0000930413-16-007328.txt : 20160609 0000930413-16-007328.hdr.sgml : 20160609 20160609142625 ACCESSION NUMBER: 0000930413-16-007328 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160609 DATE AS OF CHANGE: 20160609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANS WORLD ENTERTAINMENT CORP CENTRAL INDEX KEY: 0000795212 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL- COMPUTER & PRERECORDED TAPE STORES [5735] IRS NUMBER: 141541629 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14818 FILM NUMBER: 161705575 BUSINESS ADDRESS: STREET 1: 38 CORPORATE CIRCLE CITY: ALBANY STATE: NY ZIP: 12203 BUSINESS PHONE: 5184521242 MAIL ADDRESS: STREET 1: 38 CORPORATE CIRCLE CITY: ALBANY STATE: NY ZIP: 12203 FORMER COMPANY: FORMER CONFORMED NAME: TRANS WORLD MUSIC CORP DATE OF NAME CHANGE: 19920703 10-Q 1 c85202_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2016

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT FOR THE TRANSITION PERIOD FROM ………… TO …………

COMMISSION FILE NUMBER: 0-14818

	TRANS WORLD ENTERTAINMENT CORPORATION
	(Exact name of registrant as specified in its charter)

New York		14-1541629
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer
		Identification Number)

38 Corporate Circle

Albany, New York 12203

(Address of principal executive offices, including zip code)

(518) 452-1242

(Registrant’s telephone number, including area code)

Indicate by a check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer x Non-accelerated filer o Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $.01 par value,

30,343,838 shares outstanding as of April 30, 2016

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

		Form 10-Q Page No.
PART I. FINANCIAL INFORMATION

Item 1 – Interim Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets at April 30, 2016, January 30, 2016 and May 2, 2015		3

Condensed Consolidated Statements of Operations – Thirteen Weeks Ended April 30, 2016 and May 2, 2015		4

Condensed Consolidated Statements of Comprehensive Income – Thirteen Weeks Ended April 30, 2016 and May 2, 2015		5

Condensed Consolidated Statements of Cash Flows – Thirteen Weeks Ended April 30, 2016 and May 2, 2015		6

Notes to Condensed Consolidated Financial Statements		7

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

Item 3 – Quantitative and Qualitative Disclosures about Market Risk		22

Item 4 – Controls and Procedures		22

PART II. OTHER INFORMATION

Item 1 – Legal Proceedings		23

Item 1A – Risk Factors		23

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds		23

Item 3 – Defaults Upon Senior Securities		23

Item 4 – Mine Safety Disclosures		23

Item 5 – Other Information		23

Item 6 – Exhibits		24

Signatures		25

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART 1. FINANCIAL INFORMATION

Item 1 - Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share and share amounts)

(unaudited)

	April 30,			January 30,			May 2,
	2016			2016			2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	90,856		$	104,311		$	102,540
Merchandise inventory		116,648			120,046			121,577
Other current assets		7,949			6,630			9,112
Total current assets		215,453			230,987			233,229

NET FIXED ASSETS		33,198			30,665			18,026
OTHER ASSETS		10,030			9,953			9,328
TOTAL ASSETS	$	258,681		$	271,605		$	260,583

LIABILITIES
CURRENT LIABILITIES:
Accounts payable	$	41,038		$	51,888		$	44,582
Accrued expenses and other current liabilities		8,887			8,974			7,260
Deferred revenue		8,424			8,983			9,490
Current portion of capital lease obligations		—			—			649
Total current liabilities		58,349			69,845			61,981

OTHER LONG-TERM LIABILITIES		27,004			26,492			26,769
TOTAL LIABILITIES		85,353			96,337			88,750

SHAREHOLDERS’ EQUITY
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)		—			—			—
Common stock ($0.01 par value; 200,000,000 shares authorized; 58,451,512, 58,395,668 and 58,337,668 shares issued, respectively)		585			584			583
Additional paid-in capital		316,627			316,040			315,619
Treasury stock at cost (28,108,174, 27,411,133 and 27,183,168 shares, respectively)		(230,103	)		(227,497	)		(226,732	)
Accumulated other comprehensive (loss) income		(761	)		(812	)		(2,095	)
Retained earnings		86,980			86,953			84,458
TOTAL SHAREHOLDERS’ EQUITY		173,328			175,268			171,833
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	258,681		$	271,605		$	260,583

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Thirteen Weeks Ended
	April 30,			May 2,
	2016			2015

Net sales	$	74,768		$	77,963
Other revenue		962			1,200
Total revenue		75,730			79,163

Cost of sales		44,904			47,160
Gross profit		30,826			32,003
Selling, general and administrative expenses		31,511			31,327
Income (loss) from operations		(685	)		676

Interest expense		173			465
Other (income) / expense		(932	)		(27	)
Income before income tax expense		74			238
Income tax expense		47			44
Net income	$	27		$	194

BASIC AND DILUTED INCOME PER SHARE:
Basic income per share	$	0.00		$	0.01

Weighted average number of common shares outstanding – basic		30,761			31,208

Diluted income per share	$	0.00		$	0.01

Weighted average number of common shares outstanding – diluted		30,930			31,371

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

	Thirteen Weeks Ended
	April 30,		May 2,
	2016		2015

Net income	$	27	$	194

Amortization of pension costs		51		76

Comprehensive income	$	78	$	270

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Thirteen Weeks Ended
	April 30,			May 2,
	2016			2015
Net cash used by operating activities	$	(8,284	)	$	(12,009	)

Cash flows from investing activities:
Proceeds from sale of investment		1,600			—
Purchases of fixed assets		(4,165	)		(3,379	)
Net cash used by investing activities		(2,565	)		(3,379	)

Cash flows from financing activities:
Payments of capital lease obligations		—			(289	)
Purchase of treasury stock		(2,606	)		(320	)
Net cash used by financing activities		(2,606	)		(609	)

Net decrease in cash and cash equivalents		(13,455	)		(15,997	)
Cash and cash equivalents, beginning of period		104,311			118,537
Cash and cash equivalents, end of period	$	90,856		$	102,540
Supplemental disclosures and non-cash financing activities:
Issuance of equity grants		430			—

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

April 30, 2016 and May 2, 2015

Note 1. Nature of Operations

Trans World Entertainment Corporation and subsidiaries (“the Company”) is a specialty retailers of entertainment products, including video, trend, music, electronics, video games and related products in the United States. The Company operates a chain of retail entertainment stores, primarily under the names f.y.e. for your entertainment and Suncoast Motion Pictures, and e-commerce sites, www.fye.com, and www.secondspin.com in a single industry segment. As of April 30, 2016, the Company operated 290 stores totaling approximately 1.7 million square feet in the United States, the District of Columbia and the Commonwealth of Puerto Rico.

Liquidity and Cash Flows:

The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, its seasonal increase in merchandise inventory and other operating cash requirements and commitments.

Seasonality:

The Company’s business is seasonal, with the fourth fiscal quarter constituting the Company’s peak selling period. In fiscal 2015, the fourth quarter accounted for approximately 35% of annual net sales and all of net income. In anticipation of increased sales activity in the fourth quarter, the Company purchases additional inventory and hires seasonal associates to supplement its core store sales and distribution center staffs. If, for any reason, the Company’s sales were below seasonal norms during the fourth quarter, the Company’s operating results could be adversely affected. Quarterly sales can also be affected by the timing of new product releases, new store openings, store closings and the performance of existing stores.

Note 2. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements consist of Trans World Entertainment Corporation, its wholly-owned subsidiary, Record Town, Inc. (“Record Town”), and Record Town’s subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated.

the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements.

During the first quarter of 2016, the Company recorded an immaterial adjustment between Other Revenue and Selling, General and Administrative expenses in its prior year condensed consolidated financial statements for miscellaneous income, primarily related to commissions earned from third parties. The prior year presentation is consistent with the current year presentation. The immaterial adjustment did not impact prior year income from operations, net income, and basic and diluted income per share. With the adjustment, the prior year presentation is consistent with the current year presentation.

The information presented in the accompanying unaudited condensed consolidated balance sheet as of January 30, 2016 has been derived from the Company’s January 30, 2016 audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements as of and for the thirteen weeks ended April 30, 2016 and May 2, 2015. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016.

The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 30, 2016.

Note 3. Recently Issued Accounting Pronouncements

In 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company’s fiscal year beginning January 28, 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In August 2014, the FASB issued ASU No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires the Company to assess their ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of Company’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The new standard is effective for reporting periods beginning after December 15, 2016. Early application is permitted. The Company does not expect the adoption of this update to have a significant effect on our financial statements.

In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial positions or cash flows.

In February 2016, the FASB issued ASU No. 2016-02, Leases, which will replace most existing lease accounting guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize the rights and obligations resulting from leases as assets and liabilities. ASU 2016-02 requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. ASU 2016-02 will be effective for the Company beginning in fiscal 2019, and requires the modified retrospective method of adoption. Early adoption is permitted. The Company is in the process of determining the method and timing of adoption and assessing the impact of ASU 2016-02 on its consolidated financial statements.

Note 4. Stock Based Compensation

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the thirteen weeks ended April 30, 2016 and May 2, 2015 was approximately $157 thousand and $133 thousand respectively, before income taxes. No deferred tax benefit was recorded against stock-based compensation expense for the thirteen weeks ended April 30, 2016 and May 2, 2015.

As of April 30, 2016, there was approximately $975 thousand of unrecognized compensation cost related to stock awards that is expected to be recognized as expense over a weighted average period of 1.5 years.

As of April 30, 2016, stock awards authorized for issuance under the Company’s current long term equity incentive plans total 8.0 million. There are certain authorized stock awards for which the Company no longer grants awards. Of these awards authorized for issuance, 2.5 million were granted and are outstanding, 1.6 million of which were vested and exercisable. Awards available for future grants at April 30, 2016 were 1.9 million.

The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the thirteen weeks ended April 30, 2016:

Dividend yield		0%
Expected stock price volatility		38.7%-39.6%
Risk-free interest rate		1.20%-1.22%
Expected award life (in years)		4.98-5.71
Weighted average fair value per share of awards granted during the period		$1.37

The following table summarizes stock award activity during the thirteen weeks ended April 30, 2016:

	Employee and Director Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards⁽¹⁾			Weighted Average Grant Fair Value

Balance January 30, 2016		2,111,825		$	4.04		5.0		211,174		$	3.79
Granted		177,164			3.83		9.8		55,844			3.85
Canceled		(2,700	)		5.41		—		—			—
Exercised		177,164			3.83		—		(55,844	)		3.85
Balance April 30, 2016		2,286,289		$	4.02		5.2		211,174		$	3.79
Exercisable April 30, 2016		1,519,789		$	4.15		3.6		51,174		$	4.68

(1)	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

As of April 30, 2016, the intrinsic value of stock awards outstanding was approximately $839,000 and exercisable was $659,000.

Note 5. Defined Benefit Plans

The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the thirteen weeks ended April 30, 2016, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $1.1 million in benefits relating to the SERP during fiscal 2016.

The Company had previously provided the Board of Directors with a noncontributory, unfunded retirement plan (“Director Retirement Plan”) that paid retired directors an annual retirement benefit. No current members of the Board of Directors participate in the Director Retirement Plan. During the thirteen weeks ended April 30, 2016, the Company did not make any cash contributions to the Director Retirement Plan, and presently expects to pay an immaterial amount of benefits relating to the Director Retirement Plan during fiscal 2016.

The measurement date for the SERP and Director Retirement Plan is the fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities.

The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods:

	Thirteen weeks ended
	April 30, 2016				May 2, 2015
	(in thousands)
Service cost	$	15		$	17
Interest cost		137			145
Amortization of prior service cost		55			85
Amortization of net gain		(4	)		(9	)
Net periodic pension cost	$	203		$	238

Note 6. Line of Credit

In May 2012, the Company entered into a $75 million credit facility (“Credit Facility”) which amended the previous credit facility. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company.

The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the net number of store closings. The Company is compliant with all covenants.

Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments.

The availability under the Credit Facility is subject to limitations based on inventory levels.

During the first quarters of fiscal 2016 and 2015, the Company did not have any borrowings under the Credit Facility. The Company did not have any borrowings under its Credit Facility during Fiscal 2013, Fiscal, 2014 and Fiscal 2015. As of April 30, 2016 and May 2, 2015, the Company had no outstanding letter of credit obligations under the Credit Facility. The Company had $37 million and $38 million available for borrowing as of April 30, 2016 and May 2, 2015, respectively.

Note 7. Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive (loss) income that the Company reports in the condensed consolidated balance sheets represents net income (loss), adjusted for the difference between the accrued pension liability and accrued benefit cost, net of taxes, associated with the Company’s defined benefit plans. Comprehensive income consists of net income and the reclassification of pension costs previously reported in comprehensive income for the thirteen weeks ended April 30, 2016 and May 2, 2015.

Note 8. Depreciation and Amortization of Fixed Assets

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows:

	Thirteen Weeks Ended
	April 30, 2016		May 2, 2015
	(in thousands)
Cost of sales	$	100	$	122
Selling, general and administrative expenses		1,463		964
Total	$	1,563	$	1,086

Note 9. Income Per Share

Basic income per share is calculated by dividing net income by the weighted average common shares outstanding for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net income by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans.

Weighted average shares are calculated as follows:

	Thirteen weeks ended
	April 30, 2016		May 2, 2015
	*(in thousands)*
Weighted average common shares outstanding – basic		30,761		31,208
Dilutive effect of employee stock options		169		163
Weighted average common shares outstanding – diluted		30,930		31,371

Anti-dilutive stock options		1,934		1,405

Note 10. Shareholders’ Equity

During the first quarter, the Company repurchased 676,437 shares of common stock at an average price of $3.85 per share. Since the inception of the program, the Company has repurchased approximately 2.5 million shares of common stock at an average price of $3.82 per share. The Company has approximately $12.2 million dollars available for purchase under its repurchase program.

The Company classified the repurchased shares as treasury stock on the Company’s condensed consolidated balance sheet.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART 1. FINANCIAL INFORMATION

Item 2 - Management’s Discussion and Analysis of Financial Condition and

Results of Operations

April 30, 2016 and May 2, 2015

Overview

Management’s Discussion and Analysis of Financial Condition and Results of Operations provides information that the Company’s management believes necessary to achieve an understanding of its financial statements and results of operations. To the extent that such analysis contains statements which are not of a historical nature, such statements are forward-looking statements, which involve risks and uncertainties. These risks include, but are not limited to, changes in the competitive environment for the Company’s merchandise, including the entry or exit of non-traditional retailers of the Company’s merchandise to or from its markets; releases by the music, video and video games industries of an increased or decreased number of “hit releases”, general economic factors in markets where the Company’s merchandise is sold; and other factors discussed in the Company’s filings with the Securities and Exchange Commission. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this report and the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016.

At April 30, 2016, the Company operated 290 stores totaling approximately 1.7 million square feet in the United States, the District of Columbia and the Commonwealth of Puerto Rico. The Company’s stores offer predominantly entertainment products, including video and music. In total, these two categories represented 64% of the Company’s net sales for the thirteen weeks ended April 30, 2016. The balance of categories, including trend, electronics, video games and related products represented 36% of the Company’s net sales for the thirteen weeks ended April 30, 2016.

The Company’s results have been, and will continue to be, contingent upon management’s ability to understand industry trends and to manage the business in response to those trends and general economic trends. Management monitors a number of key performance indicators to evaluate its performance, including:

Net sales and comparable store net sales: The Company measures and reports the rate of comparable store net sales change. A store is included in comparable store net sales calculations at the beginning of its thirteenth full month of operation. Stores relocated/expanded or downsized are excluded from comparable store net sales if the change in square footage is greater than 20%. Closed stores that were open for at least thirteen months are included in comparable store net sales through the month immediately preceding the month of closing. The Company further analyzes net sales by store format and by product category.

Cost of Sales and Gross Profit: Gross profit is impacted primarily by the mix of products sold, by discounts negotiated with vendors and discounts offered to customers. The Company records its distribution and product shrink expenses in cost of sales. Distribution expenses include those costs associated with receiving, shipping, inspecting and warehousing product and costs associated with product returns to vendors. Cost of sales further includes obsolescence costs and is reduced by the benefit of vendor allowances, net of direct reimbursements of expense.

Selling, General and Administrative (“SG&A”) Expenses: Included in SG&A expenses are payroll and related costs, occupancy charges, general operating and overhead expenses and depreciation charges (excluding those related to distribution operations, as disclosed in Note 8 to the condensed consolidated financial statements). Selling, general and administrative expenses also include fixed asset write offs associated with store closures, if any.

Balance Sheet and Ratios: The Company views cash, net inventory investment (merchandise inventory less accounts payable) and working capital (current assets less current liabilities) as relevant indicators of its financial position. See Liquidity and Capital Resources for further discussion of these items.

RESULTS OF OPERATIONS

Thirteen Weeks Ended April 30, 2016

Compared to the Thirteen Weeks Ended May 2, 2015

The following table sets forth a period over period comparison of the Company’s net sales by category:


	Thirteen Weeks Ended
	April 30,			May 2
	2016			2015			Change			%
	(in thousands, except store data)

Net sales	$	74,768		$	77,963		$	(3,195	)		(4.1	%)
Other revenue		962			1,200			(238	)		(19.8	%)
Total revenue	$	75,730			79,163		$	(3,433	)		(4.3	%)

As a % of net sales
Video		39.7	%		46.1	%
Trend		25.5	%		14.3	%
Music		24.6	%		27.3	%
Electronics		9.0	%		9.0	%
Video Games		1.2	%		3.3	%

Store Count:		290			310			(20	)		(6.5	%)

Net sales. Comparable sales decreased 0.4% for the first quarter due to negative comparable sales in the video and music categories. Net sales decreased 4.1% during the thirteen weeks ended April 30, 2016, as compared to the same period last year. The decline in net sales for the thirteen week period resulted primarily from a decrease in store count of 6.5%.

Video:

Comparable store net sales in the video category decreased 13.0% during the thirteen weeks ended April 30, 2016. The video category represented 39.7% of total net sales for the thirteen weeks ended April 30, 2016 compared to 46.1% in the comparable quarter last year, as the Company is shifting its product mix to growing categories of entertainment and pop culture related merchandise.

According to statistics obtained from Warner Brothers Home Entertainment, overall video industry retail sales as of April 30, 2016 were down 7.9% during the period corresponding to the Company’s first fiscal quarter.

Music:

Comparable store net sales in the music category decreased 10.9% during the thirteen weeks ended April 30, 2016. The music category represented 24.6% of total net sales for the thirteen weeks ended April 30, 2016 compared to 27.3% in the comparable quarter last year.

According to Soundscan, total physical unit sales of albums industry-wide were down 9.0% during the period corresponding to the Company’s first fiscal quarter.

Trend:

Comparable store net sales in the trend category increased 64.8% during the thirteen weeks ended April 30, 2016. Trend product represented 25.5% of total net sales for the thirteen weeks ended April 30, 2016 compared to 14.3% in the comparable quarter last year. The Company continues to take advantage of opportunities to strengthen product selection and shift product mix to growing categories of entertainment and pop culture related merchandise.

Electronics:

Comparable store net sales in the electronics category decreased 0.2% during the thirteen weeks ended April 30, 2016. Electronics net sales represented 9.0% of total net sales for the thirteen weeks ended April 30, 2016, same percentage as the comparable quarter last year.

Video Games:

Comparable store net sales for video games decreased 55.0% during the thirteen weeks ended April 30, 2016. The Company continues to shift its inventory investment and space allocation away from games to higher margin growth categories. Video games net sales represented 1.2% of total net sales for the thirteen weeks ended April 30, 2016 compared to 3.3% in the comparable quarter last year.

Other Revenue. Other revenue, which was primarily related to commissions and fees earned from third parties, was approximately $1.0 million and $1.2 million for the thirteen weeks ended April 30, 2016 and May 2, 2015, respectively.

Gross Profit. The following table sets forth a period over period comparison of the Company’s gross profit:

	Thirteen weeks ended (in thousands)						Change
	April 30, 2016			May 2, 2015			$			%
Gross Profit	$	30,826		$	32,003		$	(1,177	)		(3.7	%)
As a % of total revenue		40.7	%		40.4	%

Gross profit decreased 3.7% for the thirteen weeks ended April 30, 2016 as compared to the comparable period last year due to fewer stores in operation. However, the increase in gross profit as a percentage of revenue was driven by increases in all of our merchandise categories through the increased sales contribution from the higher margin trend category and increased margin across all of our merchandise categories.

SG&A Expenses. The following table sets forth a period over period comparison of the Company’s SG&A expenses:

	Thirteen weeks ended (in thousands)						Change
	April 30, 2016			May 2, 2015			$		%
SG&A	$	31,511		$	31,327		$	184		0.6	%
As a % of total revenue		41.6	%		39.6	%

For the thirteen weeks ended April 30, 2016, SG&A expenses increased $184 thousand, or 0.6% on the total revenue decline of 4.3% resulting in a 200 basis point increase in SG&A expenses as a percentage of total revenue. The increase in SG&A as a percentage of total revenue is primarily due to the decrease in revenue, increase in health care costs and higher capital expenditures.

Interest Expense. Interest expense was approximately $173 thousand during the thirteen weeks ended April 30, 2016. Interest expense consisted primarily of unused commitment fees and the amortization of fees related to the Company’s credit facility. Interest expense during the thirteen weeks ended May 2, 2015 was $465 thousand and, in addition to items listed above, included interest payments on a capital lease which expired in December of 2015.

Other Income. Other income was $932 thousand dollars compared to $27 thousand dollars last year. Other income included a gain of $800 thousand from the sale of an investment. The remaining balance consisted of interest income.

Income Tax Expense (Benefit). In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income. Management considers the scheduled reversal of taxable temporary differences, projected future taxable income and tax planning strategies in making this assessment. Based on available objective evidence, management concluded that a full valuation allowance should be recorded against the Company’s deferred tax assets. Management will continue to assess the need for and amount of the valuation allowance against the deferred tax assets by giving consideration to all available evidence to the Company’s ability to generate future taxable income in its conclusion of the need for a full valuation allowance. Any reversal of the Company’s valuation allowance will favorably impact its results of operations in the period of reversal. The Company is currently unable to determine whether or when that reversal might occur, but it will continue to assess the realizability of its deferred tax assets and will adjust the valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will become realizable in the future. The Company has significant net operating loss carry forwards and other tax attributes that are available to offset projected taxable income and current taxes payable, if any, for the year ending January 30, 2016. The deferred tax impact resulting from the utilization of the net operating loss carry forwards and other tax attributes will be offset by a reduction in the valuation allowance. As of January 30, 2016, the Company had a net operating loss carry forward of $158.2 million for federal income tax purposes and approximately $236 million for state income tax purposes that expire at various times through 2035 and are subject to certain limitations and statutory expiration periods.

For the thirteen week periods ended April 30, 2016 and May 2, 2015, the Company’s current tax expense was associated with quarter-specific items attributable to interest accruals on related uncertain tax positions and state taxes based on modified gross receipts incurred for these thirteen week periods.

Net Income. The following table sets forth a period over period comparison of the Company’s net income:

	Thirteen weeks ended
	April 30, 2016		May 2, 2015		Change

Income before income tax	$	74	$	238	$	(164	)
Income tax expense		47		44		3
Net income	$	27	$	194	$	(167	)

For the thirteen weeks ended April 30, 2016, the Company’s net income decreased $167 thousand to a profit of $27 thousand from a profit of $194 thousand for the thirteen weeks ended May 2, 2015.

LIQUIDITY

Liquidity and Cash Flows: The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 to the condensed consolidated financial statements for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of net sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, its seasonal increase in merchandise inventory and other operating cash requirements and commitments.

Management anticipates that any future cash requirements due to a shortfall in cash from operations would be funded by the Company’s cash and cash equivalents on hand and its revolving credit facility, discussed hereafter. The Company does not expect any material changes in the mix (between equity and debt) or the relative cost of capital resources.

The following table sets forth a summary of key components of cash flow and working capital for each of the thirteen weeks ended April 30, 2016 and May 2, 2015, or at those dates:

	As of or for the Thirteen weeks ended				Change
(in thousands)	April 30, 2016		May 2, 2015		$
Operating Cash Flows	(8,284	)	(12,009	)	3,725
Investing Cash Flows	(2,565	)	(3,379	)	814
Financing Cash Flows	(2,606	)	(609	)	(1,987	)
Capital Expenditures	(4,165	)	(3,379	)	(786	)

Cash and Cash Equivalents	90,856		102,540		(11,684	)
Merchandise Inventory	116,648		121,577		(4,929	)
Working Capital	157,104		171,248		(14,144	)

The Company had cash and cash equivalents of $90.9 million at April 30, 2016, compared to $102.5 million at May 2, 2015. Merchandise inventory was $70 per square foot at April 30, 2016 compared to $68 per square foot as of May 2, 2015.

Cash used by operating activities was $8.3 million for the thirteen weeks ended April 30, 2016. The primary use of cash was a $10.8 million seasonal reduction of accounts payable, partially offset by a $3.4 million reduction in inventory. The Company’s merchandise inventory and accounts payable are influenced by the seasonality of its business. A significant reduction of accounts payable occurs annually in the fiscal first quarter, reflecting payments for merchandise inventory purchased during the prior year’s holiday season.

Cash used by investing activities was $2.6 million for the thirteen weeks ended April 30, 2016, which consisted of $4.2 million in capital expenditures, offset by $1.6 million related to proceeds from the sale of an investment.

Cash used by financing activities was $2.6 million for the thirteen weeks ended April 30, 2016, comprised of stock repurchases.

The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the number of store closings. The Company is compliant with all covenants.

The availability under the Credit Facility is subject to limitations based on sufficient inventory levels.

During the first quarters of Fiscal 2016 and 2015, the Company did not have any borrowings under the Credit Facility. The Company did not have any borrowings under its Credit Facility during Fiscal 2015, Fiscal 2014 and Fiscal 2013. As of April 30, 2016 and May 2, 2015, the Company had no outstanding letter of credit obligations under the Credit Facility. The Company had $37 million and $38 million available for borrowing as of April 30, 2016 and May 2, 2015, respectively.

Capital Expenditures. During the thirteen weeks ended April 30, 2016, the Company made capital expenditures of $4.2 million. The Company currently plans to spend approximately $17.0 million for capital expenditures in fiscal 2016.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires that management apply accounting policies and make estimates and assumptions that affect results of operations and the reported amounts of assets and liabilities in the financial statements. Management continually evaluates its estimates and judgments including those related to merchandise inventory and return costs and income taxes. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Form 10-K for the year ended January 30, 2016 includes a summary of the critical accounting policies and methods used by the Company in the preparation of its condensed consolidated financial statements. There have been no material changes or modifications to the policies since January 30, 2016.

Recently Issued Accounting Pronouncements:

assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial positions or cash flows.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART I – FINANCIAL INFORMATION

Item 3 - Quantitative and Qualitative Disclosures about Market Risk

To the extent the Company borrows under its Credit Facility, the Company is subject to risk resulting from interest rate fluctuations since interest on the Company’s borrowings under its Credit Facility can be variable. Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability as defined in the Credit Agreement, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Base Rate loans ranging from 0.75% to 1.25%. If interest rates on the Company’s Credit Facility were to increase by 25 basis points, and to the extent borrowings were outstanding, for every $1,000,000 outstanding on the facility, income before income taxes would be reduced by $2,500 per year. For a discussion of the Company’s accounting policies for financial instruments and further disclosures relating to financial instruments, see “Nature of Operations and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended January 30, 2016. The Company does not currently hold any derivative instruments.

Item 4 – Controls and Procedures

(a) Evaluation of disclosure controls and procedures. The Company’s Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of April 30, 2016, have concluded that as of such date the Company’s disclosure controls and procedures were effective and designed to ensure that (i) information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (ii) information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in internal controls. There have been no changes in the Company’s internal controls over financial reporting that occurred during the fiscal quarter covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is management’s opinion, based upon the information available at this time, that the expected outcome of these matters, individually and in the aggregate, will not have a material adverse effect on the results of operations and financial condition of the Company.

Item 1A – Risk Factors

Risks relating to the Company’s business and Common Stock are described in detail in Item 1A of the Company’s most recently filed Annual Report on Form 10-K for the year ended January 30, 2016.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

Below is a summary of share repurchase activity for the 3 month period ended April 30, 2016:

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs

January 31 – February 27, 2016		30,497	$	3.69		30,497	$	12,884,390
February 28 – March 26, 2016		392,627	$	3.87		392,627	$	12,491,763
March 27 – April 30, 2016		253,313	$	3.84		253,313	$	12,238,450
Total		676,437	$	3.85		676,437

Item 3 – Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Disclosure

Not Applicable.

Item 5 – Other Information

None.

Item 6 - Exhibits

(A) Exhibits -
Exhibit No.		Description
31.1		Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Chief Financial Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32		Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document (furnished herewith)

101.SCH		XBRL Taxonomy Extension Schema (furnished herewith)

101.CAL		XBRL Taxonomy Extension Calculation Linkbase (furnished herewith)

101.DEF		XBRL Taxonomy Extension Definition Linkbase (furnished herewith)

101.LAB		XBRL Taxonomy Extension Label Linkbase (furnished herewith)

101.PRE		XBRL Taxonomy Extension Presentation Linkbase (furnished herewith)

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TRANS WORLD ENTERTAINMENT CORPORATION

June 9, 2016	By: /s/ Michael Feurer
	Michael Feurer
	Chief Executive Officer
	(Principal Executive Officer)

June 9, 2016	By: /s/ John Anderson
	John Anderson
	Chief Financial Officer
	(Principal and Chief Accounting Officer)

EX-31.1 2 c85202_ex31-1.htm

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES
OXLEY ACT 2002

I, Michael Feurer certify that:

(1)

I have reviewed this report on Form 10–Q of the Registrant;

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: June 9, 2016

	/s/ Michael Feurer
	Michael Feurer
	Chief Executive Officer
	Trans World Entertainment Corporation

EX-31.2 3 c85202_ex31-2.htm

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES
OXLEY ACT 2002

I, John Anderson, Chief Financial Officer of Trans World Entertainment Corporation (the “Registrant”), certify that:

(1)

I have reviewed this report on Form 10–Q of the Registrant;

(2)

(3)

(4)

(5)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: June 9, 2016

	/s/ John Anderson
	John Anderson
	Chief Financial Officer
	Trans World Entertainment Corporation

EX-32 4 c85202_ex32.htm

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Trans World Entertainment Corporation (the “Company”) on Form 10-Q for the period ending April 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Michael Feurer, Chief Executive Officer of the Company and John Anderson, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Michael Feurer		/s/ John Anderson
Michael Feurer		John Anderson
Chief Executive Officer		Chief Financial Officer
June 9, 2016		June 9, 2016

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TRANS WORLD ENTERTAINMENT CORP 10-Q --01-31 30343838 false 0000795212 Yes No Accelerated Filer No 2016 Q1 2016-04-30

Note 1. Nature of Operations Trans World Entertainment Corporation and subsidiaries (“the Company”) is a specialty retailers of entertainment products, including video, trend, music, electronics, video games and related products in the United States. The Company operates a chain of retail entertainment stores, primarily under the names f.y.e. for your entertainment and Suncoast Motion Pictures, and e-commerce sites, www.fye.com, and www.secondspin.com in a single industry segment. As of April 30, 2016, the Company operated 290 stores totaling approximately 1.7 million square feet in the United States, the District of Columbia and the Commonwealth of Puerto Rico. Liquidity and Cash Flows: The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, its seasonal increase in merchandise inventory and other operating cash requirements and commitments. Management anticipates that any future cash requirements due to a shortfall in cash from operations would be funded by the Company’s cash and cash equivalents on hand and its revolving credit facility. Seasonality: The Company’s business is seasonal, with the fourth fiscal quarter constituting the Company’s peak selling period. In fiscal 2015, the fourth quarter accounted for approximately 35% of annual net sales and all of net income. In anticipation of increased sales activity in the fourth quarter, the Company purchases additional inventory and hires seasonal associates to supplement its core store sales and distribution center staffs. If, for any reason, the Company’s sales were below seasonal norms during the fourth quarter, the Company’s operating results could be adversely affected. Quarterly sales can also be affected by the timing of new product releases, new store openings, store closings and the performance of existing stores.

290

1700000 0.35

Note 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements consist of Trans World Entertainment Corporation, its wholly-owned subsidiary, Record Town, Inc. (“Record Town”), and Record Town’s subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements. During the first quarter of 2016, the Company recorded an immaterial adjustment between Other Revenue and Selling, General and Administrative expenses in its prior year condensed consolidated financial statements for miscellaneous income, primarily related to commissions earned from third parties. The prior year presentation is consistent with the current year presentation. The immaterial adjustment did not impact prior year income from operations, net income, and basic and diluted income per share. With the adjustment, the prior year presentation is consistent with the current year presentation. The information presented in the accompanying unaudited condensed consolidated balance sheet as of January 30, 2016 has been derived from the Company’s January 30, 2016 audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements as of and for the thirteen weeks ended April 30, 2016 and May 2, 2015. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016. The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 30, 2016.

Note 3. Recently Issued Accounting Pronouncements In 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company’s fiscal year beginning January 28, 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In August 2014, the FASB issued ASU No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires the Company to assess their ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of Company’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The new standard is effective for reporting periods beginning after December 15, 2016. Early application is permitted. The Company does not expect the adoption of this update to have a significant effect on our financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial positions or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases, which will replace most existing lease accounting guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize the rights and obligations resulting from leases as assets and liabilities. ASU 2016-02 requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. ASU 2016-02 will be effective for the Company beginning in fiscal 2019, and requires the modified retrospective method of adoption. Early adoption is permitted. The Company is in the process of determining the method and timing of adoption and assessing the impact of ASU 2016-02 on its consolidated financial statements.

Note 4. Stock Based Compensation Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the thirteen weeks ended April 30, 2016 and May 2, 2015 was approximately $157 thousand and $133 thousand respectively, before income taxes. No deferred tax benefit was recorded against stock-based compensation expense for the thirteen weeks ended April 30, 2016 and May 2, 2015. As of April 30, 2016, there was approximately $975 thousand of unrecognized compensation cost related to stock awards that is expected to be recognized as expense over a weighted average period of 1.5 years. As of April 30, 2016, stock awards authorized for issuance under the Company’s current long term equity incentive plans total 8.0 million. There are certain authorized stock awards for which the Company no longer grants awards. Of these awards authorized for issuance, 2.5 million were granted and are outstanding, 1.6 million of which were vested and exercisable. Awards available for future grants at April 30, 2016 were 1.9 million. The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the thirteen weeks ended April 30, 2016: <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 61%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Dividend yield</td> <td style="width: 3%; padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="width: 36%; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">0%</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Expected stock price volatility</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">38.7%-39.6%</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Risk-free interest rate</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">1.20%-1.22%</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Expected award life (in years)</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">4.98-5.71</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Weighted average fair value per share of awards granted during the period</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-indent: 0">$1.37</td> </tr> </table> The following table summarizes stock award activity during the thirteen weeks ended April 30, 2016: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 1px; text-indent: 0; padding-left: 0"> </td> <td style="font-weight: bold; padding-bottom: 1px; padding-left: 0; text-indent: 0"> </td> <td colspan="18" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center; padding-left: 0">Employee and Director Stock Award Plans</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Number of Shares Subject To Option</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Weighted Average Exercise Price</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Weighted Average Remaining Contractual Term</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Other Share Awards(1)</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Weighted Average Grant Fair Value</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 25%; text-align: center; text-indent: 0; padding-left: 0">Balance January 30, 2016</td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 9%; text-align: right; padding-left: 0; text-indent: 0">2,111,825</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="width: 12%; text-align: right; padding-left: 0; text-indent: 0">4.04</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 13%; text-align: right; padding-left: 0; text-indent: 0">5.0</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 9%; text-align: right; padding-left: 0; text-indent: 0">211,174</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="width: 12%; text-align: right; padding-left: 0; text-indent: 0">3.79</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; text-indent: 0; padding-left: 0">Granted</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">177,164</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.83</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">9.8</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">55,844</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.85</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center; text-indent: 0; padding-left: 0">Canceled</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">(2,700</td> <td style="text-align: left; padding-left: 0; text-indent: 0">)</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">5.41</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1px; text-indent: 0; padding-left: 0; border-bottom: Black 1px solid">Exercised</td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">177,164</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">3.83</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">(55,844</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid">)</td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">3.85</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center; text-indent: 0; padding-left: 0">Balance April 30, 2016</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">2,286,289</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">4.02</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">5.2</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">211,174</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.79</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; text-indent: 0; padding-left: 0">Exercisable April 30, 2016</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">1,519,789</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">4.15</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.6</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">51,174</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">4.68</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 4%; font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="width: 96%; font: 10pt Times New Roman, Times, Serif">Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.</td> </tr> </table> As of April 30, 2016, the intrinsic value of stock awards outstanding was approximately $839,000 and exercisable was $659,000.

157000

133000

975000

P1Y6M

8000000

2500000 1600000

1900000

839000 659000

The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the thirteen weeks ended April 30, 2016: <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="width: 61%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Dividend yield</td> <td style="width: 3%; padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="width: 36%; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">0%</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Expected stock price volatility</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">38.7%-39.6%</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Risk-free interest rate</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">1.20%-1.22%</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Expected award life (in years)</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">4.98-5.71</td> </tr> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)"> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Weighted average fair value per share of awards granted during the period</td> <td style="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> </td> <td style="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-indent: 0">$1.37</td> </tr> </table>

0.00

0.387

0.396

0.0120

0.0122

P4Y357D

P5Y259D

1.37

The following table summarizes stock award activity during the thirteen weeks ended April 30, 2016: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 1px; text-indent: 0; padding-left: 0"> </td> <td style="font-weight: bold; padding-bottom: 1px; padding-left: 0; text-indent: 0"> </td> <td colspan="18" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center; padding-left: 0">Employee and Director Stock Award Plans</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Number of Shares Subject To Option</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Weighted Average Exercise Price</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Weighted Average Remaining Contractual Term</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Other Share Awards(1)</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0">Weighted Average Grant Fair Value</td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; padding-left: 0; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-left: 0"> </td> <td style="font-weight: bold; text-align: center; padding-left: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 25%; text-align: center; text-indent: 0; padding-left: 0">Balance January 30, 2016</td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 9%; text-align: right; padding-left: 0; text-indent: 0">2,111,825</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="width: 12%; text-align: right; padding-left: 0; text-indent: 0">4.04</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 13%; text-align: right; padding-left: 0; text-indent: 0">5.0</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 9%; text-align: right; padding-left: 0; text-indent: 0">211,174</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="width: 2%; padding-left: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="width: 12%; text-align: right; padding-left: 0; text-indent: 0">3.79</td> <td style="width: 1%; text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; text-indent: 0; padding-left: 0">Granted</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">177,164</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.83</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">9.8</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">55,844</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.85</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center; text-indent: 0; padding-left: 0">Canceled</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">(2,700</td> <td style="text-align: left; padding-left: 0; text-indent: 0">)</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">5.41</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1px; text-indent: 0; padding-left: 0; border-bottom: Black 1px solid">Exercised</td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">177,164</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">3.83</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">—</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">(55,844</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid">)</td> <td style="padding-bottom: 1px; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; text-align: right; padding-left: 0; text-indent: 0">3.85</td> <td style="padding-bottom: 1px; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center; text-indent: 0; padding-left: 0">Balance April 30, 2016</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">2,286,289</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">4.02</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">5.2</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">211,174</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.79</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; text-indent: 0; padding-left: 0">Exercisable April 30, 2016</td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">1,519,789</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">4.15</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">3.6</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="text-align: right; padding-left: 0; text-indent: 0">51,174</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> <td style="padding-left: 0; text-indent: 0"> </td> <td style="text-align: left; padding-left: 0; text-indent: 0">$</td> <td style="text-align: right; padding-left: 0; text-indent: 0">4.68</td> <td style="text-align: left; padding-left: 0; text-indent: 0"> </td> </tr> </table><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 4%; font: 10pt Times New Roman, Times, Serif">(1)</td> <td style="width: 96%; font: 10pt Times New Roman, Times, Serif">Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.</td> </tr> </table>

2111825 4.04 5.0 211174 3.79

177164

3.83

9.8 55844 3.85 2700 5.41

177164

3.83

-55844 3.85 2286289 4.02 5.2 211174 3.79 1519789 4.15 3.6 51174 4.68

Note 5. Defined Benefit Plans The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the thirteen weeks ended April 30, 2016, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $1.1 million in benefits relating to the SERP during fiscal 2016. The Company had previously provided the Board of Directors with a noncontributory, unfunded retirement plan (“Director Retirement Plan”) that paid retired directors an annual retirement benefit. No current members of the Board of Directors participate in the Director Retirement Plan. During the thirteen weeks ended April 30, 2016, the Company did not make any cash contributions to the Director Retirement Plan, and presently expects to pay an immaterial amount of benefits relating to the Director Retirement Plan during fiscal 2016. The measurement date for the SERP and Director Retirement Plan is the fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities. The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center">Thirteen weeks ended</td> <td style="color: black; font-weight: bold; text-align: center"></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center">May 2, 2015</td> <td style="color: black; font-weight: bold; text-align: center"></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="color: black; font-style: italic"> </td> <td colspan="7" style="color: black; font-style: italic; text-align: center">(in thousands)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; color: black; text-align: justify; text-indent: -10pt; padding-left: 10pt">Service cost</td> <td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td> <td style="width: 12%; color: black; text-align: right">15</td> <td style="width: 1%; color: black; text-align: left"> </td> <td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td> <td style="width: 12%; color: black; text-align: right">17</td> <td style="width: 1%; color: black; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: justify; text-indent: -10pt; padding-left: 10pt">Interest cost</td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">137</td> <td style="color: black; text-align: left"> </td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">145</td> <td style="color: black; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: justify; text-indent: -10pt; padding-left: 10pt">Amortization of prior service cost</td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">55</td> <td style="color: black; text-align: left"> </td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">85</td> <td style="color: black; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Amortization of net gain</td> <td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">(4</td> <td style="padding-bottom: 1px; color: black; text-align: left">)</td> <td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">(9</td> <td style="padding-bottom: 1px; color: black; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Net periodic pension cost</td> <td style="color: black; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: right">203</td> <td style="padding-bottom: 2.5pt; color: black; text-align: left"> </td> <td style="color: black; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: right">238</td> <td style="padding-bottom: 2.5pt; color: black; text-align: left"> </td> </tr> </table>

1100000

The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center">Thirteen weeks ended</td> <td style="color: black; font-weight: bold; text-align: center"></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: center">May 2, 2015</td> <td style="color: black; font-weight: bold; text-align: center"></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="color: black; font-style: italic"> </td> <td colspan="7" style="color: black; font-style: italic; text-align: center">(in thousands)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; color: black; text-align: justify; text-indent: -10pt; padding-left: 10pt">Service cost</td> <td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td> <td style="width: 12%; color: black; text-align: right">15</td> <td style="width: 1%; color: black; text-align: left"> </td> <td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td> <td style="width: 12%; color: black; text-align: right">17</td> <td style="width: 1%; color: black; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: justify; text-indent: -10pt; padding-left: 10pt">Interest cost</td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">137</td> <td style="color: black; text-align: left"> </td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">145</td> <td style="color: black; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: justify; text-indent: -10pt; padding-left: 10pt">Amortization of prior service cost</td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">55</td> <td style="color: black; text-align: left"> </td> <td style="color: black"> </td> <td style="color: black; text-align: left"> </td> <td style="color: black; text-align: right">85</td> <td style="color: black; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Amortization of net gain</td> <td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">(4</td> <td style="padding-bottom: 1px; color: black; text-align: left">)</td> <td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: right">(9</td> <td style="padding-bottom: 1px; color: black; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Net periodic pension cost</td> <td style="color: black; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: right">203</td> <td style="padding-bottom: 2.5pt; color: black; text-align: left"> </td> <td style="color: black; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; color: black; text-align: right">238</td> <td style="padding-bottom: 2.5pt; color: black; text-align: left"> </td> </tr> </table>

15000

17000

137000

145000

55000

85000

4000

9000

203000

238000

Note 6. Line of Credit In May 2012, the Company entered into a $75 million credit facility (“Credit Facility”) which amended the previous credit facility. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company. The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the net number of store closings. The Company is compliant with all covenants. Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments. The availability under the Credit Facility is subject to limitations based on inventory levels. During the first quarters of fiscal 2016 and 2015, the Company did not have any borrowings under the Credit Facility. The Company did not have any borrowings under its Credit Facility during Fiscal 2013, Fiscal, 2014 and Fiscal 2015. As of April 30, 2016 and May 2, 2015, the Company had no outstanding letter of credit obligations under the Credit Facility. The Company had $37 million and $38 million available for borrowing as of April 30, 2016 and May 2, 2015, respectively.

75000000

0.0225

0.0275

0.0075

0.0125

0.00375

0.0050

37000000

38000000

Note 7. Accumulated Other Comprehensive (Loss) Income Accumulated other comprehensive (loss) income that the Company reports in the condensed consolidated balance sheets represents net income (loss), adjusted for the difference between the accrued pension liability and accrued benefit cost, net of taxes, associated with the Company’s defined benefit plans. Comprehensive income consists of net income and the reclassification of pension costs previously reported in comprehensive income for the thirteen weeks ended April 30, 2016 and May 2, 2015.

Note 8. Depreciation and Amortization of Fixed Assets Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen Weeks Ended</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">May 2, 2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center">(in thousands)</td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; font-family: Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Cost of sales</td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">100</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">122</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Selling, general and administrative expenses</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">1,463</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">964</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">1,563</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">1,086</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> </table>

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen Weeks Ended</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">May 2, 2015</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic; text-align: center">(in thousands)</td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; font-family: Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Cost of sales</td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">100</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">122</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Selling, general and administrative expenses</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">1,463</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">964</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">1,563</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">1,086</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> </table>

100000

122000

1463000 964000

1563000

1086000

Note 9. Income Per Share Basic income per share is calculated by dividing net income by the weighted average common shares outstanding for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net income by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans. Weighted average shares are calculated as follows: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen weeks ended</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">May 2, 2015</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center">(in thousands)</td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font-family: Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding – basic</td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 12%; font-family: Times New Roman, Times, Serif; text-align: right">30,761</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 12%; font-family: Times New Roman, Times, Serif; text-align: right">31,208</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Dilutive effect of employee stock options</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">169</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">163</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding – diluted</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">30,930</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">31,371</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Anti-dilutive stock options</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">1,934</td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">1,405</td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> </table>

Weighted average shares are calculated as follows: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen weeks ended</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">April 30, 2016</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1px solid">May 2, 2015</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center">(in thousands)</td> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; font-style: italic"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font-family: Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding – basic</td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 12%; font-family: Times New Roman, Times, Serif; text-align: right">30,761</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="width: 12%; font-family: Times New Roman, Times, Serif; text-align: right">31,208</td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Dilutive effect of employee stock options</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">169</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">163</td> <td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding – diluted</td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">30,930</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">31,371</td> <td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: justify; text-indent: -10pt; padding-left: 10pt">Anti-dilutive stock options</td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">1,934</td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: right">1,405</td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> </tr> </table>

169000

163000

1934000

1405000

Note 10. Shareholders’ Equity During the first quarter, the Company repurchased 676,437 shares of common stock at an average price of $3.85 per share. Since the inception of the program, the Company has repurchased approximately 2.5 million shares of common stock at an average price of $3.82 per share. The Company has approximately $12.2 million dollars available for purchase under its repurchase program. The Company classified the repurchased shares as treasury stock on the Company’s condensed consolidated balance sheet.

676437

3.85

2500000

3.82

12200000

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Document And Entity Information	3 Months Ended
Document And Entity Information	Apr. 30, 2016 shares
Document and Entity Information [Abstract]
Entity Registrant Name	TRANS WORLD ENTERTAINMENT CORP
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding	30,343,838
Amendment Flag	false
Entity Central Index Key	0000795212
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 90,856	$ 104,311	$ 102,540
Merchandise inventory	116,648	120,046	121,577
Other current assets	7,949	6,630	9,112
Total current assets	215,453	230,987	233,229
NET FIXED ASSETS	33,198	30,665	18,026
OTHER ASSETS	10,030	9,953	9,328
TOTAL ASSETS	258,681	271,605	260,583
CURRENT LIABILITIES:
Accounts payable	41,038	51,888	44,582
Accrued expenses and other current liabilities	8,887	8,974	7,260
Deferred revenue	8,424	8,983	9,490
Current portion of capital lease obligations			649
Total current liabilities	58,349	69,845	61,981
OTHER LONG-TERM LIABILITIES	27,004	26,492	26,769
TOTAL LIABILITIES	$ 85,353	$ 96,337	$ 88,750
SHAREHOLDERS’ EQUITY
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)
Common stock ($0.01 par value; 200,000,000 shares authorized; 58,451,512, 58,395,668 and 58,337,668 shares issued, respectively)	$ 585	$ 584	$ 583
Additional paid-in capital	316,627	316,040	315,619
Treasury stock at cost (28,108,174, 27,411,133 and 27,183,168 shares, respectively)	(230,103)	(227,497)	(226,732)
Accumulated other comprehensive (loss) income	(761)	(812)	(2,095)
Retained earnings	86,980	86,953	84,458
TOTAL SHAREHOLDERS’ EQUITY	173,328	175,268	171,833
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 258,681	$ 271,605	$ 260,583

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CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Preferred stock par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued	0	0	0
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000	200,000,000
Common stock, shares issued	58,451,512	58,395,668	58,337,668
Treasury stock, shares at cost	28,108,174	27,411,133	27,183,168

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Net sales	$ 74,768	$ 77,963
Other revenue	962	1,200
Total revenue	75,730	79,163
Cost of sales	44,904	47,160
Gross profit	30,826	32,003
Selling, general and administrative expenses	31,511	31,327
Income (loss) from operations	(685)	676
Interest expense	173	465
Other (income) / expense	(932)	(27)
Income before income tax expense	74	238
Income tax expense	47	44
Net income	$ 27	$ 194
BASIC AND DILUTED INCOME PER SHARE:
Basic income per share (in Dollars per share)	$ 0.00	$ 0.01
Weighted average number of common shares outstanding – basic (in Shares)	30,761	31,208
Diluted income per share (in Dollars per share)	$ 0.00	$ 0.01
Weighted average number of common shares outstanding – diluted (in Shares)	30,930	31,371

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Net income	$ 27	$ 194
Amortization of pension costs	51	76
Comprehensive income	$ 78	$ 270

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Net cash used by operating activities	$ (8,284)	$ (12,009)
Cash flows from investing activities:
Proceeds from sale of investment	1,600
Purchases of fixed assets	(4,165)	(3,379)
Net cash used by investing activities	(2,565)	(3,379)
Cash flows from financing activities:
Payments of capital lease obligations		(289)
Purchase of treasury stock	(2,606)	(320)
Net cash used by financing activities	(2,606)	(609)
Net decrease in cash and cash equivalents	(13,455)	(15,997)
Cash and cash equivalents, beginning of period	104,311	118,537
Cash and cash equivalents, end of period	90,856	$ 102,540
Supplemental disclosures and non-cash financing activities:
Issuance of equity grants	$ 430

XML 17 R7.htm IDEA: XBRL DOCUMENT

Nature of Operations

3 Months Ended

Apr. 30, 2016

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

Note 1. Nature of Operations

Liquidity and Cash Flows:

Seasonality:

XML 18 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation

3 Months Ended

Apr. 30, 2016

Disclosure Text Block [Abstract]

Basis of Accounting [Text Block]

Note 2. Basis of Presentation

The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements.

The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 30, 2016.

XML 19 R9.htm IDEA: XBRL DOCUMENT

Recently Issued Accounting Pronouncements

3 Months Ended

Apr. 30, 2016

Policy Text Block [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Note 3. Recently Issued Accounting Pronouncements

XML 20 R10.htm IDEA: XBRL DOCUMENT

Stock Based Compensation

3 Months Ended

Apr. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 4. Stock Based Compensation

The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the thirteen weeks ended April 30, 2016:

Dividend yield		0%
Expected stock price volatility		38.7%-39.6%
Risk-free interest rate		1.20%-1.22%
Expected award life (in years)		4.98-5.71
Weighted average fair value per share of awards granted during the period		$1.37

The following table summarizes stock award activity during the thirteen weeks ended April 30, 2016:

	Employee and Director Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards⁽¹⁾			Weighted Average Grant Fair Value

Balance January 30, 2016		2,111,825		$	4.04		5.0		211,174		$	3.79
Granted		177,164			3.83		9.8		55,844			3.85
Canceled		(2,700	)		5.41		—		—			—
Exercised		177,164			3.83		—		(55,844	)		3.85
Balance April 30, 2016		2,286,289		$	4.02		5.2		211,174		$	3.79
Exercisable April 30, 2016		1,519,789		$	4.15		3.6		51,174		$	4.68

(1)	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

As of April 30, 2016, the intrinsic value of stock awards outstanding was approximately $839,000 and exercisable was $659,000.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

Defined Benefit Plans

3 Months Ended

Apr. 30, 2016

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Note 5. Defined Benefit Plans

The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods:

	Thirteen weeks ended
	April 30, 2016				May 2, 2015
	(in thousands)
Service cost	$	15		$	17
Interest cost		137			145
Amortization of prior service cost		55			85
Amortization of net gain		(4	)		(9	)
Net periodic pension cost	$	203		$	238

XML 22 R12.htm IDEA: XBRL DOCUMENT

Line of Credit

3 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 6. Line of Credit

The availability under the Credit Facility is subject to limitations based on inventory levels.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income/Loss

3 Months Ended

Apr. 30, 2016

Disclosure Text Block [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Note 7. Accumulated Other Comprehensive (Loss) Income

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

XML 24 R14.htm IDEA: XBRL DOCUMENT

Depreciation and Amortization of Fixed Assets

3 Months Ended

Apr. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 8. Depreciation and Amortization of Fixed Assets

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows:

	Thirteen Weeks Ended
	April 30, 2016		May 2, 2015
	(in thousands)
Cost of sales	$	100	$	122
Selling, general and administrative expenses		1,463		964
Total	$	1,563	$	1,086

XML 25 R15.htm IDEA: XBRL DOCUMENT

Income (Loss) Per Share

3 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 9. Income Per Share

Weighted average shares are calculated as follows:

	Thirteen weeks ended
	April 30, 2016		May 2, 2015
	*(in thousands)*
Weighted average common shares outstanding – basic		30,761		31,208
Dilutive effect of employee stock options		169		163
Weighted average common shares outstanding – diluted		30,930		31,371

Anti-dilutive stock options		1,934		1,405

XML 26 R16.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

3 Months Ended

Apr. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 10. Shareholders’ Equity

The Company classified the repurchased shares as treasury stock on the Company’s condensed consolidated balance sheet.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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+ Details

XML 27 R17.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Tables)

3 Months Ended

Apr. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The table below outlines the assumptions that the Company used to estimate the fair value of stock based awards granted during the thirteen weeks ended April 30, 2016:

Dividend yield		0%
Expected stock price volatility		38.7%-39.6%
Risk-free interest rate		1.20%-1.22%
Expected award life (in years)		4.98-5.71
Weighted average fair value per share of awards granted during the period		$1.37

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block]

The following table summarizes stock award activity during the thirteen weeks ended April 30, 2016:

	Employee and Director Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards⁽¹⁾			Weighted Average Grant Fair Value

Balance January 30, 2016		2,111,825		$	4.04		5.0		211,174		$	3.79
Granted		177,164			3.83		9.8		55,844			3.85
Canceled		(2,700	)		5.41		—		—			—
Exercised		177,164			3.83		—		(55,844	)		3.85
Balance April 30, 2016		2,286,289		$	4.02		5.2		211,174		$	3.79
Exercisable April 30, 2016		1,519,789		$	4.15		3.6		51,174		$	4.68

(1)	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Defined Benefit Plans (Tables)

3 Months Ended

Apr. 30, 2016

Disclosure Text Block Supplement [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods:

	Thirteen weeks ended
	April 30, 2016				May 2, 2015
	(in thousands)
Service cost	$	15		$	17
Interest cost		137			145
Amortization of prior service cost		55			85
Amortization of net gain		(4	)		(9	)
Net periodic pension cost	$	203		$	238

XML 29 R19.htm IDEA: XBRL DOCUMENT

Depreciation and Amortization of Fixed Assets (Tables)

3 Months Ended

Apr. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block]

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows:

	Thirteen Weeks Ended
	April 30, 2016		May 2, 2015
	(in thousands)
Cost of sales	$	100	$	122
Selling, general and administrative expenses		1,463		964
Total	$	1,563	$	1,086

XML 30 R20.htm IDEA: XBRL DOCUMENT

Income (Loss) Per Share (Tables)

3 Months Ended

Apr. 30, 2016

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

Weighted average shares are calculated as follows:

	Thirteen weeks ended
	April 30, 2016		May 2, 2015
	*(in thousands)*
Weighted average common shares outstanding – basic		30,761		31,208
Dilutive effect of employee stock options		169		163
Weighted average common shares outstanding – diluted		30,930		31,371

Anti-dilutive stock options		1,934		1,405

XML 31 R21.htm IDEA: XBRL DOCUMENT

Nature of Operations (Details) ft² in Millions	3 Months Ended
Nature of Operations (Details) ft² in Millions	Jan. 31, 2016	Apr. 30, 2016 ft²
Disclosure Text Block [Abstract]
Number of Stores		290
Area of Stores (in Square Feet)		1.7
Percentage of Annual Net Sales Recorded in the Fourth Quarter	35.00%

XML 32 R22.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Details) - USD ($) shares in Millions	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation	$ 157,000	$ 133,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 975,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)	8.0
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number (in Shares)	2.5
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number (in Shares)	1.6
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)	1.9
Intrinsic Value of Stock Awards Outstanding	$ 839,000
Intrinsic Value of Stock Awards Exercisable	$ 659,000

XML 33 R23.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted	3 Months Ended
	Apr. 30, 2016 $ / shares
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items]
Dividend yield	0.00%
Weighted average fair value per share of awards granted during the period (in Dollars per share)	$ 1.37
Minimum [Member]
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items]
Expected stock price volatility	38.70%
Risk-free interest rate	1.20%
Expected award life (in years)	4 years 357 days
Maximum [Member]
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items]
Expected stock price volatility	39.60%
Risk-free interest rate	1.22%
Expected award life (in years)	5 years 259 days

XML 34 R24.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

3 Months Ended

Apr. 30, 2016

$ / shares

Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract]

Number of Shares Subject To option, Balance | shares

2,111,825

Weighted Average Exercise Price | $ / shares

$ 4.04

Weighted Average Remaining Contractual Term

5.0

Other Share Awards, Balance | shares

211,174

^[1]

Weighted Average Grant Date Value, Balance | $ / shares

$ 3.79

Exercisable April 30, 2016 | shares

1,519,789

Exercisable April 30, 2016 | $ / shares

$ 4.15

Exercisable April 30, 2016

3.6

Exercisable April 30, 2016 | shares

51,174

^[1]

Exercisable April 30, 2016 | $ / shares

$ 4.68

Granted | shares

55,844

^[1]

$ 3.85

177,164

$ 3.83

9.8

(2,700)

Canceled | $ / shares

$ 5.41

Exercised | shares

177,164

Exercised | $ / shares

$ 3.83

Exercised | shares

(55,844)

Exercised | $ / shares

$ 3.85

Number of Shares Subject To option, Balance | shares

2,286,289

Weighted Average Exercise Price | $ / shares

$ 4.02

Weighted Average Remaining Contractual Term

5.2

Other Share Awards, Balance | shares

211,174

^[1]

Weighted Average Grant Date Value, Balance | $ / shares

$ 3.79

[1]	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

XML 35 R25.htm IDEA: XBRL DOCUMENT

Defined Benefit Plans (Details) $ in Millions	Apr. 30, 2016 USD ($)
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plans (Details) [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	$ 1.1

XML 36 R26.htm IDEA: XBRL DOCUMENT

Defined Benefit Plans (Details) - Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract]
Service cost	$ 15	$ 17
Interest cost	137	145
Amortization of prior service cost	55	85
Amortization of net gain	(4)	(9)
Net periodic pension cost	$ 203	$ 238

XML 37 R27.htm IDEA: XBRL DOCUMENT

Line of Credit (Details) - USD ($) $ in Millions	3 Months Ended
Line of Credit (Details) - USD ($) $ in Millions	Apr. 30, 2016	May. 02, 2015	May. 02, 2012
Line of Credit (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)			$ 75
Line of Credit Facility, Current Borrowing Capacity (in Dollars)	$ 37	$ 38
Credit Facility [Member] \| Minimum [Member]
Line of Credit (Details) [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
Credit Facility [Member] \| Minimum [Member] \| LIBOR Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Credit Facility [Member] \| Minimum [Member] \| Base Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Credit Facility [Member] \| Maximum [Member]
Line of Credit (Details) [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Credit Facility [Member] \| Maximum [Member] \| LIBOR Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Credit Facility [Member] \| Maximum [Member] \| Base Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%

XML 38 R28.htm IDEA: XBRL DOCUMENT

Depreciation and Amortization of Fixed Assets (Details) - Schedule of Depreciation and Amortization of Fixed Assets - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Schedule of Depreciation and Amortization of Fixed Assets [Abstract]
Cost of sales	$ 100	$ 122
Selling, general and administrative expenses	1,463	964
Total	$ 1,563	$ 1,086

XML 39 R29.htm IDEA: XBRL DOCUMENT

Income (Loss) Per Share (Details) - Schedule of Weighted Average Shares - shares shares in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Schedule of Weighted Average Shares [Abstract]
Weighted average common shares outstanding – basic	30,761	31,208
Dilutive effect of employee stock options	169	163
Weighted average common shares outstanding – diluted	30,930	31,371
Anti-dilutive stock options	1,934	1,405

XML 40 R30.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details) - Common Stock [Member] $ / shares in Units, $ in Millions	3 Months Ended	32 Months Ended
	Apr. 30, 2016 USD ($) $ / shares shares	Apr. 30, 2016 USD ($) $ / shares shares
Shareholders' Equity (Details) [Line Items]
Stock Repurchased During Period, Shares \| shares	676,437	2,500,000
Treasury Stock Acquired, Average Cost Per Share \| $ / shares	$ 3.85	$ 3.82
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $	$ 12.2	$ 12.2

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