XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Note 7 - Income Taxes
 3 Months Ended
May 04, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

7. Income Taxes

 

The Company's effective tax rate was 23.8% for the thirteen weeks ended May 4, 2024, compared to 24.5% for the thirteen weeks ended April 29, 2023.  In the first quarter of fiscal 2024, 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 the fourth quarter of fiscal 2023, the Company reversed the valuation allowance on deferred tax assets expected to be realized in the U.K.  In the first quarter of fiscal 2024, the Company remains in a full valuation in certain other foreign jurisdictions.  In the first quarter of fiscal 2023, the effective tax rate differed from the statutory rate of 21% primarily due to state income tax.  In addition, the Company remained in a full valuation in certain foreign jurisdictions, including the UK.