Income Taxes (Tables)
|
12 Months Ended |
Jan. 31, 2015
|
Income Tax Disclosure [Abstract] |
|
Summary of Income Tax Expense (Benefit) |
The following
is a summary of the income tax expense (benefit) (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
January 31,
2015 |
|
|
February 1,
2014 |
|
|
February 2,
2013 |
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
45,611 |
|
|
$ |
21,593 |
|
|
$ |
— |
|
State
|
|
|
9,235 |
|
|
|
4,182 |
|
|
|
236 |
|
Foreign
|
|
|
(596 |
) |
|
|
(454 |
) |
|
|
(387 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current tax expense
(benefit)
|
|
|
54,250 |
|
|
|
25,321 |
|
|
|
(151 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
3,895 |
|
|
|
6,215 |
|
|
|
(48,745 |
) |
State
|
|
|
(973 |
) |
|
|
(596 |
) |
|
|
(12,903 |
) |
Foreign
|
|
|
1 |
|
|
|
(17 |
) |
|
|
(224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax expense
(benefit)
|
|
|
2,923 |
|
|
|
5,602 |
|
|
|
(61,872 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income tax expense
(benefit)
|
|
$ |
57,173 |
|
|
$ |
30,923 |
|
|
$ |
(62,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate |
A
reconciliation of the federal statutory tax rate to the
Company’s effective tax rate is as follows:
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|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
January 31,
2015 |
|
|
February 1,
2014 |
|
|
February 2,
2013 |
|
Provision at federal
statutory tax rate
|
|
|
35.0 |
% |
|
|
35.0 |
% |
|
|
35.0 |
% |
State income
taxes—net of federal tax impact
|
|
|
4.0 |
|
|
|
5.8 |
|
|
|
0.7 |
|
Stock-based
compensation
|
|
|
— |
|
|
|
21.3 |
|
|
|
(30.0 |
) |
Valuation
allowance
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
76.5 |
|
Foreign income
|
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
0.6 |
|
Net adjustments to tax
accruals and other
|
|
|
(0.1 |
) |
|
|
1.2 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
38.6 |
% |
|
|
63.0 |
% |
|
|
82.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Deferred Tax Assets and Liabilities |
Significant
components of the Company’s deferred tax assets and
liabilities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
January 31,
2015 |
|
|
February 1,
2014 |
|
Current deferred tax assets
(liabilities)
|
|
|
|
|
|
|
|
|
Accrued expense
|
|
$ |
22,469 |
|
|
$ |
22,164 |
|
State tax
benefit
|
|
|
(843 |
) |
|
|
428 |
|
Inventory
|
|
|
26,067 |
|
|
|
19,350 |
|
Deferred revenue
|
|
|
1,281 |
|
|
|
1,891 |
|
Construction
allowance
|
|
|
(1,697 |
) |
|
|
(1,694 |
) |
Stock-based
compensation
|
|
|
2,704 |
|
|
|
1,038 |
|
Prepaid expense and
other
|
|
|
(22,182 |
) |
|
|
(21,896 |
) |
|
|
|
|
|
|
|
|
|
Current deferred tax
assets
|
|
|
27,799 |
|
|
|
21,281 |
|
Valuation
allowance
|
|
|
(28 |
) |
|
|
(26 |
) |
|
|
|
|
|
|
|
|
|
Net current deferred tax
assets
|
|
|
27,771 |
|
|
|
21,255 |
|
|
|
|
|
|
|
|
|
|
Non-current deferred tax
assets (liabilities)
|
|
|
|
|
|
|
|
|
State tax
benefit
|
|
|
(2,507 |
) |
|
|
(2,536 |
) |
Stock-based
compensation
|
|
|
27,190 |
|
|
|
34,005 |
|
Deferred lease
credits
|
|
|
14,963 |
|
|
|
12,884 |
|
Property and
equipment
|
|
|
(17,113 |
) |
|
|
(12,362 |
) |
Net operating loss
carryforwards
|
|
|
752 |
|
|
|
884 |
|
U.S. impact of Canadian
transfer pricing
|
|
|
1,410 |
|
|
|
1,780 |
|
Trademarks and domain
names
|
|
|
(18,271 |
) |
|
|
(19,327 |
) |
Other
|
|
|
2,412 |
|
|
|
1,832 |
|
|
|
|
|
|
|
|
|
|
Non-current deferred tax
assets
|
|
|
8,836 |
|
|
|
17,160 |
|
Valuation
allowance
|
|
|
(147 |
) |
|
|
(180 |
) |
|
|
|
|
|
|
|
|
|
Net non-current deferred
tax assets
|
|
|
8,689 |
|
|
|
16,980 |
|
|
|
|
|
|
|
|
|
|
Net deferred tax
assets
|
|
$ |
36,460 |
|
|
$ |
38,235 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Reconciliation of Valuation Allowance |
A
reconciliation of the valuation allowance is as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
January 31,
2015 |
|
|
February 1,
2014 |
|
|
February 2,
2013 |
|
Balance at beginning of
fiscal year
|
|
$ |
206 |
|
|
$ |
293 |
|
|
$ |
57,484 |
|
Charged to
expense
|
|
|
— |
|
|
|
— |
|
|
|
(57,185 |
) |
Net changes in deferred tax
assets and liabilities
|
|
|
(30 |
) |
|
|
(87 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of fiscal
year
|
|
$ |
176 |
|
|
$ |
206 |
|
|
$ |
293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Reconciliation of Unrecognized Tax Benefits |
A
reconciliation of the exposures related to unrecognized tax
benefits is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
January 31,
2015 |
|
|
February 1,
2014 |
|
|
February 2,
2013 |
|
Balance at beginning of
fiscal year
|
|
$ |
1,395 |
|
|
$ |
1,841 |
|
|
$ |
2,505 |
|
Gross decreases—prior
period tax positions
|
|
|
(122 |
) |
|
|
(151 |
) |
|
|
(57 |
) |
Lapses in statute of
limitations
|
|
|
(333 |
) |
|
|
(295 |
) |
|
|
(607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of fiscal
year
|
|
$ |
940 |
|
|
$ |
1,395 |
|
|
$ |
1,841 |
|
|
|
|
|
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|