Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.3
Income Taxes (Tables)
12 Months Ended
Jan. 29, 2023
Income Tax Disclosure [Abstract]  
Schedule of federal, state and local corporate income taxes The components of the provision for income taxes reflected on the statements of operations are set forth below:
2023 2022 2021
(As Restated)
(As Revised)
Current taxes:
U.S. federal $ 6,127  $ 412  $ — 
State and local 3,190  2,220  86 
Total current tax expense $ 9,317  $ 2,632  $ 86 
Deferred taxes:
U.S. federal $ 1,767  $ (7,222) $ — 
State and local (723) (2,499) — 
Total deferred tax expense (benefit) 1,044  (9,721) — 
Total tax provision $ 10,361  $ (7,089) $ 86 
Schedule of effective income tax rate reconciliation
A reconciliation of income taxes at the federal statutory corporate rate to the effective rate is as follows:
2023 2022 2021
(As Restated)
(As Revised)
Provision (benefit) at federal Statutory rates 21.0  % 21.0  % 21.0  %
State tax, net of federal provision (benefit) 4.9  % 4.9  % 3.3  %
Non-deductible executive compensation 1.8  % 1.8  % —  %
Permanent adjustments 0.2  % —  % 0.1  %
Equity-based compensation 0.1  % (4.4) % (2.8) %
Federal true-ups 0.1  % (0.4) % 0.4  %
Change in valuation allowance —  % (40.4) % (21.4) %
Income tax provision 28.1  % (17.5) % 0.6  %
Schedule of deferred income taxes
Significant components of the Company's deferred tax assets are as follows (in thousands):
2023 2022
(As Restated)
(As Revised)
Deferred Income Tax Assets
Federal net operating loss carryforward $ —  $ 2,399 
State net operating loss carryforward 440  1,399 
Intangible assets 403  397 
Accrued liabilities 2,952  3,242 
Equity-based compensation 3,247  2,032 
Merchandise inventories 724  689 
Charitable Contributions —  12 
 R&D Capitalization 1,920  — 
Operating Lease Liabilities 39,488  28,702 
Total Deferred Income Tax Assets 49,174  38,872 
Deferred Income Tax Liabilities
Operating Lease Right of Use Asset (35,484) (26,726)
Property and equipment (5,013) (2,425)
Total Deferred Tax Liabilities (40,497) (29,151)
Net Deferred Income Tax Asset $ 8,677  $ 9,721