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Inventories, Net
 6 Months Ended
Aug. 01, 2015
Inventory Disclosure [Abstract]  
INVENTORIES, NET
INVENTORIES, NET

Inventories, net consisted of:
(in thousands)
August 1, 2015
 
January 31, 2015
Inventories
$
519,209

 
$
484,865

Less: lower of cost or market reserve
(25,675
)
 
(12,707
)
Less: shrink reserve
(14,916
)
 
(11,364
)
Inventories, net
$
478,618

 
$
460,794



Inventories are valued at the lower of cost or market on a weighted-average cost basis. The Company reduces the carrying value of inventory through a lower of cost or market adjustment, the impact of which is reflected in cost of goods sold on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. This adjustment is based on management's judgment regarding future demand and market conditions, composition and the aging of the inventory, and analysis of historical experience.

Additionally, as part of inventory valuation, inventory shrinkage estimates based on historical trends from actual physical inventories are made each period that reduce the inventory value for lost or stolen items. The Company performs physical inventories on a periodic basis and adjusts the shrink reserve accordingly.