Income Taxes

4 Months Ended

Apr. 20, 2024

Income Tax Disclosure [Abstract]

Income Taxes

19. INCOME TAXES

The company’s effective tax rate for the sixteen weeks ended April 20, 2024 was 24.0% compared to 21.4% for the sixteen weeks ended April 22, 2023. The increase in the rate was primarily due to a reduction in the discrete tax benefit in the current quarter when compared to the discrete tax benefit for the prior year quarter. During the sixteen weeks ended April 20, 2024, the primary differences in the effective rate and the statutory rate were state income taxes.

During the sixteen weeks ended April 20, 2024, the company’s activity with respect to its uncertain tax positions and related interest expense accrual was not significant to the Condensed Consolidated Financial Statements. As of April 20, 2024, we do not anticipate significant changes to the amount of gross unrecognized tax benefits over the next twelve months.