Inventories

The Company utilizes the last-in, first-out (“LIFO”) method of accounting for inventories. An actual valuation under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. The cumulative difference between replacement and current cost of inventory over stated LIFO value was $4.7 million and $4.6 million as of May 3, 2014 and February 1, 2014, respectively. The estimated replacement cost of inventory is the current first-in, first-out (“FIFO”) value. Inventory balances at May 3, 2014 and February 1, 2014 were as follows (in thousands):



	May 3, 2014		February 1, 2014
Inventories (at FIFO)	198,049		204,220
LIFO reserve	(4,714	)	(4,636	)
Net inventories	193,335		199,584