INCOME TAXES

3 Months Ended

May 03, 2026

Income Taxes [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the thirteen weeks ended May 3, 2026 and May 4, 2025 were 18.9% and 87.2%, respectively. The effective income tax rate for the thirteen weeks ended May 3, 2026 reflected a $20.5 million income tax expense recorded on $108.5 million of pre-tax income. The effective income tax rate for the thirteen weeks ended May 4, 2025 reflected a $(304.8) million income tax benefit recorded on $(349.6) million of pre-tax losses.

The effective income tax rate for the thirteen weeks ended May 3, 2026 was lower than the prior year period primarily due to 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 70.5% increase to the Company’s effective income tax rate for the thirteen weeks ended May 4, 2025.