XML 27 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Income Taxes
3 Months Ended
Apr. 28, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 11. INCOME TAXES

 

Provision for Income Taxes

 

At the end of each quarter, the Company estimates its effective income tax rate pursuant to ASC 740. The rate for the period consists of the tax rate expected to be applied for the full year to ordinary income adjusted for any discrete items recorded in the period.

 

The Company recorded a tax benefit at an overall effective tax rate of 24.1% for the 13 weeks ended April 28, 2023, and a tax benefit at an overall effective tax rate of 42.3% for the 13 weeks ended April 29, 2022. The overall effective tax rate for the 13 weeks ended April 28, 2023 is lower primarily due to the accounting for stock-based compensation.