Earnings Per Share

6 Months Ended

Aug. 03, 2024

Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	13 Weeks Ended
	August 3, 2024					July 29, 2023
	Net Income				Shares	Net Loss				Shares
	(millions, except per share data)
Net income (loss) and average number of shares outstanding	$	150			276.7	$	(22)			272.8
Shares to be issued under deferred compensation and other plans					1.0					1.0
	$	150			277.7	$	(22)			273.8
Basic earnings (loss) per share			$	0.54				$	(0.08)
Effect of dilutive securities:
Stock options and restricted stock units					3.9					—
	$	150			281.6	$	(22)			273.8
Diluted earnings (loss) per share			$	0.53				$	(0.08)

	26 Weeks Ended
	August 3, 2024					July 29, 2023
	Net Income				Shares	Net Income				Shares
	(millions, except per share data)
Net income and average number of shares outstanding	$	212			276.0	$	133			272.5
Shares to be issued under deferred compensation and other plans					0.9					1.0
	$	212			276.9	$	133			273.5
Basic earnings per share			$	0.77				$	0.49
Effect of dilutive securities:
Stock options and restricted stock units					4.4					4.3
	$	212			281.3	$	133			277.8
Diluted earnings per share			$	0.75				$	0.48

In addition to the stock options and restricted stock units reflected in the foregoing table, stock options to purchase 8.0 million shares of common stock and restricted stock units relating to 0.3 million shares of common stock were outstanding at August 3, 2024, but were not included in the computation of diluted earnings per share for the 13 and 26 weeks ended August 3, 2024 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. Stock options to purchase 9.9 million shares of common stock and restricted stock units relating to 1.7 million shares of common stock were outstanding as of July 29, 2023 but were not included in the computation of diluted earnings per share for the 26 weeks ended July 29, 2023 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

For the 13 weeks ended July 29, 2023, as a result of the net loss, stock options to purchase 9.9 million shares of common stock and restricted stock units relating to 10.0 million shares of common stock were excluded from the calculation of diluted loss per share and, therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive.