Income Taxes (Tables)

12 Months Ended

Feb. 04, 2024

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 for fiscal 2024, 2023, and 2022 are set forth below:

	2024		2023		2022
Current taxes:
U.S. federal	$	6,898	$	6,127	$	412
State and local	3,190		3,190		2,220
Total current tax expense	$	10,088	$	9,317	$	2,632
Deferred taxes:
U.S. federal	$	(1,238)	$	1,767	$	(7,222)
State and local	(888)		(723)		(2,499)
Total deferred tax (benefit) expense	(2,126)		1,044		(9,721)
Total tax provision	$	7,962	$	10,361	$	(7,089)

Schedule of effective income tax rate reconciliation

A reconciliation of income taxes at the federal statutory corporate rate to the effective rate for fiscal 2024, 2023, and 2022 is as follows:

	2024		2023		2022
Provision (benefit) at federal Statutory rates	21.0	%	21.0	%	21.0	%
State tax, net of federal provision (benefit)	5.1	%	4.9	%	4.9	%
Non-deductible executive compensation	0.3	%	1.8	%	1.8	%
Permanent adjustments	0.1	%	0.2	%	—	%
Equity-based compensation	0.5	%	0.1	%	(4.4)	%
Research and development credit	(3.6)	%	—	%	—	%
Other	0.2	%	0.1	%	(0.4)	%
Uncertain tax benefits	1.4	%	—	%	—	%
Change in valuation allowance	—	%	—	%	(40.4)	%
Income tax provision	25.0	%	28.1	%	(17.5)	%

Schedule of deferred income taxes

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

	February 4, 2024		January 29, 2023
Deferred Income Tax Assets
State net operating loss carryforward	$	342	$	440
Intangible assets	465		403
Accrued liabilities	2,879		2,952
Equity-based compensation	2,219		3,247
Merchandise inventories	3,848		724
Research and development capitalization	3,687		1,920
Operating lease liabilities	45,220		39,488
Total Deferred Income Tax Assets	58,660		49,174
Deferred Income Tax Liabilities
Operating lease right of use asset	(40,393)		(35,484)
Property and equipment	(7,464)		(5,013)
Total Deferred Tax Liabilities	(47,857)		(40,497)
Net Deferred Income Tax Asset	$	10,803	$	8,677

Schedule of unrecognized tax benefits

A reconciliation of beginning and ending amounts of unrecognized tax benefits for fiscal 2024, 2023, and 2022 is as follows:

	2024		2023		2022
Gross unrecognized tax benefit, beginning of period	$	—	$	—	$	—
Additions based on tax positions related to the current year	177		—		—
Additions related to tax positions in prior year	275		—		—
Settlements related to tax positions in a prior period	—		—		—
Decreases based on tax positions in a prior period	—		—		—
Gross unrecognized tax benefit, end of period	$	452	$	—	$	—