Restructuring and Other Expense (Income)

6 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Expense (Income)

Restructuring Charges - Global Optimization Plan

As previously announced during the fourth quarter of Fiscal 2024, the Board of Directors of the Company approved a Global Optimization Plan in order to streamline the Company’s operating model, maximize efficiency and support long-term profitable growth.

During the three and six months ended September 28, 2024, the Company closed 8 and 19, respectively, of its retail stores which have been incorporated into the Global Optimization Plan. Net restructuring expenses recorded in connection with the Global Optimization Plan during the three and six months ended September 28, 2024 were $1 million and $2 million, respectively, primarily related to lease termination and store closure costs. The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):


	Severance and benefit costs		Lease-related and other costs			Total
Balance at March 30, 2024	$	21	$	1		$	22
Additions charged to expense	—		3		(1)	3
Payments	(17)		(4)			(21)

Balance at September 28, 2024	$	4	$	—		$	4

(1)Excludes $1 million of a gain on lease termination and store closure costs related to operating lease right-of-use assets recorded within restructuring and other expense (income) on the consolidated statements of operations and comprehensive (loss) income for the six months ended September 28, 2024.

Other Restructuring Costs

During the three months ended September 30, 2023, the Company recorded no net restructuring and other expense (income) which was the result of gains on the termination of leases fully offset by expenses primarily related to equity awards associated with the acquisition of Versace.

During the six months ended September 30, 2023, the Company recorded other income of $2 million, primarily related to a $10 million gain on the sale of a long-lived corporate asset, partially offset by expenses related to equity awards associated with the acquisition of Versace