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v3.23.1

Income Taxes (Tables) | 12 Months Ended
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Jan. 27, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | The Company’s income (loss) before income taxes in the United States and in foreign jurisdictions is as follows:
(in thousands) |  | Fiscal 2022 |  |  | Fiscal 2021 |  |  | Fiscal 2020 |
Income (loss) before income taxes |  |  |  |  |  |  |  |  |
United States |  | $ | 4,646 |  |  | $ | 52,963 |  |  | $ | 173 |
Foreign |  |  | (19,325 | ) |  |  | (6,994 | ) |  |  | 12,419 |
Total (loss) income before income taxes |  | $ | (14,679 | ) |  | $ | 45,969 |  |  | $ | 12,592 |
Schedule of Components of the Provision for (Benefit from) Income Taxes | The components of the provision for (benefit from) income taxes are as follows:
(in thousands) |  | Fiscal 2022 |  |  | Fiscal 2021 |  |  | Fiscal 2020 |
United States |  | $ | (3,258 | ) |  | $ | 12,215 |  |  | $ | 725 |
Foreign |  |  | 1,109 |  |  |  | 385 |  |  |  | 1,031 |
Total (benefit) provision |  | $ | (2,149 | ) |  | $ | 12,600 |  |  | $ | 1,756 |
(in thousands) |  | Fiscal 2022 |  |  | Fiscal 2021 |  |  | Fiscal 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (3,928 | ) |  | $ | 11,370 |  |  | $ | 8,334 |
State |  |  | (273 | ) |  |  | 1,627 |  |  |  | 3,675 |
Foreign |  |  | 1,125 |  |  |  | 385 |  |  |  | 517 |
Total current |  |  | (3,076 | ) |  |  | 13,382 |  |  |  | 12,526 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 682 |  |  |  | (1,426 | ) |  |  | (8,413 | )
State |  |  | 261 |  |  |  | 644 |  |  |  | (2,871 | )
Foreign |  |  | (16 | ) |  |  | — |  |  |  | 514 |
Total deferred |  |  | 927 |  |  |  | (782 | ) |  |  | (10,770 | )
Total (benefit) provision |  | $ | (2,149 | ) |  | $ | 12,600 |  |  | $ | 1,756 |
Reconciliation of the Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows:
|  | Fiscal 2022 |  |  | Fiscal 2021 |  |  | Fiscal 2020 |  |
Tax at statutory federal tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |
State income taxes, net of federal tax benefit |  |  | 0.1 | % |  |  | 3.9 | % |  |  | 5.0 | % |
Foreign differential |  |  | 27.2 | % |  |  | (5.2 | )% |  |  | 2.7 | % |
Permanent differences |  |  | (3.4 | )% |  |  | 1.9 | % |  |  | 16.8 | % |
CARES Act |  |  | — | % |  |  | — | % |  |  | (24.6 | )% |
Uncertain tax benefits |  |  | 1.1 | % |  |  | 1.1 | % |  |  | (1.6 | )% |
Change in foreign valuation allowance |  |  | (32.4 | )% |  |  | 4.9 | % |  |  | (3.8 | )% |
Foreign branches |  |  | — | % |  |  | — | % |  |  | — | % |
Other, net |  |  | 1.0 | % |  |  | (0.2 | )% |  |  | (1.6 | )% |
Total |  |  | 14.6 | % |  |  | 27.4 | % |  |  | 13.9 | % |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consisted of the following:
(in thousands) |  | January 27, 2023 |  |  | January 28, 2022 |  |  | January 29, 2021 |
Deferred tax assets |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 5,946 |  |  | $ | 6,528 |  |  | $ | 4,882 |
Legal accruals |  |  | 2,053 |  |  |  | 2,461 |  |  |  | 3,551 |
Deferred compensation |  |  | 10,246 |  |  |  | 18,328 |  |  |  | 16,147 |
Deferred interest |  |  | 10,011 |  |  |  | — |  |  |  | — |
Reserve for returns |  |  | 2,938 |  |  |  | 2,958 |  |  |  | 3,072 |
Inventory |  |  | 4,303 |  |  |  | 3,730 |  |  |  | 6,390 |
CTA investment in foreign subsidiaries |  |  | 4,525 |  |  |  | 3,361 |  |  |  | 2,987 |
Operating lease liabilities |  |  | 8,112 |  |  |  | 8,677 |  |  |  | 9,677 |
Other |  |  | 1,980 |  |  |  | 2,402 |  |  |  | 2,668 |
Net operating loss carryforward |  |  | 11,057 |  |  |  | 5,211 |  |  |  | 3,093 |
Total deferred tax assets |  |  | 61,171 |  |  |  | 53,656 |  |  |  | 52,467 |
Less valuation allowance |  |  | (11,207 | ) |  |  | (6,009 | ) |  |  | (3,896 | )
Net deferred tax assets |  | $ | 49,964 |  |  | $ | 47,647 |  |  | $ | 48,571 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |
Intangible assets |  | $ | 61,715 |  |  | $ | 62,295 |  |  | $ | 62,372 |
LIFO reserve |  |  | 21,263 |  |  |  | 18,118 |  |  |  | 15,191 |
Property and equipment |  |  | 4,461 |  |  |  | 4,396 |  |  |  | 8,660 |
Operating lease right-of-use assets |  |  | 6,670 |  |  |  | 7,089 |  |  |  | 7,882 |
Catalog advertising |  |  | 1,808 |  |  |  | 1,940 |  |  |  | 1,812 |
Total deferred tax liabilities |  |  | 95,917 |  |  |  | 93,838 |  |  |  | 95,917 |
Net deferred tax liability |  | $ | 45,953 |  |  | $ | 46,191 |  |  | $ | 47,346 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (“UTBs”) is as follows:
|  | Fiscal 2022 |  |  | Fiscal 2021 |  |  | Fiscal 2020 |
Gross UTBs balance at beginning of period |  | $ | 1,477 |  |  | $ | 1,012 |  |  | $ | 1,202 |
Tax positions related to the prior periods - gross (decreases) increases |  |  | (180 | ) |  |  | 539 |  |  |  | (190 | )
Settlements |  |  | — |  |  |  | (74 | ) |  |  | — |
Gross UTBs balance at end of period |  | $ | 1,297 |  |  | $ | 1,477 |  |  | $ | 1,012 |

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