Inventories

12 Months Ended

Feb. 01, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories

The following table provides the components of the Company’s inventory as of February 1, 2025 and February 3, 2024:

(in millions)	February 1, 2025		February 3, 2024
Raw materials	$	56.3	$	49.4
Merchandise inventories	1,881.0		1,887.2
Total inventories	$	1,937.3	$	1,936.6

The Company held $601.5 million of consignment inventory at February 1, 2025 (February 3, 2024: $530.3 million), which is not recorded on the consolidated balance sheets. The principal terms of the consignment agreements, which can generally be terminated by either party, are such that the Company can return any or all of the inventory to the relevant suppliers without financial or commercial penalties and the supplier can adjust the inventory costs prior to sale.

Inventory reserves

The following table provides the components of the Company’s inventory reserves for Fiscal 2025, Fiscal 2024 and Fiscal 2023:

(in millions)	Fiscal 2025		Fiscal 2024		Fiscal 2023
Inventory reserve, beginning of period	$	16.7	$	27.7	$	46.8
Charged to income	51.8		37.6		63.6
Utilization (1)	(48.1)		(48.6)		(82.7)
Inventory reserve, end of period	$	20.4	$	16.7	$	27.7

(1)     Includes the impact of foreign exchange translation.