Income Taxes (Tables)

3 Months Ended

12 Months Ended

May 04, 2013

Feb. 02, 2013

Components of Income Tax (Benefit) Expense

The following table summarizes the Company’s income tax expense and effective tax rates for the thirteen weeks ended April 28, 2012 and May 4, 2013 (in thousands):

	Thirteen Weeks Ended
	April 28, 2012			May 4, 2013
(Loss) income before income taxes	$	(1,928	)	$	2,678
Income tax (benefit) expense	$	(771	)	$	1,108
Effective tax rate		40.0	%		41.4	%

The components of the income tax expense are as follows (in thousands):

	Fiscal Year
	2010			2011			2012
Current:
Federal	$	4,080		$	6,979		$	8,127
State		1,389			3,124			2,130
		5,469			10,103			10,257
Deferred:
Federal		(673	)		1,434			3,043
State		(43	)		(1,378	)		769
		(716	)		56			3,812
Income tax expense (benefit)	$	4,753		$	10,159		$	14,069

Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate

The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:

	Fiscal Year
	2010			2011			2012
Statutory federal tax rate		34.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		5.7			5.6			5.5
Other		0.7			(1.9	)		0.8
		40.4	%		38.7	%		41.3	%

Significant Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):

	January 28, 2012			February 2, 2013
Deferred tax assets:
Inventories	$	1,920		$	2,990
Deferred revenue		71			95
Accrued bonus		2,907			1,067
Deferred rent		9,000			12,076
Other		381			750
Deferred tax assets		14,279			16,978
Deferred tax liabilities:
Property and equipment		(10,404	)		(13,874	)
Other		(318	)		(3,359	)
Deferred tax liabilities		(10,722	)		(17,233	)
	$	3,557		$	(255	)