Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.24.1.1.u2
Income Taxes
 3 Months Ended
May 05, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the thirteen weeks ended May 5, 2024 and April 30, 2023, the Company recorded an income tax benefit of $4.2 million and $1.3 million, respectively, which reflects an effective tax rate of 24.3% and 23.3%, respectively. The effective tax rate for the thirteen weeks ended May 5, 2024 and April 30, 2023 varies from the 21% federal statutory tax rate primarily due to state taxes.
The Company does not anticipate any material adjustments relating to unrecognized tax benefits within the next twelve months; however, the ultimate outcome of tax matters is uncertain and unforeseen results can occur. The Company had no material interest or penalties during the thirteen weeks ended May 5, 2024 and April 30, 2023, and does not anticipate any such items during the next twelve months. The Company's policy is to record interest and penalties directly related to uncertain tax positions as income tax expense in the condensed statements of operations.