SHENANDOAH ACQUISITION (Tables) - Shenandoah Furniture, Inc, [Member]

12 Months Ended

Feb. 02, 2020

SHENANDOAH ACQUISITION (Tables) [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the estimates of the fair values of the identifiable assets acquired and liabilities assumed in the Shenandoah acquisition as of September 29, 2017.

Purchase price consideration
Cash paid for assets acquired, including working capital adjustment	$	32,773
Value of shares issued for assets acquired		8,000
Fair value adjustment to shares issued for assets acquired*		396
Total purchase price	$	41,169

Fair value estimates of assets acquired and liabilities assumed
Accounts receivable	$	3,576
Inventory		2,380
Prepaid expenses and other current assets		52
Property and equipment		5,401
Intangible assets		14,300
Goodwill		16,871
Accounts payable		(699	)
Accrued expenses		(712	)
Total purchase price	$	41,169

*As provided by the Asset Purchase Agreement, we calculated the number of common shares issued to SFI by dividing $8 million by the mean closing price of our common stock for the ten trading days immediately preceding the business day immediately preceding the closing date ($45.45). However, U.S. Generally Accepted Accounting Standards provide that we value stock consideration exchanged in the Shenandoah acquisition at fair value. Consequently, we adjusted the purchase price by $396,000, which represents the difference in the mean closing price of the Company’s common stock for the ten trading days immediately preceding the business day preceding the closing date ($45.45) and the price on September 29, 2017, multiplied by the number of common shares issued (176,018.) No additional consideration was transferred to SFI as a result of this adjustment.

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited consolidated pro forma summary has been prepared by adjusting our historical data to give effect to the Shenandoah acquisition as if it had occurred on February 1, 2016:

	Pro Forma - Unaudited
	13 Weeks Ended		52 Weeks Ended
	January 28, 2018		January 28, 2018
	(Pro forma)		(Pro forma)
Net Sales	$	175,365	$	649,936
Net Income	$	8,775	$	32,977
Basic EPS	$	0.75	$	2.82
Diluted EPS	$	0.75	$	2.81