Income Taxes |
9 Months Ended |
|---|---|
Oct. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXESThe Company recorded an income tax benefit and income tax expense of $3.2 million and $0.2 million, for the thirteen and thirty-nine weeks ended October 30, 2022, respectively and income tax expense of $0.2 million and $0.8 million for the thirteen and thirty-nine weeks ended October 31, 2021, respectively. The effective tax rate was 27.8% and 29.2% for the thirteen and thirty-nine weeks ended October 30, 2022 as compared with 5.9% and 6.0% for the thirteen and thirty-nine weeks ended October 31, 2021. The effective tax rate varies from the 21% federal statutory tax rate for the thirteen and thirty-nine weeks ended October 30, 2022 primarily due to state taxes. Comparatively, the effective tax rate for the thirteen and thirty-nine weeks ended October 31, 2021 was lower than the 21% federal statutory tax rate primarily due to the release of a full valuation allowance on the Company’s net deferred tax assets. The valuation allowance was fully released as of the end of fiscal year 2022.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 and thirty-nine weeks ended October 30, 2022 and October 31, 2021, respectively, 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. |