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Selected Quarterly Data (Unaudited)
 12 Months Ended
Jan. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Data (Unaudited)

K. SELECTED QUARTERLY DATA (UNAUDITED)

(Certain columns may not foot due to rounding.)

 

 

 

FIRST QUARTER

 

 

SECOND QUARTER

 

 

THIRD QUARTER

 

 

FOURTH QUARTER

 

 

FULL  YEAR

 

 

 

(In Thousands, Except Per Share Data)

 

FISCAL YEAR 2014 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

96,659

 

 

$

104,162

 

 

$

93,640

 

 

$

119,559

 

 

$

414,020

 

Gross profit

 

 

43,938

 

 

 

48,239

 

 

 

40,571

 

 

 

57,266

 

 

 

190,014

 

Operating income (loss)

 

 

(2,939

)

 

 

(2,562

)

 

 

(5,522

)

 

 

2,221

 

 

 

(8,802

)

Income (loss) before taxes

 

 

(3,350

)

 

 

(3,013

)

 

 

(6,028

)

 

 

1,457

 

 

 

(10,934

)

Income tax provision (benefit)  (2)

 

 

47

 

 

 

63

 

 

 

63

 

 

 

70

 

 

 

243

 

Income (loss) from continuing operations

 

 

(3,397

)

 

 

(3,076

)

 

 

(6,091

)

 

 

1,387

 

 

 

(11,177

)

Income (loss) from discontinued operations

 

 

(139

)

 

 

(956

)

 

 

(190

)

 

 

167

 

 

 

(1,118

)

Net income (loss)

 

$

(3,536

)

 

$

(4,032

)

 

$

(6,281

)

 

$

1,554

 

 

$

(12,295

)

Earnings per share – basic and diluted

 

$

(0.07

)

 

$

(0.08

)

 

$

(0.13

)

 

$

0.03

 

 

$

(0.25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FISCAL YEAR 2013 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

93,442

 

 

$

97,355

 

 

$

88,009

 

 

$

107,689

 

 

$

386,495

 

Gross profit

 

 

44,138

 

 

 

44,945

 

 

 

39,013

 

 

 

48,260

 

 

 

176,356

 

Operating income (loss)

 

 

1,977

 

 

 

(2,433

)

 

 

(6,576

)

 

 

(6,516

)

 

 

(13,547

)

Income (loss) before taxes

 

 

1,799

 

 

 

(2,674

)

 

 

(6,856

)

 

 

(6,863

)

 

 

(14,593

)

Income tax provision (benefit)  (2)

 

 

792

 

 

 

(995

)

 

 

(2,905

)

 

 

48,769

 

 

 

45,661

 

Income (loss) from continuing operations

 

 

1,007

 

 

 

(1,679

)

 

 

(3,951

)

 

 

(55,632

)

 

 

(60,254

)

Income (loss) from discontinued operations

 

 

4

 

 

 

92

 

 

 

(112

)

 

 

485

 

 

 

468

 

Net income (loss)

 

$

1,011

 

 

$

(1,587

)

 

$

(4,063

)

 

$

(55,147

)

 

$

(59,786

)

Earnings per share – basic and diluted

 

$

0.02

 

 

$

(0.03

)

 

$

(0.08

)

 

$

(1.14

)

 

$

(1.23

)

(1)

As discussed in Note J, during the fourth quarter of fiscal 2014, the Company completed the wind down of its Sears Canada direct business. Accordingly, the operating results for the first three quarters of fiscal 2014 and each of the quarters for fiscal 2013 were restated for discontinued operations.

(2)

During the fourth quarter of fiscal 2013, the Company recorded a non-cash charge of $51.3 million to establish a valuation allowance against its deferred tax assets. Accordingly, no income tax provision (benefit) was recognized on the operating loss for fiscal 2014.  See Note D, “Income Taxes” for disclosure regarding the realizability of the deferred tax assets at January 31, 2015.

The Company’s fiscal quarters are based on a retail cycle of 13 weeks. Historically, and consistent with the retail industry, the Company has experienced seasonal fluctuations as it relates to its operating income and net income. Traditionally, a significant portion of the Company’s operating income and net income is generated in the fourth quarter, as a result of the holiday selling season.