INCOME TAXES (Tables)

12 Months Ended

Feb. 02, 2019

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following (in thousands):



	Fiscal Year
	2018		2017
Federal income tax expense (benefit):
Current	$	—	$	(12,216	)
Deferred	—		428
	—		(11,788		)
State income tax expense (benefit):
Current	438		193
Deferred	—		(1,473		)
	438		(1,280		)
Total income tax expense (benefit)	$	438	$	(13,068	)

Reconciliation between Federal Income Tax Expense (Benefit) computed at statutory tax rates and actual income tax expense (benefit) recorded

A reconciliation between the federal income tax expense (benefit) computed at statutory tax rates and the actual income tax expense (benefit) recorded is as follows (in thousands):



	Fiscal Year
	2018			2017
Federal income tax benefit at the statutory rate	$	(18,328	)	$	(16,992	)
State income taxes, net	(1,799		)	(1,345		)
Other	477			1,375
Tax deficiencies related to share-based payments	942			1,948
Tax credits	(2,060		)	(4,386		)
Valuation allowance on net deferred tax assets	21,206			6,077
Tax Act	—			255
Total income tax expense (benefit)	$	438		$	(13,068	)

Deferred tax assets (liabilities)

Deferred tax assets (liabilities) consisted of the following (in thousands):



	February 2, 2019			February 3, 2018
Gross deferred tax assets:
Net operating loss	$	20,360		$	6,758
Accrued expenses	2,426			2,203
Lease obligations	7,969			9,355
Deferred compensation	7,822			7,147
Deferred income	1,263			2,583
Other	10,246			4,650
	50,086			32,696
Gross deferred tax liabilities:
Inventory	(2,517		)	(1,862		)
Depreciation and amortization	(19,707		)	(24,342		)
	(22,224		)	(26,204		)

Valuation allowance	(27,862		)	(6,492		)
Net deferred tax assets	$	—		$	—