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Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Components of Earnings (loss) from Continuing Operations Before Income Taxes | The components of earnings (loss) from continuing operations before income taxes is comprised of the following:
|  | Fiscal Year |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
United States |  | $ | (1,476 | ) |  | $ | (43,859 | ) |  | $ | 68,326 |
Foreign |  |  | 10,784 |  |  |  | 22,085 |  |  |  | 21,747 |
Total Earnings (Loss) from Continuing Operations before Income Taxes |  | $ | 9,308 |  |  | $ | (21,774 | ) |  | $ | 90,073 |
Income Tax Expense | Income tax expense from continuing operations is comprised of the following:
|  | Fiscal Year |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 1,711 |  |  | $ | (3,672 | ) |  | $ | 39,095 |
International |  |  | 2,007 |  |  |  | 3,419 |  |  |  | 2,984 |
State |  |  | 1,100 |  |  |  | 744 |  |  |  | 3,805 |
Total Current Income Tax Expense |  |  | 4,818 |  |  |  | 491 |  |  |  | 45,884 |
Deferred |  |  |  |  |  |  |  |  |
U.S. federal |  |  | 20,226 |  |  |  | (5,060 | ) |  |  | (25,704 | )
International |  |  | 515 |  |  |  | 1,074 |  |  |  | 748 |
State |  |  | 6,017 |  |  |  | 7,438 |  |  |  | (1,438 | )
Total Deferred Income Tax Expense (Benefit) |  |  | 26,758 |  |  |  | 3,452 |  |  |  | (26,394 | )
Net Interest Related to Income Taxes |  |  |  |  |  |  |  |  |
U.S. federal |  |  | (3,062 | ) |  |  | (2,728 | ) |  |  | (1,662 | )
International |  |  | — |  |  |  | — |  |  |  | — |
State |  |  | 203 |  |  |  | 66 |  |  |  | 3 |
Total Net Interest Related to Income Taxes |  |  | (2,859 | ) |  |  | (2,662 | ) |  |  | (1,659 | )
Tax Expense Recognized for Unrecognized Tax Benefits (“UTBS”) in the Statement of Operations |  |  |  |  |  |  |  |  |
U.S. federal |  |  | — |  |  |  | — |  |  |  | — |
International |  |  | — |  |  |  | — |  |  |  | — |
State |  |  | 103 |  |  |  | 573 |  |  |  | — |
Total Tax Expense Recognized for UTBS in the Statement of Operations |  |  | 103 |  |  |  | 573 |  |  |  | — |
Total Income Tax Expense – Continuing Operations |  | $ | 28,820 |  |  | $ | 1,854 |  |  | $ | 17,831 |
Reconciliation of Federal Statutory Rate | Reconciliation of the United States federal statutory rate to our effective tax rate from continuing operations is as follows:
|  | Fiscal Year |
|  | 2025 |  |  | 2024 |  |  | 2023 |
U. S. federal statutory rate of tax |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | %
State taxes (net of federal tax benefit) |  |  | 1.06 |  |  |  | (0.92 | ) |  |  | 2.08 |
Foreign rate differential |  |  | 1.89 |  |  |  | 0.76 |  |  |  | (0.02 | )
Change in valuation allowance |  |  | 305.14 |  |  |  | (33.57 | ) |  |  | (1.12 | )
Uncertain tax position |  |  | 1.10 |  |  |  | (2.63 | ) |  |  | — |
Credits |  |  | (9.83 | ) |  |  | 4.54 |  |  |  | (1.18 | )
Global intangible low-tax income |  |  | — |  |  |  | (2.34 | ) |  |  | — |
Permanent items |  |  | 11.56 |  |  |  | (4.50 | ) |  |  | 0.64 |
IRS interest |  |  | (25.99 | ) |  |  | 9.90 |  |  |  | (1.46 | )
Other |  |  | 3.70 |  |  |  | (0.75 | ) |  |  | (0.14 | )
Effective Tax Rate |  |  | 309.63 | % |  |  | (8.51 | )% |  |  | 19.80 | %
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are comprised of the following:
(In thousands) | February 1, 2025 |  |  | February 3, 2024 |
Pensions | $ | 738 |  |  | $ | 348 |
Lease obligation |  | 126,744 |  |  |  | 127,220 |
Book over tax depreciation |  | 14,359 |  |  |  | 12,976 |
Expense accruals |  | 8,509 |  |  |  | 10,054 |
Uniform capitalization costs |  | 8,840 |  |  |  | 7,515 |
Provisions for discontinued operations and restructurings |  | 723 |  |  |  | 561 |
IRC Section 163 interest limitation |  | — |  |  |  | 1,049 |
Inventory valuation |  | 1,356 |  |  |  | 1,235 |
Tax net operating loss and credit carryforwards |  | 23,732 |  |  |  | 24,164 |
Allowances for bad debts and notes |  | 484 |  |  |  | 915 |
Deferred compensation and restricted stock |  | 2,694 |  |  |  | 2,773 |
Outside basis difference |  | 816 |  |  |  | — |
Identified intangibles |  | 5,414 |  |  |  | 5,987 |
Other |  | 30 |  |  |  | 33 |
Gross deferred tax assets |  | 194,439 |  |  |  | 194,830 |
Deferred tax asset valuation allowance |  | (72,355 | ) |  |  | (43,961 | )
Deferred tax asset net of valuation allowance |  | 122,084 |  |  |  | 150,869 |
Identified intangibles |  | (5,220 | ) |  |  | (5,318 | )
Right of use asset |  | (119,945 | ) |  |  | (119,658 | )
Tax over book depreciation |  | — |  |  |  | (2,736 | )
Other |  | (993 | ) |  |  | (555 | )
Gross deferred tax liabilities |  | (126,158 | ) |  |  | (128,267 | )
Net Deferred Tax Assets (Liabilities) | $ | (4,074 | ) |  | $ | 22,602 |
Deferred Tax Balances | The deferred tax balances have been classified in our Consolidated Balance Sheets as follows:
|  | As of Fiscal Year Ended |
(In thousands) |  | 2025 |  |  | 2024 |
Net non-current asset |  | $ | 389 |  |  | $ | 26,230 |
Net non-current liability |  |  | (4,463 | ) |  |  | (3,628 | )
Net Deferred Tax Assets (Liabilities) |  | $ | (4,074 | ) |  | $ | 22,602 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits.
|  | Fiscal Year |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Unrecognized Tax Benefit – Beginning of Period |  | $ | 751 |  |  | $ | 178 |  |  | $ | 178 |
Gross Decreases – Tax Positions in a Prior Period |  |  | (144 | ) |  |  | — |  |  |  | — |
Gross Increases – Tax Positions in a Prior Period |  |  | 541 |  |  |  | — |  |  |  | — |
Gross Increases – Tax Positions in a Current Period |  |  | 57 |  |  |  | 573 |  |  |  | — |
Settlements |  |  | (541 | ) |  |  | — |  |  |  | — |
Unrecognized Tax Benefit – End of Period |  | $ | 664 |  |  | $ | 751 |  |  | $ | 178 |

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