Segment Information (Tables)

9 Months Ended

Oct. 29, 2022

Sales and Division Operating Results for Reportable Segments

We evaluate performance based on several factors, primarily the banner’s financial results, referred to as division profit. Division profit reflects income before income taxes, impairment and other charges, corporate expense, non-operating income, and net interest expense.


	Thirteen weeks ended				Thirty-nine weeks ended
	October 29,		October 30,		October 29,		October 30,
($ in millions)	2022		2021		2022		2021
Sales	$	2,173	$	2,189	$	6,413	$	6,617

Operating Results
Division profit		216		283	$	660	$	930
Less: Impairment and other charges ⁽¹⁾		20		57		38		97
Less: Corporate expense ⁽²⁾		39		30		109		91
Income from operations		157		196		513		742
Interest expense, net		(3)		(4)		(13)		(8)
Other income / (expense), net ⁽³⁾		(11)		30		(24)		359
Income before income taxes	$	143	$	222	$	476	$	1,093

(1)	See Note 5, Impairment and Other Charges for further detail.

(2)

Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items.

(3)

Other income / (expense), net for the thirteen weeks and thirty-nine weeks ended October 29, 2022 represented primarily the loss on the change in fair value of our investment in Retailors, Ltd., a publicly-listed entity, which was partially offset by other income. See Note 6, Other Income / (Expense), net.

Disaggregation of Revenue

The table below presents sales disaggregated based upon sales channel. Sales are attributable to the channel in which the sales transaction is initiated.


		Thirteen weeks ended			Thirty-nine weeks ended
	October 29,		October 30,		October 29,		October 30,
($ in millions)	2022		2021		2022		2021
Sales by Channel
Stores	$	1,818	$	1,756	$	5,310	$	5,193
Direct-to-customers		355		433		1,103		1,424
Total sales	$	2,173	$	2,189	$	6,413	$	6,617