Shareholders' Equity

12 Months Ended

Feb. 01, 2025

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Stock

We had 60 million shares of $1.00 par value per share common stock authorized for issuance as of February 1, 2025 and February 3, 2024. As of February 1, 2025 and February 3, 2024, we had 16 million shares and 16 million shares, respectively, of common stock issued and outstanding.

Dividends

During Fiscal 2024, Fiscal 2023 and Fiscal 2022, we paid $43 million, $42 million and $35 million, respectively, of dividends to our shareholders. Although we have paid dividends in each quarter since we became a public company in July 1960, we may discontinue or modify dividend payments at any time if we determine that other uses of our capital, including payment of outstanding debt, funding of acquisitions, funding of capital expenditures or repurchases of outstanding shares, may be in our best interest; if our expectations of future cash flows and future cash needs outweigh the ability to pay a dividend; or if the terms of our credit facility, other debt instruments or applicable law limit our ability to pay dividends.

Share Repurchases

During Fiscal 2024, we repurchased no shares in open market transactions. In Fiscal 2023 and Fiscal 2022, we repurchased $20 million and $92 million, respectively, in open market transactions. Additionally, during Fiscal 2024, Fiscal 2023 and Fiscal 2022, we purchased $6 million, $10 million and $3 million, respectively, of shares from our employees to cover employee tax liabilities related to the vesting of shares of our stock.

On December 10, 2024, our Board of Directors authorized us to spend up to $100 million to repurchase shares of our stock. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock and has no automatic expiration. No shares were repurchased during Fiscal 2024 and $100 million remained under the Board of Directors’ authorization as of February 1, 2025.

Subsequent to February 1, 2025, we entered into, and completed, a $50 million open market stock repurchase program (Rule 10b5-1 plan) under the December 10, 2024 authorization to acquire shares of our stock. Under this plan, we acquired 842,000 shares of our stock at an average price of $59.38 for $50 million.

On March 24, 2025, our Board of Directors authorized us to spend up to $100 million to repurchase shares of our stock. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock and has no automatic expiration.

Preferred Stock

We had 30 million shares of $1.00 par value preferred stock authorized for issuance as of February 1, 2025 and February 3, 2024. No preferred shares were issued or outstanding as of February 1, 2025 or February 3, 2024.