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Income Taxes | 6 Months Ended
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Jul. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 16– Income Taxes Our effective tax rates are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
Fiscal 2026 |  |  | 26.8 | % |  |  | 18.9 | %
Fiscal 2025 |  |  | (522.0 | )% |  |  | (24.9 | )%
We determine our estimated annual effective tax rate at the end of each interim period based on full-year forecasted pre-tax income and facts known at that time. The estimated annual effective tax rate is applied to the year-to-date pre-tax income at the end of each interim period with the cumulative effect of any changes in the estimated annual effective tax rate being recorded in the fiscal quarter in which the change is determined. The tax effect of significant unusual items is reflected in the period in which they occur. During the three months ended July 31, 2025, we recognized an income tax benefit of $454,000. The effective tax rate in this period was directly impacted by a $17,000 tax expense arising from shortfall tax expense related to our stock and a $43,000 tax benefit related to foreign return to provision differences. During the three months ended August 3, 2024, we recognized an income tax expense of $261,000. The effective tax rate in this period was directly impacted by the return to provision associated with our fiscal 2023 amended federal tax return which resulted in a $447,000 increase to tax expense. Additional impacts on the effective tax rate included a $162,000 tax benefit related to foreign return to provision differences and a $13,000 tax benefit arising from windfall tax benefits related to our stock. During the six months ended July 31, 2025, we recognized an income tax benefit of $378,000. The effective tax rate in this period was directly impacted by a $109,000 tax expense related to the return to provision associated with our fiscal 2023 amended state tax returns. Additional impacts on the effective tax rate included a $79,000 tax expense arising from shortfall tax expense related to our stock, a $26,000 tax benefit related to the expiration of the statute of limitations on a previously uncertain tax position and a $43,000 tax benefit related to foreign return to provision differences. During the six months ended August 3, 2024, we recognized an income tax benefit of $173,000. The effective tax rate in this period was directly impacted by a $124,000 tax benefit related to a previous unrecorded reduction in our future income tax payable balance that should have been discretely recognized in the fourth quarter of fiscal year 2024, netted with the current quarter tax expense related to amending our fiscal year 2023 federal tax return. On July 4, 2025, the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law in the United States. The OBBBA includes a broad range of tax reform provisions for businesses, including extensions of key Tax Cuts and Jobs Act provisions, modifications to the international tax framework, and restoration of favorable tax treatment for certain business provisions. Certain provisions of the legislation will become effective in 2025, while others are effective in 2026. As the OBBBA was enacted during our fiscal quarter ended July 31, 2025, we have considered its potential effects and reflected the impact of the OBBBA on our financial position, results of operations, and cash flows. We are in the process of evaluating the impact of these provisions on future periods, but we do not expect the OBBBA to have a material impact on our consolidated financial statements.

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