Earnings Per Share

9 Months Ended

Oct. 28, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 7—Loss Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed based upon the weighted-average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method. Treasury stock is excluded from the denominator in calculating both basic and diluted earnings (loss) per share. In periods in which a net loss has occurred, as is the case for fiscal 2024, the dilutive effect of equity-based awards is not recognized and thus not utilized in the calculation of diluted loss per share, because the effect of their inclusion would have been anti-dilutive.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted loss per share and the stock-based awards excluded from the calculation of diluted loss per share because their effect would have been antidilutive for the thirteen and thirty-nine weeks ended October 28, 2023 and October 29, 2022:

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	October 28, 2023			October 29, 2022			October 28, 2023			October 29, 2022
	(In millions except per share data)
Net (loss)	$	(21.6	)	$	(17.5	)	$	(149.1	)	$	(109.5	)
Weighted-average common shares outstanding – basic		42.2			40.8			41.8			40.7
Effect of dilutive stock-based awards		—			—			—			—
Weighted-average common shares outstanding – diluted		42.2			40.8			41.8			40.7
Basic (loss) per common share	$	(0.51	)	$	(0.43	)	$	(3.57	)	$	(2.69	)
Diluted (loss) per common share	$	(0.51	)	$	(0.43	)	$	(3.57	)	$	(2.69	)
Antidilutive stock-based awards excluded from diluted calculation		9.9			4.5			9.2			4.5