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INCOME TAXES (Tables)
12 Months Ended
Feb. 03, 2024
INCOME TAXES  
Summary of Income Before Income Taxes

YEAR ENDED

FEBRUARY 3,

JANUARY 28,

JANUARY 29, 

    

2024

    

2023

    

2022 

(in thousands)

Domestic

$

143,509

$

418,216

$

821,001

Foreign

 

12,313

 

19,068

 

1,103

Total

$

155,822

$

437,284

$

822,104

Summary of Income Tax Expense (Benefit)

YEAR ENDED

FEBRUARY 3,

JANUARY 28,

JANUARY 29, 

    

2024

    

2023

    

2022 

(in thousands)

Current

Federal

$

(3,249)

$

(6,773)

$

111,975

State

 

6,032

 

1,013

 

28,141

Foreign

 

179

 

7,012

 

363

Total current tax expense

 

2,962

 

1,252

 

140,479

Deferred

 

  

 

  

 

  

Federal

 

22,236

 

(78,032)

 

(3,841)

State

 

(1,339)

 

(18,639)

 

(2,885)

Foreign

 

4,402

 

4,061

 

(195)

Total deferred tax expense (benefit)

 

25,299

 

(92,610)

 

(6,921)

Total income tax expense (benefit)

$

28,261

$

(91,358)

$

133,558

Schedule of Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate

 

YEAR ENDED

 

FEBRUARY 3,

 

JANUARY 28,

 

JANUARY 29,

    

2024

    

2023

    

2022

Provision at federal statutory tax rate

 

21.0

%  

21.0

%  

21.0

%

State income taxes—net of federal tax impact

 

2.1

 

(2.8)

 

2.4

Federal rehabilitation tax credit(1)

(7.3)

(0.9)

Stock compensation—excess benefits

 

(3.4)

 

(50.0)

 

(8.0)

Non-deductible stock-based compensation

 

1.3

 

0.9

 

0.6

U.S. impact of foreign operations(1)

0.8

0.6

(0.2)

Valuation allowance

 

0.2

 

0.5

 

Tax impact of convertible senior notes repurchase

0.1

9.4

Tax rate adjustments and other(1)

 

1.0

 

 

Other permanent items(1)

 

2.3

 

0.4

 

0.4

Effective tax rate

 

18.1

%  

(20.9)

%  

16.2

%

(1)Prior year rates have been adjusted to conform to the current period presentation.
Components of Deferred Tax Assets and Liabilities

    

FEBRUARY 3,

    

JANUARY 28, 

 

2024

 

2023 

(in thousands)

Non-current deferred tax assets (liabilities)

 

  

 

  

Lease liabilities

$

341,767

$

339,911

Interest expense carryforwards

72,765

28,584

Net operating loss carryforwards

 

60,143

 

120,586

Accrued expenses

 

25,906

 

30,108

Stock-based compensation

19,090

14,974

Merchandise inventories

 

13,881

 

13,346

Deferred revenue

 

3,847

 

3,242

Other

 

 

4,483

Non-current deferred tax assets

 

537,399

 

555,234

Valuation allowance

 

(4,442)

 

(4,202)

Non-current deferred tax assets—net

$

532,957

$

551,032

Property and equipment

$

(182,580)

$

(212,424)

Lease right-of-use assets

 

(165,423)

 

(142,199)

Prepaid expense and other

 

(29,927)

 

(15,894)

Tradename, trademarks and intangibles

 

(11,379)

 

(11,452)

State benefit

 

(8,104)

 

(8,339)

Non-current deferred tax liabilities

 

(397,413)

 

(390,308)

Total non-current deferred tax assets—net

$

135,544

$

160,724

Schedule of Reconciliation of Valuation Allowance

 

YEAR ENDED

 

FEBRUARY 3,

 

JANUARY 28, 

 

JANUARY 29, 

    

2024

    

2023 

    

2022 

(in thousands)

Balance at beginning of fiscal year

$

4,202

$

1,959

$

2,049

Net changes in deferred tax assets and liabilities

 

240

 

2,243

 

(90)

Balance at end of fiscal year

$

4,442

$

4,202

$

1,959

Schedule of reconciliation of the exposures related to unrecognized tax benefits

 

YEAR ENDED

 

FEBRUARY 3,

 

JANUARY 28,

 

JANUARY 29, 

    

2024

    

2023

    

2022 

(in thousands)

Balance at beginning of fiscal year

$

8,151

$

8,604

$

8,456

Gross decreases—prior period tax positions

 

 

 

(143)

Gross increases—current period tax positions

 

515

 

 

933

Reductions based on the lapse of the applicable statutes of limitations

 

(62)

 

(453)

 

(642)

Balance at end of fiscal year

$

8,604

$

8,151

$

8,604