Income Taxes |
3 Months Ended | ||
|---|---|---|---|
May 02, 2026 | |||
| Income Taxes [Abstract] | |||
| Income Taxes |
The effective income tax rates for the thirteen weeks ended May 2, 2026 and May 3, 2025 were 24.3% and 22.0%, respectively. The change in the effective income tax rate was driven by the impact of discrete items recognized, primarily excess tax benefits related to stock-based compensation and the expiration of the Work Opportunity Tax Credit.
On July 4, 2025, the U.S. federal government enacted the “One Big Beautiful Bill Act” resulting in significant changes to the federal tax code, most notably the permanent extension of certain
expiring provisions of the Tax Cuts and Jobs Act of 2017 and the restoration of favorable tax treatment for certain business provisions. The Company has evaluated and incorporated the effects of the legislation in its income tax provision.
The Company is subject to tax in the United States. The Company files a consolidated U.S. income tax return for federal income tax purposes. The Company is no longer subject to income tax
examinations by U.S. federal, or state and local tax authorities for tax years prior to 2022.
Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty.
If any issues arise as a result of a tax audit and are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.
|