Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of February 3, 2024 and January 28, 2023 were as follows (in thousands):

	February 3, 2024			January 28, 2023
Deferred tax assets, net:
Net operating loss carryforward	$	13,522		$	21,736
Accrued expenses and other		4,776			5,597
Operating lease liabilities		40,182			37,793
Goodwill and intangibles		(103	)		(62	)
Unrecognized loss on pension and pension expense		—			1,714
Inventory reserves		866			900
Foreign tax credit carryforward		486			486
Federal wage tax credit carryforward		824			824
State tax credits		147			147
Operating lease right-of-use assets		(35,937	)		(32,583	)
Property and equipment		(985	)		(2,672	)
Subtotal	$	23,778		$	33,880
Valuation allowance		(2,245	)		(2,425	)
Net deferred tax assets	$	21,533		$	31,455

Provision (benefit) for Income Taxes

The provision (benefit) for income taxes consisted of the following:

	FISCAL YEARS ENDED
	February 3, 2024		January 28, 2023			January 29, 2022
(in thousands)
Current:
Federal	$	—	$	—		$	—
State		1,200		830			912
Foreign		8		6			5
		1,208		836			917
Deferred:
Federal		7,911		(24,794	)		—
State		1,418		(6,830	)		—
Foreign		—		—			—
		9,329		(31,624	)		—
Total provision (benefit)	$	10,537	$	(30,788	)	$	917

Reconciliation between Statutory and Effective Income Tax Rates

The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision (benefit) for income tax:

	FISCAL YEARS ENDED
	February 3, 2024			January 28, 2023			January 29, 2022
(in thousands)
Federal income tax at the statutory rate	$	8,086		$	12,250		$	12,102
State taxes, net of federal tax benefit		1,000			656			721
State deferred taxes, net of federal benefit		1,418			1,558			—
Section 162(m) limitation		746			1,451			1,375
Permanent items		(199	)		(1,002	)		(893	)
Taxes stranded in OCI released with termination of retirement plans		890			—			—
Change in valuation allowance (1)		(179	)		(47,594	)		(12,421	)
Adjustment to §382 NOLs		(1,159	)		1,159			—
Other, net		(66	)		734			33
Total provision (benefit)	$	10,537		$	(30,788	)	$	917

(1)The change in the valuation allowance at January 28, 2023 included a non-recurring income tax benefit of $31.6 million in connection with the Company’s substantial release of the valuation allowance in fiscal 2022 related to the deferred tax assets expected to be realized in future periods.

Liability for Unrecognized Tax Benefits

The following table shows the liability for unrecognized tax benefits that were associated with a prior tax position related to exiting the Company’s direct business in Europe during fiscal 2013. The amount of unrecognized tax benefits was presented as a reduction in the reported amounts of the Company’s federal and state net operating losses carryforwards. No penalties or interest were accrued on this liability. In fiscal 2023, the Company changed this position in its tax return and determined that the liability was no longer necessary.

	FISCAL YEARS ENDED
	February 3, 2024			January 28, 2023		January 29, 2022
(in thousands)
Balance at the beginning of the fiscal year	$	2,000		$	2,000	$	2,000
Changes due to tax positions from current year		—			—		—
Changes due to tax positions from prior years		(2,000	)		—		—
Changes due to lapsing of statute of limitations		—			—		—
Balance at the end of the fiscal year	$	—		$	2,000	$	2,000