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Income Taxes (Tables) | 12 Months Ended
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Feb. 02, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) 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 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
(Loss) income before income taxes |  |  |  |  |  |  |  |  |
United States |  | $ | (126,745 | ) |  | $ | 4,646 |  |  | $ | 52,963 |
Foreign |  |  | (5,072 | ) |  |  | (19,325 | ) |  |  | (6,994 | )
Total (loss) income before income taxes |  | $ | (131,817 | ) |  | $ | (14,679 | ) |  | $ | 45,969 |
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 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
United States |  | $ | (1,482 | ) |  | $ | (3,258 | ) |  | $ | 12,215 |
Foreign |  |  | 349 |  |  |  | 1,109 |  |  |  | 385 |
Total (benefit) provision |  | $ | (1,133 | ) |  | $ | (2,149 | ) |  | $ | 12,600 |
(in thousands) |  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (3,092 | ) |  | $ | (3,928 | ) |  | $ | 11,370 |
State |  |  | (192 | ) |  |  | (273 | ) |  |  | 1,627 |
Foreign |  |  | 338 |  |  |  | 1,125 |  |  |  | 385 |
Total current |  |  | (2,946 | ) |  |  | (3,076 | ) |  |  | 13,382 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (316 | ) |  |  | 682 |  |  |  | (1,426 | )
State |  |  | 2,118 |  |  |  | 261 |  |  |  | 644 |
Foreign |  |  | 11 |  |  |  | (16 | ) |  |  | — |
Total deferred |  |  | 1,813 |  |  |  | 927 |  |  |  | (782 | )
Total (benefit) provision |  | $ | (1,133 | ) |  | $ | (2,149 | ) |  | $ | 12,600 |
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 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Tax at statutory federal tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal tax benefit |  |  | (1.1 | )% |  |  | 0.1 | % |  |  | 3.9 | %
Foreign differential |  |  | 2.1 | % |  |  | 27.2 | % |  |  | (5.2 | )%
Permanent differences |  |  | (0.8 | )% |  |  | (3.4 | )% |  |  | 1.9 | %
Uncertain tax benefits |  |  | 0.1 | % |  |  | 1.1 | % |  |  | 1.1 | %
Change in foreign valuation allowance |  |  | (2.2 | )% |  |  | (32.4 | )% |  |  | 4.9 | %
Goodwill impairment |  |  | (17.0 | )% |  |  | — | % |  |  | — | %
Other, net |  |  | (1.2 | )% |  |  | 1.0 | % |  |  | (0.2 | )%
Total |  |  | 0.9 | % |  |  | 14.6 | % |  |  | 27.4 | %
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consisted of the following:
(in thousands) |  | February 2, 2024 |  |  | January 27, 2023 |  |  | January 28, 2022 |
Deferred tax assets |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 7,388 |  |  | $ | 5,946 |  |  | $ | 6,528 |
Legal accruals |  |  | 1,418 |  |  |  | 2,053 |  |  |  | 2,461 |
Deferred compensation |  |  | 6,100 |  |  |  | 10,246 |  |  |  | 18,328 |
Deferred interest |  |  | 640 |  |  |  | 10,011 |  |  |  | — |
Reserve for returns |  |  | 2,867 |  |  |  | 2,938 |  |  |  | 2,958 |
Inventory |  |  | 4,510 |  |  |  | 4,303 |  |  |  | 3,730 |
CTA investment in foreign subsidiaries |  |  | 4,271 |  |  |  | 4,525 |  |  |  | 3,361 |
Operating lease liabilities |  |  | 7,017 |  |  |  | 8,112 |  |  |  | 8,677 |
Other |  |  | 1,369 |  |  |  | 1,980 |  |  |  | 2,402 |
Net operating loss carryforward |  |  | 26,544 |  |  |  | 11,057 |  |  |  | 5,211 |
Total deferred tax assets |  |  | 62,124 |  |  |  | 61,171 |  |  |  | 53,656 |
Less valuation allowance |  |  | (16,292 | ) |  |  | (11,207 | ) |  |  | (6,009 | )
Net deferred tax assets |  | $ | 45,832 |  |  | $ | 49,964 |  |  | $ | 47,647 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |
Intangible assets |  | $ | 61,785 |  |  | $ | 61,715 |  |  | $ | 62,295 |
LIFO reserve |  |  | 19,137 |  |  |  | 21,263 |  |  |  | 18,118 |
Property and equipment |  |  | 5,662 |  |  |  | 4,461 |  |  |  | 4,396 |
Operating lease right-of-use assets |  |  | 5,709 |  |  |  | 6,670 |  |  |  | 7,089 |
Catalog advertising |  |  | 1,559 |  |  |  | 1,808 |  |  |  | 1,940 |
Total deferred tax liabilities |  |  | 93,852 |  |  |  | 95,917 |  |  |  | 93,838 |
Net deferred tax liability |  | $ | 48,020 |  |  | $ | 45,953 |  |  | $ | 46,191 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (“UTBs”) is as follows:
|  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Gross UTBs balance at beginning of period |  | $ | 1,297 |  |  | $ | 1,477 |  |  | $ | 1,012 |
Tax positions related to the prior periods - gross (decreases) increases |  |  | (156 | ) |  |  | (180 | ) |  |  | 539 |
Settlements |  |  | — |  |  |  | — |  |  |  | (74 | )
Gross UTBs balance at end of period |  | $ | 1,141 |  |  | $ | 1,297 |  |  | $ | 1,477 |

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