Financing Arrangements - Notes to Financial Statements

9 Months Ended

Oct. 29, 2016

Financing Arrangements [Abstract]

Financing Arrangements

NOTE 4 – FINANCING ARRANGEMENTS:

As of October 29, 2016, the Company had an unsecured revolving credit agreement to borrow $35.0 million less the balance of any revocable letters of credit as discussed below. The revolving credit agreement is committed until August 2018. 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 October 29, 2016. There were no borrowings outstanding under this credit facility atOctober 29, 2016 or January 30, 2016. The weighted average interest rate under the credit facility was 1.4% at October 29, 2016.

At October 29, 2016 and January 30, 2016, the Company had no outstanding revocable letters of credit relating to purchase commitments.