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Income Taxes
3 Months Ended
Apr. 30, 2011
Income Tax Abstract  
Income Tax Disclosure

11. INCOME TAXES

 

The provision for income taxes is based on the current estimate of the annual effective tax rate adjusted to reflect the impact of items discrete to the thirteen weeks ended April 30, 2011. The effective tax rate for continuing operations for the thirteen weeks ended April 30, 2011 was a 35.6% expense as compared to a 39.5% benefit for the Fiscal 2010 comparable period. The tax rate for thirteen weeks ended April 30, 2011 benefited from foreign operations with a lower effective tax rate. The tax benefit associated with the loss from continuing operations during the thirteen weeks ended May 1, 2010 was favorably impacted by a net reduction in reserves resulting from the settlement of tax audits and the net release of valuation allowances.

 

Cash payments of income taxes made during the thirteen weeks ended April 30, 2011 and May 1, 2010 were approximately $67.3 million and $3.6 million, respectively.