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BUSINESS SEGMENTS | 6 Months Ended
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Feb. 01, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | NOTE 13—BUSINESS SEGMENTS The Company has two reportable segments: Wholesale and Retail. These reportable segments are two distinct businesses, each with a different customer base, marketing strategy and management structure. The Company organizes and operates the Wholesale reportable segment through three U.S. geographic regions: East, Central and West, and Canada Wholesale, which is operated separately from the U.S. Wholesale business. The U.S. Wholesale and Canada Wholesale operating segments have similar products and services, customer channels, distribution methods and economic characteristics, and therefore have been aggregated into a single reportable segment. Reportable segments are reviewed on an annual basis, or more frequently if events or circumstances indicate a change in reportable segments has occurred. The following table provides information by reportable segment, including Net sales, Adjusted EBITDA, with a reconciliation to Loss before income taxes, depreciation and amortization, and payments for capital expenditures:
|  | 13-Week Period Ended |  | 26-Week Period Ended
(in millions) |  | February 1, 2025 |  | January 27, 2024 |  | February 1, 2025 |  | January 27, 2024
Net sales: |  |  |  |  |  |  |  |
Wholesale(1) |  | $ | 7,872 |  |  | $ | 7,487 |  |  | $ | 15,462 |  |  | $ | 14,768 |
Retail |  | 610 |  |  | 631 |  |  | 1,196 |  |  | 1,237 |
Other |  | 53 |  |  | 52 |  |  | 111 |  |  | 112 |
Eliminations |  | (377) |  |  | (395) |  |  | (740) |  |  | (790) |
Total Net sales |  | $ | 8,158 |  |  | $ | 7,775 |  |  | $ | 16,029 |  |  | $ | 15,327 |
Adjusted EBITDA: |  |  |  |  |  |  |  |
Wholesale |  | $ | 136 |  |  | $ | 118 |  |  | $ | 267 |  |  | $ | 235 |
Retail |  | 6 |  |  | 8 |  |  | 6 |  |  | 7 |
Other |  | 5 |  |  | 4 |  |  | 6 |  |  | 7 |
Eliminations |  | (2) |  |  | (2) |  |  | — |  |  | (4) |
Adjustments: |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |
Net periodic benefit income, excluding service cost |  | 5 |  |  | 4 |  |  | 10 |  |  | 7 |
Interest expense, net |  | (38) |  |  | (40) |  |  | (74) |  |  | (75) |
Other income, net |  | 1 |  |  | 1 |  |  | 3 |  |  | 1 |
Depreciation and amortization |  | (81) |  |  | (74) |  |  | (161) |  |  | (152) |
Share-based compensation |  | (11) |  |  | (10) |  |  | (18) |  |  | (16) |
LIFO charge |  | (3) |  |  | (6) |  |  | (10) |  |  | (13) |
Restructuring, acquisition and integration related expenses |  | (9) |  |  | (4) |  |  | (21) |  |  | (8) |
Loss on sale of assets and other asset charges |  | (5) |  |  | (5) |  |  | (11) |  |  | (24) |
Business transformation costs |  | (8) |  |  | (14) |  |  | (26) |  |  | (29) |
Other adjustments |  | (2) |  |  | — |  |  | (2) |  |  | (4) |
Loss before income taxes |  | $ | (5) |  |  | $ | (19) |  |  | $ | (29) |  |  | $ | (67) |
Depreciation and amortization: |  |  |  |  |  |  |  |
Wholesale |  | $ | 69 |  |  | $ | 66 |  |  | $ | 139 |  |  | $ | 133 |
Retail |  | 9 |  |  | 8 |  |  | 18 |  |  | 16 |
Other |  | 3 |  |  | — |  |  | 4 |  |  | 3 |
Total depreciation and amortization |  | $ | 81 |  |  | $ | 74 |  |  | $ | 161 |  |  | $ | 152 |
Payments for capital expenditures: |  |  |  |  |  |  |  |
Wholesale |  | $ | 51 |  |  | $ | 64 |  |  | $ | 98 |  |  | $ | 135 |
Retail |  | 3 |  |  | 3 |  |  | 5 |  |  | 6 |
Total capital expenditures |  | $ | 54 |  |  | $ | 67 |  |  | $ | 103 |  |  | $ | 141 |
(1)The Company recorded $320 million and $330 million for the second quarters of fiscal 2025 and 2024, respectively, and $621 million and $651 million in fiscal 2025 and 2024 year-to-date, respectively, within Net sales in its Wholesale reportable segment attributable to Wholesale to Retail sales that have been eliminated upon consolidation. Total assets by reportable segment were as follows:
(in millions) |  | February 1, 2025 |  | August 3, 2024
Assets: |  |  |  |
Wholesale |  | $ | 6,764 |  |  | $ | 6,563 |
Retail |  | 580 |  |  | 606 |
Other |  | 439 |  |  | 401 |
Eliminations |  | (52) |  |  | (42) |
Total assets |  | $ | 7,731 |  |  | $ | 7,528 |

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- Definition The entire disclosure for reporting segments including data and tables. 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