Financing Arrangements - Notes to Financial Statements

3 Months Ended

May 03, 2014

Financing Arrangements [Abstract]

Financing Arrangements

NOTE 4 – FINANCING ARRANGEMENTS:

As of May 3, 2014, the Company had an unsecured revolving credit agreement to borrow $35.0 million less the balance of revocable credits discussed below. The revolving credit agreement is committed until August 2015. The credit agreement contains various financial covenants and limitations, including the maintenance of specific financial ratios with which the Company was in compliance as of May 3, 2014. There were no borrowings outstanding under this credit facility during the periods ended May 3, 2014, February 1, 2014 or May 4, 2013. The weighted average interest rate under the credit facility was zero at May 3, 2014 due to no borrowings during the year.

At May 3, 2014, February 1, 2014 and May 4, 2013, the Company had approximately $0.6 million, $0.4 millionand $2.3 million, respectively, of outstanding revocable letters of credit related to purchase commitments.