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Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of February 1, 2025 and February 3, 2024 were as follows (in thousands):

		February 1, 2025				February 3, 2024
Deferred tax assets, net:
Net operating loss carryforward		$	12,868			$	13,522
Accrued expenses and other			4,328				4,776
Operating lease liabilities			47,708				40,182
Goodwill and intangibles			(122	)			(103	)
Inventory reserves			1,080				866
Foreign tax credit carryforward			102				486
Federal wage tax credit carryforward			861				824
State tax credits			51				147
Operating lease right-of-use assets			(44,212	)			(35,937	)
Property and equipment			(1,804	)			(985	)
Subtotal		$	20,860			$	23,778
Valuation allowance			(1,517	)			(2,245	)
Net deferred tax assets		$	19,343			$	21,533

Provision (benefit) for Income Taxes

The provision (benefit) for income taxes consisted of the following:

		FISCAL YEARS ENDED
		February 1, 2025				February 3, 2024				January 28, 2023
(in thousands)
Current:
Federal		$	182			$	—			$	—
State			381				1,200				830
Foreign			8				8				6
			571				1,208				836
Deferred:
Federal			1,108				7,911				(24,794	)
State			1,082				1,418				(6,830	)
Foreign			—				—				—
			2,190				9,329				(31,624	)
Total provision (benefit)		$	2,761			$	10,537			$	(30,788	)

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 1, 2025				February 3, 2024				January 28, 2023
(in thousands)
Federal income tax at the statutory rate		$	1,223			$	8,086			$	12,250
State taxes, net of federal tax benefit			264				1,000				656
State deferred taxes, net of federal benefit			353				1,418				1,558
Section 162(m) limitation			808				746				1,451
Permanent items			(66	)			(199	)			(1,002	)
Taxes stranded in OCI released with termination of retirement plans			—				890				—
Change in valuation allowance (1)			8				(179	)			(47,594	)
Adjustment to §382 NOLs			—				(1,159	)			1,159
Other, net			171				(66	)			734
Total provision (benefit)		$	2,761			$	10,537			$	(30,788	)

(1)The change in the valuation allowance during the fiscal year ended February 1, 2025 excludes the portion of the change in the valuation allowance that related to expired NOLs that were previously fully reserved. The change in the valuation allowance during the fiscal year ended 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

liability for unrecognized tax benefits of $2.0 million that was 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.

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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.

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