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Income Taxes
6 Months Ended
Aug. 01, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate increased to 29.2% for the current quarter from 25.5% for the quarter ended August 3, 2019. The Company’s effective tax rate for its first quarter of 2020 included an estimated benefit resulting from the CARES Act, which allows us to carry-back net operating losses to periods prior to the Tax Cuts and Jobs Act, when the federal statutory tax rate was 35%. Based upon its second quarter net income, the Company no longer anticipates a net operating loss for fiscal 2020, which is reflected in its effective tax rate for the 13 weeks ended August 1, 2020.
The Company’s effective tax rate increased to 27.3% for the 26 weeks ended August 1, 2020 from 26.3% for the 26 weeks ended August 3, 2019. The increase was due primarily to the tax impact of certain share-based payments that vested in the current year.