Income Taxes (Tables)

12 Months Ended

Feb. 01, 2014

Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of February 1, 2014 and February 2, 2013 are as follows (in thousands):

	February 1, 2014			February 2, 2013
Deferred tax assets -current:
Inventory reserves	$	2,911		$	3,352
Accrued expenses and other		3,378			2,807
Gain on sale-leaseback		579			579
Gain on sale of LPI		—			—
Valuation allowance (1)		(6,868	)		(113	)
Net deferred tax assets-current		—			6,625
Net deferred tax assets – noncurrent:
Gain on sale-leaseback		6,368			6,946
Lease accruals		4,544			3,637
Net operating loss carryforward		38,082			25,110
Capital loss carryforward		3,162			—
Foreign tax credit carryforward		852			793
Federal wage tax credit carryforward		270			200
State tax credits		75			73
Unrecognized loss on foreign exchange		117			160
Unrecognized loss on pension and pension expense		2,585			3,157
Alternative minimum tax credit carryforward		2,292			2,292
Excess of tax over book depreciation/amortization		(17,518	)		(9,647	)
Goodwill and intangibles		7,656			9,417
Subtotal		48,485			42,138
Valuation allowance (1)		(48,485	)		(3,450	)
Net deferred tax assets – noncurrent	$	—		$	38,688
Total deferred tax assets (1)	$	—		$	45,313

(1) For fiscal 2013, the Company had total deferred tax assets of $72.9 million, total deferred tax liabilities of $17.5 million and a valuation allowance of $55.4 million.

Provision for Income Taxes from Continuing Operations

The provision for income taxes from continuing operations consists of the following:

	FISCAL YEARS ENDED
(in thousands)	February 1, 2014		February 2, 2013		January 28, 2012
Current:
Federal and state	$	77	$	96	$	659
Foreign		66		64		73
		143		160		732
Deferred:
Federal and state		45,518		5,084		(50,810	)
Foreign		—		—		—
		45,518		5,084		(50,810	)
Total provision (2)	$	45,661	$	5,244	$	(50,078	)

(2) There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2012 or fiscal 2011.

Reconciliation between Statutory and Effective Income Tax Rates

The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision for income tax from continuing operations:

	FISCAL YEARS ENDED
(in thousands)	February 1, 2014			February 2, 2013			January 28, 2012
Federal income tax at the statutory rate	$	(4,944	)	$	4,656		$	(1,846	)
State income and other taxes, net of federal tax benefit		(810	)		631			(124	)
Permanent items		171			209			52
Change in uncertain tax positions		—			—			—
Charge/(income) for valuation allowance		52,339			(19	)		(48,318	)
Other, net		(1,095	)		(233	)		158
Provision for income tax from continuing operations	$	45,661		$	5,244		$	(50,078	)