Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Taxes

Schedule of income tax (benefit) expense

Income tax benefit (expense) consists of the following (in thousands):

	Fiscal Year
	2023		2022		2021
Current:
Federal	$	2,025	$	(12,616)	$	(11,326)
State		(329)		(4,426)		(2,473)
Total current		1,696		(17,042)		(13,799)
Deferred:
Federal		2,635		(1,031)		(2,629)
State		(424)		932		(574)
Total deferred		2,211		(99)		(3,203)
Total income tax benefit (expense)	$	3,907	$	(17,141)	$	(17,002)

Schedule of the reconciliation of income tax (benefit) expense computed using the federal statutory rate to the reported income tax (benefit) expense

Income tax benefit (expense) computed using the federal statutory rate is reconciled to the reported income tax benefit (expense) as follows (in thousands):

	Fiscal Year
	2023		2022		2021
Statutory rate applied to income before income taxes	$	3,337	$	(15,967)	$	(16,641)
State income taxes, net of federal benefit		240		(2,738)		(2,936)
State tax credits		(167)		(268)		152
State tax credits - valuation allowance (net of federal benefit)		(774)		393		158
General business credits		1,840		1,871		1,433
Nondeductible compensation		—		(44)		(455)
Excess (deficit) tax benefits from stock-based compensation		(519)		(507)		1,226
Other		(50)		119		61
Income tax benefit (expense)	$	3,907	$	(17,141)	$	(17,002)

Schedule of the components of deferred tax assets and deferred tax liabilities

Deferred tax assets and deferred tax liabilities consist of the following (in thousands):

	February 3,		January 28,
	2024		2023
Deferred tax assets:
Inventory capitalization	$	2,422	$	1,627
Vacation liability		489		911
Operating lease liabilities		59,556		67,075
State tax credits		2,599		2,765
Stock compensation		1,059		1,178
Insurance liabilities		855		972
Research and development		1,399		811
Net operating loss and charitable contribution carryforwards		2,434		—
Other		507		605
Subtotal deferred tax assets		71,320		75,944
Less: State tax credits valuation allowance - net		(1,937)		(1,163)
Total deferred tax assets		69,383		74,781
Deferred tax liabilities:
Right of use asset		(57,690)		(65,130)
Book and tax depreciation differences		(6,115)		(5,798)
Prepaid expenses		(473)		(960)
Total deferred tax liabilities		(64,278)		(71,888)
Net deferred tax asset	$	5,105	$	2,893