Income Taxes

9 Months Ended

Oct. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company recorded an income tax provision of $2.6 million for the thirteen weeks ended October 30, 2021 and an income tax benefit of $7.3 million during the thirteen weeks ended October 31, 2020. The Company recorded an income tax provision of $8.4 million for the thirty-nine weeks ended October 30, 2021 and an income tax benefit of $38.5 million for the thirty-nine weeks ended October 31, 2020.

The effective tax rate for the thirteen and thirty-nine weeks ended October 30, 2021 differs from the federal statutory rate of 21% primarily due to the nondeductible fair value adjustment of the warrants and the Priming Loan embedded derivative, the impact of executive compensation limitations and the impact of state and local income taxes. The effective tax rate for the thirteen and thirty-nine weeks ended October 31, 2020 differs from the federal statutory rate of 21% primarily due to the impact on the effective tax rate from goodwill impairment, which has no associated tax benefit, which was partially offset by a benefit from the CARES Act as well as the impact of state income taxes.