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Income Taxes
3 Months Ended
May 01, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate was 23.0% for the quarter ended May 1, 2021, and 31.0% for the quarter ended May 2, 2020. The effective tax rate for the current quarter included the favorable tax impact from the vesting of certain share-based payments during the period due to increases in the Company’s share price.
Due to the anticipated net operating loss for fiscal 2020, the Company’s effective tax rate for the quarter ended May 2, 2020 included an estimated benefit resulting from the CARES Act, which allows for the carry-back of net operating losses to periods prior to the Tax Cuts and Jobs Act, when the federal statutory tax rate was 35%. The Company subsequently adjusted its effective tax rate in the second fiscal quarter of 2020 as it no longer anticipated a net operating loss following the reopening of its stores. The benefit from the CARES Act was partially offset by the unfavorable tax impact of certain share-based payments that vested during the first quarter of 2020.