Income taxes |
6 Months Ended |
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Jul. 31, 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 $80,989 for the 13 weeks ended July 31, 2021 represents an effective tax rate of 24.4%, compared to $2,086 of tax expense representing an effective tax rate of 20.6% for the 13 weeks ended August 1, 2020. The higher effective tax rate is primarily due to a decrease in the benefit of state tax credits compared to the 13 weeks ended August 1, 2020 as a result of an increase in pretax income. Income tax expense of $155,666 for the 26 weeks ended July 31, 2021 represents an effective tax rate of 24.4%, compared to $22,161 of tax benefit representing an effective tax rate of 23.9% for the 26 weeks ended August 1, 2020. The higher effective tax rate is primarily due to a decrease in the benefit of state tax credits compared to the 26 weeks ended August 1, 2020 as a result of an increase in pretax income. |
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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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