INCOME TAXES

9 Months Ended

Oct. 29, 2023

Income Taxes [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the thirteen weeks ended October 29, 2023 and October 30, 2022 were 22.2% and 19.8%, respectively. The effective income tax rates for the thirty-nine weeks ended October 29, 2023 and October 30, 2022 were 22.3% and 45.1%, respectively.

The effective income tax rate for the thirteen weeks ended October 29, 2023 was higher than the prior year period primarily due to a change in the mix of international and domestic earnings.

The effective income tax rate for the thirty-nine weeks ended October 29, 2023 was lower than the prior year period primarily due to (i) the impact of the $417.1 million noncash, non-deductible goodwill impairment charge recorded during the third quarter of 2022, which resulted in a pre-tax loss with no tax benefit and was factored into the annualized effective tax rate, partially offset by (ii) a change in the mix of international and domestic earnings.