INCOME TAXES (Tables)

12 Months Ended

Feb. 01, 2014

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes consists of the following for the years ended February 1, 2014, February 2, 2013 and January 28, 2012:

(dollars in thousands)	2013		2012		2011
Current
Federal	$	17,079	$	11,298	$	9,953
State		1,489		834		915
		18,568		12,132		10,868

Deferred
Federal		(5,060)		(3,865)		6,886
State		(812)		633		(424)
		(5,872)		(3,232)		6,462

	$	12,696	$	8,900	$	17,330

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of year-end are presented below:

(dollars in thousands)	2013		2012
Deferred income tax assets:
Accrual for incentive compensation	$	528	$	241
Allowance for doubtful accounts		1,017		752
Insurance accruals		2,545		2,320
Other accruals		19		40
Net operating loss carryforwards		4,498		4,803
Postretirement benefits other than pensions		-		-
Deferred revenue		755		657
Federal benefit on state reserves		311		584
Amortization of intangibles		13,076		10,821
Total deferred income tax assets		22,749		20,218
Less: Valuation allowance		2,051		1,995
Deferred income tax assets, net of valuation allowance		20,698		18,223

Deferred income tax liabilities:
Postretirement benefits		(144)		(287)
Property, plant and equipment		(15,767)		(18,996)
Inventory valuation		(28,542)		(27,906)
Prepaid expenses		(170)		-
Total deferred income tax liabilities		(44,623)		(47,189)

Net deferred income tax liabilities	$	(23,925)	$	(28,966)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows:

	2013			2012			2011
Income tax provision at statutory rate		35.0	%		35.0	%		35.0	%
Tax credits, principally jobs		(2.9)			(1.0)			(2.3)
State income taxes, net of federal benefit		2.2			4.7			(0.2)
Permanent differences		0.4			0.3			0.5
Uncertain tax provisions		(1.3)			(12.7)			0.3
Change in state valuation allowance		0.2			(2.2)			0.8
Other		(0.8)			(1.0)			-
Effective income tax rate		32.8	%		23.1	%		34.1	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

(in millions)	2013		2012		2011
Beginning balance	$	2.1	$	9.6	$	9.3
Additions for tax position during the current year		0.2		0.1		1.1
Additions for tax positions of prior years		0.1		0.1		0.3
Reductions for tax positions of prior years from lapse of statue		(1.1)		(0.9)		(1.1)
Reductions for settlements of prior year tax positions		-		(6.8)		-
Ending balance	$	1.3	$	2.1	$	9.6