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Income Taxes (Tables) | 12 Months Ended
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Jan. 28, 2024
Income Taxes [Abstract] |
Components of Income Tax Expense |
|  | Fiscal Year Ended
|  | January 28, 2024 |  | January 29, 2023
(in thousands) |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | (638) |  | $ | 1,158
State |  |  | 230 |  |  | 953
|  |  | (408) |  |  | 2,111
Deferred: |  |  |  |  |  |
Federal |  |  | (1,710) |  |  | (884)
State |  |  | (575) |  |  | (519)
|  |  | (2,285) |  |  | (1,403)
Total income tax expense |  | $ | (2,693) |  | $ | 708
Reconciliation of Income Tax Expense to Amount Computed at Federal Statutory Rate |
|  | Fiscal Year Ended
|  | January 28, 2024 |  | January 29, 2023
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Federal taxes at statutory rate |  | $ | (2,524) |  | 21.0 | % |  | $ | 633 |  | 21.0 | %
State and local income taxes, net of federal benefit |  |  | (390) |  | 3.2 | % |  |  | 144 |  | 4.8 | %
Stock compensation price difference |  |  | 150 |  | (1.2) | % |  |  | 6 |  | 0.2 | %
Research and development tax credits |  |  | (283) |  | 2.4 | % |  |  | (296) |  | (9.8) | %
Nondeductible compensation |  |  | 384 |  | (3.2) | % |  |  | 182 |  | 6.0 | %
Adjustments to uncertain tax positions |  |  | (164) |  | 1.4 |  |  |  | (10) |  | (0.4) | %
Other |  |  | 134 |  | (1.2) | % |  |  | 49 |  | 1.7 | %
Total income tax expense |  | $ | (2,693) |  | 22.4 | % |  | $ | 708 |  | 23.5 | %
Significant Components of Deferred Tax Assets and Liabilities |
|  | January 28, 2024 |  | January 29, 2023
(in thousands) |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |
Returns allowance |  | $ | 1,402 |  | $ | 1,304
Uniform inventory capitalization |  |  | 3,637 |  |  | 3,870
Unrealized loss on investment |  |  | 144 |  |  | 50
Federal and state credit |  |  | 426 |  |  | 38
Lease liability |  |  | 52,642 |  |  | 54,648
Accruals |  |  | 389 |  |  | 303
Stock-based compensation |  |  | 491 |  |  | 341
Advance payments |  |  | 687 |  |  | 751
Business Interest limitation |  |  | 127 |  |  | —
Unrecognized tax benefits |  |  | 3 |  |  | 7
Charitable contributions |  |  | 181 |  |  | 87
Research and development |  |  | 1,723 |  |  | 1,288
Federal and state NOL |  |  | 5,183 |  |  | 4
Total deferred tax assets |  |  | 67,035 |  |  | 62,691
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment |  |  | 12,641 |  |  | 8,439
Prepaid expenses |  |  | 949 |  |  | 822
Right-of-use asset |  |  | 52,006 |  |  | 54,475
Goodwill and intangibles |  |  | 71 |  |  | 69
Inventory reserve |  |  | 358 |  |  | 135
Total deferred tax liabilities |  |  | 66,025 |  |  | 63,940
Net deferred tax assets (liabilities) |  | $ | 1,010 |  | $ | (1,249)
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits |
|  | January 28, 2024 |  | January 29, 2023
(in thousands) |  |  |  |  |  |
Balance beginning of year |  | $ | 287 |  | $ | 297
Additions for tax positions in prior years |  |  | (74) |  |  | (2)
Additions for tax positions in current year |  |  | 37 |  |  | 11
Statute of limitations |  |  | (131) |  |  | (19)
Balance at end of year |  | $ | 119 |  | $ | 287

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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