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Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Taxes |
|  | Fiscal Years Ending |
|  | February 1, |  |  | February 3, |  |  | January 28, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
U.S. |  | $ | 453,098 |  |  | $ | 208,283 |  |  | $ | 138,023 |
Foreign |  |  | (10,864 | ) |  |  | 31,575 |  |  |  | 40,471 |
Total |  | $ | 442,234 |  |  | $ | 239,858 |  |  | $ | 178,494 |
Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | Fiscal Years Ending |
|  | February 1, |  |  | February 3, |
(In thousands) |  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Operating lease ROU assets |  | $ | 361,549 |  |  | $ | 305,043 |
Capitalized research and development expenses |  |  | 28,121 |  |  |  | 22,014 |
Employee compensation and benefits |  |  | 19,820 |  |  |  | 25,576 |
Net Operating Loss |  |  | 12,470 |  |  |  | 25,071 |
Accruals not currently deductible |  |  | 10,508 |  |  |  | 10,041 |
Deferred compensation |  |  | 10,261 |  |  |  | 9,737 |
Other long-term assets |  |  | 8,145 |  |  |  | 8,169 |
State tax credits |  |  | 6,839 |  |  |  | 7,741 |
Gift card liability |  |  | 6,239 |  |  |  | 5,723 |
Inventories |  |  | 6,231 |  |  |  | 8,828 |
Impairment of investments |  |  | 4,659 |  |  |  | 4,673 |
Allowance for Doubtful Accounts |  |  | 2,180 |  |  |  | 3,114 |
Other |  |  | 1,020 |  |  |  | 690 |
Foreign tax credits |  |  | 955 |  |  |  | 955 |
General Business Credits |  |  | 116 |  |  |  | 116 |
Gross deferred tax assets |  | $ | 479,113 |  |  | $ | 437,491 |
Valuation allowance |  |  | (18,998 | ) |  |  | (27,466 | )
Total deferred tax assets |  | $ | 460,115 |  |  | $ | 410,025 |
Deferred tax liabilities: |  |  |  |  |  |
Operating lease liabilities |  | $ | (319,488 | ) |  | $ | (253,229 | )
Property and equipment |  |  | (64,429 | ) |  |  | (69,030 | )
Prepaid expenses |  |  | (5,561 | ) |  |  | (3,572 | )
Goodwill |  |  | (1,937 | ) |  |  | (1,981 | )
Other |  |  | (542 | ) |  |  | (149 | )
Total deferred tax liabilities |  | $ | (391,957 | ) |  | $ | (327,961 | )
Total deferred tax assets, net |  | $ | 68,158 |  |  | $ | 82,064 |
Components of Provision (Benefit) for Income Taxes | Significant components of the provision (benefit) for income taxes are as follows:
|  | Fiscal Years Ending |
|  | February 1, |  |  | February 3, |  |  | January 28, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 32,249 |  |  | $ | 66,112 |  |  | $ | (986 | )
Foreign taxes |  |  | 52,224 |  |  |  | 27,958 |  |  |  | 19,701 |
State |  |  | 18,633 |  |  |  | 19,206 |  |  |  | 3,594 |
Total current |  |  | 103,106 |  |  |  | 113,276 |  |  |  | 22,309 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $ | 9,940 |  |  | $ | (31,602 | ) |  | $ | 26,758 |
Foreign taxes |  |  | (3,766 | ) |  |  | (6,317 | ) |  |  | (1,374 | )
State |  |  | 3,574 |  |  |  | (5,537 | ) |  |  | 5,665 |
Total deferred |  |  | 9,748 |  |  |  | (43,456 | ) |  |  | 31,049 |
Provision for income taxes |  | $ | 112,854 |  |  | $ | 69,820 |  |  | $ | 53,358 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
|  | Fiscal Years Ending |
|  | February 1, |  |  | February 3, |  |  | January 28, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Unrecognized tax benefits, beginning of the year balance |  | $ | 3,974 |  |  | $ | 2,478 |  |  | $ | 3,259 |
Increases in current period tax positions |  |  | 157 |  |  |  | 2,371 |  |  |  | 681 |
Increases in tax positions of prior periods |  |  | 16,428 |  |  |  | 10 |  |  |  | — |
Settlements |  |  | (10,620 | ) |  |  | (275 | ) |  |  | (454 | )
Lapse of statute of limitations |  |  | (73 | ) |  |  | (75 | ) |  |  | (277 | )
Decreases in tax positions of prior periods |  |  | (32 | ) |  |  | (535 | ) |  |  | (731 | )
Unrecognized tax benefits, end of the year balance |  | $ | 9,834 |  |  | $ | 3,974 |  |  | $ | 2,478 |
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | A reconciliation between the statutory federal income tax rate and the effective income tax rate follows:
|  | Fiscal Years Ending |
|  | February 1, |  |  | February 3, |  |  | January 28, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax effect |  |  | 3.7 |  |  |  | 4.4 |  |  |  | 3.6 |
Foreign rate differential |  |  | 0.6 |  |  |  | 0.2 |  |  |  | 0.9 |
International provisions of Tax Act |  |  | (1.3 | ) |  |  | (2.2 | ) |  |  | 0.1 |
Valuation allowance changes, net |  |  | 0.7 |  |  |  | 0.5 |  |  |  | 0.5 |
Non-deductible executive compensation |  |  | 1.3 |  |  |  | 3.8 |  |  |  | 2.0 |
Change in unrecognized tax benefits |  |  | 0.7 |  |  |  | 0.8 |  |  |  | (0.1 | )
Share Based Payments |  |  | (0.5 | ) |  |  | 0.2 |  |  |  | (0.2 | )
Note Exchanges |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 1.4 |
Non-deductible goodwill |  |  | 0.0 |  |  |  | 3.5 |  |  |  | 0.0 |
Federal Credits |  |  | (0.8 | ) |  |  | (2.1 | ) |  |  | (0.4 | )
Other |  |  | 0.1 |  |  |  | (1.0 | ) |  |  | 1.1 |
|  |  | 25.5 | % |  |  | 29.1 | % |  |  | 29.9 | %

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