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Note 11 - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Years ended
		June 30, 2024				July 2, 2023				July 3, 2022
		(in thousands)
Current provision (benefit):
Federal		$	11,774			$	976			$	(1,676	)
State			161				1,572				1,589
Current income tax expense (benefit)			11,935				2,548				(87	)
Deferred provision (benefit):
Federal			(14,246	)			(3,145	)			2,679
State			2,514				(1,463	)			(1,100	)
Deferred income tax expense (benefit)			(11,732	)			(4,608	)			1,579
Income tax expense (benefit)		$	203			$	(2,060	)		$	1,492

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Years ended
		June 30, 2024				July 2, 2023				July 3, 2022
Tax at U.S. statutory rates			21.0	%			21.0	%			21.0	%
State income taxes, net of federal tax benefit			(8.1	)			(0.2	)			4.2
Capital loss expiration			-				-				15.5
Non-deductible impairment charge			-				(16.8	)			-
Valuation allowance change			(28.5	)			(0.2	)			(19.8	)
Non-deductible compensation			(0.6	)			(2.1	)			5.3
Excess tax benefit/shortfalls from stock-based compensation			(11.9	)			(1.7	)			(16.1	)
Tax credits			16.9				2.7				(3.9	)
Enhanced deductions			11.8				2.6				(2.1	)
Other, net			(4.0	)			(0.9	)			0.7
Effective tax rate			(3.4	)%			4.4	%			4.8	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		June 30, 2024				July 2, 2023
		(in thousands)
Deferred income tax assets:
Loss and carryforwards		$	8,096			$	13,598
Accrued expenses and reserves			3,146				3,531
Inventory			5,417				4,422
Stock-based compensation			1,767				1,549
Deferred compensation			6,815				3,602
Operating lease liability			30,763				33,186
Gross deferred income tax assets			56,004				59,888
Less: Valuation allowance			(4,868	)			(3,182	)
Deferred tax assets, net			51,136				56,706
Deferred income tax liabilities:
Other intangibles			(10,693	)			(14,916	)
Tax in excess of book depreciation			(31,206	)			(41,826	)
Operating lease right-of-use asset			(28,639	)			(31,098	)
Deferred tax liabilities			(70,538	)			(87,840	)
Net deferred income tax liabilities		$	(19,402	)		$	(31,134	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

		Years ended
		June 30, 2024				July 2, 2023				July 3, 2022
		(in thousands)
Beginning balance		$	1,724			$	1,374			$	1,134
Increases on tax positions for prior years			1,100				30				21
Increases on tax positions for current year			387				320				267
Settlements			-				-				(19	)
Statute of limitation expirations			(431	)			-				(29	)
Ending balance		$	2,780			$	1,724			$	1,374

X

- Definition

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.

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