Stein Mart 2008 Annual Report Download - page 41

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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-17
2006, the Company recorded net pre-tax charges of $4.7 million, $1.1 million and $1.8 million, respectively, for store closing charges,
including adjustments to previously recorded store closing reserves for changes in estimated sublease income. Store closing charges are
included in SG&A expenses in the Consolidated Statements of Operations.
The following tables show the activity in the store closing reserve:
February 2,
2008 Charges Payments
January 31,
2009
Lease termination costs $3,321 $3,568 $1,849 $5,040
Severance - 1,129 944 185
Total store closing reserve $3,321 $4,697 $2,793 $5,225
February 3,
2007 Charges Payments
February 2,
2008
Lease termination costs $4,639 $889 $2,207 $3,321
Severance - 256 256 -
Total store closing reserve $4,639 $1,145 $2,463 $3,321
January 28,
2006 Charges Payments
February 3,
2007
Lease termination costs $5,522 $1,325 $2,208 $4,639
Severance 63 452 515 -
Total store closing reserve $5,585 $1,777 $2,723 $4,639
The store closing reserve at January 31, 2009, February 2, 2008 and February 3, 2007 includes a current portion (in accrued liabilities) of
$2.1 million, $1.2 million and $2.1 million, respectively, and a long-term portion (in other liabilities) of $3.1 million, $2.1 million and $2.5
million, respectively.
10. Sales by Major Merchandise Category
The Company is a single business segment as defined by SFAS No. 131, Disclosures about Segments of an Enterprise and Related
Information. SFAS No. 131 requires that companies report revenues for each product or group of similar products. The following table
summarizes the Company’s sales by major merchandise category:
2008 2007 2006
Ladies’ apparel and accessories $ 836,985 $ 901,719 $ 901,289
Men’s apparel and accessories 286,195 309,832 316,408
Gifts and linens 161,335 203,683 226,272
Other 41,954 42,411 57,327
Net sales $1,326,469 $1,457,645 $1,501,296