INCOME TAXES

3 Months Ended

Oct. 29, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 11—INCOME TAXES

The effective tax rate for the first quarter of fiscal 2023 was an expense rate of 6.9% compared to a benefit rate of 1.3% for the first quarter of fiscal 2022. The effective tax rate for both periods was reduced by the impact of discrete tax benefits related to the vesting of employee stock awards. The change from the first quarter of fiscal 2022 was primarily driven by the reduction of these discrete tax benefits during the first quarter of fiscal 2023.