RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
Jan. 28, 2017
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers. This ASU updates accounting guidance on revenue recognition. In August 2015, the FASB provided a one-year deferral of the effective date for annual and interim reporting periods beginning after December 15, 2017. The FASB has also issued clarification guidance as it relates to principal versus agent considerations for revenue recognition purposes and clarification guidance on other various considerations related to the new revenue recognition guidance. Additionally, during April 2016, the FASB issued further clarification guidance related to identifying performance obligations and licensing. We will adopt this ASU in the first quarter of Fiscal 2019. We continue to evaluate the impact of the new standard and available adoption methods on our consolidated financial statements. The standard will result in the implementation of new processes and internal controls over revenue recognition in certain areas, but the overall impact is not expected to be material. In July 2015, the FASB issued ASU 2015-11, Inventory – Simplifying the Measurement of Inventory, which requires all inventory, other than inventory measured at last-in, first out (LIFO) or the retail inventory method, to be measured at the lower of cost or net realizable value. This ASU is effective for fiscal years beginning after December 15, 2016. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of ASU 2015-11 will not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 – Leases, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. ASU 2016-02 is effective for us on February 3, 2019 (Fiscal 2020), with early adoption permitted. We expect to adopt ASU 2016-02 in Fiscal 2020. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements (Fiscal 2018), with certain practical expedients available. We expect that ASU 2016-02 will have a material effect on our financial statements. While we are continuing to assess the effect of adoption, we currently believe the most significant changes relate to the recognition of new ROU assets and lease liabilities on our consolidated balance sheet for the retail stores present operating leases. We do not expect a significant change in our leasing strategy between now and adoption. We expect to elect all of the standard's available practical expedients on adoption. The discount rate used in the modified retrospective transition will be our incremental borrowing rate as of January 29, 2017 or 4.0%. We plan to elect to separate non-lease components from lease components on all asset classes. In March 2016, the FASB issued ASU 2016-09 – Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The new guidance eliminates the concept of additional paid-in-capital pools for stock-based awards and requires that the related excess tax benefits and tax deficiencies be classified as an operating activity in the statement of cash flows. The new guidance also allows entities to make a one-time policy election to account for forfeitures when they occur, instead of accruing compensation cost based on the number of awards expected to vest. Additionally, the new guidance changes the requirement for an award to qualify for equity classification by permitting tax withholding up to the maximum statutory tax rate instead of the minimum statutory tax rate. We will adopt this ASU in the first quarter of Fiscal 2018 and have elected to account for forfeitures of stock-based awards when they occur. Upon adoption, we will recognize a net cumulative adjustment through retained earnings of approximately $0.8 million which represents the effect of eliminating estimated forfeitures. We believe the largest impact of adopting ASU 2016-09 will be an increase in the volatility of income tax expense in our consolidated financial statements. If ASU 2016-09 had been adopted for Fiscal 2017, the effective income tax rate as a percentage of pre-tax income would have increased from 36.7% to 37.1%. In August 2016, the FASB issued ASU 2016-15 – Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. This new guidance clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interest in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 (our Fiscal 2018) and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) of U.S. GAAP for applicability to our operations. As of January 28, 2017, there were no other new pronouncements, interpretations or staff positions that had or were expected to have a significant impact on our operations.

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers. This ASU updates accounting guidance on revenue recognition. In August 2015, the FASB provided a one-year deferral of the effective date for annual and interim reporting periods beginning after December 15, 2017. The FASB has also issued clarification guidance as it relates to principal versus agent considerations for revenue recognition purposes and clarification guidance on other various considerations related to the new revenue recognition guidance. Additionally, during April 2016, the FASB issued further clarification guidance related to identifying performance obligations and licensing. We will adopt this ASU in the first quarter of Fiscal 2019. We continue to evaluate the impact of the new standard and available adoption methods on our consolidated financial statements. The standard will result in the implementation of new processes and internal controls over revenue recognition in certain areas, but the overall impact is not expected to be material.

In July 2015, the FASB issued ASU 2015-11, Inventory – Simplifying the Measurement of Inventory, which requires all inventory, other than inventory measured at last-in, first out (LIFO) or the retail inventory method, to be measured at the lower of cost or net realizable value. This ASU is effective for fiscal years beginning after December 15, 2016. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of ASU 2015-11 will not have a material impact on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 – Leases, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. ASU 2016-02 is effective for us on February 3, 2019 (Fiscal 2020), with early adoption permitted. We expect to adopt ASU 2016-02 in Fiscal 2020. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements (Fiscal 2018), with certain practical expedients available.

We expect that ASU 2016-02 will have a material effect on our financial statements. While we are continuing to assess the effect of adoption, we currently believe the most significant changes relate to the recognition of new ROU assets and lease liabilities on our consolidated balance sheet for the retail stores present operating leases. We do not expect a significant change in our leasing strategy between now and adoption. We expect to elect all of the standard's available practical expedients on adoption. The discount rate used in the modified retrospective transition will be our incremental borrowing rate as of January 29, 2017 or 4.0%. We plan to elect to separate non-lease components from lease components on all asset classes.

In March 2016, the FASB issued ASU 2016-09 – Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The new guidance eliminates the concept of additional paid-in-capital pools for stock-based awards and requires that the related excess tax benefits and tax deficiencies be classified as an operating activity in the statement of cash flows. The new guidance also allows entities to make a one-time policy election to account for forfeitures when they occur, instead of accruing compensation cost based on the number of awards expected to vest. Additionally, the new guidance changes the requirement for an award to qualify for equity classification by permitting tax withholding up to the maximum statutory tax rate instead of the minimum statutory tax rate. We will adopt this ASU in the first quarter of Fiscal 2018 and have elected to account for forfeitures of stock-based awards when they occur. Upon adoption, we will recognize a net cumulative adjustment through retained earnings of approximately $0.8 million which represents the effect of eliminating estimated forfeitures. We believe the largest impact of adopting ASU 2016-09 will be an increase in the volatility of income tax expense in our consolidated financial statements. If ASU 2016-09 had been adopted for Fiscal 2017, the effective income tax rate as a percentage of pre-tax income would have increased from 36.7% to 37.1%.

In August 2016, the FASB issued ASU 2016-15 – Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. This new guidance clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interest in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 (our Fiscal 2018) and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board (FASB) of U.S. GAAP for applicability to our operations. As of January 28, 2017, there were no other new pronouncements, interpretations or staff positions that had or were expected to have a significant impact on our operations.