Income Taxes (Tables)

12 Months Ended

Jan. 29, 2023

Income Tax Disclosure [Abstract]

Schedule of federal, state and local corporate income taxes

The components of the provision for income taxes reflected on the statements of operations are set forth below:

	2023		2022		2021
	(As Restated)		(As Revised)
Current taxes:
U.S. federal	$	6,127	$	412	$	—
State and local	3,190		2,220		86
Total current tax expense	$	9,317	$	2,632	$	86
Deferred taxes:
U.S. federal	$	1,767	$	(7,222)	$	—
State and local	(723)		(2,499)		—
Total deferred tax expense (benefit)	1,044		(9,721)		—
Total tax provision	$	10,361	$	(7,089)	$	86

Schedule of effective income tax rate reconciliation

A reconciliation of income taxes at the federal statutory corporate rate to the effective rate is as follows:

	2023		2022		2021
	(As Restated)		(As Revised)
Provision (benefit) at federal Statutory rates	21.0	%	21.0	%	21.0	%
State tax, net of federal provision (benefit)	4.9	%	4.9	%	3.3	%
Non-deductible executive compensation	1.8	%	1.8	%	—	%
Permanent adjustments	0.2	%	—	%	0.1	%
Equity-based compensation	0.1	%	(4.4)	%	(2.8)	%
Federal true-ups	0.1	%	(0.4)	%	0.4	%
Change in valuation allowance	—	%	(40.4)	%	(21.4)	%
Income tax provision	28.1	%	(17.5)	%	0.6	%

Schedule of deferred income taxes

Significant components of the Company's deferred tax assets are as follows (in thousands):

	2023		2022
	(As Restated)		(As Revised)
Deferred Income Tax Assets
Federal net operating loss carryforward	$	—	$	2,399
State net operating loss carryforward	440		1,399
Intangible assets	403		397
Accrued liabilities	2,952		3,242
Equity-based compensation	3,247		2,032
Merchandise inventories	724		689
Charitable Contributions	—		12
R&D Capitalization	1,920		—
Operating Lease Liabilities	39,488		28,702
Total Deferred Income Tax Assets	49,174		38,872
Deferred Income Tax Liabilities
Operating Lease Right of Use Asset	(35,484)		(26,726)
Property and equipment	(5,013)		(2,425)
Total Deferred Tax Liabilities	(40,497)		(29,151)
Net Deferred Income Tax Asset	$	8,677	$	9,721