PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

12 Months Ended

Jan. 31, 2015

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

NOTE 4 - PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

The components of property, equipment and leasehold improvements were as follows (in thousands):

	January 31, 2015		February 1, 2014
Land	$	1,842	$	1,842
Buildings and improvements	15,633		15,511
Fixtures and equipment	489,243		457,335
Leasehold improvements	360,594		345,598
Property, equipment and leasehold improvements	867,312		820,286
Accumulated depreciation	581,862		537,752
Property, equipment and leasehold improvements, net	$	285,450	$	282,534

Depreciation expense was $62.7 million, $61.9 million and $59.3 million for 2014, 2013 and 2012, respectively. As a result of our ongoing review of the performance of our stores, we identified certain stores whose cash flow trends indicated that the carrying value of property, equipment and leasehold improvements may not be fully recoverable and recognized impairment charges of $0.6 million, $0.7 million and $0.8 million in 2014, 2013 and 2012, respectively. The charges reflect the difference between the carrying value and fair value of the stores. In addition, we recognized property and equipment impairment charges of approximately $7.3 million in 2013 for Steele's, which was disposed of subsequent to February 1, 2014, and $0.2 million in 2012 related to the South Hill Consolidation.  Cost of sales includes $50.9 million, $49.2 million and $48.6 million in 2014, 2013 and 2012, respectively, related to depreciation expense and impairment charges. See Note 15 for additional disclosures on the Steele's divestiture.