Discontinued Operations

12 Months Ended

Jan. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

The Company complies with the presentation and disclosure guidance provided by ASC Topic 205, “Presentation of Financial Statements-Discontinued Operations” (“ASC 205”) with respect to its store closure activity. In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment" and "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). The ASU amendment changes the requirements for reporting discontinued operations in Subtopic 205-20. The amendment is effective on a prospective basis for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2014. Early adoption is permitted. The Company has adopted ASU 2014-08 as of the beginning of its fourth fiscal quarter of 2014. The adoption of this ASU did not have a material impact on the Company's financial position or results of operations.

During fiscal 2014, 2013 and 2012, the Company closed 18, 30 and 92 underperforming stores, respectively. The Company does not believe the stores closed after the adoption of ASU 2014-08 represent a "strategic shift" as defined in the guidance. Prior to the adoption of ASU 2014-08, the cash flows of the closed stores were determined not to be significant to ongoing operations, and the cash inflows of nearby stores were not expected to increase significantly, therefore, the results of operations of these closed stores are included in discontinued operations.

The following table details the operating results included in discontinued operations for the periods presented:

	Fiscal Year Ended
	February 1, 2014			February 2, 2013
Net sales	$	16,133		$	73,532
Cost of goods sold, including buying, distribution and occupancy costs	13,033			54,231
Gross margin	3,100			19,301
Selling, general and administrative expenses	4,864			18,719
Operating (loss) income	(1,764		)	582
Income tax (benefit) expense	(19		)	74
(Loss) income from discontinued operations	$	(1,745	)	$	508