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Income Taxes
9 Months Ended
Oct. 29, 2011
Income Taxes [Abstract]  
Income Taxes

 

NOTE 7 – INCOME TAXES:

 

For the quarter ended October 29, 2011, the Company's effective tax rate was 31.4% compared to 32.0% for the prior year quarter ended October 30, 2010. The current year quarter was impacted by the reduction of a reserve for certain unrecognized tax benefits from the closing of a state income tax audit. The effective income tax rate for the first nine months of fiscal 2011 was 35.4% compared to 36.1% for the first nine months of fiscal 2010. During the next 12 months, various taxing authorities' statutes of limitations are expected to expire which could result in a potential reduction of unrecognized tax benefits. In addition, certain tax examinations may close, the ultimate resolution of which could materially affect the effective tax rate. As a consequence, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. It is reasonably possible such changes could be significant when compared to our total unrecognized tax benefits, but the amount of change is not currently estimable.