Income Taxes

3 Months Ended

May 04, 2024

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

The effective income tax rate for the first quarter of 2024 was 32.5% compared to 3.8% for the first quarter of 2023. In both periods, the tax rate was driven by the recognition of favorable tax items. The impact of the 2024 benefit of the favorable tax items, when compared to a pre-tax loss, results in increasing the tax rate from the statutory rate. The impact of the 2023 benefit of the favorable tax items, when compared to pre-tax income, results in decreasing the tax rate from the statutory rate.