Segment Reporting

12 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company is managed at the consolidated level and therefore operates and reports as a single segment. The Company’s Chief Executive Officer is its Chief Operating Decision Maker (“CODM”), and the measure of profitability included in the financial information regularly provided to the CODM is total Company Adjusted Operating Income, or Operating Income in periods where there are no adjustments. The Company’s CODM assesses Adjusted Operating Income performance in comparison to forecasts and historical results to make decisions on the reinvestment of profits into the business and capital allocation strategies.

The following table illustrates significant segment expenses that were regularly provided to the CODM in 2025, 2024, and 2023:

	2025		2024		2023
	(in millions)
Net Sales	$	7,291	$	7,307	$	7,429
Adjusted Costs of Goods Sold	(2,930)		(2,880)		(2,970)
Buying and Occupancy	(1,171)		(1,193)		(1,223)
Selling Expenses	(1,238)		(1,191)		(1,177)
Marketing Expenses	(255)		(242)		(189)
Adjusted General and Administrative Expenses	(541)		(535)		(585)
Adjusted Operating Income	1,156		1,266		1,285
Business Transformation Activities (a)	(15)		—		—
Leadership Transition Costs (b)	(15)		—		—
Reported Operating Income	$	1,126	$	1,266	$	1,285

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(a)In 2025, the Company recognized aggregate pre-tax costs of $15 million, resulting from business transformation activities, and primarily related to severance benefits, in connection with the Consumer First Formula, of which $1 million and $14 million were excluded from Costs of Goods Sold and General and Administrative Expenses, respectively, in the Adjusted Operating Income details provided to the CODM.

(b)In 2025, the Company recognized aggregate pre-tax costs of $15 million due to the transition of certain members of the leadership team, primarily related to severance benefits, which were excluded from General and Administrative Expenses in the Adjusted Operating Income details provided to the CODM.

As a single reportable segment entity, the other disclosures required by ASC 280, Segment Reporting, can be found in the Company’s Consolidated Financial Statements and the Notes thereto, including the Company’s measure of segment assets,

which is total consolidated assets.