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Note 7 - Income Taxes
 3 Months Ended
Apr. 30, 2022
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

7. Income Taxes

 

The Company's effective tax rate was 22.0% for the thirteen weeks ended April 30, 2022 compared to 21.3% for the thirteen weeks ended May 1, 2021. In the first quarter of fiscal 2022 and fiscal 2021, the effective tax rate differed from the statutory rate of 21% primarily due to state income tax expense partially offset by the tax impact of equity awards vesting. In addition, in the first quarter of fiscal 2022, the Company remains in a full valuation allowance in certain foreign jurisdictions. In the first quarter of fiscal 2021, the effective tax rate differed from the statutory rate of 21% primarily due to state income tax expense mostly offset by the tax impact of equity awards vesting. In addition, in the first quarter of fiscal 2021, while the Company was still in a full valuation allowance globally, it recorded tax expense on the pretax income earned based on its projected current tax expense.