INCOME TAXES |
6 Months Ended |
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Aug. 03, 2025 | |
| Income Taxes [Abstract] | |
| INCOME TAXES | INCOME TAXES The effective income tax rates for the thirteen weeks ended August 3, 2025 and August 4, 2024 were (101.6)% and (2.1)%, respectively. The effective income tax rate for the thirteen weeks ended August 3, 2025 reflected a $(113.0) million income tax benefit recorded on $111.2 million of pre-tax income. The effective income tax rate for the thirteen weeks ended August 4, 2024 reflected a $(3.2) million income tax benefit recorded on $154.8 million of pre-tax income. The effective income tax rates for the twenty-six weeks ended August 3, 2025 and August 4, 2024 were 175.3% and 9.6%, respectively. The effective income tax rate for the twenty-six weeks ended August 3, 2025 reflected a $(417.8) million income tax benefit recorded on $(238.4) million of pre-tax losses. The effective income tax rate for the twenty-six weeks ended August 4, 2024 reflected a $32.8 million income tax expense recorded on $342.2 million of pre-tax income. The effective income tax rates for the thirteen and twenty-six weeks ended August 3, 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 twenty-six weeks ended August 3, 2025 of (122.9)% and 156.4%, respectively, and (ii) the impact in the prior year periods of a favorable change in the Company’s uncertain tax positions resulting in a benefit to the Company’s 2024 effective tax rate of 21.2% and 9.6% in the thirteen and twenty-six week periods, respectively, from the settlement of a multi-year audit in an international jurisdiction.
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