Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 04, 2024 | May 31, 2024 | |
Document Information [Line Items] | ||
Entity Registrant Name | KOHL’S CORP | |
Entity Central Index Key | 0000885639 | |
Current Fiscal Year End Date | --01-27 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | May 04, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 111,205,633 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-1630919 | |
Entity File Number | 1-11084 | |
Entity Address, Address Line One | N56 W17000 Ridgewood Drive | |
Entity Address, City or Town | Menomonee Falls | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53051 | |
City Area Code | 262 | |
Local Phone Number | 703-7000 | |
Title of each class | Common Stock, $.01 par value | |
Trading Symbol(s) | KSS | |
Name of each exchange on which registered | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 228 | $ 183 | $ 286 |
Merchandise inventories | 3,083 | 2,880 | 3,526 |
Other | 345 | 347 | 347 |
Total current assets | 3,656 | 3,410 | 4,159 |
Property and equipment, net | 7,664 | 7,720 | 7,803 |
Operating leases | 2,498 | 2,499 | 2,368 |
Other assets | 460 | 380 | 380 |
Total assets | 14,278 | 14,009 | 14,710 |
Current liabilities: | |||
Accounts payable | 1,220 | 1,134 | 1,310 |
Accrued liabilities | 1,265 | 1,201 | 1,164 |
Borrowings under revolving credit facility | 355 | 92 | 765 |
Current portion of: | |||
Long-term debt | 111 | ||
Finance leases and financing obligations | 81 | 83 | 93 |
Operating leases | 92 | 102 | 111 |
Total current liabilities | 3,013 | 2,612 | 3,554 |
Long-term debt | 1,638 | 1,638 | 1,637 |
Finance leases and financing obligations | 2,651 | 2,680 | 2,710 |
Operating leases | 2,783 | 2,781 | 2,634 |
Deferred income taxes | 94 | 107 | 129 |
Other long-term liabilities | 286 | 298 | 326 |
Shareholders’ equity: | |||
Common stock | 2 | 2 | 2 |
Paid-in capital | 3,539 | 3,528 | 3,489 |
Treasury stock, at cost | (2,579) | (2,571) | (2,569) |
Retained earnings | 2,851 | 2,934 | 2,798 |
Total shareholders’ equity | 3,813 | 3,893 | 3,720 |
Total liabilities and shareholders’ equity | $ 14,278 | $ 14,009 | $ 14,710 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Total revenue | $ 3,382 | $ 3,571 |
Cost of merchandise sold | 1,923 | 2,047 |
Operating expenses: | ||
Selling, general, and administrative | 1,228 | 1,238 |
Depreciation and amortization | 188 | 188 |
Operating income | 43 | 98 |
Interest expense, net | 83 | 84 |
(Loss) income before income taxes | (40) | 14 |
(Benefit) provision for income taxes | (13) | |
Net (loss) income | $ (27) | $ 14 |
Net (loss) income per share: | ||
Basic | $ (0.24) | $ 0.13 |
Diluted | $ (0.24) | $ 0.13 |
Net Sales [Member] | ||
Total revenue | $ 3,178 | $ 3,355 |
Other Revenue [Member] | ||
Total revenue | $ 204 | $ 216 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
Balance, beginning of period at Jan. 28, 2023 | $ 4 | $ 3,479 | $ (13,715) | $ 13,995 | |
Retirement of treasury stock | (2) | 11,157 | (11,155) | ||
Stock-based awards | 10 | (12) | |||
Net Income (Loss) | $ 14 | 14 | |||
Dividends paid | 1 | (56) | |||
Balance, end of period at Apr. 29, 2023 | $ 3,720 | $ 2 | 3,489 | $ (2,569) | 2,798 |
Shares, beginning of period at Jan. 28, 2023 | 378 | (267) | |||
Retirement of treasury stock | (217) | 217 | |||
Shares, end of period at Apr. 29, 2023 | 111 | 161 | (50) | ||
Dividends paid per common share | $ 0.5 | ||||
Balance, beginning of period at Feb. 03, 2024 | $ 3,893 | $ 2 | 3,528 | $ (2,571) | 2,934 |
Stock-based awards | 11 | (9) | |||
Net Income (Loss) | (27) | (27) | |||
Dividends paid | 1 | (56) | |||
Balance, end of period at May. 04, 2024 | $ 3,813 | $ 2 | $ 3,539 | $ (2,579) | $ 2,851 |
Shares, beginning of period at Feb. 03, 2024 | 161 | (50) | |||
Shares, end of period at May. 04, 2024 | 111 | 161 | (50) | ||
Dividends paid per common share | $ 0.5 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Operating activities | ||
Net (loss) income | $ (27) | $ 14 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 188 | 188 |
Share-based compensation | 10 | 9 |
Deferred income taxes | (13) | 1 |
Non-cash lease expense | 22 | 25 |
Other non-cash items | 3 | (4) |
Changes in operating assets and liabilities: | ||
Merchandise inventories | (202) | (336) |
Other current and long-term assets | (81) | 49 |
Accounts payable | 86 | (20) |
Accrued and other long-term liabilities | 34 | (101) |
Operating lease liabilities | (27) | (27) |
Net cash used in operating activities | (7) | (202) |
Investing activities | ||
Acquisition of property and equipment | (126) | (94) |
Proceeds from sale of real estate | 1 | |
Other | (1) | |
Net cash used in investing activities | (126) | (94) |
Financing activities | ||
Net borrowings under revolving credit facility | 263 | 680 |
Shares withheld for taxes on vested restricted shares | (9) | (12) |
Dividends paid | (55) | (55) |
Repayment of long-term borrowings | (164) | |
Finance lease and financing obligation payments | (21) | (25) |
Proceeds from financing obligations | 5 | |
Net cash provided by financing activities | 178 | 429 |
Net increase in cash and cash equivalents | 45 | 133 |
Cash and cash equivalents at beginning of period | 183 | 153 |
Cash and cash equivalents at end of period | 228 | 286 |
Supplemental information | ||
Interest paid, net of capitalized interest | 70 | 60 |
Income taxes paid | 1 | 2 |
Property and equipment acquired (disposed) through exchange of: | ||
Finance lease liabilities | (11) | (56) |
Operating lease liabilities | $ 21 | $ 74 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (27) | $ 14 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended May 4, 2024, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. |
Director Or Section 16 Officer [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for fiscal year end Consolidated Financial Statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the Consolidated Financial Statements and related footnotes included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (Commission File No. 1-11084) as filed with the Securities and Exchange Commission ("SEC"). Due to the seasonality of the business of Kohl’s Corporation (the “Company,” “Kohl’s,” “we,” “our,” or “us”), results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. We operate as a single business unit. Recent Accounting Pronouncements Accounting Standards Issued and Adopted There are no recently adopted accounting pronouncements that had a material impact on our financial statements. Accounting Standards Issued but not yet Effective Standard Description Effect on our Financial Statements Segment Reporting (ASU 2023-07) Issued November 2023 Effective for Fiscal Years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures around significant segment expenses. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material. Income Taxes (ASU 2023-09) Issued December 2023 Effective for Fiscal Years beginning after December 15, 2024 The ASU requires entities to provide additional information in the rate reconciliation table and additional disclosures around income taxes paid. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
May 04, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The following table summarizes Net sales by line of business: Quarter Ended (Dollars in Millions) May 4, 2024 April 29, 2023 Women's $ 923 $ 988 Accessories (including Sephora) 618 512 Men's 600 695 Home 392 433 Children's 344 403 Footwear 301 324 Net Sales $ 3,178 $ 3,355 Unredeemed gift cards and merchandise return card liabilities totaled $ 294 million as of May 4, 2024, $ 327 million as of February 3, 2024, and $ 317 million as of April 29, 2023. In the first quarter of 2024 and 2023, net sales of $ 57 million and $ 68 million, respectively, were recognized from gift cards redeemed in the current period and issued in prior years. |
Debt
Debt | 3 Months Ended |
May 04, 2024 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt Outstanding borrowings under the revolving credit facility, recorded as short-term debt, were $ 355 million as of May 4, 2024, $ 92 million as of February 3, 2024, and $ 765 million as of April 29, 2023. Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt: Outstanding Maturity (Dollars in Millions) Effective Rate at Issuance Coupon Rate May 4, February 3, April 29, 2023 4.78 % 4.75 % $— $— $ 111 2025 9.50 % 10.75 % 113 113 113 2025 4.25 % 4.25 % 353 353 353 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 4.63 % 500 500 500 2033 6.05 % 6.00 % 112 112 112 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,648 1,648 1,759 Unamortized debt discounts and deferred financing costs ( 10 ) ( 10 ) ( 11 ) Current portion of unsecured senior debt — — ( 111 ) Long-term unsecured senior debt $ 1,638 $ 1,638 $ 1,637 Effective interest rate at issuance 5.06 % 5.06 % 5.04 % Our estimated fair value of unsecured senior long-term debt is determined using Level 1 inputs, using financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our unsecured senior debt was $ 1.4 billion at May 4, 2024, $ 1.3 billion at February 3, 2024, and $ 1.3 billion at April 29, 2023. Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of May 4, 2024, we were in compliance with all covenants of the various debt agreements. |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
May 04, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Awards | 4. Stock-Based Awards The following table summarizes our stock-based awards activity for the three months ended May 4, 2024: Nonvested Restricted Stock Awards and Units Performance Share Units (Shares and Units in Thousands) Shares Weighted Units Weighted Balance - February 3, 2024 3,099 $ 29.66 777 $ 31.26 Granted 1,322 26.32 622 29.33 Vested ( 877 ) 31.47 ( 38 ) 74.68 Forfeited ( 68 ) 30.98 — — Balance - May 4, 2024 3,476 $ 27.91 1,361 $ 29.17 In 2019, we issued 1,747,441 stock warrants. All 1,747,441 shares were vested and unexercised as of May 4, 2024. |
Contingencies
Contingencies | 3 Months Ended |
May 04, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 5. Contingencies Note 7, Contingencies, of the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024, contains a description of an ongoing legal proceeding, as to which there have been no material developments as of May 4, 2024. On May 16, 2024, David Kelley, an alleged shareholder of the Company, filed a shareholder derivative lawsuit in the U.S. District Court for the Eastern District of Wisconsin purportedly on behalf of the Company and against current and former members of the Board of Directors of the Company as Defendants, and the Company as Nominal Defendant. Kelley v. Boneparth, No. 2:24-cv-00604-LA (E.D. Wis.). The plaintiff asserts claims for breach of fiduciary duty and unjust enrichment and seeks declaratory and injunctive relief, compensatory damages, restitution, fees, and costs. The complaint makes similar allegations to the shareholder class action described in Note 7, Contingencies, of the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024. In particular, the complaint alleges that the Defendants breached their fiduciary duties to the Company and were unjustly enriched by causing or allowing the Company to disseminate allegedly false or misleading statements regarding (1) the conception, execution, and outcomes of the Company’s strategic plan announced on October 20, 2020, (2) the Company’s internal controls over financial reporting, disclosure controls, and corporate governance mechanisms, and (3) the Company’s consideration of acquisition offers. Defendants deny the allegations in the complaint and intend to vigorously defend against them. Due to the early stages of this matter, the Company is unable to estimate a reasonably possible range of loss, if any, that may result from this matter. In addition to what is noted above, we are subject to certain legal proceedings and claims arising out of the ordinary conduct of our business. In the opinion of management, the outcome of these proceedings and claims will not have a material adverse effect on our Consolidated Financial Statements. |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The effective income tax rate for the first quarter of 2024 was 32.5 % compared to 3.8 % for the first quarter of 2023. In both periods, the tax rate was driven by the recognition of favorable tax items. The impact of the 2024 benefit of the favorable tax items, when compared to a pre-tax loss, results in increasing the tax rate from the statutory rate. The impact of the 2023 benefit of the favorable tax items, when compared to pre-tax income, results in decreasing the tax rate from the statutory rate. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | 7. Net (Loss) Income Per Share Basic net (loss) income per share is net (loss) income divided by the average number of common shares outstanding during the period. Diluted net (loss) income per share includes incremental shares assumed for share-based awards and stock warrants. The potentially dilutive shares outstanding during the period include unvested restricted stock units, unvested restricted stock awards, and warrants, which utilize the treasury stock method, as well as unvested performance share units that utilize the contingently issuable share method. Potentially dilutive shares are excluded from the computations of diluted (loss) earnings per share ("EPS") if their effect would be anti-dilutive. The information required to compute basic and diluted net (loss) income per share is as follows: Quarter Ended (Dollars and Shares in Millions, Except per Share Data) May 4, 2024 April 29, 2023 Numerator—Net (loss) income $( 27 ) $ 14 Denominator—Weighted-average shares: Basic 111 110 Dilutive impact — 1 Diluted 111 111 Net (loss) income per share: Basic $( 0.24 ) $ 0.13 Diluted $( 0.24 ) $ 0.13 The following potential shares of common stock were excluded from the diluted net (loss) income per share calculation because their effect would have been anti-dilutive: Quarter Ended (Shares in Millions) May 4, 2024 April 29, 2023 Anti-dilutive shares 7 3 |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 04, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events On May 14, 2024, we sent notification of a make whole call to noteholders to redeem the remaining $ 113 million of outstanding 9.50 % notes due May 15, 2025 , which will result in an approximately $ 4.5 million pre-tax charge. The redemption will be completed on June 13, 2024 . On May 15, 2024 , the Board of Directors of Kohl's Corporation declared a quarterly cash dividend of $ 0.50 per share. The dividend will be paid on June 26, 2024 , to all shareholders of record at the close of business on June 12, 2024 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Issued and Adopted There are no recently adopted accounting pronouncements that had a material impact on our financial statements. Accounting Standards Issued but not yet Effective Standard Description Effect on our Financial Statements Segment Reporting (ASU 2023-07) Issued November 2023 Effective for Fiscal Years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures around significant segment expenses. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material. Income Taxes (ASU 2023-09) Issued December 2023 Effective for Fiscal Years beginning after December 15, 2024 The ASU requires entities to provide additional information in the rate reconciliation table and additional disclosures around income taxes paid. We are evaluating the impact of the new required disclosures on our financial statements but do not expect the effect of the adoption to be material. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
May 04, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Net Sales by Line of Business | The following table summarizes Net sales by line of business: Quarter Ended (Dollars in Millions) May 4, 2024 April 29, 2023 Women's $ 923 $ 988 Accessories (including Sephora) 618 512 Men's 600 695 Home 392 433 Children's 344 403 Footwear 301 324 Net Sales $ 3,178 $ 3,355 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
May 04, 2024 | |
Debt Disclosure [Abstract] | |
Components of Long-term Debt | Long-term debt, which excludes borrowings on the revolving credit facility, consists of the following unsecured debt: Outstanding Maturity (Dollars in Millions) Effective Rate at Issuance Coupon Rate May 4, February 3, April 29, 2023 4.78 % 4.75 % $— $— $ 111 2025 9.50 % 10.75 % 113 113 113 2025 4.25 % 4.25 % 353 353 353 2029 7.36 % 7.25 % 42 42 42 2031 3.40 % 4.63 % 500 500 500 2033 6.05 % 6.00 % 112 112 112 2037 6.89 % 6.88 % 101 101 101 2045 5.57 % 5.55 % 427 427 427 Outstanding unsecured senior debt 1,648 1,648 1,759 Unamortized debt discounts and deferred financing costs ( 10 ) ( 10 ) ( 11 ) Current portion of unsecured senior debt — — ( 111 ) Long-term unsecured senior debt $ 1,638 $ 1,638 $ 1,637 Effective interest rate at issuance 5.06 % 5.06 % 5.04 % |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
May 04, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Awards Activity | The following table summarizes our stock-based awards activity for the three months ended May 4, 2024: Nonvested Restricted Stock Awards and Units Performance Share Units (Shares and Units in Thousands) Shares Weighted Units Weighted Balance - February 3, 2024 3,099 $ 29.66 777 $ 31.26 Granted 1,322 26.32 622 29.33 Vested ( 877 ) 31.47 ( 38 ) 74.68 Forfeited ( 68 ) 30.98 — — Balance - May 4, 2024 3,476 $ 27.91 1,361 $ 29.17 |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net (Loss) Income Per Share | The information required to compute basic and diluted net (loss) income per share is as follows: Quarter Ended (Dollars and Shares in Millions, Except per Share Data) May 4, 2024 April 29, 2023 Numerator—Net (loss) income $( 27 ) $ 14 Denominator—Weighted-average shares: Basic 111 110 Dilutive impact — 1 Diluted 111 111 Net (loss) income per share: Basic $( 0.24 ) $ 0.13 Diluted $( 0.24 ) $ 0.13 |
Schedule of Potential Shares of Common Stock Excluded From the Diluted Net (Loss) Income Per Share | The following potential shares of common stock were excluded from the diluted net (loss) income per share calculation because their effect would have been anti-dilutive: Quarter Ended (Shares in Millions) May 4, 2024 April 29, 2023 Anti-dilutive shares 7 3 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Net Sales by Line of Business (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 3,382 | $ 3,571 |
Net Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 3,178 | 3,355 |
Net Sales [Member] | Women's [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 923 | 988 |
Net Sales [Member] | Accessories (including Sephora) [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 618 | 512 |
Net Sales [Member] | Men's [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 600 | 695 |
Net Sales [Member] | Home [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 392 | 433 |
Net Sales [Member] | Children's [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 344 | 403 |
Net Sales [Member] | Footwear [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 301 | $ 324 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | |
Disaggregation Of Revenue [Line Items] | |||
Rewards Program unredeemed gift cards and merchandise return cards liabilities | $ 294 | $ 317 | $ 327 |
Revenue from Sale | 3,382 | 3,571 | |
Gift Card [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from Sale | $ 57 | $ 68 |
Debt - Components of Long-term
Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 5.06% | 5.06% | 5.04% |
Outstanding | $ 1,648 | $ 1,648 | $ 1,759 |
Unamortized debt discounts and deferred financing costs | (10) | (10) | (11) |
Current portion of unsecured senior debt | (111) | ||
Long-term unsecured senior debt | $ 1,638 | 1,638 | 1,637 |
Senior Notes [Member] | Senior Notes 4.78% Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 4.78% | ||
Coupon rate | 4.75% | ||
Outstanding | 111 | ||
Senior Notes [Member] | Senior Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 9.50% | ||
Coupon rate | 10.75% | ||
Outstanding | $ 113 | 113 | 113 |
Senior Notes [Member] | Senior Notes 4.25% Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 4.25% | ||
Coupon rate | 4.25% | ||
Outstanding | $ 353 | 353 | 353 |
Senior Notes [Member] | Senior Notes Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 7.36% | ||
Coupon rate | 7.25% | ||
Outstanding | $ 42 | 42 | 42 |
Senior Notes [Member] | Senior Notes Due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 3.40% | ||
Coupon rate | 4.63% | ||
Outstanding | $ 500 | 500 | 500 |
Senior Notes [Member] | Senior Notes Due 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 6.05% | ||
Coupon rate | 6% | ||
Outstanding | $ 112 | 112 | 112 |
Senior Notes [Member] | Senior Notes Due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 6.89% | ||
Coupon rate | 6.88% | ||
Outstanding | $ 101 | 101 | 101 |
Senior Notes [Member] | Senior Notes Due 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate at issuance | 5.57% | ||
Coupon rate | 5.55% | ||
Outstanding | $ 427 | $ 427 | $ 427 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt, outstanding | $ 355 | $ 92 | $ 765 |
Unsecured Senior Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Fair Value | $ 1,400 | $ 1,300 | $ 1,300 |
Leases - Summary of Operating a
Leases - Summary of Operating and Finance Leases (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Assets | |||
Operating leases | $ 2,498 | $ 2,499 | $ 2,368 |
Current liabilities: | |||
Operating leases | 92 | 102 | 111 |
Noncurrent | |||
Operating leases | $ 2,783 | $ 2,781 | $ 2,634 |
Leases - Summary of Other Lease
Leases - Summary of Other Lease Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Property and equipment acquired (disposed) through exchange of: | ||
Finance lease liabilities | $ (11) | $ (56) |
Operating lease liabilities | $ 21 | $ 74 |
Leases - Summary of Financing O
Leases - Summary of Financing Obligations (Details) $ in Millions | 3 Months Ended |
Apr. 29, 2023 USD ($) | |
Cash Paid for and Proceeds from Amounts Included in the Measurement of Financing Obligations [Abstract] | |
Proceeds from financing obligations | $ 5 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Stock-Based Awards Activity (Details) shares in Thousands | 3 Months Ended |
May 04, 2024 $ / shares shares | |
Nonvested Restricted Stock Awards and Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Awards/ Share Units, Beginning Balance | shares | 3,099 |
Stock Awards/ Share Units, Granted | shares | 1,322 |
Stock Awards/ Share Units, Vested | shares | (877) |
Stock Awards/ Share Units, Forfeited | shares | (68) |
Stock Awards/ Share Units, Ending Balance | shares | 3,476 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 29.66 |
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares | 26.32 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Vested | $ / shares | 31.47 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 30.98 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 27.91 |
Performance Share Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Awards/ Share Units, Beginning Balance | shares | 777 |
Stock Awards/ Share Units, Granted | shares | 622 |
Stock Awards/ Share Units, Vested | shares | (38) |
Stock Awards/ Share Units, Forfeited | shares | 0 |
Stock Awards/ Share Units, Ending Balance | shares | 1,361 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 31.26 |
Stock Awards/ Share Units, Awards/Units, Weighted Average Grant Date Fair Value, Granted | $ / shares | 29.33 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Vested | $ / shares | 74.68 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Stock Awards/ Share Units, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 29.17 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Details) - shares | May 04, 2024 | Feb. 01, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock warrants, issued | 1,747,441 | |
Vested and unexercised | 1,747,441 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 32.50% | 3.80% |
Net (Loss) Income Per Share - C
Net (Loss) Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Earnings Per Share [Abstract] | ||
Numerator---Net (Loss) Income | $ (27) | $ 14 |
Denominator—Weighted-average shares: Basic | 111 | 110 |
Dilutive impact | 0 | 1 |
Weighted average shares, Diluted | 111 | 111 |
Basic | $ (0.24) | $ 0.13 |
Diluted | $ (0.24) | $ 0.13 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Schedule of Potential Shares of Common Stock Excluded From the Diluted Net (Loss) Income Per Share (Details) - shares shares in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares | 7 | 3 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | May 15, 2024 | May 14, 2024 | May 04, 2024 |
Senior Notes Due 2025 [Member] | Senior Notes [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate on notes | 10.75% | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Cash dividend per share | $ 0.5 | ||
Cash dividend, declared date | May 15, 2024 | ||
Cash dividend to be paid date | Jun. 26, 2024 | ||
Cash dividend, record date | Jun. 12, 2024 | ||
Subsequent Event [Member] | 9.50% Senior Notes Due 2025 [Member] | Senior Notes [Member] | |||
Subsequent Event [Line Items] | |||
Redemption of remaining outstanding notes | $ 113 | ||
Interest rate on notes | 9.50% | ||
Pre-tax charge | $ 4.5 | ||
Debt instrument maturity date | May 15, 2025 | ||
Debt instrument redemption end date | Jun. 13, 2024 |