INCOME TAXES (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Taxes, Domestic and Foreign

The components of Income (loss) before provision (benefit) for income taxes were as follows:

	Fiscal Years Ended
	January 29, 2022		January 30, 2021		February 1, 2020
	(in thousands)
Domestic	$	198,173	$	(250,876)	$	36,660
Foreign	58,857		39,118		51,757
Total income (loss) before provision (benefit) for income taxes	$	257,030	$	(211,758)	$	88,417

Schedule of Components of Provision (Benefit) for Income Taxes

The components of the Company’s Provision (benefit) for income taxes consisted of the following:

	Fiscal Years Ended
	January 29, 2022			January 30, 2021			February 1, 2020
	(in thousands)
Current:
Federal	$	29,406		$	(45,072)		$	1,810
State and local	7,389			212			1,186
Foreign	7,218			5,728			6,757
	44,013			(39,132)			9,753
Deferred:
Federal	14,517			(14,274)			4,240
State and local	8,780			(15,968)			1,066
Foreign	2,549			(2,019)			58
	25,846			(32,261)			5,364
Total provision (benefit) for income taxes	$	69,859		$	(71,393)		$	15,117
Effective tax rate	27.2		%	33.7		%	17.1		%

Schedule of Reconciliation of Tax Provision (Benefit)

A reconciliation between the calculated tax provision (benefit) based on the U.S. federal statutory rate of 21.0% and the effective tax rate for Fiscal 2021, Fiscal 2020, and Fiscal 2019 follows:

	Fiscal Years Ended
	January 29, 2022		January 30, 2021		February 1, 2020
	(in thousands)
Calculated income tax provision (benefit) at U.S. federal statutory rate	$	53,976	$	(44,471)	$	18,568
State and local income taxes, net of federal benefit	14,394		(12,447)		1,779
Foreign tax rate differential (1)	(3,598)		(5,791)		(5,019)
Non-deductible expenses	7,301		2,654		1,491
Excess tax detriment (benefit) related to stock compensation	(293)		2,051		(1,914)
Unrecognized tax benefits	1,050		1,150		1,304
Change in valuation allowance	358		(10)		(21)
Global intangible low-taxed income	1,476		7,815		836
Federal tax credits	(2,882)		(1,422)		(1,790)
CARES Act Carryback (2)	—		(20,954)		—
Other	(1,923)		32		(117)
Total provision (benefit) for income taxes	$	69,859	$	(71,393)	$	15,117

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(1)     The Company has substantial operations in Hong Kong, which has a lower statutory income tax rate as compared to the U.S. The Company’s foreign effective tax rate for Fiscal 2021, Fiscal 2020, and Fiscal 2019 was 16.6%, 7.7%, and 13.2%, respectively. This rate fluctuates from year to year in response to changes in the mix of income by country, as well as changes in tax laws in foreign jurisdictions.

(2)     The CARES Act permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. The Fiscal 2020 tax loss of approximately $150.0 million was carried back to earlier tax years when the corporate tax rate was 35.0%, compared to the current corporate tax rate of 21.0%, resulting in a tax benefit of $21.0 million.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences which give rise to deferred tax assets and liabilities were as follows:

	January 29, 2022		January 30, 2021
	(in thousands)
Operating lease liabilities	$	59,283	$	86,241
Right-of-use assets	(51,617)		(75,159)
Stock-based compensation	2,863		843
Reserves	12,475		16,302
Inventory	4,570		1,880
Property and equipment, net	(6,296)		(7,406)
Capitalized research and development, net	3,569		2,984
Tradenames and customer databases, net	(2,200)		(1,617)
Prepaid expenses	(1,481)		(817)
Foreign and state tax on unremitted earnings	(1,554)		(1,554)
Net operating loss carryforward	2,900		11,240
Tax credits	1,746		10,581
Charitable contributions	—		2,977
Valuation allowance	(1,149)		(916)
Total deferred tax asset, net	$	23,109	$	45,579

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

A reconciliation of the gross amounts of unrecognized tax benefits, excluding accrued interest and penalties, is as follows:

	Fiscal Years Ended
	January 29, 2022		January 30, 2021
	(in thousands)
Beginning Balance	$	8,060	$	6,655
Additions for current year tax positions	1,155		1,256
Additions for prior year tax positions	67		120
Reductions for prior year tax positions	(317)		—
Impact of foreign currency translation	(28)		29
Ending Balance	$	8,937	$	8,060