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INCOME TAXES | 9 Months Ended
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Nov. 01, 2025
INCOME TAXES |
INCOME TAXES | NOTE 11—INCOME TAXES Our income tax expense and effective tax rates were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | THREE MONTHS ENDED | ​ | NINE MONTHS ENDED
​ | ​ | NOVEMBER 1, |  | NOVEMBER 2, | ​ | NOVEMBER 1, |  | NOVEMBER 2,
​ |  | 2025 |  | 2024 | ​ | 2025 |  | 2024
​ | ​ | (dollars in thousands)
Income tax expense | ​ | $ | 11,625 | ​ | ​ | $ | 9,256 | ​ |  | $ | 33,784 | ​ | ​ | $ | 10,882 | ​
Effective tax rate | ​ | ​ | 24.3 | % | ​ | ​ | 21.8 | % | ​ | ​ | 26.0 | % | ​ | ​ | 15.7 | %
​ The increase in our effective tax rates for the three and nine months ended November 1, 2025 compared to the three and nine months ended November 2, 2024 is primarily attributable to reporting higher net income in the current year and the impact of higher net excess tax benefits from stock-based compensation in fiscal 2024. The Organization for Economic Cooperation and Development (“OECD”) proposed model rules to ensure a minimal level of taxation (commonly referred to as Pillar II) and the European Union member states have agreed to implement Pillar II’s proposed global corporate minimum tax rate of 15%. Many countries are actively considering, have proposed or have enacted, changes to their tax laws based upon the Pillar II proposals, which could increase our tax obligations in countries where we do business or cause us to change the way we operate our business. To mitigate the administrative burden for multinational enterprises in complying with the OECD Global Anti-Base Erosion rules during the initial years of implementation, the OECD developed the temporary “Transitional Country-by-Country Safe Harbor.” We considered the applicable tax law changes from Pillar II implementation in the relevant countries in which we operate, and there is no material impact to our tax provision for the three and nine months ended November 1, 2025. We will continue to evaluate the impact of these tax law changes in future reporting periods. On July 4, 2025, the United States enacted tax legislation through the H.R.1 Reconciliation Act, commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”), which implemented several corporate tax law changes, including, but not limited to, (1) limitations on deductions for interest expense, (2) changes to the taxation of foreign activity and (3) reinstatement of one hundred percent bonus depreciation for eligible property. A number of other provisions of the OBBBA will not take effect until the 2026 tax year, including various changes to existing international tax provisions. We did not identify any material discrete tax impacts related to our beginning-of-the-year deferred tax assets and liabilities or valuation allowances due to the enactment of the OBBBA. We will continue to monitor any future changes in our business or interpretations of the new tax law that could affect our tax position in subsequent periods.

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