Income Taxes

3 Months Ended

Apr. 29, 2023

Income Taxes

Income Taxes

5.    Income Taxes: Our effective income tax rate for the First Quarter of Fiscal 2023 was 24.9% while our effective income tax rate for the First Quarter of Fiscal 2022 was 24.2%.

The effective tax rate for the First Quarter of Fiscal 2023 and Fiscal 2022 benefitted from certain favorable items that resulted in a lower tax rate than a more typical annual effective tax rate of approximately 25% to 26%. The First Quarter of Fiscal 2023 benefited from changes in uncertain tax positions.

The income tax expense for the First Quarter of Fiscal 2022 included the benefit of the utilization of certain net operating loss carryforward amounts in certain state and foreign jurisdictions, the recognition of certain tax credit amounts and the vesting of restricted stock awards at a price higher than the grant date fair value. These favorable items were partially offset by certain unfavorable permanent items which are not deductible for income tax purposes.