Income Taxes

9 Months Ended

Jan. 27, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Our effective tax rate was 20.2% and 24.5% for the third quarter and first nine months ended January 27, 2024, respectively, compared with 27.7% and 26.6% for the third quarter and first nine months ended January 28, 2023, respectively. The reduced effective tax rate in the third quarter of fiscal 2024 was primarily the result of favorable return to provision adjustments from the prior year. Absent these discrete items, the effective tax rate would have been 25.6% for the third quarter of fiscal 2024. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes.