Earnings Per Share

6 Months Ended

Jul. 29, 2023

The following tables set forth the computation of basic and diluted earnings (loss) per share:


	13 Weeks Ended
	July 29, 2023					July 30, 2022
	Net Loss				Shares	Net Income				Shares
	(millions, except per share data)
Net income (loss) and average number of shares outstanding	$	(22)			272.8	$	275			270.1
Shares to be issued under deferred compensation and other plans					1.0					1.0
	$	(22)			273.8	$	275			271.1
Basic earnings (loss) per share			$	(0.08)				$	1.01
Effect of dilutive securities:
Stock options and restricted stock units					—					6.3
	$	(22)			273.8	$	275			277.4
Diluted earnings (loss) per share			$	(0.08)				$	0.99

	26 Weeks Ended
	July 29, 2023					July 30, 2022
	Net Income				Shares	Net Income				Shares
	(millions, except per share data)
Net income and average number of shares outstanding	$	133			272.5	$	561			276.3
Shares to be issued under deferred compensation and other plans					1.0					1.0
	$	133			273.5	$	561			277.3
Basic earnings per share			$	0.49				$	2.02
Effect of dilutive securities:
Stock options and restricted stock units					4.3					6.8
	$	133			277.8	$	561			284.1
Diluted earnings per share			$	0.48				$	1.97

In addition to the stock options and restricted stock units reflected in the foregoing table, stock options to purchase 9.9 million shares of common stock and restricted stock units relating to 1.7 million shares of common stock were outstanding as of July 29, 2023 but were not included in the computation of diluted earnings per share for the 26 weeks ended July 29, 2023 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met. Stock options to purchase 12.2 million shares of common stock and restricted stock units relating to 2.3 million shares of common stock were outstanding as of July 30, 2022 but were not included in the computation of diluted earnings per share for the 13 and 26 weeks ended July 30, 2022 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.For the 13 weeks ended July 29, 2023, as a result of the net loss, stock options to purchase 9.9 million shares of common stock and restricted stock units relating to 10.0 million shares of common stock were excluded from the calculation of diluted earnings per share and, therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive.