Income Taxes |
3 Months Ended |
|---|---|
May 01, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | NOTE 11. INCOME TAXES
Provision for Income Taxes
At the end of each quarter, the Company estimates its effective income tax rate pursuant to ASC 740. The rate for the period consists of the tax rate expected to be applied for the full year to ordinary income adjusted for any discrete items recorded in the period. The Company recorded tax expense at an overall effective tax rate of 23.6% for the 13 weeks ended May 1, 2026 and a tax benefit of 28.9% for the 13 weeks ended May 2, 2025. The overall effective tax rate for the 13 weeks ended May 1, 2026, varies from the U.S. statutory rate of 21% as a result of state taxes and non-deductible expenses. The overall effective tax rate for the 13 weeks ended May 2, 2025, varies from the U.S. statutory rate of 21% as a result of state taxes and non-deductible expenses. On April 1, 2026, the Company finalized a joint venture transaction with WHP Global that included sale of 50% interest in its intellectual property. The Company recorded tax expense of $122.2 million as a result of the transaction. |