Inventories Inventories consist of the following (in thousands): | | | | | | | | | | May 5, 2018 | | Feb 3, 2018 | Raw materials | $ | 660 |
| | $ | 604 |
| Work in progress | 22 |
| | 16 |
| Finished goods (1) | 434,240 |
| | 427,684 |
| | $ | 434,922 |
| | $ | 428,304 |
|
| | (1) | During the first quarter of fiscal 2019, the Company adopted a new revenue recognition standard on a modified retrospective basis which changed the presentation of the estimated cost associated with the allowance for sales returns to be included within other current assets rather than included in inventories. Accordingly, the Company has included $9.8 million related to the estimated cost associated with the allowance for sales returns in other current assets as of May 5, 2018. Refer to Notes 1 and 2 for further information regarding the impact from the adoption of the new revenue recognition standard on the Company’s condensed consolidated financial statements and related disclosures during the first quarter of fiscal 2019. |
The above balances include an allowance to write down inventories to the lower of cost or net realizable value of $31.7 million and $29.9 million as of May 5, 2018 and February 3, 2018, respectively. |