Inventories, net

4 Months Ended

Apr. 20, 2013

Notes to Financial Statements [Abstract]

Inventories, net:

Inventories are stated at the lower of cost or market. The Company used the LIFO method of accounting for approximately 95% of inventories at April 20, 2013, December 29, 2012 and April 21, 2012. Under LIFO, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in Fiscal 2013 and prior years. The Company recorded a reduction to cost of sales of $886 and $7,641 for the sixteen weeks ended April 20, 2013 and April 21, 2012, respectively. The Company's overall costs to acquire inventory for the same or similar products have generally decreased historically as the Company has been able to leverage its continued growth, execution of merchandise strategies and realization of supply chain efficiencies.

An actual valuation of inventory under the LIFO method is performed by the Company at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected fiscal year-end inventory levels and costs.

Inventory balances at April 20, 2013, December 29, 2012 and April 21, 2012 were as follows:



	April 20, 2013		December 29, 2012		April 21, 2012
Inventories at FIFO, net	$	2,296,696	$	2,182,419	$	1,997,200
Adjustments to state inventories at LIFO	127,076		126,190		109,744
Inventories at LIFO, net	$	2,423,772	$	2,308,609	$	2,106,944

- 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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