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Income Taxes (Tables) | 12 Months Ended
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Feb. 03, 2024
Income Tax Disclosure [Abstract] |
Components of Net Deferred Tax Assets | The components of the net deferred tax assets as of February 3, 2024 and January 28, 2023 were as follows (in thousands):
|  | February 3, 2024 |  |  | January 28, 2023 |
Deferred tax assets, net: |  |  |  |  |  |
Net operating loss carryforward |  | $ | 13,522 |  |  | $ | 21,736 |
Accrued expenses and other |  |  | 4,776 |  |  |  | 5,597 |
Operating lease liabilities |  |  | 40,182 |  |  |  | 37,793 |
Goodwill and intangibles |  |  | (103 | ) |  |  | (62 | )
Unrecognized loss on pension and pension expense |  |  | — |  |  |  | 1,714 |
Inventory reserves |  |  | 866 |  |  |  | 900 |
Foreign tax credit carryforward |  |  | 486 |  |  |  | 486 |
Federal wage tax credit carryforward |  |  | 824 |  |  |  | 824 |
State tax credits |  |  | 147 |  |  |  | 147 |
Operating lease right-of-use assets |  |  | (35,937 | ) |  |  | (32,583 | )
Property and equipment |  |  | (985 | ) |  |  | (2,672 | )
Subtotal |  | $ | 23,778 |  |  | $ | 33,880 |
Valuation allowance |  |  | (2,245 | ) |  |  | (2,425 | )
Net deferred tax assets |  | $ | 21,533 |  |  | $ | 31,455 |
Provision (benefit) for Income Taxes | The provision (benefit) for income taxes consisted of the following:
|  | FISCAL YEARS ENDED |
|  | February 3, 2024 |  |  | January 28, 2023 |  |  | January 29, 2022 |
(in thousands) |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | 1,200 |  |  |  | 830 |  |  |  | 912 |
Foreign |  |  | 8 |  |  |  | 6 |  |  |  | 5 |
|  |  | 1,208 |  |  |  | 836 |  |  |  | 917 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 7,911 |  |  |  | (24,794 | ) |  |  | — |
State |  |  | 1,418 |  |  |  | (6,830 | ) |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 9,329 |  |  |  | (31,624 | ) |  |  | — |
Total provision (benefit) |  | $ | 10,537 |  |  | $ | (30,788 | ) |  | $ | 917 |
Reconciliation between Statutory and Effective Income Tax Rates | The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision (benefit) for income tax:
|  | FISCAL YEARS ENDED |
|  | February 3, 2024 |  |  | January 28, 2023 |  |  | January 29, 2022 |
(in thousands) |  |  |  |  |  |  |  |  |
Federal income tax at the statutory rate |  | $ | 8,086 |  |  | $ | 12,250 |  |  | $ | 12,102 |
State taxes, net of federal tax benefit |  |  | 1,000 |  |  |  | 656 |  |  |  | 721 |
State deferred taxes, net of federal benefit |  |  | 1,418 |  |  |  | 1,558 |  |  |  | — |
Section 162(m) limitation |  |  | 746 |  |  |  | 1,451 |  |  |  | 1,375 |
Permanent items |  |  | (199 | ) |  |  | (1,002 | ) |  |  | (893 | )
Taxes stranded in OCI released with termination of retirement plans |  |  | 890 |  |  |  | — |  |  |  | — |
Change in valuation allowance (1) |  |  | (179 | ) |  |  | (47,594 | ) |  |  | (12,421 | )
Adjustment to §382 NOLs |  |  | (1,159 | ) |  |  | 1,159 |  |  |  | — |
Other, net |  |  | (66 | ) |  |  | 734 |  |  |  | 33 |
Total provision (benefit) |  | $ | 10,537 |  |  | $ | (30,788 | ) |  | $ | 917 |
(1) The change in the valuation allowance at January 28, 2023 included a non-recurring income tax benefit of $31.6 million in connection with the Company’s substantial release of the valuation allowance in fiscal 2022 related to the deferred tax assets expected to be realized in future periods.
Liability for Unrecognized Tax Benefits | The following table shows the liability for unrecognized tax benefits that were associated with a prior tax position related to exiting the Company’s direct business in Europe during fiscal 2013. The amount of unrecognized tax benefits was presented as a reduction in the reported amounts of the Company’s federal and state net operating losses carryforwards. No penalties or interest were accrued on this liability. In fiscal 2023, the Company changed this position in its tax return and determined that the liability was no longer necessary.
|  | FISCAL YEARS ENDED |
|  | February 3, 2024 |  |  | January 28, 2023 |  |  | January 29, 2022 |
(in thousands) |  |  |  |  |  |  |  |  |
Balance at the beginning of the fiscal year |  | $ | 2,000 |  |  | $ | 2,000 |  |  | $ | 2,000 |
Changes due to tax positions from current year |  |  | — |  |  |  | — |  |  |  | — |
Changes due to tax positions from prior years |  |  | (2,000 | ) |  |  | — |  |  |  | — |
Changes due to lapsing of statute of limitations |  |  | — |  |  |  | — |  |  |  | — |
Balance at the end of the fiscal year |  | $ | — |  |  | $ | 2,000 |  |  | $ | 2,000 |

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