INVENTORIES

12 Months Ended

Jan. 31, 2021

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE 7 – INVENTORIES

	January 31,			February 2,
	2021			2020
Finished furniture	$	81,290		$	106,495
Furniture in process		1,397			1,304
Materials and supplies		9,639			8,479
Inventories at FIFO		92,326			116,278
Reduction to LIFO basis		(22,167	)		(23,465	)
Inventories	$	70,159		$	92,813

If the first-in, first-out (FIFO) method had been used in valuing all inventories, net loss would have been $11.1 million in fiscal 2021, net income would have been $19.5 million in fiscal 2020 and $41.5 million in fiscal 2019. We recorded LIFO income of $1.3 million in fiscal 2021, LIFO expense of $3.1 million in fiscal 2020 and $2.1 million in fiscal 2019.

At January 31, 2021 and February 2, 2020, we had $355,000 and $424,000, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above.

At January 31, 2021, we held $8.4 million in inventory outside of the United States, in China and in Vietnam. At February 2, 2020, we held $9.6 million in inventory outside of the United States, in China and in Vietnam.