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Income Taxes (Tables) | 12 Months Ended
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Jan. 28, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision | The provision for income taxes consisted of:
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 15,542 |  |  | $ | 38,576 |  |  | $ | 2,233 |
State |  |  | 4,919 |  |  |  | 8,076 |  |  |  | 887 |
Puerto Rico |  |  | 2,050 |  |  |  | 2,730 |  |  |  | 241 |
Total current |  |  | 22,511 |  |  |  | 49,382 |  |  |  | 3,361 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 11,712 |  |  |  | 1,296 |  |  |  | 2,122 |
State |  |  | 1,878 |  |  |  | 390 |  |  |  | (294 | )
Puerto Rico |  |  | - |  |  |  | - |  |  |  | 133 |
Total deferred |  |  | 13,590 |  |  |  | 1,686 |  |  |  | 1,961 |
Valuation allowance |  |  | 953 |  |  |  | 1,251 |  |  |  | 237 |
Total provision |  | $ | 37,054 |  |  | $ | 52,319 |  |  | $ | 5,559 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:
Fiscal years |  | 2022 |  |  | 2021 |  |  | 2020 |
U.S. Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local income taxes, net of federal tax benefit |  |  | 3.5 |  |  |  | 3.6 |  |  |  | 2.4 |
Puerto Rico |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 1.7 |
Excess tax benefit on stock-based compensation |  |  | (0.4 | ) |  |  | (0.5 | ) |  |  | 0.4 |
Other |  |  | 0.5 |  |  |  | 0.6 |  |  |  | 0.3 |
Effective income tax rate |  |  | 25.2 | % |  |  | 25.3 | % |  |  | 25.8 | %
Schedule of Deferred Tax Asset/Liability | Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:
(In thousands) |  | January 28, 2023 |  |  | January 29, 2022 |
Deferred tax assets: |  |  |  |  |  |
Lease obligations |  | $ | 83,473 |  |  | $ | 55,126 |
Accrued compensation |  |  | 4,496 |  |  |  | 3,917 |
Inventory |  |  | 767 |  |  |  | 1,018 |
Other |  |  | 4,639 |  |  |  | 3,719 |
Total deferred tax assets |  |  | 93,375 |  |  |  | 63,780 |
Valuation allowance |  |  | (2,635 | ) |  |  | (1,682 | )
Total deferred tax assets – net of valuation allowance |  |  | 90,740 |  |  |  | 62,098 |
Deferred tax liabilities: |  |  |  |  |  |
Lease ROU assets |  |  | 78,627 |  |  |  | 50,363 |
Property and equipment |  |  | 19,673 |  |  |  | 6,767 |
Other |  |  | 4,284 |  |  |  | 2,269 |
Total deferred tax liabilities |  |  | 102,584 |  |  |  | 59,399 |
Net long-term (liability) / asset |  | $ | (11,844 | ) |  | $ | 2,699 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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