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Income Taxes | 12 Months Ended
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Jan. 28, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | (15) Income Taxes For the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, the income tax provision consisted of the following:
|  | January 28, |  |  | January 29, |  |  | January 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,853 |  |  | $ | 23,107 |  |  | $ | 24,023 |
State |  |  | 2,737 |  |  |  | 7,312 |  |  |  | 6,991 |
Total current |  |  | 9,590 |  |  |  | 30,419 |  |  |  | 31,014 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 3,602 |  |  |  | 5,133 |  |  |  | (390 | )
State |  |  | 158 |  |  |  | 217 |  |  |  | (544 | )
Total deferred |  |  | 3,760 |  |  |  | 5,350 |  |  |  | (934 | )
Total income tax provision |  | $ | 13,350 |  |  | $ | 35,769 |  |  | $ | 30,080 |
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods:
| January 28, |  | January 29, |  | January 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State tax, net of federal benefit |  |  | 4.1 |  |  |  | 4.1 |  |  |  | 4.1 |
Permanent items |  |  | 1.1 |  |  |  | 0.1 |  |  |  | (0.3 | )
Tax Credits |  |  | (1.7 | ) |  |  | (0.6 | ) |  |  | (0.4 | )
Other items |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.4 |
Effective income tax rate |  |  | 24.8 | % |  |  | 24.8 | % |  |  | 24.8 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 28, 2023 and January 29, 2022, respectively, are presented below:
|  | January 28, |  |  | January 29, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Accrued liabilities |  | $ | 928 |  |  | $ | 1,521 |
Operating lease liability |  |  | 76,792 |  |  |  | 69,565 |
Gift card liability |  |  | 1,992 |  |  |  | 1,332 |
Goodwill |  |  | 589 |  |  |  | 671 |
Intangible asset |  |  | 781 |  |  |  | 927 |
Inventories |  |  | 3,109 |  |  |  | 2,940 |
Sales return reserve |  |  | 241 |  |  |  | 265 |
Stock-based compensation |  |  | 993 |  |  |  | 1,082 |
Loyalty program |  |  | 1,351 |  |  |  | 1,810 |
Total gross deferred tax assets |  | $ | 86,776 |  |  | $ | 80,113 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  | $ | (27,742 | ) |  | $ | (23,860 | )
ROU asset |  |  | (67,417 | ) |  |  | (61,005 | )
Prepaid expenses |  |  | (1,161 | ) |  |  | (1,027 | )
Total gross deferred tax liabilities |  |  | (96,320 | ) |  |  | (85,892 | )
Net deferred tax asset |  | $ | (9,544 | ) |  | $ | (5,779 | )
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 28, 2023, 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 28, 2023, 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 February 1, 2020 through January 29, 2022. 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 2022, 2021 or 2020.

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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 https://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 https://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 https://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 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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