PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

12 Months Ended

Feb. 02, 2013

Property, equipment and leasehold improvements [Abstract]

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

NOTE 5 - PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

The components of property, equipment and leasehold improvements were as follows (in thousands):

	February 2, 2013		January 28, 2012
Land	$	1,873	$	1,859
Buildings and improvements		17,786		16,604
Fixtures and equipment		421,547		391,246
Leasehold improvements		331,164		316,709
Property, equipment and leasehold improvements		772,370		726,418
Accumulated depreciation		481,669		425,701
Property, equipment and leasehold improvements, net	$	290,701	$	300,717

Depreciation expense was $59.3 million, $61.2 million and $58.3 million for 2012, 2011 and 2010, respectively. During 2012, 2011 and 2010, the Company, as a result of its ongoing review of the performance of its stores, identified certain stores whose cash flow trends indicated that the carrying value of property, equipment and leasehold improvements may not be fully recoverable. Impairment charges for these stores of $0.8 million, $0.5 million and $4.1 million were recorded in 2012, 2011 and 2010, respectively. The charges reflect the difference between these stores' carrying value and their fair value. In addition, property and equipment impairment charges of $0.2 million were recorded in 2012 related to the South Hill Consolidation. Cost of sales includes $49.3 million, $47.6 million and $49.5 million in 2012, 2011 and 2010, respectively, related to depreciation expense and impairment charges.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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