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INCOME TAXES | 12 Months Ended
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Jan. 29, 2023
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 17 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated:
|  | Fifty-Two Weeks Ended |
|  | January 29, |  |  | January 30, |  |  | January 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current expense |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,024 |  |  | $ | 650 |  |  | $ | 5,858 |
Foreign |  |  | 75 |  |  |  | 107 |  |  |  | 108 |
State |  |  | 223 |  |  |  | 307 |  |  |  | 1,154 |
Total current expense |  |  | 1,322 |  |  |  | 1,064 |  |  |  | 7,120 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,617 | ) |  |  | 1,980 |  |  |  | (9,554 | )
State |  |  | (542 | ) |  |  | 344 |  |  |  | (1,708 | )
Total deferred taxes |  |  | (3,159 | ) |  |  | 2,324 |  |  |  | (11,262 | )
Income tax (benefit)/expense |  | $ | (1,837 | ) |  | $ | 3,388 |  |  | $ | (4,142 | )
Total tax benefit for fiscal 2023 was $1.5 million, of which $1.8 million benefit was allocated to continuing operations and $ 288,000 tax expense was allocated to other comprehensive income. Total tax expense for fiscal 2022 was $3.6 million, of which $3.4 million expense was allocated to continuing operations and $237,000 tax expense was allocated to other comprehensive income. Total tax benefit for fiscal 2021 was $4.2 million, of which $4.1 million benefit was allocated to continuing operations and $ 30,000 tax benefit was allocated to other comprehensive income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | Fifty-Two Weeks Ended |
|  | January 29, |  |  | January 30, |  |  | January 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 4.1 |  |  |  | 3.4 |  |  |  | 3.0 |
Officer's life insurance |  |  | 4.0 |  |  |  | -1.3 |  |  |  | 1.7 |
Expiration of capital loss |  |  | 0.0 |  |  |  | 2.0 |  |  |  | 0.0 |
Change in valuation allowance |  |  | -0.2 |  |  |  | -1.9 |  |  |  | 0.0 |
Consolidated Appropriation Act provisions |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 1.8 |
Other |  |  | 1.0 |  |  |  | -0.8 |  |  |  | 0.9 |
Effective income tax rate |  |  | 29.9 | % |  |  | 22.4 | % |  |  | 28.4 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were:
|  | January 29, |  |  | January 30, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |  |  |
Intangible assets |  | $ | 6,409 |  |  | $ | 7,212 |
Inventories |  |  | 3,618 |  |  |  | - |
Deferred compensation |  |  | 3,007 |  |  |  | 2,807 |
Allowance for bad debts |  |  | 889 |  |  |  | 2,079 |
Employee benefits |  |  | 746 |  |  |  | 643 |
Loss and credit carryover |  |  | 418 |  |  |  | 88 |
Accrued liabilities |  |  | 79 |  |  |  | 320 |
Deferred rent |  |  | 605 |  |  |  | 618 |
Other |  |  | 215 |  |  |  | 194 |
Total deferred tax assets |  |  | 15,986 |  |  |  | 13,961 |
Valuation allowance |  |  | (100 | ) |  |  | (88 | )
|  |  | 15,886 |  |  |  | 13,873 |
Liabilities |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 1,117 |  |  |  | 1,361 |
Inventories |  |  | - |  |  |  | 900 |
Other |  |  | 285 |  |  |  | - |
Total deferred tax liabilities |  |  | 1,402 |  |  |  | 2,261 |
Net deferred tax assets |  | $ | 14,484 |  |  | $ | 11,612 |
At January 29, 2023 and January 30, 2022 our net deferred asset was $14.5 and $11.6 million, respectively. The increase in the valuation allowance of $12,000 was due to additional foreign tax credit carry forward. We expect to fully realize the benefit of the deferred tax assets, with the exception of the foreign tax credit carry forward, in future periods when the amounts become deductible. The foreign tax credit carry forward is $100,000 and expires beginning in fiscal 2029. Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosure. We do not have unrecognized tax benefits as of January 29, 2023. Tax years ending February 2, 2020 through January 29, 2023 remain subject to examination by federal and state taxing authorities.

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