~~Table~~Adverse effects of ~~Conte~~n t sclimate change may increase the costs of diamond mining and diamond processing including cutting and polishing. Signet sources diamonds from around the world, and some locations may be more vulnerable to climate change than others. If the costs of natural diamonds increase, Signet may reallocate sourcing to lab-grown diamonds in line with customer preferences for cost and quality.

Signet has put a governance structure in place to monitor climate-change risks and adjust business operations accordingly. Two Board-level committees at Signet are responsible for monitoring climate change risks: (1) the Audit Committee oversees risks across the Company; and (2) the CCS Committee oversees enterprise-wide policy regarding Signet’s 2030 CSGs, including Signet’s aspiration to decrease greenhouse gas emissions and the CCS Committee oversees opportunities and risks that may significantly impact the Company’s CSGs and ESG objectives and related initiatives. At the Company level, Signet’s Climate Action and Sustainability Committee is a cross-functional committee with leaders across Signet’s business operations with the mandate of improving Signet’s data disclosures on climate and monitoring the progress of Signet’s climate-related CSGs. Signet’s greenhouse gas emission data is published in our annual Corporate Citizenship and Sustainability report, which is available on the Company’s website, www.signetjewelers.com. Signet continuously improves business processes and systems required to disclose greenhouse gas emissions data with sufficient controls and assurances to satisfy statutory reporting requirements and applicable climate-related emissions reporting rules at the federal and state level.

AVAILABLE INFORMATION

Signet files annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other information with the ~~US Securities and Exchange Commission (“SEC”).~~SEC. Such information, and amendments to reports previously filed or furnished, is available free of charge from the Company’s corporate website, www.signetjewelers.com, as soon as reasonably practicable after such materials are filed with or furnished to the SEC. The SEC also maintains an internet site at www.sec.gov that contains the Company’s filings.

ITEM 1A. RISK FACTORS

Our business, financial condition, results of operations, cash flows, and the trading price of our common shares are subject to various risks and uncertainties, including those described below. Many of the risks listed below are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the economic environment. The following risk factors, among others, could cause our actual results to differ materially from historical results and from those expressed in forward-looking statements made by us or on our behalf in filings with the SEC, press releases, communications with investors and oral statements.

Risks Related to Global and Economic Conditions

We are unable to control many of the factors affecting consumer spending, and a decline in consumer spending may unfavorably impact Signet’s future sales and earnings, particularly if such decline occurs during the Holiday Season.

Our financial performance is highly dependent on US consumer confidence and the health of the US economy. Inflation, changes in interest rates, reduced government stimulus, shifts in spending toward travel and experiences, and general US consumer confidence have each had an effect on our revenue and earnings. If there is further deterioration of the economic conditions in the US, Canada, UK and Europe, or if the effects of inflation, interest rates, a recession, and reduced government stimulus programs further impact consumer spending, especially in the mid-tier or accessible luxury point products, our future sales and earnings could be further adversely impacted. Conditions in the Eurozone have a significant impact on the UK economy even though the UK is not a member of the Eurozone, which could adversely impact trading in the International segment, as well as adversely impact the US economy.

The success of our operations depends to a significant extent upon a number of factors relating to discretionary consumer spending. These include economic conditions, and perceptions of such conditions by consumers, consumer confidence, employment, the level of consumers’ disposable income, business conditions, interest rates, consumer debt and asset values, availability of credit and levels of taxation for the economy as a whole and in international, regional and local markets where we operate. As our sales are highly seasonal, a change in any one of these economic conditions during the Holiday Season could have an increased adverse impact on our

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sales. While Signet has a broad-based customer demographic, our largest banners primarily operate in the mid-market for jewelry. A significant portion of customers that purchase products from our mid-market or value tiered banners have been and are likely to continue to be impacted more acutely by inflation and reductions in government stimulus than customers that shop at luxury jewelry retailers or even at our own accessible luxury banners. The termination of temporary benefits from State or Federal government stimulus programs - such as the US Supplemental Nutrition Assistance Program (SNAP), which occurred in February 2023, and the US student loan interest and payment forbearance, which terminated in the third quarter of Fiscal 2024 have had an effect on macroeconomic conditions and Signet’s business and the full extent of those effects are currently unknown, but such terminations and future termination of other government stimulus programs may further negatively impact consumer discretionary spending and our financial performance.

Consumer spending may be significantly affected by many factors outside of our control, including general economic conditions; consumer disposable income; consumer confidence; wage and unemployment levels; unexpected trends in merchandise demand; a decline in engagement or marriage rates in the regions in which we operate; significant competitive and promotional activity by other retailers; the availability, cost and level of consumer debt; inflationary pressures; the increase in general price levels; domestic and global supply chain issues; the costs of basic necessities and other goods; effects of weather and natural disasters, whether caused by climate change or otherwise; epidemics, contagious disease outbreaks, pandemics and other public health concerns, including those related to COVID-19 (including variants); or lockdowns of our stores, support centers or distribution centers due to governmental mandates, the Russia-Ukraine war or social unrest. Such decreases in consumer discretionary spending could result in a decrease in consumer traffic, same store sales, and average transaction values and could cause us to increase promotional activities, which would have a negative impact on our operating margins, all of which could negatively affect our business, results of operations, cash flows or stock price, particularly if consumer spending levels are depressed for a prolonged period of time. Furthermore, we believe government economic stimulus measures have had a positive impact on our sales and it is uncertain if or how long associated benefits may last.

Jewelry purchases are discretionary and are dependent on the above factors relating to discretionary consumer spending, particularly as jewelry is often perceived to be a luxury purchase. Consumer purchases of discretionary luxury items, such as our products, tend to decline during recessionary periods, periods of sustained high unemployment, or other times when disposable income is lower. Adverse changes in the economy and periods when discretionary spending by consumers may be under pressure have and could continue to unfavorably impact sales and earnings. We have responded in the past and may continue to respond in the future by increasing discounts or initiating marketing promotions to reduce excess inventory, which could also have a material adverse effect on our margins and operating results.

In addition, other retail categories and other forms of expenditure, such as electronics, entertainment and travel, also compete for consumers’ discretionary spending, particularly during the Holiday Season. Therefore, the price of jewelry relative to other products influences the proportion of consumers’ expenditures that are spent on jewelry. If the relative price of jewelry increases, or if our competitive position deteriorates, or if consumer spending shifts to more experience-oriented categories such as travel, concerts, and restaurants, our sales and operating profits would be adversely impacted.

An increase in general price levels (due to inflationary pressure, domestic and global supply chain issues or other macroeconomic factors) could also result in a shift in consumer demand away from jewelry and related services, which would adversely affect our sales and, at the same time, increase our operating costs including but not limited to materials, labor, fulfillment and advertising. We may not be able to adequately increase our prices over time at price points that consumers are willing to pay to offset such increased costs. An inability to increase retail prices to reflect higher commodity, labor, advertising and other operating costs, would result in lower profitability.

Particularly sharp increases in commodity costs may result in a time lag before increased commodity costs are fully reflected in retail prices or have an impact on our results of operations. As we use an average cost inventory methodology, volatility in our commodity costs may also result in a time lag before cost increases are reflected in retail prices. Further, even if price increases are implemented, there is no certainty that such increases will be sustainable or acceptable to consumers. These factors may cause decreases in gross and operating margins and earnings. In addition, any sustained increases in the cost of commodities could result in the need to fund a higher level of inventory or changes in the merchandise available to the customer, which could increase costs, disrupt our sales levels and negatively impact liquidity.

Any deterioration in consumers’ financial position, changes to the regulatory requirements regarding the granting of credit to customers or disruption in the availability of credit to customers could adversely impact the Company’s sales and earnings.

More than 40% of Signet’s sales in the US and Canada utilize third-party customer financing or payment programs, with the additional purchases being made in cash or using third-party bank cards. Any significant deterioration in general economic conditions, including a potential recession, or increase in consumer debt levels may inhibit consumers’ use of credit and decrease consumers’ ability to

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satisfy requirements for access to customer financing or payment options, which could in turn have an adverse effect on the Company’s sales.

Additionally, the ability of Signet’s customers to obtain credit from our private label credit card providers and the terms of such credit depends on many factors, including continued arrangements with the parties providing the credit financing and compliance with applicable laws and regulations in the US and Canada, any of which may change from time to time. As discussed further in Note 12 to the consolidated financial statements in Item 8, Signet has outsourced its third-party credit programs, however, if any of those third-party credit providers were to terminate, Signet may need to enter into other arrangements with other third-parties.If Signet is unable to find other potential providers to supply a similar third-party credit program and alternative payment options, Signet’s ability to extend credit to customers could be impaired, which could have an adverse effect on Signet’s business.

Any new regulatory initiatives or investigations by the Consumer Financial Protection Bureau or other state authority, including a potential cap on late fees, relating to the Company’s in-store credit practices, promotions, and payment protection products could impose additional costs and/or restrictions on credit practices of the North America segment, which could have an adverse effect on the conduct of Signet’s business.

Because of the highly seasonal nature of Signet’s sales, any one of these factors that occurs during the Holiday Season would have an increased adverse impact.

Public health crisis or disease outbreak, ofepidemic or pandemic, such as COVID-19 ~~has~~ had and could continue to have a significant adverse impact on ~~the Company’s~~our business, and this outbreak, as well as other public health crises or disease outbreaks, epidemics or pandemics, has and could continue to adversely impact ~~Signet’s~~our business, financial condition, results of operations and cash flows and ~~has or~~ could continue to exacerbate other risk factors.

A public health crisis or disease outbreak, epidemic or pandemic, such as COVID-19, or the threat or fear of such an event, has ~~been~~adversely impacted and could continue to adversely impact ~~the Company’s~~our business. COVID-19 ~~has~~ significantly impacted consumer traffic and ~~the Company’s~~our retail sales due to the public health risk and government-imposed quarantines and restrictions of public gatherings and commercial activity to contain spread of the virus. Effective March 23, 2020, the Company temporarily closed all of its stores in North America, its diamond operations in New York and its support centers in the United States, and effective March 24, 2020, temporarily closed all of its stores in the UK. During the fourth quarter ofduring Fiscal 2021, both the UK and certain provinces of Canada re-established mandatory store closures. The shutdown of the New York diamond operations disrupted, to some extent, the growth in our eCommerce business. There is no guarantee that our2021. Our business ~~will not~~may be further impacted if the economy deteriorates due to the ~~ongoing~~long-term effects of COVID-19 pandemic or if additional federal or state mandates order the shutdown of additional non-essential businesses. Further, due to COVID-19, we have and may continue to record non-cash asset impairment charges, which may affect our operating results under US GAAP.

While the Company re-opened its stores consistent with government guidelines, in connection with the widespread protests across the country and out of concern for the well-being of its customers and employees, the Company made the decision to temporarily close a small percentage of its stores throughout the year. A resumption of widespread protesting could result in similar impacts to the Company’s operations. Additionally, there is significant uncertainty around our customers’ willingness to visit retail stores as they reopen. Social distancing protocols, government mandated occupancy limitations and general consumer behaviors due to COVID-19 may continue to negatively impact store traffic, which may negatively impact Company sales.Such negative impacts may be exacerbated during peak traffic times such as the Holiday shopping season. Further, while we have implemented strict safety protocols in stores that we have re-opened, there is no guarantee that such protocols will be effective or be perceived as effective, and any virus-related illnesses linked or alleged to be linked to our stores, whether accurate or not, may negatively affect our reputation, operating results and/or financial condition. The COVID-19 pandemic also has disrupted the Company’s global supply chain, and may cause additional disruptions to operations, including increased costs of production and distribution. In addition, there could be further adverse impacts if employees of the Company become sick, continue to be quarantined, or are otherwise limited in their ability to work at Company locations or travel. The Company may experience increased operational challenges due to the implementation of work from home policies for both office employees and store employees whose stores are temporarily closed.Remote working arrangements may increase risks associated with the Company’s information systems such as the risk of cybersecurity incidents or system failures, which could have an adverse effect on the Company’s business.other disease.

The ~~uncertainty around~~long-term impacts of the ~~duration of business~~social, economic, and financial disruptions caused by the ~~possibility of additional periods of increases or spikes~~COVID-19 pandemic and the government responses to such disruptions are unknown. Previous COVID-19 restrictions caused disruptions in the number of ~~COVID-19 cases;~~people that were forming new intimate relationships. The effect of that disruption began to negatively impact sales of engagement rings in Fiscal 2023 and is expected to continue to affect those sales through at least the ~~impact~~fourth quarter of ~~vaccines across the globe;~~Fiscal 2025. The ultimate duration of this effect on engagements in unknown and ~~the extent of the spread of the virus~~could cause unexpected changes to consumer trends in the United States and other areas of the world, could continue to adversely impact the national or global economy and negatively impact consumer spending, particularly discretionary spending, and our stock price. Any of these factors could have a material adverse impact on our business, financial condition and operating results; our level of indebtedness and covenant compliance; our ability to raise additional capital; our ability to execute our business plans; our access to and cost of financing; our lease obligations and relationships with our landlords; asset impairments; and our ability to execute and capitalize on our strategies. The full extent of the impact of COVID-19 on the Company’s operations, financial performance, and liquidity, depends on future developments that are uncertain and unpredictable,

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including the duration and spread of the pandemic, its impact on capital and financial markets on a macro-scale and any new information that may emerge concerning the severity of the virus, its spread to other regions and the actions to contain the virus or treat its impact, among others. Further, as the COVID-19 pandemic subsides, the pace of the economic recovery and shifts in consumer discretionary spending and gifting to other categories such as travel and restaurants may negatively impact the Company’s results of operations or cash flows.long term.

To the extent that COVID-19 has affected and continues to adversely affect the US and global economy, our business, results of operations, cash flows, or financial condition, it has heightened, and may continue to heighten, other risks described ~~within this “Risk Factors” section.~~

Global economic conditions and regulatory changes following the UK’s exit from the European Union could adversely impact Signet’s business and results of operations located in, or closely associated with, the UK.

The UK formally exited the European Union on January 31, 2020 (often referred to as Brexit). The ongoing uncertainty within the UK’s government and parliament on the future relationship between the UK and the European Union has had an adverse impact on the UK’s economy and likely will continue to do so until the UK and European Union reach a definitive resolution on the outstanding trade and legal matters. This includes uncertainty with respect to the laws and regulations, including regulations applicable to Signet’s business, that will apply in the UK going forward. Brexit has also given rise to calls for the governments of other European Union member states to consider a referendum on withdrawal from the European Union for their territory. These developments, or the perception that any of them could occur, could adversely impact global economic conditions and the stability of global financial markets, and may significantly reduce global market liquidity and restrict the ability of key market participants to operate in certain financial markets. Any of these factors could depress economic activity, which could adversely impact the Company’s business, financial condition and results of operations especially those located in, or closely associated with, the UK. Brexit could lead to long-term volatility in the currency markets and there could be long-term adverse effects on the value of the British pound. Brexit could also impact other currencies. Signet uses foreign currency derivative instruments to hedge certain exposures to currency exchange rate risks. Brexit could result in significant volatility in currency exchange rate fluctuations and increase Signet’s exposure to foreign currency rate exchange risks and reduce its ability to effectively use certain derivative instruments as a way to hedge risks.herein.

A ~~decline~~reduction in ~~consumer spending may unfavorably impact Signet’s future~~traffic to, or the closing of, the other destination retailers in the shopping areas where our stores are located could significantly reduce our sales and ~~earnings, particularly if such decline occurs during the Holiday Season.~~

The success of Signet’s operations depends to a significant extent upon a number of factors relating to discretionary consumer spending. These include economic conditions, and perceptions of such conditions by consumers, consumer confidence, level of customer traffic in shopping malls and other retail centers, employment, the level of consumers’ disposable income, business conditions, interest rates, consumer debt and asset values, availability of credit and levels of taxation for the economy as a whole and in international, regional and local markets where we operate. As Signet’s sales are highly seasonal, a change in any one of these economic conditions during the Holiday Season could have an increased adverse impact on Signet’s sales.

Jewelry purchases are discretionary and are dependent on the above factors relating to discretionary consumer spending, particularly as jewelry is often perceived to be a luxury purchase. Adverse changes in the economy and periods when discretionary spending by consumers may be under pressure could unfavorably impact sales and earnings. We may respond by increasing discounts or initiating marketing promotions to reduceleave us with excess inventory, which could ~~also~~ have a material adverse effect on ~~the Company’s margins~~our business, financial condition, profitability, and ~~operating results.~~cash flows.

~~The economic conditions~~Many Signet stores are located within shopping malls or shopping centers and benefit from heavy consumer traffic in such locations. Due to the ~~US,~~increase in online shopping as well as COVID-19, there has been a substantial decline in shopping mall and shopping center traffic. If the UKCompany does not focus its locations in attractive areas and/or increase its online sales, this trend away from shopping mall and Europe could impact Signet’s future sales and earnings. Conditions in the eurozone have a significant impact on the UK economy even though the UK is not a member of the eurozone, which together with uncertainty regarding the final terms of the withdrawal of the UK from the European Union,shopping center purchases could adversely impact ~~trading in the International segment,~~Signet’s operations and financial condition. As Signet tests and develops new types of store locations and designs, there is no certainty as ~~well as adversely impact the US economy.~~to their success.

~~Any deterioration~~Additionally, because many Signet stores are located within shopping malls or shopping centers, our sales are derived, in ~~consumers’ financial position, changes to~~part, from the ~~regulatory requirements regarding~~volume of traffic generated by the ~~granting of credit to customers or disruption~~other destination retailers and the anchor stores in the ~~availability~~malls and shopping centers where our stores are located. Customer traffic to these shopping areas may be adversely affected by the closing of ~~credit~~such destination retailers or anchor stores, or by a reduction in traffic to ~~customers~~such stores resulting from a regional or global economic downturn, an outbreak of flu or other viruses, a general downturn in the local area where our store is located, or a decline in the desirability of the shopping environment of a particular mall or shopping center. Such a reduction in customer traffic would reduce our sales and leave us with excess inventory, which could ~~adversely impact the Company’s sales, earnings~~have a material adverse effect on our business, financial condition, profitability, and ~~the collectability of accounts receivable.~~cash flows. We may respond by increasing markdowns, initiating marketing promotions, or transferring product to other stores to reduce excess inventory, which would further decrease our gross profits and net income.

Approximately half of Signet’s sales in the US and Canada utilize third-party customer financing programs, with the additional purchases being made in cash or using third-party bank cards. Any significant deterioration in general economic conditions or increase in consumer debt levels may inhibit consumers’ use of credit and decrease consumers’ ability to satisfy Signet’s requirements for access to customer finance, which could in turn have an adverse effect on the Company’s sales. There is also a risk that if credit is extended to consumers during times when economic conditions are strong, and then economic conditions subsequently deteriorate, consumers may not meet their current payment obligations. Furthermore, any downturn in general or local economic conditions,

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including in particular an increase in unemployment in the markets in which Signet operates, may adversely affect the merchant discount rate paid by Signet related to the sale of the non-prime receivables, as well as the value of any assets contingent on the performance of the non-prime receivables.

Additionally, Signet’s ability to extend credit to customers and the terms of such credit depends on many factors, including continued arrangements with the parties providing the credit financing and compliance with applicable laws and regulations in the US and Canada, any of which may change from time to time. Moreover, the Company has entered into outsourced credit programs for the sale of its non-prime credit portfolio. In June 2018, CarVal and Castlelake (each an “Investor”) began purchasing the majority of forward flow receivables of Signet’s non-prime credit from Signet for a five-year term. During Fiscal 2021, the agreements entered into in 2018 pertaining to the purchase of forward flow receivables were terminated and new agreements were executed with CarVal and Castlelake which will remain effective until June 2021. Genesis Financial Solutions (“Genesis”) became an Investor in the non-prime portfolio in January 2021 (CarVal, Castlelake and Genesis are collectively the “Investors”). The Company is actively considering alternatives with regard to the forward-flow receivables post-June 2021. If an Investor were to terminate and a non-terminating Investor does not purchase the forward-flow receivables, or if all Investors were to terminate and Signet is unable to find other potential providers to supply a similar third-party credit program and alternative payment options, Signet’s ability to extend credit to customers could be impaired and Signet could be required to revert back to an in-house credit program, which could have an adverse effect on Signet’s business.

Any new regulatory initiatives or investigations by the Bureau of Consumer Financial Protection (“CFPB”) or other state authority, or ongoing compliance with the Consent Order entered into on January 16, 2019 with the CFPB and the Attorney General for the State of New York relating to the Company’s in-store credit practices, promotions, and payment protection products could impose additional costs and/or restrictions on credit practices of the North America segment, which could have an adverse effect on the conduct of its business.

~~Because of the highly seasonal nature of Signet’s sales, any one of these factors that occurs during the Holiday Season would have an increased adverse impact.~~

Fluctuations in foreign exchange rates could adversely impact the Company’s results of operations and financial condition.

Signet publishes its consolidated annual financial statements in US dollars. At ~~January 30 2021,~~February 3, 2024, Signet held approximately ~~89%~~91% of its total assets in entities whose functional currency is the US dollar and generated approximately ~~90%~~91% of its sales in US dollars for the fiscal year then ended. All the remaining assets and sales are primarily in British pounds and Canadian dollars. Therefore, the Company’s results of operations and balance sheet are subject to fluctuations in the exchange rates between the US dollar and both the British pound and Canadian dollar. Accordingly, any decrease in the weighted average value of the British pound or Canadian dollar against the US dollar ~~including due to Brexit as discussed above,~~ would decrease reported sales and operating income.

The monthly average exchange rates are used to prepare the ~~income statement~~statements of operations and are calculated based on the daily exchange rates experienced by the International segment and the Canadian subsidiaries of the North America segment in the fiscal month.

If British pounds or Canadian dollars are held or used to fund the cash flow requirements of the business, any decrease in the weighted average value of the British pound or Canadian dollar against the US dollar would reduce the amount of cash and cash equivalents.

Signet uses foreign currency derivative instruments to hedge certain exposures to currency exchange rate risks. Market conditions, particularly in the UK and Canada could result in significant volatility in currency exchange rate fluctuations and increase Signet’s exposure to foreign currency rate exchange risks and reduce its ability to effectively use certain derivative instruments to hedge risks. In addition, the prices of certain materials and products bought on the international markets by Signet are denominated in foreign currencies. As a result, Signet ~~and its subsidiaries have~~has exposures to exchange rate fluctuations on its cost of goods sold, as well as volatility of input prices if foreign manufacturers and suppliers are impacted by exchange rate fluctuations.

Our future results of operations may be adversely affected by input cost inflation.

Many aspects of our business have been, and may continue to be, directly affected by volatile commodity costs and other inflationary pressures. Commodities, such as diamonds and precious metals, are subject to price volatility which can be caused by commodity market fluctuations, changes in currency exchange rates, imbalances between supply and demand, and government programs, policies and sanctions among other factors. Volatile fuel costs translate into unpredictable costs for the products and services we receive from our third-party providers. While we seek to offset increased input costs with a combination of price increases to our customers, purchasing strategies, cost savings initiatives and operating efficiencies, we may be unable to fully offset our increased costs or unable to do so in a timely manner. If we are unable to fully offset such cost increases, our financial results could be materially adversely affected.

Signet’s business could be adversely affected by extreme weather conditions, natural disasters, or terrorism and acts of war.

Extreme weather conditions in the areas in which the Company’s stores are located negatively impacted sales in the fourth quarter of Fiscal 2023 and could negatively affect the Company’s business and results of ~~operations.~~operations in the future. For example, frequent or unusually heavy snowfall, ice storms, or other extreme weather conditions, whether as a result of climate change or otherwise, over a prolonged period could make it difficult for the Company’s salesforce or customers to travel to its stores and thereby reduce the Company’s sales and profitability, particularly if such events occur during the Company’s Holiday Season.

In addition, natural disasters such as hurricanes, tornadoes, earthquakes, or wildfires, or a combination of these or other factors, could damage or destroy the Company’s facilities or make it difficult for the salesforce or customers to travel to its stores, thereby negatively affecting the Company’s business and results of operations.

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Terrorism, armed conflict, and acts of war (or the expectation of such events), both in the US and abroad, could also have a significant impact on Signet’s ~~business. These~~business and the worldwide economy. At times throughout the past several years, volatile geopolitical conditions have impacted the financial markets. Significant market volatility, and government actions taken in response, may exacerbate some of the risks we face. Conflicts abroad could cause decreased demand for the Company’s products as consumers’ attention and interests are diverted from jewelry and become focused on issues relating to these events. For instance, the Russia-Ukraine conflict has adversely impacted and could continue to adversely impact, among other things, certain of the Company’s local markets and suppliers, global and local macroeconomic conditions, foreign exchange rates and financial markets, raw material, energy and transportation costs, and cause further supply chain disruptions. In addition, Signet operates quality control and technology centers in Israel. The recent Israel-Hamas conflict could cause a disruption to Signet’s operations including, but not limited to, delays in product quality certification, failure to maintain or timely update the eCommerce platform for its digital banners or impact its supply chain with vendors located in the Middle East. An inability to receive products after quality control, shortages of products or difficulties in procuring Signet’s products, or a disruption or shutdown of its digital banner websites, among others, may adversely impact its ability to commercialize, manufacture or market its products in a timely manner, any of which could have ~~a significant~~an adverse effect on ~~macroeconomic~~Signet’s results of operations. Furthermore, there have been travel advisories imposed related to travel to Israel, and restriction on travel, or delays and disruptions as related to imports and exports may be imposed in the future. Volatile geopolitical conditions give rise to regional instability and ~~on an individual level,~~may result in heightened economic sanctions from the US and the international community in a manner that

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adversely affects Signet’s business and may impact ~~the Company’s~~its ability to manufacture and ship its merchandise for sale to customers. Given that Signet’s control over such issues, including both weather disasters and large-scale violence, is extremely limited, the Company ~~in such situations would~~may not have ~~a great~~the ability to mitigate the impacts of such occurrences on its business and operations.

Risks Related to Our Operations and Seasonality

Fluctuations in the pricing and availability of commodities, particularly polished diamonds and gold, which account for the majority of Signet’s merchandise costs, could adversely impact its earnings, inventory valuations and cash availability.

The jewelry industry generally is affected by fluctuations in the price and supply of natural and lab-created diamonds, gold and, to a lesser extent, other precious and semi-precious metals and stones.

~~In Fiscal 2021, prices for the assortment of polished diamonds utilized by Signet decreased slightly compared to prior years.~~ The mining, production and inventory policies followed by major producers of rough diamonds can have a significant impact on natural and lab-created diamond prices and demand, as can the inventory and buying patterns of jewelry retailers and other parties in the supply chain. The demand for natural and lab-created diamonds is uncertain and could decrease, which would have an adverse impact on the Company.

The availability of natural diamonds is significantly influenced by the political situation in diamond producing countries and by the Kimberley Process, an inter-governmental agreement for the international trading of rough diamonds. Until acceptable alternative sources of diamonds can be developed, any sustained interruption in the supply of natural diamonds from significant producing countries, or to the trading in rough and polished diamonds which could occur as a result of disruption to the Kimberley Process, could adversely affect Signet, as well as the retail jewelry market as a whole. In addition, the current Kimberley Process decision-making procedure is dependent on reaching a consensus among member governments, which can result in the protracted resolution of issues, and there is little expectation of significant reform over the long-term. The impact of this review process on the supply of natural diamonds, and consumers’ perception of the diamond supply chain, is unknown. In addition to the Kimberley Process, the supply of diamonds to the US is also impacted by ~~certain~~ governmental trade sanctions, such as those imposed on ~~Zimbabwe.~~Zimbabwe and Russia.

The possibility of constraints in the supply of natural or lab-created diamonds of a size and quality Signet requires to meet its merchandising requirements may result in changes in Signet’s supply chain practices, including for example its rough sourcing ~~initiative.~~operation. In addition, Signet may from time to time choose to hold more inventory, purchase raw materials at an earlier stage in the supply chain or enter into commercial agreements of a nature that it currently does not use. Such actions could require the investment of cash and/or additional management skills. Such actions may not resolve supply constraints or result in the expected returns and other projected benefits anticipated by management.

Additionally, a material increase in the supply of gem quality lab-created diamonds, combined with increased consumer acceptance thereof, could impact the supply and pricing in the natural diamond supply chain, as well as retail pricing.

While jewelry manufacturing is the major final demand for gold, management believes that the cost of gold is predominantly impacted by investment transactions, which have resulted in significant volatility ~~in the~~of gold ~~price~~prices in recent years. Signet’s cost of merchandise and potentially its earnings may be adversely impacted by investment market considerations that cause the price of gold to significantly escalate.

An inability to increase retail prices to reflect higher commodity costs would result in lower profitability. Particularly sharp increases in commodity costs may result in a time lag before increased commodity costs are fully reflected in retail prices. As Signet uses an average cost inventory methodology, volatility in its commodity costs may also result in a time lag before cost increases are reflected in retail prices. Further, even if price increases are implemented, there is no certainty that such increases will be sustainable. These factors may cause decreases in gross margins and earnings. In addition, any sustained increases in the cost of commodities could result in the need to fund a higher level of inventory or changes in the merchandise available to the customer, which could increase costs and disrupt Signet’s sales levels.

~~Pursuant~~Lab-created diamonds are a meaningful portion of sales and inventory for Signet and the jewelry industry, and declining costs and retail prices could impact operating results and disappoint consumers.

A material increase in the supply of gem quality lab-created diamonds, combined with a material increase in consumer acceptance and demand thereof, has impacted and could continue to impact the cost and retail pricing of lab-created and natural diamonds. Signet is a leading retailer of lab-created diamonds and over the past several years the portion of our inventory, revenue and operating margin related to lab-created diamonds has been increasing along with consumer demand and acceptance. In Fiscal 2024, approximately 12% of Signet’s merchandise sales were products containing lab-created diamonds. The costs of lab-created diamonds have been declining over the past several years as more supply from producers becomes available. The increased supply and lower costs have and may continue to drive down retail prices of lab-created diamonds, particularly those without specialty designs, cuts and brands, which may have a negative impact on our revenue, merchandise margins and operating results. Further, as retail prices of lab-created diamonds decline, consumers who purchased lab-created diamonds at higher prices may become disappointed in the relative value of their purchase which could negatively impact the reputation of Signet and the jewelry industry.

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Alrosa, a Russian diamond mining and distribution company, supplies more than 30% of the world’s diamonds. Sanctions against them specifically or the Russian Oligarchs by the US government or other governments may severely limit the supply of diamonds in the world.

The world’s sources of rough diamonds are highly concentrated in a limited number of countries. Varying degrees of political and economic risk exist in these countries. As a consequence, the diamond business is subject to various sovereign risks beyond Signet’s control, such as changes in laws and policies affecting foreign trade and investment. In addition, Signet is subject to various political and economic risks, including the instability of foreign economies and governments, labor disputes, war and civil disturbances and other risks that could cause production difficulties or stoppages, restrict the movement of inventory or result in the deprivation or loss of contract rights or the taking of property by nationalization or expropriation without fair compensation. Signet’s direct purchases from Alrosa and its sourcing arrangement in Russia ceased in February 2022 and did not represent a significant part of its operations. However, any interruption in the total market supply of diamonds due to the ~~Dodd-Frank~~ongoing Russia-Ukraine conflict or domestic or foreign government sanctions against Alrosa or Russian diamonds may impact the ability of Signet’s suppliers to provide Signet with responsibly sourced diamonds that were mined by other companies or in other countries. Beginning in March of Fiscal 2025, leaders of the G7 nations intend to phase-in further import restrictions against not only direct purchases of diamonds mined in Russia but also indirect purchases of diamonds mined in Russia (e.g. diamonds that were mined in Russia but then cut and polished in other countries). Any significant disruption of Signet’s sources of supply, or restriction of inventory movement could have a material adverse effect on Signet’s results of operations or cash flows.

Signet may voluntarily disclose, or pursuant to the Dodd Frank Act and SEC rules ~~Signet~~ must file public disclosures regarding the country of origin of certain supplies and materials, which could damage Signet’s reputation or impact the Company’s ability to obtain merchandise if customers or other stakeholders react negatively to Signet’s disclosures.

In August 2012, the SEC, pursuant to the Dodd-Frank Act, issued final rules, which require annual disclosure and reporting on the source and use of certain minerals, including gold, from the Democratic Republic of Congo and adjoining countries. The gold supply chain is complex and, while management believes that the rules currently cover less than 1% of annual worldwide gold production,

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~~(based upon recent estimates),~~ the final rules require Signet ~~and~~(and other affected companies that file with the ~~SEC~~SEC) to make specified country of origin inquiries of Signet’s suppliers, and otherwise to exercise reasonable due diligence in determining the country of origin and certain other information relating to any of the statutorily designated minerals (gold, tin, tantalum and tungsten), that are used in products sold by Signet in the US and elsewhere. On May 20, 2020, Signet filed with the SEC its Form Specialized Disclosure (“SD”) and accompanying Conflict Minerals Report in accordance with the SEC’s rules, which together describe the Company’s country of origin inquiries and due diligence measures relating to the source and chain of custody of those designated minerals Signet deemed necessary to the functionality or production of its products, the results of those activities and the Company’s related determinations with respect to the calendar year ended December 31, 2019.

There may be reputational risks associated with the potential negative response of Signet’s customers and other stakeholders to future disclosures by Signet in the event that, due to the complexity of the global supply chain, Signet is unable to sufficiently verify the origin of the relevant ~~metals.~~commodities. Also, if future responses to verification requests by suppliers of any of the ~~covered minerals~~materials used in Signet’s products are inadequate or adverse, Signet’s ability to obtain merchandise may be impaired and its compliance costs may increase. ~~The final rules also cover tungsten and tin, which are contained in a small proportion of items that are sold by Signet.~~ It is possible that other minerals, such as diamonds as noted above, could be subject to similar ~~rules.~~disclosure requirements or rules in the future.

Signet’s sales, operating income, cash and inventory levels fluctuate on a seasonal basis.

Signet’s business is highly seasonal, with a significant proportion of its sales and operating profit generated during its fourth quarter, which includes the Holiday Season. Management expects Signet to continue to experience a seasonal fluctuation in its sales and earnings. Therefore, there is limited ability for Signet to compensate for shortfalls in fourth quarter sales or earnings by changes in its operations and strategies in other quarters, or to recover from any extensive disruption, for example, due to sudden adverse changes in consumer confidence, consumer spending ability, economic conditions, unexpected trends in merchandise demand, significant competitive and promotional activity by other retailers, inclement weather conditions having an impact on a significant number of stores in the last few days immediately before Christmas Day, such as Winter Storm Elliott that impacted stores in December 2022, or disruption to warehousing and store replenishment systems. Additionally, in anticipation of increased sales activity in the Holiday Season, Signet incurs certain significant incremental expenses prior to and during peak selling seasons, including advertising and costs associated with hiring a substantial number of temporary employees to supplement the Company’s existing workforce. A significant shortfall in results for the fourth quarter of any fiscal year would therefore be expected to have a material adverse effect on the annual results of operations as well as cash and inventory levels. Disruption at lesser peaks in sales at Valentine’s Day and Mother’s Day would also be expected to adversely impact the results.

Failure to manage inventory levels or to obtain merchandise that customers wish to purchase on a timely basis could have a materially adverse impact on sales and earnings.

In order to operate its business successfully, Signet must maintain sufficient inventory levels. This requires forecasting, especially in the case of the Holiday Season, and a balance between meeting customer demand and avoiding accumulating excess inventory. If

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management misjudges expected customer demand, fails to identify changes in customer demand, or its supply chain does not respond in a timely manner, a shortage of merchandise or an accumulation of excess inventory could occur, which could adversely impact Signet’s results.

Other factors that could affect the Company’s inventory management and planning team’s ability to accurately forecast customer demand for its products include:

•a substantial increase or decrease in demand for products of Signet’s competitors;

•failure to accurately forecast trends and customer acceptance for new products;

•new product introductions, promotions or pricing strategies by competitors, particularly during holiday periods;

•changes in the Company’s product offerings including seasonal items and the Company’s ability to replenish these items in a timely manner;

•changes to the Company’s overall seasonal promotional cadence and the number and timing of promotional events and clearance sales;

•more limited historical store sales information for stores in newer markets;

•weakening of economic conditions or consumer confidence in the future, which could reduce demand for discretionary items, such as jewelry; and

•acts or threats of war or terrorism or epidemics, which could adversely affect consumer confidence and spending or interrupt production and distribution of Signet’s products and raw materials.

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If the Company is unable to forecast demand accurately, it may encounter difficulties in filling customer orders or in liquidating excess inventory at discount prices and may experience significant write-offs and customers could opt to purchase jewelry from a competitor. These outcomes could have a material adverse effect on the Company’s brand image, sales, gross margins, cash flow, competitive advantage and profitability.

Any difficulty or delay in executing or integrating an acquisition, a business combination or a major business or strategic initiative ~~may result in~~could have a material adverse impact on expected returns and other projected benefits from such an ~~exercise not being realized.~~exercise.

~~Any difficulty~~We have recently made acquisitions of Diamonds Direct and Blue Nile in Fiscal 2022 and Fiscal 2023, respectively, and we may continue to make acquisitions in the future based on available opportunities in the market. All acquisitions, including these, involve numerous inherent challenges, such as our ability to properly evaluate acquisition opportunities and risks during diligence and our ability to balance resource constraints as we begin to integrate an acquired company into our existing business. Other risks and uncertainties related to our acquisitions include: failing to meet sales and profitability expectations; delayed or ~~delay in executing~~unrealized costs savings or synergy opportunities; unknown and underestimated liabilities; and difficulties integrating operations, personnel, financial systems and technology systems. Similarly, the acquisition of companies with operating margins lower than ours may cause a lower operating margin for Signet as a whole. Further, our ability to retain key employees of an acquired company, maintain pre-acquisition cultural dynamics and team morale, and foster the entrepreneurial spirit of an acquired company, particularly while implementing policies, procedures and compliance measures we require, may impact our ability to successfully integrate an acquisition. A significant transaction could also disrupt the operation of our current activities and divert significant management time and resources. If we are unable to execute or integrate an acquisition, ~~a business combination, a~~ major business or strategic initiative or a transformation plan, this could have a significant adverse effect on our results of operations. Our current borrowing agreements place certain limited constraints on our ability to make an acquisition, and future borrowing agreements could place tighter constraints on such actions.

Likewise, there is always the potential for difficulty or delay in execution of a strategic initiative including ~~Signet’s~~our direct diamond sourcing capabilities, or a strategic plan, such as ~~Signet’s~~ our Inspiring Brilliance plan, that may prevent ~~Signet~~us from realizing expected returns and other projected benefits from such exercises during the anticipated timeframe or at all. The long-term growth of ~~Signet’s~~our business depends on the successful execution of ~~its~~our evolving business and strategic initiatives. Any number of factors could impact the success of these initiatives, many of which are out of ~~the Company’s~~our control, and there can be no assurance that they will be successful or deliver their anticipated benefits. Some initiatives may require ~~the Company~~us to devote significant management, financial and other resources and may expose ~~the Company~~us to new and unforeseen risks and challenges. ~~The Company~~We may also incur significant asset impairment and other charges in connection with any such ~~initiative.~~

The acquisition of companies with operating margins lower than that of Signet may cause an overall lower operating margin for Signet. Signet’s current borrowing agreements place certain limited constraints on its ability to make an acquisition or enter into a business combination, and future borrowing agreements could place tighter constraints on such actions. A significant transaction could also disrupt the operation of the Company’s current activities and divert significant management time and resources. For example, Signet experienced disruptions in its information technology systems and processes during its credit outsourcing transition in 2017, including server interruptions and downtime, which resulted in calls to customer service centers leading to long wait times.

~~If Signet is unable to execute or integrate an acquisition, business combination, a major business or strategic~~ initiative or ~~a transformation plan, this could have a significant adverse effect on Signet’s results of operations.~~an acquisition.

Long-term changes in consumer attitudes toward jewelry could be unfavorable and harm jewelry sales.

Consumer attitudes toward diamonds, gold and other precious metals and gemstones influence Signet’s sales. Attitudes could be affected by a variety of issues including concern over the source of raw materials; the impact of mining and refining of minerals on the ~~environment,~~environment; the local community and the political stability of the producing country; labor conditions in the supply chain; and the availability of and consumer attitudes about substitute products such as cubic zirconia, moissanite and lab-created diamonds. ~~An inability to effectively address a rapid and significant increase in consumer acceptance of lab-created diamonds, as well as a~~A negative change in consumer attitudes toward jewelry could adversely impact Signet’s sales and earnings. In addition, transparency

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regarding substitute products such as lab-created diamonds is important to maintaining consumer confidence. If the Company does not appropriately and adequately identify the use of the substitute products in its jewelry, its reputation and results could be adversely impacted.

New tariffs, trade embargoes, sanctions or other restrictions on foreign trade, if imposed on goods that the Company imports, could have an adverse effect on the Company’s results of operations.

~~In March 2018,~~Many of the ~~United States~~products that the Company sells, including cut and polished diamonds, are imported from foreign countries such as India, China and Botswana. Government ~~announced~~officials in US, Canada and UK have from time-to-time placed tariffs on ~~certain steel~~goods and aluminum products imported into the United States, which resulted in reciprocal tariffs from the European Union on goods imported from the United States. In September 2018, the United States Government placed additional tariffs of approximately $200 billion on goods imported from China. These tariffs, which took effect on September 25, 2018, were initially set at a level of 10% until the end of 2018, at which point the tariffs rose to 25%. On September 1, 2019, the United States Government placed additional tariffs of approximately $300 billion on goods imported from China. Depending on the type of import, a new 15% tariff became effective on September 1, 2019, but upon the Phase One Economic and Trade Agreement signed in January 2020, which became effective in February 2020, between the United States and China was reduced to 7.5%. The 7.5% tariff applies to jewelrymaterials that the Company imports, particularly from China. ~~China has already imposed tariffs on a wide range of American products in retaliation, and additional tariffs could be imposed by China in further retaliation. There is also a concern that the~~The imposition of additional tariffs by the ~~United States~~US, UK or Canada could result in the adoption of additional tariffs by other countries as well. The escalation of trade tensions could have a significant, adverse effect on world trade and the world economy. While the Company does not believe that ~~the recently enacted~~ tariffs will materially impact its business, the imposition of additional or increased tariffs on jewelry or other items imported by it from China or other countries, or the Company’s inability to successfully manage inventory from China or other countries, could require the Company to increase prices to its customers or, if unable to do so, result in lowering its gross margin on products sold.

21In addition, if taxes, trade embargos, sanctions or other restrictions on foreign trade are imposed by the US, UK or Canada on goods that the company imports from China or other foreign countries, the Company’s ability to obtain the finished goods and commodities it sells at retail could be adversely impacted.

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Signet depends on manufacturers and suppliers to timely provide it with sufficient quantities of quality ~~products timely.~~products.

Ultimate delivery of Signet’s merchandise is substantially dependent upon third-party manufacturers and suppliers. In Fiscal ~~2021,~~2024, the five largest suppliers collectively accounted for ~~18.7%~~20.4% of total purchases, with the largest supplier comprising ~~4.7%~~4.9%. A manufacturer’s or supplier’s inability to manufacture or deliver a product on time and of appropriate quality would impair Signet’s ability to respond to consumer demand, which would put the Company at a competitive disadvantage and result in lost sales. Costs would also be increased if Signet were to attempt to engage replacement manufacturers to rush orders on items that the Company needed immediately. See the risk factor ~~below~~above titled ~~“A public~~“Public health crisis or disease outbreak, epidemic or pandemic, such as COVID-19 had and could continue to have a significant adverse impact on our business, and this outbreak, as well as other public health crises or disease outbreaks, epidemics or pandemics, has and could continue to adversely impact ~~Signet’s business”~~our business, financial condition, results of operations and cash flows and could continue to exacerbate other risk factors.” regarding the potential adverse impact ~~the recent~~COVID-19 or other public health crisis, disease or outbreak ~~of the new coronavirus~~ could have on the Company’s supply chain.

Signet has close commercial relationships with a number of suppliers and management holds regular reviews with major suppliers to sustain continuity of these relationships. However, government requirements regarding sources of commodities, such as those required by the Dodd-Frank Act or sanctions on Alrosa or its management, has and could continue to result in Signet choosing to terminate relationships with suppliers in the future due to a change in a supplier’s sourcing practices or Signet’s compliance with laws and internal policies. Damage to, or loss of, any of these relationships could have an adverse effect on results.

In addition, luxury and prestige watch manufacturers and distributors normally grant agencies the right to sell their ranges on a store-by-store basis. An inability to obtain or retain watch agencies for a location could harm the performance of that particular store. ~~The~~In the fourth quarter of Fiscal 2024, the Company substantially completed the divestiture of its UK prestige watch ~~brands sold by Ernest Jones, and~~business to ~~a lesser extent Jared,~~third parties. Prestige watch brands help attract customers and build sales in all categories and discontinuing the prestige watch business in Ernest Jones has negatively impacted and will continue to negatively impact the sales at Ernest Jones in all categories. In the case of Ernest Jones, the inability to ~~gain additional prestige watch agencies is an important factor in, and may reduce the likelihood of, opening new stores, which~~replace lost sales could adversely impact sales growth.

The growth in importance of other branded merchandise within the jewelry market may adversely impact Signet’s sales and earnings if it is unable to obtain supplies of or further develop branded merchandise that the customer wishes to purchase. In addition, if Signet loses the distribution rights to an important branded jewelry range or is committed to continue to carry a brand that is no longer viewed as on trend, it could adversely impact sales and earnings.

Risks Related to Technology and Security

Inadequacies in and disruption to systems could result in lower sales and increased costs or adversely impact the reporting and control procedures.

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externally supplied software package or system, management would have to implement an alternative software package or system or begin supporting the software internally. Disruption to parts of the business could result in lower sales and increased costs.

Signet is in the process of substantially modifying its enterprise resource planning systems and certain web platforms, which involves updating or replacing legacy systems with successor systems and migrating some systems, data and functionality to cloud provider servers. These system changes and upgrades can require significant capital investments and dedication of resources. When evaluating and making such changes, there can be no assurances that the Company will successfully implement such changes, that significant additional investments will not be required beyond the project budget, that such changes will occur without disruptions to its operations or maintenance of its internal control compliance programs or that the new or upgraded systems will achieve the desired business objectives. Any damage, disruption or shutdown of the Company’s information systems, or the failure to successfully implement new or upgraded systems, could have a material adverse effect on Signet’s results of operations.

Security breaches and other disruptions to Signet’s information technology infrastructure and databases and failure of Signet’s customer-facing technology to function as intended or in accordance with applicable law could interfere with Signet’s operations, and could compromise Signet’s and its customers’ and suppliers’ information or cause other harm, exposing Signet to possible business interruptions and liability, which would have a material adverse effect on Signet’s business and reputation.

Signet is increasingly using mobile devices, social media and other online activities to connect with customers, staff and other stakeholders. Therefore, in the ordinary course of business, Signet relies upon information technology networks and systems, some of which are managed by third parties, to process, transmit and store electronic information, and to manage or support a variety of business processes and activities, including eCommerce sales, supply chain, merchandise distribution, customer invoicing and collection of payments.

Signet also uses information technology systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting, legal and tax requirements. Signet collects and stores this financial and other sensitive data, including intellectual property, proprietary business information, the propriety business information of its customers and suppliers, as well as personally identifiable information of Signet’s customers and employees, in data centers and on information technology networks. Although we seek to prevent and detect attempts by unauthorized users to gain access to our IT systems, and incur significant costs to do so, our information technology network infrastructure has in the past been and may in the future be vulnerable to attacks by hackers, including state-sponsored organizations with significant financial and technological resources, breaches due to employee error, fraud or malice or other disruptions (including, but not limited to, computer viruses and other malware, denial of service, and ransomware), which may involve a privacy breach requiring us to notify regulators, customers or employees and enlist identity theft protection.

The secure operation of these networks, and the processing and maintenance of this information is critical to Signet’s business operations and strategy. Despite security measures and business continuity plans, Signet may not timely anticipate evolving techniques used to effect security breaches that may result in damage, disruptions or shutdowns of Signet’s and its third-party vendors’ networks and infrastructure due to attacks by hackers, including phishing or other cyber-attacks, or breaches due to employee error or malfeasance, or other non-hostile disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, telecommunication or utility failures or natural disasters or other catastrophic events. The occurrence of any of these events could compromise Signet’s or the third-party’s networks and the information stored there, including personal, proprietary or confidential information about Signet, its customers or its third-party vendors, and personally identifiable information of Signet’s customers and employees could be accessed, manipulated, publicly disclosed, lost or stolen, exposing its customers to the risk of identity theft and exposing Signet or its third-party vendors to a risk of loss or misuse of this information.

Signet and its third-party vendors have experienced successful attacks and breaches from time to time, however, to date, these attacks or breaches have not had a material impact on Signet’s business or operations. Any such malfunction, access, disclosure or other loss of information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, significant breach-notification costs, lost sales and a disruption to operations (including the Company’s ability to process consumer transactions and manage inventories), media attention, and damage to Signet’s reputation, which could adversely affect Signet’s business. In addition, it could harm Signet’s reputation and ability to execute its business through service and business interruptions, management distraction and/or damage to physical infrastructure, which could adversely impact sales, costs and earnings. If Signet is the target of a material cybersecurity attack resulting in unauthorized disclosure of its customer data, the Company may be required to undertake costly notification and credit monitoring procedures. Compliance with these laws will likely increase the costs of doing business.

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advertisement and promotion of the jewelry it sells, the Company may experience a loss of customer confidence, data security breaches, regulatory fines, lawsuits, lost sales or be exposed to fraudulent purchases.

The regulatory environment related to information security, data collection and privacy is becoming increasingly demanding, with new and changing requirements applicable to Signet’s business, including the General Data Protection Regulation and the California Consumer Privacy Act, and compliance with those requirements could result in additional costs, such as costs related to organizational changes, implementing additional protection technologies, training employees and engaging consultants. In addition, the Company could be subject to claims, fines, penalties or other liabilities for a failure to comply.

Failure to manage these risks could have a material adverse effect on Signet’s results of operations, financial condition and cash flow.

The use of technology based on AI and ML presents risks related to confidentiality, creation of inaccurate and flawed outputs, and emerging regulatory risks which may result in reputational harm, competitive harm, or legal liability, and may adversely affect our business and results of operations.

The use of AI and ML involves significant technical complexity, ethical considerations and requires specialized expertise. We use AI and ML in our business to, among other things, optimize inventory distribution and flexible fulfillment. We may further incorporate AI or ML solutions into our business operations, technology systems, and product and service offerings in other ways including but not limited to personalized marketing, enhancements to website experiences or general administrative functions. Our competitors or other third parties may incorporate AI and ML into their businesses more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our business and results of operations. Our use of technology systems or applications that utilize or are based on AI or ML (or the disruption or failure of those systems or applications) could result in the disclosure of sensitive, proprietary or confidential information which could harm our business, reputation and operating results. Additionally, if the content, analyses, or recommendations that AI or ML applications assist in producing are or are alleged to be deficient, inaccurate, or biased, it may cause us to experience brand or reputational harm, competitive harm, legal liability, new or enhanced governmental or regulatory scrutiny. We may also incur additional costs to resolve such issues, each of which may adversely affect our business and results of operations.

Risks Related to Competition and Innovation

Signet’s pricing compared to competitors, the increased price transparency in the market and the highly fragmented competitive nature of the retail jewelry industry, may have an adverse impact on Signet’s performance.

Critical to maintaining an optimal customer experience is a multi-faceted value proposition focused on attractive brand and category assortments, availability of financing, deep customer service and relationship building with the Company’s guest service professionals, as well as competitive pricing. Although not a singular differentiator to the Company’s value proposition, if significant price increases are implemented by any segment or across a wide range of merchandise, the impact on earnings will depend on, among other factors, the pricing by competitors of similar products and the response by customers to higher prices. Such price increases may result in lower sales and adversely impact earnings.

The retail jewelry industry is competitive. Signet’s competitors are specialty jewelry retailers, as well as other jewelry retailers, including department stores, mass merchandisers, discount stores, apparel and accessory fashion stores, brand retailers, shopping clubs, home shopping television channels, direct home sellers, online retailers and auction sites.

Aggressive discounting by competitors may adversely impact Signet’s performance in the short term. This is particularly the case for easily comparable pieces of jewelry, of similar quality, sold through stores that are situated near those that Signet operates.

Signet faces significant competition from independent and regional specialty jewelry retailers that are able to adjust their competitive stance, for example on pricing, to local market conditions. This can put individual Signet stores at a competitive disadvantage as Signet segments have a national pricing strategy.

Consumers are increasingly shopping or starting their jewelry buying experience online, which makes it easier for them to compare prices and quality with other jewelry retailers. If Signet’s brands do not offer the same or a similar item at the lowest price, or if competitors offer a better and more user-friendly website experience than Signet, or financing that is easier to access or provides better terms, consumers may purchase their jewelry from competitors, which would adversely impact the Company’s sales, ~~and~~ results of ~~operations.~~operations and market share.

In addition, other retail categories and other forms of expenditure, such as electronics and travel, also compete for consumers’ discretionary expenditure, particularly during the holiday gift giving season. Therefore, the price of jewelry relative to other products

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influences the proportion of consumers’ expenditure that is spent on jewelry. If the relative price of jewelry increases, or if Signet’s competitive position deteriorates, Signet’s sales and earnings would be adversely impacted.

An inability to successfully develop and maintain a relevant OmniChannel experience for customers, failure to anticipate changing fashion trends in the jewelry industry, and poor execution of marketing programs and management of social media could result in a loss of confidence by consumers in Signet’s brand names and have an adverse impact on sales.

Signet’s business has evolved from primarily an in-store experience to interaction with customers across numerous channels, including in-store, online, mobile and social media, among others. OmniChannel retailing is rapidly evolving and Signet must keep pace with changing customer expectations and new developments by its competitors. Signet’s customers are increasingly using computers, tablets, mobile phones and other devices to comparison shop, determine product availability and complete purchases online. Signet must compete and remain relevant by offering a consistent and convenient shopping experience for its customers regardless of the ultimate sales channel and by investing in, providing and maintaining digital tools for customers that have the right features and are reliable and easy to use.

The ability to differentiate Signet’s stores, services, online experience and merchandise from competitors by better designs, branding and category assortments and the level and quality of customer service and marketing and advertising programs, is an important factor in attracting consumers. In today’s market, this differentiation requires, among other factors, keeping pace with trends in design, as well as setting new jewelry trends, effectively implementing an OmniChannel experience, and targeting effective media campaigns, including an expansion of social media use and new social media platforms, in order to build and maintain customer confidence in the Company and in the brands it sells. As a result, the Company needs to continuously innovate and develop its OmniChannel experience and social media strategies in order to maintain broad appeal with customers and brand relevance. These initiatives may not be successful, resulting in expenses incurred without the benefit of higher revenues, increased employee engagement or brand recognition. In a distressed economic and retail environment, in which many of the Company’s competitors continue to engage in aggressive promotional activities, any failure on Signet’s part to react appropriately to changing consumer preferences and fashion trends, including the failure to plan in advance and invest in marketing and advertising campaigns, could have an adverse impact on sales.

In addition, adverse or inaccurate information concerning the Company or its brands may be posted on social media platforms at any time, and such information can quickly reach a wide audience. The harm may be immediate without affording the Company an opportunity for redress or correction, and it is challenging to monitor and anticipate developments on social media in order to respond in an effective and timely manner. The Company could also be exposed to these risks if it fails to use social media responsibly in its marketing efforts, including the improper disclosure of proprietary information, exposure of personally identifiable information, fraud, or out-of-date information. Regardless of its basis or validity, any unfavorable publicity could adversely affect public perception of Signet’s brands. These factors could have a material adverse effect on its business.

If Signet fails to make, improve, develop or acquire relevant customer-facing technology in a timely manner, fails to keep pace with trendsetting, or if the Company’s marketing and social media advertising and efforts are not to scale or miss the mark, the customer could lose confidence in any of Signet’s brands, which could materially and adversely impact sales and earnings.

~~Risks Related to Technology and Security~~

~~Inadequacies in and disruption to systems could result in lower sales and increased costs or adversely impact the reporting and control procedures.~~

Signet is dependent on the suitability, reliability and durability of its systems and procedures, including its accounting, information technology, data protection, warehousing and distribution systems, and those of its service providers. If support ceased for a critical externally supplied software package or system, management would have to implement an alternative software package or system or begin supporting the software internally. Disruption to parts of the business could result in lower sales and increased costs.

Signet is in the process of substantially modifying its enterprise resource planning systems and certain web platforms, including a migration of the Company’s key financial reporting, planning and consolidation system, which involves updating or replacing legacy systems with successor systems. These system changes and upgrades can require significant capital investments and dedication of resources. When evaluating and making such changes, there can be no assurances that the Company will successfully implement such changes, that significant additional investments will not be required beyond the project budget, that such changes will occur without disruptions to its operations or maintenance of its internal control compliance programs or that the new or upgraded systems will achieve the desired business objectives. Any damage, disruption or shutdown of the Company’s information systems, or the failure to successfully implement new or upgraded systems, could have a material adverse effect on Signet’s results of operations.

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The secure operation of these networks, and the processing and maintenance of this information is critical to Signet’s business operations and strategy. Despite security measures and business continuity plans, Signet may not timely anticipate evolving techniques used to effect security breaches that may result in damage, disruptions or shutdowns of Signet’s and its third-party vendors’ networks and infrastructure due to attacks by hackers, including phishing or other cyber-attacks, or breaches due to employee error or malfeasance, or other non-hostile disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, telecommunication or utility failures or natural disasters or other catastrophic events. The occurrence of any of these events could compromise Signet’s or the third party’s networks and the information stored there, including personal, proprietary or confidential information about Signet, its customers or its third-party vendors, and personally identifiable information of Signet’s customers and employees could be accessed, manipulated, publicly disclosed, lost or stolen, exposing its customers to the risk of identity theft and exposing Signet or its third-party vendors to a risk of loss or misuse of this information.

Signet and its third party vendors have experienced successful attacks and breaches from time to time, however to date, these attacks or breaches have not had a material impact on Signet’s business or operations. Any such malfunction, access, disclosure or other loss of information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, significant breach-notification costs, lost sales and a disruption to operations (including the Company’s ability to process consumer transactions and manage inventories), media attention, and damage to Signet’s reputation, which could adversely affect Signet’s business. In addition, it could harm Signet’s reputation and ability to execute its business through service and business interruptions, management distraction and/or damage to physical infrastructure, which could adversely impact sales, costs and earnings. If Signet is the target of a material cybersecurity attack resulting in unauthorized disclosure of its customer data, the Company may be required to undertake costly notification and credit monitoring procedures. Compliance with these laws will likely increase the costs of doing business.

In addition, if Signet’s online activities or other customer-facing technology systems do not function as designed or are deemed to not comply with applicable state and federal regulations concerning automated outbound contacts such as text messages and the sale, advertisement and promotion of the jewelry it sells, the Company may experience a loss of customer confidence, data security breaches, regulatory fines, lawsuits, lost sales or be exposed to fraudulent purchases.

~~Failure to manage these risks could have a material adverse effect on Signet’s results of operations, financial condition and cash flow.~~

Risks Related to Asset Management

The Company’s inability to optimize its real estate footprint could adversely impact sales and earnings.

The success of Signet’s stores, as part of its ~~OmniChannel~~Connected Commerce strategy, is dependent upon a number of factors. These include the availability of desirable property, placement of stores in easily accessible locations with high visibility, the demographic characteristics of the area around the store, the design and maintenance of the stores, the availability of attractive locations within the

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markets/trade areas that also meet the operational and financial criteria of management, the terms of leases and Signet’s relationship with major landlords. If Signet is unable to maintain a real estate portfolio that satisfies its strategic, operational and financial criteria, through cost-effective strategic store closings and targeted, limited store openings, or if there is a disruption in its relationship with its major landlords, sales could be adversely affected.

Substantially all of Signet’s retail locations are leased, requiring significant cash flow to satisfy the lease obligations. Given the typical length of retail leases, Signet is dependent upon the continued popularity of particular retail locations. Following the initial terms of each lease, it is possible that Signet will not be able to negotiate contract terms favorable to the Company for future leases. This would cause occupancy costs to rise, which would either decrease profit margins at each specific store or force Signet to close certain retail locations.

Many Signet stores are located within shopping malls or shopping centers and benefit from heavy consumer traffic in such locations. Due to the increase in online shopping, there has been a substantial decline in shopping mall and shopping center traffic. If the Company does not focus its locations in attractive areas and/or increase its online sales, this trend away from shopping mall and shopping center purchases could adversely impact Signet’s operations and financial condition. As Signet tests and develops new types of store locations and designs, there is no certainty as to their success.

The rate of store footprint optimization is dependent on a number of factors including obtaining suitable real estate, the capital resources of Signet, the availability of appropriate staff and management, estimated sales transference rate and the level of the financial return on investment required by management.

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The Company’s ability to protect its assets, particularly inventory and cash, or intellectual property ~~or its physical assets~~ could have a material adverse impact on its brands, reputation and operating results.

Signet’s jewelry products carry high value with resale potential and are therefore subject to loss by theft by customers, organized crime or other third-parties. In addition, products held by us for repair or service are also subject to risk of loss or theft. We have experienced theft in the past and loss by theft may continue or increase in the future. In addition, the security measures we take may not be effective in reducing losses. Higher rates of theft including theft by organized retail crime networks that orchestrate burglaries, “smash and grabs,” looting or shoplifting operations could adversely impact our reputation, operations and ultimately, our overall financial condition. Furthermore, other costs and expenses resulting from criminal activity such as increased security costs and measures to prevent such activity, increased repair costs and increased costs to protect, retain, replace or recruit team members that may be concerned about future crime impacting our stores or the shopping centers they operate in may also adversely impact our reputation, operations and financial condition.

The Company holds significant amounts of cash on hand or short term, highly liquid investments (i.e. cash equivalents) on its balance sheet from time to time. Credit risk exists on the realizability of these assets should the counterparties fail to perform as contracted. Signet does not require collateral or other security to support cash investments or financial instruments with credit risk; however, it is Signet’s policy to generally only hold cash and cash equivalent investments and to transact financial instruments with financial institutions with a certain minimum credit rating. Failure, entrance into receivership or insolvency by any of these financial institutions in response to conditions affecting the banking system and financial markets could threaten our ability to access our existing cash, cash equivalents and investments and could adversely impact the Company’s financial position and results of operations.

Signet’s trade names, trademarks, copyrights, patents and other intellectual property are important assets and an essential element of ~~the Company’s~~our strategy. The unauthorized reproduction, theft or misappropriation of ~~Signet’s~~our intellectual property could diminish the value of ~~its~~our brands or reputation and cause a decline in sales. Protection of ~~Signet’s~~our intellectual property and maintenance of distinct branding are particularly important as they distinguish ~~the Company’s~~our products and services from those of ~~its~~our competitors. The costs of defending intellectual property may adversely affect ~~the Company’s~~our operating results. In addition, any infringement or other intellectual property claim made against ~~Signet,~~us, whether or not it has merit, could be time-consuming, result in costly litigation, cause product delays, or require ~~the Company~~us to enter into royalty or licensing agreements. As a result, any such claim could have a material adverse effect on ~~Signet’s~~our operating results.

Signet’s products are subject to loss by illegal theft by the Company’s customers or third parties. In addition, products held by Signet for repair or service are also subject to risk of loss or theft. Signet has experienced theft in the past and cannot assure that loss by theft will decrease in the future or that the security measures the Company takes will be effective in reducing losses. Higher rates of theft and increased security costs to prevent such activity could adversely impact the Company’s reputation, operations and ultimately, its overall financial condition.

If the Company’s goodwill, indefinite-lived intangible assets or long-lived assets become impaired, the Company may be required to record significant charges to earnings.

The Company has a substantial amount of goodwill, intangible assets and long-lived assets on its balance sheet. The Company reviews goodwill, indefinite-lived intangible assets and long-lived assets for impairment annually or whenever events or circumstances indicate impairment may have occurred. The impairment evaluation requires significant judgment and estimates by management, and unfavorable changes in these assumptions or other factors could result in future impairment charges and have a significant adverse impact on the Company’s reported earnings. Such factors include the operating performance and cash flows of the Company’s stores, ~~(including slower than anticipated re-opening of closed stores or re-closure of stores as a result of COVID-19 or civil unrest),~~ lower than anticipated consumer traffic, changes in customer spending behavior, ~~post-pandemic, changes in discount~~macroeconomic factors such as inflation and rising interest rates, changes in the Company’s real estate strategy or other key business initiatives. Additionally, a general decline in the market valuation of the Company’s common shares, whether related to Signet’s business or overall market conditions, could adversely impact the assumptions used to perform the evaluation of its goodwill, indefinite-lived intangible assets and long-lived assets.

For further information on Signet’s ~~testing~~evaluation of impairment for ~~impairment of~~ goodwill, indefinite-lived intangible assets and long-lived assets, see “Critical Accounting Estimates” under Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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Risks Related to Our Common Stock and Indebtedness

Signet’s share price may be volatile due to Signet’s results and financial condition or factors impacting the market overall, which could have a short or long-term adverse impact on an investment in Signet stock.

Signet’s share price has fluctuated and may fluctuate substantially as a result of variations in the actual or anticipated results and financial conditions of Signet and other companies in the retail industry. In addition, the stock market has experienced, and may continue to experience, price and volume fluctuations that have affected the market price of many retail and other stocks, including Signet’s, in a manner unrelated, or disproportionate, to the operating performance of these companies.

Signet provides public guidance on its expected operating and financial results for future periods. Such guidance ~~is comprised~~consists of forward-looking statements subject to the risks and uncertainties described in this report and in Signet’s other public filings and public statements. Signet’s actual results may be below the provided guidance or the expectations of Signet’s investors and analysts,

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especially in times of economic uncertainty. In the past, when the Company has reduced its outlook related to certain measures in its previously provided guidance, the market price of its common stock has declined. If, in the future, Signet’s operating or financial results for a particular period do not meet guidance or the expectations of investors and analysts or if Signet reduces its outlook related to certain measures in its guidance for future periods, the market price of its common stock may decline. In addition, if the analysts that regularly follow the Company’s stock lower their rating or lower their projections for future growth and financial performance, the Company’s stock price could ~~decline~~.decline.

The Company’s ability to borrow is important to its operations and financial covenants, credit ratings and interest rate volatility could all impact the availability of such debt and could adversely impact the Company’s financial results.

The Company’s primary sources of liquidity are cash on hand, cash provided by operations and availability under its asset-based credit facility. The Company ~~has a significant amount of debt and redeemable preferred securities,~~holds obligations under its 4.70% Senior Unsecured Notes and its redeemable Series A Convertible Preference Shares. The Company’s ability to borrow and maintain adequate cash flow is necessary to sustain its operations, particularly given the seasonal fluctuations in inventory and staffing requirements and the concentration of sales in the fourth quarter. ~~This~~The Company’s debt ~~requires~~and preferred share obligations also require maintaining sufficient cash flow to make continuing payment ~~obligations.~~obligations for interest and dividends. Because a large portion of its financing is asset-based and secured, the Company’s ability to draw funds is dependent on maintaining a sufficient borrowing base and it is subject to the risk of loss of such assets to foreclosure or sale to satisfy its debt obligations.

Signet’s borrowing agreements include various financial and other covenants. A material deterioration in its financial performance could result in a breach of these covenants. In the event of a breach, the Company would have to renegotiate terms with its current lenders or find alternative sources of financing if current lenders required cancellation of facilities or early repayment. In addition, these covenants, in some cases, limit the Company’s flexibility to adapt its operations to changing conditions.

~~The~~ Terms under the Company’s asset-based credit ~~agreement terms also~~facility include exposure to variable interest rate debt and volatility in benchmark interest rates could adversely impact the Company’s financial results.

Additionally, credit ~~ratings~~rating agencies periodically review Signet’s capital structure and the quality and stability of the Company’s earnings, and should Signet need to obtain more financing, a credit rating downgrade would make it more difficult, expensive and restrictive to do so. Changes in general credit market conditions could also affect Signet’s ability to access capital at rates and on terms determined to be attractive.

If Signet’s ability to access capital becomes constrained, it may not be able to adequately fund its ongoing operations, dividends and share repurchases or planned initiatives and the Company’s interest costs will likely increase, which could have a material adverse effect on its results of operations, financial condition and cash ~~flows~~.flows.

Risks Related to Human Capital

The Company’s ability to recruit, train, motivate and retain suitably qualified sales associates could adversely impact sales and earnings.

Management regards the customer experience as an essential element in the success of its business. Competition for suitable sales associates or changes in labor and healthcare laws could require Signet to incur higher labor costs. A shortage of qualified individuals, higher labor costs and the execution of ~~transformational~~strategic initiatives, including those designed to improve the customer experience, could result in disruptions to the performance of sales associates and an inability to recruit, train, motivate and retain suitably qualified sales associates, which could adversely impact sales and earnings.

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Signet’s success is dependent on the strength and effectiveness of its relationships with its various ~~stakeholders whose behavior may be affected by its~~stakeholders. The Company’s management of ~~social, ethical and environmental~~its 2030 CSGs as well as increased demand for ESG disclosures could result in additional costs or risks.

~~Social, ethical~~We have established and ~~environmental matters influence Signet’s reputation, demand~~publicly announced 2030 CSGs including commitments to address climate change and human rights. These statements reflect our plans and aspirations and are subject to a number of risks and uncertainties, many of which are outside our control. Like many companies, Signet aspires to work towards net-zero business operations. The ability for ~~merchandise by consumers, the ability~~companies to ~~recruit staff, relations with suppliers and standing in the financial markets. Signet’s success~~adjust their operations is dependent on the ~~strength~~energy infrastructure of the US, namely the availability and ~~effectiveness~~cost of ~~its relationships~~low- or non-carbon-based energy sources for our physical locations as well as the availability of low or non-carbon transportation.

Signet carefully considers both investor expectations and regulatory requirements in forming our ESG disclosure strategy and when investing resources in ESG disclosure processes and tools. Standards for tracking and reporting ESG matters continue to evolve. The voluntary disclosure frameworks and standards we select, and the interpretation or application of those frameworks and standards, may be subject to change and may be different from our peers. Further, the methodologies we use for reporting ESG data may be

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updated and our previously reported ESG data may be adjusted to reflect improvements in data that is available to us, changing assumptions, changes in our operations and other changes in circumstances. Our processes and controls for reporting ESG matters across our operations and supply chain are continually evolving as are the differing standards for identifying, measuring, and reporting ESG metrics, including ESG-related disclosures that may be required by government agencies. Preparation for the recently issued SEC climate disclosure rule is expected to require additional resources for compliance. Signet will always prioritize legally required disclosures such as greenhouse gas emissions calculations over voluntary frameworks.

Consequently, it is possible that we may fail to achieve our 2030 CSGs or that our customers, team members, investors, advocacy groups, government agencies or other stakeholders may not be satisfied with ~~its various stakeholders: customers, shareholders, employees~~the CSGs we set or our efforts to achieve them. Our failure, or perceive failure, to adequately achieve, update or accurately track and ~~suppliers. In recent years, stakeholder expectations have increased, as~~report on these ~~stakeholders expect businesses~~CSGs on a timely basis, or at all, could adversely affect our reputation, financial performance and growth, and may expose us to ~~consider social, ethical, and environmental impacts while making business decisions, and Signet’s success and reputation will depend on its~~adverse consumer actions, inhibit our ability to ~~meet these higher expectations. Signet’s success also depends upon its reputation for integrity in sourcing its merchandise, which, if adversely affected could impact consumer sentiment~~attract and ~~willingness~~retain talent, and subject us to ~~purchase Signet’s merchandise.~~increased scrutiny from the investment community, special interest groups and enforcement authorities.

Collective bargaining activity could disrupt the Company’s operations, increase labor costs or interfere with the ability of management to focus on executing business strategies.

The employees of Signet’s diamond polishing factory in ~~Garborone,~~Gaborone, Botswana are covered by a collective bargaining agreement. If relationships with these employees become adverse, operations at the factory could experience labor disruptions such as strikes, lockouts, boycotts and public demonstrations, which could negatively impact the Company’s diamond supply, increase costs and cause negative publicity. Labor regulation and the negotiation of new or existing collective bargaining agreements could lead to higher wage and benefit costs, changes in work rules that raise operating expenses, legal costs and limitations on the Company’s ability to take cost-saving measures during economic downturns. Any of these cost increases and constraints on Signet’s operations could adversely impact its results of operations. Further, collective bargaining activity in other industries, such as various union strikes in the UK that were announced in December 2022 by postal and travel workers, may adversely affect traffic to our stores or delivery of online orders and in-turn negatively impact our sales.

Risks Related to Compliance

The Company’s exposure to legal proceedings, tax matters, and/or regulatory or other investigations could reduce earnings and cash, as well as negatively impact debt covenants, leverage ratios and its reputation and divert management attention.

Signet is involved in legal proceedings incidental to its business. Litigation is inherently unpredictable. Any actual or potential claims against us, whether meritorious or not, or regulatory or other investigations, could be time consuming, result in costly litigation or litigation settlements, require significant amounts of management time, negatively impact Signet’s reputation and result in the diversion of significant operational resources. In addition, while Signet maintains insurance to cover various types of liabilities and loss, such coverage may not be sufficient to cover the full extent of any damages and expenses and the timing of any reimbursement may not correspond to the liabilities accrued or incurred.

At any point in time, various tax years are subject to, or are in the process of, audit by various taxing authorities. To the extent that management’s estimates of settlements change, or the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax in the period in which such determinations are made.

~~Additionally, new~~ For example, should His Majesty’s Revenue and Customs, or other tax ~~treatment of companies engaged~~authorities, assess Signet and should the tax authorities prevail in eCommerce has and may continue to adversely affect the commercial use of JamesAllen.com, the online retailer Signet acquired during the fiscal year ended February 3, 2018. Specifically, in June 2018, the US Supreme Court decided the South Dakota v. Wayfair, Inc. sales tax nexus case. Assuch assessments, there could be a ~~result of the Supreme Court ruling, some states have adopted laws and other states now have the ability to adopt laws requiring taxpayers to collect and remit sales tax~~material adverse impact on a basis of economic nexus, even in states in which the taxpayer has no presence. New taxes required to be collected by JamesAllen.com have created significant increases in internal costs necessary to capture data and collect and remit taxes. These events have had and will continue to have an adverse effect on JamesAllen.com.

The Company’s ability to satisfy the accounting requirements for “hedge accounting,” or the default or insolvency of a counterparty to a hedging contract, as well as changes in estimates, assumptions or applications in other or new accounting policies, could adversely impact results.

Signet hedges a portion of its purchases of gold for both its North America and International segments and hedges the US dollar requirements of its International segment. The failure to satisfy the appropriate accounting requirements, or a default or insolvency of a counterparty to a contract, could increase the volatility ofour results ~~and may impact the timing of recognition of gains and losses in the statement~~ of operations ~~which could have a negative impact on Signet’s results.~~

~~Other accounting principles~~ and related accounting pronouncements, implementation guidelines and interpretations with regard to a wide range of matters that are relevant to the Company’s business, including but not limited to, revenue recognition for extended service plans and lifetime warranty agreements and pension accounting, are highly complex and involve many subjective assumptions,

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~~estimates and judgments by the Company. Changes~~cash flows in ~~these rules or their interpretation or changes in underlying assumptions, estimates or judgments could significantly change our reported or expected financial performance.~~future periods.

Failure to comply with labor regulations could adversely affect the Company’s business.

Various state, federal and global laws and regulations govern Signet’s relationship with its employees. Some examples of these laws include requirements related to minimum wage, sick pay, overtime pay, paid time off, workers’ compensation rates, and healthcare reform. These laws and regulations change frequently, and the ultimate cost of compliance cannot be precisely estimated. Failure by Signet to comply with labor regulations could result in fines and legal actions. In addition, the ability to recruit and retain staff could be harmed. These consequences could adversely affect the Company’s business.

The Company’s ability to comply with laws and regulations and adapt to changes thereto could adversely affect its business.

Signet’s policies and procedures are designed to comply with applicable laws and regulations. Changing legal and regulatory requirements in the US and other jurisdictions in which Signet operates have increased the complexity of the regulatory environment in which the business operates and the cost of compliance. Failure to comply with the various regulatory requirements may result in

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damage to Signet’s reputation, civil and criminal proceedings and liability, fines and penalties, and further increase the cost of regulatory compliance.

Changes in existing taxation laws, rules or practices may adversely affect the Company’s financial results.

The Company operates through various subsidiaries in numerous countries throughout the world. Consequently, Signet is subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the ~~United States~~US or jurisdictions where any subsidiaries operate or are incorporated. Tax laws, treaties and regulations are highly complex and subject to interpretation. The Company’s income tax expense is based upon interpretation of the tax laws in effect in various countries at the time such expense was incurred. If these tax laws, treaties or regulations, including the recent Bermuda Corporate Income Tax Act of 2023, were to change or any tax authority were to successfully challenge Signet’s assessment of the effects of such laws, treaties and regulations in any country, this could result in a higher effective tax rate on the Company’s taxable earnings, which could have a material adverse effect on the Company’s results of operations.

In addition, the Organization for Economic ~~Co-Operation~~Co-operation and Development (“OECD”) has ~~published an action plan seeking multilateral cooperation~~led international efforts to ~~reform the taxation of multinational companies. Countries already have begun~~devise, and to implement ~~some~~on a permanent basis, a two-pillar solution to address the tax challenges arising from the digitalization of the economy. Pillar One focuses on nexus and profit allocation, and Pillar Two provides for a global minimum effective corporate tax rate of 15%. Pillar One would apply to multinational enterprises with annual global revenue above 20 billion euros and profitability above 10%, with the revenue threshold potentially reduced to 10 billion euros in the future. Based on these ~~action items,~~thresholds, we currently expect to be outside the scope of the Pillar One proposals, though we anticipate that we will be subject to Pillar One in the future if our global revenue exceeds the Pillar One thresholds. In December 2021, the OECD published detailed rules that define the scope of the Pillar Two global minimum effective tax rate proposal. A number of countries, including the UK, have adopted the core elements of the Pillar Two proposal effective for years beginning in 2024, and ~~likely will continue~~the European Union has adopted a Council Directive which requires certain Pillar Two rules to ~~adopt more~~be transposed into member states’ national laws from such time. Based on our current understanding of ~~them over~~ the ~~next several years. This~~minimum revenue thresholds contained in the proposed Pillar Two rules, we expect that we may be within their scope and so their implementation could impact the amount of tax we have to pay. Additionally, these changes may result in unilateral or uncoordinated local country application of the action items. Any such inconsistencies in the tax laws of countries where the Company operates or is incorporated may lead to increased uncertainty with respect to tax positions or otherwise increase the potential for double taxation. Proposals for US tax reform also potentially could have a significant adverse effect on us. In addition, the European Commission has conducted investigations in multiple countries focusing on whether local country tax legislation or rulings provide preferential tax treatment in violation of European Union state aid rules. Any impacts of these actions could increase the Company’s tax liabilities, which in turn could have a material adverse effect on the Company’s results of operations and financial condition.

The Parent Company (as defined in Item 5) is incorporated in Bermuda. The directors intend to conduct the Parent Company’s affairs such that, based on current law and practice of the relevant tax authorities, the Parent Company will not become resident for tax purposes in any other territory. At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by the Parent Company or by its shareholders in respect of its common shares. The Parent Company has obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is enacted in Bermuda imposing any tax computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall not, until March 31, 2035, be applicable to it or to any of its operations or to its shares, debentures or other obligations except insofar as such tax applies to persons ordinarily resident in Bermuda or is payable by it in respect of real property owned or leased by it in Bermuda. Given the limited duration of the Minister of Finance’s assurance, the Parent Company cannot be certain that it will not be subject to Bermuda tax after March 31, 2035. In the event the Parent Company were to become subject to any Bermuda tax after such date, it could have a material adverse effect on the Parent Company’s results of operations and financial condition.

International laws and regulations and foreign taxes could impact Signet’s ability to continue sourcing and manufacturing materials for its products on a global scale.

Signet is engaged in sourcing and manufacturing on a global scale, and as such, could be impacted by foreign governmental laws and regulations, foreign duties, taxes, and other charges on importing products, and international shipping delays or disruptions. Signet’s global operations are also subject to the Foreign Corrupt Practices Act and other such anti-corruption laws. Additionally, labor

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relations and general political conditions in the countries where Signet sources and manufactures its materials could impact the ultimate shipment and receipt of such supplies and products.

Stakeholders may face difficulties in enforcing proceedings against Signet Jewelers Limited as it is domiciled in Bermuda.

It is doubtful whether courts in Bermuda would enforce judgments obtained by investors in other jurisdictions, including the US, Canada and the UK, against the Parent Company or its directors or officers under the securities laws of those jurisdictions or entertain actions in Bermuda against the Parent Company or its directors or officers under the securities laws of other jurisdictions.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk management and strategy

Signet recognizes the importance cybersecurity has to the success of our business. We also recognize the need to continually assess cybersecurity risk and evolve our response in the face of a rapidly and ever-changing environment. Accordingly, we aim to protect our business operations, including customer records and information, against known and evolving cybersecurity threats.

Signet manages cybersecurity risk using a cross-functional approach, which is overseen by the Company’s Board. The Company’s cyber risk management program is designed to anticipate, identify, assess, manage, mitigate, and respond to cybersecurity threats. This

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program is integrated within the Company’s enterprise risk management processes and addresses the store and corporate information technology environments, as well as third-party vendors, software, and applications upon which we rely.

The underlying controls of the cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”). Signet conducts periodic assessments against the NIST CSF and reviews key cybersecurity risks, utilizing a third party to perform this assessment of the Company’s cyber risk management program. The risk assessments, together with risk-based analysis and judgment, are used to determine security controls to address identified risks. Signet has strategically integrated cybersecurity risk management into the Company’s policies and broader enterprise risk management framework to promote a company-wide culture of cybersecurity. Signet considers the following factors, among others, during the process of determining how to address risks and which controls to implement: likelihood and severity of the risk; the impact on the Company, the Company’s customers, employees, and shareholders; and if a risk materializes, the feasibility and cost of controls and the impact of controls on operations.

Signet has a cybersecurity operations program that monitors its global cybersecurity environment and coordinates the investigation and remediation of cybersecurity alerts. In the event of a cybersecurity incident, the Chief Information Security Officer (“CISO”) is equipped with an incident response plan that includes immediate actions designed to mitigate the impact and long-term strategies for remediation and prevention of future incidents. We frequently stage incident response drills to prepare support teams to respond to a significant incident. The Company’s information security program includes the following specific controls that are used to some extent: endpoint threat detection and response; identity and access management; privileged access management; logging and monitoring involving the use of security information and event management; multi-factor authentication; firewalls and intrusion detection and prevention; and vulnerability and patch management, as well as policy and technical controls governing the use of AI.

Signet partners with leading cybersecurity companies and organizations, leveraging third-party technology and expertise. Signet engages with these partners to provide or operate technical controls and technology systems, monitor, and maintain the performance and effectiveness of products and services deployed in Signet’s environment, and conduct vulnerability scans and penetration testing.

Signet also maintains a risk-based approach for assessing, identifying, and managing risks from cybersecurity threats associated with third-party service providers, third-party software, third-party applications and other companies with whom we do business (such as our outsourced credit card partners). Signet utilizes industry standard tools to assess the criticality of software, data assets, and operational technology. We conduct security assessments of high-risk third-party service providers before engagement to ensure compliance with our cybersecurity standards, including review of the service providers’ System and Organization Controls (SOC) report to assess their cybersecurity controls and risk assessment. This approach is designed to mitigate risks related to data breaches or other security incidents originating from or otherwise due to reliance on third parties.

Signet faces risks from cybersecurity threats that could have a material adverse effect on its business, financial condition, results of operations, cash flows or reputation. Signet does not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our overall business strategy, results of operations, or financial condition. However, Signet (or third parties on which Signet relies) may not be able to implement security controls fully, continuously and effectively as designed or intended. As described above, the Company utilizes a risk-based approach and judgment to determine the security controls to implement, and it is possible that Signet may not implement appropriate controls if management does not recognize, or underestimates, a particular risk. In addition, security controls, no matter how well designed or implemented, may only partially mitigate, but not fully eliminate, risks. Security events, when detected by security tools or third parties, may not always be immediately understood or acted upon by the Company (or by third parties on which Signet relies). See the “Risk Factors” section in Item 1A of this Annual Report on Form 10-K for additional discussion of our cybersecurity risks.

Governance

Signet’s cybersecurity program is run by our CISO, who is the head of the Company’s cybersecurity team, and who reports to Signet’s Chief Information Officer (“CIO”). The CISO is responsible for assessing and managing Signet’s cybersecurity risk management program, regularly informing senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervising such efforts. Our CISO and CIO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. Our CISO has served in this position with Signet since 2018, was previously CISO at multiple Fortune 500 retail and hospitality organizations, and held senior cybersecurity management roles in the financial services industry. The Signet cybersecurity team supporting the CISO has experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes around the world, and relies on threat intelligence as well as other information obtained from governmental, public, or private sources, including external consultants engaged by Signet. In addition, a cross-functional management committee has been established to assess cybersecurity breaches, should they occur, to determine whether a breach is material and requires disclosure.

The Governance and Technology Committee of the Board (“GTC”) oversees Signet’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. Two of the members of our GTC are technology executives employed at their respective organizations who are highly technology-fluent and well-versed on cyber risks. The CISO and CIO regularly brief the GTC on the effectiveness of Signet’s cyber risk management program and risk status. In addition, cybersecurity risks are reviewed by the Board, at least annually, as part of the Company’s corporate risk-mapping exercise. In addition to scheduled meetings, the GTC, CISO and CIO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on any significant developments in the cybersecurity domain, ensuring the Board’s oversight is proactive and responsive.

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ITEM 2. PROPERTIES

The following table provides the location, use and size of Signet’s material corporate, distribution, and other non-retail facilities required to support the Company’s global retail operations as of ~~January 30, 2021:~~February 3, 2024:

Location

Function

Approximate square footage

Lease or Own

Lease expiration

Location

Function

Approximate square footage

Lease or Own

Lease expiration

Akron, Ohio

Corporate and distribution

460,000

Lease

2048

Akron, Ohio

Corporate and distribution

546,000

Lease

2048

Akron, Ohio

Credit (1)

86,000

Lease

2048

Akron, Ohio

Training facility

11,000

Lease

2032

Akron, Ohio

Customer care

11,000

Lease

2048

Akron, Ohio

Repair facility

38,000

Own

N/A

Akron, Ohio

Repair facility

38,000

Own

N/A

Akron, Ohio

Administrative

32,000

Lease

2022

Barberton, Ohio

Non-merchandise fulfillment

135,000

Lease

2032

Barberton, Ohio

Non-merchandise fulfillment

135,000

Lease

2032

New York City, New York

Administrative

17,000

Lease

2023

New York City, New York

Administrative

8,000

Lease

2027

Brentwood, Tennessee

Repair facility

16,020

Lease

2025

Charlotte, North Carolina

Corporate and administrative

14,200

Lease

2033

Dallas, Texas

Repair facility (2)

31,000

Lease

2029

Dallas, Texas

Repair facility

31,000

Lease

2029

Dallas, Texas

Administrative

190,000

Lease

2029

Dallas, Texas

Administrative

190,000

Lease

2029

Frederick, Maryland

Customer service

7,716

Lease

2022

Frederick, Maryland

Customer service

7,716

Lease

2026

Toronto, Ontario (Canada)

Distribution and fulfillment

26,000

Lease

2021

Kent, Washington

Customer service, Virtual studios

10,500

Lease

2029

New York City, New York

Administrative and fulfillment

65,837

Lease

2032

New York City, New York

Manufacturing and distribution

10,580

Lease

2027

San Francisco, California

Administrative

6,178

Lease

2024

Seattle, Washington

Repair facility

27,500

Lease

2030

Seattle, Washington

Photo studio

11,000

Lease

2027

Seattle, Washington

Corporate and administrative

10,900

Lease

2024

Markham, Ontario (Canada)

Distribution and fulfillment

31,000

Lease

2026

Birmingham, UK

Corporate, distribution and eCommerce fulfillment

235,000

Own

N/A

Birmingham, UK

Corporate, distribution and eCommerce fulfillment

235,000

Own

N/A

Borehamwood, Hertfordshire (UK)

Administrative

36,200

Lease

2021

Watford, UK

Administrative

20,500

Lease

2037

Gaborone, Botswana

Diamond polishing

34,200

Own

N/A

Mumbai, India

Diamond liaison

3,000

Lease

2021

Mumbai, India

Diamond liaison

2,936

Lease

2021

Ramat-Gan, Israel

Technology center

1,000

Lease

2021

Gaborone, Botswana

Diamond polishing

34,200

Own

N/A

Herzelia, Israel

Technology center

12,700

Lease

2023

Herzelia, Israel

Technology center

12,400

Lease

2028

Herzelia, Israel

Technology center

5,400

Lease

2028



Bermuda						Not Applicable
(State or other jurisdiction of incorporation)						(I.R.S. Employer Identification No.)


			January 30, 2021		Openings(1)	Closures(1)	February 1, 2020		Openings(1)	Closures(1)	February 2, 2019
		February 3, 2024													February 3, 2024	Openings (1)	Closures (1) (3)		January 28, 2023		Openings (1) (4)	Closures (1)	January 29, 2022
North America segment:	North America segment:

Mall(3)			1,602		20	(266)	1,848		31	(115)	1,932

Mall (2)

Mall (2)

Mall (2)

Off-mall and outlet

Off-mall and outlet

Off-mall and outlet	Off-mall and outlet		879		33	(63)	909		7	(23)	925

Total North America segment store activity	Total North America segment store activity		2,481		53	(329)	2,757		38	(138)	2,857

Total North America segment store activity

Total North America segment store activity

International segment store activity

International segment store activity

International segment store activity	International segment store activity		352		—	(99)	451		—	(26)	477
Signet total	Signet total		2,833		53	(428)	3,208		38	(164)	3,334

North America Total net selling square feet (thousands)(2)	North America Total net selling square feet (thousands)(2)		3,764				4,121				4,231

Decrease in net store selling space			(8.7)	%			(2.6)	%			(5.8)	%

North America Total net selling square feet (thousands) (2)

North America Total net selling square feet (thousands) (2)

Increase (decrease) in net store selling space
Increase (decrease) in net store selling space
Increase (decrease) in net store selling space													(1.4)	%				0.9		%				0.5	%

International Total net selling square feet (thousands)
International Total net selling square feet (thousands)
International Total net selling square feet (thousands)	International Total net selling square feet (thousands)		408				478				499

Decrease in net store selling space	Decrease in net store selling space		(14.6)	%			(4.2)	%			(4.8)	%
Decrease in net store selling space
Decrease in net store selling space													(15.4)	%				(3.7)		%				(0.7)	%


		North America		International		Consolidated
Fiscal 2021
		North America
		North America
		North America												International					Consolidated
Fiscal 2024
Bridal
Bridal
Bridal	Bridal	49	%	48	%	49	%	50	%				46	%				50	%
Fashion	Fashion	46	%	20	%	44	%	Fashion	45	%				21	%				44	%
Watches	Watches	3	%	31	%	5	%	Watches	4	%				33	%				5	%
Other	Other	2	%	—	%	2	%	Other	1	%				—	%				1	%
		100	%	100	%	100	%
Fiscal 2020
	100										100	%				100	%				100	%
Fiscal 2023 (1)
Bridal
Bridal
Bridal	Bridal	51	%	34	%	49	%	50	%				46	%				50	%
Fashion	Fashion	43	%	26	%	42	%	Fashion	45	%				19	%				44	%
Watches	Watches	4	%	37	%	7	%	Watches	4	%				35	%				5	%
Other	Other	2	%	3	%	2	%	Other	1	%				—	%				1	%
		100	%	100	%	100	%
	100										100	%				100	%				100	%


			Fiscal 2021				Fiscal 2020				Fiscal 2019
		Fiscal 2024																				Fiscal 2024						Fiscal 2023							Fiscal 2022
(in millions)	(in millions)		Gross advertising spending		as a % of segment sales		Gross advertising spending		as a % of segment sales		Gross advertising spending		as a % of segment sales		(in millions)	Gross advertising spending			as a % of sales				Gross advertising spending				as a % of sales				Gross advertising spending					as a % of sales
North America	North America		$	329.5	6.8	%	$	370.0	6.6	%	$	368.5	6.6	%	North America	$	508.8	7.6		7.6	%			$	536.4	7.4			7.4	%		$	508.6	7.0			7.0	%
International	International		13.5		3.8	%	18.9		3.6	%	19.3		3.3	%	International	14.0		3.3		3.3	%			19.2		4.1			4.1	%		18.4		3.7			3.7	%
Signet	Signet		$	343.0	6.6	%	$	388.9	6.3	%	$	387.8	5.8	%	Signet	$	522.8	7.3		7.3	%			$	555.6	7.1			7.1	%		$	527.0	6.7			6.7	%


(dollars in millions)	(dollars in millions)	Fiscal 2021			Fiscal 2020			(dollars in millions)	Fiscal 2024			Fiscal 2023
Total North America sales (excluding James Allen)		$	4,539.4		$	5,315.2
Total North America sales (1)								Total North America sales (1)	$	5,599.6		$	6,189.8
Credit, lease and Affirm purchase sales	Credit, lease and Affirm purchase sales	$	1,888.9		$	2,652.4		Credit, lease and Affirm purchase sales	$	2,463.0		$	2,734.2
Credit, lease and Affirm purchase sales as % of total North America sales		41.6		%	49.9		%
Credit, lease and Affirm purchase sales as % of total eligible North America sales (1)								Credit, lease and Affirm purchase sales as % of total eligible North America sales (1)	44.0		%	44.2		%


☒			Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


	February 3, 2024		January 28, 2023
Headcount by status
Full-time	14,297		14,475
Part-time	10,342		10,704
Total	24,639		25,179

Demographic information
By Gender
Women	72.9	%	72.9	%
Men	26.0	%	25.8	%
Chose not to identify	1.1	%	1.3	%
By Race/Ethnicity
Number of Black or African American employees	13.4	%	13.3	%
Number of American Indian and Alaska Native employees	0.8	%	0.8	%
Number of Asian employees	6.5	%	5.6	%
Number of Caucasian and White employees	49.6	%	50.6	%
Number of Hispanic and Latino employees	15.9	%	15.2	%
Number of Native Hawaiian and Other Pacific Islander employees	0.4	%	0.5	%
Number of employees of two or more races	3.6	%	3.6	%
Number of employees of unknown ethnicities	9.8	%	10.4	%


	Total	Male		Female		Chose not to identify		Non-BIPOC		BIPOC
Board	12	58.0	%	42.0	%	—	%	83.0	%	17.0	%
Signet Leadership Team	22	40.9	%	59.1	%	—	%	81.8	%	18.2	%
VP and Above (Support Center)(1)	158	60.1	%	39.9	%	—	%	85.4	%	14.6	%
Directors and Above (Support Center)(1)	427	43.1	%	56.9	%	—	%	82.9	%	17.1	%
Assistant Manager and Above (Retail Stores)(1)	5,406	25.4	%	74.3	%	0.3	%	62.9	%	37.1	%


		North America segment	International segment	Signet

		North America segment
		North America segment
		North America segment			International segment	Signet
US	US	2,381	—	2,381
Canada	Canada	100	—	100
United Kingdom		—	339	339
UK
Republic of Ireland	Republic of Ireland	—	10	10
Channel Islands	Channel Islands	—	3	3
Total	Total	2,481	352	2,833


Period	Total number of shares purchased(1)	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs(2)	Approximate dollar value of shares that may yet be purchased under the plans or programs
November 1, 2020 to November 28, 2020	—	$	—	—	$165,586,651
November 29, 2020 to December 26, 2020	197	$	31.01	—	$165,586,651
December 27, 2020 to January 30, 2021	110	$	36.68	—	$165,586,651
Total	307	$	33.04	—	$165,586,651


Period	Total number of shares purchased	Average price paid per share (1)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs
October 29, 2023 to November 25, 2023	27,528	$	81.72	27,528	$680,592,459
November 26, 2023 to December 30, 2023	167,022	$	86.20	167,022	$666,195,183
December 31, 2023 to February 3, 2024	51,792	$	99.90	51,792	$661,021,111
Total	246,342	$	88.58	246,342	$661,021,111


	Fiscal 2024				Fiscal 2023
(in millions, except per share amounts)	$		% of sales		$		% of sales
Sales	$	7,171.1	100.0	%	$	7,842.1	100.0	%
Cost of sales	(4,345.7)		(60.6)		(4,790.0)		(61.1)

Gross margin	2,825.4		39.4		3,052.1		38.9
Selling, general and administrative expenses	(2,197.7)		(30.6)		(2,214.6)		(28.2)


Asset impairments, net	(9.1)		(0.1)		(22.7)		(0.3)
Other operating income (expense), net	2.9		—		(209.9)		(2.7)
Operating income	621.5		8.7		604.9		7.7
Interest income (expense), net	18.7		0.3		(13.5)		(0.2)
Other non-operating expense, net	(0.4)		—		(140.2)		(1.8)
Income before income taxes	639.8		8.9		451.2		5.8
Income taxes	170.6		2.4		(74.5)		(1.0)
Net income	810.4		11.3		376.7		4.8
Dividends on redeemable convertible preferred shares	(34.5)		(0.5)		(34.5)		(0.4)
Net income attributable to common shareholders	$	775.9	10.8	%	$	342.2	4.4	%

Diluted earnings per share	$	15.01	nm		$	6.64	nm


	Change from previous year
Fiscal 2024	Same store sales		Non-same store sales, net (1)		Impact of 53rd week on total sales		Total sales at constant exchange rate (2)		Exchange translation impact		Total sales as reported		Total sales (in millions)







North America reportable segment	(11.9)	%	2.6	%	1.3	%	(8.0)	%	—	%	(8.0)	%	$	6,703.8


International reportable segment	(5.3)	%	(6.3)	%	1.3	%	(10.3)	%	1.9	%	(8.4)	%	$	430.7
Other reportable segment (3)	nm		nm		nm		nm		nm		nm		$	36.6
Signet	(11.6)	%	1.7	%	1.3	%	(8.6)	%	—	%	(8.6)	%	$	7,171.1


	Average Merchandise Transaction Value (1)(2)								Merchandise Transactions
	Average Value				Change from previous year				Change from previous year
Fiscal 2024	Fiscal 2024		Fiscal 2023		Fiscal 2024		Fiscal 2023		Fiscal 2024		Fiscal 2023







North America reportable segment	$	551	$	538	2.4	%	18.8	%	(11.5)	%	(15.4)	%


International reportable segment (3)	£	171	£	172	(0.6)	%	10.3	%	(10.6)	%	(3.9)	%


(Exact name of Registrant as specified in its charter)


(in millions)	Fiscal 2021		Fiscal 2020		Fiscal 2019
Adjusted debt:
Long-term debt	$	146.7	$	515.9	$	649.6
Loans and overdrafts	—		95.6		78.8
Series A redeemable convertible preferred shares	642.3		617.0		615.3
Adjustments:
5x Rent expense	2,263.0		2,398.5		2,551.5
Adjusted debt	$	3,052.0	$	3,627.0	$	3,895.2

Adjusted EBITDAR:
Net income (loss)	$	(15.2)	$	105.5	$	(657.4)
Income taxes	(74.5)		24.2		(145.2)
Interest expense, net	32.0		35.6		39.7
Depreciation and amortization on property, plant and equipment (1)	175.1		177.1		179.6
Amortization of definite-lived intangibles (1)	0.9		0.9		4.0
Amortization of unfavorable contracts	(5.4)		(5.5)		(7.9)
Share-based compensation	14.5		16.9		16.5
Other accounting adjustments (2)	214.5		153.8		1,039.7
Adjusted EBITDA	$	341.9	$	508.5	$	469.0
Rent expense	452.6		479.7		510.3
Adjusted EBITDAR	$	794.5	$	988.2	$	979.3

Adjusted Leverage ratio (3)	3.8x		3.7x		4.0x


	Change from previous year
Fourth Quarter of Fiscal 2024	Same store sales		Non-same store sales, net		Impact of 14th week on total sales		Total sales at constant exchange rate (1)		Exchange translation impact		Total sales as reported		Total sales (in millions)








North America reportable segment	(10.0)	%	—	%	3.9	%	(6.1)	%	—	%	(6.1)	%	$	2,350.4


International reportable segment	(1.0)	%	(14.3)	%	3.9	%	(11.4)	%	3.9	%	(7.5)	%	$	141.7
Other reportable segment (2)	nm		nm		nm		nm		nm		nm		$	5.5
Signet	(9.6)	%	(0.9)	%	3.9	%	(6.6)	%	0.3	%	(6.3)	%	$	2,497.6


	Fourth Quarter Fiscal 2024				Fourth Quarter Fiscal 2023
(in millions)	$		% of sales		$		% of sales
North America reportable segment (1)	$	396.0	16.8	%	$	372.9	14.9	%
International reportable segment (2)	36.0		25.4	%	14.7		9.6	%
Other reportable segment	(3.4)		nm		(2.1)		nm
Corporate and unallocated expenses	(12.3)		nm		(16.0)		nm
Operating income	$	416.3	16.7	%	$	369.5	13.9	%


	Change from previous year
Fourth Quarter of Fiscal 2021	Same store sales (1)		Non-same store sales, net		Total sales at constant exchange rate		Exchange translation impact		Total sales as reported		Total sales (in millions)







North America segment	10.4	%	(5.4)	%	5.0	%	0.1	%	5.1	%	$	2,054.1


International segment	(28.3)	%	(7.5)	%	(35.8)	%	1.9	%	(33.9)	%	$	123.1
Other segment (1)	na		(30.1)	%	(30.1)	%	—	%	(30.1)	%	$	9.3
Signet	7.0	%	(5.8)	%	1.2	%	0.3	%	1.5	%	$	2,186.5


	Fourth Quarter Fiscal 2021				Fourth Quarter Fiscal 2020
(in millions)	$		% of sales		$		% of sales
North America segment (1)	$	296.2	14.4	%	255.5		13.1	%
International segment (2)	9.3		7.6	%	25.5		13.7	%
Other segment	(1.1)		nm		(1.5)		nm
Corporate and unallocated expenses (3)	(12.5)		nm		(56.3)		nm
Operating income (loss)	$	291.9	13.4	%	$	223.2	10.4	%


Rating Agency	Corporate	Senior ~~Unsecured~~ Notes
Standard & Poor’s	B+BB-	B+BB-
Moody’s	Ba3	B2
Fitch	BBB	~~BB-~~BB


	Summarized Balance Sheets
(in millions)	February 3, 2024		January 28, 2023
Total current assets	$	3,492.6	$	3,225.3
Total non-current assets	1,959.2		2,056.3
Total current liabilities	2,493.4		2,555.5
Total non-current liabilities	3,033.6		3,192.3
Redeemable preferred shares	655.5		653.8
Total due from Non-Guarantors (1)	521.3		425.1
Total due to Non-Guarantors (1)	1,923.2		1,798.3


	Summarized Statements of Operations
(in millions)	Fiscal 2021		Fiscal 2020
Sales	$	4,894.8	$	5,656.3
Gross margin	1,681.7		2,061.2
Income (loss) before income taxes (2)	161.1		1,437.8
Net income (loss) (2)	240.1		1,416.2


(in millions)	(in millions)	Fair Value January 30, 2021		10% depreciation of $ against £		10% depreciation of $ against C$		10% depreciation of gold prices		Fair Value February 1, 2020
(in millions)
(in millions)												Fair Value February 3, 2024	10% depreciation of $ against £	10% depreciation of $ against C$	Fair Value January 28, 2023
Foreign exchange contracts	Foreign exchange contracts	$	(0.2)	$	8.6	$	0.9	$	—	$	(0.3)
Commodity contracts		(0.1)		—		—		(0.1)		11.8


(in millions, except par value per share amount)	(in millions, except par value per share amount)	January 30, 2021		February 1, 2020		Notes	(in millions, except par value per share amount)	February 3, 2024					January 28, 2023				Notes
Assets	Assets
Current assets:	Current assets:
Current assets:
Current assets:
Cash and cash equivalents	Cash and cash equivalents	$	1,172.5	$	374.5	1
Accounts receivable, net		88.7		38.8		13
Cash and cash equivalents
Cash and cash equivalents								$	1,378.7				$	1,166.8			1
Accounts receivable							Accounts receivable	9.4					14.5				13
Other current assets	Other current assets	236.6		403.5
Income taxes	Income taxes	51.7		6.3
Inventories, net		2,032.5		2,331.7		14
Income taxes
Income taxes
Inventories
Inventories
Inventories								1,936.6					2,150.3				14
Total current assets	Total current assets	3,582.0		3,154.8
Non-current assets:	Non-current assets:
Non-current assets:
Non-current assets:
Property, plant and equipment, net
Property, plant and equipment, net
Property, plant and equipment, net	Property, plant and equipment, net	605.5		741.9		15	497.7			586.5		586.5			15			15
Operating lease right-of-use assets	Operating lease right-of-use assets	1,362.2		1,683.3		17	Operating lease right-of-use assets	1,001.8			1,049.3			1,049.3		17			17
Goodwill	Goodwill	238.0		248.8		18	Goodwill	754.5			751.7			751.7		18			18
Intangible assets, net	Intangible assets, net	179.0		263.8		18	Intangible assets, net	402.8			407.4			407.4		18			18
Other assets	Other assets	195.8		201.8
Deferred tax assets	Deferred tax assets	16.4		4.7		11
Deferred tax assets
Deferred tax assets								300.5					36.7				10
Total assets	Total assets	$	6,178.9	$	6,299.1
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity	Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:	Current liabilities:
Loans and overdrafts		$	0	$	95.6	23
Current liabilities:
Current liabilities:
Current portion of long-term debt
Current portion of long-term debt
Current portion of long-term debt								$	147.7				$	—			22
Accounts payable	Accounts payable	812.6		227.9
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	494.1		697.0		24	400.2			638.7		638.7			23			23
Deferred revenue	Deferred revenue	288.7		266.2		3	Deferred revenue	362.9			369.5			369.5		3			3
Operating lease liabilities	Operating lease liabilities	377.3		338.2		17	Operating lease liabilities	260.3			288.2			288.2		17			17
Income taxes	Income taxes	26.0		27.7
Total current liabilities	Total current liabilities	1,998.7		1,652.6
Total current liabilities
Total current liabilities
Non-current liabilities:	Non-current liabilities:
Non-current liabilities:
Non-current liabilities:
Long-term debt
Long-term debt
Long-term debt	Long-term debt	146.7		515.9		23	—			147.4		147.4			22			22
Operating lease liabilities	Operating lease liabilities	1,147.3		1,437.7		17	Operating lease liabilities	835.7			894.7			894.7		17			17
Other liabilities	Other liabilities	111.1		116.6		25	Other liabilities	96.0			100.1			100.1		24			24
Deferred revenue	Deferred revenue	783.3		731.5		3	Deferred revenue	881.8			880.1			880.1		3			3
Deferred tax liabilities	Deferred tax liabilities	159.2		5.2		11	Deferred tax liabilities	201.7			117.6			117.6		10			10
Total liabilities	Total liabilities	4,346.3		4,459.5
Commitments and contingencies	Commitments and contingencies	0		0		27
Series A redeemable convertible preferred shares of $0.01 par value: 500 shares authorized, 0.625 shares outstanding		642.3		617.0		7
Commitments and contingencies
Commitments and contingencies																	28
Redeemable Series A Convertible Preference Shares $0.01 par value: 500 shares authorized, 0.625 shares outstanding							Redeemable Series A Convertible Preference Shares $0.01 par value: 500 shares authorized, 0.625 shares outstanding	655.5					653.8				6
Shareholders’ equity:	Shareholders’ equity:
Common shares of $0.18 par value: authorized 500 shares, 52.3 shares outstanding (2020: 52.3 shares outstanding)		12.6		12.6		8
Common shares of $0.18 par value: authorized 500 shares, 44.2 shares outstanding (2023: 44.9 shares outstanding)
Common shares of $0.18 par value: authorized 500 shares, 44.2 shares outstanding (2023: 44.9 shares outstanding)
Common shares of $0.18 par value: authorized 500 shares, 44.2 shares outstanding (2023: 44.9 shares outstanding)								12.6					12.6				7
Additional paid-in capital	Additional paid-in capital	258.8		245.4
Other reserves	Other reserves	0.4		0.4
Treasury shares at cost: 17.7 shares (2020: 17.7 shares)		(980.2)		(984.9)		8
Other reserves
Other reserves
Treasury shares at cost: 25.8 shares (2023: 25.1 shares)
Treasury shares at cost: 25.8 shares (2023: 25.1 shares)
Treasury shares at cost: 25.8 shares (2023: 25.1 shares)								(1,646.9)					(1,574.7)				7
Retained earnings	Retained earnings	2,189.2		2,242.9
Accumulated other comprehensive loss
Accumulated other comprehensive loss
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(290.5)		(293.8)		10	(265.3)			(264.2)		(264.2)			9			9
Total shareholders’ equity	Total shareholders’ equity	1,190.3		1,222.6
Total liabilities, redeemable convertible preferred shares and shareholders’ equity	Total liabilities, redeemable convertible preferred shares and shareholders’ equity	$	6,178.9	$	6,299.1
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
Total liabilities, redeemable convertible preferred shares and shareholders’ equity


(in millions)	Common shares at par value		Additional paid-in capital		Other reserves		Treasury shares		Retained earnings		Accumulated other comprehensive income (loss)		Total shareholders’ equity
Balance at February 3, 2018	$	15.7	$	290.2	$	0.4	$	(1,942.1)	$	4,396.2	$	(260.6)	$	2,499.8
Impact from adoption of new accounting pronouncements (1)	—		—		—		—		(15.7)		(0.8)		(16.5)
Net income (loss)	—		—		—		—		(657.4)		—		(657.4)
Other comprehensive income (loss)	—		—		—		—		—		(41.4)		(41.4)
Dividends on common shares	—		—		—		—		(79.4)		—		(79.4)
Dividends on redeemable convertible preferred shares	—		—		—		—		(32.9)		—		(32.9)
Repurchase of common shares	—		—		—		(485.0)		—		—		(485.0)
Treasury share retirements	(3.1)		(58.4)		—		1,391.0		(1,329.5)		—		0
Net settlement of equity based awards	—		(11.8)		—		8.8		0.9		—		(2.1)
Share-based compensation expense	—		16.5		—		—		—		—		16.5
Balance at February 2, 2019	$	12.6	$	236.5	$	0.4	$	(1,027.3)	$	2,282.2	$	(302.8)	$	1,201.6
Net income (loss)	—		—		—		—		105.5		—		105.5
Other comprehensive income (loss)	—		—		—		—		—		9.0		9.0
Dividends on common shares	—		—		—		—		(77.4)		—		(77.4)
Dividends on redeemable convertible preferred shares	—		—		—		—		(32.9)		—		(32.9)
Net settlement of equity based awards	—		(8.0)		—		42.4		(34.5)		—		(0.1)
Share-based compensation expense	—		16.9		—		—		—		—		16.9
Balance at February 1, 2020	$	12.6	$	245.4	$	0.4	$	(984.9)	$	2,242.9	$	(293.8)	$	1,222.6
Net income (loss)	—		—		—		—		(15.2)		—		(15.2)
Other comprehensive income (loss)	—		—		—		—		—		3.3		3.3

Dividends on redeemable convertible preferred shares	—		—		—		—		(33.5)		—		(33.5)
Net settlement of equity based awards	—		(1.1)		—		4.7		(5.0)		—		(1.4)
Share-based compensation expense	—		14.5		—		—		—		—		14.5
Balance at January 30, 2021	$	12.6	$	258.8	$	0.4	$	(980.2)	$	2,189.2	$	(290.5)	$	1,190.3



Buildings						Ranging from 30 – 40 years
Leasehold improvements						Remaining term of lease, not to exceed 10 years
Furniture and fixtures						Ranging from 3 – 10 years
Equipment and software						Ranging from 3 – 7 years


~~Standard~~						~~Description~~
ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, issued July 2018.						Aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.
ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, issued August 2018.						Modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans and clarifies the disclosure requirements regarding projected benefit obligations and accumulated benefit obligations. Thesupplier finance program obligations. This ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted. The new guidance does not affect the existing recognition or measurement guidance, and therefore had no impact on the Company’s financial condition or results of operations.
~~ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, issued August 2018.~~						Modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.
~~ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued June 2016.~~						Requires entities to measure and recognize expected credit losses for financial assets measured at amortized cost basis. The estimate of expected credit losses should consider historical information, current information, and reasonable and supportable forecasts of expected losses over the remaining contractual life that affect collectability. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations upon adoption; however, this ASU impacts the accounting for expected credit losses on the Company’s non-prime customer in-house finance receivables (as discussed in Note 13).


	Fiscal 2024
(in millions)	North America		International		Other		Consolidated
Sales by product:
Bridal	$	2,946.9	$	186.2	$	—	$	3,133.1
Fashion	2,672.4		84.5		—		2,756.9
Watches	212.0		133.7		—		345.7
Services (1)	715.2		26.3		—		741.5
Other (2)	157.3		—		36.6		193.9
Total sales	$	6,703.8	$	430.7	$	36.6	$	7,171.1

	Fiscal 2023
(in millions)	North America (3)		International		Other		Consolidated
Sales by product:
Bridal	$	3,281.2	$	204.8	$	—	$	3,486.0
Fashion	2,957.6		86.2		—		3,043.8
Watches	232.6		152.9		—		385.5
Services (1)	680.4		26.2		—		706.6
Other (2)	137.7		—		82.5		220.2
Total sales	$	7,289.5	$	470.1	$	82.5	$	7,842.1

	Fiscal 2022
(in millions)	North America (3)		International		Other		Consolidated
Sales by product:
Bridal	$	3,139.7	$	222.8	$	—	$	3,362.5
Fashion	3,123.0		92.7		—		3,215.7
Watches	241.6		157.8		—		399.4
Services (1)	626.2		19.1		—		645.3
Other (2)	134.3		—		68.8		203.1
Total sales	$	7,264.8	$	492.4	$	68.8	$	7,826.0


(in millions)
Inventories	$	229.1
Property, plant and equipment	32.3
Operating lease right-of-use assets	56.9
Intangible assets	126.0
Other assets	6.8
Identifiable assets acquired	451.1

Accounts payable	46.8
Deferred revenue	36.0
Operating lease liabilities	57.6
Deferred taxes	31.2
Other liabilities	27.6
Liabilities assumed	199.2
Identifiable net assets acquired	251.9
Goodwill	251.2
Net assets acquired	$	503.1


(in millions)
Inventories	$	85.8
Property, plant and equipment	33.1
Operating lease right-of-use assets	39.1
Intangible assets	96.0
Other assets	23.6
Identifiable assets acquired	277.6

Accounts payable	71.6
Deferred revenue	16.5
Operating lease liabilities	38.5

Other liabilities	17.9
Liabilities assumed	144.5
Identifiable net assets acquired	133.1
Goodwill	256.8
Net assets acquired	$	389.9


(in millions)	Statement of operations location	Fiscal 2021		Fiscal 2020		Fiscal 2019
Inventory charges(1)	Restructuring charges - cost of sales	$	1.4	$	9.2	$	62.2
Other Plan related expenses(2)	Restructuring charges	46.2		69.9		63.7
Total Signet Path to Brilliance Plan expenses		$	47.6	$	79.1	$	125.9


(in millions)	Termination benefits		Store closure and other costs		Consolidated
Balance at February 3, 2018	$	0	$	0	$	0
Payments and other adjustments	(9.7)		(103.6)		(113.3)
Charged to expense	9.7		116.2		125.9
Balance at February 2, 2019	0		12.6		12.6
Payments and other adjustments	(14.1)		(65.2)		(79.3)
Charged to expense	16.1		63.0		79.1
Balance at February 1, 2020	2.0		10.4		12.4
Payments and other adjustments	(24.0)		(25.8)		(49.8)
Charged to expense	24.1		23.5		47.6
Balance at January 30, 2021	$	2.1	$	8.1	$	10.2


(in millions, except conversion rate and conversion price)	(in millions, except conversion rate and conversion price)	January 30, 2021		February 1, 2020		(in millions, except conversion rate and conversion price)	February 3, 2024	January 28, 2023
Conversion rate	Conversion rate	12.2297		12.2297
Conversion price	Conversion price	$	81.7682	$	81.7682
Potential impact of preferred shares if-converted to common shares		7.9		7.6
Liquidation preference		$	656.8	$	632.8
Potential impact of Preferred Shares if-converted to common shares
Liquidation preference (1)


									Pension plan
								Pension plan
(in millions)	(in millions)	Foreign currency translation		Gain (losses) on available-for-sale securities, net		Gains (losses) on cash flow hedges			Actuarial gains (losses)		Prior service credits (costs)		Accumulated other comprehensive income (loss)
Balance at February 3, 2018		$	(212.5)	$	(0.1)	$	0.7		$	(51.1)	$	2.4	$	(260.6)
(in millions)
(in millions)															Foreign currency translation	Gain (losses) on available-for-sale securities	Gains (losses) on cash flow hedges	Actuarial gains (losses)	Prior service credits (costs)	Accumulated other comprehensive income (loss)
Balance at January 30, 2021
OCI before reclassifications	OCI before reclassifications	(35.9)		0.4		4.8			(3.4)		(6.5)		(40.6)
Amounts reclassified from AOCI to net income		0		0		(1.5)			0.7		0		(0.8)
Impacts from adoption of new accounting pronouncements(1)		0		(0.8)		0			0.0		0		(0.8)
Amounts reclassified from AOCI to earnings
Net current period OCI	Net current period OCI	(35.9)		(0.4)		3.3			(2.7)		(6.5)		(42.2)
Balance at February 2, 2019		$	(248.4)	$	(0.5)	$	4.0		$	(53.8)	$	(4.1)	$	(302.8)
Balance at January 29, 2022
OCI before reclassifications	OCI before reclassifications	(1.7)		(0.2)		11.2			0.4		0		9.7
Amounts reclassified from AOCI to net income		0		1.0		(2.7)			1.0		0		(0.7)
Amounts reclassified from AOCI to earnings

Net current period OCI	Net current period OCI	(1.7)		0.8		8.5			1.4		0		9.0
Balance at February 1, 2020		$	(250.1)	$	0.3	$	12.5		$	(52.4)	$	(4.1)	$	(293.8)
Net current period OCI
Net current period OCI
Balance at January 28, 2023
OCI before reclassifications	OCI before reclassifications	11.2		0.2		(0.8)			4.4		0		15.0
Amounts reclassified from AOCI to net income		0		0		(12.6)			0.8		0.1		(11.7)
Amounts reclassified from AOCI to earnings

Net current period OCI	Net current period OCI	11.2		0.2		(13.4)			5.2		0.1		3.3
Balance at January 30, 2021		$	(238.9)	$	0.5	$	(0.9)		$	(47.2)	$	(4.0)	$	(290.5)
Net current period OCI
Net current period OCI
Balance at February 3, 2024


		Amounts reclassified from AOCI
(in millions)
(in millions)
(in millions)											Fiscal 2024		Fiscal 2023		Fiscal 2022		Statements of operations caption
(Gains) losses on cash flow hedges:
Foreign currency contracts
Foreign currency contracts
Foreign currency contracts											$	(0.5)	$	(1.7)	$	0.6	Cost of sales (1)

			Amounts reclassified from AOCI
(in millions)			Fiscal 2021		Fiscal 2020		Fiscal 2019		Statement of operations caption
Losses (gains) on cash flow hedges:
Foreign currency contracts			$	0	$	(1.1)	$	0.7	Cost of sales (1)
De-designated foreign currency contracts			(0.6)		0		0		Other operating income (loss) (2)
Interest rate swaps			0		(0.6)		(1.9)		Interest expense, net (1)
Commodity contracts	Commodity contracts		(6.9)		(1.7)		(0.9)		Cost of sales (1)
De-designated commodity contracts			(9.3)		0		0		Other operating income (loss) (2)

Commodity contracts

Commodity contracts											—		—		0.4		Cost of sales (1)

Total before income tax
Total before income tax
Total before income tax	Total before income tax		(16.8)		(3.4)		(2.1)
Income taxes	Income taxes		4.2		0.7		0.6
Income taxes
Income taxes
Net of tax
Net of tax
Net of tax	Net of tax		(12.6)		(2.7)		(1.5)

Defined benefit pension plan items:	Defined benefit pension plan items:

Defined benefit pension plan items:

Defined benefit pension plan items:
Amortization of unrecognized actuarial losses	Amortization of unrecognized actuarial losses		1.0		1.2		0.9		Other non-operating income, net (3)
Amortization of unrecognized net prior service credits			0.1		0		0		Other non-operating income, net (3)

Amortization of unrecognized actuarial losses
Amortization of unrecognized actuarial losses											—		3.5		2.1		Other non-operating expense, net (2)
Amortization of unrecognized net prior service costs										Amortization of unrecognized net prior service costs	—		0.3		0.1		Other non-operating expense, net (2)
Pension settlement loss										Pension settlement loss	0.2		133.7		—		Other non-operating expense, net (2)
Total before income tax	Total before income tax		1.1		1.2		0.9
Income taxes	Income taxes		(0.2)		(0.2)		(0.2)
Income taxes
Income taxes
Net of tax
Net of tax
Net of tax	Net of tax		0.9		1.0		0.7

Available-for-sale securities:
Corporate equity securities, before income tax			0		1.0		0		Other operating income (loss) (4)
Income taxes			0		0		0
Net of tax			0		1.0		0

Total reclassifications, net of tax	Total reclassifications, net of tax		$	(11.7)	$	(0.7)	$	(0.8)

Total reclassifications, net of tax

Total reclassifications, net of tax