Recent Accounting Pronouncements Significant Accounting Policy (Policies) (USD $)
In Millions, unless otherwise specified

9 Months Ended

Oct. 27, 2012

Notes to Financial Statements [Abstract]

Significant Accounting Policies [Text Block]

2. Summary of Significant Accounting Policies

The items listed below should be read in conjunction with the Summary of Significant Accounting Policies included in Note 1 to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2012.

Foreign Currency Translation

Balance sheet accounts of our Canadian operations, which commenced during the third quarter of Fiscal 2012, are translated at the exchange rate in effect at the end of each period while statement of operations accounts are translated using the weighted average of the prevailing exchange rates during such period. Gains or losses resulting from foreign currency transactions are included in the Condensed Consolidated Statements of Operations under the caption "Other non-operating expense," whereas, translation adjustments are reflected in the Condensed Consolidated Statements of Comprehensive Income under the caption "Foreign currency translation adjustment."

Gift Cards and Merchandise Credits

 Gift cards and merchandise credits issued by the Company do not have expiration dates and the Company honors all gift cards and merchandise credits presented by clients regardless of the length of time that passes from issuance to redemption.  The Company records a liability for unredeemed gift cards and merchandise credits at the time gift cards are sold or merchandise credits are issued.  The Company recognizes revenue and relieves the corresponding gift card and/or merchandise credit liability when the cards are redeemed by clients.

In cases where the Company has determined that it has a legal obligation to remit the value of unredeemed gift cards and merchandise credits to any state, the value of these cards is escheated to the appropriate state in accordance with the state's unclaimed property laws.  In certain jurisdictions, the Company is permitted to retain a portion of the escheated value of unredeemed gift cards and merchandise credits, which is recorded in Net sales, and is immaterial.

During the third quarter of Fiscal 2012, the Company recognized $6.2 million in revenue for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote.  The third quarter of Fiscal 2012 is the first period during which the Company recognized gift card and merchandise credit “breakage,” and therefore includes the breakage income related to gift cards sold and merchandise credits issued since inception of these programs.  Such gift card and merchandise credit “breakage” is estimated based upon an analysis of actual historical redemption patterns and is included in Net sales.

2. Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, Presentation of Comprehensive Income. ASU 2011-05 amended ASC 220-10, Comprehensive Income, and requires that all changes in comprehensive income be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements, and also requires the presentation of reclassification adjustments from other comprehensive income to net income on the face of the financial statements. In December 2011, the FASB issued ASU 2011-12, Presentation of Comprehensive Income, which indefinitely deferred the requirement of ASU 2011-05 related to presentation of reclassification adjustments from other comprehensive income to net income on the face of the financial statements.  No other requirements of ASU 2011-05 were impacted by ASU 2011-12.  ASU 2011-05, as modified by ASU 2011-12, became effective and was adopted by the Company in the first quarter of Fiscal 2012 by presenting separate but consecutive statements. See the Condensed Consolidated Statements of Comprehensive Income.

In July 2012, the FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment, that amended the provisions of ASC Topic 350, Intangibles - Goodwill and Other to permit an entity to first assess qualitative factors to determine if it is more likely than not that an indefinite-lived intangible asset is impaired and whether it is necessary to perform the impairment test of comparing the carrying amount with the recoverable amount of the indefinite-lived intangible asset. This guidance is effective for interim and annual impairment tests performed in fiscal years beginning after September 15, 2012, with early adoption permitted. The Company will consider the requirements of ASU 2012-02 when conducting the annual impairment test of its Ann Taylor mark.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

Balance sheet accounts of our Canadian operations, which commenced during the third quarter of Fiscal 2012, are translated at the exchange rate in effect at the end of each period while statement of operations accounts are translated using the weighted average of the prevailing exchange rates during such period. Gains or losses resulting from foreign currency transactions are included in the Condensed Consolidated Statements of Operations under the caption "Other non-operating expense," whereas, translation adjustments are reflected in the Condensed Consolidated Statements of Comprehensive Income under the caption "Foreign currency translation adjustment

Revenue Recognition, Gift Cards, Breakage

$ 0

Gift Cards And Merchandise Credits

Gift Cards and Merchandise Credits

 Gift cards and merchandise credits issued by the Company do not have expiration dates and the Company honors all gift cards and merchandise credits presented by clients regardless of the length of time that passes from issuance to redemption.  The Company records a liability for unredeemed gift cards and merchandise credits at the time gift cards are sold or merchandise credits are issued.  The Company recognizes revenue and relieves the corresponding gift card and/or merchandise credit liability when the cards are redeemed by clients.

In cases where the Company has determined that it has a legal obligation to remit the value of unredeemed gift cards and merchandise credits to any state, the value of these cards is escheated to the appropriate state in accordance with the state's unclaimed property laws.  In certain jurisdictions, the Company is permitted to retain a portion of the escheated value of unredeemed gift cards and merchandise credits, which is recorded in Net sales, and is immaterial.

During the third quarter of Fiscal 2012, the Company recognized $6.2 million in revenue for a portion of the unredeemed value of gift cards and merchandise credits where the Company has determined that, under applicable state unclaimed property laws, there is no legal obligation to escheat these amounts to such states and the likelihood of redemption is considered remote.  The third quarter of Fiscal 2012 is the first period during which the Company recognized gift card and merchandise credit “breakage,” and therefore includes the breakage income related to gift cards sold and merchandise credits issued since inception of these programs.  Such gift card and merchandise credit “breakage” is estimated based upon an analysis of actual historical redemption patterns and is included in Net sales.