Income Taxes |
3 Months Ended |
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May 01, 2021 | |
| Income Taxes | |
| Income Taxes |
12.Income taxes Income tax expense reflects the federal statutory tax rate and the weighted average state statutory tax rate for the states in which the Company operates stores. Income tax expense of $74,677 for the 13 weeks ended May 1, 2021 represents an effective tax rate of 24.5%, compared to $24,247 of income tax benefit representing an effective tax rate of 23.6% for the 13 weeks ended May 2, 2020. The higher effective tax rate is primarily due to a decrease in the benefit of state tax credits compared to the first quarter of fiscal 2020 as a result of an increase in pretax income. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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