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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2013

Components of Income Tax Provision

The income tax provision is comprised of the following:

		Year Ended January 31,
		2013				2012				2011
		(In thousands)
Current
Federal		$	27,983			$	19,206			$	24,705
State and city			4,748				4,449				5,368
Foreign			3,986				2,396				25
			36,717				26,051				30,098
Deferred
Federal			(1,168	)			3,821				4,884
State and city			(132	)			(252	)			1,241
Foreign			19				—				—
			(1,281	)			3,569				6,125
Income tax expense		$	35,436			$	29,620			$	36,223
Income (loss) before income taxes
United States		$	80,145			$	64,940			$	92,933
Non-United States			11,860				14,300				(28	)
		$	92,005			$	79,240			$	92,905

Summary of Significant Components of Net Deferred Tax Assets

The significant components of the Company’s net deferred tax asset at January 31, 2013 and 2012 are summarized as follows:

		2013				2012
		(In thousands)
Deferred tax assets
Compensation		$	1,800			$	1,995
Provision for bad debts and sales allowances			8,661				7,474
Inventory write-downs			1,801				1,964
Other			600				—
Deferred tax assets, current			12,862				11,433
Compensation			4,480				2,859
Straight-line lease			3,310				2,596
Supplemental employee retirement plan			494				405
Net operating loss			354				242
Other			1,491				193
Deferred tax assets, non-current			10,129				6,295
Total deferred tax assets			22,991				17,728
Deferred tax liabilities
Prepaid expenses and other, current			(2,577	)			(1,874	)
Depreciation and amortization, non-current			(3,127	)			(1,140	)
Intangibles, non-current			(21,382	)			(6,444	)
Other			(62	)			—
Total deferred tax liabilities			(27,148	)			(9,458	)
Net deferred tax assets (liabilities)		$	(4,157	)		$	8,270

Reconciliation of Statutory Federal Income Tax Rate to Effective Rate Reported in Financial Statements

The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements for the years ended January 31:

		2013				2012				2011
Provision for Federal income taxes at the statutory rate			35.0	%			35.0	%			35.0	%
State and local income taxes, net of Federal tax benefit			3.3				3.3				4.9
Permanent differences resulting in Federal taxable income			4.8				5.5				0.4
Foreign tax rate differential			(1.4	)			(3.4	)			—
Foreign tax credit			(2.5	)			(2.5	)			—
Other, net			(0.7	)			(0.5	)			(1.3	)
Actual provision for income taxes			38.5	%			37.4	%			39.0	%

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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