Income Taxes

6 Months Ended

Jul. 30, 2011

Note 14

Income Taxes

The Company's consolidated effective tax rate was a benefit of 34.7% for the second quarter of 2011, compared to a provision of 35.0% for the second quarter of last year reflecting a higher mix of wholesale earnings earned in lower-tax jurisdictions.

The Company's consolidated effective tax rate was a benefit of 14.8% in the first half of 2011, compared to a provision of 36.7% in the first half of last year. The first half rate is lower primarily due to a discrete tax charge of $0.2 million in the first quarter due to the non-deductibility of certain costs related to the ASG acquisition. For tax purposes, the acquisition related expenses recognized for financial statement purposes are treated as an addition to the basis of the ASG stock rather than a current period deduction. In addition, during the first half of 2011, the Company has a higher mix of wholesale earnings, which carry a lower income tax rate than our retail divisions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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+ Details