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

7. Income Taxes

 

The Company's effective tax rate was 23.5% and 22.4% for the thirteen and twenty-six weeks ended July 30, 2022 compared to 27.9% and 24.0% for the thirteen and twenty-six weeks ended July 31, 2021. In the first half 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 second quarter of fiscal 2022, the Company remains in a full valuation allowance in certain foreign jurisdictions, while in the second quarter of fiscal 2021, the Company was still in a full valuation allowance globally, and it recorded tax expense on the pretax income earned based on its projected current tax expense.