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Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense for fiscal years 2024, 2023 and 2022 were as follows (in thousands):
| Fiscal Year Ended
| February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | 83 |  |  | $ | (8) |
State | 217 |  |  | 245 |  |  | 622 |
| 217 |  |  | 328 |  |  | 614 |
Deferred: |  |  |  |  |
Federal | — |  |  | 4,882 |  |  | 2,308 |
State | — |  |  | 3,499 |  |  | 568 |
| — |  |  | 8,381 |  |  | 2,876 |
Total income tax expense | $ | 217 |  |  | $ | 8,709 |  |  | $ | 3,490 |
Reconciliation of Income Tax Expense to Amount Computed At Federal Statutory Rate | A reconciliation of income tax expense to the amount computed at the federal statutory rate for fiscal years 2024, 2023 and 2022 is as follows (in thousands):
| Fiscal Year Ended
| February 1, 2025 |  | February 3, 2024 |  | January 28, 2023
Federal taxes at statutory rate | $ | (9,663) |  |  | $ | (5,414) |  |  | $ | 2,764 |
State and local income taxes, net of federal benefit | (2,270) |  |  | (1,309) |  |  | 754 |
Nondeductible executive compensation | (210) |  |  | 103 |  |  | 100 |
Enhanced contribution deduction | (202) |  |  | (177) |  |  | (147) |
Tax credits | (132) |  |  | (185) |  |  | (231) |
Share-based compensation discrete items (1) | 434 |  |  | 54 |  |  | 101 |
Return to provision adjustments | 51 |  |  | 9 |  |  | 220 |
Other | 137 |  |  | 233 |  |  | (71) |
Change in valuation allowance | 12,072 |  |  | 15,395 |  |  | — |
Total income tax expense | $ | 217 |  |  | $ | 8,709 |  |  | $ | 3,490 |
(1)This amount includes the impact of discrete items related to the expiration of stock options, exercises of stock options and the settlement of restricted stock that are recorded to income tax expense which represents share-based compensation cost previously recognized by us that was greater than the deduction allowed for income tax purposes based on the price of our common stock on the date of expiration, exercise or vesting.
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of February 1, 2025 and February 3, 2024 were as follows (in thousands):
| February 1, 2025 |  | February 3, 2024
Deferred tax assets: |  |  |
Operating lease liabilities | $ | 50,661 |  |  | $ | 60,821 |
Net operating loss carryforwards | 13,932 |  |  | 5,305 |
Inventories | 3,461 |  |  | 2,441 |
Share-based compensation | 1,434 |  |  | 1,324 |
Accrued expenses | 1,381 |  |  | 1,342 |
Deferred revenue | 1,336 |  |  | 1,272 |
Compensation and benefits | 601 |  |  | 573 |
Other | 2,278 |  |  | 1,520 |
Total deferred tax assets | 75,084 |  |  | 74,598 |
Less: valuation allowance | (27,528) |  |  | (15,395) |
Deferred tax assets, net of valuation allowance | 47,556 |  |  | 59,203 |
Deferred tax liabilities: |  |  |
Operating lease assets | (42,033) |  |  | (51,948) |
Property and equipment | (3,885) |  |  | (5,935) |
Prepaid expenses | (1,585) |  |  | (1,132) |
Marketable securities | (53) |  |  | (188) |
Total deferred tax liabilities | (47,556) |  |  | (59,203) |
Net deferred tax asset | $ | — |  |  | $ | — |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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