Change in Accounting Principle

9 Months Ended

Nov. 02, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

CHANGE IN ACCOUNTING PRINCIPLE

CHANGE IN ACCOUNTING PRINCIPLE

The Company elected to change its method of accounting for inventory from the lower of cost or market utilizing the retail method to the lower of cost or market under the weighted-average cost method effective February 2, 2013. In accordance with generally accepted accounting principles, all periods have been retroactively adjusted to reflect the period-specific effects of the change to the weighted-average cost method. The Company believes that accounting under the weighted-average cost method is preferable as it better aligns with the Company's focus on realized selling margin and improves the comparability of the Company's financial results with those of its competitors. Additionally, it will improve the matching of cost of goods sold with the related net sales and reflect the acquisition cost of inventory outstanding at each balance sheet date.

As a result of the retroactive application of the change in accounting for inventory, the following items in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) and Consolidated Statements of Cash Flows have been restated:

Thirteen Weeks Ended October 27, 2012 (in thousands, except per share data)

	As Reported		Effect of Change			As Restated
Net Sales	$	1,169,649	$	—		$	1,169,649
Cost of Goods Sold	438,082		(20,947		)	417,135
Gross Profit	731,567		20,947			752,514
Operating Income (Loss)	112,398		20,947			133,345
Income (Loss) Before Taxes	110,814		20,947			131,761
Tax Expense (Benefit)	39,307		8,418			47,725
Net Income (Loss)	71,507		12,529			84,036
Net Income (Loss) Per Share:
Basic	$	0.88	$	0.15		$	1.03
Diluted	$	0.87	$	0.15		$	1.02
Foreign Currency Translation Adjustments	13,904		234			14,138
Other Comprehensive Income (Loss)	1,107		234			1,341
Comprehensive Income (Loss)	72,614		12,763			85,377

Thirty-Nine Weeks Ended October 27, 2012 (in thousands, except per share data)

	As Reported			Effect of Change			As Restated
Net Sales	$	3,042,274		$	—		$	3,042,274
Cost of Goods Sold	1,139,941			16,277			1,156,218
Gross Profit	1,902,333			(16,277		)	1,886,056
Operating Income (Loss)	145,683			(16,277		)	129,406
Income (Loss) Before Taxes	141,464			(16,277		)	125,187
Tax Expense (Benefit)	51,453			(6,048		)	45,405
Net Income (Loss)	90,011			(10,229		)	79,782
Net Income (Loss) Per Share:
Basic	$	1.09		$	(0.13	)	$	0.96
Diluted	$	1.07		$	(0.12	)	$	0.95
Foreign Currency Translation Adjustments	(2,164		)	(198		)	(2,362		)
Other Comprehensive Income (Loss)	(12,875		)	(198		)	(13,073		)
Comprehensive Income (Loss)	77,136			(10,427		)	66,709

Thirty-Nine Weeks Ended October 27, 2012 (in thousands, except per share data)

	As Reported			Effect of Change			As Restated
Cash flow from operating activities:
Net Income (Loss)	$	90,011		$	(10,229	)	$	79,782
Deferred Taxes	(25,756		)	(6,048		)	(31,804		)
Inventories	33,444			16,475			49,919