NOTE 5 - INVENTORIES

12 Months Ended

Feb. 01, 2015

NOTE 5 – INVENTORIES

	February 1,			February 2,
	2015			2014
Finished furniture	$	54,896		$	58,515
Furniture in process		615			804
Materials and supplies		9,131			8,068
Inventories at FIFO		64,642			67,387
Reduction to LIFO basis		(19,669	)		(18,371	)
Inventories	$	44,973		$	49,016

If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $13.6 million in fiscal 2015, $8.2 million in fiscal 2014 and $9.2 million in fiscal 2013. We recorded total LIFO expense of $1.3 million in fiscal 2015, $493,000 in fiscal 2014 and $836,000 in fiscal 2013. The reduction in LIFO basis as of February 2, 2013 and January 29, 2012 was $17.9 million and $17.0 million, respectively.

At February 1, 2015 and February 2, 2014, we had approximately $1.1 million and $1.0 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above.

At February 1, 2015, we held $10.2 million in inventory (approximately 6% of total assets) outside of the United States, in China and in Vietnam. At February 2, 2014, we held $9.7 million in inventory (approximately 6.2% of total assets) outside of the United States, all in China.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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