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Income Taxes

12 Months Ended

Jan. 29, 2022

Income Taxes

Income Taxes

(15) Income Taxes

​

For the fiscal years ended January 29, 2022, January 30, 2021, and February 1, 2020, the income tax provision consisted of the following:

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​	​	​	​	​	​	​	​	​	​
​	​	January 29,		​	January 30,		​	February 1,
​		2022			2021			2020
Current:	​	​	​	​	​	​	​	​	​
Federal		$	23,107	​	$	24,023	​	$	4,004
State	​	​	7,312	​	​	6,991	​	​	540
Total current	​	​	30,419	​	​	31,014	​	​	4,544
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​	​	5,133	​	​	(390)	​	​	1,246
State	​	​	217	​	​	(544)	​	​	(536)
Total deferred	​	​	5,350	​	​	(934)	​	​	710
Total income tax provision	​	$	35,769	​	$	30,080	​	$	5,254

​

The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods:

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

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January 29,

​

January 30,

​

February 1,

​

2022

​

2021

​

2020

Federal statutory rate

​

​

21.0

%

​

​

21.0

%

​

​

21.0

%

State tax, net of federal benefit

​

​

4.1

​

​

​

4.1

​

​

​

1.5

​

Permanent items

​

​

0.1

​

​

​

(0.3)

​

​

​

1.1

​

Tax Credits

​

​

(0.6)

​

​

​

(0.4)

​

​

​

(2.8)

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Other items

​

​

0.2

​

​

​

0.4

​

​

​

(0.2)

​

Effective income tax rate

​

​

24.8

%

​

​

24.8

%

​

​

20.6

%

​

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 29, 2022 and January 30, 2021, respectively, are presented below:

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​	​	​	​	​	​	​	​
​	​	January 29,		​	​	January 30,
​		2022			​	2021
Deferred tax assets:	​	​	​	​	​	​	​
Accrued liabilities	​	$	1,521	​	​	$	2,746
Operating lease liability	​	​	69,565	​	​	​	66,341
Gift card liability	​	​	1,332	​	​	​	862
Goodwill	​	​	671	​	​	​	752
Intangible asset	​	​	927	​	​	​	1,075
Inventories	​	​	2,940	​	​	​	1,052
Sales return reserve	​	​	265	​	​	​	363
Stock-based compensation	​	​	1,082	​	​	​	768
Loyalty program	​	​	1,810	​	​	​	3,045
Total gross deferred tax assets	​	$	80,113	​	​	$	77,004
Deferred tax liabilities:	​	​	​	​	​	​	​
Depreciation	​	$	(23,860)	​	​	$	(17,533)
ROU asset	​	​	(61,005)	​	​	​	(59,044)
Prepaid expenses	​	​	(1,027)	​	​	​	(861)
Total gross deferred tax liabilities	​	​	(85,892)	​	​	​	(77,438)
Net deferred tax asset	​	$	(5,779)	​	​	$	(434)

​

​

Deferred tax assets have resulted primarily from the Company’s future deductible temporary differences. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income.

Management evaluates the realizability of the deferred tax assets and the need for additional valuation allowances quarterly. At January 29, 2022, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize benefit for its deferred tax assets.

As of January 29, 2022, the Company had no unrecognized tax benefits. The Company does not anticipate that unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. Federal and state tax years that remain subject to examination are periods ended January 30, 2016 through February 1, 2020.

The Company’s policy is to accrue interest expense, and penalties as appropriate, on estimated unrecognized tax benefits as a charge to interest expense in the consolidated statements of income. No interest or penalties were accrued for fiscal years 2021, 2020 or 2019.

X

- References

No definition available.

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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