Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Jan. 30, 2021
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities The deferred taxes related to such differences as of January 30, 2021 and February 1, 2020 were as follows (in thousands):

    

January 30, 2021

    

February 1, 2020

Accruals and reserves not currently deductible for tax purposes

$

4,227

$

4,039

Inventory capitalization

 

729

 

1,181

Differences in depreciation lives and methods

 

(478)

 

(1,076)

Differences in basis of intangible assets

 

318

 

153

Differences in investments and other items

 

3,817

 

2,140

Net operating loss carryforwards

 

98,833

 

96,894

Valuation allowance

 

(107,446)

 

(103,331)

Net deferred tax liability

$

$

Schedule of Components of Income Tax Provision (Benefit)

The income tax provision consisted of the following (in thousands):

For the Years Ended

    

January 30, 2021

    

February 1, 2020

    

February 2, 2019

Current

$

(60)

$

(11)

$

(65)

Deferred

 

 

 

$

(60)

$

(11)

$

(65)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rates to the Company’s effective tax rate is as follows:

For the Years Ended

 

    

January 30, 2021

    

February 1, 2020

    

February 2, 2019

 

Taxes at federal statutory rates

21.0

%  

21.0

%  

21.0

%

State income taxes, net of federal tax benefit

13.4

4.1

5.9

 

Provision to return true-up

 

(2.4)

 

(4.0)

 

(2.5)

Non-cash stock option vesting expense

 

(1.2)

 

(0.6)

 

(1.2)

Valuation allowance and NOL carryforward benefits

 

(31.2)

 

(20.4)

 

(23.6)

Other

 

(0.1)

 

(0.1)

 

0.1

Effective tax rate

 

(0.5)

%  

%  

(0.3)

%