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INVENTORIES
 12 Months Ended
Dec. 31, 2012
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]
6. INVENTORIES

 

At December 31, 2012 and 2011, inventories consisted of:

 

    2012     2011  
    (Dollars in thousands)  
Finished shoes   $ 82,535     $ 79,648  
LIFO reserve     (17,169 )     (16,959 )
Total inventories   $ 65,366     $ 62,689  

 

Finished shoes included inventory in-transit of $14.3 million and $13.2 million as of December 31, 2012 and 2011, respectively. At December 31, 2012, approximately 89% of the Company’s inventories were valued by the LIFO method of accounting while approximately 11% were valued by the first-in, first-out (“FIFO”) method of accounting. At December 31, 2011, approximately 75% of the Company’s inventories were valued by the LIFO method of accounting while approximately 25% were valued by the FIFO method of accounting.

 

During 2012, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2012 purchases. The effect of the liquidation decreased cost of goods sold by $104,000 in 2012. During 2011, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2011 purchases. The effect of the liquidation decreased costs of goods sold by $250,000 in 2011. During 2010, there were liquidations of LIFO inventory quantities which resulted in immaterial decreases in cost of goods sold in 2010.