STOCK REPURCHASE PROGRAMS AND DIVIDENDS

9 Months Ended

Oct. 27, 2024

Equity [Abstract]

STOCK REPURCHASE PROGRAMS AND DIVIDENDS

STOCK REPURCHASE PROGRAMS AND DIVIDENDS

Stock Repurchase Programs

During the thirteen weeks ended October 27, 2024, we repurchased 3,929,491 shares of our common stock at an average cost of $135.86 per share for an aggregate cost of $533.9 million, excluding excise taxes on stock repurchases (net of issuances) of $5.3 million. During the thirty-nine weeks ended October 27, 2024, we repurchased 5,164,755 shares of our common stock at an average cost of $136.98 per share for an aggregate cost of $707.5 million, excluding excise taxes on stock repurchases (net of issuances) of $6.0 million. As of October 27, 2024, there was $292.5 million remaining under the $1.0 billion stock repurchase program we announced in March 2024. In September 2024, our Board of Directors authorized a new $1.0 billion stock repurchase program. The total stock repurchase authorization remaining under these programs was approximately $1.3 billion.

During the thirteen weeks ended October 29, 2023, we repurchased 42,868 shares of our common stock at an average cost of $70.00 per share for an aggregate cost of $3.0 million, excluding excise taxes on stock repurchases (net of issuances). During the thirty-nine weeks ended October 29, 2023, we repurchased 5,243,722 shares of our common stock at an average cost of $59.69 per share for an aggregate cost of $313.0 million, excluding excise taxes on stock repurchases (net of issuances) of $2.5 million.

As of October 27, 2024, January 28, 2024 and October 29, 2023, we held treasury stock of $0.4 million, $1.4 million and $1.4 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 programs 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

On July 9, 2024, the Company effected a 2-for-1 stock split of its common stock through a stock dividend. The prior cash dividends per share have been retroactively adjusted to reflect the stock split. See Note A for further information.

We declared cash dividends of $0.57 and $0.45 per common share during the thirteen weeks ended October 27, 2024 and October 29, 2023, respectively.

We declared cash dividends of $1.71 and $1.35 during the thirty-nine weeks ended October 27, 2024 and October 29, 2023. Our quarterly cash dividend may be limited or terminated at any time.