DSW 2014 Annual Report Download - page 71
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Table of Contents
Uncertain Tax Positions- As of January 31, 2015, February 1, 2014 and February 2, 2013, unrecognized tax benefits of $3.4 million, $1.8 million and $1.3
million, respectively, of the total unrecognized tax benefits would affect the effective tax rate if recognized. The following table presents the reconciliation of
the beginning and ending amount of unrecognized tax benefits as of the periods presented:
January 31, 2015
February 1, 2014
February 2, 2013
(in thousands)
Beginning balance $ 1,838
$ 1,253
$ 2,315
Additions for tax positions taken in the current year 1,621
1,184
400
Reductions for tax positions taken in prior years:
Changes in judgment —
(69)
(345)
Lapses of applicable statutes of limitations —
(530)
(755)
Settlements during the year (73)
—
(362)
Ending balance $ 3,386
$ 1,838
$ 1,253
While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, any changes are not expected to have a material impact
on the Company's financial position, results of operations or cash flows.
As of January 31, 2015 and February 1, 2014, $0.5 million and $0.2 million, respectively, was accrued for the payment of interest and penalties.
DSW Inc. is no longer subject to U.S federal income tax examination and state income tax examinations for years prior to 2010. DSW Inc. estimates the range
of possible changes that may result from any current and future tax examinations to be insignificant at this time.
In the Company’s opinion, the unaudited quarterly financial information reflects all normal and recurring accruals and adjustments necessary for a fair
presentation of net income for interim periods. Quarterly results are not necessarily indicative of a full year’s operations because of various factors. The
following tables present unaudited quarterly financial information for the periods presented:
Thirteen weeks ended
May 3, 2014
August 2, 2014
November 1,
2014
January 31, 2015
(in thousands, except per share data)
Net sales $ 598,947
$ 587,096
$ 669,872
$ 640,177
Cost of sales (410,942)
(415,192)
(451,315)
(463,622)
Operating expenses (126,754)
(118,594)
(138,860)
(128,681)
Operating profit 61,251
53,310
79,697
47,874
Interest income, net 958
635
600
602
Income from continuing operations before income taxes and income from
Town Shoes 62,209
53,945
80,297
48,476
Income tax provision (23,570)
(20,824)
(31,792)
(19,527)
Income from Town Shoes —
849
1,049
1,915
Income from continuing operations 38,639
33,970
49,554
30,864
Income from discontinued operations, net of tax —
358
—
(86)
Net income $ 38,639
$ 34,328
$ 49,554
$ 30,778
Diluted earnings per share(1):$ 0.42
$ 0.38
$ 0.55
$ 0.34
F- 31
Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠
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except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.