DSW 2009 Annual Report Download - page 65

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The following table sets forth the approximate percentage of DSW sales attributable to each merchandise
category:
Category Fiscal 2009 Fiscal 2008 Fiscal 2007
Women’s ........................................ 66% 66% 65%
Men’s ........................................... 15% 15% 16%
Athletic ......................................... 13% 14% 14%
Accessories and Other............................... 6% 5% 5%
12. INCOME TAXES
Income Tax Provision — The following table presents the composition of the income tax provision for the
periods presented:
January 30,
2010
January 31,
2009
February 2,
2008
Fiscal Years Ended
(In thousands)
Current:
Federal ..................................... $41,923 $16,178 $30,259
State and local................................ 7,332 2,094 6,528
49,255 18,272 36,787
Deferred:
Federal ..................................... (10,378) 174 (3,896)
State and local................................ (1,727) (1,063) 625
(12,105) (889) (3,271)
Income tax provision ............................. $37,150 $17,383 $33,516
Rate Reconciliation — The following table presents a reconciliation of the expected income taxes based upon
the statutory rate:
January 30,
2010
January 31,
2009
February 2,
2008
Fiscal Years Ended
(In thousands)
Income tax expense at federal statutory rate ............. $32,162 $15,500 $30,552
State and local taxes-net ............................ 3,332 1,032 3,788
Permanent book/tax differences....................... 1,656 851 (824)
Income tax provision .............................. $37,150 $17,383 $33,516
Deferred Tax Assets and Liabilities — The following tables present the deferred tax assets and liabilities
recorded on the Company’s balance sheet as of the periods presented:
January 30,
2010
January 31,
2009
(In thousands)
Current deferred tax asset ..................................... $29,130 $21,876
Non-current deferred asset .................................... 5,657 806
Total — net deferred tax asset .................................. $34,787 $22,682
F-21
DSW INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)