INCOME TAXES

9 Months Ended

Nov. 02, 2025

Income Taxes [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the thirteen weeks ended November 2, 2025 and November 3, 2024 were 97.4% and 21.0%, respectively. The effective income tax rate for the thirteen weeks ended November 2, 2025 reflected a $156.1 million income tax expense recorded on $160.3 million of pre-tax income. The effective income tax rate for the thirteen weeks ended November 3, 2024 reflected a $35.1 million income tax expense recorded on $167.0 million of pre-tax income.

The effective income tax rates for the thirty-nine weeks ended November 2, 2025 and November 3, 2024 were 335.1% and 13.3%, respectively. The effective income tax rate for the thirty-nine weeks ended November 2, 2025 reflected a $(261.7) million income tax benefit recorded on $(78.1) million of pre-tax losses. The effective income tax rate for the thirty-nine weeks ended November 3, 2024 reflected a $67.9 million income tax expense recorded on $509.2 million of pre-tax income.

The effective income tax rates for the thirteen and thirty-nine weeks ended November 2, 2025 were higher than the prior year periods primarily due to (i) the impact of the $479.5 million pre-tax noncash goodwill and other intangible asset impairment charges recorded during the first quarter of 2025, which were non-deductible for tax purposes and factored into the Company’s 2025 annualized effective income tax rate, and resulted in a change to the Company’s effective income tax rates for the thirteen and thirty-nine weeks ended November 2, 2025 of 71.0% and 313.3%, respectively, and (ii) the impact in the prior year thirty-nine week period of a favorable change in the Company’s uncertain tax positions resulting in a benefit to the Company’s 2024 effective tax rate of 6.5% from the settlement of a multiyear audit in an international jurisdiction in the second quarter of 2024.