Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the Fiscal Years 2021, 2020, and 2019 consists of the following (in thousands):

	For the Fiscal Year Ended January 29, 2022			For the Fiscal Year Ended January 30, 2021			For the Fiscal Year Ended February 1, 2020
Current
U.S. Federal	$	9,790		$	(30,304	)	$	5,636
State and local		1,359			(659	)		2,165
Total current		11,149			(30,963	)		7,801
Deferred tax benefit
U.S. Federal		(1,913	)		(13,922	)		(8,681	)
State and local		(1,218	)		(3,277	)		(2,142	)
Total deferred tax benefit		(3,131	)		(17,199	)		(10,823	)
Total income tax (benefit) provision	$	8,018		$	(48,162	)	$	(3,022	)

Schedule of Reconciliation of Statutory Federal Income Tax Rate

A reconciliation of the federal statutory income tax rate of 21% to the Company’s effective tax rate is as follows for the periods presented:

	For the Fiscal Year Ended January 29, 2022			For the Fiscal Year Ended January 30, 2021			For the Fiscal Year Ended February 1, 2020
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal tax effect		(14.7	)%		4.9	%		0.3	%
Fair market value of warrants and derivative		(59.9	)%		0.0	%		0.0	%
Disallowed officer compensation		(6.0	)%		0.0	%		0.0	%
Goodwill impairment		0.0	%		(2.0	)%		(19.1	)%
Net operating loss CARES ACT benefit		0.3	%		5.7	%		0.0	%
Valuation allowance		14.1	%		(2.9	)%		0.0	%
Nondeductible equity-based compensation expense		4.4	%		(0.2	)%		0.1	%
Charitable contributions		0.6	%		0.1	%		0.1	%
Tax return to provision adjustments		(0.2	)%		0.0	%		0.0	%
Other		0.6	%		(0.9	)%		(0.1	)%
Effective tax rate		(39.8	)%		25.7	%		2.3	%

Components of Deferred Income Tax Assets and (Liabilities)

The components of deferred tax assets (liabilities) were as follows (in thousands):

	January 29, 2022			January 30, 2021
Deferred tax assets
Accrued expenses	$	6,127		$	7,984
State net operating loss carryforward		2,514			4,621
Start-up costs		472			539
Debt issuance costs		1,044			—
Lease liabilities		45,724			58,768
Total deferred tax assets, gross		55,881			71,912
Less: Deferred tax valuation allowances		(2,657	)		(5,472	)
Total deferred tax assets net of valuation allowances		53,224			66,440
Deferred tax liabilities
Inventory		(900	)		(1,930	)
Lease assets		(33,976	)		(42,785	)
Fixed assets		(8,466	)		(11,748	)
Intangible assets		(19,976	)		(22,148	)
Debt issuance costs		—			(415	)
Prepaid expenses		(610	)		(1,249	)
Total deferred tax liabilities		(63,928	)		(80,275	)
Net deferred tax liabilities	$	(10,704	)	$	(13,835	)

Summary of Changes in Unrecognized Income Tax Benefits

The following table summarizes the changes in the Company’s unrecognized income tax benefits for Fiscal Years 2021, 2020 and 2019 (in thousands):

	For the Fiscal Year Ended January 29, 2022		For the Fiscal Year Ended January 30, 2021		For the Fiscal Year Ended February 1, 2020
Balance at the beginning of the period	$	336	$	—	$	—
Increases based on tax positions related to the current period		—		336		—
Increases for tax positions related to prior periods		63		—		—
Balance at the end of the period	$	399	$	336	$	—