Income Taxes

3 Months Ended

Apr. 29, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 9. INCOME TAXES

Provision for Income Taxes

At the end of each quarter, the Company estimates its effective income tax rate pursuant to ASC 740. The rate for the period consists of the tax rate expected to be applied for the full year to ordinary income adjusted for any discrete items recorded in the period.  

The Company recorded a tax benefit at an overall effective tax rate of 42.3% for the 13 weeks ended April 29, 2022 and a tax expense at an overall effective tax rate of 11.3% for the 13 weeks ended April 30, 2021. The overall effective tax rates for the 13 weeks ended April 29, 2022 and the 13 weeks ended April 30, 2021 reflect a tax benefit as a result of stock-based compensation.