2 unchanged sentences
$ in millions, except per share amounts (unaudited)
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Current assets
37 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Cost of sales
16 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Foreign currency translation adjustments, net of tax
3 unchanged sentences
$ in millions (unaudited)
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
Operating activities
28 unchanged sentences
Accumulated Other Comprehensive Income (Loss)
−Removed: Balances at May 4, 2024
−Removed: Net earnings, three months ended August 3, 2024
+Added: Balances at August 3, 2024
+Added: Net earnings, three months ended November 2, 2024
Other comprehensive loss:
4 unchanged sentences
Repurchase of common stock
−Removed: Balances at August 3, 2024
+Added: Balances at November 2, 2024
Balances at February 3, 2024
−Removed: Net earnings, six months ended August 3, 2024
+Added: Net earnings, nine months ended November 2, 2024
Other comprehensive loss:
4 unchanged sentences
Repurchase of common stock
−Removed: Balances at August 3, 2024
−Removed: Balances at April 29, 2023
−Removed: Net earnings, three months ended July 29, 2023
−Removed: Other comprehensive income:
+Added: Balances at November 2, 2024
+Added: Balances at July 29, 2023
+Added: Net earnings, three months ended October 28, 2023
+Added: Other comprehensive loss:
Foreign currency translation adjustments, net of tax
3 unchanged sentences
Repurchase of common stock
−Removed: Balances at July 29, 2023
+Added: Balances at October 28, 2023
Balances at January 28, 2023
−Removed: Net earnings, six months ended July 29, 2023
+Added: Net earnings, nine months ended October 28, 2023
+Added: Other comprehensive loss:
+Added: Foreign currency translation adjustments, net of tax
Stock-based compensation
2 unchanged sentences
Repurchase of common stock
−Removed: Balances at July 29, 2023
+Added: Balances at October 28, 2023
See Notes to Condensed Consolidated Financial Statements.
8 unchanged sentences
The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024.
−Removed: The first six months of fiscal 2025 and fiscal 2024 each included 26 weeks.
−Removed: In preparing the accompanying condensed consolidated financial statements, we evaluated the period from August 3, 2024, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure.
+Added: The first nine months of fiscal 2025 and fiscal 2024 each included 39 weeks.
+Added: In preparing the accompanying condensed consolidated financial statements, we evaluated the period from November 2, 2024, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure.
No such events were identified.
Sale of Subsidiary
−Removed: In the second quarter of fiscal 2024, we completed the sale of a Mexico subsidiary subsequent to our exit from operations in Mexico and recognized a $ 21 million gain within Gain on sale of subsidiary, net on our Condensed Consolidated Statements of Earnings for the three and six months ended July 29, 2023.
+Added: In the second quarter of fiscal 2024, we completed the sale of a Mexico subsidiary subsequent to our exit from operations in Mexico and recognized a $ 21 million gain within Gain on sale of subsidiary, net on our Condensed Consolidated Statements of Earnings for the nine months ended October 28, 2023.
Recently Issued Accounting Pronouncements
8 unchanged sentences
We are currently evaluating the impact of the ASU and expect to include updated income tax disclosures in our fiscal 2026 Form 10-K.
+Added: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses , which requires disclosure of specific expense categories in the notes to financial statements.
+Added: The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027.
+Added: We are currently evaluating the impact of the ASU and expect to include updated expense disclosures in our fiscal 2028 Form 10-K.
Supply Chain Financing
We have a supply chain financing program with an independent financial institution, whereby some of our suppliers have the opportunity to receive accounts payable settlements early, at a discount, facilitated by the financial institution.
−Removed: Our liability associated with the funded participation in the program, which is primarily included in Accounts payable on our Condensed Consolidated Balance Sheets, was $ 729 million, $ 426 million and $ 609 million as of August 3, 2024, February 3, 2024, and July 29, 2023, respectively.
+Added: Our liability associated with the funded participation in the program, which is primarily included in Accounts payable on our Condensed Consolidated Balance Sheets, was $ 793 million, $ 426 million and $ 680 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.
Total Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets are reconciled to the total shown on our Condensed Consolidated Statements of Cash Flows as follows ($ in millions):
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Cash and cash equivalents
7 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Fiscal 2024 Restructuring Initiative
7 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
Cumulative Amount
−Removed: August 3, 2024
−Removed: August 3, 2024
−Removed: As of August 3, 2024
+Added: November 2, 2024
+Added: November 2, 2024
+Added: As of November 2, 2024
International
5 unchanged sentences
Adjustments (1)
−Removed: Balances at August 3, 2024
+Added: Balances at November 2, 2024
(1) Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes.
3 unchanged sentences
All charges incurred related to this initiative were comprised of employee termination benefits from continuing operations and were presented within Restructuring charges on our Condensed Consolidated Statements of Earnings.
−Removed: We recorded reductions to employee termination benefits in all periods presented, primarily within our Domestic segment, related to higher-than-expected employee retention.
−Removed: Cumulative charges incurred related to this initiative as of August 3, 2024, were $ 125 million, comprised of $ 122 million and $ 3 million within our Domestic and International segments, respectively.
−Removed: We do not expect to incur material future restructuring charges related to this initiative, and no material liability remains as of August 3, 2024.
+Added: We recorded reductions to employee termination benefits in the first nine months of fiscal 2025 and fiscal 2024, primarily within our Domestic segment, related to higher-than-expected employee retention.
+Added: Cumulative charges incurred related to this initiative as of November 2, 2024, were $ 125 million, comprised of $ 122 million and $ 3 million within our Domestic and International segments, respectively.
+Added: We do not expect to incur material future restructuring charges related to this initiative, and no material liability remains as of November 2, 2024.
Goodwill and Intangible Assets
−Removed: Goodwill balances were as follows as of August 3, 2024, February 3, 2024, and July 29, 2023 ($ in millions):
+Added: Goodwill balances were as follows as of November 2, 2024, February 3, 2024, and October 28, 2023 ($ in millions):
Gross Carrying Amount
4 unchanged sentences
In the second quarter of fiscal 2025, we reclassified our Yardbird tradename from a definite-lived intangible asset to an indefinite-lived intangible asset to better reflect our expectations of the long-term use of the tradename.
−Removed: The carrying value of the tradename was $ 16 million as of August 3, 2024, and was recorded within Other assets on our Consolidated Balance Sheets.
+Added: The carrying value of the tradename was $ 16 million as of November 2, 2024, and was recorded within Other assets on our Consolidated Balance Sheets.
Definite-Lived Intangible Assets
We have definite-lived intangible assets recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions):
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Gross Carrying
5 unchanged sentences
Weighted-Average Useful Life Remaining
−Removed: as of August 3, 2024 (in years)
+Added: as of November 2, 2024 (in years)
Customer relationships
2 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
Statement of Earnings Location
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Amortization expense
13 unchanged sentences
Fair Value Hierarchy
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Money market funds (2)
23 unchanged sentences
Long-term debt balances were as follows ($ in millions):
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Carrying Value
10 unchanged sentences
Contract Type
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Derivatives designated as net investment hedges
4 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
Statement of Earnings Location
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Interest rate swaps
5 unchanged sentences
We have a $ 1.25 billion five-year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with a syndicate of banks that expires in April 2028.
−Removed: There were no borrowings outstanding under the Five-Year Facility Agreement as of August 3, 2024, February 3, 2024, or July 29, 2023.
+Added: There were no borrowings outstanding under the Five-Year Facility Agreement as of November 2, 2024, February 3, 2024, or October 28, 2023.
Long-Term Debt
Long-term debt consisted of the following ($ in millions):
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Notes, 4.45 %, due October 1, 2028
10 unchanged sentences
We generate substantially all of our revenue from contracts with customers from the sale of products and services.
−Removed: Contract balances primarily consist of receivables and liabilities related to unfulfilled membership benefits and services not yet completed, product merchandise not yet delivered to customers, deferred revenue from our private label and co-branded credit card arrangement and unredeemed gift cards.
+Added: Contract balances primarily relate to unfulfilled membership benefits and services not yet completed, product merchandise not yet delivered to customers, deferred revenue from our private label and co-branded credit card arrangement and unredeemed gift cards.
Contract balances were as follows ($ in millions):
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
Receivables, net (1)
5 unchanged sentences
Long-term liabilities
−Removed: (1) Receivables are recorded net of allowances for expected credit losses of $ 16 million, $ 23 million and $ 18 million as of August 3, 2024, February 3, 2024, and July 29, 2023, respectively.
−Removed: During the first six months of fiscal 2025 and fiscal 2024, $ 893 million and $ 1,026 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods.
+Added: (1) Receivables are recorded net of allowances for expected credit losses of $ 16 million, $ 23 million and $ 19 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.
+Added: During the first nine months of fiscal 2025 and fiscal 2024, $ 1,054 million and $ 1,192 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods.
Estimated revenue from our contract liability balances expected to be recognized in future periods if the performance of the contract is expected to have an initial duration of more than one year is as follows ($ in millions):
5 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Weighted-average common shares outstanding
9 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Total cost of shares repurchased
1 unchanged sentence
Total number of shares repurchased
−Removed: As of August 3, 2024, $ 3.6 billion of the $ 5.0 billion share repurchase authorization was available.
−Removed: Between the end of the second quarter of fiscal 2025 on August 3, 2024, and September 4, 2024, we repurchased an incremental 0.4 million shares of our common stock at a cost of $ 39 million.
−Removed: We currently expect total share repurchases of approximately $ 500 million in fiscal 2025.
+Added: As of November 2, 2024, $ 3.5 billion of the $ 5.0 billion share repurchase authorization was available.
Contingencies
5 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
Revenue by reportable segment
13 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: August 3, 2024
−Removed: July 29, 2023
−Removed: August 3, 2024
−Removed: July 29, 2023
+Added: Nine Months Ended
+Added: November 2, 2024
+Added: October 28, 2023
+Added: November 2, 2024
+Added: October 28, 2023
International
6 unchanged sentences
Assets by reportable segment were as follows ($ in millions):
−Removed: August 3, 2024
+Added: November 2, 2024
February 3, 2024
−Removed: July 29, 2023
+Added: October 28, 2023
International
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.