Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
3 Months Ended
May 04, 2019
INCOME TAXES  
INCOME TAXES

7. INCOME TAXES

 

The effective tax rate was 27.9% for the first quarter of fiscal 2019 compared to 41.6% for the first quarter of fiscal 2018. The effective tax rate for the first quarter of fiscal 2019 was lower than the same period in the prior year due primarily to an $8.1 million charge in the first quarter of 2018 related to repatriation taxes for accumulated earnings of our foreign subsidiaries associated with the enactment of the Tax Cuts and Jobs Act of 2017. The decrease was partially offset by $1.8 million of tax expense recorded in the first quarter of fiscal 2019 primarily related to the vesting of restricted shares.