Note L - Income Taxes

6 Months Ended

Sep. 29, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE L – INCOME TAXES

The income tax provisions for the thirteen weeks ended September 29, 2024 and September 24, 2023 reflect effective tax rates of 25.5% and 27.4%, respectively. The effective income tax rate for the thirteen weeks ended September 29, 2024 reflected $2,069 of income tax expense recorded on $8,099 of pre-tax income. The effective income tax rate for the thirteen weeks ended September 24, 2023 reflected $2,153 of income tax expense recorded on $7,864 of pre-tax income.

The income tax provisions for the twenty-six weeks ended September 29, 2024 and September 24, 2023 reflect effective tax rates of 26.7% and 27.2%, respectively. The effective income tax rate for the twenty-six weeks ended September 29, 2024 reflected $5,576 of income tax expense recorded on $20,883 of pre-tax income. The effective income tax rate for the twenty-six weeks ended September 24, 2023 reflected $4,897 of income tax expense recorded on $17,996 of pre-tax income.

The effective income tax rates for the thirteen and twenty-six week periods ended September 29, 2024 and September 24, 2023 were higher than the United States statutory income tax rate primarily due to state and local taxes as well as non-deductible compensation under the Internal Revenue Code Section 162(m).

The amount of unrecognized tax benefits included in Other liabilities at September 29, 2024 and March 31, 2024 was $494 and $465, respectively, all of which would impact the Company’s effective rate, if recognized. As of September 29, 2024 and March 31, 2024, the Company had approximately $379 and $345, respectively, accrued for the payment of interest and penalties in connection with unrecognized tax benefits.