Stock Repurchase Plan

12 Months Ended

Feb. 03, 2018

Equity [Abstract]

Stock Repurchase Plan

Stock Repurchase Plan

On August 22, 2017, the Company announced that its Board of Directors authorized a stock repurchase plan providing for the purchase in the aggregate of up to $10 million of the Company’s outstanding common stock. Repurchases of shares are made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases is based on a variety of factors, including stock acquisition price, regulatory limitations and other market and economic factors. The stock repurchase program does not require the Company to repurchase any specific number of shares, and the Company may terminate the repurchase program at any time. In fiscal 2017, the Company repurchased and retired a total of 51,923 shares at an aggregate cost of approximately $604,000 under this repurchase plan. There were no stock repurchases in fiscal 2016. As of February 3, 2018, the Company had approximately $9.4 million remaining under the plan. Subsequent to February 3, 2018, the Company has repurchased and retired approximately 233,553 shares of common stock at an aggregate cost of $2.1 million.