Income Taxes (Tables)
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12 Months Ended |
Feb. 01, 2026 |
|---|
| 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 for fiscal 2026, 2025, and 2024 are set forth below (in thousands):
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2026 |
|
2025 |
|
2024 |
| Current taxes: |
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| U.S. federal |
|
$ |
(212) |
|
|
$ |
6,767 |
|
|
$ |
6,898 |
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| State and local |
|
922 |
|
|
2,600 |
|
|
3,190 |
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| Total current tax expense |
|
$ |
710 |
|
|
$ |
9,367 |
|
|
$ |
10,088 |
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|
|
|
| Deferred taxes: |
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|
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| U.S. federal |
|
$ |
2,106 |
|
|
$ |
(3,498) |
|
|
$ |
(1,238) |
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| State and local |
|
(216) |
|
|
(976) |
|
|
(888) |
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| Total deferred tax (benefit) expense |
|
1,890 |
|
|
(4,474) |
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|
(2,126) |
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| Total income tax expense |
|
$ |
2,600 |
|
|
$ |
4,893 |
|
|
$ |
7,962 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of income taxes at the federal statutory corporate rate to the effective rate for fiscal 2026, 2025, and 2024 after the adoption of ASU 2023-09 is as follows (dollar amounts in thousands):
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2026 |
|
2025 |
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2024 |
| U.S. Federal tax at statutory rate |
|
$ |
1,399 |
|
|
21.0 |
% |
|
$ |
3,454 |
|
|
21.0 |
% |
|
$ |
6,683 |
|
|
21.0 |
% |
State and local income taxes, net of federal effect(1)
|
|
512 |
|
|
7.7 |
% |
|
1,078 |
|
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6.6 |
% |
|
1,632 |
|
|
5.1 |
% |
| Tax Credits: |
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| R&D Tax Credit |
|
(233) |
|
|
(3.5) |
% |
|
(353) |
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|
(2.2) |
% |
|
(1,131) |
|
|
(3.6) |
% |
| Non-taxable or non-deductible items: |
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| Section 162(m) Limit on Compensation |
|
262 |
|
|
3.9 |
% |
|
— |
|
|
— |
% |
|
149 |
|
|
0.5 |
% |
| Share-based compensation |
|
577 |
|
|
8.7 |
% |
|
442 |
|
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2.7 |
% |
|
81 |
|
|
0.3 |
% |
| Penalties |
|
10 |
|
|
0.1 |
% |
|
316 |
|
|
1.9 |
% |
|
8 |
|
|
— |
% |
| Meals and Entertainment |
|
21 |
|
|
0.3 |
% |
|
30 |
|
|
0.2 |
% |
|
24 |
|
|
0.1 |
% |
| Changes in unrecognized tax benefits |
|
75 |
|
|
1.1 |
% |
|
(38) |
|
|
(0.2) |
% |
|
452 |
|
|
1.4 |
% |
| Other |
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(23) |
|
|
(0.3) |
% |
|
(36) |
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|
(0.2) |
% |
|
64 |
|
|
0.2 |
% |
| Total income tax expense |
|
$ |
2,600 |
|
|
39.0 |
% |
|
$ |
4,893 |
|
|
29.7 |
% |
|
$ |
7,962 |
|
|
25.0 |
% |
(1) The following states make up the majority of the tax effect in this category: Fiscal 2026—California, Florida, Maryland, Virginia, Illinois, Pennsylvania, New Jersey, and New York; Fiscal 2025—California, New Jersey, Pennsylvania, Illinois, Florida, New York, and Maryland; Fiscal 2024—California, New Jersey, Illinois, Pennsylvania, Florida, Maryland, and New York.
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| Schedule of Income Taxes Paid |
The following table presents income taxes paid, net of refunds received, disaggregated by jurisdiction (in thousands):
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| Jurisdiction |
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2026 |
|
2025 |
|
2024 |
| U.S. Federal |
|
$ |
7,343 |
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|
$ |
6,000 |
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|
$ |
1,108 |
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| States |
|
2,630 |
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|
2,447 |
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|
702 |
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| Total |
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$ |
9,973 |
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|
$ |
8,447 |
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|
$ |
1,810 |
|
Supplemental cash flow information related to our operating leases is as follows (in thousands):
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2026 |
|
2025 |
|
2024 |
| Operating cash flow information: |
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| Amounts paid on operating lease liabilities |
|
$ |
39,043 |
|
$ |
34,651 |
|
$ |
29,748 |
| Non-cash activities: |
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| Right-of-use assets obtained in exchange for lease obligations |
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$ |
28,840 |
|
$ |
22,639 |
|
$ |
42,064 |
| Weighted average remaining lease term - operating leases |
|
6.9 years |
|
6.9 years |
|
7.5 years |
| Weighted average discount rate - operating leases |
|
5.59% |
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5.23% |
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4.97% |
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| Schedule of Deferred Income Taxes |
Significant components of the Company's deferred tax assets are as follows (in thousands):
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February 1, 2026 |
|
February 2, 2025 |
| Deferred Income Tax Assets |
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| Federal net operating loss carryforward |
|
$ |
2,252 |
|
|
$ |
— |
|
| State net operating loss carryforward |
|
334 |
|
|
286 |
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| Research and development credit carryforward |
|
181 |
|
|
— |
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| Intangible assets |
|
433 |
|
|
467 |
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| Accrued liabilities |
|
3,457 |
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|
4,043 |
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| Equity-based compensation |
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2,863 |
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|
3,122 |
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| Merchandise inventories |
|
5,621 |
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|
4,534 |
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| Charitable contributions |
|
13 |
|
|
— |
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| Research and development capitalization |
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2,091 |
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|
4,183 |
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| Operating lease liabilities |
|
49,573 |
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|
46,994 |
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| Total Deferred Income Tax Assets |
|
66,818 |
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|
63,629 |
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| Deferred Income Tax Liabilities |
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| Operating lease right of use asset |
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(42,057) |
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|
(40,505) |
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| Property and equipment |
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(11,374) |
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|
(7,847) |
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| Total Deferred Tax Liabilities |
|
(53,431) |
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|
(48,352) |
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| Net Deferred Income Tax Asset |
|
$ |
13,387 |
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|
$ |
15,277 |
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|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of beginning and ending amounts of unrecognized tax benefits for fiscal 2026, 2025, and 2024 is as follows:
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2026 |
|
2025 |
|
2024 |
|
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| Gross unrecognized tax benefit, beginning of period |
|
$ |
375 |
|
|
$ |
452 |
|
|
$ |
— |
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| Additions based on tax positions related to the current year |
|
45 |
|
|
65 |
|
|
177 |
|
| Additions related to tax positions in prior year |
|
1 |
|
|
— |
|
|
275 |
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| Settlements related to tax positions in a prior period |
|
— |
|
|
— |
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|
— |
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| Decreases based on tax positions in a prior period |
|
— |
|
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(142) |
|
|
— |
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| Gross unrecognized tax benefit, end of period |
|
$ |
421 |
|
|
$ |
375 |
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$ |
452 |
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