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Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

The components of the income tax expense are as follows (in thousands): 

			Fiscal Year
			2024						2023						2022
Current:
Federal			$	73,565					$	70,615					$	49,470
State			18,341						21,788						13,541
			91,906						92,403						63,011
Deferred:
Federal			(7,312)						8,052						21,232
State			460						(460)						1,763
			(6,852)						7,592						22,995
Income tax expense			$	85,054					$	99,995					$	86,006

Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate

The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:

			Fiscal Year
			2024						2023						2022
Statutory federal tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			3.8						3.8						3.5
Other (1)			0.3						0.1						0.2
			25.1		%				24.9		%				24.7		%

Significant Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):

			February 1, 2025						February 3, 2024
						Deferred tax assets:
Net operating loss carryforwards			$	155					$	297
Inventories			24,259						18,955
Deferred revenue			5,220						4,145
Accrued bonus			2,129						4,437
Operating lease liabilities			513,464						426,524
Other			11,438						9,190
Deferred tax assets			556,665						463,548
Valuation allowance			(1,442)						(1,442)
Deferred tax assets, net of valuation allowance			555,223						462,106
Deferred tax liabilities:
Property and equipment			(170,871)						(139,348)
Operating lease assets			(442,098)						(386,612)
Other			(2,145)						(2,889)
Deferred tax liabilities			(615,114)						(528,849)
			$	(59,891)					$	(66,743)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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