Income Taxes

3 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company recorded an income tax provision of $5.0 million for the thirteen weeks ended April 30, 2022 and an income tax provision of $1.4 million during the thirteen weeks ended May 1, 2021. The effective tax rate was 25.8% for the thirteen weeks ended April 30, 2022, and (8.2%) for the thirteen weeks ended May 1, 2021.

The effective tax rate for the thirteen weeks ended April 30, 2022 differs from the federal statutory rate of 21% primarily due to the impact of state and local income taxes and partial release of its valuation allowance on state deferred tax assets. The effective tax rate for the thirteen weeks ended May 1, 2021 differs from the federal statutory rate of 21% primarily due to the nondeductible fair value adjustment of the warrants and the Priming Loan embedded derivative, the impact of executive compensation limitations and the impact of state and local income taxes.