Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

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 2024		Fiscal 2023		Fiscal 2022
Earnings before income taxes:
Domestic	$	110,862	$	62,772	$	206,944
Foreign	5,706		12,174		8,781
Earnings before income taxes	$	116,568	$	74,946	$	215,725
Income taxes:
Current:
Federal	$	14,229	$	28,183	$	41,776
State	4,848		7,530		8,835
Foreign	825		2,419		1,191
	19,902		38,132		51,802
Deferred—Domestic	3,563		(24,083)		71
Deferred—Foreign	130		194		(1,883)
Income taxes	$	23,595	$	14,243	$	49,990

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 2024		Fiscal 2023		Fiscal 2022
Earnings before income taxes:
Domestic	$	110,862	$	62,772	$	206,944
Foreign	5,706		12,174		8,781
Earnings before income taxes	$	116,568	$	74,946	$	215,725
Income taxes:
Current:
Federal	$	14,229	$	28,183	$	41,776
State	4,848		7,530		8,835
Foreign	825		2,419		1,191
	19,902		38,132		51,802
Deferred—Domestic	3,563		(24,083)		71
Deferred—Foreign	130		194		(1,883)
Income taxes	$	23,595	$	14,243	$	49,990

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

Reconciliations of the United States federal statutory income tax rates and our effective tax rates are summarized as follows:

	Fiscal 2024		Fiscal 2023		Fiscal 2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes—net of federal income tax benefit	3.7	%	1.6	%	3.6	%
Change in reserve for uncertain tax positions & method change	1.7	%	1.5	%	0.2	%
Impact of foreign operations rate differential	0.1	%	0.3	%	0.1	%
U.S. federal tax credits	(4.5)	%	(3.0)	%	(0.7)	%
Rate benefit, NOL Carryback Interest	(1.7)	%	—	%	—	%
Impact of prior year true-ups	(1.3)	%	(1.9)	%	(0.3)	%
Excess Tax Benefit, Restricted Stock Vesting	(0.3)	%	(1.6)	%	(0.1)	%
Impact of valuation allowances related to operating losses	—	%	(0.9)	%	(1.6)	%
Other, net	1.5	%	2.0	%	1.0	%
Effective tax rate for continuing operations	20.2	%	19.0	%	23.2	%

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):

	February 1, 2025		February 3, 2024
Deferred Tax Assets:
Inventories	$	21,124	$	21,254
Accrued compensation and benefits	12,361		10,982
Receivable allowances and reserves	1,823		2,433
Operating lease liabilities	101,719		77,150
Operating loss and other carry-forwards	706		709
Other, net	6,531		5,902
Deferred tax assets	144,264		118,430
Deferred Tax Liabilities:
Operating lease assets	(97,732)		(74,004)
Depreciation and amortization	(18,343)		(16,907)
Acquired intangible assets	(5,547)		(1,051)
Deferred tax liabilities	(121,622)		(91,962)
Valuation allowance	(2,322)		(2,289)
Net deferred tax asset	$	20,320	$	24,179

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):

	February 1, 2025		February 3, 2024
Assets:
Deferred tax assets	$	20,320	$	24,179
Liabilities:
Deferred tax liabilities	—		—
Net deferred tax asset	$	20,320	$	24,179

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 2024		Fiscal 2023		Fiscal 2022
Balance of unrecognized tax benefits at beginning of year	$	3,710	$	3,664	$	3,390
Increase related to prior period tax positions	—		233		110
Decrease related to prior period tax positions	(13)		(2,027)		—
Increase related to current period tax positions	2,166		1,940		646
Decrease related to settlements with taxing authorities	—		—		—
Decrease related to lapse of statute of limitations	(220)		(100)		(482)
Balance of unrecognized tax benefits at end of year	$	5,643	$	3,710	$	3,664