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Income Taxes | 12 Months Ended
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Feb. 03, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | (13) Income Taxes For the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, the income tax provision consisted of the following:
|  | February 3, |  |  | January 28, |  |  | January 29, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 203 |  |  | $ | 6,853 |  |  | $ | 23,107 |
State |  |  | 643 |  |  |  | 2,737 |  |  |  | 7,312 |
Total current |  |  | 846 |  |  |  | 9,590 |  |  |  | 30,419 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (8,251 | ) |  |  | 3,602 |  |  |  | 5,133 |
State |  |  | (1,804 | ) |  |  | 158 |  |  |  | 217 |
Total deferred |  |  | (10,055 | ) |  |  | 3,760 |  |  |  | 5,350 |
Total income tax provision |  | $ | (9,209 | ) |  | $ | 13,350 |  |  | $ | 35,769 |
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods:
| February 3, |  | January 28, |  | January 29, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State tax, net of federal benefit |  |  | 4.1 |  |  |  | 4.1 |  |  |  | 4.1 |
Permanent items |  |  | (2.4 | ) |  |  | 1.1 |  |  |  | 0.1 |
Tax Credits |  |  | 2.4 |  |  |  | (1.7 | ) |  |  | (0.6 | )
Other items |  |  | (1.0 | ) |  |  | 0.3 |  |  |  | 0.2 |
Effective income tax rate |  |  | 24.1 | % |  |  | 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 February 3, 2024 and January 28, 2023, respectively, are presented below:
|  | February 3, |  |  | January 28, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Accrued liabilities |  | $ | 555 |  |  | $ | 928 |
Operating lease liability |  |  | 89,279 |  |  |  | 76,792 |
Gift card liability |  |  | 2,622 |  |  |  | 1,992 |
Goodwill |  |  | 507 |  |  |  | 589 |
Intangible asset |  |  | 635 |  |  |  | 781 |
Inventories |  |  | 3,322 |  |  |  | 3,109 |
Sales return reserve |  |  | 205 |  |  |  | 241 |
Stock-based compensation |  |  | 778 |  |  |  | 993 |
Tax credits |  |  | 791 |  |  |  | — |
Net operating losses |  |  | 15,474 |  |  |  | — |
Loyalty program |  |  | 1,089 |  |  |  | 1,351 |
Total gross deferred tax assets |  | $ | 115,257 |  |  | $ | 86,776 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  | $ | (35,872 | ) |  | $ | (27,742 | )
ROU asset |  |  | (77,654 | ) |  |  | (67,417 | )
Prepaid expenses |  |  | (1,226 | ) |  |  | (1,161 | )
Total gross deferred tax liabilities |  |  | (114,752 | ) |  |  | (96,320 | )
Net deferred tax asset |  | $ | 505 |  |  | $ | (9,544 | )
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 February 3, 2024, 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 February 3, 2024, 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, 2021 through January 28, 2023. 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 operations. No interest or penalties were accrued for fiscal years 2023, 2022 or 2021.

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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 -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
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