Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2023 | Apr. 10, 2023 | Jul. 31, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | HOOKER FURNISHINGS CORPORATION | ||
Trading Symbol | HOFT | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 11,053,397 | ||
Entity Public Float | $ 193 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001077688 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jan. 29, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
Entity File Number | 000-25349 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-0251350 | ||
Entity Address, Address Line One | 440 East Commonwealth Boulevard | ||
Entity Address, City or Town | Martinsville | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24112 | ||
City Area Code | 276 | ||
Local Phone Number | 632-2133 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | KPMG | ||
Auditor Firm ID | 185 | ||
Auditor Location | Raleigh, North Carolina | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 19,002 | $ 69,366 |
Trade accounts receivable, net (See notes 5 and 6) | 62,129 | 73,727 |
Inventories (see note 7) | 96,675 | 75,023 |
Income tax recoverable | 3,079 | 4,361 |
Prepaid expenses and other current assets | 6,418 | 5,237 |
Total current assets | 187,303 | 227,714 |
Property, plant and equipment, net (See note 8) | 27,010 | 28,058 |
Cash surrender value of life insurance policies (See note 11) | 27,576 | 26,479 |
Deferred taxes (See note 17) | 14,484 | 11,612 |
Operating leases right-of-use assets (See note 12) | 68,949 | 51,854 |
Intangible assets, net (See note 10) | 31,779 | 23,853 |
Goodwill (See note 10) | 14,952 | 490 |
Other assets (See note 9) | 9,663 | 4,499 |
Total non-current assets | 194,413 | 146,845 |
Total assets | 381,716 | 374,559 |
Current liabilities | ||
Current portion of long-term debt (See note 13) | 1,393 | 0 |
Trade accounts payable | 16,090 | 30,916 |
Accrued salaries, wages and benefits | 9,290 | 7,141 |
Customer deposits | 8,511 | 7,145 |
Current portion of operating lease liabilities (See note 12) | 7,316 | 7,471 |
Other accrued expenses | 7,438 | 4,264 |
Total current liabilities | 50,038 | 56,937 |
Long term debt (See note 13) | 22,874 | 0 |
Deferred compensation (See note 14) | 8,178 | 9,924 |
Operating lease liabilities (See note 12) | 63,762 | 46,570 |
Other long-term liabilities (See note 4) | 843 | 0 |
Total long-term liabilities | 95,657 | 56,494 |
Total liabilities | 145,695 | 113,431 |
Shareholders’ equity | ||
Common stock, no par value, 20,000 shares authorized, 11,197 and 11,922 shares issued and outstanding on each date | 50,770 | 53,295 |
Retained earnings | 184,386 | 207,884 |
Accumulated other comprehensive loss | 865 | (51) |
Total shareholders’ equity | 236,021 | 261,128 |
Total liabilities and shareholders’ equity | $ 381,716 | $ 374,559 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares shares in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 11,197 | 11,922 |
Common stock, shares outstanding | 11,197 | 11,922 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 583,102 | $ 593,612 | $ 540,081 |
Cost of sales | 461,056 | 488,508 | 426,810 |
Inventory valuation expense (See note 3) | 28,752 | 3,402 | 523 |
Gross profit | 93,294 | 101,702 | 112,748 |
Selling and administrative expenses | 95,815 | 84,475 | 80,410 |
Goodwill impairment charges | 0 | 0 | 39,568 |
Trade name impairment charges | 13 | 0 | 4,750 |
Intangible asset amortization | 3,512 | 2,384 | 2,384 |
Operating (loss)/income | (6,046) | 14,843 | (14,364) |
Other income, net | 416 | 373 | 336 |
Interest expense, net | 519 | 110 | 540 |
(Loss)/income before income taxes | (6,149) | 15,106 | (14,568) |
Income tax (benefit)/expense | (1,837) | 3,388 | (4,142) |
Net (loss)/income | $ (4,312) | $ 11,718 | $ (10,426) |
(Loss)/earnings per share: | |||
Basic (in Dollars per share) | $ (0.37) | $ 0.99 | $ (0.88) |
Diluted (in Dollars per share) | $ (0.37) | $ 0.97 | $ (0.88) |
Weighted average shares outstanding: | |||
Basic (in Shares) | 11,593 | 11,852 | 11,822 |
Diluted (in Shares) | 11,593 | 11,970 | 11,822 |
Cash dividends declared per share (in Dollars per share) | $ 0.82 | $ 0.74 | $ 0.66 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (Loss)/Income | $ (4,312) | $ 11,718 | $ (10,426) |
Amortization of actuarial gain /(loss) | 1,204 | 994 | (125) |
Income tax effect on amortization | (288) | (237) | 30 |
Adjustments to net periodic benefit cost | 916 | 757 | (95) |
Total Comprehensive (Loss)/Income | $ (3,396) | $ 12,475 | $ (10,521) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Operating Activities: | |||
Net (loss)/income | $ (4,312) | $ 11,718 | $ (10,426) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Inventory valuation expense | 28,752 | 3,402 | 523 |
Goodwill and intangible asset impairment charges | 0 | 0 | 44,318 |
Depreciation and amortization | 8,829 | 7,814 | 6,778 |
Loss/(Gain) on disposal of assets | 94 | (18) | 0 |
Deferred income tax expense/(benefit) | (3,160) | 2,323 | (11,262) |
Non-cash restricted stock and performance awards | 1,244 | (28) | 1,741 |
Provision for doubtful accounts and sales allowances | (3,673) | 45 | 4,686 |
Gain on life insurance policies | (1,179) | (1,008) | (1,207) |
Changes in assets and liabilities: | |||
Trade accounts receivable | 16,831 | 9,518 | (323) |
Inventories | (47,827) | (8,265) | 22,131 |
Income tax recoverable | 1,283 | (4,361) | 751 |
Prepaid expenses and other current assets | (5,711) | (4,400) | 515 |
Trade accounts payable | (15,781) | (1,312) | 6,686 |
Accrued salaries, wages and benefits | 2,148 | 76 | 2,204 |
Accrued income taxes | 0 | (501) | 501 |
Customer deposits | (1,911) | 2,890 | 904 |
Operating lease assets and liabilities | (57) | 708 | 888 |
Other accrued expenses | 3,254 | 908 | (856) |
Deferred compensation | (542) | (300) | (289) |
Net cash (used in)/provided by operating activities | (21,718) | 19,209 | 68,263 |
Investing Activities: | |||
Acquisition | (25,274) | 0 | 0 |
Purchases of property, plant and equipment | (4,199) | (6,692) | (1,210) |
Proceeds from sale of property and equipment | 0 | 18 | 0 |
Premiums paid on life insurance policies | (492) | (560) | (555) |
Proceeds received on life insurance policies | 0 | 372 | 1,289 |
Net cash used in investing activities | (29,965) | (6,862) | (476) |
Financing Activities: | |||
Proceeds from long-term loans | 25,000 | 0 | 0 |
Payments for long-term loans | (700) | 0 | (30,139) |
Proceeds from revolving credit facility | 36,190 | 0 | 0 |
Payments for revolving credit facility | (36,190) | 0 | 0 |
Debt issuance cost | (37) | 0 | 0 |
Purchase and retirement of common stock | (13,342) | 0 | 0 |
Cash dividends paid | (9,602) | (8,822) | (7,838) |
Net cash provided by/(used in) financing activities | 1,319 | (8,822) | (37,977) |
Net (decrease)/increase in cash and cash equivalents | (50,364) | 3,525 | 29,810 |
Cash and cash equivalents at the beginning of year | 69,366 | 65,841 | 36,031 |
Cash and cash equivalents at the end of year | 19,002 | 69,366 | 65,841 |
Supplemental schedule of cash flow information: | |||
Interest paid, net | 642 | 0 | 444 |
Income taxes paid, net | 101 | 5,888 | 5,872 |
Supplemental schedule of noncash investing activities: | |||
Increase in lease liabilities arising from obtaining right-of-use assets | 25,241 | 24,513 | 2,236 |
Increase in property and equipment through accrued purchases | $ 128 | $ 15 | $ 33 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Feb. 02, 2020 | $ 51,582 | $ 223,252 | $ (713) | $ 274,121 |
Balance (in Shares) at Feb. 02, 2020 | 11,838 | |||
Net income (loss) | (10,426) | (10,426) | ||
Unrealized gain loss on defined benefit plan, net of tax | (95) | (95) | ||
Cash dividends paid and accrued | (7,838) | (7,838) | ||
Restricted stock grants, net of forfeitures | $ 169 | 169 | ||
Restricted stock grants, net of forfeitures (in Shares) | 50 | |||
Restricted stock compensation cost | $ 809 | 809 | ||
Performance-based restricted stock units cost | 763 | 763 | ||
Balance at Jan. 31, 2021 | $ 53,323 | 204,988 | (808) | 257,503 |
Balance (in Shares) at Jan. 31, 2021 | 11,888 | |||
Net income (loss) | 11,718 | 11,718 | ||
Unrealized gain loss on defined benefit plan, net of tax | 757 | 757 | ||
Cash dividends paid and accrued | (8,822) | (8,822) | ||
Restricted stock grants, net of forfeitures | $ (126) | (126) | ||
Restricted stock grants, net of forfeitures (in Shares) | 34 | |||
Restricted stock compensation cost | $ 1,074 | 1,074 | ||
Performance-based restricted stock units cost | 502 | 502 | ||
PSU awards | (1,478) | (1,478) | ||
Balance at Jan. 30, 2022 | $ 53,295 | 207,884 | (51) | $ 261,128 |
Balance (in Shares) at Jan. 30, 2022 | 11,922 | 11,922 | ||
Net income (loss) | (4,312) | $ (4,312) | ||
Unrealized gain loss on defined benefit plan, net of tax | 916 | 916 | ||
Cash dividends paid and accrued | (9,602) | (9,602) | ||
Purchase and retirement of common stock | $ (3,770) | (9,584) | (13,354) | |
Purchase and retirement of common stock (in Shares) | (820) | |||
Restricted stock grants, net of forfeitures | $ (101) | (101) | ||
Restricted stock grants, net of forfeitures (in Shares) | 95 | |||
Restricted stock compensation cost | $ 1,266 | 1,266 | ||
Performance-based restricted stock units cost | 606 | 606 | ||
PSU awards | (526) | (526) | ||
Balance at Jan. 29, 2023 | $ 50,770 | $ 184,386 | $ 865 | $ 236,021 |
Balance (in Shares) at Jan. 29, 2023 | 11,197 | 11,197 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Unrealized gain (loss) on defined benefit plan, tax | $ 288 | $ 237 | $ (30) |
Cash dividends paid and accrued, per share | $ 0.82 | $ 0.74 | $ 0.66 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 29, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Hooker Furnishings Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture, hospitality and contract furniture for sale to wholesale and retail merchandisers located principally in North America. Consolidation The consolidated financial statements include the accounts of Hooker Furnishings Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. Operating Segments As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments ■ better understand our performance; ■ better assess our prospects for future net cash flows; and ■ make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. For financial reporting purposes, we are organized into three operating segments and “All Other”, which includes the remainder of our businesses: ■ Hooker Branded ■ Home Meridian ■ Domestic Upholstery ■ All Other, Cash and Cash Equivalents We consider cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Trade Accounts Receivable Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings or commercial purchasers of our hospitality and senior living products, and consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. These trade accounts receivable are reported net of customer allowances and an allowance for doubtful accounts. Reserves for customer allowances comprise the majority of the reduction of our gross trade accounts receivable to the estimated fair value reported on the face of our financial statements. We regularly review and revise customer allowances based on unprocessed claims received and current and historical activity and any agreements made with specific customers. Historically, in the Home Meridian segment, Clubs channel customers drove most of the customer allowance activity due to their consumer-facing product return policies. We based anticipated future claims on historical experience with these customers. We regularly review and revise accounts receivable for doubtful accounts based upon historical bad debts. If the financial condition of a customer or customers were to deteriorate, resulting in an impairment of their ability to make payments, additional bad debt allowances may be required. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. Fair Value Measurements We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ■ Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ■ Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ■ Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Fair Value of Financial Instruments The carrying value of certain of our financial instruments (cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. The carrying value of Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. See Note 11 for details. Inventories Inventories, consisting of finished furniture for sale, raw materials, manufacturing supplies and furniture in process, are stated at the lower of cost, or market value, with cost determined using the last-in, first-out (LIFO) method. Under this method, inventory is valued at cost, which is determined by applying a cumulative index to current year inventory dollars. We believe the use of the LIFO method results in a better matching of costs and revenues. We review inventories on hand and record an allowance for slow-moving and obsolete inventory based on historical experience and expected sales. Property, Plant and Equipment Property, plant and equipment are stated at cost, less allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. Leases Leases are classified as either finance leases or operating leases based on criteria in Topic 842. All of our current leases are classified as operating leases. We do not currently have finance leases but could in the future. Operating lease right-of-use ("ROU") assets and liabilities are recognized on the adoption date based on the present value of lease payments over the remaining lease term. As interest rates are not explicitly stated or implicit in any of our leases, we utilized our incremental borrowing rate at the adoption date of February 4, 2019. For leases without explicitly stated or implicit interest rates that commenced after the adoption date and before July 2022, we used our incremental borrowing rate which was one-month LIBOR at the lease commencement date plus 1.5%. When we entered into the new loan agreement, our incremental borrowing rate for unsecured term loan became the current BSBY rate plus 1.40%. We use this rate as the discount rate for leases commenced in July 2022 and thereafter. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. At the inception of a lease, we allocate the consideration in the contract to each lease and non-lease component based on the component's relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Some of our real estate leases contain variable lease payments, including payments based on the percentage increase in the Consumer Price Index for Urban Consumers (“CPI-U”). We used February 2019 CPI-U issued by the US Department of Labor’s Bureau of Labor Statistics to measure lease payments and calculate lease liabilities upon adoption of this standard. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded when incurred. We have a sub-lease at one of our warehouses. In accordance with the provisions of Topic 842, since we have not been relieved as the primary obligor of the warehouse lease, we cannot net the sublease income against our lease payment to calculate the lease liability and ROU asset. Our practice is to straight-line the sub-lease income over the term of the sublease. Our leases have remaining lease terms of less than one year to ten years, some of which include options to extend the leases for up to ten years. We have elected not to recognize ROU assets and lease liabilities that arise from short term leases for any class of underlying asset. Short term leases are leases with lease terms of 12 months or less with either (a) no renewal option or (b) a renewal option which we are not reasonably certain to exercise. Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment and definite-lived assets, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets or asset groups may not be recoverable through the estimated undiscounted future cash flows from the use of those assets. When any such impairment exists, the related assets are written down to fair value. Long-lived assets subject to disposal by sale are measured at the lower of their carrying amount or fair value less estimated cost to sell, are no longer depreciated, and are reported separately as “assets held for sale” in the consolidated balance sheets. Intangible Assets and Goodwill We own both definite-lived (amortizable) assets and indefinite-lived intangible assets. Our amortizable intangible assets are related to the Shenandoah, Sunset West and Home Meridian acquisitions and includes customer relationships and trademarks. Our indefinite lived assets include goodwill related to the Shenandoah and Sunset 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 seventy-four life insurance policies on certain of our current and former executives and other key employees. These policies had a carrying value of $27.8 million at January 29, 2023 and have a face value of approximately $56 million as of that date. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently, the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. Revenue Recognition We recognize revenue pursuant to Accounting Standards Codification 606, which requires revenue to be recognized at an amount that reflects the consideration we expect to be entitled to receive in exchange for transferring goods or services to our customers. Our policy is to record revenue when control of the goods transfers to the customer. We have a present right to payment at the time of shipment as customers are invoiced at that time. We believe the customer obtains control of goods at the time of shipment, which is typically when title passes. While the customer may not enjoy immediate physical possession of the products, the customers’ right to re-direct shipment indicates control. In the very limited instances when products are sold under consignment arrangements, we do not recognize revenue until control over such products has transferred to the end consumer. Orders are generally non-cancellable once loaded into a shipping trailer or container. The transaction price for each contract is the stated price of the product, reduced by any stated discounts or allowances at that point in time. We do not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit contract with the customer, as reflected in the order acknowledgement and invoice, states the final terms of the sale, including the description, quantity, and price of each product purchased. The transaction price reflects the amount of estimated consideration to which we expect to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Net sales are comprised of gross revenues from sales of home furnishings and hospitality furniture products and are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. Physical product returns are very rare due to the high probability of damages to our products in return transit. Other revenues, primarily royalties, are immaterial to our overall results. Payment is typically due within 30-60 days of shipment for customers qualifying for payment terms. Collectability is reasonably assured since we extend credit to customers for whom we have performed credit evaluations and/or from whom we have received a down payment or deposit. Due to the highly-customized nature of our hospitality products, we typically require substantial prepayments on these orders, with the balance due within 30 days of delivery. For our outdoor furnishings, most orders require a 50% deposit upon order and the balance when production is started. 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 2023, 2022 and 2021 were $2.0 million, $1.9 million, and $2.1 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against net sales in our consolidated statements of operations and comprehensive income. Earnings Per Share We use the two-class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors and certain employees are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and certain employees and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include inventory reserves, useful lives of fixed and intangible assets; allowance for doubtful accounts; deferred tax assets; the valuation of fixed assets and goodwill; our pension and supplemental retirement income plans; and stock-based compensation. These estimates and assumptions are based on our best judgments. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust our estimates and assumptions as facts and circumstances dictate. Actual results could differ from our estimates. |
FISCAL YEAR
FISCAL YEAR | 12 Months Ended |
Jan. 29, 2023 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 2 FISCAL YEAR Our fiscal years end on the Sunday closest to January 31. In some years, generally once every six years, the fourth quarter will be fourteen weeks long and the fiscal year will consist of fifty-three weeks. 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: ■ 2023 fiscal year and comparable terminology mean the fiscal year that began January 31, 2022 and ended January 29, 2023; ■ 2022 fiscal year and comparable terminology mean the fiscal year that began February 1, 2021 and ended January 30, 2022; ■ 2021 fiscal year and comparable terminology mean the fiscal year that began February 3, 2020 and ended January 31, 2021. |
INVENTORY VALUATION CHARGES
INVENTORY VALUATION CHARGES | 12 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Asset Impairment Charges [Text Block] | NOTE 3 INVENTORY VALUATION CHARGES We recorded inventory valuation charges of $28.8 million, $3.4 million and $523,000, respectively, in each of fiscal 2023, fiscal 2022 and fiscal 2021 for slow-moving and obsolete inventory. During the fourth quarter of fiscal 2023, we recorded net inventory valuation charges of approximately $24.4 million to write down the value of ACH and PRI inventories and other excess inventories to market, including excess Samuel Lawrence Furniture brand inventories. Management approved a plan to exit the Accentrics Home (ACH) e-commerce brand of the Home Meridian segment along with repositioning the Prime Resources International (PRI) brand as a direct-container only business model at the end of fiscal 2023. Due to historically high freight costs on these inventories, high handling costs, current demand and industry discounting levels, as well as our current inventory levels, management determined that a viable and profitable market for these products didn’t exist and was unwilling to continue to incur additional lease, warehouse, labor and other costs to store and sell aging inventory below cost. These inventory valuation charges were included as a separate line item below cost of goods sold in the Consolidated Statement of Operations. |
ACQUISITION
ACQUISITION | 12 Months Ended |
Jan. 29, 2023 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 4 ACQUISITION On January 31, 2022, the first day of our 2023 fiscal year, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Sunset HWM, LLC (“Sunset West”) and its three members to acquire substantially all the assets of Sunset West (the “Sunset Acquisition”). Simultaneously, we closed on the transaction by paying $23.9 million in cash and $2 million subject to an escrow arrangement and possible earn-out payments to the Sunset West Members up to an aggregate of $4 million with the closing cash consideration subject to adjustment for customary working capital estimates. In the fourth quarter of fiscal 2023, we received $639,000 from the seller for the final working capital adjustments. Under the Asset Purchase Agreement, the Company also assumed specified liabilities of Sunset West. In accordance with FASB Accounting Standards Codification Topic 805, “Business Combinations” (“ASC 805”), the Sunset Acquisition has been accounted for using the acquisition method of accounting. We recorded assets acquired, including identifiable intangible assets, and liabilities assumed, from Sunset West at their respective fair values at the date of completion of the Sunset 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 fair values of the identifiable assets acquired and liabilities assumed in the Sunset Acquisition as of January 29, 2023. Fair Value Estimates of Assets Acquired and Liabilities Assumed The consideration and components of our initial fair value allocation of the purchase price paid at closing and in the subsequent net working capital adjustment consisted of the following: Purchase price consideration Fair value estimates of assets acquired and liabilities assumed Purchase price consideration Cash paid for assets acquired $ 23,909 Cash received from the seller for final working capital adjustment (639 ) Escrow 2,003 Fair value of earnout 766 Total purchase price $ 26,039 Accounts receivable $ 1,560 Inventory 2,577 Prepaid expenses and other current assets 90 Property 7 Intangible assets 11,451 Goodwill 14,462 Customer deposits (3,276 ) Accounts payable (816 ) Accrued expenses (16 ) Total purchase price $ 26,039 Property was recorded at fair value and primarily consists of machinery and equipment. Property and equipment will be amortized over their estimated useful lives. Goodwill is calculated as the excess of the purchase price over the net assets acquired. The goodwill recognized is attributable to growth opportunities and expected synergies. All goodwill is expected to be deductible for income tax purposes. Intangible assets, consist of two separately identified assets: ■ Sunset West customer relationships, which are definite-lived intangible assets with an aggregate fair value of $10.4 million. The customer relationships are amortizable and will be amortized over a period of 10 years; and ■ The Sunset West trade name, which is definite-lived intangible asset with fair value of $1.1 million. The trade name is amortizable and will be amortized over a period of 12 years. ■ The total weighted average amortization period for these assets is 10.2 years. We incurred Sunset Acquisition-related costs of $414,000 in fiscal 2022 and $69,000 in fiscal 2023. These expenses were included in the “Selling and administrative expenses” line of our fiscal 2022 and fiscal 2023 condensed consolidated statements of operations. Sunset West’s results are included in the Domestic Upholstery segment’s results beginning with the fiscal 2023 first quarter, which include $27 million in net sales and $683,000 million of operating income, including $1.1 million in intangible amortization expense for the fiscal 2023. Results of operations starting from the date of acquisition of Sunset West have been included in our Consolidated Financial Statements for the year ended January 29, 2023. The Sunset West acquisition is not material to our Consolidated Financial Statements, and therefore, supplemental pro forma financial information for the year ended January 29, 2023 and the respective prior year periods related to the acquisition is not included herein. |
DOUBTFUL ACCOUNTS AND CUSTOMER
DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES | 12 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | NOTE 5 DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES The activity in the allowance for doubtful accounts was: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Balance at beginning of year $ 2,016 $ 2,338 $ 903 Non-cash charges to cost and expenses 109 (76 ) 1,262 Less uncollectible receivables written off, net of recoveries (356 ) (246 ) 173 Balance at end of year $ 1,769 $ 2,016 $ 2,338 The activity in customer allowances was: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Balance at beginning of year $ 7,284 $ 6,993 $ 3,493 Charges to cost and expenses 11,983 23,766 29,243 Less allowances applied (15,364 ) (23,305 ) (25,666 ) Less uncollectible receivables written off, net of recoveries (201 ) (170 ) (77 ) Balance at end of year $ 3,702 $ 7,284 $ 6,993 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Jan. 29, 2023 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 6 ACCOUNTS RECEIVABLE January 29, January 30, 2023 2022 Gross accounts receivable $ 67,600 $ 83,027 Customer allowances (3,702 ) (7,284 ) Allowance for doubtful accounts (1,769 ) (2,016 ) Trade accounts receivable $ 62,129 $ 73,727 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Jan. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 7 INVENTORIES January 29, January 30, 2023 2022 Finished furniture $ 115,015 $ 89,066 Furniture in process 1,943 2,314 Materials and supplies 13,509 13,179 Inventories at FIFO 130,467 104,559 Reduction to LIFO basis (33,792 ) (29,536 ) Inventories $ 96,675 $ 75,023 At January 29, 2023 and January 30, 2022 and January 31, 2021, we had $2.4 million and $8.9 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. At January 29, 2023 and January 30, 2022, we held $12.3 million and $11.1 million, respectively, in inventory outside of the United States, in Vietnam and China. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jan. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 PROPERTY, PLANT AND EQUIPMENT Depreciable Lives January 29, January 30, (In years) 2023 2022 Buildings and land improvements 15 - 30 $ 32,723 $ 32,030 Computer software and hardware 3 - 10 15,887 15,648 Machinery and equipment 10 11,013 10,390 Leasehold improvements Term of lease 11,894 10,984 Furniture and fixtures 3 - 8 5,991 5,829 Other 5 694 676 Total depreciable property at cost 78,202 75,557 Less accumulated depreciation (53,427 ) (49,077 ) Total depreciable property, net 24,775 26,480 Land 1,077 1,077 Construction-in-progress 1,158 501 Property, plant and equipment, net $ 27,010 $ 28,058 Depreciation expense for fiscal 2023, 2022 and 2021 was $5.3 million, $5.4 million and $4.4 million, respectively. Capitalized Software Costs Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. These costs are amortized over periods of ten years or less. Capitalized software is reported as a component of computer software and hardware above and on the property, plant, and equipment line of our consolidated balance sheets. The activity in capitalized software costs was: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Balance beginning of year $ 2,223 $ 3,211 $ 4,277 Additions - 65 33 Amortization expense (875 ) (1,053 ) (1,099 ) Balance end of year $ 1,348 $ 2,223 $ 3,211 |
CLOUD COMPUTING HOSTING ARRANGE
CLOUD COMPUTING HOSTING ARRANGEMENT | 12 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 9 CLOUD COMPUTING HOSTING ARRANGEMENT We are in the process of implementing a common Enterprise Resource Planning (ERP) system across all divisions. The ERP system went live at Sunset West in December 2022 and is expected to go-live in our legacy Hooker divisions in fiscal 2024, with the Home Meridian segment following afterwards. Based on the provisions of ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software, we capitalize implementation costs associated with hosting arrangements that are service contracts. These costs are recorded on “Other noncurrent assets” line of our consolidated balance sheets. Amortization expense commenced as the system went live at Sunset West in the fourth quarter of fiscal 2023. In addition, we recorded capitalized interest of $84,000 as we entered into new term loans in July 2022. Implementation costs are amortized over ten years on a straight-line basis. The capitalized implementation costs at January 29, 2023 and January 30, 2022 were as follows Capitalized Implementation Costs Capitalized interest expenses Balance at January 30, 2022 $ 3,228 $ - Costs capitalized during the period 5,382 84 Accumulated amortization (12 ) (0 ) Balance at January 29, 2023 $ 8,598 $ 84 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended |
Jan. 29, 2023 | |
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 related to the Shenandoah and Sunset West acquisitions; and ■ Trademarks and tradenames related to the acquisitions of Bradington-Young (acquired in 2002), Sam Moore (acquired in 2007) and Home Meridian (acquired in 2016). We review goodwill annually for impairment or more frequently if events or circumstances indicate that it might be impaired. In accordance with ASU 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In conjunction with our evaluation of the cash flows generated by the Home Meridian, Bradington-Young and Sam Moore reporting units, we evaluated the carrying value of trademarks and trade names using the relief from royalty method, which values the trademark/trade name by estimating the savings achieved by ownership of the trademark/trade name when compared to licensing the mark/name from an independent owner. The inputs used in the trademark/trade name analyses are considered Level 3 fair value measurements. The adverse economic effects brought on by the COVID-19 pandemic, including reductions in our sales, earnings and market value, as well as other changing market dynamics, required that we perform a valuation of our intangible assets in the 2021 first quarter. The calculation methodology for the fair value of our Home Meridian segment’s and the Shenandoah division of our Domestic Upholstery segment’s goodwill included three approaches: the Discounted Cash Flow Method (DCF) which was given the largest weighting, the Guideline Public Company Method (GPCM) based on the consideration of the facts of the Company’s peer competitors and the Guideline Transaction Method (GTM) based on consideration of transactions with varying risk profiles, geographies and market conditions. The income approach, specifically the relief from royalty method, was used as the valuation methodology for our trade names and trademarks, based on cash flow projections and growth rates for each trade name for five years in the future provided by management, and a royalty rate benchmark for companies with similar activities. As a result of our intangible asset valuation analysis, in the first quarter of fiscal 2021, we recorded $44.3 million non-cash impairment charges including $23.2 million to Home Meridian goodwill, $16.4 million to Shenandoah goodwill and $4.8 million to certain of Home Meridian segment’s trade names. During the fiscal 2023, we recorded both non-amortizable and amortizable intangible assets because of the Sunset Acquisition. Based on our internal analyses at January 29, 2023, the fair values of our non-amortizable trademarks and trade names exceeded their carrying values and we concluded that Shenandoah and Sunset West goodwill in the Domestic Upholstery segment is not impaired. Details of our non-amortizable intangible assets are as follows: Non-amortizable Intangible Assets Goodwill Trademarks and trade names Segment Home Meridian Domestic Upholstery Total Home Meridian Domestic Upholstery Total Total non-amortizable assets Shenandoah Sunset West Bradington-Young Sam Moore Balance at February, 2020 $ 23,187 $ 16,871 $ - $ 40,058 $ 11,400 $ 861 $ 396 $ 12,657 $ 52,715 Impairment Charges (23,187 ) (16,381 ) - (39,568 ) (4,750 ) (4,750 ) (44,318 ) Balance at January 31, 2021 - 490 - 490 6,650 861 396 7,907 8,397 - - - Balance at January 30, 2022 - 490 - 490 6,650 861 396 7,907 8,397 Acquisition - - 14,462 14,462 - - 14,462 Balance at January 29, 2023 $ - $ 490 $ 14,462 $ 14,952 $ 6,650 $ 861 $ 396 $ 7,907 $ 22,859 Our amortizable intangible assets are recorded in the Home Meridian and in Domestic Upholstery segments. In fiscal 2023, we wrote off $12,500 representing the remaining value of the Right2Home trade name in the Home Meridian segment due to the decision to exit of the ACH business unit in the fourth quarter of fiscal 2023. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Trademarks Totals Balance at January 30, 2022 $ 15,348 $ 598 $ 15,946 Acquisition 10,401 1,050 11,451 Amortization (3,364 ) (148 ) (3,512 ) Impairment - (13 ) (13 ) Balance at January 29, 2023 $ 22,385 $ 1,487 $ 23,872 The estimated amortization expense associated with our amortizable intangible assets is expected to be as follows: Fiscal Year Amount 2024 3,500 2025 3,487 2026 3,487 2027 3,487 2028 2,178 2029 and thereafter 7,733 $ 23,872 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jan. 29, 2023 | |
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 January 29, 2023 and January 30, 2022, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. Our assets measured at fair value on a recurring basis at January 29, 2023 and January 30, 2022 were as follows: Fair value at January 29, 2023 Fair value at January 30, 2022 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 $ - $ 27,576 $ - $ 27,576 $ - $ 26,479 $ - $ 26,479 |
LEASES
LEASES | 12 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 12 LEASES In fiscal 2020, we adopted Accounting Standards Codification Topic 842 Leases. The components of lease cost and supplemental cash flow information for leases in fiscal 2023, 2022 and 2021 were: Fifty-two Weeks Ended January 29, 2023 January 30, 2022 January 31, 2021 Operating lease cost $ 9,908 $ 8,144 $ 8,367 Variable lease cost 234 208 146 Short-term lease cost 327 117 291 Total operating lease cost $ 10,469 $ 8,469 $ 8,804 Operating cash outflows $ 10,527 $ 7,730 $ 7,921 The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 29, 2023 and January 30, 2022 were: Current portion of operating lease liabilities $ 7,316 $ 7,471 Long term operating lease liabilities 63,762 46,570 Total operating lease liabilities $ 71,078 $ 54,041 For leases that commenced before July 2022, we used our incremental borrowing rate which was LIBOR plus 1.5%. When we entered into the new loan agreement our incremental borrowing rate for unsecured term loan became the current BSBY rate plus 1.40%. We use this rate as discount rate for leases commenced in July 2022 and thereafter. The weighted-average discount rate is 4.00%. The weighted-average remaining lease term is 8.0 years. The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the consolidated balance sheet at January 29, 2023: Fiscal Year Undiscounted Future Operating Lease Payments 2024 $ 9,995 2025 10,102 2026 10,182 2027 10,267 2028 8,931 2029 and thereafter 35,131 Total lease payments $ 84,608 Less: impact of discounting (13,530 ) Present value of lease payments $ 71,078 As of January 29, 2023, the Company had an additional lease for a showroom in Atlanta, Georgia. This lease is expected to commence in May of calendar 2023 with an initial lease term of 3 years and estimated future minimum rental commitments of approximately $1.0 million. Since the lease has not yet commenced, the undiscounted amounts are not included in the table above. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jan. 29, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt [Text Block] | NOTE 13 LONG-TERM DEBT On July 26, 2022, we entered into the Fourth Amendment to the Second Amended and Restated Loan Agreement (the “Amendment”) with Bank of America, N.A. (“BofA”) to replenish cash used to make the Sunset Acquisition. The Second Amended and Restated Loan Agreement dated as of September 29, 2017, had previously been amended by a First Amendment to Second Amended and Restated Loan Agreement dated as of January 31, 2019, a Second Amendment to Second Amended and Restated Loan Agreement dated as of November 4, 2020, and a Third Amendment to Second Amended and Restated Loan Agreement dated as of January 27, 2021 (as so amended, the “Existing Loan Agreement”). Details of the individual credit facilities provided for in the Amendment are as follows: ■ Unsecured Revolving Credit Facility. Under the Amendment, the expiration date of the existing $35 million Unsecured Revolving Credit Facility (the “Existing Revolver”) was extended to July 26, 2027. Any amounts outstanding will bear interest at a rate per annum, equal to the then current Bloomberg Short-Term Bank Yield Index (“BSBY”) (adjusted periodically) plus 1.00%. The interest rate will be adjusted on a monthly basis. The actual daily amount of undrawn letters of credit is subject to a quarterly fee equal to a per annum rate of 1%. We must also pay a quarterly unused commitment fee that is based on the average daily amount of the facility utilized during the applicable quarter; ■ 2022 Secured Term Loan. The Amendment provided us with a $18 million term loan (the “Secured Term Loan”), which was disbursed to us on July 26, 2022. We are required to pay monthly interest only payments at a rate per annum equal to the then current BSBY rate (adjusted periodically) plus 0.90% on the outstanding balance until the principal is paid in full. The interest rate will be adjusted on a monthly basis. On July 26, 2027, the entire outstanding indebtedness is due in full, including all principal and interest. The Secured Term Loan is secured by certain company-owned life insurance policies under a Security Agreement (Assignment of Life Insurance Policy as Collateral) dated July 26, 2022, by and between the Company and BofA; and ■ 2022 Unsecured Term Loan. The Amendment provided us with a $7 million unsecured term loan (the “Unsecured Term Loan”), which was disbursed to us on July 26, 2022. We are required to pay monthly principal payments of $116,667 and monthly interest payments at a rate per annum equal to the then current BSBY (adjusted periodically) plus 1.40% on the outstanding balance until paid in full. The interest rate will be adjusted monthly. On July 26, 2027, the entire outstanding indebtedness is due in full, including all principal and interest. We may prepay any outstanding principal amounts borrowed under either the Secured Term Loan or the Unsecured Term Loan at any time, without penalty provided that any payment is accompanied by all accrued interest owed. As of January 29, 2023, $6.3 million was outstanding under the Unsecured Term Loan, and $18 million was outstanding under the Secured Term Loan. We incurred $37,500 in debt issuance costs in connection with our term loans. As of January 29, 2023, unamortized loan costs of $33,750 were netted against the carrying value of our term loans on our condensed consolidated balance sheets. Principal payments on the term loans are as follows: Fiscal Year Principal payments 2024 $ 1,400 2025 1,400 2026 1,400 2027 1,400 2028 18,700 Total principal payments $ 24,300 The carrying amount of the term loans approximates their fair value at January 29, 2023. The Amendment also included customary representations and warranties and requires us to comply with customary covenants, including, among other things, the following financial covenants: ● Maintain a ratio of funded debt to EBITDA not exceeding: o 2.50:1.0 through July 30, 2023; o 2.25:1.0 through July 30, 2024; and o 2.00:1.00 thereafter. ● A basic fixed charge coverage ratio of at least 1.25:1.00; and ● Limit capital expenditures to no more than $15.0 million during any fiscal year. The Existing 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 Existing 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 Existing Loan Agreement. We were in compliance with each of these financial covenants at January 29, 2023 and expect to remain in compliance with existing covenants for the foreseeable future. While we generally fund short-term and long-term cash requirements with cash from operating activities, during fiscal 2023, at various times we borrowed and repaid amounts totaling $36.2 million on our revolving line of credit. We believe our primary sources of liquidity will satisfy our cash requirements over both the short-term (the next twelve months) and long-term. As of January 29, 2023, we had $26.4 million available under our $35 million Existing Revolver to fund working capital needs. Standby letters of credit in the aggregate amount of $8.6 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the Existing Revolver as of January 29, 2023 There were no additional borrowings outstanding under the Existing Revolver as of January 29, 2023. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Jan. 29, 2023 | |
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 $1.5 million in fiscal 2023, $1.4 million in fiscal 2022, and $1.3 million in fiscal 2021. Executive Benefits SRIP and SERP Overview We maintain two “frozen” retirement plans, which are paying benefits and may include active employees among the participants but we do not expect to add participants to these plans in the future. The two plans include: ■ a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furnishings Corporation; and ■ the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. SRIP and SERP The SRIP provides monthly payments to participants or their designated beneficiaries based on a participant’s “final average monthly earnings” and “specified percentage” participation level as defined in the plan, subject to a vesting schedule that may vary for each participant. The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death. In addition, the monthly retirement benefit for each participant, regardless of age, becomes fully vested and the present value of that benefit is paid to each participant in a lump sum upon a change in control of the Company as defined in the plan. The SRIP is unfunded and all benefits are payable solely from our general assets. The plan liability is based on the aggregate actuarial present value of the vested benefits to which participating employees are currently entitled but based on the employees’ expected dates of separation or retirement. No employees have been added to the plan since 2008 and we do not expect to add additional employees in the future, due to changes in our compensation philosophy, which emphasizes more performance-based compensation measures in total management compensation. The SERP provides monthly payments to eight retirees or their designated beneficiaries based on a defined benefit formula as defined in the plan. The benefit is payable for the life of the retiree with the following forms available as a reduced monthly benefit: Ten-year Certain and Life; 50% or 100% Joint and Survivor Annuity. The SERP is unfunded and all benefits are payable solely from our general assets. The plan liability is based on the aggregate actuarial present value of the benefits to which retired employees are currently entitled. No employees have been added to the plan since 2006 and we do not expect to add additional employees in the future. Summarized SRIP and SERP information as of each fiscal year-end (the measurement date) is as follows: SRIP (Supplemental Retirement Income Plan) January 29, January 30, 2023 2022 Change in benefit obligation: Beginning projected benefit obligation $ 9,426 $ 10,572 Service cost 126 133 Interest cost 243 178 Benefits paid (815 ) (904 ) Actuarial (gain)/ loss (1,004 ) (553 ) Ending projected benefit obligation (funded status) $ 7,976 $ 9,426 Accumulated benefit obligation $ 7,783 $ 9,277 Discount rate used to value the ending benefit obligations: 4.85 % 2.70 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 877 $ 877 Non-current liabilities (Deferred compensation line) 7,099 8,549 Total $ 7,976 $ 9,426 Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Net periodic benefit cost Service cost $ 126 $ 133 $ 128 Interest cost 243 178 249 Net loss 83 402 338 Net periodic benefit cost $ 452 $ 713 $ 715 Other changes recognized in accumulated other comprehensive income Net (gain) / loss arising during period (1,004 ) (553 ) 530 Amortizations: Gain (loss) (83 ) (402 ) (338 ) Total recognized in other comprehensive loss (income) (1,087 ) (955 ) 192 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (635 ) $ (242 ) $ 907 Assumptions used to determine net periodic benefit cost: Discount rate 2.70 % 1.75 % 2.50 % Increase in future compensation levels 4.00 % 4.00 % 4.00 % Estimated Future Benefit Payments: Fiscal 2024 $ 877 Fiscal 2025 960 Fiscal 2026 960 Fiscal 2027 787 Fiscal 2028 817 Fiscal 2029 through fiscal 2033 3,943 For the SRIP, the discount rate used to determine the fiscal 2023 net periodic cost was 2.70%, based on the Mercer yield curve and the plan’s expected benefit payments. At January 29, 2023, combining the Mercer yield curve and the plan's expected benefit payments resulted in a rate of 4.85%. This rate was used to value the ending benefit obligations. At January 29, 2023, the actuarial gain related to the SRIP amounted to $1 million, net of tax of $288,000. At January 30, 2022, the actuarial gain related to the SRIP amounted to $553,000, net of tax of $229,000. The estimated actuarial gain that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the 2024 fiscal year is $279,203. There is no expected prior service (cost) or credit amortization. SERP (Supplemental Executive Retirement Plan) January 29, January 30, 2023 2022 Change in benefit obligation: Beginning projected benefit obligation $ 1,531 $ 1,681 Service cost - - Interest cost 41 34 Benefits paid (158 ) (145 ) Actuarial (gain)/loss (119 ) (39 ) Ending projected benefit obligation (funded status) $ 1,295 $ 1,531 Accumulated benefit obligation $ 1,295 $ 1,531 Discount rate used to value the ending benefit obligations: 4.70 % 2.80 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 155 $ 156 Non-current liabilities (Deferred compensation line) 1,140 1,375 Total $ 1,295 $ 1,531 Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Net periodic benefit cost Service cost $ - $ - $ - Interest cost 41 34 46 Net gain (2 ) - Net periodic benefit cost $ 39 $ 34 $ 46 Other changes recognized in accumulated other comprehensive income Net (gain)/loss arising during period (119 ) (39 ) (67 ) Amortizations: Gain (Loss) 2 - 0 Total recognized in other comprehensive loss (income) (117 ) (39 ) (67 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (78 ) $ (5 ) $ (21 ) Assumptions used to determine net periodic benefit cost: Discount rate 2.80 % 2.10 % 2.60 % Increase in future compensation levels N/A N/A N/A Estimated Future Benefit Payments: Fiscal 2024 $ 155 Fiscal 2025 150 Fiscal 2026 144 Fiscal 2027 137 Fiscal 2028 130 Fiscal 2029 through fiscal 2033 529 For the SERP, the discount rate assumption used to measure the projected benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by our actuary, Aon (“Aon”) and the plan’s projected cash flows, rounded to the nearest 10 bps. At January 29, 2023, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 4.70%. This rate was used to value the ending benefit obligations. At January 30, 2022, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.80%. This rate used to determine the fiscal 2023 net periodic cost. The change in the discount rate from 2.80% to 4.70% decreased liabilities. At January 29, 2023, the actuarial gain related to the SERP was $119,000. At January 30, 2022, the actuarial gain related to the SERP was $39,000. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Jan. 29, 2023 | |
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 2023 were $22.19, $18.26, $16.65 and $13.41, during fiscal 2022 was $37.20, during fiscal 2021 were $13.92 and $29.34, respectively. The restricted stock awards outstanding as of January 29, 2023 had an aggregate grant-date fair value of $2.6 million, after taking vested and forfeited restricted shares into account. As of January 29, 2023, we have recognized non-cash compensation expense of approximately $1.2 million related to these non-vested awards. During fiscal 2023, 23,239 shares vested with an average grant date fair value of $799,000. The remaining $1.4 million of grant-date fair value for unvested restricted stock awards outstanding at January 29, 2023 will be recognized over the remaining vesting periods for these awards. The number of outstanding restricted shares increased due primarily to grants of restricted shares to a larger population of our non-executive employees as an incentive for retention and alignment of individual performance to our values. For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of January 29, 2023: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Shares Per Share Fair Value Recognized January 29, 2023 Restricted shares Issued on April 7, 2020 23,484 $ 13.92 $ 327 $ 222 $ 11 Forfeited (6,748 ) (94 ) Restricted shares Issued on October 19, 2020 1,022 29.34 30 23 7 Restricted shares Issued on April 8, 2021 16,613 37.20 618 227 146 Forfeited (6,599 ) (245 ) Restricted shares Issued on January 31, 2022 22,534 22.19 500 130 260 Forfeited (4,958 ) (110 ) Restricted shares Issued on April 11, 2022 61,011 18.26 1,114 297 771 (2,541 ) (46 ) Restricted shares Issued on June 8, 2022 25,224 16.65 420 280 140 Restricted shares Issued on October 12, 2022 3,262 13.41 44 22 22 Awards outstanding at January 29, 2023: 132,304 $ 2,557 $ 1,201 $ 1,356 We have awarded time-based restricted stock units to certain senior executives since 2011. Each restricted stock unit, or “RSU”, entitles the executive to receive one share of the Company’s common stock if he remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of the Company’s common stock, cash or both, at the discretion of the Compensation Committee. The RSUs are accounted for as “non-vested stock grants.” Similar to the restricted stock grants issued to our non-employee directors, RSU compensation expense is recognized ratably over the applicable service period. However, unlike restricted stock grants, no shares are issued, or other payment made, until the end of the applicable service period (commonly referred to as “cliff vesting”) and grantees are not entitled to receive dividends on their RSUs during that time. The fair value of each RSU is the market price of a share of our common stock on the grant date, reduced by the present value of the dividends expected to be paid on a share of our common stock during the applicable service period, discounted at the appropriate risk-free rate. The following table presents RSU activities for the year ended January 29, 2023: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 29, 2023 RSUs Awarded on April 7, 2020 17,672 $ 12.01 212 119 7 Forfeited (7,183 ) (86 ) Partial vested due to separation (1,437 ) RSUs Awarded on April 8, 2021 8,186 35.05 287 135 86 Forfeited (1,882 ) (66 ) RSUs for retention Awarded on April 8, 2021 4,865 35.05 171 70 44 Forfeited (1,613 ) (57 ) RSUs for retention Awarded on April 11, 2022 19,157 15.86 304 85 219 Awards outstanding at January 29, 2023: 37,765 $ 765 $ 409 $ 356 We have issued Performance-based Restricted Stock Units (“PSUs”) to our named executive officers since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock. PSUs awarded in fiscal 2021 were forfeited as the performance targets were not met. The following table presents PSU activities for the year ended January 29, 2023: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 29, 2023 PSUs Awarded on April 8, 2021 20,243 $ 37.20 $ 753 $ 409 $ 204 Forfeited (3,764 ) (140 ) PSUs Awarded on April 11, 2022 46,725 18.26 853 284 569 Awards outstanding at January 29, 2023: 63,204 $ 1,466 $ 693 $ 773 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jan. 29, 2023 | |
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 1-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share. All stock awards are designed to encourage retention and to provide an incentive for increasing shareholder value. We have issued restricted stock awards to non-employee members of the board of directors since 2006 and to certain non-executive employees since 2014. We have issued restricted stock units (“RSUs”) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles an executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We have issued Performance-based Restricted Stock Units (“PSUs”) to certain senior executives since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: January 29, January 30, January 31, 2023 2022 2021 Restricted shares 132,304 59,500 54,747 RSUs and PSUs 100,969 77,841 140,911 233,273 137,341 195,658 All restricted shares, RSUs and PSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Net (loss)/income $ (4,312 ) $ 11,718 $ (10,426 ) Less: Dividends on unvested restricted shares 103 46 36 Net earnings allocated to unvested restricted stock - 61 - Earnings available for common shareholders $ (4,415 ) $ 11,611 $ (10,462 ) Weighted average shares outstanding for basic earnings per share 11,593 11,852 11,822 Dilutive effect of unvested restricted stock awards * 118 * Weighted average shares outstanding for diluted earnings per share 11,593 11,970 11,822 Basic (loss)/earnings per share $ (0.37 ) $ 0.99 $ (0.88 ) Diluted (loss)/earnings per share $ (0.37 ) $ 0.97 $ (0.88 ) *Due to net loss in fiscal 2023 and fiscal 2021, approximately 117,000 and 119,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 29, 2023 | |
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 Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Current expense Federal $ 1,024 $ 650 $ 5,858 Foreign 75 107 108 State 223 307 1,154 Total current expense 1,322 1,064 7,120 Deferred taxes Federal (2,617 ) 1,980 (9,554 ) State (542 ) 344 (1,708 ) Total deferred taxes (3,159 ) 2,324 (11,262 ) Income tax (benefit)/expense $ (1,837 ) $ 3,388 $ (4,142 ) Total tax benefit for fiscal 2023 was $1.5 million, of which $1.8 million benefit was allocated to continuing operations and $ 288,000 tax expense was allocated to other comprehensive income. Total tax expense for fiscal 2022 was $3.6 million, of which $3.4 million expense was allocated to continuing operations and $237,000 tax expense was allocated to other comprehensive income. Total tax benefit for fiscal 2021 was $4.2 million, of which $4.1 million benefit was allocated to continuing operations and $ 30,000 tax benefit was allocated to other comprehensive income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Income taxes at statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 4.1 3.4 3.0 Officer's life insurance 4.0 -1.3 1.7 Expiration of capital loss 0.0 2.0 0.0 Change in valuation allowance -0.2 -1.9 0.0 Consolidated Appropriation Act provisions 0.0 0.0 1.8 Other 1.0 -0.8 0.9 Effective income tax rate 29.9 % 22.4 % 28.4 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were: January 29, January 30, 2023 2022 Assets Intangible assets $ 6,409 $ 7,212 Inventories 3,618 - Deferred compensation 3,007 2,807 Allowance for bad debts 889 2,079 Employee benefits 746 643 Loss and credit carryover 418 88 Accrued liabilities 79 320 Deferred rent 605 618 Other 215 194 Total deferred tax assets 15,986 13,961 Valuation allowance (100 ) (88 ) 15,886 13,873 Liabilities Property, plant and equipment 1,117 1,361 Inventories - 900 Other 285 - Total deferred tax liabilities 1,402 2,261 Net deferred tax assets $ 14,484 $ 11,612 At January 29, 2023 and January 30, 2022 our net deferred asset was $14.5 and $11.6 million, respectively. The increase in the valuation allowance of $12,000 was due to additional foreign tax credit carry forward. We expect to fully realize the benefit of the deferred tax assets, with the exception of the foreign tax credit carry forward, in future periods when the amounts become deductible. The foreign tax credit carry forward is $100,000 and expires beginning in fiscal 2029. Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. We do not have unrecognized tax benefits as of January 29, 2023. Tax years ending February 2, 2020 through January 29, 2023 remain subject to examination by federal and state taxing authorities. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jan. 29, 2023 | |
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. 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 Changes to segment reporting for fiscal 2023 We regularly monitor our reportable segments for changes in facts and circumstances to determine whether changes in the identification or aggregation of operating segments are necessary. Before the fiscal 2023 first quarter, H Contract’s results included sales of seating products sourced from HF Custom. Due to a change in the way management internally evaluates operating performance, beginning with fiscal 2023 first quarter HF Custom’s results now include sales of seating products formerly included in H Contract’s results. Fiscal 2022 and fiscal 2021 results discussed below have been recast to reflect this change. The Hooker Branded and Home Meridian segments are unchanged. As discussed in Note 4 above, we acquired substantially all the assets of Sunset West on the first day of the 2023 fiscal year. Based on our analysis and the requirements of ASC 280: Segment Reporting, Sunset West’s results are included in the Domestic Upholstery segment on a prospective basis. The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the changes in segments discussed above. Fifty-Two Weeks Ended January 29, 2023 January 30, 2022 January 31, 2021 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 199,602 34.2 % $ 200,692 33.8 % $ 162,442 26.4 % Home Meridian 216,338 37.1 % 278,902 47.0 % 282,423 52.3 % Domestic Upholstery 156,717 26.9 % 106,827 18.0 % 88,600 16.4 % All Other 10,445 1.8 % 7,191 1.2 % 6,616 1.2 % Consolidated $ 583,102 100 % $ 593,612 100 % $ 540,081 96 % Gross Profit/(Loss) Hooker Branded $ 59,344 29.7 % $ 63,146 31.5 % $ 51,832 31.9 % Home Meridian (2,620 ) -1.2 % 15,213 5.5 % 39,832 14.1 % Domestic Upholstery 32,633 20.8 % 20,860 19.5 % 18,897 21.3 % All Other 3,937 37.7 % 2,483 34.5 % 2,187 33.1 % Consolidated $ 93,294 16.0 % $ 101,702 17.1 % $ 112,748 20.9 % Operating (Loss)/Income Hooker Branded $ 20,529 10.3 % $ 30,667 15.3 % $ 22,827 14.1 % Home Meridian (37,181 ) -17.2 % (21,260 ) -7.6 % (26,071 ) -9.2 % Domestic Upholstery 8,871 5.7 % 4,675 4.4 % (11,683 ) -13.2 % All Other 1,735 16.6 % 761 10.6 % 563 8.5 % Consolidated $ (6,046 ) -1.0 % $ 14,843 2.5 % $ (14,364 ) -2.7 % Capital Expenditures Hooker Branded $ 1,813 $ 558 $ 377 Home Meridian 1,280 4,829 347 Domestic Upholstery 1,106 1,295 475 All Other - 10 11 Consolidated $ 4,199 $ 6,692 $ 1,210 Depreciation & Amortization Hooker Branded $ 2,092 $ 2,530 $ 1,809 Home Meridian 2,899 2,594 2,160 Domestic Upholstery 3,827 2,678 2,797 All Other 11 12 12 Consolidated $ 8,829 $ 7,814 $ 6,778 As of January 29, As of January 30, 2023 %Total 2022 %Total Assets Assets Assets Hooker Branded $ 174,523 52.1 % $ 170,968 48.8 % Home Meridian 92,469 27.6 % 130,890 37.4 % Domestic Upholstery 66,435 19.8 % 47,232 13.5 % All Other 1,558 0.5 % 1,126 0.3 % Consolidated Assets $ 334,985 100 % $ 350,216 100 % Consolidated Goodwill and Intangibles 46,731 24,343 Total Consolidated Assets $ 381,716 $ 374,559 Sales by product type are as follows: Net Sales (in thousands) Fiscal 2023 2022 2021 Casegoods $ 328,849 56 % $ 348,548 59 % $ 329,906 61 % Upholstery 254,253 44 % 245,064 41 % 210,175 39 % $ 583,102 $ 593,612 $ 540,081 No significant long-lived assets were held outside the United States at either January 29, 2023 or January 30, 2022. International customers accounted for less than 2% of consolidated invoiced sales in fiscal 2023, 2022 and 2021. We define international sales as sales outside of the United States and Canada. |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS | 12 Months Ended |
Jan. 29, 2023 | |
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 $11.5 million in fiscal 2023, $10.1 million in fiscal 2022, and $10.7 million in fiscal 2021. Future minimum annual commitments under leases, operating agreements, interest and principal payments on term loans and deferred compensation payments are $13.7 million in fiscal 2024, $13.8 million in fiscal 2025, $13.8 million in fiscal 2026, $13.6 million in fiscal 2027 and $29.1 million in fiscal 2028. We had letters of credit outstanding totaling $8.6 million on January 29, 2023. We utilize letters of credit to collateralize certain imported inventory purchases and certain insurance arrangements. In the ordinary course of our business, we may become involved in legal proceedings involving contractual and employment relationships, product liability claims, intellectual property rights and a variety of other matters. We do not believe that any pending legal proceedings will have a material impact on our financial position or results of operations. Our business is subject to a number of significant risks and uncertainties, including our reliance on offshore sourcing, any of which can adversely affect our business, results of operations, financial condition or future prospects. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 12 Months Ended |
Jan. 29, 2023 | |
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 nine countries. Because of the large number and diverse nature of the foreign factories from which we can source our imported products, we have some flexibility in the placement of products in any particular factory or country. Factories located in Vietnam and China are a critical resource for Hooker Furnishings. In fiscal 2023, imported products sourced from Vietnam and China accounted for 91% of our import purchases and our top five suppliers in those countries accounted for 50% of our fiscal 2023 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 33% of our raw materials supply purchases for domestic upholstered furniture manufacturing operations in fiscal 2023. One supplier accounted for 8.7% of our raw material purchases in fiscal 2023. 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 approximately 6% of our consolidated sales in fiscal 2023. Our top five customers accounted for 22% of our fiscal 2023 consolidated sales. The loss of any one or more of these customers could adversely affect our earnings, financial condition and liquidity. At January 29, 2023, 20% of our consolidated accounts receivable is concentrated in our top five customers. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jan. 29, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 21 RELATED PARTY TRANSACTIONS We lease the four properties utilized in Shenandoah’s operations. One of our employees has an ownership interest in the entities that own these properties. The leases commenced on September 29, 2017 with an option to renew each for an additional seven years. All four leases include annual rent escalation clauses with respect to minimum lease payments after the initial 84-month term of the lease is completed. In addition to monthly lease payments, we also incur expenses for property taxes, routine repairs and maintenance and other operating expenses. The total amount of the lease expenses and other expenses do not have a material effect on our consolidated financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 29, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 22 SUBSEQUENT EVENTS Cash Dividend On March 3, 2023, our Board of Directors declared a quarterly cash dividend of $0.22 per share, payable on March 31, 2023 to shareholders of record at March 17, 2023. HMI Inventory Valuation Losses On March 14, 2023, we announced that we had approved a plan to exit the ACH e-commerce brand of our HMI operating segment along with repositioning the PRI business unit as a direct-container only business model. Concurrent with that exit, we recorded a $24.4 million non-cash charge related to the exit, which was recorded in the fourth fiscal quarter of the recently ended 2023 fiscal year on both ACH and PRI inventories and other excess inventories along with severance of about $250,000, most of which was recorded in the fiscal 2023 fourth quarter. In addition to these actions, we expect to reduce the physical footprints at our Savannah, Ga warehouse and High Point, NC administrative office over the course of the current 2024 fiscal year with a concurrent reduction in lease, warehouse, and related expenses. See Note 3 above for additional information. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 29, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Business Hooker Furnishings Corporation and subsidiaries (the “Company,” “we,” “us” and “our”) design, import, manufacture and market residential household furniture, hospitality and contract furniture for sale to wholesale and retail merchandisers located principally in North America. |
Consolidation, Policy [Policy Text Block] | Consolidation The consolidated financial statements include the accounts of Hooker Furnishings Corporation and our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. All references to the Company refer to the Company and our consolidated subsidiaries, unless specifically referring to segment information. |
Segment Reporting, Policy [Policy Text Block] | Operating Segments As a public entity, we are required to present disaggregated information by segment using the management approach. The objective of this approach is to allow users of our financial statements to see our business through the eyes of management based upon the way management reviews performance and makes decisions. The management approach requires segment information to be reported based on how management internally evaluates the operating performance of the company’s business units or segments. The objective of this approach is to meet the basic principles of segment reporting as outlined in ASC 280 Segments ■ better understand our performance; ■ better assess our prospects for future net cash flows; and ■ make more informed judgments about us as a whole. We define our segments as those operations our chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income, as determined by the information regularly reviewed by the CODM. For financial reporting purposes, we are organized into three operating segments and “All Other”, which includes the remainder of our businesses: ■ Hooker Branded ■ Home Meridian ■ Domestic Upholstery ■ All Other, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. |
Receivable [Policy Text Block] | Trade Accounts Receivable Substantially all of our trade accounts receivable are due from retailers and dealers that sell residential home furnishings or commercial purchasers of our hospitality and senior living products, and consist of a large number of entities with a broad geographic dispersion. We perform credit evaluations of our customers and generally do not require collateral. These trade accounts receivable are reported net of customer allowances and an allowance for doubtful accounts. Reserves for customer allowances comprise the majority of the reduction of our gross trade accounts receivable to the estimated fair value reported on the face of our financial statements. We regularly review and revise customer allowances based on unprocessed claims received and current and historical activity and any agreements made with specific customers. Historically, in the Home Meridian segment, Clubs channel customers drove most of the customer allowance activity due to their consumer-facing product return policies. We based anticipated future claims on historical experience with these customers. We regularly review and revise accounts receivable for doubtful accounts based upon historical bad debts. If the financial condition of a customer or customers were to deteriorate, resulting in an impairment of their ability to make payments, additional bad debt allowances may be required. In the event a receivable is determined to be potentially uncollectible, we engage collection agencies or law firms to attempt to collect amounts owed to us after all internal collection attempts have ended. Once we have determined the receivable is uncollectible, it is charged against the allowance for doubtful accounts. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We determine fair value based on assumptions that we believe market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ■ Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ■ Level 2 Inputs: Observable inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ■ Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value of certain of our financial instruments (cash and cash equivalents, trade accounts receivable and payable, and accrued liabilities) approximates fair value because of the short-term nature of those instruments. The carrying value of Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period. See Note 11 for details. |
Inventory, Policy [Policy Text Block] | Inventories Inventories, consisting of finished furniture for sale, raw materials, manufacturing supplies and furniture in process, are stated at the lower of cost, or market value, with cost determined using the last-in, first-out (LIFO) method. Under this method, inventory is valued at cost, which is determined by applying a cumulative index to current year inventory dollars. We believe the use of the LIFO method results in a better matching of costs and revenues. We review inventories on hand and record an allowance for slow-moving and obsolete inventory based on historical experience and expected sales. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost, less allowances for depreciation. Provision for depreciation has been computed at annual rates using straight-line or declining balance depreciation methods that will amortize the cost of the depreciable assets over their estimated useful lives. |
Lessee, Leases [Policy Text Block] | Leases Leases are classified as either finance leases or operating leases based on criteria in Topic 842. All of our current leases are classified as operating leases. We do not currently have finance leases but could in the future. Operating lease right-of-use ("ROU") assets and liabilities are recognized on the adoption date based on the present value of lease payments over the remaining lease term. As interest rates are not explicitly stated or implicit in any of our leases, we utilized our incremental borrowing rate at the adoption date of February 4, 2019. For leases without explicitly stated or implicit interest rates that commenced after the adoption date and before July 2022, we used our incremental borrowing rate which was one-month LIBOR at the lease commencement date plus 1.5%. When we entered into the new loan agreement, our incremental borrowing rate for unsecured term loan became the current BSBY rate plus 1.40%. We use this rate as the discount rate for leases commenced in July 2022 and thereafter. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. At the inception of a lease, we allocate the consideration in the contract to each lease and non-lease component based on the component's relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Some of our real estate leases contain variable lease payments, including payments based on the percentage increase in the Consumer Price Index for Urban Consumers (“CPI-U”). We used February 2019 CPI-U issued by the US Department of Labor’s Bureau of Labor Statistics to measure lease payments and calculate lease liabilities upon adoption of this standard. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded when incurred. We have a sub-lease at one of our warehouses. In accordance with the provisions of Topic 842, since we have not been relieved as the primary obligor of the warehouse lease, we cannot net the sublease income against our lease payment to calculate the lease liability and ROU asset. Our practice is to straight-line the sub-lease income over the term of the sublease. Our leases have remaining lease terms of less than one year to ten years, some of which include options to extend the leases for up to ten years. We have elected not to recognize ROU assets and lease liabilities that arise from short term leases for any class of underlying asset. Short term leases are leases with lease terms of 12 months or less with either (a) no renewal option or (b) a renewal option which we are not reasonably certain to exercise. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment and definite-lived assets, are evaluated for impairment annually or more frequently when events or changes in circumstances indicate that the carrying amount of the assets or asset groups may not be recoverable through the estimated undiscounted future cash flows from the use of those assets. When any such impairment exists, the related assets are written down to fair value. Long-lived assets subject to disposal by sale are measured at the lower of their carrying amount or fair value less estimated cost to sell, are no longer depreciated, and are reported separately as “assets held for sale” in the consolidated balance sheets. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Intangible Assets and Goodwill We own both definite-lived (amortizable) assets and indefinite-lived intangible assets. Our amortizable intangible assets are related to the Shenandoah, Sunset West and Home Meridian acquisitions and includes customer relationships and trademarks. Our indefinite lived assets include goodwill related to the Shenandoah and Sunset 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 seventy-four life insurance policies on certain of our current and former executives and other key employees. These policies had a carrying value of $27.8 million at January 29, 2023 and have a face value of approximately $56 million as of that date. Proceeds from the policies are used to fund certain employee benefits and for other general corporate purposes. We account for life insurance as a component of employee benefits cost. Consequently, the cost of the coverage and any resulting gains or losses related to those insurance policies are recorded as a decrease or increase to operating income. Cash payments that increase the cash surrender value of these policies are classified as investing outflows on the Consolidated Statements of Cash Flows, with amounts paid in excess of the increase in cash surrender value included in operating activities. Gains on life insurance policies, which typically occur at the time a policy is redeemed, are included in the reconciliation of net income to net cash used in or provided by operating activities. |
Revenue [Policy Text Block] | Revenue Recognition We recognize revenue pursuant to Accounting Standards Codification 606, which requires revenue to be recognized at an amount that reflects the consideration we expect to be entitled to receive in exchange for transferring goods or services to our customers. Our policy is to record revenue when control of the goods transfers to the customer. We have a present right to payment at the time of shipment as customers are invoiced at that time. We believe the customer obtains control of goods at the time of shipment, which is typically when title passes. While the customer may not enjoy immediate physical possession of the products, the customers’ right to re-direct shipment indicates control. In the very limited instances when products are sold under consignment arrangements, we do not recognize revenue until control over such products has transferred to the end consumer. Orders are generally non-cancellable once loaded into a shipping trailer or container. The transaction price for each contract is the stated price of the product, reduced by any stated discounts or allowances at that point in time. We do not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit contract with the customer, as reflected in the order acknowledgement and invoice, states the final terms of the sale, including the description, quantity, and price of each product purchased. The transaction price reflects the amount of estimated consideration to which we expect to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Net sales are comprised of gross revenues from sales of home furnishings and hospitality furniture products and are recorded net of allowances for trade promotions, estimated product returns, rebate advertising programs and other discounts. Physical product returns are very rare due to the high probability of damages to our products in return transit. Other revenues, primarily royalties, are immaterial to our overall results. Payment is typically due within 30-60 days of shipment for customers qualifying for payment terms. Collectability is reasonably assured since we extend credit to customers for whom we have performed credit evaluations and/or from whom we have received a down payment or deposit. Due to the highly-customized nature of our hospitality products, we typically require substantial prepayments on these orders, with the balance due within 30 days of delivery. For our outdoor furnishings, most orders require a 50% deposit upon order and the balance when production is started. |
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 2023, 2022 and 2021 were $2.0 million, $1.9 million, and $2.1 million, respectively. The costs for other advertising allowance programs are charged against net sales. We also have arrangements with some dealers to reimburse them for a portion of their advertising costs, which provides advertising benefits to us. Costs for these arrangements are expensed as incurred and are netted against net sales in our consolidated statements of operations and comprehensive income. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We use the two-class method to compute basic earnings per share. Under this method we allocate earnings to common shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors and certain employees are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation. Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and certain employees and restricted stock units granted to employees that have not yet vested are considered when computing diluted earnings per share. We use the treasury stock method to determine the dilutive effect of both unvested restricted stock and unvested restricted stock units. Shares of unvested restricted stock and unvested restricted stock units under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director may be required to forfeit the stock at some future date, or no shares may ever be issued to the employees. Unvested restricted stock and unvested restricted stock units are not included in outstanding common shares in computing basic earnings per share. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of: (i) assets and liabilities, including disclosures regarding contingent assets and liabilities at the dates of the financial statements; and (ii) revenue and expenses during the reported periods. Significant items subject to such estimates and assumptions include inventory reserves, 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. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The consideration and components of our initial fair value allocation of the purchase price paid at closing and in the subsequent net working capital adjustment consisted of the following: Fair value estimates of assets acquired and liabilities assumed Purchase price consideration Cash paid for assets acquired $ 23,909 Cash received from the seller for final working capital adjustment (639 ) Escrow 2,003 Fair value of earnout 766 Total purchase price $ 26,039 Accounts receivable $ 1,560 Inventory 2,577 Prepaid expenses and other current assets 90 Property 7 Intangible assets 11,451 Goodwill 14,462 Customer deposits (3,276 ) Accounts payable (816 ) Accrued expenses (16 ) Total purchase price $ 26,039 |
DOUBTFUL ACCOUNTS AND CUSTOME_2
DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Doubtful Accounts and Other Accounts Receivable Allowances [Table Text Block] | The activity in the allowance for doubtful accounts was: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Balance at beginning of year $ 2,016 $ 2,338 $ 903 Non-cash charges to cost and expenses 109 (76 ) 1,262 Less uncollectible receivables written off, net of recoveries (356 ) (246 ) 173 Balance at end of year $ 1,769 $ 2,016 $ 2,338 Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Balance at beginning of year $ 7,284 $ 6,993 $ 3,493 Charges to cost and expenses 11,983 23,766 29,243 Less allowances applied (15,364 ) (23,305 ) (25,666 ) Less uncollectible receivables written off, net of recoveries (201 ) (170 ) (77 ) Balance at end of year $ 3,702 $ 7,284 $ 6,993 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | January 29, January 30, 2023 2022 Gross accounts receivable $ 67,600 $ 83,027 Customer allowances (3,702 ) (7,284 ) Allowance for doubtful accounts (1,769 ) (2,016 ) Trade accounts receivable $ 62,129 $ 73,727 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | January 29, January 30, 2023 2022 Finished furniture $ 115,015 $ 89,066 Furniture in process 1,943 2,314 Materials and supplies 13,509 13,179 Inventories at FIFO 130,467 104,559 Reduction to LIFO basis (33,792 ) (29,536 ) Inventories $ 96,675 $ 75,023 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciable Lives January 29, January 30, (In years) 2023 2022 Buildings and land improvements 15 - 30 $ 32,723 $ 32,030 Computer software and hardware 3 - 10 15,887 15,648 Machinery and equipment 10 11,013 10,390 Leasehold improvements Term of lease 11,894 10,984 Furniture and fixtures 3 - 8 5,991 5,829 Other 5 694 676 Total depreciable property at cost 78,202 75,557 Less accumulated depreciation (53,427 ) (49,077 ) Total depreciable property, net 24,775 26,480 Land 1,077 1,077 Construction-in-progress 1,158 501 Property, plant and equipment, net $ 27,010 $ 28,058 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Certain costs incurred in connection with developing or obtaining computer software for internal use are capitalized. These costs are amortized over periods of ten years or less. Capitalized software is reported as a component of computer software and hardware above and on the property, plant, and equipment line of our consolidated balance sheets. The activity in capitalized software costs was: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Balance beginning of year $ 2,223 $ 3,211 $ 4,277 Additions - 65 33 Amortization expense (875 ) (1,053 ) (1,099 ) Balance end of year $ 1,348 $ 2,223 $ 3,211 |
CLOUD COMPUTING HOSTING ARRAN_2
CLOUD COMPUTING HOSTING ARRANGEMENT (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Research and Development Arrangement, Contract to Perform for Others [Table Text Block] | Capitalized Implementation Costs Capitalized interest expenses Balance at January 30, 2022 $ 3,228 $ - Costs capitalized during the period 5,382 84 Accumulated amortization (12 ) (0 ) Balance at January 29, 2023 $ 8,598 $ 84 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
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: Non-amortizable Intangible Assets Goodwill Trademarks and trade names Segment Home Meridian Domestic Upholstery Total Home Meridian Domestic Upholstery Total Total non-amortizable assets Shenandoah Sunset West Bradington-Young Sam Moore Balance at February, 2020 $ 23,187 $ 16,871 $ - $ 40,058 $ 11,400 $ 861 $ 396 $ 12,657 $ 52,715 Impairment Charges (23,187 ) (16,381 ) - (39,568 ) (4,750 ) (4,750 ) (44,318 ) Balance at January 31, 2021 - 490 - 490 6,650 861 396 7,907 8,397 - - - Balance at January 30, 2022 - 490 - 490 6,650 861 396 7,907 8,397 Acquisition - - 14,462 14,462 - - 14,462 Balance at January 29, 2023 $ - $ 490 $ 14,462 $ 14,952 $ 6,650 $ 861 $ 396 $ 7,907 $ 22,859 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Our amortizable intangible assets are recorded in the Home Meridian and in Domestic Upholstery segments. In fiscal 2023, we wrote off $12,500 representing the remaining value of the Right2Home trade name in the Home Meridian segment due to the decision to exit of the ACH business unit in the fourth quarter of fiscal 2023. The carrying amounts and changes therein of those amortizable intangible assets were as follows: Amortizable Intangible Assets Customer Relationships Trademarks Totals Balance at January 30, 2022 $ 15,348 $ 598 $ 15,946 Acquisition 10,401 1,050 11,451 Amortization (3,364 ) (148 ) (3,512 ) Impairment - (13 ) (13 ) Balance at January 29, 2023 $ 22,385 $ 1,487 $ 23,872 |
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 2024 3,500 2025 3,487 2026 3,487 2027 3,487 2028 2,178 2029 and thereafter 7,733 $ 23,872 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Our assets measured at fair value on a recurring basis at January 29, 2023 and January 30, 2022 were as follows: Fair value at January 29, 2023 Fair value at January 30, 2022 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 $ - $ 27,576 $ - $ 27,576 $ - $ 26,479 $ - $ 26,479 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease cost and supplemental cash flow information for leases in fiscal 2023, 2022 and 2021 were: Fifty-two Weeks Ended January 29, 2023 January 30, 2022 January 31, 2021 Operating lease cost $ 9,908 $ 8,144 $ 8,367 Variable lease cost 234 208 146 Short-term lease cost 327 117 291 Total operating lease cost $ 10,469 $ 8,469 $ 8,804 Operating cash outflows $ 10,527 $ 7,730 $ 7,921 |
Schedule of Right-of-Use Assets and Lease Liabilities [Table Text Block] | The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 29, 2023 and January 30, 2022 were: Current portion of operating lease liabilities $ 7,316 $ 7,471 Long term operating lease liabilities 63,762 46,570 Total operating lease liabilities $ 71,078 $ 54,041 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the consolidated balance sheet at January 29, 2023: Fiscal Year Undiscounted Future Operating Lease Payments 2024 $ 9,995 2025 10,102 2026 10,182 2027 10,267 2028 8,931 2029 and thereafter 35,131 Total lease payments $ 84,608 Less: impact of discounting (13,530 ) Present value of lease payments $ 71,078 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Principal payments on the term loans are as follows: Fiscal Year Principal payments 2024 $ 1,400 2025 1,400 2026 1,400 2027 1,400 2028 18,700 Total principal payments $ 24,300 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |
EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Summarized SRIP and SERP information as of each fiscal year-end (the measurement date) is as follows: SRIP (Supplemental Retirement Income Plan) January 29, January 30, 2023 2022 Change in benefit obligation: Beginning projected benefit obligation $ 9,426 $ 10,572 Service cost 126 133 Interest cost 243 178 Benefits paid (815 ) (904 ) Actuarial (gain)/ loss (1,004 ) (553 ) Ending projected benefit obligation (funded status) $ 7,976 $ 9,426 Accumulated benefit obligation $ 7,783 $ 9,277 Discount rate used to value the ending benefit obligations: 4.85 % 2.70 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 877 $ 877 Non-current liabilities (Deferred compensation line) 7,099 8,549 Total $ 7,976 $ 9,426 SERP (Supplemental Executive Retirement Plan) January 29, January 30, 2023 2022 Change in benefit obligation: Beginning projected benefit obligation $ 1,531 $ 1,681 Service cost - - Interest cost 41 34 Benefits paid (158 ) (145 ) Actuarial (gain)/loss (119 ) (39 ) Ending projected benefit obligation (funded status) $ 1,295 $ 1,531 Accumulated benefit obligation $ 1,295 $ 1,531 Discount rate used to value the ending benefit obligations: 4.70 % 2.80 % Amount recognized in the consolidated balance sheets: Current liabilities (Accrued salaries, wages and benefits line) $ 155 $ 156 Non-current liabilities (Deferred compensation line) 1,140 1,375 Total $ 1,295 $ 1,531 |
Schedule of Net Benefit Costs [Table Text Block] | Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Net periodic benefit cost Service cost $ 126 $ 133 $ 128 Interest cost 243 178 249 Net loss 83 402 338 Net periodic benefit cost $ 452 $ 713 $ 715 Other changes recognized in accumulated other comprehensive income Net (gain) / loss arising during period (1,004 ) (553 ) 530 Amortizations: Gain (loss) (83 ) (402 ) (338 ) Total recognized in other comprehensive loss (income) (1,087 ) (955 ) 192 Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (635 ) $ (242 ) $ 907 Assumptions used to determine net periodic benefit cost: Discount rate 2.70 % 1.75 % 2.50 % Increase in future compensation levels 4.00 % 4.00 % 4.00 % Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Net periodic benefit cost Service cost $ - $ - $ - Interest cost 41 34 46 Net gain (2 ) - Net periodic benefit cost $ 39 $ 34 $ 46 Other changes recognized in accumulated other comprehensive income Net (gain)/loss arising during period (119 ) (39 ) (67 ) Amortizations: Gain (Loss) 2 - 0 Total recognized in other comprehensive loss (income) (117 ) (39 ) (67 ) Total recognized in net periodic benefit cost and accumulated other comprehensive income $ (78 ) $ (5 ) $ (21 ) Assumptions used to determine net periodic benefit cost: Discount rate 2.80 % 2.10 % 2.60 % Increase in future compensation levels N/A N/A N/A |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2024 $ 877 Fiscal 2025 960 Fiscal 2026 960 Fiscal 2027 787 Fiscal 2028 817 Fiscal 2029 through fiscal 2033 3,943 |
Pension Plan [Member] | |
EMPLOYEE BENEFIT PLANS (Tables) [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments: Fiscal 2024 $ 155 Fiscal 2025 150 Fiscal 2026 144 Fiscal 2027 137 Fiscal 2028 130 Fiscal 2029 through fiscal 2033 529 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Restricted Stock [Member] | |
SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | For each restricted stock issuance, the following table summarizes restricted stock activity, including the weighted average issue price of those shares on the grant date, the fair value of each grant of restricted stock on the grant date, compensation expense recognized for the unvested shares of restricted stock for each grant and the remaining fair value of the unvested shares of restricted stock for each grant as of January 29, 2023: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Shares Per Share Fair Value Recognized January 29, 2023 Restricted shares Issued on April 7, 2020 23,484 $ 13.92 $ 327 $ 222 $ 11 Forfeited (6,748 ) (94 ) Restricted shares Issued on October 19, 2020 1,022 29.34 30 23 7 Restricted shares Issued on April 8, 2021 16,613 37.20 618 227 146 Forfeited (6,599 ) (245 ) Restricted shares Issued on January 31, 2022 22,534 22.19 500 130 260 Forfeited (4,958 ) (110 ) Restricted shares Issued on April 11, 2022 61,011 18.26 1,114 297 771 (2,541 ) (46 ) Restricted shares Issued on June 8, 2022 25,224 16.65 420 280 140 Restricted shares Issued on October 12, 2022 3,262 13.41 44 22 22 Awards outstanding at January 29, 2023: 132,304 $ 2,557 $ 1,201 $ 1,356 |
Restricted Stock Units (RSUs) [Member] | |
SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table presents RSU activities for the year ended January 29, 2023: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 29, 2023 RSUs Awarded on April 7, 2020 17,672 $ 12.01 212 119 7 Forfeited (7,183 ) (86 ) Partial vested due to separation (1,437 ) RSUs Awarded on April 8, 2021 8,186 35.05 287 135 86 Forfeited (1,882 ) (66 ) RSUs for retention Awarded on April 8, 2021 4,865 35.05 171 70 44 Forfeited (1,613 ) (57 ) RSUs for retention Awarded on April 11, 2022 19,157 15.86 304 85 219 Awards outstanding at January 29, 2023: 37,765 $ 765 $ 409 $ 356 |
Performance Shares [Member] | |
SHARE-BASED COMPENSATION (Tables) [Line Items] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | We have issued Performance-based Restricted Stock Units (“PSUs”) to our named executive officers since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock. PSUs awarded in fiscal 2021 were forfeited as the performance targets were not met. The following table presents PSU activities for the year ended January 29, 2023: Whole Grant-Date Aggregate Compensation Grant-Date Fair Value Number of Fair Value Grant-Date Expense Unrecognized At Units Per Unit Fair Value Recognized January 29, 2023 PSUs Awarded on April 8, 2021 20,243 $ 37.20 $ 753 $ 409 $ 204 Forfeited (3,764 ) (140 ) PSUs Awarded on April 11, 2022 46,725 18.26 853 284 569 Awards outstanding at January 29, 2023: 63,204 $ 1,466 $ 693 $ 773 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Earnings Per Share [Abstract] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated: January 29, January 30, January 31, 2023 2022 2021 Restricted shares 132,304 59,500 54,747 RSUs and PSUs 100,969 77,841 140,911 233,273 137,341 195,658 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Net (loss)/income $ (4,312 ) $ 11,718 $ (10,426 ) Less: Dividends on unvested restricted shares 103 46 36 Net earnings allocated to unvested restricted stock - 61 - Earnings available for common shareholders $ (4,415 ) $ 11,611 $ (10,462 ) Weighted average shares outstanding for basic earnings per share 11,593 11,852 11,822 Dilutive effect of unvested restricted stock awards * 118 * Weighted average shares outstanding for diluted earnings per share 11,593 11,970 11,822 Basic (loss)/earnings per share $ (0.37 ) $ 0.99 $ (0.88 ) Diluted (loss)/earnings per share $ (0.37 ) $ 0.97 $ (0.88 ) *Due to net loss in fiscal 2023 and fiscal 2021, approximately 117,000 and 119,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share, respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our provision for income taxes was as follows for the periods indicated: Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Current expense Federal $ 1,024 $ 650 $ 5,858 Foreign 75 107 108 State 223 307 1,154 Total current expense 1,322 1,064 7,120 Deferred taxes Federal (2,617 ) 1,980 (9,554 ) State (542 ) 344 (1,708 ) Total deferred taxes (3,159 ) 2,324 (11,262 ) Income tax (benefit)/expense $ (1,837 ) $ 3,388 $ (4,142 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax rate differed from the federal statutory tax rate as follows for the period Fifty-Two Weeks Ended January 29, January 30, January 31, 2023 2022 2021 Income taxes at statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate resulting from: State taxes, net of federal benefit 4.1 3.4 3.0 Officer's life insurance 4.0 -1.3 1.7 Expiration of capital loss 0.0 2.0 0.0 Change in valuation allowance -0.2 -1.9 0.0 Consolidated Appropriation Act provisions 0.0 0.0 1.8 Other 1.0 -0.8 0.9 Effective income tax rate 29.9 % 22.4 % 28.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax January 29, January 30, 2023 2022 Assets Intangible assets $ 6,409 $ 7,212 Inventories 3,618 - Deferred compensation 3,007 2,807 Allowance for bad debts 889 2,079 Employee benefits 746 643 Loss and credit carryover 418 88 Accrued liabilities 79 320 Deferred rent 605 618 Other 215 194 Total deferred tax assets 15,986 13,961 Valuation allowance (100 ) (88 ) 15,886 13,873 Liabilities Property, plant and equipment 1,117 1,361 Inventories - 900 Other 285 - Total deferred tax liabilities 1,402 2,261 Net deferred tax assets $ 14,484 $ 11,612 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jan. 29, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the changes in segments discussed above. Fifty-Two Weeks Ended January 29, 2023 January 30, 2022 January 31, 2021 % Net % Net % Net Net Sales Sales Sales Sales Hooker Branded $ 199,602 34.2 % $ 200,692 33.8 % $ 162,442 26.4 % Home Meridian 216,338 37.1 % 278,902 47.0 % 282,423 52.3 % Domestic Upholstery 156,717 26.9 % 106,827 18.0 % 88,600 16.4 % All Other 10,445 1.8 % 7,191 1.2 % 6,616 1.2 % Consolidated $ 583,102 100 % $ 593,612 100 % $ 540,081 96 % Gross Profit/(Loss) Hooker Branded $ 59,344 29.7 % $ 63,146 31.5 % $ 51,832 31.9 % Home Meridian (2,620 ) -1.2 % 15,213 5.5 % 39,832 14.1 % Domestic Upholstery 32,633 20.8 % 20,860 19.5 % 18,897 21.3 % All Other 3,937 37.7 % 2,483 34.5 % 2,187 33.1 % Consolidated $ 93,294 16.0 % $ 101,702 17.1 % $ 112,748 20.9 % Operating (Loss)/Income Hooker Branded $ 20,529 10.3 % $ 30,667 15.3 % $ 22,827 14.1 % Home Meridian (37,181 ) -17.2 % (21,260 ) -7.6 % (26,071 ) -9.2 % Domestic Upholstery 8,871 5.7 % 4,675 4.4 % (11,683 ) -13.2 % All Other 1,735 16.6 % 761 10.6 % 563 8.5 % Consolidated $ (6,046 ) -1.0 % $ 14,843 2.5 % $ (14,364 ) -2.7 % Capital Expenditures Hooker Branded $ 1,813 $ 558 $ 377 Home Meridian 1,280 4,829 347 Domestic Upholstery 1,106 1,295 475 All Other - 10 11 Consolidated $ 4,199 $ 6,692 $ 1,210 Depreciation & Amortization Hooker Branded $ 2,092 $ 2,530 $ 1,809 Home Meridian 2,899 2,594 2,160 Domestic Upholstery 3,827 2,678 2,797 All Other 11 12 12 Consolidated $ 8,829 $ 7,814 $ 6,778 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The following table presents segment information for the periods, and as of the dates, indicated. Prior-year information has been recast to reflect the changes in segments discussed above. As of January 29, As of January 30, 2023 %Total 2022 %Total Assets Assets Assets Hooker Branded $ 174,523 52.1 % $ 170,968 48.8 % Home Meridian 92,469 27.6 % 130,890 37.4 % Domestic Upholstery 66,435 19.8 % 47,232 13.5 % All Other 1,558 0.5 % 1,126 0.3 % Consolidated Assets $ 334,985 100 % $ 350,216 100 % Consolidated Goodwill and Intangibles 46,731 24,343 Total Consolidated Assets $ 381,716 $ 374,559 |
Revenue from External Customers by Products and Services [Table Text Block] | Sales by product type are as follows: Net Sales (in thousands) Fiscal 2023 2022 2021 Casegoods $ 328,849 56 % $ 348,548 59 % $ 329,906 61 % Upholstery 254,253 44 % 245,064 41 % 210,175 39 % $ 583,102 $ 593,612 $ 540,081 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | |||
Jan. 29, 2023 USD ($) | Jan. 30, 2022 USD ($) | Jan. 31, 2021 USD ($) | Jul. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Number of Reportable Segments | 3 | |||
Lessee, Operating Lease, Renewal Term | 10 years | |||
Number of Life Insurance Policies | 74 | |||
Cash Surrender Value, Fair Value Disclosure | $ 27.8 | |||
Life Settlement Contracts, Fair Value Method, Face Value | 56 | |||
Advertising Expense | $ 2 | $ 1.9 | $ 2.1 | |
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% | |||
Bloomberg Short Term Bank Yield Index BSBY [Member] | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Operating Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 1.40% | 1.40% |
INVENTORY VALUATION CHARGES (De
INVENTORY VALUATION CHARGES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
INVENTORY VALUATION CHARGES (Details) [Line Items] | |||
Inventory Write-down | $ 28,752 | $ 3,402 | $ 523 |
Home Meridian International [Member] | |||
INVENTORY VALUATION CHARGES (Details) [Line Items] | |||
Inventory Write-down | $ 24,400 |
ACQUISITION (Details)
ACQUISITION (Details) - Sunset HWM, LLC [Member] - USD ($) | 12 Months Ended | |
Jan. 29, 2023 | Jan. 30, 2022 | |
ACQUISITION (Details) [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 23,909,000 | |
Business Combination, Acquisition Related Costs | (2,003,000) | |
Business Combination, Contingent Consideration, Liability | 4,000,000 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | (639,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,451,000 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 10 years 2 months 12 days | |
Business Acquisition, Transaction Costs | $ 69,000 | $ 414,000 |
Revenue from Contract with Customer, Excluding Assessed Tax | 27,000,000 | |
Operating Income (Loss) | 683,000 | |
Amortization of Intangible Assets | 1,100,000 | |
Customer Relationships [Member] | ||
ACQUISITION (Details) [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 10,400,000 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | |
Trade Names [Member] | ||
ACQUISITION (Details) [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,100,000 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years |
ACQUISITION (Details) - Schedul
ACQUISITION (Details) - Schedule of Business Acquisitions, by Acquisition - Sunset HWM, LLC [Member] $ in Thousands | 12 Months Ended |
Jan. 29, 2023 USD ($) | |
Business Acquisition [Line Items] | |
Cash paid for assets acquired | $ 23,909 |
Cash received from the seller for final working capital adjustment | (639) |
Escrow | 2,003 |
Fair value of earnout | 766 |
Total purchase price | 26,039 |
Accounts receivable | 1,560 |
Inventory | 2,577 |
Prepaid expenses and other current assets | 90 |
Property | 7 |
Intangible assets | 11,451 |
Goodwill | 14,462 |
Customer deposits | (3,276) |
Accounts payable | (816) |
Accrued expenses | (16) |
Total purchase price | $ 26,039 |
DOUBTFUL ACCOUNTS AND CUSTOME_3
DOUBTFUL ACCOUNTS AND CUSTOMER ALLOWANCES (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Allowance For Doubtful Accounts Abstract | |||
Balance at beginning of year | $ 2,016 | $ 2,338 | $ 903 |
Non-cash charges to cost and expenses | 109 | (76) | 1,262 |
Less uncollectible receivables written off, net of recoveries | (356) | (246) | 173 |
Balance at end of year | 1,769 | 2,016 | 2,338 |
Balance at beginning of year | 7,284 | 6,993 | 3,493 |
Charges to cost and expenses | 11,983 | 23,766 | 29,243 |
Less allowances applied | (15,364) | (23,305) | (25,666) |
Less uncollectible receivables written off, net of recoveries | (201) | (170) | (77) |
Balance at end of year | $ 3,702 | $ 7,284 | $ 6,993 |
ACCOUNTS RECEIVABLE (Details) -
ACCOUNTS RECEIVABLE (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | Feb. 02, 2020 |
Schedule Of Accounts Notes Loans And Financing Receivable Abstract | ||||
Gross accounts receivable | $ 67,600 | $ 83,027 | ||
Customer allowances | (3,702) | (7,284) | $ (6,993) | $ (3,493) |
Allowance for doubtful accounts | (1,769) | (2,016) | $ (2,338) | $ (903) |
Trade accounts receivable | $ 62,129 | $ 73,727 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
INVENTORIES (Details) [Line Items] | ||
Inventory, Finished Goods, Gross | $ 115,015 | $ 89,066 |
China and Vietnam [Member] | ||
INVENTORIES (Details) [Line Items] | ||
Other Inventory, Inventory at off Site Premises, Gross | 12,300 | 11,100 |
Finished Furniture, Consigned Inventories [Member] | ||
INVENTORIES (Details) [Line Items] | ||
Inventory, Finished Goods, Gross | $ 2,400 | $ 8,900 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Schedule Of Inventory Current Abstract | ||
Finished furniture | $ 115,015 | $ 89,066 |
Furniture in process | 1,943 | 2,314 |
Materials and supplies | 13,509 | 13,179 |
Inventories at FIFO | 130,467 | 104,559 |
Reduction to LIFO basis | (33,792) | (29,536) |
Inventories | $ 96,675 | $ 75,023 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Depreciation | $ 5.3 | $ 5.4 | $ 4.4 |
Property, Plant and Equipment, Useful Life | 10 years | ||
Computer Software and Hardware [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2023 | Jan. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 78,202 | $ 75,557 |
Less accumulated depreciation | (53,427) | (49,077) |
Total depreciable property, net | 24,775 | 26,480 |
Land | 1,077 | 1,077 |
Construction-in-progress | 1,158 | 501 |
Property, plant and equipment, net | 27,010 | 28,058 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 32,723 | 32,030 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 15 | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Depreciable Lives | 30 | |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,887 | 15,648 |
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 | $ 11,013 | 10,390 |
Property, Plant and Equipment, Depreciable Lives | 10 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,894 | 10,984 |
Property, Plant and Equipment, Depreciable Lives | Term of lease | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,991 | 5,829 |
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 | $ 694 | $ 676 |
Property, Plant and Equipment, Depreciable Lives | 5 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Balance beginning of year | $ 2,223 | $ 3,211 | $ 4,277 |
Additions | 0 | 65 | 33 |
Amortization expense | (875) | (1,053) | (1,099) |
Balance end of year | $ 1,348 | $ 2,223 | $ 3,211 |
CLOUD COMPUTING HOSTING ARRAN_3
CLOUD COMPUTING HOSTING ARRANGEMENT (Details) - USD ($) | Jan. 29, 2023 | Jan. 30, 2022 |
Disclosure Text Block Supplement [Abstract] | ||
Accumulated Capitalized Interest Costs | $ 84,000 | $ 0 |
Property, Plant and Equipment, Useful Life | 10 years |
CLOUD COMPUTING HOSTING ARRAN_4
CLOUD COMPUTING HOSTING ARRANGEMENT (Details) - Research and Development Arrangement, Contract to Perform for Others | 12 Months Ended |
Jan. 29, 2023 USD ($) | |
Research And Development Arrangement Contract To Perform For Others Abstract | |
Capitalized Implementation Costs, Balance | $ 3,228,000 |
Capitalized interest expenses, Balance | 0 |
Capitalized Implementation Costs, Costs capitalized | 5,382,000 |
Capitalized interest expenses, Costs capitalized | 84,000 |
Capitalized Implementation Costs, Accumulated amortization | (12,000) |
Capitalized interest expenses, Accumulated amortization | 0 |
Capitalized Implementation Costs, Balance | 8,598,000 |
Capitalized interest expenses, Balance | $ 84,000 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 | $ 44,318,000 |
Goodwill, Impairment Loss | 0 | $ 0 | 39,568,000 |
Home Meridian International [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Impairment of Intangible Assets, Finite-Lived | $ 12,500 | ||
Goodwill [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill and Intangible Asset Impairment | 44,318,000 | ||
Goodwill, Impairment Loss | 39,568,000 | ||
Impairment of Intangible Assets, Finite-Lived | 4,750,000 | ||
Goodwill [Member] | Home Meridian International [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill, Impairment Loss | 23,187,000 | ||
Impairment of Intangible Assets, Finite-Lived | 4,750,000 | ||
Goodwill [Member] | Shenandoah Furniture, Inc, [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Goodwill, Impairment Loss | 16,381,000 | ||
Trade Names [Member] | Home Meridian International [Member] | |||
INTANGIBLE ASSETS AND GOODWILL (Details) [Line Items] | |||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 4,800,000 |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Indefinite-Lived Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Goodwill [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | $ 490 | $ 40,058 | |
Trademarks and trade names, Balance | 7,907 | 12,657 | |
Total non-amortizable assets, Balance | 8,397 | 52,715 | |
Goodwill, Impairment Charges | (39,568) | ||
Trademarks and trade names, Impairment Charges | (4,750) | ||
Total non-amortizable assets, Impairment Charges | (44,318) | ||
Goodwill, Balance | 490 | ||
Trademarks and trade names, Balance | 7,907 | ||
Total non-amortizable assets, Balance | 8,397 | ||
Goodwill [Member] | Home Meridian International [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | 0 | 23,187 | |
Trademarks and trade names, Balance | 6,650 | 11,400 | |
Goodwill, Impairment Charges | (23,187) | ||
Trademarks and trade names, Impairment Charges | (4,750) | ||
Goodwill, Balance | 0 | ||
Trademarks and trade names, Balance | 6,650 | ||
Goodwill [Member] | Shenandoah Furniture, Inc, [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | 490 | 16,871 | |
Goodwill, Impairment Charges | (16,381) | ||
Goodwill, Balance | 490 | ||
Goodwill [Member] | Sunset HWM, LLC [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | 0 | 0 | |
Goodwill, Impairment Charges | 0 | ||
Goodwill, Balance | 0 | ||
Goodwill [Member] | Bradington-Young [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Trademarks and trade names, Balance | 861 | 861 | |
Trademarks and trade names, Balance | 861 | ||
Goodwill [Member] | Sam Moore [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Trademarks and trade names, Balance | 396 | 396 | |
Trademarks and trade names, Balance | $ 396 | ||
Trademarks and Trade Names [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | $ 490 | ||
Trademarks and trade names, Balance | 7,907 | ||
Total non-amortizable assets, Balance | 8,397 | ||
Goodwill, Acquisition | 14,462 | ||
Trademarks and trade names, Acquisition | 0 | ||
Impairment Charges, Acquisition | 14,462 | ||
Goodwill, Balance | 14,952 | 490 | |
Trademarks and trade names, Balance | 7,907 | 7,907 | |
Total non-amortizable assets, Balance | 22,859 | 8,397 | |
Trademarks and Trade Names [Member] | Home Meridian International [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | 0 | ||
Trademarks and trade names, Balance | 6,650 | ||
Goodwill, Acquisition | 0 | ||
Trademarks and trade names, Acquisition | 0 | ||
Goodwill, Balance | 0 | 0 | |
Trademarks and trade names, Balance | 6,650 | 6,650 | |
Trademarks and Trade Names [Member] | Shenandoah Furniture, Inc, [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | 490 | ||
Goodwill, Acquisition | 0 | ||
Goodwill, Balance | 490 | 490 | |
Trademarks and Trade Names [Member] | Sunset HWM, LLC [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill, Balance | 0 | ||
Goodwill, Acquisition | 14,462 | ||
Goodwill, Balance | 14,462 | 0 | |
Trademarks and Trade Names [Member] | Bradington-Young [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Trademarks and trade names, Balance | 861 | ||
Trademarks and trade names, Balance | 861 | 861 | |
Trademarks and Trade Names [Member] | Sam Moore [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Trademarks and trade names, Balance | 396 | ||
Trademarks and trade names, Balance | $ 396 | $ 396 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Finite-Lived Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2023 | Jan. 30, 2022 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | $ 15,348 | |
Acquisition | $ 10,401 | |
Amortization | (3,364) | |
Impairment | 0 | |
Balance | 22,385 | |
Order or Production Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 598 | |
Acquisition | 1,050 | |
Amortization | (148) | |
Impairment | (13) | |
Balance | 1,487 | |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | $ 15,946 | |
Acquisition | 11,451 | |
Amortization | (3,512) | |
Impairment | (13) | |
Balance | $ 23,872 |
INTANGIBLE ASSETS AND GOODWIL_5
INTANGIBLE ASSETS AND GOODWILL (Details) - Finite-lived Intangible Assets Amortization Expense $ in Thousands | Jan. 29, 2023 USD ($) |
Finite Lived Intangible Assets Amortization Expense Abstract | |
2024 | $ 3,500 |
2025 | 3,487 |
2026 | 3,487 |
2027 | 3,487 |
2028 | 2,178 |
2029 and thereafter | 7,733 |
$ 23,872 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Assets measured at fair value | ||
Company-owned life insurance | $ 27,576 | $ 26,479 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | 27,576 | 26,479 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value | ||
Company-owned life insurance | $ 0 | $ 0 |
LEASES (Details)
LEASES (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2022 | Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
LEASES (Details) [Line Items] | ||||
Operating Leases, Income Statement, Sublease Revenue | $ 445,000 | $ 890,000 | $ 576,000 | |
Operating Leases of Lessee, Contingent Rentals, Description of Variable Rate Basis | incremental borrowing rate for unsecured term loan became the current BSBY rate plus 1.40% | incremental borrowing rate which was LIBOR plus 1.5% | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4% | |||
Operating Lease, Weighted Average Remaining Lease Term | 8 years | |||
Lessee, Operating Lease, Term of Contract | 3 years | |||
Operating Leases, Future Minimum Payments Due | $ 1,000,000 | |||
Bloomberg Short Term Bank Yield Index BSBY [Member] | ||||
LEASES (Details) [Line Items] | ||||
Operating Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate | 1.40% | 1.40% |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | $ 10,469 | $ 8,469 | $ 8,804 |
Operating cash outflows | 10,527 | 7,730 | 7,921 |
Operating Lease Costs [Member] | |||
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | 9,908 | 8,144 | 8,367 |
Variable Lease Cost [Member] | |||
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | 234 | 208 | 146 |
Leases Less Then 12 Months [Member] | |||
LEASES (Details) - Lease, Cost [Line Items] | |||
Operating lease cost | $ 327 | $ 117 | $ 291 |
LEASES (Details) - Schedule of
LEASES (Details) - Schedule of Right-of-Use Assets and Lease Liabilities - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Schedule Of Right Of Use Assets And Lease Liabilities Abstract | ||
Current portion of operating lease liabilities | $ 7,316 | $ 7,471 |
Long term operating lease liabilities | 63,762 | 46,570 |
Total operating lease liabilities | $ 71,078 | $ 54,041 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Lessee Operating Lease Liability Maturity Abstract | ||
2024 | $ 9,995 | |
2025 | 10,102 | |
2026 | 10,182 | |
2027 | 10,267 | |
2028 | 8,931 | |
2029 and thereafter | 35,131 | |
Total lease payments | 84,608 | |
Less: impact of discounting | (13,530) | |
Present value of lease payments | $ 71,078 | $ 54,041 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) | 12 Months Ended | |
Jul. 26, 2022 | Jan. 29, 2023 | |
LONG-TERM DEBT (Details) [Line Items] | ||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 37,500 | $ 33,750 |
Proceeds from (Repayments of) Lines of Credit | 36,200,000 | |
Line of Credit Facility, Current Borrowing Capacity | 26,400,000 | |
Letters of Credit Outstanding, Amount | 8,600,000 | |
2022 Secured Term Loan [Member] | ||
LONG-TERM DEBT (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 18,000,000 | |
Long-Term Debt | 18,000,000 | |
2022 Secured Term Loan [Member] | Bloomberg Short Term Bank Yield Index BSBY [Member] | ||
LONG-TERM DEBT (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |
2022 Unsecured Term Loan [Member] | ||
LONG-TERM DEBT (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 7,000,000 | |
Debt Instrument, Periodic Payment | $ 116,667 | |
Long-Term Debt | $ 6,300,000 | |
2022 Unsecured Term Loan [Member] | Bloomberg Short Term Bank Yield Index BSBY [Member] | ||
LONG-TERM DEBT (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | |
New Unsecured Term Loan [Member] | Unsecured Debt [Member] | ||
LONG-TERM DEBT (Details) [Line Items] | ||
Debt Instrument, Covenant Description | Maintain a ratio of funded debt to EBITDA not exceeding: o 2.50:1.0 through July 30, 2023; o 2.25:1.0 through July 30, 2024; and o 2.00:1.00 thereafter. ● A basic fixed charge coverage ratio of at least 1.25:1.00; and ● Limit capital expenditures to no more than $15.0 million during any fiscal year. The Existing 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 Existing 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 Existing Loan Agreement. | |
Line of Credit [Member] | ||
LONG-TERM DEBT (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | |
Debt Instrument, Basis Spread on Variable Rate | 1% | |
Line of Credit Facility, Commitment Fee Percentage | 1% |
LONG-TERM DEBT (Details) - Sche
LONG-TERM DEBT (Details) - Schedule of Maturities of Long-Term Debt $ in Thousands | Jan. 29, 2023 USD ($) |
Schedule Of Maturities Of Long Term Debt Abstract | |
2024 | $ 1,400 |
2025 | 1,400 |
2026 | 1,400 |
2027 | 1,400 |
2028 | 18,700 |
Total principal payments | $ 24,300 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) | 12 Months Ended | ||
Jan. 29, 2023 USD ($) | Jan. 30, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,500,000 | $ 1,400,000 | $ 1,300,000 |
Supplemental Retirement Income Plan ("SRIP") and Supplemental Executive Retirement Plan ("SERP") [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Benefit Plan, Description | The benefit is payable for a 15-year period following the participant’s termination of employment due to retirement, disability or death | ||
Supplemental Employee Retirement Plan [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Benefit Plan, Description | The benefit is payable for the life of the retiree with the following forms available as a reduced monthly benefit: Ten-year Certain and Life; 50% or 100% Joint and Survivor Annuity. | ||
Defined Benefit Plan, Number of Retirees | 8 | ||
Defined Benefit Plan, Assumptions Used in Calculation, Description | For the SERP, the discount rate assumption used to measure the projected benefit obligations is set by reference to a certain hypothetical AA-rated corporate bond spot-rate yield curve constructed by our actuary, Aon (“Aon”) and the plan’s projected cash flows, rounded to the nearest 10 bps. | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.70% | 2.80% | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 119,000 | $ 39,000 | |
Defined Benefit Plan, Plan Assets, Change in Valuation Technique and Input, Description | At January 29, 2023, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 4.70%. This rate was used to value the ending benefit obligations. At January 30, 2022, combining the Aon AA Above Median yield curve and the plan's expected benefit payments created a rate of 2.80%. This rate used to determine the fiscal 2023 net periodic cost. The change in the discount rate from 2.80% to 4.70% decreased liabilities. | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 119,000 | $ 39,000 | 67,000 |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | |||
Defined Benefit Plan, Assumptions Used in Calculation, Description | the discount rate used to determine the fiscal 2023 net periodic cost was 2.70%, based on the Mercer yield curve and the plan’s expected benefit payments. | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.85% | 2.70% | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 1,004,000 | $ 553,000 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (288,000) | (229,000) | |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 279,203 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 1,004,000 | $ 553,000 | $ (530,000) |
EMPLOYEE BENEFIT PLANS (Detai_2
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Defined Benefit Plans Disclosures - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance projected benefit obligation | $ 9,426 | $ 10,572 | |
Service cost | 126 | 133 | $ 128 |
Interest cost | 243 | 178 | 249 |
Benefits paid | (815) | (904) | |
Actuarial (gain)/ loss | (1,004) | (553) | |
Ending projected benefit obligation (funded status) | 7,976 | 9,426 | 10,572 |
Accumulated benefit obligation | $ 7,783 | $ 9,277 | |
Discount rate used to value the ending benefit obligations: | 4.85% | 2.70% | |
Current liabilities (Accrued salaries, wages and benefits line) | $ 877 | $ 877 | |
Non-current liabilities (Deferred compensation line) | 7,099 | 8,549 | |
Total | 7,976 | 9,426 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance projected benefit obligation | 1,531 | 1,681 | |
Service cost | 0 | 0 | 0 |
Interest cost | 41 | 34 | 46 |
Benefits paid | (158) | (145) | |
Actuarial (gain)/ loss | (119) | (39) | |
Ending projected benefit obligation (funded status) | 1,295 | 1,531 | $ 1,681 |
Accumulated benefit obligation | $ 1,295 | $ 1,531 | |
Discount rate used to value the ending benefit obligations: | 4.70% | 2.80% | |
Current liabilities (Accrued salaries, wages and benefits line) | $ 155 | $ 156 | |
Non-current liabilities (Deferred compensation line) | 1,140 | 1,375 | |
Total | $ 1,295 | $ 1,531 |
EMPLOYEE BENEFIT PLANS (Detai_3
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Supplemental Retirement Income Plan ("SRIP") [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs [Line Items] | |||
Service cost | $ 126 | $ 133 | $ 128 |
Interest cost | 243 | 178 | 249 |
Net Gain (Loss) | 83 | 402 | 338 |
Net periodic benefit cost | 452 | 713 | 715 |
Net loss (gain) arising during period | (1,004) | (553) | 530 |
Gain (Loss) | (83) | (402) | (338) |
Total recognized in other comprehensive loss (income) | (1,087) | (955) | 192 |
Total recognized in other comprehensive loss (income) accumulated other comprehensive income | $ (635) | $ (242) | $ 907 |
Discount rate | 2.70% | 1.75% | 2.50% |
Increase in future compensation levels | 4% | 4% | 4% |
Supplemental Employee Retirement Plan [Member] | |||
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Net Benefit Costs [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 41 | 34 | 46 |
Net Gain (Loss) | (2) | 0 | 0 |
Net periodic benefit cost | 39 | 34 | 46 |
Net loss (gain) arising during period | (119) | (39) | (67) |
Gain (Loss) | 2 | 0 | 0 |
Total recognized in other comprehensive loss (income) | (117) | (39) | (67) |
Total recognized in other comprehensive loss (income) accumulated other comprehensive income | $ (78) | $ (5) | $ (21) |
Discount rate | 2.80% | 2.10% | 2.60% |
Increase in future compensation levels |
EMPLOYEE BENEFIT PLANS (Detai_4
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Supplemental Retirement Income Plan ("SRIP") [Member] $ in Thousands | Jan. 29, 2023 USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2024 | $ 877 |
Fiscal 2025 | 960 |
Fiscal 2026 | 960 |
Fiscal 2027 | 787 |
Fiscal 2028 | 817 |
Fiscal 2029 through fiscal 2033 | $ 3,943 |
EMPLOYEE BENEFIT PLANS (Detai_5
EMPLOYEE BENEFIT PLANS (Details) - Schedule of Expected Benefit Payments - Pension Plan [Member] $ in Thousands | Jan. 29, 2023 USD ($) |
Estimated Future Benefit Payments: | |
Fiscal 2024 | $ 155 |
Fiscal 2025 | 150 |
Fiscal 2026 | 144 |
Fiscal 2027 | 137 |
Fiscal 2028 | 130 |
Fiscal 2029 through fiscal 2033 | $ 529 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) | 12 Months Ended | |||||||
Oct. 12, 2022 | Jun. 18, 2022 | Apr. 11, 2022 | Jan. 31, 2022 | Apr. 08, 2021 | Oct. 19, 2020 | Apr. 07, 2020 | Jan. 29, 2023 | |
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 | $ 13.41 | $ 16.65 | $ 18.26 | $ 22.19 | $ 37.2 | $ 29.34 | $ 13.92 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantDateFairValue (in Dollars) | $ 2,600,000 | |||||||
Share-Based Compensation Expense Recognized for Shares Outstanding (in Dollars) | $ 1,200,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 23,239 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | $ 799,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars) | $ 1,356,000 | |||||||
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 |
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, $ in Thousands | 12 Months Ended | ||||||||
Oct. 12, 2022 | Jun. 18, 2022 | Jun. 08, 2022 | Apr. 11, 2022 | Jan. 31, 2022 | Apr. 08, 2021 | Oct. 19, 2020 | Apr. 07, 2020 | Jan. 29, 2023 | |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 13.41 | $ 16.65 | $ 18.26 | $ 22.19 | $ 37.2 | $ 29.34 | $ 13.92 | ||
Whole Number of Shares, Balance (in Shares) | 132,304 | ||||||||
Aggregate Grant-Date Fair Value, Balance | $ 2,557 | ||||||||
Compensation Expense Recognized, Balance | 1,201 | ||||||||
Grant-Date Fair Value Unrecognized, Balance | $ 1,356 | ||||||||
Whole Number of Shares, Forfeited (in Shares) | (2,541) | (4,958) | (6,599) | (6,748) | |||||
Aggregate Grant-Date Fair Value, Forfeited | $ (46) | $ (110) | $ (245) | $ (94) | |||||
April 7, 2020 [Member] | |||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 23,484 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 13.92 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 327 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 222 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 11 | ||||||||
October 19, 2020 [Member] | |||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 1,022 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 29.34 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 30 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 23 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 7 | ||||||||
April 8, 2021 [Member] | |||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 16,613 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 37.2 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 618 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 227 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 146 | ||||||||
January 31, 2022 [Member] | |||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 22,534 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 22.19 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 500 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 130 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 260 | ||||||||
April 11, 2022 [Member] | |||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 61,011 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 18.26 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 1,114 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 297 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 771 | ||||||||
June 8, 2022 [Member] | |||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 25,224 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 16.65 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 420 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 280 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 140 | ||||||||
October 12, 2022 [Member] | |||||||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||||||
Whole Number of Shares, Restricted shares Issued (in Shares) | 3,262 | ||||||||
Grant-Date Fair Value Per Share, Restricted shares Issued (in Dollars per share) | $ 13.41 | ||||||||
Aggregate Grant-Date Fair Value, Restricted shares Issued | $ 44 | ||||||||
Compensation Expense Recognized, Restricted shares Issued | 22 | ||||||||
Grant-Date Fair Value Unrecognized, Restricted shares Issued | $ 22 |
SHARE-BASED COMPENSATION (Det_3
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Apr. 11, 2022 | Apr. 08, 2021 | Apr. 07, 2020 | Jan. 29, 2023 | Apr. 07, 2021 | |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||
Whole Number of Units (in Shares) | 19,157,000 | 8,186,000 | 17,672,000 | 37,765,000 | |
Grant-Date Fair Value (in Dollars per share) | $ 15.86 | $ 35.05 | $ 12.01 | ||
Aggregate Grant-Date Fair Value | $ 304 | $ 287 | $ 212 | $ 765 | |
Compensation Expense Recognized | 85 | 135 | 119 | 409 | |
Grant-Date Fair Value Unrecognized | $ 219 | $ 86 | $ 7 | $ 356 | |
Forfeited, Whole Number of Units (in Shares) | (1,882,000) | (7,183,000) | |||
Forfeited, Aggregate Grant-Date Fair Value | $ (66) | $ (86) | |||
Partial vested due to separation (in Shares) | (1,437,000) | ||||
Retention Award [Member] | |||||
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Line Items] | |||||
Whole Number of Units (in Shares) | 4,865,000 | ||||
Grant-Date Fair Value (in Dollars per share) | $ 35.05 | ||||
Aggregate Grant-Date Fair Value | $ 171 | ||||
Compensation Expense Recognized | 70 | ||||
Grant-Date Fair Value Unrecognized | $ 44 | ||||
Forfeited, Whole Number of Units (in Shares) | (1,613,000) | ||||
Forfeited, Aggregate Grant-Date Fair Value | $ (57) |
SHARE-BASED COMPENSATION (Det_4
SHARE-BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity - Performance Shares [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 11, 2022 | Apr. 08, 2021 | Jan. 29, 2023 | |
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) | 63,204,000 | ||
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 1,466 | ||
PSUs Awarded, Compensation Expense Recognized | 693 | ||
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 773 | ||
April 8, 2021 [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) | 20,243,000 | ||
PSUs Awarded, Grant-Date Fair Value Per Unit (in Dollars per share) | $ 37.2 | ||
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 753 | ||
PSUs Awarded, Compensation Expense Recognized | 409 | ||
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 204 | ||
Forfeited, Whole Number of Units (in Shares) | (3,764,000) | ||
Forfeited, Aggregate Grant-Date Fair Value | $ (140) | ||
April 11, 2022 [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) | 46,725,000 | ||
PSUs Awarded, Grant-Date Fair Value Per Unit (in Dollars per share) | $ 18.26 | ||
PSUs Awarded, Aggregate Grant-Date Fair Value | $ 853 | ||
PSUs Awarded, Compensation Expense Recognized | 284 | ||
PSUs Awarded, Grant-Date Fair Value Unrecognized | $ 569 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 12 Months Ended | |
Jan. 29, 2023 | Jan. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 117,000 | 119,000 |
EARNINGS PER SHARE (Details) -
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units - shares shares in Thousands | Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 |
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 233,273 | 137,341 | 195,658 |
Restricted Stock [Member] | |||
EARNINGS PER SHARE (Details) - Schedule of Restricted Stock and Restricted Stock Units [Line Items] | |||
Number of Shares Outstanding | 132,304 | 59,500 | 54,747 |
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 | 100,969 | 77,841 | 140,911 |
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 | 12 Months Ended | ||||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |||
Schedule Of Earnings Per Share Basic And Diluted Abstract | |||||
Net (loss)/income | $ (4,312) | $ 11,718 | $ (10,426) | ||
Less: Dividends on unvested restricted shares | 103 | 46 | 36 | ||
Net earnings allocated to unvested restricted stock | 0 | 61 | 0 | ||
Earnings available for common shareholders | $ (4,415) | $ 11,611 | $ (10,462) | ||
Weighted average shares outstanding for basic earnings per share (in Shares) | 11,593 | 11,852 | 11,822 | ||
Dilutive effect of unvested restricted stock awards (in Shares) | [1] | 118 | [1] | ||
Weighted average shares outstanding for diluted earnings per share (in Shares) | 11,593 | 11,970 | 11,822 | ||
Basic (loss)/earnings per share (in Dollars per share) | $ (0.37) | $ 0.99 | $ (0.88) | ||
Diluted (loss)/earnings per share (in Dollars per share) | $ (0.37) | $ 0.97 | $ (0.88) | ||
[1]Due to net loss in fiscal 2023 and fiscal 2021, approximately 117,000 and 119,000 shares would have been antidilutive and are therefore excluded from the calculation of earnings per share, respectively. |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Other Income Tax Expense (Benefit), Continuing Operations | $ 1,500,000 | $ 3,600,000 | $ 4,200,000 |
Income Tax Expense (Benefit) | (1,837,000) | 3,388,000 | (4,142,000) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 288,000 | 237,000 | $ 30,000 |
Deferred Tax Assets Liabilities, Net AOCI | 14,500,000 | $ 11,600,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 12,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 100,000 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Current expense | |||
Federal | $ 1,024 | $ 650 | $ 5,858 |
Foreign | 75 | 107 | 108 |
State | 223 | 307 | 1,154 |
Total current expense | 1,322 | 1,064 | 7,120 |
Deferred taxes | |||
Federal | (2,617) | 1,980 | (9,554) |
State | (542) | 344 | (1,708) |
Total deferred taxes | (3,159) | 2,324 | (11,262) |
Income tax (benefit)/expense | $ (1,837) | $ 3,388 | $ (4,142) |
INCOME TAXES (Details) - Sche_2
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Schedule Of Effective Income Tax Rate Reconciliation Abstract | |||
Income taxes at statutory rate | 21% | 21% | 21% |
State taxes, net of federal benefit | 4.10% | 3.40% | 3% |
Officer's life insurance | 4% | (1.30%) | 1.70% |
Expiration of capital loss | 0% | 2% | 0% |
Change in valuation allowance | (0.20%) | (1.90%) | 0% |
Consolidated Appropriation Act provisions | 0% | 0% | 1.80% |
Other | 1% | (0.80%) | 0.90% |
Effective income tax rate | 29.90% | 22.40% | 28.40% |
INCOME TAXES (Details) - Sche_3
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Assets | ||
Intangible assets | $ 6,409 | $ 7,212 |
Inventories | 3,618 | 0 |
Deferred compensation | 3,007 | 2,807 |
Allowance for bad debts | 889 | 2,079 |
Employee benefits | 746 | 643 |
Loss and credit carryover | 418 | 88 |
Accrued liabilities | 79 | 320 |
Deferred rent | 605 | 618 |
Other | 215 | 194 |
Total deferred tax assets | 15,986 | 13,961 |
Valuation allowance | (100) | (88) |
15,886 | 13,873 | |
Liabilities | ||
Property, plant and equipment | 1,117 | 1,361 |
Inventories | 0 | 900 |
Other | 285 | 0 |
Total deferred tax liabilities | 1,402 | 2,261 |
Net deferred tax assets | $ 14,484 | $ 11,612 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | 3 | ||
Consolidated Net Sales, Percent of International Customers | 2% | 2% | 2% |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Segment Reporting Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 583,102 | $ 593,612 | $ 540,081 |
% of Net Sales | 100% | 100% | 96% |
Gross Profit/(Loss) | |||
Gross Profit | $ 93,294 | $ 101,702 | $ 112,748 |
% of Net Sales, Gross Profit | 16% | 17.10% | 20.90% |
Operating (Loss)/Income | |||
Operating Income | $ (6,046) | $ 14,843 | $ (14,364) |
% of Net Sales, Operating Income | (1.00%) | 2.50% | (2.70%) |
Capital Expenditures | |||
Capital Expenditures | $ 4,199 | $ 6,692 | $ 1,210 |
Depreciation & Amortization | |||
Depreciation & Amortization | 8,829 | 7,814 | 6,778 |
Hooker Branded [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 199,602 | $ 200,692 | $ 162,442 |
% of Net Sales | 34.20% | 33.80% | 26.40% |
Gross Profit/(Loss) | |||
Gross Profit | $ 59,344 | $ 63,146 | $ 51,832 |
% of Net Sales, Gross Profit | 29.70% | 31.50% | 31.90% |
Operating (Loss)/Income | |||
Operating Income | $ 20,529 | $ 30,667 | $ 22,827 |
% of Net Sales, Operating Income | 10.30% | 15.30% | 14.10% |
Capital Expenditures | |||
Capital Expenditures | $ 1,813 | $ 558 | $ 377 |
Depreciation & Amortization | |||
Depreciation & Amortization | 2,092 | 2,530 | 1,809 |
Home Meridian International [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 216,338 | $ 278,902 | $ 282,423 |
% of Net Sales | 37.10% | 47% | 52.30% |
Gross Profit/(Loss) | |||
Gross Profit | $ (2,620) | $ 15,213 | $ 39,832 |
% of Net Sales, Gross Profit | (1.20%) | 5.50% | 14.10% |
Operating (Loss)/Income | |||
Operating Income | $ (37,181) | $ (21,260) | $ (26,071) |
% of Net Sales, Operating Income | (17.20%) | (7.60%) | (9.20%) |
Capital Expenditures | |||
Capital Expenditures | $ 1,280 | $ 4,829 | $ 347 |
Depreciation & Amortization | |||
Depreciation & Amortization | 2,899 | 2,594 | 2,160 |
Upholstery [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 156,717 | $ 106,827 | $ 88,600 |
% of Net Sales | 26.90% | 18% | 16.40% |
Gross Profit/(Loss) | |||
Gross Profit | $ 32,633 | $ 20,860 | $ 18,897 |
% of Net Sales, Gross Profit | 20.80% | 19.50% | 21.30% |
Operating (Loss)/Income | |||
Operating Income | $ 8,871 | $ 4,675 | $ (11,683) |
% of Net Sales, Operating Income | 5.70% | 4.40% | (13.20%) |
Capital Expenditures | |||
Capital Expenditures | $ 1,106 | $ 1,295 | $ 475 |
Depreciation & Amortization | |||
Depreciation & Amortization | 3,827 | 2,678 | 2,797 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 10,445 | $ 7,191 | $ 6,616 |
% of Net Sales | 1.80% | 1.20% | 1.20% |
Gross Profit/(Loss) | |||
Gross Profit | $ 3,937 | $ 2,483 | $ 2,187 |
% of Net Sales, Gross Profit | 37.70% | 34.50% | 33.10% |
Operating (Loss)/Income | |||
Operating Income | $ 1,735 | $ 761 | $ 563 |
% of Net Sales, Operating Income | 16.60% | 10.60% | 8.50% |
Capital Expenditures | |||
Capital Expenditures | $ 0 | $ 10 | $ 11 |
Depreciation & Amortization | |||
Depreciation & Amortization | $ 11 | $ 12 | $ 12 |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Assets from Segments to Consolidated - USD ($) $ in Thousands | Jan. 29, 2023 | Jan. 30, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 334,985 | $ 350,216 |
% Total Assets | 100% | 100% |
Consolidated Goodwill and Intangibles | $ 46,731 | $ 24,343 |
Total Consolidated Assets | 381,716 | 374,559 |
Hooker Branded [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 174,523 | $ 170,968 |
% Total Assets | 52.10% | 48.80% |
Home Meridian International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 92,469 | $ 130,890 |
% Total Assets | 27.60% | 37.40% |
Upholstery [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 66,435 | $ 47,232 |
% Total Assets | 19.80% | 13.50% |
Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 1,558 | $ 1,126 |
% Total Assets | 0.50% | 0.30% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Net Sales | $ 583,102 | $ 593,612 | $ 540,081 |
% Total | 100% | 100% | 96% |
Casegoods [Member] | |||
Revenue from External Customer [Line Items] | |||
Net Sales | $ 328,849 | $ 348,548 | $ 329,906 |
% Total | 56% | 59% | 61% |
Upholstery [Member] | |||
Revenue from External Customer [Line Items] | |||
Net Sales | $ 254,253 | $ 245,064 | $ 210,175 |
% Total | 44% | 41% | 39% |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 11.5 | $ 10.1 | $ 10.7 |
Other Commitment, to be Paid, Year One | 13.7 | ||
Other Commitment, to be Paid, Year Two | 13.8 | ||
Other Commitment, to be Paid, Year Three | 13.8 | ||
Other Commitment, to be Paid, Year Four | 13.6 | ||
Other Commitment, to be Paid, Year Five | 29.1 | ||
Letters of Credit Outstanding, Amount | $ 8.6 |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details) | 12 Months Ended |
Jan. 29, 2023 | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Imports, Countries | 9 |
Imports, Vendors | 5 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 6% |
Concentration Risk, Customer | Our top five customers accounted for 22% of our fiscal 2023 consolidated sales |
Vietnam and China [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 91% |
Five Vendors [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 33% |
Five Vendors [Member] | Vietnam and China [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 50% |
One Vendor [Member] | Supplier Concentration Risk [Member] | |
CONCENTRATIONS OF RISK (Details) [Line Items] | |
Concentration Risk, Percentage | 8.70% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Shenandoah Furniture, Inc, [Member] | 12 Months Ended |
Jan. 29, 2023 | |
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 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) | Mar. 14, 2023 | Mar. 03, 2023 |
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Dividends Payable, Date Declared | Mar. 03, 2023 | |
Common Stock, Dividends, Per Share, Declared | $ 0.22 | |
Dividends Payable, Date to be Paid | Mar. 31, 2023 | |
Dividends Payable, Date of Record | Mar. 17, 2023 | |
Home Meridian International [Member] | ||
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Inventory Write-down | $ 24,400,000 | |
Severance Costs | $ 250,000 |