Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before income taxes consisted of the following:

(in thousands)	2024		2023		2022
Domestic income (loss)	$	(23,549)	$	19,499	$	131,131
Foreign income	12,819		20,698		28,393
	$	(10,730)	$	40,197	$	159,524

Schedule of Components of Income Tax Expense (Benefit)

Income tax provision (benefit) consisted of the following:

(in thousands)	2024		2023		2022
Current:
Federal	$	2,852	$	(594)	$	36,018
State and local	1,774		547		12,120
Foreign	(1,068)		1,904		449
Total current tax expense	3,558		1,857		48,587
Deferred:
Federal	(5,314)		3,766		(29,025)
State and local	(1,758)		5,362		(10,591)
Foreign	2,759		(4)		(12,113)
Total deferred tax expense (benefit)	(4,313)		9,124		(51,729)
Income tax provision (benefit)	$	(755)	$	10,981	$	(3,142)

Schedule of Effective Income Tax Rate Reconciliation

The following presents a reconciliation of the income tax provision based on the U.S. federal statutory tax rate to the total effective tax rate:

(dollars in thousands)	2024				2023				2022
	Amount		%		Amount		%		Amount		%
U.S. federal tax at statutory rate	$	(2,253)	21.0	%	$	8,441	21.0	%	$	33,502	21.0	%
State and local income taxes, net of federal income tax effect	(353)		3.3		(92)		(0.2)		242		0.2
Foreign tax effects:
Statutory tax rate difference between Canada and U.S.	573		(5.3)		882		2.2		1,162		0.6
Changes in valuation allowances	—		—		—		—		(19,408)		(12.2)
Other	(333)		3.1		190		0.5		419		0.4
Changes in valuation allowances	(420)		3.9		(588)		(1.5)		(28,870)		(18.1)
Nontaxable or nondeductible items:
Share-based payment awards	2,576		(24.0)		(2,205)		(5.5)		1,470		0.9
Limitation on executive compensation	1,432		(13.3)		5,783		14.4		4,683		2.9
Federal interest income	(386)		3.5		(2,474)		(6.2)		(3,029)		(1.9)
Other	—		—		(258)		(0.6)		772		0.5
Changes in unrecognized tax benefits	(3,227)		30.0		1,540		3.8		6,045		3.8
Other adjustments:
Return to provision	980		(9.1)		—		—		—		—
Other	656		(6.1)		(238)		(0.6)		(130)		(0.1)
Effective tax rate	$	(755)	7.0	%	$	10,981	27.3	%	$	(3,142)	(2.0)	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows:

(in thousands)	February 1, 2025		February 3, 2024
Deferred tax assets:
Operating lease liabilities	$	201,167	$	206,720
Net operating losses	17,000		17,891
Interest	9,706		4,409
Inventories	8,502		7,485
Stock-based compensation	6,696		8,153
Accrued expenses	3,570		3,930
Reward programs deferred revenue	3,288		3,742
State bonus depreciation	2,869		3,243
Gift cards	2,146		2,517
Other	3,229		3,892
	258,173		261,982
Less: valuation allowance	(12,478)		(12,131)
Total deferred tax assets, net of valuation allowance	245,695		249,851
Deferred tax liabilities:
Operating lease assets	(182,735)		(186,896)
Property and equipment	(11,284)		(15,902)
Basis in subsidiary	(4,123)		(2,377)
Other	(4,229)		(5,609)
Total deferred tax liabilities	(202,371)		(210,784)
Net deferred tax assets	$	43,324	$	39,067

Summary of Valuation Allowance

The following table presents the changes in valuation allowance:

(in thousands)	2024		2023		2022
Valuation allowance - beginning of period	$	12,131	$	14,027	$	70,762
Additions charged to income tax benefit	768		—		—
Allowances taken or written off	—		(666)		(55,654)
Other adjustments	(421)		(1,230)		(1,081)
Valuation allowance - end of period	$	12,478	$	12,131	$	14,027

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents the changes in gross unrecognized tax benefits:

(in thousands)	2024		2023		2022
Unrecognized tax benefits - beginning of period	$	16,433	$	15,785	$	11,108
Additions for tax positions taken in the current year	740		3,042		5,342
Reductions for tax positions taken in prior year	(3,531)		—		—
Changes in estimates	(1,388)		—		—
Lapses of applicable statues of limitations	(1,158)		(2,323)		—
Settlements of tax positions taken in prior years	(912)		(71)		(665)
Unrecognized tax benefits - end of period	$	10,184	$	16,433	$	15,785

Schedule of Income Taxes Paid (Refunded)

Net cash paid (refunds received) for income taxes consisted of the following:

(in thousands)	2024		2023		2022
Federal	$	(62,059)	$	15,500	$	(83,316)
Aggregated state and local jurisdictions	(190)		1,853		6,629
Disaggregated state and local jurisdictions:
California	—		941		—
New York	—		(2,534)		—
City of Columbus, Ohio	—		1,005		—
Foreign	334		307		555
Net cash paid (refunds received) for income taxes	$	(61,915)	$	17,072	$	(76,132)