Summary of Significant Accounting Policies and Supplemental Information

3 Months Ended

Apr. 30, 2011

Summary of Significant Accounting Policies and Supplemental Information [Abstract]

Summary of Significant Accounting Policies and Supplemental Information

2. Summary of Significant Accounting Policies and Supplemental Information

There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011.

Recent Accounting Pronouncements

In July 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. ASU 2010-20 amends Accounting Standards Codification (“ASC”) 310-10, Receivables, and requires additional disclosures about the credit quality of financing receivables, including credit card receivables, and the associated allowance for credit losses. ASU 2010-20 was effective for the first interim or annual reporting period ending on or after December 15, 2010, except for certain disclosures of information regarding activity that occurs during the reporting period, which are effective for the first interim or annual reporting period beginning on or after December 15, 2010. The Company adopted the disclosure requirements effective for the first interim or annual reporting period ending on or after December 15, 2010, as of January 29, 2011 and the disclosure requirements effective for the first interim or annual reporting period beginning on or after December 15, 2010, in the first quarter of 2011. The adoption of this ASU has expanded the Company’s disclosures regarding customer accounts receivable and the associated allowance for doubtful accounts included in Note 11, Customer Accounts Receivable, net.

Supplemental Cash Flow Information

Interest paid for the thirteen weeks ended April 30, 2011 and May 1, 2010 was $2.5 million and $12.5 million, respectively. Income taxes paid for the thirteen weeks ended April 30, 2011 and May 1, 2010 were $1.7 million and $1.6 million, respectively.