STOCK REPURCHASE PROGRAM AND DIVIDENDS

6 Months Ended

Jul. 30, 2023

Equity [Abstract]

STOCK REPURCHASE PROGRAM AND DIVIDENDS

STOCK REPURCHASE PROGRAM AND DIVIDENDS

Stock Repurchase Program

During the thirteen weeks ended July 30, 2023, we repurchased 89,709 shares of our common stock at an average cost of $111.47 per share for an aggregate cost of $10.0 million, excluding excise taxes on stock repurchases (net of issuances) of $0.1 million. During the twenty-six weeks ended July 30, 2023, we repurchased 2,600,427 shares of our common stock at an average cost of $119.21 per share for an aggregate cost of $310.0 million, excluding excise taxes on stock repurchases (net of issuances) of $2.5 million. As of July 30, 2023, there was $690.0 million remaining under our current stock repurchase program. During the thirteen weeks ended July 31, 2022, we repurchased 2,188,037 shares of our common stock at an average cost of $121.27 per share for an aggregate cost of $265.3 million. During the twenty-six weeks ended July 31, 2022, we repurchased 5,567,768 shares of our common stock at an average cost of $137.65 per share for an aggregate cost of $766.4 million.

As of July 30, 2023 and July 31, 2022, we held treasury stock of $1.4 million and $0.7 million, respectively, that represents the cost of shares available for issuance intended to satisfy future stock-based award settlements in certain foreign jurisdictions.

Stock repurchases under our program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions.

Dividends

We declared cash dividends of $0.90 and $0.78 per common share during the thirteen weeks ended July 30, 2023 and July 31, 2022, respectively. We declared cash dividends of $1.80 and $1.56 per common share during the twenty-six weeks ended July 30, 2023 and July 31, 2022, respectively. Our quarterly cash dividend may be limited or terminated at any time.