v3.26.1
Income Taxes (Tables)
12 Months Ended
Jan. 31, 2026
Income Taxes  
Schedule of income tax benefit (expense)

Income tax (expense) benefit consists of the following (in thousands):

  ​ ​ ​

Fiscal Year

 

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Current:

Federal

$

(160)

$

(275)

$

2,025

State

 

(34)

 

(420)

 

(329)

Total current

 

(194)

 

(695)

 

1,696

Deferred:

Federal

 

(102)

 

(2,266)

 

2,635

State

 

 

(2,875)

 

(424)

Total deferred

 

(102)

 

(5,141)

 

2,211

Total income tax (expense) benefit

$

(296)

$

(5,836)

$

3,907

Schedule of the reconciliation of income tax (expense) benefit computed using the federal statutory rate to the reported income tax (expense) benefit

Income tax (expense) benefit computed using the federal statutory rate is reconciled to the reported income tax (expense) benefit as follows (in thousands):

Fiscal year

2025

2024

2023

Rate

(Expense) / Benefit

Rate

(Expense) / Benefit

Rate

(Expense) / Benefit

Statutory rate applied to income before income taxes

21%

$

(1,165)

21%

$

7,840

21%

$

3,337

State income taxes, net of federal benefit *

5%

(292)

3%

1,109

2%

240

State tax credits, net of federal benefit

32%

(1,775)

(3)%

(1,001)

(1)%

(167)

General business credits, net of nondeductible expenses

(20)%

1,130

3%

1,235

11%

1,840

Nondeductible compensation

6%

(364)

0%

(46)

0%

Excess (deficit) tax benefits from stock-based compensation

(4)%

220

0%

(96)

(3)%

(519)

Valuation Allowance

(37)%

2,028

(39)%

(14,582)

(5)%

(774)

Changes in tax rates

3%

(150)

0%

42

0%

Nondeductible or nontaxable items

1%

(52)

0%

(47)

0%

Changes in Unrecognized tax benefits

0%

(2)

0%

0%

Other

(2)%

126

(1)%

(290)

0%

(50)

Income tax (expense) benefit

5%

$

(296)

(16)%

$

(5,836)

25%

$

3,907

* The only state that contributes to the majority (greater than 50%) of the tax effect in this category is Louisiana.

Schedule of the components of deferred tax assets and deferred tax liabilities

Deferred tax assets and deferred tax liabilities consist of the following (in thousands):

  ​ ​ ​

January 31,

  ​ ​ ​

February 1,

 

  ​ ​ ​

2026

  ​ ​ ​

2025

 

Deferred tax assets:

Inventory capitalization

$

1,863

$

1,930

Vacation liability

 

24

 

395

Operating lease liabilities

56,683

55,247

State tax credits

 

767

 

1,597

Federal tax credits

2,938

1,518

Stock compensation

 

685

 

545

Insurance liabilities

 

554

 

366

Research and development

150

2,227

Net operating loss and charitable contribution carryforwards

14,815

10,097

Other

 

606

 

585

Subtotal deferred tax assets

 

79,085

 

74,507

Less: Valuation allowance - net

 

(15,436)

 

(16,519)

Total deferred tax assets

 

63,649

 

57,988

Deferred tax liabilities:

Right of use asset

(55,072)

(52,935)

Book and tax depreciation differences

(8,398)

(4,783)

Prepaid expenses

 

(424)

 

(412)

Total deferred tax liabilities

 

(63,894)

 

(58,130)

Net deferred tax (liability) asset

$

(245)

$

(142)

Schedule of (receipts) payments of income taxes

The following table summarizes (receipts) payments of income taxes in fiscal 2025 (in thousands):

  ​ ​ ​

Fiscal Year

2025

Federal

$

(1,710)

State

 

North Carolina

 

10

Georgia

 

9

Kentucky

9

Other (net of refunds)

(17)

Total (receipts) payments of income taxes

$

(1,699)