v3.26.1
Other income and expenses
 6 Months Ended
Aug. 01, 2026
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure [Text Block] Other income and expenses
The following table provides the components of other operating expense, net for the 13 and 26 weeks ended August 1, 2026 and August 2, 2025:
13 weeks ended26 weeks ended
(in millions)August 1, 2026August 2, 2025August 1, 2026August 2, 2025
Restructuring and related charges (1)
$(1.8)$(2.8)$(9.3)$(21.8)
Other— (0.8)(1.0)(3.3)
Other operating expense, net$(1.8)$(3.6)$(10.3)$(25.1)
(1)     See Note 16 for additional information.
The following table provides the components of other non-operating (expense) income, net for the 13 and 26 weeks ended August 1, 2026 and August 2, 2025:
13 weeks ended26 weeks ended
(in millions)August 1, 2026August 2, 2025August 1, 2026August 2, 2025
Impairment of equity method investment and loans receivable (1)
$(19.2)$— $(19.2)$— 
Other2.3 2.4 2.6 (0.9)
Other non-operating (expense) income, net$(16.9)$2.4 $(16.6)$(0.9)
(1)     See information below related to the impairment of the Sasmat investment and loans receivable.
During Fiscal 2023, the Company acquired a 25% interest in Sasmat Retail, S.L. (“Sasmat”) for $17.1 million. Sasmat is a Spanish jewelry retailer that operates through both online and brick and mortar retail operations. The Company applied the equity method of accounting to the Sasmat investment. During Fiscal 2026 and Fiscal 2025, the Company provided loans to Sasmat totaling $2.0 million and $8.4 million, respectively. The equity method investment and loans receivable are recorded in other assets in the condensed consolidated balance sheets.
During the second quarter of Fiscal 2027, the Company observed a sustained decline in the performance trends and financial outlook of Sasmat. As a result, the Company evaluated the investment for impairment and determined the decline in value was other than temporary. Based on this assessment, the Company estimated the investment to have no remaining fair value, and thus the Company recorded an impairment charge of $12.9 million during the second quarter of Fiscal 2027 for the remaining carrying value of the investment. This charge was recorded to other non-operating (expense) income, net in the condensed consolidated statements of operations.
In conjunction with this assessment, the Company evaluated the collectibility of its loans receivable from Sasmat. Based on the estimate of current expected credit losses, including Sasmat’s financial condition and outlook, the Company recorded a $6.3 million provision for credit losses during the second quarter of Fiscal 2027. The provision was recorded to other non-operating (expense) income, net in the condensed consolidated statements of operations. Following the recognition of the allowance for credit losses, the net carrying value of the loans receivable was $4.1 million.