Income Taxes |
3 Months Ended | ||
|---|---|---|---|
May 04, 2024 | |||
| Income Taxes [Abstract] | |||
| Income Taxes |
The effective income tax rate for the thirteen weeks ended May 4, 2024 was a provision
of 23.8%, or $14.5 million, compared to a provision of 24.8%, or $10.2 million, during the thirteen weeks ended April 29,
2023. The decrease in the effective income tax rate for the thirteen weeks ended May 4, 2024 compared to April 29, 2023 was primarily driven by the impact of discrete items recognized, primarily stock-based compensation, in the thirteen weeks ended
May 4, 2024.
The Company is subject to tax in the United States. The Company files a consolidated U.S. income tax return for
federal income tax purposes. The Company is no longer subject to income tax examinations by U.S. federal, or state and local tax authorities for tax years 2018 and prior.
Management believes that an adequate provision has been made for any adjustments that
may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues arise as a result of a tax audit, and are resolved in a manner not consistent with management’s expectations, the Company could
be required to adjust its provision for income taxes in the period such resolution occurs.
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