Commitments and Contingencies - Notes to the Financial Statements

9 Months Ended

Nov. 03, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

The Company is, from time to time, involved in routine matters including litigation incidental to the conduct of our business. These matters may include merchandise that we sell, intellectual property, personal injuries upon premises under our control, various employment matters, including alleged discrimination, wage and hour matters, including present or former employees. During the quarter, the Company favorably settled certain litigation matters which is reflected in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company has approximately $7.2 million in accrued expenses at November 3, 2018 for these matters.

Although such matters are routine and incidental to the conduct of our business, as with any business of our size with a significant number of employees and significant merchandise sales, such litigation could result in large monetary awards. Based on information currently available, management does not believe that any reasonably possible losses arising from current pending litigation will have a material adverse effect on our condensed consolidated financial statements. However, given the inherent uncertainties involved in such matters, an adverse outcome in one or more such matters could materially and adversely affect the Company’s financial condition, results of operations and cash flows in any particular reporting period. We accrue for these matters when the liability is deemed probable and reasonably estimable.