Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

The Company’s income tax expense is computed based on the federal statutory rates and the state statutory rates, net of related federal benefit. The Company’s provision for income taxes consists of the following (in thousands):

	53 Weeks Ended February 3, 2024		52 Weeks Ended January 28, 2023			52 Weeks Ended January 29, 2022
Current tax expense (benefit):
Federal	$	46	$	(153	)	$	3,269
State		473		696			74
Income tax expense	$	519	$	543		$	3,343

Reconciliation of Income Tax Expense (Benefit) at the Statutory Federal Income Tax Rate

A reconciliation of income tax expense at the statutory federal income tax rate to the amount provided is as follows (in thousands):

	53 Weeks Ended February 3, 2024			52 Weeks Ended January 28, 2023			52 Weeks Ended January 29, 2022
Tax at federal statutory rate	$	(5,719	)	$	(9,272	)	$	5,327
State income taxes, net of federal benefit		(293	)		(798	)		942
Tax credits		(107	)		(79	)		(66	)
Executive compensation		(23	)		886			255
Stock based compensation programs		209			(1,296	)		(644	)
Valuation allowance		6,399			11,134			(2,494	)
Other		53			(32	)		23
Income tax expense	$	519		$	543		$	3,343

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	February 3, 2024			January 28, 2023
Deferred tax assets:
Operating lease liabilities	$	36,406		$	39,661
Accruals		2,090			1,327
Inventory valuation		277			346
Federal and state tax credit carryforwards		192			148
Federal and state net operating loss carryforwards		15,794			11,169
Impairment		1,321			1,321
Other		3,989			3,583
Total deferred tax assets		60,069			57,555
Valuation allowance for deferred tax assets		(21,206	)		(14,690	)
Net deferred tax assets		38,863			42,865
Deferred tax liabilities:
Property and equipment		(5,974	)		(7,737	)
Operating lease right-of-use assets		(32,194	)		(34,435	)
Prepaid assets		(695	)		(693	)
Total deferred tax liabilities		(38,863	)		(42,865	)
Net deferred tax assets	$	—		$	—