Financing Arrangements - Notes to Financial Statements

9 Months Ended

Oct. 28, 2017

Financing Arrangements [Abstract]

Financing Arrangements

NOTE 4 – FINANCING ARRANGEMENTS:

As of October 28, 2017, the Company had an unsecured revolving credit agreement to borrow up to $35.0 million, less the balance of any revocable letters of credit as discussed below. The revolving credit agreement is committed until August 2020. 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 28, 2017. There were no borrowings outstanding under this credit facility during the periods ended October 28, 2017 or January 28, 2017. The weighted average interest rate under the credit facility was zero at October 28, 2017 due to no borrowings outstanding.

At October 28, 2017 and January 28, 2017, the Company had no outstanding revocable letters of credit relating to purchase commitments.