XML 42 R26.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

INCOME TAXES | 12 Months Ended
--- | ---
Jan. 28, 2024
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 28, |  |  | January 29, |  |  | January 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current expense |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 6 |  |  | $ | 1,024 |  |  | $ | 650 |
Foreign |  |  | 47 |  |  |  | 75 |  |  |  | 107 |
State |  |  | - |  |  |  | 223 |  |  |  | 307 |
Total current expense |  |  | 53 |  |  |  | 1,322 |  |  |  | 1,064 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,227 |  |  |  | (2,617 | ) |  |  | 1,980 |
State |  |  | 293 |  |  |  | (542 | ) |  |  | 344 |
Total deferred taxes |  |  | 2,520 |  |  |  | (3,159 | ) |  |  | 2,324 |
Income tax (benefit)/expense |  | $ | 2,573 |  |  | $ | (1,837 | ) |  | $ | 3,388 |
Total tax expense for fiscal 2024 was $2.6 million, of which $2.6 million expense was allocated to continuing operations and $41,000 tax benefit was allocated to other comprehensive income. 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. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | Fifty-Two Weeks Ended |
|  | January 28, |  |  | January 29, |  |  | January 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 1.9 |  |  |  | 4.1 |  |  |  | 3.4 |
Officer's life insurance |  |  | -1.7 |  |  |  | 4.0 |  |  |  | -1.3 |
Expiration of capital loss |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 2.0 |
Change in valuation allowance |  |  | 0.1 |  |  |  | -0.2 |  |  |  | -1.9 |
Other |  |  | -0.6 |  |  |  | 1.0 |  |  |  | -0.8 |
Effective income tax rate |  |  | 20.7 | % |  |  | 29.9 | % |  |  | 22.4 | %
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 28, |  |  | January 29, |
|  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |
Intangible assets |  | $ | 5,590 |  |  | $ | 6,409 |
Inventories |  |  | - |  |  |  | 3,618 |
Deferred compensation |  |  | 2,494 |  |  |  | 3,007 |
Allowance for bad debts |  |  | 816 |  |  |  | 889 |
Employee benefits |  |  | 1,008 |  |  |  | 746 |
Loss and credit carryover |  |  | 6,655 |  |  |  | 418 |
Accrued liabilities |  |  | 238 |  |  |  | 79 |
Deferred rent |  |  | 716 |  |  |  | 605 |
Other |  |  | - |  |  |  | 215 |
Total deferred tax assets |  |  | 17,517 |  |  |  | 15,986 |
Valuation allowance |  |  | (107 | ) |  |  | (100 | )
|  |  | 17,410 |  |  |  | 15,886 |
Liabilities |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 1,710 |  |  |  | 1,117 |
Inventories |  |  | 3,319 |  |  |  | - |
Other |  |  | 376 |  |  |  | 285 |
Total deferred tax liabilities |  |  | 5,405 |  |  |  | 1,402 |
Net deferred tax assets |  | $ | 12,005 |  |  | $ | 14,484 |
At January 28, 2024 and January 29, 2023 our net deferred tax asset was $12.0 million and $14.5 million, respectively. The increase in the valuation allowance of $7,000 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 a portion of the foreign tax credit carry forward, in future periods when the amounts become deductible. We have federal and state net operating loss carry forwards of $22.7 million and $14.4 million, respectively, which have various expiration dates beginning in fiscal 2039 through fiscal 2044, with some having an indefinite carry forward period. We have foreign tax credit carry forwards of $147,000 which expire beginning in fiscal 2029 through fiscal 2034. We also have charitable contribution carry forwards of $3.2 million, which expire in fiscal 2028 and 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 28, 2024. Tax years ending January 31, 2021 through January 28, 2024 remain subject to examination by federal and state taxing authorities.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration