XML 42 R26.htm IDEA: XBRL DOCUMENT
v3.25.1

INCOME TAXES | 12 Months Ended
--- | ---
Feb. 02, 2025
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:
|  | 53 Weeks Ended |  |  | 52 Weeks Ended |  |  | 52 Weeks Ended |
|  | February 2, |  |  | January 28, |  |  | January 29, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current expense |  |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | 6 |  |  | $ | 1,024 |
Foreign |  |  | 41 |  |  |  | 47 |  |  |  | 75 |
State |  |  | 42 |  |  |  | - |  |  |  | 223 |
Total current expense |  |  | 83 |  |  |  | 53 |  |  |  | 1,322 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (3,538 | ) |  |  | 2,227 |  |  |  | (2,617 | )
State |  |  | (464 | ) |  |  | 293 |  |  |  | (542 | )
Total deferred taxes |  |  | (4,002 | ) |  |  | 2,520 |  |  |  | (3,159 | )
Income tax (benefit)/expense |  | $ | (3,919 | ) |  | $ | 2,573 |  |  | $ | (1,837 | )
Total tax benefit for fiscal 2025 was $4.0 million, of which $3.9 million benefit was allocated to continuing operations and $ 51,000 tax benefit was allocated to other comprehensive income. 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. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | 53 Weeks Ended |  |  | 52 Weeks Ended |  |  | 52 Weeks Ended |
|  | February 2, |  |  | January 28, |  |  | January 29, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Income taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 2.0 |  |  |  | 1.9 |  |  |  | 4.1 |
Officer’s life insurance |  |  | 1.6 |  |  |  | -1.7 |  |  |  | 4.0 |
Change in valuation allowance |  |  | 0.0 |  |  |  | 0.1 |  |  |  | -0.2 |
Other |  |  | -0.7 |  |  |  | -0.6 |  |  |  | 1.0 |
Effective income tax rate |  |  | 23.9 | % |  |  | 20.7 | % |  |  | 29.9 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were:
|  | February 2, |  |  | January 28, |
|  | 2025 |  |  | 2024 |
Assets |  |  |  |  |  |
Intangible assets |  | $ | 5,174 |  |  | $ | 5,590 |
Deferred compensation |  |  | 1,956 |  |  |  | 2,494 |
Allowance for bad debts |  |  | 1,410 |  |  |  | 816 |
Employee benefits |  |  | 924 |  |  |  | 1,008 |
Loss and credit carryover |  |  | 11,687 |  |  |  | 6,655 |
Accrued liabilities |  |  | 262 |  |  |  | 238 |
Deferred rent |  |  | 819 |  |  |  | 716 |
Total deferred tax assets |  |  | 22,232 |  |  |  | 17,517 |
Valuation allowance |  |  | (229 | ) |  |  | (107 | )
|  |  | 22,003 |  |  |  | 17,410 |
Liabilities |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 1,235 |  |  |  | 1,710 |
Inventories |  |  | 4,175 |  |  |  | 3,319 |
Other |  |  | 536 |  |  |  | 376 |
Total deferred tax liabilities |  |  | 5,946 |  |  |  | 5,405 |
Net deferred tax assets |  | $ | 16,057 |  |  | $ | 12,005 |
At February 2, 2025 and January 28, 2024, our net deferred tax assets were $16.1 million and $12.0 million, respectively. The increase in the valuation allowance of $122,000 was due to additional foreign tax credit carryforward and a portion of state loss carryforwards. We expect to fully realize the benefit of the deferred tax assets, with the exception of a portion of the foreign tax credit carryforward, in future periods when the amounts become deductible. We have federal and state net operating loss carryforwards of $41.8 million and $28.6 million, respectively, which have various expiration dates beginning in fiscal 2039 through fiscal 2045, with some having an indefinite carryforward period. We have foreign tax credit carryforwards of $188,000 which expire beginning in fiscal 2029 through fiscal 2034. We also have charitable contribution carry forwards of $4.5 million, which expire in fiscal 2028 and fiscal 2030. 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 February 2, 2025. Tax years ending January 30, 2022 through February 2, 2025 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 tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: 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/1943274/2147477891/740-270-50-1 Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: 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 11: 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 12: 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 13: 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 14: 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