Income Taxes Income Taxes (Notes)

9 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 12. Income Taxes

We recorded an income tax expense of $615 on pre-tax loss of $(36,186) during the 13 weeks ended January 29, 2022, which represented an effective income tax rate of (1.7)% and an income tax benefit of $(18,724) on pre-tax loss of $(67,013) during the 13 weeks ended January 30, 2021, which represented an effective income tax rate of 27.9%.

We recorded income tax expense of $811 on a pre-tax loss of $(57,808) during the 39 weeks ended January 29, 2022, which represented an effective income tax rate of (1.4)%% and an income tax benefit of $(35,334) on a pre-tax loss of $(122,760) during the 39 weeks ended January 30, 2021, which represented an effective income tax rate of 28.8%.

In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. As of January 29, 2022, we determined that it was more likely than not that we would not realize certain deferred tax assets and our tax rate for the current fiscal year reflects this determination. We will continue to evaluate this position.

The effective tax rate for the 13 and 39 weeks ended January 29, 2022 is lower as compared to the prior year comparable period due to the assessment of the realization of deferred tax assets and loss carrybacks recorded in the prior year.