Income Taxes

6 Months Ended

Jul. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company recorded an income tax provision of $5.9 million and $4.4 million during the thirteen weeks ended July 30, 2022 and July 31, 2021, respectively. The Company recorded an income tax provision of $10.9 million and $5.8 million for the twenty-six weeks ended July 30, 2022 and July 31, 2021, respectively.

The effective tax rate for the thirteen and twenty-six weeks ended July 30, 2022 differs from the federal statutory rate of 21% primarily due to the impact of federal, state and local income taxes and partial release of its valuation allowance on state deferred tax assets. The effective tax rate for the thirteen and twenty-six weeks ended July 31, 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.