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Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Taxes

Provision for Income Taxes

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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

Schedule of Federal Statutory Tax Rate

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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

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​

4.1

​

​

​

4.1

​

​

​

1.5

​

Permanent items

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​

0.1

​

​

​

(0.3)

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​

​

1.1

​

Tax Credits

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​

(0.6)

​

​

​

(0.4)

​

​

​

(2.8)

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Other items

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​

0.2

​

​

​

0.4

​

​

​

(0.2)

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Effective income tax rate

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​

24.8

%

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​

24.8

%

​

​

20.6

%

Schedule of Deferred Tax Assets and Liabilities

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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)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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