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SEC EDGAR · 10-Q

10-Q – 2026-05-27 – R18.htm

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Omsättning
  • (in millions) | Net Sales $ 1,378 $ 1,424 | Adjusted Cost of Goods Sold (521) (509)
Rörelseresultat
  • Segment Reporting | Segment Reporting The Company is managed at the consolidated level and therefore operates and reports as a single segment. The Company’s Chief Executive Officer is its Chief Operating Decision Maker (“CODM”), and the measure of profitability included in the financial information regularly provided to the CODM is total Company Adjusted Operating Income, or Operating Income in periods where there are no adjustments. The Company’s CODM assesses Adjusted Operating Income performance in comparison to | The following table illustrates significant segment expenses that were regularly provided to the CODM for the first quarters of 2026 and 2025:
  • Adjusted General and Administrative Expenses (130) (132) | Adjusted Operating Income 151 209 | Interchange Fee Settlements (a) 88 —
  • Business Transformation Activities (b) (8) — | Reported Operating Income $ 231 $ 209
  • ________________ | (a) In the first quarter of 2026, the Company received $88 million, net of legal fees, related to favorable settlements of payment card interchange fee litigation. The gain was recognized as a reduction to Selling Expenses and was excluded from the Adjusted Operating Income details provided to the CODM. | (b) In the first quarter of 2026, the Company recognized aggregate pre-tax costs of $8 million, resulting from business transformation activities in connection with the Consumer First Formula, of which $1 million, $2 million and $5 million, were excluded from the Cost of Goods Sold, Marketing Expenses and General and Administrative Expenses, respectively, in the Adjusted Operating Income details provided to the CODM.
  • (a) In the first quarter of 2026, the Company received $88 million, net of legal fees, related to favorable settlements of payment card interchange fee litigation. The gain was recognized as a reduction to Selling Expenses and was excluded from the Adjusted Operating Income details provided to the CODM. | (b) In the first quarter of 2026, the Company recognized aggregate pre-tax costs of $8 million, resulting from business transformation activities in connection with the Consumer First Formula, of which $1 million, $2 million and $5 million, were excluded from the Cost of Goods Sold, Marketing Expenses and General and Administrative Expenses, respectively, in the Adjusted Operating Income details provided to the CODM. | As a single reportable segment entity, the other disclosures required by ASC 280, Segment Reporting, can be found in the Company’s Consolidated Financial Statements and the Notes thereto, including the Company’s measure of segment assets, which is total consolidated assets.

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Segment Reporting

3 Months Ended

May 02, 2026

Segment Reporting [Abstract]
 

Segment Reporting
Segment Reporting The Company is managed at the consolidated level and therefore operates and reports as a single segment. The Company’s Chief Executive Officer is its Chief Operating Decision Maker (“CODM”), and the measure of profitability included in the financial information regularly provided to the CODM is total Company Adjusted Operating Income, or Operating Income in periods where there are no adjustments. The Company’s CODM assesses Adjusted Operating Income performance in comparison to forecasts and historical results to make decisions on the reinvestment of profits into the business and capital allocation strategies.
The following table illustrates significant segment expenses that were regularly provided to the CODM for the first quarters of 2026 and 2025:

First Quarter
2026 2025
  (in millions)
Net Sales $ 1,378  $ 1,424 
Adjusted Cost of Goods Sold (521) (509)
Buying and Occupancy (269) (269)
Adjusted Selling Expenses (256) (256)
Adjusted Marketing Expenses (51) (49)
Adjusted General and Administrative Expenses (130) (132)
Adjusted Operating Income 151  209 
Interchange Fee Settlements (a) 88  — 
Business Transformation Activities (b) (8) — 
Reported Operating Income $ 231  $ 209 

 ________________
(a) In the first quarter of 2026, the Company received $88 million, net of legal fees, related to favorable settlements of payment card interchange fee litigation. The gain was recognized as a reduction to Selling Expenses and was excluded from the Adjusted Operating Income details provided to the CODM.
(b) In the first quarter of 2026, the Company recognized aggregate pre-tax costs of $8 million, resulting from business transformation activities in connection with the Consumer First Formula, of which $1 million, $2 million and $5 million, were excluded from the Cost of Goods Sold, Marketing Expenses and General and Administrative Expenses, respectively, in the Adjusted Operating Income details provided to the CODM.
As a single reportable segment entity, the other disclosures required by ASC 280, Segment Reporting, can be found in the Company’s Consolidated Financial Statements and the Notes thereto, including the Company’s measure of segment assets, which is total consolidated assets.

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