Income taxes |
9 Months Ended |
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Oct. 30, 2021 | |
| Income Taxes | |
| Income taxes |
12.Income taxes Income tax expense reflects the federal statutory tax rate and the weighted average state statutory tax rate for the states in which the Company operates stores. Income tax expense of $68,537 for the 13 weeks ended October 30, 2021 represents an effective tax rate of 24.1%, compared to $25,096 of tax expense representing an effective tax rate of 25.1% for the 13 weeks ended October 31, 2020. The lower effective tax rate is primarily due to favorable provision to tax return adjustments, driven by federal employment tax credits, compared to third quarter of fiscal 2020. Income tax expense of $224,203 for the 39 weeks ended October 30, 2021 represents an effective tax rate of 24.4%, compared to $2,935 of tax expense representing an effective tax rate of 40.3% for the 39 weeks ended October 31, 2020. The lower effective tax rate is primarily due to a benefit from the income tax accounting for share-based compensation and favorable provision to tax return adjustments, driven by federal employment tax credits, compared to fiscal 2020. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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