INCOME TAXES	6 Months Ended
Aug. 02, 2014
INCOME TAXES
INCOME TAXES	NOTE 6—INCOME TAXES The Company recognizes taxes payable for the current year, as well as deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The Company’s effective income tax rate differs from the U.S. statutory rate principally due to state taxes, foreign taxes related to the Company’s Puerto Rico operations and certain other permanent tax items. The annual rate depends on a number of factors, including the jurisdiction in which operating profit is earned and the timing and nature of discrete items. For the thirteen weeks ended August 2, 2014 the effective tax rate was 130.1% as compared to 63.3% recorded in the corresponding period of the prior year. The current period income tax expense includes a $0.9 million charge for a valuation allowance recorded against certain separate company state tax loss carryforwards. The increase in the effective tax rate was primarily attributable to the impact of permanent tax differences relative to pre-tax earnings, which was partially offset by the tax charge previously mentioned. For the twenty-six weeks ended August 2, 2014 and August 3, 2013, the effective tax rate was 55.6% and 37.4%, respectively. The increase in the effective tax rate was primarily attributable to the impact of permanent tax differences relative to pre-tax earnings, which was partially offset by the tax charge previously mentioned. For income tax benefits related to uncertain tax positions to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. During the twenty-six weeks ended August 2, 2014, there were no material changes to the Company’s liability for uncertain tax positions.

INCOME TAXES

6 Months Ended

Aug. 02, 2014

NOTE 6—INCOME TAXES

The Company recognizes taxes payable for the current year, as well as deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The Company’s effective income tax rate differs from the U.S. statutory rate principally due to state taxes, foreign taxes related to the Company’s Puerto Rico operations and certain other permanent tax items. The annual rate depends on a number of factors, including the jurisdiction in which operating profit is earned and the timing and nature of discrete items. For the thirteen weeks ended August 2, 2014 the effective tax rate was 130.1% as compared to 63.3% recorded in the corresponding period of the prior year. The current period income tax expense includes a $0.9 million charge for a valuation allowance recorded against certain separate company state tax loss carryforwards. The increase in the effective tax rate was primarily attributable to the impact of permanent tax differences relative to pre-tax earnings, which was partially offset by the tax charge previously mentioned.

For the twenty-six weeks ended August 2, 2014 and August 3, 2013, the effective tax rate was 55.6% and 37.4%, respectively. The increase in the effective tax rate was primarily attributable to the impact of permanent tax differences relative to pre-tax earnings, which was partially offset by the tax charge previously mentioned.

For income tax benefits related to uncertain tax positions to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. During the twenty-six weeks ended August 2, 2014, there were no material changes to the Company’s liability for uncertain tax positions.