reasonably estimate the extent of those decreases. Additionally, we note we have limited insight into the extent to which our business may be impacted by the COVID-19 pandemic and there are many unknowns including the severity and duration of the current crisis. Further delays in the receipt of goods and other unanticipated impacts to our supply chain, including on direct imports or goods purchased domestically, or our customers, could have a more significant impact on our future business (including sales and earnings). We continue to monitor the situation closely and may implement further measures to provide additional financial flexibility as we work to protect our cash position and liquidity. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Feb. 02, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Business Hooker Furniture Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture, hospitality and contract furniture for sale to wholesale and retail merchandisers located principally in North America. |
Consolidation, Policy [Policy Text Block] | Consolidation The consolidated financial statements include the accounts of Hooker Furniture Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. |
Segment Reporting, Policy [Policy Text Block] | Operating Segments As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments ■ better understand our performance; ■ better assess our prospects for future net cash flows; and ■ make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. For financial reporting purposes, we are organized into 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 Accounts receivable are reported net of the allowance for doubtful accounts and sales-related allowances. Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings or commercial purchasers of our hospitality and senior living products, and consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. We regularly review and revise accounts receivable for doubtful accounts and customer allowances based upon historical bad debts and customer allowances and any agreements with specific customers. If the financial condition of a customer or customers were to deteriorate, resulting in an impairment of their ability to make payments, additional bad debt allowances may be required. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. |
Business Combinations Policy [Policy Text Block] | Business Combinations-Purchase Price Allocation For business combinations, we allocate the purchase price to the various tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. Determining the fair value of certain assets and liabilities acquired is subjective in nature and often involves the use of significant estimates and assumptions, which are inherently uncertain. Many of the estimates and assumptions used to determine fair values, such as those used for intangible assets, are made based on forecasted information and discount rates. To assist in the purchase price allocation process, as well as the estimate of remaining useful lives of acquired assets, we may engage a third-party appraisal firm. In addition, the judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ■ Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ■ Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ■ Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value of certain of our financial instruments (cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. The carrying value of Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. See Note 11 for details. |
Inventory, Policy [Policy Text Block] | Inventories All inventories are stated at the lower of cost, or market value, with cost determined using the last-in, first-out (LIFO) method |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, less allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. |
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 has been, and we will continue 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 seven years, some of which include options to extend the leases for up to seven 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 and Home Meridian acquisitions, as well as the Bradington-Young and Sam Moore tradenames. We may acquire additional amortizable assets and/or indefinite lived intangible assets in the future. Our indefinite-lived intangible assets are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. Our goodwill, trademarks and trade names are tested for impairment annually as of the first day of our fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. Circumstances that could indicate a potential impairment include, but are not limited to: ■ a significant adverse change in the economic or business climate either within the furniture industry or the national or global economy; ■ significant changes in demand for our products; ■ loss of key personnel; and ■ the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise subject to disposal. The assumptions used to determine the fair value of our intangible assets are highly subjective and judgmental and include long-term growth rates, sales volumes, projected revenues, assumed royalty rates and factors used to develop an applied discount rate. If the assumptions that we use in these calculations differ from actual results, we may realize additional impairment on our intangible assets that may have a material-adverse effect on our results of operations and financial condition. |
Liability for Future Policy Benefit [Policy Text Block] | Cash Surrender Value of Life Insurance Policies We own 78 life insurance policies on certain of our current and former executives and other key employees. These policies had a carrying value of $24.9 million at February 2, 2020 and have a face value of approximately $54 million as of that date. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently, the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. Substantially all of the cash value of our company owned life insurance is pledged as collateral for our secured term loan. |
Revenue [Policy Text Block] | Revenue Recognition We recognize revenue pursuant to Accounting Standards Codification 606, which requires revenue to be recognized at an amount that reflects the consideration we expect to be entitled to receive in exchange for transferring goods or services to our customers. Our policy is to record revenue when control of the goods transfers to the customer. We have a present right to payment at the time of shipment as customers are invoiced at that time. We believe the customer obtains control of goods at the time of shipment, which is typically when title passes. While the customer may not enjoy immediate physical possession of the products, the customers’ right to re-direct shipment indicates control. In the very limited instances when products are sold under consignment arrangements, we do not recognize revenue until control over such products has transferred to the end consumer. Orders are generally non-cancellable once loaded into a shipping trailer or container. The transaction price for each contract is the stated price of the product, reduced by any stated discounts or allowances at that point in time. We do not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit contract with the customer, as reflected in the order acknowledgement and invoice, states the final terms of the sale, including the description, quantity, and price of each product purchased. The transaction price reflects the amount of estimated consideration to which we expect to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Net sales are comprised of gross revenues from sales of home furnishings and hospitality furniture products and are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. Physical product returns are very rare due to the high probability of damages to our products in return transit. Other revenues, primarily royalties, are immaterial to our overall results. Payment is typically due within 30-60 days of shipment for customers qualifying for payment terms. Collectability is reasonably assured since we extend credit to customers for whom we have performed credit evaluations and/or from whom we have received a down payment or deposit. Due to the highly-customized nature of our hospitality products, we typically require substantial prepayments on these orders, with the balance due within 30 days of delivery. |
Cost of Goods and Service [Policy Text Block] | Cost of Sales The major components of cost of sales are: ■ the cost of imported products purchased for resale; ■ raw materials and supplies used in our domestically manufactured products; ■ labor and overhead costs associated with our domestically manufactured products; ■ the cost of our foreign import operations; ■ charges associated with our inventory reserves; ■ warehousing and certain shipping and handling costs; and ■ all other costs required to be classified as cost of sales. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses The major components of our selling and administrative expenses are: ■ the cost of our marketing and merchandising efforts, including showroom expenses; ■ sales and design commissions; ■ the costs of administrative support functions including, executive management, information technology, human resources and finance; and ■ all other costs required to be classified as selling and administrative expenses. |
Advertising Cost [Policy Text Block] | Advertising We offer advertising programs to qualified dealers under which we may provide signage, catalogs and other marketing support to our dealers and may reimburse some advertising and other costs incurred by our dealers in connection with promoting our products. The cost of these programs does not exceed the fair value of the benefit received. We charge the cost of point-of-purchase materials (including signage, catalogs, and fabric and leather swatches) to selling and administrative expense as incurred. Advertising costs charged to selling and administrative expense for fiscal years 2020, 2019 and 2018 were $3.4 million, $3.3 million, and $3.0 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against net sales in our consolidated statements of income and comprehensive income. |
Income Tax, Policy [Policy Text Block] | Income Taxes At times, tax law and generally accepted accounting principles differ in the treatment of certain income and expense items. These items may be excluded or included in taxable income at different times than is required for GAAP or “book” reporting purposes. These differences may be permanent or temporary in nature. We determine our annual effective income tax rate based on pre-tax book income and permanent book and tax differences. To the extent any book and tax differences are temporary in nature, that is, the book realization will occur in a different period than the tax realization, a deferred tax asset or liability is established. To the extent a deferred tax asset is created, we evaluate our ability to realize this asset. If we determine that we will not be able to fully utilize deferred tax assets, we establish a valuation reserve. In assessing the realization of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income during the periods in which those temporary differences reverse. All deferred tax assets and liabilities are classified as non-current on our consolidated balance sheets. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We use the two-class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors and certain employees are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and certain employees and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include useful lives of fixed and intangible assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets and goodwill; our pension and supplemental retirement income plans; and stock-based compensation. These estimates and assumptions are based on our best judgments. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust our estimates and assumptions as facts and circumstances dictate. Actual results could differ from our estimates. |
SHENANDOAH ACQUISITION (Tables)
SHENANDOAH ACQUISITION (Tables) - Shenandoah Furniture, Inc, [Member] | 12 Months Ended |
Feb. 02, 2020 | |
SHENANDOAH ACQUISITION (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Shenandoah acquisition as of September 29, 2017. Purchase price consideration Cash paid for assets acquired, including working capital adjustment $ 32,773 Value of shares issued for assets acquired 8,000 Fair value adjustment to shares issued for assets acquired* 396 Total purchase price $ 41,169 Fair value estimates of assets acquired and liabilities assumed Accounts receivable $ 3,576 Inventory 2,380 Prepaid expenses and other current assets 52 Property and equipment 5,401 Intangible assets 14,300 Goodwill 16,871 Accounts payable (699 ) Accrued expenses (712 ) Total purchase price $ 41,169 *As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the Shenandoah acquisition as if it had occurred on February 1, 2016: Pro Forma - Unaudited 13 Weeks Ended 52 Weeks Ended January 28, 2018 January 28, 2018 (Pro forma) (Pro forma) Net Sales $ 175,365 $ 649,936 Net Income $ 8,775 $ 32,977 Basic EPS $ 0.75 $ 2.82 Diluted EPS $ 0.75 $ 2.81 |
DOUBTFUL ACCOUNTS AND OTHER A_2
DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Doubtful Accounts [Table Text Block] | The activity in the allowance for doubtful accounts was: Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Balance at beginning of year $ 908 $ 1,014 $ 508 Non-cash charges to cost and expenses 417 158 767 Less uncollectible receivables written off, net of recoveries (422 ) (264 ) (261 ) Balance at end of year $ 903 $ 908 $ 1,014 Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Balance at beginning of year $ 4,267 $ 5,117 $ 6,298 Charges to cost and expenses 31,815 41,606 ) 30,447 ) Less uncollectible receivables written off, net of recoveries (32,589 ) (42,456 ) (31,628 ) Balance at end of year $ 3,493 $ 4,267 $ 5,117 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | February 2, February 3, 2020 2019 Trade accounts receivable $ 91,261 $ 117,732 Receivable from factor 788 - Other accounts receivable allowances (3,493 ) (4,267 ) Allowance for doubtful accounts (903 ) (908 ) Accounts receivable $ 87,653 $ 112,557 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | February 2, February 3, 2020 2019 Finished furniture $ 106,495 $ 112,847 Furniture in process 1,304 1,825 Materials and supplies 8,479 10,896 Inventories at FIFO 116,278 125,568 Reduction to LIFO basis (23,465 ) (20,364 ) Inventories $ 92,813 $ 105,204 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives February 2, February 3, (In years) 2020 2019 Buildings and land improvements 15 - 30 $ 31,316 $ 24,588 Computer software and hardware 3 - 10 19,166 18,719 Machinery and equipment 10 9,271 8,934 Leasehold improvements Term of lease 9,737 9,376 Furniture and fixtures 3 - 8 2,597 2,318 Other 5 651 665 Total depreciable property at cost 72,738 64,600 Less accumulated depreciation 44,089 39,925 Total depreciable property, net 28,649 24,675 Land 1,077 1,067 Construction-in-progress 181 3,740 Property, plant and equipment, net $ 29,907 $ 29,482 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. These costs are amortized over periods of ten years or less. Capitalized software is reported as a component of computer software and hardware above and on the property, plant, and equipment line of our consolidated balance sheets. The activity in capitalized software costs was: Fifty-Two Weeks Fifty-Three Weeks Fifty-Two Weeks Ended Ended Ended February 2, February 3, January 28, 2020 2019 2018 Balance beginning of year $ 5,123 $ 5,982 $ 6,510 Additions 286 373 630 Amortization expense (1,132 ) (1,227 ) (1,151 ) Disposals - (5 ) (7 ) Balance end of year $ 4,277 $ 5,123 $ 5,982 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
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: February 2, February 3, Non-amortizable Intangible Assets Segment 2020 2019 Goodwill Home Meridian $ 23,187 $ 23,187 Goodwill Domestic Upholstery 16,871 16,871 Total Goodwill 40,058 40,058 Trademarks and trade names - Home Meridian Home Meridian 11,400 11,400 Trademarks and trade names - Bradington-Young Domestic Upholstery 861 861 Trademarks and trade names - Sam Moore Domestic Upholstery 396 396 Total Trademarks and trade names $ 12,657 $ 12,657 Total non-amortizable assets $ 52,715 $ 52,715 |
Schedule of Goodwill [Table Text Block] | The following table is a rollforward of goodwill for the 2020 and 2019 fiscal years: Segment February 2, 2020 February 3, 2019 Home Meridian $ 23,187 $ 23,187 Domestic Upholstery 16,871 16,871 $ 40,058 $ 40,058 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Our amortizable intangible assets are recorded in the Home Meridian and in 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 February 3, 2019 $ 22,320 $ 778 $ 23,098 Amortization (2,324 ) (60 ) (2,384 ) Balance at February 2, 2020 $ 19,996 $ 718 $ 20,714 |
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 2021 2,384 2022 2,384 2023 2,384 2024 2,384 2025 2,359 2026 and thereafter 8,819 $ 20,714 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross intangible assets and total accumulated amortization for each major class of intangible assets is as follows: February 2, 2020 February 3, 2019 Goodwill $ 40,058 $ 40,058 Trademarks and tradenames 13,435 13,495 Accumulated amortization (60 ) (60 ) Trademarks and tradenames, net 13,375 13,435 Customer relationships 22,320 24,644 Accumulated amortization (2,324 ) (2,324 ) Customer relationships, net 19,996 22,320 Total Goodwill and other intangible assets, net $ 73,429 $ 75,813 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Our assets measured at fair value on a recurring basis at February 2, 2020 and February 3, 2019, were as follows Fair value at February 2, 2020 Fair value at February 3, 2019 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 $ - $ 24,888 $ - $ 24,888 $ - $ 23,816 $ - $ 23,816 Pension plan assets - - - - 10,992 - - 10,992 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
ASU 2016-02 Transition [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease cost and supplemental cash flow information for leases in fiscal 2020 were: Fifty-two Weeks Ended February 2, 2020 Operating lease cost $ 8,408 Variable lease cost 153 Short-term lease cost 581 Total operating lease cost $ 9,142 Operating cash outflows $ 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 Condensed Consolidated Balance Sheets as of February 2, 2020 were: February 2, 2020 Real estate $ 38,175 Property and equipment 1,337 Total operating leases right-of-use assets $ 39,512 Current portion of operating lease liabilities $ 6,307 Long term operating lease liabilities 33,794 Total operating lease liabilities $ 40,101 |
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 condensed consolidated balance sheet at February 2, 2020: Undiscounted Future Operating Lease Payments 2020 $ 7,805 2021 7,182 2022 5,588 2023 5,329 2024 5,280 2025 and thereafter 15,205 Total lease payments $ 46,389 Less: impact of discounting (6,288 ) Present value of lease payments $ 40,101 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Under ASC 840, future minimum lease payments as of February 3, 2019 were as follows: Minimum Future Operating Lease Payments 2019 $ 7,778 2020 7,226 2021 5,320 2022 3,610 2023 2,412 2024 and thereafter 588 Total minimum lease payments $ 26,934 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Other Employee Related Liabilities [Table Text Block] | The following amounts were accrued in our consolidated balance sheets as of the fiscal period-end dates indicated: February 2, February 3, 2020 2019 Performance grants Fiscal 2017 grant (Current liabilities, Accrued wages, salaries and benefits) $ - $ 621 Fiscal 2018 grant (Current liabilities, Accrued wages, salaries and benefits) 333 468 Total performance grants accrued $ 333 $ 1,089 |
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) Fifty-Two Fifty-Three Weeks Ended Weeks Ended February 2, February 3, 2020 2019 Change in benefit obligation: Beginning projected benefit obligation $ 9,622 $ 9,365 Service cost 104 326 Interest cost 351 341 Benefits paid (537 ) (511 ) Actuarial loss 716 101 Ending projected benefit obligation (funded status) $ 10,256 $ 9,622 Accumulated benefit obligation $ 10,131 $ 9,182 Discount rate used to value the ending benefit obligations: 2.50 % 3.75 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 557 $ 511 Non-current liabilities (Deferred compensation line) 9,699 9,111 Total $ 10,256 $ 9,622 SERP (Supplemental Executive Retirement Plan) Fifty-Two Fifty-Three Weeks Ended Weeks Ended February 2, February 3, 2020 2019 Change in benefit obligation: Beginning projected benefit obligation $ 1,805 $ 2,008 Service cost - - Interest cost 67 70 Benefits paid (180 ) (185 ) Actuarial loss (gain) 168 (88 ) Ending projected benefit obligation (funded status) $ 1,860 $ 1,805 Accumulated benefit obligation $ 1,860 $ 1,805 Discount rate used to value the ending benefit obligations: 2.60 % 3.90 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 172 $ 173 Non-current liabilities (Deferred compensation line) 1,688 1,632 Total $ 1,860 $ 1,805 |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net periodic benefit cost Service cost $ 104 $ 326 $ 302 Interest cost 351 341 345 Net loss 149 172 62 Net periodic benefit cost $ 604 $ 839 $ 709 Other changes recognized in accumulated other comprehensive income Net loss arising during period 716 101 393 Amortizations: Loss (149 ) (172 ) (62 ) Total recognized in other comprehensive loss (income) 567 (71 ) 331 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 1,171 $ 768 $ 1,040 Assumptions used to determine net periodic benefit cost: Discount rate 3.75 % 3.75 % 4.00 % Increase in future compensation levels 4.00 % 4.00 % 4.00 % Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net periodic benefit cost Service cost $ - $ - $ - Interest cost 67 70 83 Net gain (5 ) - - Net periodic benefit cost $ 62 $ 70 $ 83 Other changes recognized in accumulated other comprehensive income Net loss (gain) arising during period 168 (88 ) (160 ) Amortizations: Gain (Loss) 5 - - Total recognized in other comprehensive loss (income) 173 (88 ) (160 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 235 $ (18 ) $ (77 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.90 % 3.64 % 3.77 % Increase in future compensation levels N/A N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2021 $ 556 Fiscal 2022 868 Fiscal 2023 868 Fiscal 2024 955 Fiscal 2025 955 Fiscal 2026 through fiscal 2030 4,202 |
Pension Plan [Member] | |
EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Summarized Pension Plan information as of February 2, 2020 (the measurement date) is as follows: Pulaski Furniture Pension Plan Fifty-Two Fifty-Three Weeks Ended Weeks Ended February 2, February 3, 2020 2019 Change in benefit obligation: Beginning projected benefit obligation $ 10,906 $ 11,198 Acquisition Service cost - - Interest cost 303 415 Benefits paid (522 ) (708 ) Settlement (12,557 ) - Actuarial loss 1,870 1 Ending projected benefit obligation $ - $ 10,906 Change in Plan Assets: Beginning fair value of plan assets $ 10,992 $ 8,757 Actual return on plan assets 1,960 23 Employer contributions 344 3,110 Actual expenses paid (217 ) (190 ) Settlement (12,557 ) - Actual benefits paid (522 ) (708 ) Ending fair value of plan assets $ - $ 10,992 Funded Status of the Plan $ - $ 86 Discount rate used to value the ending benefit obligations: N/A 3.80 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ - $ 86 Non-current liabilities (Deferred compensation line) - - Net Asset/(Liability) $ - $ 86 |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net periodic benefit cost Expected administrative expenses $ 105 $ 280 $ 280 Interest cost 303 415 695 Net gain (305 ) (575 ) (933 ) Net periodic benefit cost $ 103 $ 120 $ 42 Settlement/Curtailment Income (193 ) - (562 ) Total net periodic benefit cost (Income) $ (90 ) $ 120 $ (520 ) Other changes recognized in other comprehensive income Net (gain) loss arising during period 327 464 (590 ) Amortization: Gain 193 - 562 Total recognized in other comprehensive (income) loss 520 464 (28 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ 430 $ 584 $ (548 ) Assumptions used to determine net periodic benefit cost: Discount rate 3.80 % 3.82 % 4.14 % Increase in future compensation levels N/A N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2021 $ 172 Fiscal 2022 168 Fiscal 2023 163 Fiscal 2024 158 Fiscal 2025 152 Fiscal 2026 through fiscal 2030 651 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
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 February 2, 2020: Whole Number of Shares Grant-Date Fair Value Per Share Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At February 2, 2020 Previous Awards (vested) $ 1,901 Restricted shares Issued on April 13, 2017 4,572 31.45 142 102 6 Forfeited (1,058 ) (34 ) Restricted shares Issued on May 7, 2018 7,972 37.83 301 156 111 Forfeited (886 ) (34 ) Restricted shares Issued on April 17, 2019 15,239 29.77 454 109 283 Forfeited (2,058 ) (62 ) Restricted shares Issued on May 8, 2019 1,027 29.21 30 7 23 Restricted shares Issued on June 17, 2019 21,138 19.87 420 280 140 Awards outstanding at February 2, 2020: 45,946 $ 1,217 $ 654 $ 563 |
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 February 2, 2020: Whole Number of Units Grant-Date Fair Value Per Unit Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At February 2, 2020 Previous Awards (vested) $ 959 RSUs Awarded on April 15, 2017 6,258 $ 30.03 185 129 4 Forfeited (2,687 ) (52 ) RSUs Awarded on June 4, 2018 6,032 $ 35.86 216 125 69 Forfeited (616 ) (22 ) RSUs Awarded on April 17, 2019 10,196 $ 28.01 286 78 168 Forfeited (1,441 ) (40 ) Awards outstanding at February 2, 2020: 17,742 $ 573 $ 332 $ 241 |
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 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. Whole Number of Units Grant-Date Fair Value Per Unit Aggregate Grant-Date Fair Value Compensation Expense Recognized Grant-Date Fair Value Unrecognized At February 2, 2020 PSUs Awarded on June 4, 2018 22,499 $ 35.86 807 538 229 Forfeited (893 ) (40 ) PSUs Awarded on April 17, 2019 36,412 $ 29.77 1,084 361 642 Forfeited (2,700 ) (81 ) Awards outstanding at February 2, 2020: 55,318 $ 1,770 $ 899 $ 871 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
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: February 2, February 3, January 28, 2020 2019 2018 Restricted shares 45,946 22,070 15,777 RSUs and PSUs 73,060 14,189 19,397 119,006 36,259 35,174 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Net income $ 17,083 $ 39,873 $ 28,250 Less: Dividends on unvested restricted shares 25 11 10 Net earnings allocated to unvested restricted stock 60 68 50 Earnings available for common shareholders $ 16,998 $ 39,794 $ 28,190 Weighted average shares outstanding for basic earnings per share 11,784 11,759 11,633 Dilutive effect of unvested restricted stock awards 54 24 30 Weighted average shares outstanding for diluted earnings per share 11,838 11,783 11,663 Basic earnings per share $ 1.44 $ 3.38 $ 2.42 Diluted earnings per share $ 1.44 $ 3.38 $ 2.42 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our provision for income taxes was as follows for the periods indicated: Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Current expense Federal $ 2,312 $ 10,537 $ 12,022 Foreign 255 118 85 State 334 2,247 1,390 Total current expense 2,901 12,902 13,497 Deferred taxes Federal 1,645 (963 ) 4,038 State 298 (222 ) (13 ) Total deferred taxes 1,943 (1,185 ) 4,025 Income tax expense $ 4,844 $ 11,717 $ 17,522 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate differed from the federal statutory tax rate as follows for the period Fifty-Two Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks Ended February 2, February 3, January 28, 2020 2019 2018 Income taxes at statutory rate 21.0 % 21.0 % 33.9 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 2.4 3.2 2.0 Officer's life insurance -1.1 -0.7 -0.6 Tax Cuts and Jobs Act of 2017 0.0 0.0 4.0 Other -0.2 -0.8 -1.0 Effective income tax rate 22.1 % 22.7 % 38.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax February 2, February 3, 2020 2019 Assets Deferred compensation $ 2,673 $ 3,572 Allowance for bad debts 1,050 1,236 Employee benefits 607 335 Inventories 600 882 Capital loss carryover 393 339 Accrued liabilities 338 448 Deferred rent 231 168 Other 431 169 Total deferred tax assets 6,323 7,149 Valuation allowance (393 ) (339 ) 5,930 6,810 Liabilities Intangible assets 1,737 923 Property, plant and equipment 1,313 1,288 Unrecognized pension actuarial losses - 77 Total deferred tax liabilities 3,050 2,288 Net deferred tax assets $ 2,880 $ 4,522 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the fiscal years ended February 2, 2020 and February 3, 2019 are as follows: February 2, February 3, 2020 2019 Balance, beginning of year $ 43 $ 91 Decrease related to prior year tax positions (39 ) (48 ) Balance, end of year $ 4 $ 43 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
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 Fifty-Three Weeks Ended Fifty-Two Weeks Ended February 2, 2020 February 3, 2019 January 28, 2018 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 161,990 26.4 % $ 178,710 26.2 % $ 166,754 26.9 % Home Meridian 340,630 55.8 % 387,825 56.7 % 365,472 58.9 % Domestic Upholstery 95,670 15.7 % 106,580 15.6 % 78,392 12.6 % All Other 12,534 2.1 % 10,386 1.5 % 10,014 1.6 % Consolidated $ 610,824 100 % $ 683,501 100 % $ 620,632 100 % Gross Profit Hooker Branded $ 51,462 31.8 % $ 58,122 32.5 % $ 53,007 31.8 % Home Meridian 36,936 10.8 % 62,850 16.2 % 62,325 17.1 % Domestic Upholstery 21,120 22.1 % 22,503 21.1 % 16,228 20.7 % All Other 4,440 35.4 % 3,512 33.8 % 3,257 32.5 % Consolidated $ 113,958 18.7 % $ 146,987 21.5 % $ 134,817 21.7 % Operating Income Hooker Branded $ 21,512 13.3 % $ 25,269 14.1 % $ 22,139 13.3 % Home Meridian (7,169 ) -2.1 % 18,828 4.9 % 17,828 4.9 % Domestic Upholstery 6,637 6.9 % 7,607 7.1 % 4,463 5.7 % All Other 1,727 13.8 % 971 9.4 % 1,024 10.2 % Consolidated $ 22,707 3.7 % $ 52,675 7.7 % $ 45,454 7.3 % Capital Expenditures Hooker Branded $ 690 $ 843 $ 1,372 Home Meridian 496 534 1,098 Domestic Upholstery 3,914 3,807 696 All Other 29 30 - Consolidated $ 5,129 $ 5,214 $ 3,166 Depreciation & Amortization Hooker Branded $ 1,930 $ 1,979 $ 1,956 Home Meridian 2,218 2,407 2,716 Domestic Upholstery 2,938 3,049 1,968 All Other 14 7 7 Consolidated $ 7,100 $ 7,442 $ 6,647 |
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 February 2, As of February 3, 2020 %Total 2019 %Total Assets Assets Assets Hooker Branded $ 144,112 45.0 % $ 109,702 37.3 % Home Meridian 138,313 43.2 % 144,277 49.1 % Domestic Upholstery 36,085 11.3 % 38,467 13.1 % All Other 1,769 0.6 % 1,457 0.5 % Consolidated Assets $ 320,279 100 % $ 293,903 100 % Consolidated Goodwill and Intangibles 73,429 75,813 Total Consolidated Assets $ 393,708 $ 369,716 |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by product type are as follows: Net Sales (in thousands) Fiscal 2020 2019 2018 Casegoods $ 397,192 65 % $ 417,677 61 % $ 404,808 65 % Upholstery 213,632 35 % 265,824 39 % 215,824 35 % $ 610,824 $ 683,501 $ 620,632 |
CONSOLIDATED QUARTERLY DATA (_2
CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) (Tables) | 12 Months Ended |
Feb. 02, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Fiscal Quarter First Second Third Fourth 2020 Net sales $ 135,518 $ 152,248 $ 158,176 $ 164,882 Cost of sales 110,001 123,422 129,777 133,665 Gross profit 25,517 28,826 28,399 31,217 Selling and administrative expenses 22,016 22,462 22,810 21,581 Net income 1,987 4,160 3,920 7,016 Basic earnings per share $ 0.17 $ 0.35 $ 0.33 $ 0.59 Diluted earnings per share $ 0.17 $ 0.35 $ 0.33 $ 0.59 2019 Net sales $ 142,892 $ 168,661 $ 171,474 $ 200,475 Cost of sales 110,926 133,016 135,638 156,935 Gross profit 31,966 35,645 35,836 43,540 Selling and administrative expenses 21,990 23,184 22,979 23,777 Net income 7,154 8,693 9,332 14,691 Basic earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.25 Diluted earnings per share $ 0.61 $ 0.74 $ 0.79 $ 1.24 |
RECENTLY ADOPTED ACCOUNTING S_2
RECENTLY ADOPTED ACCOUNTING STANDARDS (Details) - USD ($) | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 29, 2018 |
RECENTLY ADOPTED ACCOUNTING STANDARDS (Details) [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 39,512,000 | $ 0 | |
Operating Lease, Liability | 40,101,000 | 26,934,000 | |
Retained Earnings (Accumulated Deficit) | $ 223,252,000 | $ 213,380,000 | |
Accounting Standards Update 2014-09 Cumulative Effect, Period of Adoption [Member] | |||
RECENTLY ADOPTED ACCOUNTING STANDARDS (Details) [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ 210,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020USD ($) | Feb. 03, 2019USD ($) | Jan. 28, 2018USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Number of Reportable Segments | 3 | ||
Lessee, Operating Lease, Renewal Term | 7 years | ||
Number of Life Insurance Policies | 78 | ||
Cash Surrender Value of Life Insurance | $ 24,888 | $ 23,816 | |
Life Settlement Contracts, Fair Value Method, Face Value | 54,000 | ||
Advertising Expense | $ 3,400 | $ 3,300 | $ 3,000 |
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% |
SHENANDOAH ACQUISITION (Details
SHENANDOAH ACQUISITION (Details) - USD ($) | Sep. 29, 2017 | Feb. 02, 2020 | Nov. 03, 2019 | Aug. 04, 2019 | May 05, 2019 | Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Jan. 28, 2018 | Jan. 29, 2017 | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 |
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Gross Profit | $ 31,217,000 | $ 28,399,000 | $ 28,826,000 | $ 25,517,000 | $ 43,540,000 | $ 35,836,000 | $ 35,645,000 | $ 31,966,000 | $ 113,958,000 | $ 146,987,000 | $ 134,817,000 | |||||
Operating Income (Loss) | 22,707,000 | 52,675,000 | 45,454,000 | |||||||||||||
Amortization of Intangible Assets | 2,384,000 | $ 2,384,000 | 2,084,000 | |||||||||||||
New Unsecured Term Loan [Member] | Unsecured Debt [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 41,000,000 | 41,000,000 | ||||||||||||||
Customer Relationships [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Amortization of Intangible Assets | 2,324,000 | |||||||||||||||
Order or Production Backlog [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Amortization of Intangible Assets | $ 60,000 | |||||||||||||||
Shenandoah Furniture, Inc, [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Gross | $ 32,800,000 | $ 32,773,000 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 176,018 | |||||||||||||||
Payment of Post Closing Working Capital Adjustment | $ 770,000 | $ 123,000 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Basis for Determining Value | The number of shares of common stock issued at closing for the Stock Consideration was determined by reference to the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45). | As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). | ||||||||||||||
Business Combination, Nature of Adjustments | However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. | |||||||||||||||
Business Combination, Adjustment, Consideration Transferred | $ 396,000 | |||||||||||||||
Business Combination, Adjustment, Intangibles | 1,100,000 | |||||||||||||||
Business Combination, Adjustment, Accrued Expenses | 123,000 | |||||||||||||||
Business Combination, Adjustment, Property, Plant, and Equipment | 17,000 | |||||||||||||||
Goodwill, Period Increase (Decrease) | $ (774,000) | |||||||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years 36 days | |||||||||||||||
Business Combination, Adjustment, Amortization of Intangibles | $ 132,000 | $ 171,000 | $ 191,000 | 943,000,000 | ||||||||||||
Business Combination, Adjustments Related to Previous Period | $ 67,000 | 0 | 522,000 | 520,000 | ||||||||||||
Business Combination, Adjustment, Financial Liabilities | 13,000 | 46,000 | 61,000 | 197,000 | ||||||||||||
Business Combination, Adjustment, Salaries | 0 | 46,000 | 123,000 | 185,000 | ||||||||||||
Business Combination, Adjustment, Income Taxes on Operations | 0 | $ 536,000 | 2,400,000 | $ 2,400,000 | ||||||||||||
Business Combination, Acquisition Related Costs | 800,000 | |||||||||||||||
Shenandoah Furniture, Inc, [Member] | New Unsecured Term Loan [Member] | Unsecured Debt [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 12,000,000 | |||||||||||||||
Proceeds from Loans | $ 12,000,000 | |||||||||||||||
Shenandoah Furniture, Inc, [Member] | Customer Relationships [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 13,200,000 | 13,200,000 | $ 13,200,000 | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||||||||||||
Shenandoah Furniture, Inc, [Member] | Trade Names [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 700,000 | 700,000 | $ 700,000 | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||||||||||
Shenandoah Furniture, Inc, [Member] | Order or Production Backlog [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 400,000 | $ 400,000 | $ 400,000 | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||||||||||||
Shenandoah Furniture, Inc, [Member] | ||||||||||||||||
SHENANDOAH ACQUISITION (Details) [Line Items] | ||||||||||||||||
Gross Profit | $ 11,300,000 | |||||||||||||||
Operating Income (Loss) | 604,000 | |||||||||||||||
Amortization of Intangible Assets | $ 750,000 |
SHENANDOAH ACQUISITION (Detai_2
SHENANDOAH ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed - Shenandoah Furniture, Inc, [Member] - USD ($) $ in Thousands | Sep. 29, 2017 | Jan. 29, 2017 | |
SHENANDOAH ACQUISITION (Details) - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |||
Cash paid for assets acquired, including working capital adjustment | $ 32,800 | $ 32,773 | |
Value of shares issued for assets acquired | 8,000 | ||
Fair value adjustment to shares issued for assets acquired | [1] | 396 | |
Total purchase price | 41,169 | ||
Accounts receivable | 3,576 | ||
Inventory | 2,380 | ||
Prepaid expenses and other current assets | 52 | ||
Property and equipment | 5,401 | ||
Intangible assets | 14,300 | ||
Goodwill | 16,871 | ||
Accounts payable | (699) | ||
Accrued expenses | (712) | ||
Total purchase price | $ 41,169 | ||
[1] | As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company's common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment. |
SHENANDOAH ACQUISITION (Detai_3
SHENANDOAH ACQUISITION (Details) - Business Acquisition, Pro Forma Information - Shenandoah Furniture, Inc, [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jan. 28, 2018 | Jan. 28, 2018 | |
SHENANDOAH ACQUISITION (Details) - Business Acquisition, Pro Forma Information [Line Items] | ||
Net Sales | $ 175,365 | $ 649,936 |
Net Income | $ 8,775 | $ 32,977 |
Basic EPS | $ 0.75 | $ 2.82 |
Diluted EPS | $ 0.75 | $ 2.81 |
CASUALTY LOSS (Details)
CASUALTY LOSS (Details) | May 18, 2018USD ($) | Feb. 02, 2020USD ($) | Feb. 03, 2019USD ($) | Jan. 28, 2018USD ($) |
Casualty Loss [Abstract] | ||||
Number of Warehouses | 2 | |||
Insurance Deductible | $ 500,000 | |||
Casualty Loss | $ 500,000 | |||
Insurance Recoveries | $ 0 | $ 409,000 | $ 0 |
DOUBTFUL ACCOUNTS AND OTHER A_3
DOUBTFUL ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE ALLOWANCES (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Allowance for Doubtful Accounts [Abstract] | |||
Balance at beginning of year | $ 908 | $ 1,014 | $ 508 |
Non-cash charges to cost and expenses | 417 | 158 | 767 |
Less uncollectible receivables written off, net of recoveries | (422) | (264) | (261) |
Balance at end of year | 903 | 908 | 1,014 |
Balance at beginning of year | 4,267 | 5,117 | 6,298 |
Charges to cost and expenses | 31,815 | 41,606 | 30,447 |
Less uncollectible receivables written off, net of recoveries | (32,589) | (42,456) | (31,628) |
Balance at end of year | $ 3,493 | $ 4,267 | $ 5,117 |
ACCOUNTS RECEIVABLE (Details) -
ACCOUNTS RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract] | ||||
Trade accounts receivable | $ 91,261 | $ 117,732 | ||
Receivable from factor | 788 | 0 | ||
Other accounts receivable allowances | (3,493) | (4,267) | $ (5,117) | $ (6,298) |
Allowance for doubtful accounts | (903) | (908) | $ (1,014) | $ (508) |
Accounts receivable | $ 87,653 | $ 112,557 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
INVENTORIES (Details) [Line Items] | |||
Net income FIFO inventory method | $ 19,500,000 | $ 41,500,000 | $ 28,100,000 |
Inventory, LIFO Reserve, Period Charge | 3,100,000 | 2,100,000 | $ 225,000 |
Inventory, Finished Goods, Gross | 106,495,000 | 112,847,000 | |
China and Vietnam [Member] | |||
INVENTORIES (Details) [Line Items] | |||
Other Inventory, Inventory at off Site Premises, Gross | 9,600,000 | 8,100,000 | |
Finished Furniture, Consigned Inventories [Member] | |||
INVENTORIES (Details) [Line Items] | |||
Inventory, Finished Goods, Gross | $ 424,000 | $ 1,300,000 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Schedule of Inventory, Current [Abstract] | ||
Finished furniture | $ 106,495 | $ 112,847 |
Furniture in process | 1,304 | 1,825 |
Materials and supplies | 8,479 | 10,896 |
Inventories at FIFO | 116,278 | 125,568 |
Reduction to LIFO basis | (23,465) | (20,364) |
Inventories | $ 92,813 | $ 105,204 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Depreciation | $ 4.7 | $ 5 | $ 4.5 |
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 | |
Feb. 02, 2020 | Feb. 03, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 72,738 | $ 64,600 |
Less accumulated depreciation | 44,089 | 39,925 |
Total depreciable property, net | 28,649 | 24,675 |
Land | 1,077 | 1,067 |
Construction-in-progress | 181 | 3,740 |
Property, plant and equipment, net | 29,907 | 29,482 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 31,316 | 24,588 |
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 | $ 19,166 | 18,719 |
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 | $ 9,271 | 8,934 |
Property, Plant and Equipment, Depreciable Lives | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,737 | 9,376 |
Property, Plant and Equipment, Depreciable Lives | Term of lease | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,597 | 2,318 |
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 | $ 651 | $ 665 |
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 | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Balance beginning of year | $ 5,123 | $ 5,982 | $ 6,510 |
Additions | 286 | 373 | 630 |
Amortization expense | (1,132) | (1,227) | (1,151) |
Disposals | 0 | (5) | (7) |
Balance end of year | $ 4,277 | $ 5,123 | $ 5,982 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Details) | 12 Months Ended |
Feb. 02, 2020 | |
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 73 days |
Customer Relationships [Member] | |
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Trademarks [Member] | |
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years 292 days |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Indefinite-Lived Intangible Assets - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 40,058 | $ 40,058 |
Total non-amortizable assets | 52,715 | 52,715 |
Home Meridian International [Member] | Trademarks and Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and trade names | 11,400 | 11,400 |
Goodwill [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 40,058 | 40,058 |
Goodwill [Member] | Home Meridian International [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 23,187 | 23,187 |
Goodwill [Member] | Other Segments [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 16,871 | 16,871 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and trade names | 12,657 | 12,657 |
Trademarks and Trade Names [Member] | Bradington-Young [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and trade names | 861 | 861 |
Trademarks and Trade Names [Member] | Sam Moore [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and trade names | $ 396 | $ 396 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Goodwill - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 40,058 | $ 40,058 |
Upholstery [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 16,871 | 16,871 |
Home Meridian International [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 23,187 | $ 23,187 |
INTANGIBLE ASSETS AND GOODWIL_5
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Finite-Lived Intangible Assets $ in Thousands | 12 Months Ended |
Feb. 02, 2020USD ($) | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | $ 22,320 |
Amortization | (2,324) |
Balance | 19,996 |
Order or Production Backlog [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 778 |
Amortization | (60) |
Balance | 718 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance | 23,098 |
Amortization | (2,384) |
Balance | $ 20,714 |
INTANGIBLE ASSETS AND GOODWIL_6
INTANGIBLE ASSETS AND GOODWILL (Details) - Finite-lived Intangible Assets Amortization Expense $ in Thousands | Feb. 02, 2020USD ($) |
Finite-lived Intangible Assets Amortization Expense [Abstract] | |
2021 | $ 2,384 |
2022 | 2,384 |
2023 | 2,384 |
2024 | 2,384 |
2025 | 2,359 |
2026 and thereafter | 8,819 |
$ 20,714 |
INTANGIBLE ASSETS AND GOODWIL_7
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Goodwill | $ 40,058 | $ 40,058 |
Finite-lived intangible assets, net | 20,714 | |
Total Goodwill and other intangible assets, net | 73,429 | 75,813 |
Trademarks and Trade Names [Member] | ||
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | 13,435 | 13,495 |
Accumulated amortization | (60) | (60) |
Finite-lived intangible assets, net | 13,375 | 13,435 |
Customer Relationships [Member] | ||
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets and Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | 22,320 | 24,644 |
Accumulated amortization | (2,324) | (2,324) |
Finite-lived intangible assets, net | $ 19,996 | $ 22,320 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Assets measured at fair value | ||
Company-owned life insurance | $ 24,888 | $ 23,816 |
Pension plan assets | 0 | 10,992 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Pension plan assets | 0 | 10,992 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 24,888 | 23,816 |
Pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Pension plan assets | $ 0 | $ 0 |
LEASES (Details)
LEASES (Details) | 12 Months Ended |
Feb. 02, 2020USD ($) | |
LEASES (Details) [Line Items] | |
Operating Leases of Lessee, Contingent Rentals, Description of Variable Rate Basis | one-month LIBOR plus 1.5% |
Operating Leases, Income Statement, Sublease Revenue | $ 405,000 |
Description of Lessee Leasing Arrangements, Operating Leases | Our leases have remaining lease terms of less than one year to seven years, some of which include options to extend the leases for up to seven 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. |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 146 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.99% |
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 $ in Thousands | 12 Months Ended |
Feb. 02, 2020USD ($) | |
LEASES (Details) - Lease, Cost [Line Items] | |
Operating lease cost | $ 9,142 |
Operating cash outflows | 8,725 |
Operating Lease Costs [Member] | |
LEASES (Details) - Lease, Cost [Line Items] | |
Operating lease cost | 8,408 |
Variable Lease Cost [Member] | |
LEASES (Details) - Lease, Cost [Line Items] | |
Operating lease cost | 153 |
Leases Less Then 12 Months [Member] | |
LEASES (Details) - Lease, Cost [Line Items] | |
Operating lease cost | $ 581 |
LEASES (Details) - Schedule of
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | $ 39,512 | $ 0 |
Current portion of operating lease liabilities | 6,307 | 0 |
Long term operating lease liabilities | 33,794 | 0 |
Total operating lease liabilities | 40,101 | $ 26,934 |
Real Estate [Member] | ||
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | 38,175 | |
Property, Plant and Equipment [Member] | ||
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities [Line Items] | ||
Operating leases right-of-use assets | $ 1,337 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Lessee, Operating Lease, Liability, Maturity [Abstract] | ||
2020 | $ 7,805 | |
2021 | 7,182 | |
2022 | 5,588 | |
2023 | 5,329 | |
2024 | 5,280 | |
2025 and thereafter | 15,205 | |
Total lease payments | 46,389 | |
Less: impact of discounting | (6,288) | |
Present value of lease payments | $ 40,101 | $ 26,934 |
LEASES (Details) - Schedule o_2
LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | ||
2019 | $ 8,700 | $ 7,778 |
2020 | 8,200 | 7,226 |
2021 | 6,600 | 5,320 |
2022 | 6,400 | 3,610 |
2023 | 2,412 | |
2024 and thereafter | 588 | |
Total minimum lease payments | $ 40,101 | $ 26,934 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) | 12 Months Ended | ||||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | Feb. 01, 2016 | Jan. 31, 2016 | |
LONG-TERM DEBT (Details) [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | $ 0 | $ 0 | $ 12,000,000 | ||
Line of Credit, Current | 0 | ||||
Line of Credit Facility, Current Borrowing Capacity | 25,700,000 | ||||
Letters of Credit Outstanding, Amount | 4,300,000 | ||||
Secured Debt [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | 19,000,000 | ||||
New Unsecured Term Loan [Member] | Unsecured Debt [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | 41,000,000 | ||||
Debt Instrument, Periodic Payment, Principal | $ 490,000 | ||||
Debt Instrument, Covenant Description | Maintain a ratio of funded debt to EBITDA not exceeding: o 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 beginning in fiscal 2020. The New Loan Agreement also limits our right to incur other indebtedness, make certain investments and create liens upon our assets, subject to certain exceptions, among other restrictions. The New Loan Agreement does not restrict our ability to pay cash dividends on, or repurchase, shares of our common stock, subject to our compliance with the financial covenants discussed above, if we are not otherwise in default under the New Loan Agreement. | ||||
Unsecured Term Loan [Member] | Unsecured Debt [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Maturity Date | Feb. 1, 2021 | ||||
Long-term Debt | $ 30,100,000 | ||||
Line of Credit [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | $ 15,000,000 | |||
Letter of Credit [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | $ 3,000,000 | |||
Letter of Credit [Member] | New Unsecured Term Loan [Member] | Unsecured Debt [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | $ 12,000,000 | ||||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | New Unsecured Term Loan [Member] | Unsecured Debt [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||||
LONG-TERM DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) | Jan. 28, 2018USD ($) | Feb. 02, 2020USD ($) | Feb. 03, 2019USD ($) | Jan. 28, 2018USD ($) | Jan. 29, 2017USD ($) |
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,300,000 | $ 974,000 | $ 1,400,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.14% | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 562,000 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (520,000) | $ 0 | $ 0 | ||
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 Calculating Net Periodic Benefit Cost, Discount Rate | 3.90% | 3.64% | 3.77% | ||
Defined Benefit Plan, Assumptions Used in Calculation, Description | For the SERP, the discount rate assumption used to measure the postretirement benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by our actuary, Aon Hewitt (“Aon”). This yield curve was constructed from the underlying bond price and yield data collected as of the Plan’s measurement date and is represented by a series of annualized, individual discount rates with durations ranging from six months to seventy-five years. Aon then applies the yield curve to the actuarially projected cash flow patterns to derive the appropriate discount rate. | ||||
Defined Benefit Plan, Plan Assets, Change in Valuation Technique and Input, Description | At February 3, 2019, the plan used 3.90% based on the Aon AA Above Median yield curve as of January 31, 2019. This rate was used to determine the fiscal 2020 net periodic cost. At February 2, 2020, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.60%. This rate was used to value the ending benefit obligations. Increasing the SERP discount rate by 1% would decrease the projected benefit obligation at February 2, 2020 by approximately $130,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 2, 2020 by $148,000. | ||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (168,000) | $ 88,000 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ (168,000) | $ 88,000 | $ 160,000 | ||
Supplemental Retirement Income Plan ("SRIP") [Member] | |||||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.75% | 3.75% | 4.00% | 2.50% | |
Defined Benefit Plan, Assumptions Used in Calculation, Description | The discount rate utilized in each period was the Annualized Moody’s Composite Bond Rate rounded to the nearest 0.25%. | ||||
Defined Benefit Plan, Plan Assets, Change in Valuation Technique and Input, Description | Increasing the SRIP discount rate by 1% would decrease the projected benefit obligation at February 2, 2020 by approximately $695,000. Similarly, decreasing the discount rate by 1% would increase the projected benefit obligation at February 2, 2020 by $780,000. | ||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (716,000) | $ (101,000) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (149,000) | (23,000) | |||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 337,633 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ (716,000) | $ (101,000) | $ (393,000) | ||
Pension Plan [Member] | |||||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.80% | 3.82% | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 1,870,000 | $ 1,000 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 193,000 | $ 0 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 520,000 | ||||
Accounting Standards Update 2017-07 [Member] | |||||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||||
Prior Period Reclassification Adjustment | $ 30,000 |
EMPLOYEE BENEFIT PLANS (Detai_2
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance projected benefit obligation | $ 9,622 | $ 9,365 | |
Accumulated benefit obligation | $ 10,131 | $ 9,182 | |
Discount rate used to value the ending benefit obligations: | 2.50% | 3.75% | |
Service cost | $ 104 | $ 326 | $ 302 |
Interest cost | 351 | 341 | 345 |
Benefits paid | (537) | (511) | |
Actuarial loss (gain) | 716 | 101 | |
Balance projected benefit obligation | 10,256 | 9,622 | 9,365 |
Current liabilities (Accrued salaries, wages and benefits line) | 557 | 511 | |
Non-current liabilities (Deferred compensation line*) | 9,699 | 9,111 | |
Total | 10,256 | 9,622 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance projected benefit obligation | 1,805 | 2,008 | |
Accumulated benefit obligation | $ 1,860 | $ 1,805 | |
Discount rate used to value the ending benefit obligations: | 2.60% | 3.90% | |
Service cost | $ 0 | $ 0 | 0 |
Interest cost | 67 | 70 | 83 |
Benefits paid | (180) | (185) | |
Actuarial loss (gain) | 168 | (88) | |
Balance projected benefit obligation | 1,860 | 1,805 | $ 2,008 |
Current liabilities (Accrued salaries, wages and benefits line) | 172 | 173 | |
Non-current liabilities (Deferred compensation line*) | 1,688 | 1,632 | |
Total | $ 1,860 | $ 1,805 |
EMPLOYEE BENEFIT PLANS (Detai_3
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | Jan. 29, 2017 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | ||||
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs [Line Items] | ||||
Service cost | $ 104 | $ 326 | $ 302 | |
Interest cost | 351 | 341 | 345 | |
Net Gain (Loss) | 149 | 172 | 62 | |
Net periodic benefit cost | 604 | 839 | 709 | |
Net loss (gain) arising during period | 716 | 101 | 393 | |
Gain (Loss) | (149) | (172) | (62) | |
Total recognized in other comprehensive loss (income) | 567 | (71) | 331 | |
Total recognized in other comprehensive loss (income) accumulated other comprehensive income | $ 1,171 | $ 768 | $ 1,040 | |
Discount rate | 3.75% | 3.75% | 4.00% | 2.50% |
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 | 67 | 70 | 83 | |
Net Gain (Loss) | (5) | 0 | 0 | |
Net periodic benefit cost | 62 | 70 | 83 | |
Net loss (gain) arising during period | 168 | (88) | (160) | |
Gain (Loss) | 5 | 0 | 0 | |
Total recognized in other comprehensive loss (income) | 173 | (88) | (160) | |
Total recognized in other comprehensive loss (income) accumulated other comprehensive income | $ 235 | $ (18) | $ (77) | |
Discount rate | 3.90% | 3.64% | 3.77% | |
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 | Feb. 02, 2020USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2021 | $ 556 |
Fiscal 2022 | 868 |
Fiscal 2023 | 868 |
Fiscal 2024 | 955 |
Fiscal 2025 | 955 |
Fiscal 2026 through fiscal 2030 | $ 4,202 |
EMPLOYEE BENEFIT PLANS (Detai_5
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Pension Plan [Member] $ in Thousands | Feb. 02, 2020USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2021 | $ 172 |
Fiscal 2022 | 168 |
Fiscal 2023 | 163 |
Fiscal 2024 | 158 |
Fiscal 2025 | 152 |
Fiscal 2026 through fiscal 2030 | $ 651 |
EMPLOYEE BENEFIT PLANS (Detai_6
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2020 | Feb. 03, 2019 | |
Change in benefit obligation: | ||
Balance projected benefit obligation | $ 10,906 | $ 11,198 |
Service cost | 0 | 0 |
Interest cost | 303 | 415 |
Benefits paid | (522) | (708) |
Settlement | (12,557) | 0 |
Actuarial (gain) loss | 1,870 | 1 |
Balance projected benefit obligation | 0 | 10,906 |
Change in Plan Assets: | ||
Beginning fair value of plan assets | 10,992 | 8,757 |
Actual return on plan assets | 1,960 | 23 |
Employer contributions | 344 | 3,110 |
Actual expenses paid | (217) | (190) |
Settlement | (12,557) | 0 |
Actual benefits paid | (522) | (708) |
Ending fair value of plan assets | 0 | 10,992 |
Funded Status of the Plan | $ 0 | $ 86 |
Discount rate used to value the ending benefit obligations: | 3.80% | |
Amount recognized in the consolidated balance sheets: | ||
Current liabilities (Accrued salaries, wages and benefits line) | $ 0 | $ 86 |
Non-current liabilities (Deferred compensation line*) | 0 | 0 |
Total | $ 0 | $ 86 |
EMPLOYEE BENEFIT PLANS (Detai_7
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Net periodic benefit cost | |||
Expected administrative expenses | $ 280 | ||
Interest cost | 695 | ||
Net gain | (933) | ||
Net periodic benefit cost | 42 | ||
Settlement/Curtailment Income | (562) | ||
Total net periodic benefit cost (Income) | (520) | ||
Other changes recognized in other comprehensive income | |||
Net (gain) loss arising during period | (590) | ||
Gain | 562 | ||
Total recognized in other comprehensive (income) loss | (28) | ||
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ (548) | ||
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.14% | ||
Increase in future compensation levels | |||
Pension Plan [Member] | |||
Net periodic benefit cost | |||
Expected administrative expenses | $ 105 | $ 280 | |
Interest cost | 303 | 415 | |
Net gain | (305) | (575) | |
Net periodic benefit cost | 103 | 120 | |
Settlement/Curtailment Income | (193) | ||
Total net periodic benefit cost (Income) | (90) | 120 | |
Other changes recognized in other comprehensive income | |||
Net (gain) loss arising during period | 327 | 464 | |
Gain | 193 | 0 | |
Total recognized in other comprehensive (income) loss | 520 | 464 | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ 430 | $ 584 | |
Assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.80% | 3.82% | |
Increase in future compensation levels |
EMPLOYEE BENEFIT PLANS (Detai_8
EMPLOYEE BENEFIT PLANS (Details) - Other Employee Related Liabilities - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Performance grants | ||
Performance grants | $ 333 | $ 1,089 |
Fiscal Year Grant 2017 [Member] | ||
Performance grants | ||
Performance grants | 0 | 621 |
Fiscal Year Grant 2018 [Member] | ||
Performance grants | ||
Performance grants | $ 333 | $ 468 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) | Jun. 17, 2019 | May 08, 2019 | Apr. 17, 2019 | Aug. 29, 2018 | Jun. 04, 2018 | May 07, 2018 | Jun. 09, 2017 | Apr. 13, 2017 | Feb. 02, 2020 | Feb. 03, 2019 |
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 | $ 19.87 | $ 29.21 | $ 29.77 | $ 39.05 | $ 46.88 | $ 37.83 | $ 41.70 | $ 31.45 | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantDateFairValue (in Dollars) | $ 1,200,000 | |||||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | 654,000 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars) | $ 563,000 | $ 563,000 | ||||||||
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) | $ 1,900,000 |
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. 17, 2019 | May 08, 2019 | Apr. 17, 2019 | Aug. 29, 2018 | Jun. 04, 2018 | May 07, 2018 | Jun. 09, 2017 | Apr. 13, 2017 | Feb. 03, 2019 | Jan. 29, 2017 | Feb. 02, 2020 |
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) | 45,946 | ||||||||||
Aggregate Grant-Date Fair Value, Balance | $ 1,217,000 | ||||||||||
Compensation Expense Recognized, Balance | 654,000 | $ 1,901,000 | |||||||||
Grant-Date Fair Value Unrecognized, Balance | $ 563,000 | $ 563,000 | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 21,138 | 1,027 | 15,239 | 7,972 | 4,572 | ||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 19.87 | $ 29.21 | $ 29.77 | $ 39.05 | $ 46.88 | $ 37.83 | $ 41.70 | $ 31.45 | |||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 420,000 | $ 30,000 | $ 454,000 | $ 301,000 | $ 142,000 | ||||||
Compensation Expense Recognized, Restricted shares Issued | 280,000 | 7,000 | 109,000 | 156,000 | 102,000 | ||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 140,000 | $ 23,000 | $ 283,000 | $ 111,000 | $ 6,000 | ||||||
April 13, 2017 [Member] | |||||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||||
Whole Number of Shares, Forfeited (in Shares) | (1,058) | ||||||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (34,000) | ||||||||||
May 7, 2018 [Member] | |||||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||||
Whole Number of Shares, Forfeited (in Shares) | (886) | ||||||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (34,000) | ||||||||||
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, Forfeited (in Shares) | (2,058) | ||||||||||
Aggregate Grant-Date Fair Value, Forfeited | $ (62,000) |
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, shares in Thousands, $ in Thousands | Apr. 17, 2019 | Jun. 04, 2018 | Apr. 15, 2017 | Feb. 02, 2020 | Jan. 29, 2017 |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||
Whole Number of Units (in Shares) | 10,196 | 6,032 | 6,258 | 17,742 | |
Grant-Date Fair Value (in Dollars per share) | $ 28.01 | $ 35.86 | $ 30.03 | ||
Aggregate Grant-Date Fair Value | $ 286 | $ 216 | $ 185 | $ 573 | |
Compensation Expense Recognized | 78 | 125 | 129 | 332 | $ 959 |
Grant-Date Fair Value Unrecognized | $ 168 | $ 69 | $ 4 | $ 241 | |
Forfeited, Whole Number of Units (in Shares) | (1,441) | (616) | (2,687) | ||
Forfeited, Aggregate Grant-Date Fair Value | $ (40) | $ (22) | $ (52) |
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 |
Feb. 02, 2020USD ($)$ / 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 | 55,318 |
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 1,770 |
PSUs Awarded, Compensation Expense Recognized | 899 |
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 871 |
June 4, 2018 [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 | 22,499 |
PSUs Awarded, Grant-Date Fair Value Per Unit (in Dollars per share) | $ / shares | $ 35.86 |
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 807 |
PSUs Awarded, Compensation Expense Recognized | 538 |
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 229 |
Forfeited, Whole Number of Units (in Shares) | shares | (893) |
Forfeited, Aggregate Grant-Date Fair Value | $ (40) |
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 | 36,412 |
PSUs Awarded, Grant-Date Fair Value Per Unit (in Dollars per share) | $ / shares | $ 29.77 |
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 1,084 |
PSUs Awarded, Compensation Expense Recognized | 361 |
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 642 |
Forfeited, Whole Number of Units (in Shares) | shares | (2,700) |
Forfeited, Aggregate Grant-Date Fair Value | $ (81) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) | Sep. 29, 2017shares |
Shenandoah Furniture, Inc, [Member] | |
EARNINGS PER SHARE (Details) [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 176,018 |
EARNINGS PER SHARE (Details) -
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 |
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 119,006 | 36,259 | 35,174 |
Restricted Stock [Member] | |||
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 45,946 | 22,070 | 15,777 |
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 | 73,060 | 14,189 | 19,397 |
EARNINGS PER SHARE (Details) _2
EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2020 | Nov. 03, 2019 | Aug. 04, 2019 | May 05, 2019 | Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $ 7,016 | $ 3,920 | $ 4,160 | $ 1,987 | $ 14,691 | $ 9,332 | $ 8,693 | $ 7,154 | $ 17,083 | $ 39,873 | $ 28,250 |
Less: Dividends on unvested restricted shares | 25 | 11 | 10 | ||||||||
Net earnings allocated to unvested restricted stock | 60 | 68 | 50 | ||||||||
Earnings available for common shareholders | $ 16,998 | $ 39,794 | $ 28,190 | ||||||||
Weighted average shares outstanding for basic earnings per share (in Shares) | 11,784 | 11,759 | 11,633 | ||||||||
Dilutive effect of unvested restricted stock awards (in Shares) | 54 | 24 | 30 | ||||||||
Weighted average shares outstanding for diluted earnings per share (in Shares) | 11,838 | 11,783 | 11,663 | ||||||||
Basic earnings per share (in Dollars per share) | $ 0.59 | $ 0.33 | $ 0.35 | $ 0.17 | $ 1.25 | $ 0.79 | $ 0.74 | $ 0.61 | $ 1.44 | $ 3.38 | $ 2.42 |
Diluted earnings per share (in Dollars per share) | $ 0.59 | $ 0.33 | $ 0.35 | $ 0.17 | $ 1.24 | $ 0.79 | $ 0.74 | $ 0.61 | $ 1.44 | $ 3.38 | $ 2.42 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
Other Income Tax Expense (Benefit), Continuing Operations | $ 4,500,000 | $ 11,600,000 | $ 17,500,000 |
Income Tax Expense (Benefit) | 4,844,000 | 11,717,000 | 17,522,000 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 300,000 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 176,000 | 73,000 | $ 26,000 |
Deferred Tax Assets Liabilities, Net AOCI | 2,900,000 | 4,500,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 54,000 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 1,400,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 54,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 1,000 | $ 5,600 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Current expense | |||
Federal | $ 2,312 | $ 10,537 | $ 12,022 |
Foreign | 255 | 118 | 85 |
State | 334 | 2,247 | 1,390 |
Total current expense | 2,901 | 12,902 | 13,497 |
Deferred taxes | |||
Federal | 1,645 | (963) | 4,038 |
State | 298 | (222) | (13) |
Total deferred taxes | 1,943 | (1,185) | 4,025 |
Income tax expense | $ 4,844 | $ 11,717 | $ 17,522 |
INCOME TAXES (Details) - Sche_2
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||
Income taxes at statutory rate | 21.00% | 21.00% | 33.90% |
State taxes, net of federal benefit | 2.40% | 3.20% | 2.00% |
Officer's life insurance | (1.10%) | (0.70%) | (0.60%) |
Tax Cuts and Jobs Act of 2017 | (0.00%) | (0.00%) | 4.00% |
Other | (0.20%) | (0.80%) | (1.00%) |
Effective income tax rate | 22.10% | 22.70% | 38.30% |
INCOME TAXES (Details) - Sche_3
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Assets | ||
Deferred compensation | $ 2,673 | $ 3,572 |
Allowance for bad debts | 1,050 | 1,236 |
Employee benefits | 607 | 335 |
Inventories | 600 | 882 |
Capital loss carryover | 393 | 339 |
Accrued liabilities | 338 | 448 |
Deferred rent | 231 | 168 |
Other | 431 | 169 |
Total deferred tax assets | 6,323 | 7,149 |
Valuation allowance | (393) | (339) |
5,930 | 6,810 | |
Liabilities | ||
Intangible assets | 1,737 | 923 |
Property, plant and equipment | 1,313 | 1,288 |
Unrecognized pension actuarial losses | 0 | 77 |
Total deferred tax liabilities | 3,050 | 2,288 |
Net deferred tax assets | $ 2,880 | $ 4,522 |
INCOME TAXES (Details) - Sche_4
INCOME TAXES (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 02, 2020 | Feb. 03, 2019 | |
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract] | ||
Balance, beginning of year | $ 43 | $ 91 |
Decrease related to prior year tax positions | (39) | (48) |
Balance, end of year | $ 4 | $ 43 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | 3 | ||
Consolidated Net Sales, Percent of International Customers | 1.60% | 1.20% | 2.50% |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Segment Reporting Information - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2020 | Nov. 03, 2019 | Aug. 04, 2019 | May 05, 2019 | Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 164,882 | $ 158,176 | $ 152,248 | $ 135,518 | $ 200,475 | $ 171,474 | $ 168,661 | $ 142,892 | $ 610,824 | $ 683,501 | $ 620,632 |
% of Net Sales | 100.00% | 100.00% | 100.00% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 31,217 | $ 28,399 | $ 28,826 | $ 25,517 | $ 43,540 | $ 35,836 | $ 35,645 | $ 31,966 | $ 113,958 | $ 146,987 | $ 134,817 |
% of Net Sales, Gross Profit | 18.70% | 21.50% | 21.70% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 22,707 | $ 52,675 | $ 45,454 | ||||||||
% of Net Sales, Operating Income | 3.70% | 7.70% | 7.30% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 5,129 | $ 5,214 | $ 3,166 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 7,100 | 7,442 | 6,647 | ||||||||
Hooker Branded [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 161,990 | $ 178,710 | $ 166,754 | ||||||||
% of Net Sales | 26.40% | 26.20% | 26.90% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 51,462 | $ 58,122 | $ 53,007 | ||||||||
% of Net Sales, Gross Profit | 31.80% | 32.50% | 31.80% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 21,512 | $ 25,269 | $ 22,139 | ||||||||
% of Net Sales, Operating Income | 13.30% | 14.10% | 13.30% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 690 | $ 843 | $ 1,372 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 1,930 | 1,979 | 1,956 | ||||||||
Home Meridian International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 340,630 | $ 387,825 | $ 365,472 | ||||||||
% of Net Sales | 55.80% | 56.70% | 58.90% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 36,936 | $ 62,850 | $ 62,325 | ||||||||
% of Net Sales, Gross Profit | 10.80% | 16.20% | 17.10% | ||||||||
Operating Income | |||||||||||
Operating Income | $ (7,169) | $ 18,828 | $ 17,828 | ||||||||
% of Net Sales, Operating Income | (2.10%) | 4.90% | 4.90% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 496 | $ 534 | $ 1,098 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 2,218 | 2,407 | 2,716 | ||||||||
Upholstery [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 95,670 | $ 106,580 | $ 78,392 | ||||||||
% of Net Sales | 15.70% | 15.60% | 12.60% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 21,120 | $ 22,503 | $ 16,228 | ||||||||
% of Net Sales, Gross Profit | 22.10% | 21.10% | 20.70% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 6,637 | $ 7,607 | $ 4,463 | ||||||||
% of Net Sales, Operating Income | 6.90% | 7.10% | 5.70% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 3,914 | $ 3,807 | $ 696 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | 2,938 | 3,049 | 1,968 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 12,534 | $ 10,386 | $ 10,014 | ||||||||
% of Net Sales | 2.10% | 1.50% | 1.60% | ||||||||
Gross Profit | |||||||||||
Gross Profit | $ 4,440 | $ 3,512 | $ 3,257 | ||||||||
% of Net Sales, Gross Profit | 35.40% | 33.80% | 32.50% | ||||||||
Operating Income | |||||||||||
Operating Income | $ 1,727 | $ 971 | $ 1,024 | ||||||||
% of Net Sales, Operating Income | 13.80% | 9.40% | 10.20% | ||||||||
Capital Expenditures | |||||||||||
Capital Expenditures | $ 29 | $ 30 | $ 0 | ||||||||
Depreciation & Amortization | |||||||||||
Depreciation & Amortization | $ 14 | $ 7 | $ 7 |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Assets from Segments to Consolidated - USD ($) $ in Thousands | Feb. 02, 2020 | Feb. 03, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Consolidated Assets | $ 393,708 | $ 369,716 |
Total Assets | $ 320,279 | $ 293,903 |
% Total Assets | 100.00% | 100.00% |
Consolidated Goodwill and Intangibles | $ 73,429 | $ 75,813 |
Hooker Branded [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 144,112 | $ 109,702 |
% Total Assets | 45.00% | 37.30% |
Home Meridian International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 138,313 | $ 144,277 |
% Total Assets | 43.20% | 49.10% |
Upholstery [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 36,085 | $ 38,467 |
% Total Assets | 11.30% | 13.10% |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 1,769 | $ 1,457 |
% Total Assets | 0.60% | 0.50% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2020 | Nov. 03, 2019 | Aug. 04, 2019 | May 05, 2019 | Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 164,882 | $ 158,176 | $ 152,248 | $ 135,518 | $ 200,475 | $ 171,474 | $ 168,661 | $ 142,892 | $ 610,824 | $ 683,501 | $ 620,632 |
% Total | 100.00% | 100.00% | 100.00% | ||||||||
Casegoods [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 397,192 | $ 417,677 | $ 404,808 | ||||||||
% Total | 65.00% | 61.00% | 65.00% | ||||||||
Upholstery [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 213,632 | $ 265,824 | $ 215,824 | ||||||||
% Total | 35.00% | 39.00% | 35.00% |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 11,200 | $ 10,100 | $ 9,000 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 8,700 | 7,778 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 8,200 | 7,226 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 6,600 | 5,320 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 6,400 | $ 3,610 | |
Letters of Credit Outstanding, Amount | $ 4,300 |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details) | 12 Months Ended |
Feb. 02, 2020 | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Imports, Countries | 8 |
Imports, Vendors | 5 |
Supplier Concentration Risk [Member] | Five Vendors [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 28.00% |
Supplier Concentration Risk [Member] | One Vendor [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 8.10% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 11.00% |
Concentration Risk, Customer | Our top five customers accounted for approximately 30% of our fiscal 2020 consolidated sales |
CONSOLIDATED QUARTERLY DATA (_3
CONSOLIDATED QUARTERLY DATA (Unaudited- see accompanying accountant's report.) (Details) - Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 02, 2020 | Nov. 03, 2019 | Aug. 04, 2019 | May 05, 2019 | Feb. 03, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Feb. 02, 2020 | Feb. 03, 2019 | Jan. 28, 2018 | |
2020 | |||||||||||
Net sales | $ 164,882 | $ 158,176 | $ 152,248 | $ 135,518 | $ 200,475 | $ 171,474 | $ 168,661 | $ 142,892 | $ 610,824 | $ 683,501 | $ 620,632 |
Cost of sales | 133,665 | 129,777 | 123,422 | 110,001 | 156,935 | 135,638 | 133,016 | 110,926 | |||
Gross profit | 31,217 | 28,399 | 28,826 | 25,517 | 43,540 | 35,836 | 35,645 | 31,966 | 113,958 | 146,987 | 134,817 |
Selling and administrative expenses | 21,581 | 22,810 | 22,462 | 22,016 | 23,777 | 22,979 | 23,184 | 21,990 | 88,867 | 91,928 | 87,279 |
Net income | $ 7,016 | $ 3,920 | $ 4,160 | $ 1,987 | $ 14,691 | $ 9,332 | $ 8,693 | $ 7,154 | $ 17,083 | $ 39,873 | $ 28,250 |
Basic earnings per share (in Dollars per share) | $ 0.59 | $ 0.33 | $ 0.35 | $ 0.17 | $ 1.25 | $ 0.79 | $ 0.74 | $ 0.61 | $ 1.44 | $ 3.38 | $ 2.42 |
Diluted earnings per share (in Dollars per share) | $ 0.59 | $ 0.33 | $ 0.35 | $ 0.17 | $ 1.24 | $ 0.79 | $ 0.74 | $ 0.61 | $ 1.44 | $ 3.38 | $ 2.42 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Shenandoah Furniture, Inc, [Member] | 12 Months Ended |
Feb. 02, 2020USD ($) | |
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |
Number of Leases with Related Parties | 4 |
Related Party Transaction, Description of Transaction | One of our employees has an ownership interest in the entities that own these properties. |
Lessee, Operating Lease, Renewal Term | 7 years |
Lessee, Operating Lease, Term of Contract | 84 months |
Operating Leases, Rent Expense | $ 821,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | Mar. 02, 2020$ / shares |
SUBSEQUENT EVENTS (Details) [Line Items] | |
Dividends Payable, Date Declared | Mar. 2, 2020 |
Common Stock, Dividends, Per Share, Declared | $ 0.16 |
Dividends Payable, Date to be Paid | Mar. 31, 2020 |
Dividends Payable, Date of Record | Mar. 17, 2020 |