Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Taxes

Summary of distribution between domestic and foreign earnings (loss) before income taxes

The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands):

	Fiscal		Fiscal		Fiscal
	2021		2020		2019
Earnings (loss) before income taxes:
Domestic	$	161,233	$	(129,129)	$	86,528
Foreign		3,326		3,252		5,902
Earnings (loss) before income taxes	$	164,559	$	(125,877)	$	92,430
Income taxes:
Current:
Federal	$	24,998	$	(11,498)	$	18,565
State		3,780		(1,060)		5,459
Foreign		409		735		1,650
		29,187		(11,823)		25,674
Deferred—Domestic		4,155		(17,780)		(1,870)
Deferred—Foreign		(104)		(582)		133
Income taxes	$	33,238	$	(30,185)	$	23,937

Summary of provision (benefit) for income taxes

The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands):

	Fiscal		Fiscal		Fiscal
	2021		2020		2019
Earnings (loss) before income taxes:
Domestic	$	161,233	$	(129,129)	$	86,528
Foreign		3,326		3,252		5,902
Earnings (loss) before income taxes	$	164,559	$	(125,877)	$	92,430
Income taxes:
Current:
Federal	$	24,998	$	(11,498)	$	18,565
State		3,780		(1,060)		5,459
Foreign		409		735		1,650
		29,187		(11,823)		25,674
Deferred—Domestic		4,155		(17,780)		(1,870)
Deferred—Foreign		(104)		(582)		133
Income taxes	$	33,238	$	(30,185)	$	23,937

Schedule of reconciliations of the United States federal statutory income tax rates and the entity's effective tax rates

	Fiscal		Fiscal		Fiscal
	2021		2020		2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes—net of federal income tax benefit	3.7	%	3.6	%	4.4	%
Impact of foreign operations rate differential	0.1	%	(0.2)	%	0.2	%
Impairment of non-deductible Southern Tide goodwill	—	%	(3.7)	%	—	%
Change in reserve for uncertain tax positions	(1.0)	%	(2.5)	%	—	%
Rate benefit from NOL carryback to pre-U.S. Tax Reform periods due to the CARES Act	—	%	5.5	%	—	%
Utilization of capital loss benefit for the gain on sale of our interest in an unconsolidated entity	(2.9)	%	—	%	—	%
Other, net	(0.7)	%	0.3	%	0.3	%
Effective tax rate for continuing operations	20.2	%	24.0	%	25.9	%

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities included in our consolidated balance sheets are comprised of the following (in thousands):

	January 29,		January 30,
	2022		2021
Deferred Tax Assets:
Inventories	$	16,947	$	16,338
Accrued compensation and benefits		9,058		8,759
Receivable allowances and reserves		2,814		2,109
Operating lease liabilities		59,711		73,917
Operating loss and other carry-forwards		3,675		4,617
Other, net		3,529		3,686
Deferred tax assets		95,734		109,426
Deferred Tax Liabilities:
Operating lease assets		(51,909)		(66,341)
Depreciation and amortization		(12,427)		(9,682)
Acquired intangible assets		(26,792)		(25,047)
Deferred tax liabilities		(91,128)		(101,070)
Valuation allowance		(6,050)		(5,668)
Net deferred tax asset (liability)	$	(1,444)	$	2,688

Schedule of deferred income taxes included in the line items in the entity's consolidated balance sheets

The amounts of deferred income taxes included in our consolidated balance sheets are as follows (in thousands):

	January 29,		January 30,
	2022		2021
Assets:
Deferred tax assets	$	1,467	$	2,688
Liabilities:
Deferred tax liabilities		(2,911)		—
Net deferred tax asset (liability)	$	(1,444)	$	2,688

Schedule of reconciliation of changes in gross amount of unrecognized tax benefits

A reconciliation of the changes in the gross amount of unrecognized tax benefits, which are included in other non-current liabilities, is as follows (in thousands):

	Fiscal 2021		Fiscal 2020		Fiscal 2019
Balance of unrecognized tax benefits at beginning of year	$	5,261	$	1,212	$	975
Increase related to prior period tax positions		10		303		—
Decrease related to prior period tax positions		—		(1)		(27)
Increase related to current period tax positions		527		3,960		287
Decrease related to settlements with taxing authorities		(2,305)		—		—
Decrease related to lapse of statute of limitations		(103)		(213)		(23)
Balance of unrecognized tax benefits at end of year	$	3,390	$	5,261	$	1,212