Income Taxes (Tables)
 12 Months Ended
Jan. 28, 2023
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The provision (benefit) for income taxes consists of the following:
202220212020
Current:(in thousands)
U.S. federal$8,273 $(239)$(109,627)
U.S. state and local1,312 554 (1,240)
Total9,585 315 (110,867)
Deferred:
U.S. federal3,546 — 37,292 
U.S. state and local7,322 — 17,675 
Total10,868 — 54,967 
Income tax (benefit)/expense$20,453 $315 $(55,900)
Schedule of Effective Income Tax Rate Reconciliation
The following table provides a reconciliation between the statutory federal income tax rate and the effective tax rate:
 202220212020
Federal income tax rate21.0 %21.0 %21.0 %
State income taxes, net of federal income tax effect6.4 %(5.0)%5.2 %
Change in uncertain tax positions0.4 %0.8 %0.1 %
Share-based compensation0.1 %(3.2)%(0.3)%
Non-deductible executive compensation0.6 %(22.6)%(0.2)%
Change in valuation allowance(21.8)%4.0 %(22.9)%
Change in tax law— %— %9.1 %
Tax credits(0.3)%3.7 %0.1 %
Other items, net0.1 %(0.9)%— %
Effective tax rate6.5 %(2.2)%12.1 %
Schedule of Deferred Tax Assets and Liabilities
The following table provides the effect of temporary differences that created deferred income taxes as of January 28, 2023 and January 29, 2022. Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carry-forwards at the end of the respective periods.
 January 28, 2023January 29, 2022
(in thousands)
Deferred tax assets:
Accrued expenses and deferred compensation$9,999 $13,693 
Lease liability161,389 197,063 
Intangible assets10,851 21,402 
Inventory1,136 — 
Deferred revenue5,418 5,142 
Other871 986 
Net operating losses, tax credit and other carryforwards17,693 41,137 
Valuation allowance(41,767)(107,669)
Total deferred tax assets165,590 171,754 
Deferred tax liabilities:
Prepaid expenses2,374 2,844 
Inventory— 1,305 
Right of use asset133,149 161,105 
Investment in Joint Venture36,500 — 
Property and equipment4,435 6,500 
Total deferred tax liabilities176,458 171,754 
Net deferred tax asset/(liability)$(10,868)$— 
Summary of Valuation Allowance
The following table summarizes the changes in the valuation allowance:
202220212020
(in thousands)
Valuation allowance, beginning of year$107,669 $108,418 $2,313 
Changes in related gross deferred tax assets/liabilities2,661 (228)410 
Charge/(release)(68,563)(521)105,695 
Valuation allowance, end of year$41,767 $107,669 $108,418 
The decrease in the valuation allowance in 2022 is primarily attributable to the gain on the transaction with WHP. The gain on the transaction with WHP in 2022 allowed the Company to utilize certain deferred tax assets and tax attributes with a corresponding release to the Company's valuation allowance.
Unrecognized Tax Benefits Rollforward
A reconciliation of the beginning to ending unrecognized tax benefits is as follows:
January 28, 2023January 29, 2022January 30, 2021
(in thousands)
Unrecognized tax benefits, beginning of year$1,573 $1,388 $1,305 
Gross addition for tax positions of the current year335 — — 
Gross addition for tax positions of the prior year174 291 327 
Settlements — — — 
Reduction for tax positions of prior years— — — 
Lapse of statute of limitations(115)(106)(244)
Unrecognized tax benefits, end of year$1,967 $1,573 $1,388