XML 35 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
INCOME TAXES
 6 Months Ended
Feb. 01, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 11—INCOME TAXES

The effective tax rate for the second quarter of fiscal 2025 was a benefit rate of 60.0% on pre-tax loss compared to a benefit rate of 26.3% on pre-tax loss for the second quarter of fiscal 2024. The change from the second quarter of fiscal 2024 is primarily driven by a reduction in pre-tax loss combined with discrete tax benefits resulting from share award vestings in the second quarter of fiscal 2025. The primary drivers for the variation between the Company’s statutory tax rate and its effective tax rate were state net operating loss valuation allowances and discrete tax benefits resulting from share award vestings for the second quarter of fiscal 2025.

The effective tax rate for fiscal 2025 year-to-date was a benefit rate of 24.1% on pre-tax loss compared to a benefit rate of 20.9% on pre-tax loss for fiscal 2024 year-to-date. The change from fiscal 2024 year-to-date is primarily driven by a reduction in pre-tax loss for fiscal 2025 year-to-date and a decrease in discrete tax expenses resulting from share award vestings through the second quarter of fiscal 2025. The primary drivers for the variation between the Company’s statutory tax rate and its effective tax rate were state net operating loss valuation allowances and discrete tax benefits resulting from share award vestings for fiscal 2025 year-to-date.