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Business Description and Basis of Presentation [Text Block]

1.	Preparation of Interim Financial Statements

The condensed consolidated financial statements of Hooker Furniture Corporation and subsidiaries (referred to as “we,” “us,” “our,” “Hooker” or the “Company”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these statements include all adjustments necessary for a fair statement of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) are condensed or omitted pursuant to SEC rules and regulations. However, we believe that the disclosures made are adequate for a fair presentation of our results of operations and financial position. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our annual report on Form 10-K for the fiscal year ended February 3, 2019 (“2019 Annual Report”). The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect both the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from our estimates. Operating results for the interim periods reported herein may not be indicative of the results expected for the fiscal year.

The financial statements contained herein are being filed as part of a quarterly report on Form 10-Q covering the thirteen-week period (also referred to as “three months,” “three-month period,” “quarter,” “first quarter” or “quarterly period”) that began February 4, 2019 and ended May 5, 2019. This report discusses our results of operations for this period compared to the thirteen-week period that began January 29, 2018 and ended April 29, 2018; and our financial condition as of May 5, 2019 compared to February 3, 2019.

References in these notes to the condensed consolidated financial statements of the Company to:

■

the 2020 fiscal year and comparable terminology mean the fifty-two-week fiscal year that began February 4, 2019 and will end February 2, 2020; and

■

the 2019 fiscal year and comparable terminology mean the fifty-three-week fiscal year that began January 29, 2018 and ended February 3, 2019.

NOTE 2 - Recently Adopted Accounting Policies

3 Months Ended

May 05, 2019

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

2.	Recently Adopted Accounting Policies

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“Topic 842”), which requires lessees to recognize lease right-of-use assets and liabilities on balance sheet and disclose key information about leasing arrangements. ASU 2016-02 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. We adopted Topic 842 standard on February 4, 2019 and used the effective date transition method. As a result, our condensed consolidated balance sheets prior to February 4, 2019 were not restated and continue to be reported under previous guidance that did not require the recognition of lease liabilities and corresponding lease assets on the condensed consolidated balance sheets. In addition, we have elected the package of practical expedients, which allowed us not to reassess prior conclusions related to the expired or existing leases, and not to reassess the accounting for initial direct costs. As a result of the adoption of Topic 842, we have operating lease right-of-use assets of $43.9 million and operating lease liabilities of $44.0 million as of May 5, 2019. The adoption of Topic 842 did not have a material impact on our condensed consolidated statements of income and condensed consolidated statement of cash flows for the three-month period ended May 5, 2019. See Note 8 for additional information and disclosures required by Topic 842.

NOTE 3 - Accounts Receivable

3 Months Ended

May 05, 2019

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

3.	Accounts Receivable

	May 5,			February 3,
	2019			2019

Trade accounts receivable	$	84,259		$	117,732
Other accounts receivable allowances		(5,098	)		(4,267	)
Allowance for doubtful accounts		(917	)		(908	)
Accounts receivable	$	78,244		$	112,557

NOTE 4 - Inventories

3 Months Ended

May 05, 2019

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

4.	Inventories

	May 5,			February 3,
	2019			2019
Finished furniture	$	119,582		$	112,847
Furniture in process		1,528			1,825
Materials and supplies		10,325			10,896
Inventories at FIFO		131,435			125,568
Reduction to LIFO basis		(20,670	)		(20,364	)
Inventories	$	110,765		$	105,204

NOTE 5 - Property, Plant and Equipment

3 Months Ended

May 05, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

5.	Property, Plant and Equipment

	Depreciable Lives	May 5,		February 3,
	(In years)	2019		2019

Buildings and land improvements	15 - 30	$	24,717	$	24,588
Computer software and hardware	3 - 10		18,910		18,719
Machinery and equipment	10		8,983		8,934
Leasehold improvements	Term of lease		9,683		9,376
Furniture and fixtures	3 - 10		2,388		2,318
Other	5		665		665
Total depreciable property at cost			65,346		64,600
Less accumulated depreciation			41,034		39,925
Total depreciable property, net			24,312		24,675
Land			1,067		1,067
Construction-in-progress			5,259		3,740
Property, plant and equipment, net		$	30,638	$	29,482

NOTE 6 - Fair Value Measurements

3 Months Ended

May 05, 2019

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

6.	Fair Value Measurements

Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability (an exit price) in an orderly transaction between market participants on the applicable measurement date. We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

■

Level 1, defined as observable inputs such as quoted prices in active markets for identical assets and liabilities;

■

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

■

Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of May 5, 2019 and February 3, 2019, Company-owned life insurance was measured at fair value on a recurring basis based on Level 2 inputs. The fair value of the Company-owned life insurance is determined by inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Additionally, the fair value of the Company-owned life insurance is marked to market each reporting period and any change in fair value is reflected in income for that period.

On January 30, 2019, our Board of Directors voted to terminate the Pension Plan. Pension Plan termination is an eighteen to twenty-four-month process, that involves seeking certain approvals from both the IRS and Pension Benefit Guaranty Corporation (“PBGC”). As of February 3, 2019, current Pension Plan assets are invested in bond funds and are measured at fair value using Level 1 inputs, which are quoted prices in active markets. As of February 3, 2019, the funded status for this plan was $86,000 shown on the “Other assets” line of our condensed consolidated balance sheets. See Note 10. Employee Benefit Plans for additional information about the Plan.

Our assets measured at fair value on a recurring basis at May 5, 2019 and February 3, 2019, were as follows:

	Fair value at May 5, 2019								Fair value at February 3, 2019
Description	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Assets measured at fair value
Company-owned life insurance	$	-	$	24,533	$	-	$	24,533	$	-	$	23,816	$	-	$	23,816
Pension Plan assets*		10,992		-		-		10,992		10,992		-		-		10,992

* as of February 3, 2019 for Pension Plan assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

NOTE 7 - Intangible Assets

3 Months Ended

May 05, 2019

Intangible Assets Disclosure [Text Block]

7.	Intangible Assets

		May 5,		February 3,
Non-amortizable Intangible Assets	Segment	2019		2019
Goodwill	Home Meridian	$	23,187	$	23,187
Goodwill	All Other		16,871		16,871
Total Goodwill			40,058		40,058

Trademarks and trade names - Home Meridian	Home Meridian		11,400		11,400
Trademarks and trade names - Bradington-Young	All Other		861		861
Trademarks and trade names - Sam Moore	All Other		396		396
Total Trademarks and trade names		$	12,657	$	12,657

Total non-amortizable assets		$	52,715	$	52,715

Our amortizable intangible assets are recorded in our Home Meridian segment and All Other. The carrying amounts and changes therein of those amortizable intangible assets were as follows:

	Amortizable Intangible Assets
	Customer
	Relationships			Trademarks			Totals

Balance at February 3, 2019	$	22,320		$	778		$	23,098
Amortization		(581	)		(15	)		(596	)
Balance at May 5, 2019	$	21,739		$	763		$	22,502

For the remainder of fiscal 2020, amortization expense is expected to be approximately $1.8 million.

NOTE 8 - Leases

3 Months Ended

May 05, 2019

ASU 2016-02 Transition [Abstract]

Lessee, Operating Lease, Disclosure [Table Text Block]

8.	Leases

On February 4, 2019, we adopted Accounting Standards Codification Topic 842 Leases. Our lease assets are composed of real estate and equipment. Real estate leases consist primarily of warehouses and offices, while equipment leases consist of vehicles, office and warehouse equipment. At the inception of a contract, we assess whether the contract is, or contains, a lease. Our assessment is based on: (a) whether there is an identified asset in the contract that is land or a depreciable asset – i.e. property, plant or equipment; (b) whether we have the right to control the use of the identified asset throughout the period of use, which may be different from the overall contract term; and (c) whether we have the right to direct the use of an identified asset if it can direct (and change) how and for what purpose the asset will be used throughout the period of use.

Leases are classified as either finance leases or operating leases based on criteria in Topic 842. All of our leases are classified as operating leases. We do not currently have finance leases but could in the future.

Operating lease right-of-use ("ROU") assets and liabilities are recognized on the adoption date based on the present value of lease payments over the remaining lease term. As interest rates are not explicitly stated or implicit in any of our leases, we utilized our incremental borrowing rate at the adoption date of February 4, 2019, which was one-month LIBOR plus 1.5%. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

At the inception of a lease, we allocate the consideration in the contract to each lease and non-lease component based on the component's relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Some of our real estate leases contain variable lease payments, including payments based on the percentage increase in the Consumer Price Index for Urban Consumers (“CPI-U”). We used February 2019 CPI-U issued by the US Department of Labor’s Bureau of Labor Statistics to measure lease payments and calculate lease liabilities. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded when incurred.

We have a sub-lease at one of our warehouses. In accordance with the provisions of Topic 842, since we have not been relieved as the primary obligor of the warehouse lease, we cannot net the sublease income against our lease payment to calculate the lease liability and ROU asset. Our practice has been, and we will continue to, straight-line the sub-lease income over the term of the sublease. We recognized $130,000 sub-lease income for the three-month period ended May 5, 2019.

Our leases have remaining lease terms of less than one year to seven years, some of which include options to extend the leases for up to seven years. We have elected not to recognize ROU assets and lease liabilities that arise from short term leases for any class of underlying asset. Short term leases are leases with lease terms of 12 months or less with either (a) no renewal option or (b) a renewal option which we are not reasonably certain to exercise.

We have elected to adopt a package of practical expedients provided under Topic 842 that allows us not to reassess: (a) whether expired or existing contracts contain a lease under the new definition of a lease; (b) lease classification of expired or existing leases; and (c) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842.

The components of lease cost and supplemental cash flow information for leases for the three-months ended May 5, 2019 were:

	13 Weeks Ended
	May 5, 2019
Operating lease cost	$	2,076
Short-term lease cost		113
Total operating lease cost	$	2,189


Operating cash outflows	$	2,386

The right-of-use assets and lease liabilities recorded on our Condensed Consolidated Balance Sheets as of May 5, 2019 were:

	May 5, 2019
Real estate	$	42,679
Property and equipment		1,215
Total operating leases right-of-use assets	$	43,894

Current portion of operating lease liabilities	$	5,847
Long term operating lease liabilities		38,171
Total operating lease liabilities	$	44,018

Weighted-average remaining lease term is 7.8 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 4.014%.

The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the condensed consolidated balance sheet at May 5, 2019:

	Undiscounted Future Operating Lease Payments
Remainder of 2019	$	5,775
2020		7,689
2021		7,072
2022		5,478
2023		5,239
2024 and thereafter		20,251
Total lease payments	$	51,504
Less: impact of discounting		(7,486	)
Present value of lease payments	$	44,018

As of May 5, 2019, we did not have any additional operating or finance leases that had not yet commenced.

NOTE 9 - Long-Term Debt

3 Months Ended

May 05, 2019

Long-term Debt [Text Block]

9.	Long-Term Debt

As of May 5, 2019, we had an aggregate $27.7 million available under our revolving credit facility to fund working capital needs. Standby letters of credit in the aggregate amount of $2.3 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the revolving credit facility as of May 5, 2019. There were no additional borrowings outstanding under the revolving credit facility as of May 5, 2019.

NOTE 10 - Employee Benefit Plans

3 Months Ended

May 05, 2019

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

10.

Employee Benefit Plans

We maintain three retirement plans for the benefit of certain former and current employees, including a supplemental retirement income plan (“SRIP”) for certain former and current employees of Hooker Furniture Corporation, as well as two plans for the benefit of certain and former employees of Pulaski Furniture Corporation, which we assumed when we acquired the business of Home Meridian International. These legacy pension plan obligations include:

■

the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. The SERP is an unfunded plan and all benefits are paid solely out of our general assets; and

■

the Pension Plan for former Pulaski Furniture Corporation employees.

The SRIP, SERP and Pension Plan are all “frozen” and we do not expect to add additional participants to any of these plans in the future. On January 30, 2019, our Board of Directors voted to terminate the Pension Plan. Pension Plan termination is an eighteen to twenty-four-month process, that involves seeking certain approvals from both the IRS and PBGC. Once we receive the appropriate approvals, an insurance company will be selected to provide annuities for participants at an amount equal to their current monthly pension benefit. Upon settlement of the pension liability, we will reclassify the related pension losses currently recorded in accumulated other comprehensive loss, to the consolidated statements of operations. We expect to record pension settlement expenses against earnings which could adversely affect our earnings. Additionally, there could be excess costs to terminate the plan. We do not expect these expenses and costs to be material.

As of May 5, 2019, current Pension Plan assets are invested in bond funds and are measured at fair value using Level 1 inputs, which are quoted prices in active markets.

	Thirteen Weeks Ended
	May 5,			April 29,
	2019			2018
Net periodic benefit costs
Service cost		26			82
Interest cost		205			207
Actuarial loss		37			43
Expected return on pension plan assets		(101	)		(144	)
Expected administrative expenses		97			70

Consolidated net periodic benefit costs	$	264		$	258

The expected long-term rate of return on Pension Plan assets is 3.8% as of the Pension Plan’s most recent valuation date of February 3, 2019.

The SRIP and SERP plans are unfunded plans. We paid $178,000 in the first quarter and expect to pay a total of approximately $506,000 in benefit payments from our general assets during the remainder of fiscal 2020 to fund SRIP and SERP payments.

NOTE 11 - Earnings Per Share

3 Months Ended

May 05, 2019

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

11.

Earnings Per Share

We refer you to the discussion of Earnings Per Share in Note 2. Summary of Significant Accounting Policies, in the financial statements included in our 2019 Annual Report, for additional information concerning the calculation of earnings per share.

All stock awards are designed to encourage retention and to provide an incentive for increasing shareholder value. We have issued restricted stock awards to non-employee members of the board of directors since 2006 and to certain non-executive employees since 2014. We have issued restricted stock units (“RSUs”) to certain senior executives since fiscal 2012 under the Company’s Stock Incentive Plan. Each RSU entitles an executive to receive one share of the Company’s common stock if the executive remains continuously employed with the Company through the end of a three-year service period. The RSUs may be paid in shares of our common stock, cash or both at the discretion of the Compensation Committee of our board of directors. We have issued Performance-based Restricted Stock Units (“PSUs”) to certain senior executives since fiscal 2019 under the Company’s Stock Incentive Plan. Each PSU entitles the executive officer to receive one share of our common stock based on the achievement of two specified performance conditions if the executive officer remains continuously employed through the end of the three-year performance period. One target is based on our annual average growth in our EPS over the performance period and the other target is based on EPS growth over the performance period compared to our peers. The payout or settlement of the PSUs will be made in shares of our common stock.

We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs and PSUs, net of forfeitures and vested shares, as of the fiscal period-end dates indicated:

	May 5,		February 3,
	2019		2019

Restricted shares		33		22
RSUs and PSUs		57		14
		90		36

The number of outstanding restricted shares increased due primarily to grants of restricted shares to a larger population of our non-executive employees as an incentive for retention and alignment of individual performance to our values. The number of RSUs and PSUs increased primarily due to the addition of three additional executive officers in the second quarter of fiscal 2019.

All restricted shares, RSUs and PSUs awarded that have not yet vested are considered when computing diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share:

	Thirteen Weeks Ended
	May 5,		April 29,
	2019		2018

Net income	$	1,987	$	7,154
Less: Unvested participating restricted stock dividends		4		2
Net earnings allocated to unvested participating restricted stock		4		9
Earnings available for common shareholders		1,979		7,143

Weighted average shares outstanding for basic earnings per share		11,769		11,750
Dilutive effect of unvested restricted stock, RSU and PSU awards		36		23
Weighted average shares outstanding for diluted earnings per share		11,805		11,773

Basic earnings per share	$	0.17	$	0.61

Diluted earnings per share	$	0.17	$	0.61

NOTE 12 - Income Taxes

3 Months Ended

May 05, 2019

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

12.

Income Taxes

We recorded income tax expense of $515,000 for the fiscal 2020 first quarter compared to $1.8 million for the comparable prior year period. The effective tax rates for the fiscal 2020 and 2019 first quarters were 20.6% and 20.5%, respectively.

The net unrecognized tax benefits as of May 5, 2019 and February 3, 2019, which, if recognized, would affect our effective tax rate are $39,000 and $38,000, respectively.

Tax years ending January 31, 2016 through February 3, 2019 remain subject to examination by federal and state taxing authorities.

NOTE 13 - Segment Information

3 Months Ended

May 05, 2019

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13.

Segment Information

For financial reporting purposes, we are organized into two reportable segments and “All Other”, which includes the remainder of our businesses:

■

Hooker Branded, consisting of the operations of our imported Hooker Casegoods and Hooker Upholstery businesses;

■

Home Meridian, a business acquired at the beginning of fiscal 2017, is a stand-alone, mostly autonomous business that serves a different type or class of customer than do our other operating segments and at much lower margins; and

■

All Other, which includes the domestic upholstery manufacturing operations of Bradington-Young, Sam Moore, Shenandoah Furniture, and H Contract. None of these operating segments were individually reportable; therefore, we combined them in “All Other” in accordance with ASC 280.

The following table presents segment information for the periods, and as of the dates, indicated:

	Thirteen Weeks Ended
	May 5, 2019						April 29, 2018
				% Net						% Net
Net Sales				Sales						Sales
Hooker Branded	$	39,600			29.2	%	$	42,772			29.9	%
Home Meridian		67,630			49.9	%		70,596			49.4	%
All Other		28,288			20.9	%		29,524			20.7	%
Consolidated	$	135,518			100.0	%	$	142,892			100.0	%

Gross Profit
Hooker Branded	$	12,556			31.7	%	$	14,422			33.7	%
Home Meridian		5,903			8.7	%		10,416			14.8	%
All Other		7,058			25.0	%		7,128			24.1	%
Consolidated	$	25,517			18.8	%	$	31,966			22.4	%

Operating Income
Hooker Branded	$	5,177			13.1	%	$	6,726			15.7	%
Home Meridian		(4,993	)		-7.4	%		(288	)		-0.4	%
All Other		2,721			9.6	%		2,942			10.0	%
Consolidated	$	2,905			2.1	%	$	9,380			6.6	%

Capital Expenditures
Hooker Branded	$	125					$	210
Home Meridian		117						36
All Other		1,285						124
Consolidated	$	1,527					$	370


Depreciation & Amortization
Hooker Branded	$	492					$	484
Home Meridian		531						591
All Other		693						753
Consolidated	$	1,716					$	1,828

	As of May 5,					As of February 3,
	2019		%Total			2019		%Total
Identifiable Assets			Assets					Assets
Hooker Branded	$	148,866		45.6	%	$	108,445		36.9	%
Home Meridian		135,312		41.4	%		144,277		49.1	%
All Other		42,524		13.0	%		41,181		14.0	%
Consolidated	$	326,702		100.0	%	$	293,903		100.0	%
Consolidated Goodwill and Intangibles		75,217					75,813
Total Consolidated Assets	$	401,919				$	369,716

Sales by product type are as follows:

	Net Sales (in thousands)
	Thirteen Weeks Ended
	May 5, 2019		%Total			April 29, 2018		%Total
Casegoods	$	84,464		62	%	$	89,492		63	%
Upholstery		51,054		38	%		53,400		37	%
	$	135,518		100	%	$	142,892		100	%

NOTE 14 - Subsequent Events

3 Months Ended

May 05, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

14.

Subsequent Events

Dividends

On June 5, 2019, our board of directors declared a quarterly cash dividend of $0.15 per share, payable on June 30, 2019 to shareholders of record at June 17, 2019.

NOTE 3 - Accounts Receivable (Tables)

3 Months Ended

May 05, 2019

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	May 5,			February 3,
	2019			2019

Trade accounts receivable	$	84,259		$	117,732
Other accounts receivable allowances		(5,098	)		(4,267	)
Allowance for doubtful accounts		(917	)		(908	)
Accounts receivable	$	78,244		$	112,557

NOTE 4 - Inventories (Tables)

3 Months Ended

May 05, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

	May 5,			February 3,
	2019			2019
Finished furniture	$	119,582		$	112,847
Furniture in process		1,528			1,825
Materials and supplies		10,325			10,896
Inventories at FIFO		131,435			125,568
Reduction to LIFO basis		(20,670	)		(20,364	)
Inventories	$	110,765		$	105,204

NOTE 5 - Property, Plant and Equipment (Tables)

3 Months Ended

May 05, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

	Depreciable Lives	May 5,		February 3,
	(In years)	2019		2019

Buildings and land improvements	15 - 30	$	24,717	$	24,588
Computer software and hardware	3 - 10		18,910		18,719
Machinery and equipment	10		8,983		8,934
Leasehold improvements	Term of lease		9,683		9,376
Furniture and fixtures	3 - 10		2,388		2,318
Other	5		665		665
Total depreciable property at cost			65,346		64,600
Less accumulated depreciation			41,034		39,925
Total depreciable property, net			24,312		24,675
Land			1,067		1,067
Construction-in-progress			5,259		3,740
Property, plant and equipment, net		$	30,638	$	29,482

NOTE 6 - Fair Value Measurements (Tables)

3 Months Ended

May 05, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Our assets measured at fair value on a recurring basis at May 5, 2019 and February 3, 2019, were as follows:

	Fair value at May 5, 2019								Fair value at February 3, 2019
Description	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Assets measured at fair value
Company-owned life insurance	$	-	$	24,533	$	-	$	24,533	$	-	$	23,816	$	-	$	23,816
Pension Plan assets*		10,992		-		-		10,992		10,992		-		-		10,992

* as of February 3, 2019 for Pension Plan assets.

NOTE 7 - Intangible Assets (Tables)

3 Months Ended

May 05, 2019

Schedule of Indefinite-Lived Intangible Assets [Table Text Block]

		May 5,		February 3,
Non-amortizable Intangible Assets	Segment	2019		2019
Goodwill	Home Meridian	$	23,187	$	23,187
Goodwill	All Other		16,871		16,871
Total Goodwill			40,058		40,058

Trademarks and trade names - Home Meridian	Home Meridian		11,400		11,400
Trademarks and trade names - Bradington-Young	All Other		861		861
Trademarks and trade names - Sam Moore	All Other		396		396
Total Trademarks and trade names		$	12,657	$	12,657

Total non-amortizable assets		$	52,715	$	52,715

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Our amortizable intangible assets are recorded in our Home Meridian segment and All Other. The carrying amounts and changes therein of those amortizable intangible assets were as follows:

	Amortizable Intangible Assets
	Customer
	Relationships			Trademarks			Totals

Balance at February 3, 2019	$	22,320		$	778		$	23,098
Amortization		(581	)		(15	)		(596	)
Balance at May 5, 2019	$	21,739		$	763		$	22,502

NOTE 8 - Leases (Tables)

3 Months Ended

May 05, 2019

ASU 2016-02 Transition [Abstract]

Lease, Cost [Table Text Block]

The components of lease cost and supplemental cash flow information for leases for the three-months ended May 5, 2019 were:

	13 Weeks Ended
	May 5, 2019
Operating lease cost	$	2,076
Short-term lease cost		113
Total operating lease cost	$	2,189


Operating cash outflows	$	2,386

Schedule of Right-of-Use Assets and Lease Liabilities [Table Text Block]

The right-of-use assets and lease liabilities recorded on our Condensed Consolidated Balance Sheets as of May 5, 2019 were:

	May 5, 2019
Real estate	$	42,679
Property and equipment		1,215
Total operating leases right-of-use assets	$	43,894

Current portion of operating lease liabilities	$	5,847
Long term operating lease liabilities		38,171
Total operating lease liabilities	$	44,018

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the condensed consolidated balance sheet at May 5, 2019:

	Undiscounted Future Operating Lease Payments
Remainder of 2019	$	5,775
2020		7,689
2021		7,072
2022		5,478
2023		5,239
2024 and thereafter		20,251
Total lease payments	$	51,504
Less: impact of discounting		(7,486	)
Present value of lease payments	$	44,018

NOTE 10 - Employee Benefit Plans (Tables)

3 Months Ended

May 05, 2019

Pension Plan [Member]

NOTE 10 - Employee Benefit Plans (Tables) [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

As of May 5, 2019, current Pension Plan assets are invested in bond funds and are measured at fair value using Level 1 inputs, which are quoted prices in active markets.

	Thirteen Weeks Ended
	May 5,			April 29,
	2019			2018
Net periodic benefit costs
Service cost		26			82
Interest cost		205			207
Actuarial loss		37			43
Expected return on pension plan assets		(101	)		(144	)
Expected administrative expenses		97			70

Consolidated net periodic benefit costs	$	264		$	258

NOTE 11 - Earnings Per Share (Tables)

3 Months Ended

May 05, 2019

Earnings Per Share [Abstract]

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	May 5,		February 3,
	2019		2019

Restricted shares		33		22
RSUs and PSUs		57		14
		90		36

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Thirteen Weeks Ended
	May 5,		April 29,
	2019		2018

Net income	$	1,987	$	7,154
Less: Unvested participating restricted stock dividends		4		2
Net earnings allocated to unvested participating restricted stock		4		9
Earnings available for common shareholders		1,979		7,143

Weighted average shares outstanding for basic earnings per share		11,769		11,750
Dilutive effect of unvested restricted stock, RSU and PSU awards		36		23
Weighted average shares outstanding for diluted earnings per share		11,805		11,773

Basic earnings per share	$	0.17	$	0.61

Diluted earnings per share	$	0.17	$	0.61

NOTE 13 - Segment Information (Tables)

3 Months Ended

May 05, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table presents segment information for the periods, and as of the dates, indicated:

	Thirteen Weeks Ended
	May 5, 2019						April 29, 2018
				% Net						% Net
Net Sales				Sales						Sales
Hooker Branded	$	39,600			29.2	%	$	42,772			29.9	%
Home Meridian		67,630			49.9	%		70,596			49.4	%
All Other		28,288			20.9	%		29,524			20.7	%
Consolidated	$	135,518			100.0	%	$	142,892			100.0	%

Gross Profit
Hooker Branded	$	12,556			31.7	%	$	14,422			33.7	%
Home Meridian		5,903			8.7	%		10,416			14.8	%
All Other		7,058			25.0	%		7,128			24.1	%
Consolidated	$	25,517			18.8	%	$	31,966			22.4	%

Operating Income
Hooker Branded	$	5,177			13.1	%	$	6,726			15.7	%
Home Meridian		(4,993	)		-7.4	%		(288	)		-0.4	%
All Other		2,721			9.6	%		2,942			10.0	%
Consolidated	$	2,905			2.1	%	$	9,380			6.6	%

Capital Expenditures
Hooker Branded	$	125					$	210
Home Meridian		117						36
All Other		1,285						124
Consolidated	$	1,527					$	370


Depreciation & Amortization
Hooker Branded	$	492					$	484
Home Meridian		531						591
All Other		693						753
Consolidated	$	1,716					$	1,828

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

The following table presents segment information for the periods, and as of the dates, indicated:

	As of May 5,					As of February 3,
	2019		%Total			2019		%Total
Identifiable Assets			Assets					Assets
Hooker Branded	$	148,866		45.6	%	$	108,445		36.9	%
Home Meridian		135,312		41.4	%		144,277		49.1	%
All Other		42,524		13.0	%		41,181		14.0	%
Consolidated	$	326,702		100.0	%	$	293,903		100.0	%
Consolidated Goodwill and Intangibles		75,217					75,813
Total Consolidated Assets	$	401,919				$	369,716

Revenue from External Customers by Products and Services [Table Text Block]

Sales by product type are as follows:

	Net Sales (in thousands)
	Thirteen Weeks Ended
	May 5, 2019		%Total			April 29, 2018		%Total
Casegoods	$	84,464		62	%	$	89,492		63	%
Upholstery		51,054		38	%		53,400		37	%
	$	135,518		100	%	$	142,892		100	%

NOTE 2 - Recently Adopted Accounting Policies (Details) - USD ($) $ in Thousands	May 05, 2019	Feb. 03, 2019
Accounting Changes and Error Corrections [Abstract]
Operating Lease, Right-of-Use Asset	$ 43,894	$ 0
Operating Lease, Liability	$ 44,018

NOTE 3 - Accounts Receivable (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands	May 05, 2019	Feb. 03, 2019
Schedule of Accounts, Notes, Loans and Financing Receivable [Abstract]
Trade accounts receivable	$ 84,259	$ 117,732
Other accounts receivable allowances	(5,098)	(4,267)
Allowance for doubtful accounts	(917)	(908)
Accounts receivable	$ 78,244	$ 112,557

NOTE 4 - Inventories (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	May 05, 2019	Feb. 03, 2019
Schedule of Inventory, Current [Abstract]
Finished furniture	$ 119,582	$ 112,847
Furniture in process	1,528	1,825
Materials and supplies	10,325	10,896
Inventories at FIFO	131,435	125,568
Reduction to LIFO basis	(20,670)	(20,364)
Inventories	$ 110,765	$ 105,204

NOTE 5 - Property, Plant and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands	3 Months Ended
	May 05, 2019	Feb. 03, 2019
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 65,346	$ 64,600
Less accumulated depreciation	41,034	39,925
Total depreciable property, net	24,312	24,675
Land	1,067	1,067
Construction-in-progress	5,259	3,740
Property, plant and equipment, net	30,638	29,482
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	24,717	24,588
Computer Software and Hardware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	18,910	18,719
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 8,983	8,934
Property, Plant and Equipment, Depreciable Lives	10
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 9,683	9,376
Property, Plant and Equipment, Depreciable Lives	Term of lease
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,388	2,318
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 665	$ 665
Property, Plant and Equipment, Depreciable Lives	5
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives	15
Minimum [Member] \| Computer Software and Hardware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives	3
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives	3
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives	30
Maximum [Member] \| Computer Software and Hardware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives	10
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciable Lives	10

NOTE 6 - Fair Value Measurements (Details)	Feb. 03, 2019 USD ($)
Pension Plan [Member]
NOTE 6 - Fair Value Measurements (Details) [Line Items]
Assets for Plan Benefits, Defined Benefit Plan	$ 86,000

NOTE 6 - Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($)
$ in Thousands

May 31, 2019

May 05, 2019

Feb. 28, 2019

Feb. 03, 2019

$ 24,533

$ 23,816

Fair Value, Inputs, Level 1 [Member]

^[1]

$ 10,992

$ 0

Fair Value, Inputs, Level 2 [Member]

^[1]

10,992

24,533

23,816

Fair Value, Inputs, Level 3 [Member]

^[1]