Quarterly report [Sections 13 or 15(d)]

Income taxes

v3.25.3
Income taxes
 9 Months Ended
Nov. 01, 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 $73,436 for the 13 weeks ended November 1, 2025 represents an effective tax rate of 24.1%, compared to $77,997 of tax expense representing an effective tax rate of 24.4% for the 13 weeks ended November 2, 2024.

Income tax expense of $257,875 for the 39 weeks ended November 1, 2025 represents an effective tax rate of 24.4%, compared to $253,903 of tax expense representing an effective tax rate of 23.9% for the 39 weeks ended November 2, 2024.

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On July 4, 2025, the U.S. enacted new tax legislation, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"), which included changes in tax laws that may affect recorded deferred tax assets and deferred tax liabilities, as well as the Company’s effective tax rate, in the future. While the Company is continuing to review the potential impact of OBBBA, it anticipates an impact to its deferred tax and income tax payable as a result of reinstating the 100% bonus depreciation provision for assets placed in service after January 19, 2025, and restoring the full expensing of qualifying domestic research and development expenditures. The Company does not expect any material changes to the consolidated financial statements or ongoing tax rate as a result of this legislation.

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