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Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The provision for income taxes consisted of:

(In thousands)		2024				2023				2022
Current:
Federal		$	18,513			$	13,290			$	15,542
State			3,828				2,623				4,919
Puerto Rico			815				1,382				2,050
Total current			23,156				17,295				22,511
Deferred:
Federal			453				4,862				11,712
State and Puerto Rico			(227	)			21				1,878
Total deferred			226				4,883				13,590
Valuation allowance			338				614				953
Total provision		$	23,720			$	22,792			$	37,054

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		2024				2023				2022
U.S. Federal statutory tax rate			21.0	%			21.0	%			21.0	%
State and local income taxes, net of federal tax    benefit			3.1				2.7				3.5
Puerto Rico			0.4				0.6				0.6
Excess tax benefit on stock-based compensation			(0.1	)			(0.9	)			(0.4	)
Other			(0.1	)			0.3				0.5
Effective income tax rate			24.3	%			23.7	%			25.2	%

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)		February 1, 2025				February 3, 2024
Deferred tax assets:
Lease obligations		$	89,495			$	86,175
Accrued compensation			6,465				4,513
Inventory			438				639
Other			4,970				4,641
Total deferred tax assets			101,368				95,968
Valuation allowance			(3,588	)			(3,250	)
Total deferred tax assets – net of valuation    allowance			97,780				92,718
Deferred tax liabilities:
Lease ROU assets			84,602				82,350
Property and equipment			23,997				22,769
Other			8,060				4,940
Total deferred tax liabilities			116,659				110,059
Net deferred tax liability		$	(18,879	)		$	(17,341	)

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Topic 740
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-Name Accounting Standards Codification
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