v3.26.1
Income taxes
 3 Months Ended
May 02, 2026
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
13 weeks ended
May 2, 2026May 3, 2025
Estimated annual effective tax rate before discrete items21.8 %22.3 %
Discrete items recognized
0.5 %4.2 %
Effective tax rate recognized in statements of operations
22.3 %26.5 %
During the 13 weeks ended May 2, 2026, the Company’s effective tax rate was higher than the Bermuda corporate income tax rate, primarily as a result of the unfavorable impact of foreign rate differences (primarily in the US).
The Company’s effective tax rate for the same period during the prior year was higher than the Bermuda corporate income tax rate, primarily as a result of the unfavorable impact of foreign rate differences (primarily in the US) and unfavorable discrete tax items recognized in the 13 weeks ended May 3, 2025, including the tax shortfall for share-based compensation which vested during the year of $0.8 million.
As of May 2, 2026, there has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified and recorded as of January 31, 2026.