Change In Accounting Principle

12 Months Ended

Jan. 28, 2012

Accounting Changes and Error Corrections [Abstract]

Change in Accounting Principle [Text Block]

2.       Change in Accounting Principle

The Company elected to change its method of accounting for inventory to the weighted average cost method from the retail method effective January 30, 2011. In accordance with ASC 250 Accounting Changes and Error Correction, all periods have been retrospectively adjusted to reflect the period-specific effects of the change to the weighted average cost method. The Company believes that the weighted average cost method better matches cost of sales with related sales, as well as having an inventory valuation that more closely reflects the acquisition cost of inventory by valuing inventory on a unit basis versus the product department level under the retail method. The cumulative adjustment as of February 1, 2009, was an increase in inventory of $13,667,000 and an increase in retained earnings of $8,117,000.

Additionally, the Company changed the classification for certain balance sheet items to conform to the 2011 presentation. This change in classification reduced accounts payable and inventory by $1,628,000 as of January 29, 2011 and $653,000 as of January 30, 2010.

In addition, the Company changed the classification of certain prior year income statement items to conform to the 2011 presentation. The change had no effect on net income; however, it diddecrease retail sales by $288,000, cost of goods sold by $245,000 and selling, general and administrative expense by $43,000 for the three months ended January 29, 2011. The change also reduced retail sales by $843,000, cost of goods sold by $485,000 and selling, general and administrative expense by $358,000 for the twelve months ended January 29, 2011 Additionally, the change increased retail sales by $6,000 and cost of goods sold by $45,000 and decreased selling general and administrative costs by $39,000for the twelve months ended January 30, 2010.

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As a result of this retrospective application of the change in accounting principle and the change in the classification of the Balance Sheet, the following items in the Company's Consolidated Balance Sheets have been adjusted:
		January 29, 2011
		(Dollars in thousands)
	As Previously
	Reported		Total Changes		As Adjusted
Merchandise inventories	$	132,020	$	12,008	$	144,028
Deferred income taxes		5,001		(1,341)		3,660
Total Current Assets		414,774		10,667		425,441
Total Assets		522,092		10,667		532,759
Accounts payable		105,526		(1,628)		103,898
Total Current Liabilities		175,546		(1,628)		173,918
Deferred income taxes		5,695		3,845		9,540
Retained earnings		255,768		8,450		264,218
Total Stockholders' Equity		325,564		8,450		334,014
Total Liabilities and Stockholders’ Equity	$	522,092	$	10,667	$	532,759

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	January 30, 2010
	(Dollars in thousands)
	As Previously
	Reported		Total Changes		As Adjusted
Merchandise inventories	$	118,628	$	11,019	$	129,647
Deferred income taxes		7,812		54		7,866
Total Current Assets		370,767		11,073		381,840
Total Assets		480,990		11,073		492,063
Accounts payable		103,627		(653)		102,974
Total Current Liabilities		168,468		(653)		167,816
Deferred income taxes		4,087		4,389		8,476
Retained earnings		225,086		7,337		232,423
Total Stockholders' Equity		291,312		7,337		298,649
Total Liabilities and Stockholders’ Equity	$	480,990	$	11,073	$	492,063

As a result of this retrospective application of the change in accounting principle and the change in classification of the Income Statement, the following items in the Company's Consolidated Statements of Income and Consolidated Statement of Cash Flows have been adjusted:
	Fiscal Year Ended
	January 29, 2011
	(Dollars in thousands, except per share data)
	As
	Previously		Total		As
	Reported		Changes		Adjusted
Retail Sales	$	913,922	$	(843)	$	913,079
Total Revenues		925,528		(843)		924,685
Cost of goods sold		565,710		(2,448)		563,262
Selling, general and administrative		251,121		(358)		250,763
Cost and expenses, net		834,719		(2,806)		831,913
Income before income taxes		90,809		1,963		92,772
Income tax expense		33,070		851		33,921
Net income		57,739		1,112		58,851
Basic earnings per share	$	1.96	$	0.04	$	2.00
Diluted earnings per share	$	1.96	$	0.04	$	2.00
	Fiscal Year Ended
	January 30, 2010
	(Dollars in thousands, except per share data)
	As
	Previously		Total		As
	Reported		Changes		Adjusted
Retail Sales	$	872,132	$	6	$	872,138
Total Revenues		883,995		6		884,001
Cost of goods sold		552,016		2,039		554,055
Selling, general and administrative		245,483		(39)		245,444
Cost and expenses, net		815,081		2,000		817,081
Income before income taxes		68,914		(1,994)		66,920
Income tax expense		23,149		(1,214)		21,935
Net income		45,765		(780)		44,985
Basic earnings per share	$	1.55	$	(0.02)	$	1.53
Diluted earnings per share	$	1.55	$	(0.02)	$	1.53

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	(Unaudited)
	Three Months Ended
	January 29, 2011
	(Dollars in thousands, except per share data)
	As
	Previously		Total		As
	Reported		Changes		Adjusted
Retail Sales	$	224,312	$	(288)	$	224,024
Total Revenues		227,334		(288)		227,046
Cost of goods sold		150,123		(5,261)		144,862
Selling, general and administrative		59,821		(43)		59,778
Cost and expenses, net		214,527		(5,304)		209,223
Income before income taxes		12,807		5,016		17,823
Income tax expense		4,883		1,999		6,882
Net income		7,924		3,017		10,941
Basic earnings per share	$	0.27	$	0.10	$	0.37
Diluted earnings per share	$	0.27	$	0.10	$	0.37

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	Fiscal Year Ended
	January 29, 2011
	(Dollars in thousands)
	As Previously Reported		Total Changes		As Adjusted
Cash flow from operating activities:
Net income	$	57,739	$	1,112	$	58,851
Merchandise inventories		(13,392)		(988)		(14,380)
Accounts payable, accrued expenses and other		4,320		(124)		4,196
	January 30, 2010
	(Dollars in thousands)
	As Previously Reported		Total Changes		As Adjusted
Cash flow from operating activities:
Net income	$	45,765	$	(780)	$	44,985
Merchandise inventories		(6,338)		2,034		(4,304)
Accounts payable, accrued expenses and other		15,145		(1,254)		13,891

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