Income taxes |
6 Months Ended |
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Aug. 02, 2025 | |
Income Taxes | |
Income taxes |
11.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 $84,795 for the 13 weeks ended August 2, 2025 represents an effective tax rate of 24.5%, compared to $81,171 of tax expense representing an effective tax rate of 24.3% for the 13 weeks ended August 3, 2024. Income tax expense of $184,439 for the 26 weeks ended August 2, 2025 represents an effective tax rate of 24.5%, compared to $175,906 of tax expense representing an effective tax rate of 23.7% for the 26 weeks ended August 3, 2024. The higher effective tax rate is primarily due to a reduced benefit from income tax accounting for stock-based compensation. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law, which includes a broad range of tax reform provisions. Among other things, the OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation. The Company expects further guidance may be issued by the U.S. government with respect to certain OBBBA tax provisions and is in the process of evaluating the impact of the OBBBA. However, it is not expected to have a material impact on the consolidated financial statements. |
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- References No definition available.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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