Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Mar. 10, 2023 | Jul. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 28, 2023 | ||
Current Fiscal Year End Date | --01-28 | ||
Document Transition Report | false | ||
Entity File Number | 1-32349 | ||
Entity Registrant Name | SIGNET JEWELERS LIMITED | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Address, Address Line One | Clarendon House | ||
Entity Address, Address Line Two | 2 Church Street | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, Postal Zip Code | HM11 | ||
Entity Address, Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 296 5872 | ||
Title of 12(b) Security | Common Shares of $0.18 each | ||
Trading Symbol | SIG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,741,129,311 | ||
Entity Common Stock, Shares outstanding | 45,221,840 | ||
Documents Incorporated by Reference | Portions of the Registrant’s proxy statement for its 2023 annual meeting of shareholders which will be filed with the Securities and Exchange Commission within 120 days after January 28, 2023 are incorporated by reference into Part III. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000832988 |
Audit Information
Audit Information | 12 Months Ended |
Jan. 28, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Cleveland, Ohio |
Auditor Firm ID | 185 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Statement [Abstract] | |||
Sales | $ 7,842.1 | $ 7,826 | $ 5,226.9 |
Cost of sales | (4,790) | (4,702) | (3,493) |
Restructuring charges - cost of sales | 0 | 0 | (1.4) |
Gross margin | 3,052.1 | 3,124 | 1,732.5 |
Selling, general and administrative expenses | (2,214.6) | (2,230.9) | (1,587.4) |
Restructuring charges | 0 | 3.3 | (46.2) |
Asset impairments, net | (22.7) | (1.5) | (159) |
Other operating income (expense) | (209.9) | 8.5 | 2.4 |
Operating income (loss) | 604.9 | 903.4 | (57.7) |
Interest expense, net | (13.5) | (16.9) | (32) |
Other non-operating expense, net | (140.2) | (2.1) | 0 |
Income (loss) before income taxes | 451.2 | 884.4 | (89.7) |
Income taxes | (74.5) | (114.5) | 74.5 |
Net income (loss) | 376.7 | 769.9 | (15.2) |
Dividends on redeemable convertible preferred shares | (34.5) | (34.5) | (33.5) |
Net income (loss) attributable to common shareholders | $ 342.2 | $ 735.4 | $ (48.7) |
Earnings (loss) per common share: | |||
Basic (usd per share) | $ 7.34 | $ 14.01 | $ (0.94) |
Diluted (usd per share) | $ 6.64 | $ 12.22 | $ (0.94) |
Weighted average common shares outstanding: | |||
Basic (in shares) | 46.6 | 52.5 | 52 |
Diluted (in shares) | 56.7 | 63 | 52 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Pre-tax amount | |||
Foreign currency translation adjustments | $ (24.1) | $ (5.4) | $ 11.2 |
Available-for-sale securities: | |||
Unrealized (loss) gain | (0.4) | (0.3) | 0.2 |
Cash flow hedges: | |||
Unrealized gain (loss) | 1.8 | 0.6 | (1) |
Reclassification adjustment for (gains) losses to earnings | (1.7) | 1 | (16.8) |
Pension plan: | |||
Actuarial (loss) gain | (0.5) | (71.4) | 5.4 |
Reclassification adjustment for amortization of actuarial losses to earnings | 3.5 | 2.1 | 1 |
Reclassification adjustment for amortization of net prior service costs to earnings | 0.3 | 0.1 | 0.1 |
Reclassification adjustment for pension settlement loss to earnings | 133.7 | 0 | 0 |
Total other comprehensive income (loss) | 112.6 | (73.3) | 0.1 |
Tax (expense) benefit | |||
Foreign currency translation adjustments | 0 | 0 | 0 |
Available-for-sale securities: | |||
Unrealized (loss) gain | 0 | 0 | 0 |
Cash flow hedges: | |||
Unrealized gain (loss) | (0.3) | 0 | 0.2 |
Reclassification adjustment for (gains) losses to earnings | 0.3 | (0.3) | 4.2 |
Pension plan: | |||
Actuarial (loss) gain | 0.1 | 13.5 | (1) |
Reclassification adjustment for amortization of actuarial losses to earnings | (0.7) | (0.3) | (0.2) |
Reclassification adjustment for amortization of net prior service costs to earnings | 0 | 0 | 0 |
Reclassification adjustment for pension settlement loss to earnings | (25.3) | 0 | 0 |
Total other comprehensive income (loss) | (25.9) | 12.9 | 3.2 |
After-tax amount | |||
Net loss | 376.7 | 769.9 | (15.2) |
Foreign currency translation adjustments | (24.1) | (5.4) | 11.2 |
Available-for-sale securities: | |||
Unrealized (loss) gain | (0.4) | (0.3) | 0.2 |
Cash flow hedges: | |||
Unrealized gain (loss) | 1.5 | 0.6 | (0.8) |
Reclassification adjustment for (gains) losses to earnings | (1.4) | 0.7 | (12.6) |
Pension plan: | |||
Actuarial (loss) gain | (0.4) | (57.9) | 4.4 |
Reclassification adjustment for amortization of actuarial losses to earnings | 2.8 | 1.8 | 0.8 |
Reclassification adjustment for amortization of net prior service costs to earnings | 0.3 | 0.1 | 0.1 |
Reclassification adjustment for pension settlement loss to earnings | 108.4 | 0 | 0 |
Total other comprehensive income (loss) | 86.7 | (60.4) | 3.3 |
Total comprehensive income (loss) | $ 463.4 | $ 709.5 | $ (11.9) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,166.8 | $ 1,418.3 |
Accounts receivable | 14.5 | 19.9 |
Other current assets | 165.9 | 208.6 |
Income taxes | 9.6 | 23.2 |
Inventories | 2,150.3 | 2,060.4 |
Total current assets | 3,507.1 | 3,730.4 |
Non-current assets: | ||
Property, plant and equipment, net | 586.5 | 575.9 |
Operating lease right-of-use assets | 1,049.3 | 1,206.6 |
Goodwill | 751.7 | 484.6 |
Intangible assets, net | 407.4 | 314.2 |
Other assets | 281.7 | 226.1 |
Deferred tax assets | 36.7 | 37.3 |
Total assets | 6,620.4 | 6,575.1 |
Current liabilities: | ||
Accounts payable | 879 | 899.8 |
Accrued expenses and other current liabilities | 638.7 | 501.6 |
Deferred revenue | 369.5 | 341.3 |
Operating lease liabilities | 288.2 | 300 |
Income taxes | 72.7 | 28 |
Total current liabilities | 2,248.1 | 2,070.7 |
Non-current liabilities: | ||
Long-term debt | 147.4 | 147.1 |
Operating lease liabilities | 894.7 | 1,005.1 |
Other liabilities | 100.1 | 117.6 |
Deferred revenue | 880.1 | 857.6 |
Deferred tax liabilities | 117.6 | 160.9 |
Total liabilities | 4,388 | 4,359 |
Commitments and contingencies | ||
Redeemable Series A Convertible Preference Shares $0.01 par value: 500 shares authorized, 0.625 shares outstanding | 653.8 | 652.1 |
Shareholders’ equity: | ||
Common shares of $0.18 par value: authorized 500 shares, 44.9 shares outstanding (2022: 49.9 shares outstanding) | 12.6 | 12.6 |
Additional paid-in capital | 259.7 | 231.2 |
Other reserves | 0.4 | 0.4 |
Treasury shares at cost: 25.1 shares (2022: 20.1 shares) | (1,574.7) | (1,206.7) |
Retained earnings | 3,144.8 | 2,877.4 |
Accumulated other comprehensive loss | (264.2) | (350.9) |
Total shareholders’ equity | 1,578.6 | 1,564 |
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | $ 6,620.4 | $ 6,575.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 28, 2023 | Jan. 29, 2022 |
Common shares, par value (usd per share) | $ 0.18 | $ 0.18 |
Common shares, authorized (in shares) | 500,000,000 | 500,000,000 |
Common shares, outstanding (in shares) | 44,900,000 | 49,900,000 |
Treasury Stock, common (in shares) | 25,100,000 | 20,100,000 |
Series A Redeemable Convertible Preferred Stock | ||
Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred shares, authorized (in shares) | 500,000,000 | 500,000,000 |
Preferred shares, outstanding (in shares) | 625,000 | 625,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Operating activities | |||
Net loss | $ 376.7 | $ 769.9 | $ (15.2) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 164.5 | 163.5 | 176 |
Amortization of unfavorable contracts | (1.8) | (3.3) | (5.4) |
Share-based compensation | 42 | 45.8 | 14.5 |
Deferred taxation | (99.3) | 0.1 | 141.8 |
Asset impairments | 22.7 | 1.5 | 159 |
Restructuring charges | 0 | 0 | 14.7 |
Net loss on extinguishment of debt | 0 | 0 | 0.4 |
Pension settlement loss | 133.7 | 0 | 0 |
Other non-cash movements | 7.2 | 4.8 | 0.3 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Decrease (increase) in accounts receivable | 5.5 | 12.4 | (50.1) |
Proceeds from sale of in-house finance receivables | 0 | 81.3 | 0 |
Decrease (increase) in other assets and other receivables | 10.6 | (39.9) | 181.9 |
(Increase) decrease in inventories | (16.5) | 198.3 | 308 |
(Decrease) increase in accounts payable | (101.6) | 35.7 | 577.8 |
Increase (decrease) in accrued expenses and other liabilities | 120 | (30.1) | (185.8) |
Change in operating lease assets and liabilities | 18.2 | (64.1) | 31.2 |
Increase in deferred revenue | 27.9 | 100.5 | 73.1 |
Changes in income tax receivable and payable | 98.5 | (6.7) | (45.5) |
Pension plan contributions | (10.4) | (12.4) | (4.4) |
Net cash provided by operating activities | 797.9 | 1,257.3 | 1,372.3 |
Investing activities | |||
Purchase of property, plant and equipment | (138.9) | (129.6) | (83) |
Acquisitions, net of cash acquired | (391.8) | (515.8) | 0 |
Other investing activities, net | (14.7) | 2.7 | 5.2 |
Net cash used in investing activities | (545.4) | (642.7) | (77.8) |
Financing activities | |||
Dividends paid on common shares | (36.6) | (19) | (19.4) |
Dividends paid on redeemable convertible preferred shares | (32.9) | (24.6) | (7.8) |
Repurchase of common shares | (376.1) | (311.8) | 0 |
Repayments of term loans | 0 | 0 | (100) |
Proceeds from revolving credit facilities | 0 | 0 | 900 |
Repayments of revolving credit facilities | 0 | 0 | (1,170) |
Payment of debt issuance costs | 0 | (3.9) | 0 |
Decrease of bank overdrafts | 0 | 0 | (87.4) |
Other financing activities, net | (44.4) | (7.3) | (14) |
Net cash used in financing activities | (490) | (366.6) | (498.6) |
Cash and cash equivalents at beginning of period | 1,418.3 | 1,172.5 | 374.5 |
(Decrease) increase in cash and cash equivalents | (237.5) | 248 | 795.9 |
Effect of exchange rate changes on cash and cash equivalents | (14) | (2.2) | 2.1 |
Cash and cash equivalents at end of period | $ 1,166.8 | $ 1,418.3 | $ 1,172.5 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions | Total | Common shares at par value | Additional paid-in capital | Other reserves | Treasury shares | Retained earnings | Accumulated other comprehensive (loss) income |
Balance at Feb. 01, 2020 | $ 1,222.6 | $ 12.6 | $ 245.4 | $ 0.4 | $ (984.9) | $ 2,242.9 | $ (293.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (15.2) | (15.2) | |||||
Other comprehensive (loss) income | 3.3 | 3.3 | |||||
Dividends on redeemable convertible preferred shares | (33.5) | (33.5) | |||||
Net settlement of equity based awards | (1.4) | (1.1) | 4.7 | (5) | |||
Share-based compensation expense | 14.5 | 14.5 | |||||
Balance at Jan. 30, 2021 | 1,190.3 | 12.6 | 258.8 | 0.4 | (980.2) | 2,189.2 | (290.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 769.9 | 769.9 | |||||
Other comprehensive (loss) income | (60.4) | (60.4) | |||||
Dividends on common shares | (28) | (28) | |||||
Dividends on redeemable convertible preferred shares | (34.5) | (34.5) | |||||
Repurchase of common shares | (311.8) | (50) | (261.8) | ||||
Net settlement of equity based awards | (7.3) | (23.4) | 35.3 | (19.2) | |||
Share-based compensation expense | 45.8 | 45.8 | |||||
Balance at Jan. 29, 2022 | 1,564 | 12.6 | 231.2 | 0.4 | (1,206.7) | 2,877.4 | (350.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 376.7 | 376.7 | |||||
Other comprehensive (loss) income | 86.7 | 86.7 | |||||
Dividends on common shares | (36.7) | (36.7) | |||||
Dividends on redeemable convertible preferred shares | (34.5) | (34.5) | |||||
Repurchase of common shares | (376.1) | 50 | (426.1) | ||||
Net settlement of equity based awards | (43.5) | (63.5) | 58.1 | (38.1) | |||
Share-based compensation expense | 42 | 42 | |||||
Balance at Jan. 28, 2023 | $ 1,578.6 | $ 12.6 | $ 259.7 | $ 0.4 | $ (1,574.7) | $ 3,144.8 | $ (264.2) |
Organization and summary of sig
Organization and summary of significant accounting policies | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and summary of significant accounting policies | Organization and summary of significant accounting policies Signet Jewelers Limited (“Signet” or the “Company”), a holding company incorporated in Bermuda, is the world’s largest retailer of diamond jewelry. The Company operates through its 100% owned subsidiaries with sales primarily in the United States (“US”), United Kingdom (“UK”) and Canada. Signet manages its business as three reportable segments: North America, International, and Other. The “Other” reportable segment consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. See Note 5 for additional discussion of the Company’s reportable segments. Signet’s business is seasonal, with the fourth quarter historically accounting for approximately 35-40% of annual sales, as well as for a substantial portion of the annual operating profit. The “Holiday Season” consists of results for the months of November and December, with December being the highest volume month of the year. The following accounting policies have been applied consistently in the preparation of the Company’s consolidated financial statements: (a) Basis of preparation The consolidated financial statements of Signet are prepared in accordance with US generally accepted accounting principles (“US GAAP” or “GAAP”) and include the results for the 52 week period ended January 28, 2023 (“Fiscal 2023”), as Signet’s fiscal year ends on the Saturday nearest to January 31. The comparative periods are for the 52 week period ended January 29, 2022 (“Fiscal 2022”) and the 52 week period ended January 30, 2021 (“Fiscal 2021”). Intercompany transactions and balances have been eliminated in consolidation. Signet has reclassified certain prior year amounts to conform to the current year presentation. There are no material related party transactions. (b) Risks and uncertainties In December 2019, a novel coronavirus (“COVID-19”) was identified in Wuhan, China. During Fiscal 2021, the Company experienced significant disruption to its business, specifically in its retail store operations through temporary closures during the first half of the year. By the end of the third quarter of Fiscal 2021, the Company had re-opened substantially all of its stores. However, during the fourth quarter of Fiscal 2021, both the UK and certain Canadian provinces re-established mandated temporary closure of non-essential businesses. The UK stores began to reopen in April 2021, while the Canadian stores began reopening in the second quarter of Fiscal 2022. While COVID-19 has not directly impacted the Company’s operations in Fiscal 2023, challenging overall market conditions exist from the direct and indirect macroeconomic effects of the pandemic on inflation, the global supply chain, changes in customer behavior and shifts in discretionary spending. The Company will continue to evaluate the impact of these and other macroeconomic factors on its business, results of operations and cash flows throughout Fiscal 2024, including the potential impacts on various estimates and assumptions inherent in the preparation of the consolidated financial statements. (c) Use of estimates The preparation of these consolidated financial statements, in conformity with US GAAP and US Securities and Exchange Commission (“SEC”) regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets. (d) Foreign currency translation The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International reportable segment and Canada as part of the North America reportable segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the consolidated balance sheet date, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within other operating income (expense) in the consolidated statements of operations. See Note 10 for additional information regarding the Company’s foreign currency translation. (e) Revenue recognition The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. See Note 3 for additional discussion of the Company’s revenue recognition policies. (f) Cost of sales and selling, general and administrative expenses Cost of sales includes merchandise costs, net of discounts and allowances; distribution and warehousing costs; and store operating and occupancy costs. Store operating and occupancy costs include utilities, rent, real estate taxes, common area maintenance charges and depreciation. Distribution and warehousing costs including freight, processing, inventory shrinkage and related compensation and benefits. Selling, general and administrative expenses include store staff and store administrative costs; centralized administrative expenses, including information technology; third-party credit costs and credit loss expense; advertising and promotional costs and other operating expenses not specifically categorized elsewhere in the consolidated statements of operations. Compensation and benefits costs included within cost of sales and selling, general and administrative expenses totaled $1,430.3 million in Fiscal 2023 (Fiscal 2022: $1,447.7 million; Fiscal 2021: $996.1 million). (g) Store opening costs The opening costs of new locations are expensed as incurred and included within selling, general and administrative expenses. (h) Advertising and promotional costs Advertising and promotional costs are expensed within selling, general and administrative expenses. Production costs are expensed at the first communication of the advertisements, while communication expenses are recognized each time the advertisement is communicated. For catalogs and circulars, costs are all expensed at the first date they can be viewed by the customer. Point of sale promotional material is expensed when first displayed in the stores. Gross advertising costs totaled $555.6 million in Fiscal 2023 (Fiscal 2022: $527.0 million; Fiscal 2021: $343.0 million). (i) Income taxes Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are recognized by applying statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized, based on management’s evaluation of all available evidence, both positive and negative, including reversals of deferred tax liabilities, projected future taxable income and results of recent operations. The Company does not recognize tax benefits related to positions taken on certain tax matters unless the position is more likely than not to be sustained upon examination by tax authorities. At any point in time, various tax years are subject to or are in the process of being audited by various taxing authorities. The Company records a reserve for uncertain tax positions, including interest and penalties. 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 the income tax provision in the period in which such determinations are made. See Note 11 for additional discussion of the Company’s income taxes. (j) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, money market deposits and amounts placed with external fund managers with an original maturity of three months or less. Cash and cash equivalents are carried at cost which approximates fair value. In addition, receivables from third-party credit card issuers typically converted to cash within five days of the original sales transaction are considered cash equivalents. The following table summarizes the details of the Company’s cash and cash equivalents: (in millions) January 28, 2023 January 29, 2022 Cash and cash equivalents held in money markets and other accounts $ 1,115.2 $ 1,362.4 Cash equivalents from third-party credit card issuers 50.2 54.4 Cash on hand 1.4 1.5 Total cash and cash equivalents $ 1,166.8 $ 1,418.3 The Company’s supplemental cash flow information was as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Non-cash investing activities: Capital expenditures in accounts payable $ 14.9 $ 6.2 $ 1.2 Supplemental cash flow information: Interest paid 11.7 14.8 30.5 Income tax paid (refunded), net (1) 74.6 120.7 (176.0) (1) Includes $53.8 million and $183.4 million refunded under the CARES Act in Fiscal 2023 and Fiscal 2021, respectively. See Note 11 for further details. (k) Inventories Inventories are primarily held for resale and are valued at the lower of cost or net realizable value. Cost is determined using weighted-average cost, on a first-in first-out basis, for all inventories except for certain loose diamond inventories (including those held in the Company’s diamond sourcing operations) where cost is determined using specific identification. Cost includes charges directly related to bringing inventory to its present location and condition. Such charges would include warehousing, security, distribution and certain buying costs. Net realizable value is defined as estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventory reserves are recorded for obsolete, slow moving or defective items and shrinkage. Inventory reserves for obsolete, slow moving or defective items are calculated as the difference between the cost of inventory and its estimated net realizable value based on targeted inventory turn rates, future demand, management strategy and market conditions. Due to inventories primarily consisting of precious stones and metals including gold, the age of inventories has a limited impact on the estimated net realizable value. Inventory reserves for shrinkage are estimated and recorded based on historical physical inventory results, expectations of inventory losses and current inventory levels. Physical inventories are taken at least once annually for all store locations and distribution centers. See Note 15 for additional discussion of the Company’s inventories. (l) Vendor contributions Contributions are received from vendors through various programs and arrangements including cooperative advertising. Where vendor contributions related to identifiable promotional events are received, contributions are matched against the costs of promotions. Vendor contributions received as general contributions and not related to specific promotional events are recognized as a reduction of inventory costs. (m) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation, amortization and impairment charges. Maintenance and repair costs are expensed as incurred. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows: 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 Computer software purchased or developed for internal use is stated at cost less accumulated amortization. Signet’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, Signet also capitalizes certain payroll and payroll-related costs for employees directly associated with internal use computer projects. Amortization is recorded on a straight-line basis over periods from three Capitalized amounts for cloud computing arrangements accounted for as service contracts are included in other assets in the consolidated balance sheets. These costs primarily consist of payroll and payroll-related costs for employees directly associated with the implementation of cloud computing projects, consulting fees, and development fees. Amortization of these costs is recorded on a straight-line basis over the life of the service contract, ranging from two See Note 16 for additional discussion of the Company’s property, plant and equipment, and Note 17 for the Company’s policy for long-lived asset impairment. (n) Goodwill and intangibles In a business combination, the Company estimates and records the fair value of all assets acquired and liabilities assumed, including identifiable intangible assets and liabilities. The fair value of these intangible assets and liabilities is estimated based on management’s assessment, including selection of appropriate valuation techniques, inputs and assumptions in the determination of fair value. Significant estimates in valuing intangible assets and liabilities acquired include, but are not limited to, future expected cash flows associated with the acquired asset or liability, expected life and discount rates. The excess purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is recorded by the Company’s reporting units based on the acquisitions made by each. Goodwill and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually as of the beginning of the fourth reporting period, with the exception of newly acquired reporting units which are completed no later than twelve months after the date of acquisition. Additionally, if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value, the Company would evaluate the reporting unit or asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. When the carrying amount of the reporting unit or other intangible assets exceeds its fair value, an impairment charge is recorded. Intangible assets with definite lives are amortized and reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. If the estimated undiscounted future cash flows related to the asset are less than the carrying amount, the Company recognizes an impairment charge equal to the difference between the carrying value and the estimated fair value, usually determined by the estimated discounted future cash flows of the asset. See Note 19 for additional discussion of the Company’s goodwill and intangibles. (o) Derivatives and hedge accounting The Company may enter into various types of derivative instruments to mitigate certain risk exposures related to changes in commodity costs and foreign exchange rates. Derivative instruments are recorded in the consolidated balance sheets at fair value, as either assets or liabilities, with an offset to net income or other comprehensive income (“OCI”), depending on whether the derivative qualifies as an effective hedge. If a derivative instrument meets certain hedge criteria, the Company designates the derivative as a cash flow hedge within the fiscal quarter it is entered into. For effective cash flow hedge transactions, the changes in fair value of the derivative instruments are recognized in equity as a component of AOCI and are recognized in the consolidated statements of operations in the same period(s) and on the same financial statement line in which the hedged item affects net income. Gains and losses on derivatives that do not qualify for hedge accounting are recognized immediately in other operating income (loss). In the normal course of business, the Company may terminate cash flow hedges prior to the occurrence of the underlying forecasted transaction. For cash flow hedges terminated prior to the occurrence of the underlying forecasted transaction, management monitors the probability of the associated forecasted cash flow transactions to assess whether any gain or loss recorded in AOCI should be immediately recognized in net income (loss). Cash flows from derivative contracts are included in net cash provided by operating activities. See Note 21 for additional discussion of the Company’s derivatives and hedge activities. (p) Employee benefits The funded status of the defined benefit pension plan in the UK (the “UK Plan”) is recognized on the consolidated balance sheets, and is the difference between the fair value of plan assets and the projected benefit obligation measured at the balance sheet date. Gains or losses and prior service costs or credits that arise and are not included as components of net periodic pension cost are recognized, net of tax, in OCI. Signet also operates a defined contribution plan in the UK, a defined contribution retirement savings plan in the US, and an executive deferred compensation plan in the US. Contributions made by Signet to these benefit arrangements are charged primarily to selling, general and administrative expenses in the consolidated statements of operations as incurred. See Note 23 for additional discussion of the Company’s employee benefits. (q) Debt issuance costs Borrowings include primarily interest-bearing bank loans and bank overdrafts. Direct debt issuance costs on borrowings are capitalized and amortized into interest expense over the contractual term of the related loan. See Note 24 for additional discussion of the Company’s debt issuance costs. (r) Share-based compensation Signet measures share-based compensation cost for awards classified as equity at the grant date based on the estimated fair value of the award and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period of employees. Certain share awards under the Company’s plans include a condition whereby vesting is contingent on Company performance exceeding a given target, and therefore awards granted with this condition are considered to be performance-based awards. Signet estimates the fair value of time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) using the share price of Signet’s common stock reduced by a discount factor representing the present value of dividends that will not be received during the term of the awards. Signet estimates the fair value of time-based restricted shares (“RSAs”) and common stock awards at the share price of Signet’s common stock as of the grant award date. Signet estimates the fair value of stock options using a Black-Scholes model for awards granted under the Omnibus Plan and the binomial valuation model for awards granted under the Share Saving Plans. Deferred tax assets for awards that result in deductions on the income tax returns of subsidiaries are recorded by Signet based on the amount of compensation cost recognized and the subsidiaries’ statutory tax rate in the jurisdiction in which it will receive a deduction. Share-based compensation is primarily recorded in selling, general and administrative expenses in the consolidated statements of operations, consistent with the relevant salary cost. See Note 27 for additional discussion of the Company’s share-based compensation plans. (s) Contingent liabilities Provisions for contingent liabilities are recorded for probable losses when management is able to reasonably estimate the loss or range of loss. When it is reasonably possible that a contingent liability may result in a loss or additional loss, the range of the potential loss is disclosed. See Note 28 for additional discussion of the Company’s contingencies. (t) Dividends Dividends on common shares are reflected as a reduction of retained earnings in the period in which they are formally declared by the Board of Directors (the “Board”). In addition, the cumulative dividends on preferred shares are reflected as a reduction of retained earnings in the period in which they are declared by the Board, as are the deemed dividends resulting from the accretion of issuance costs related to the preferred shares. See Note 7 and Note 8 for additional information related to the Company’s equity, including the preferred shares. |
New accounting pronouncements
New accounting pronouncements | 12 Months Ended |
Jan. 28, 2023 | |
Accounting Policies [Abstract] | |
New accounting pronouncements | New accounting pronouncements The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. New accounting pronouncements recently adopted There were no new accounting pronouncements adopted during Fiscal 2023 that have had a material impact on the Company’s consolidated financial position or results of operations. New accounting pronouncements issued but not yet adopted There are no new accounting pronouncements issued that are expected to have a material impact on the Company’s consolidated financial position or results of operations in future periods. |
Revenue recognition
Revenue recognition | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition | Revenue recognition The following tables provide the Company’s total sales, disaggregated by banner, for Fiscal 2023, Fiscal 2022 and Fiscal 2021: Fiscal 2023 (in millions) North America International Other Consolidated Sales by banner: Kay $ 2,804.2 $ — $ — $ 2,804.2 Zales 1,445.0 — — 1,445.0 Jared 1,313.5 — — 1,313.5 Digital banners (1) (2) 571.8 — — 571.8 Diamonds Direct 467.1 — — 467.1 Banter by Piercing Pagoda 417.9 — — 417.9 Peoples 209.1 — — 209.1 International segment banners — 470.1 — 470.1 Other (4) 60.9 — 82.5 143.4 Total sales $ 7,289.5 $ 470.1 $ 82.5 $ 7,842.1 Fiscal 2022 (in millions) North America International Other Consolidated Sales by banner: Kay $ 2,985.8 $ — $ — $ 2,985.8 Zales 1,624.8 — — 1,624.8 Jared 1,326.3 — — 1,326.3 Digital banners (1) 422.8 — — 422.8 Diamonds Direct (3) 132.5 — — 132.5 Banter by Piercing Pagoda 553.4 — — 553.4 Peoples 206.2 — — 206.2 International segment banners — 492.4 — 492.4 Other (4) 13.0 — 68.8 81.8 Total sales $ 7,264.8 $ 492.4 $ 68.8 $ 7,826.0 Fiscal 2021 (in millions) North America International Other Consolidated Sales by banner: Kay $ 2,008.6 $ — $ — $ 2,008.6 Zales 1,121.6 — — 1,121.6 Jared 920.9 — — 920.9 Digital banners (1) 301.4 — — 301.4 Banter by Piercing Pagoda 337.5 — — 337.5 Peoples 150.9 — — 150.9 International segment banners — 355.9 — 355.9 Other (4) — — 30.1 30.1 Total sales $ 4,840.9 $ 355.9 $ 30.1 $ 5,226.9 (1) Includes sales from the Company’s digital banners James Allen and Blue Nile. (2) Includes Blue Nile sales since the date of acquisition on August 19, 2022. See Note 4 for further details. (3) Includes Diamonds Direct sales since the date of acquisition on November 17, 2021. See Note 4 for further details. (4) Other primarily includes sales from Signet’s diamond sourcing initiative, loose diamonds and Rocksbox. The following tables provide the Company’s total sales, disaggregated by major product, for Fiscal 2023, Fiscal 2022 and Fiscal 2021: Fiscal 2023 (in millions) North America International Other Consolidated Sales by product: Bridal $ 3,230.8 $ 204.8 $ — $ 3,435.6 Fashion 2,965.3 86.2 — 3,051.5 Watches 232.6 152.9 — 385.5 Services (1) 680.4 26.2 — 706.6 Other (2) 180.4 — 82.5 262.9 Total sales $ 7,289.5 $ 470.1 $ 82.5 $ 7,842.1 Fiscal 2022 (in millions) North America International Other Consolidated Sales by product: Bridal $ 3,087.6 $ 222.8 $ — $ 3,310.4 Fashion 3,130.1 92.7 — 3,222.8 Watches 241.8 157.8 — 399.6 Services (1) 626.2 19.1 — 645.3 Other (2) 179.1 — 68.8 247.9 Total sales $ 7,264.8 $ 492.4 $ 68.8 $ 7,826.0 Fiscal 2021 (in millions) North America International Other Consolidated Sales by product: Bridal $ 2,140.5 $ 166.4 $ — $ 2,306.9 Fashion 1,987.9 69.2 — 2,057.1 Watches 145.6 108.5 — 254.1 Services (1) 374.5 11.8 — 386.3 Other (2) 192.4 — 30.1 222.5 Total sales $ 4,840.9 $ 355.9 $ 30.1 $ 5,226.9 (1) Services primarily includes sales from service plans, repairs and subscriptions. (2) Other primarily includes sales from Signet’s diamond sourcing initiative and other miscellaneous non-jewelry sales. The following tables provide the Company’s total sales, disaggregated by channel, for Fiscal 2023, Fiscal 2022 and Fiscal 2021: Fiscal 2023 (in millions) North America International Other Consolidated Sales by channel: Store $ 5,728.5 $ 386.0 $ — $ 6,114.5 eCommerce 1,515.3 84.1 — 1,599.4 Other (1) 45.7 — 82.5 128.2 Total sales $ 7,289.5 $ 470.1 $ 82.5 $ 7,842.1 Fiscal 2022 (in millions) North America International Other Consolidated Sales by channel: Store $ 5,867.9 $ 377.7 $ — $ 6,245.6 eCommerce 1,396.9 114.7 — 1,511.6 Other (1) — — 68.8 68.8 Total sales $ 7,264.8 $ 492.4 $ 68.8 $ 7,826.0 Fiscal 2021 (in millions) North America International Other Consolidated Sales by channel: Store $ 3,772.9 $ 238.9 $ — $ 4,011.8 eCommerce 1,068.0 117.0 — 1,185.0 Other (1) — — 30.1 30.1 Total sales $ 4,840.9 $ 355.9 $ 30.1 $ 5,226.9 (1) Includes sales from Signet’s diamond sourcing initiative and loose diamonds. The Company recognizes revenues when control of the promised goods and services are transferred to customers, in an amount that reflects the consideration expected to be received in exchange for those goods. Transfer of control generally occurs at the time merchandise is taken from a store, or upon receipt of the merchandise by a customer for an eCommerce shipment. The Company excludes all taxes assessed by government authorities and collected from a customer from its reported sales. The Company’s revenue streams and their respective accounting treatments are further discussed below. Merchandise sales and repairs Store sales are recognized when the customer receives and pays for the merchandise at the store with cash, private label credit card programs, a third-party credit card or a lease purchase option. For online sales shipped to customers, sales are recognized at the estimated time the customer has received the merchandise. Amounts related to shipping and handling that are billed to customers are reflected in sales and the related costs are reflected in cost of sales. Revenues on the sale of merchandise are reported net of anticipated returns and sales tax collected. Returns are estimated based on previous return rates experienced. Any deposits received from a customer for merchandise are deferred and recognized as revenue when the customer receives the merchandise. Revenues derived from providing replacement merchandise on behalf of insurance organizations are recognized upon receipt of the merchandise by the customer. Revenues on repair of merchandise are recognized when the service is complete and the customer collects the merchandise at the store. Extended service plans (“ESP”) The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral periods for ESP sales are determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in historical claims to assess whether changes are required to the revenue and cost recognition rates utilized. The Company refreshes its analysis of the claims patterns on at least an annual basis, or more often if circumstances dictate such a review is required (such as occurred as a result of the disruption from COVID-19). A significant change in either the overall claims pattern or the life over which the Company is expected to fulfill its obligations under the warranty, could result in material change to revenues. These changes have not had a material impact on revenue during Fiscal 2023, Fiscal 2022 or Fiscal 2021. The North America reportable segment sells ESP, subject to certain conditions, to perform repair work over the life of the product. Customers generally pay for ESP at the store or online at the time of merchandise sale. Revenue from the sale of the lifetime ESP is recognized consistent with the estimated patterns of claim costs expected to be incurred by the Company in connection with performing under the ESP obligations. Lifetime ESP revenue is deferred and recognized over a maximum of 13 years after the sale of the warranty contract. Although claims experience varies between the Company’s national banners, thereby resulting in different recognition rates, approximately 60% to 65% of revenue is recognized within the first two years on a weighted average basis. Signet also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that Signet receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience. Deferred selling costs All direct costs associated with the sale of the ESP plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Amortization of deferred ESP selling costs is included within selling, general and administrative expenses in the consolidated statements of operations. Amortization of deferred ESP selling costs was $43.7 million, $41.7 million and $26.3 million in Fiscal 2023, and Fiscal 2022 and Fiscal 2021, respectively. Unamortized deferred selling costs as of Fiscal 2023 and Fiscal 2022 were as follows: (in millions) January 28, 2023 January 29, 2022 Other current assets $ 29.2 $ 28.4 Other assets 85.4 87.8 Total deferred selling costs $ 114.6 $ 116.2 Consignment inventory sales Sales of consignment inventory are accounted for on a gross sales basis as the Company maintains control of the merchandise through the point of sale as well as provides independent advice, guidance and after-sales service to customers. Supplier products are selected at the discretion of the Company, and the Company is responsible for determining the selling price and for physical security of the products. The products sold from consignment inventory are similar in nature to other products that are sold to customers and are sold on the same terms. Deferred revenue Deferred revenue consists primarily of ESP and other deferred revenue as follows: (in millions) January 28, 2023 January 29, 2022 ESP deferred revenue $ 1,159.5 $ 1,116.5 Other deferred revenue (1) 90.1 82.4 Total deferred revenue $ 1,249.6 $ 1,198.9 Disclosed as: Current liabilities $ 369.5 $ 341.3 Non-current liabilities 880.1 857.6 Total deferred revenue $ 1,249.6 $ 1,198.9 (1) Other deferred revenue includes primarily revenue collected from customers for custom orders and eCommerce orders, for which control has not yet transferred to the customer. (in millions) Fiscal 2023 Fiscal 2022 ESP deferred revenue, beginning of period $ 1,116.5 $ 1,028.9 Plans sold (1) 522.9 528.9 Revenue recognized (2) (479.9) (441.3) ESP deferred revenue, end of period $ 1,159.5 $ 1,116.5 (1) Includes impact of foreign exchange translation. (2) During Fiscal 2023 and Fiscal 2022, the Company recognized sales of approximately $269.3 million and $244.1 million, respectively, related to deferred revenue that existed at the beginning of the year in respect to ESP. |
Acquisitions
Acquisitions | 12 Months Ended |
Jan. 28, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Rocksbox On March 29, 2021, the Company acquired all of the outstanding shares of Rocksbox Inc. (“Rocksbox”), a jewelry rental subscription business, for cash consideration of $14.6 million, net of cash acquired. The acquisition was driven by Signet's Inspiring Brilliance strategy and its initiatives to accelerate growth in its services offerings. Net assets acquired primarily consist of goodwill and intangible assets (see Note 19 for details). In connection with closing the acquisition, the Company incurred approximately $1.4 million of acquisition-related costs for professional services during Fiscal 2022, which were recorded as selling, general and administrative expenses in the consolidated statements of operations. The results of Rocksbox subsequent to the acquisition date are reported as a component of the North America reportable segment. Pro forma results of operations have not been presented, as the impact on the Company’s consolidated financial results was not material. Diamonds Direct On November 17, 2021, the Company acquired all of the outstanding shares of Diamonds Direct USA Inc. (“Diamonds Direct”) for cash consideration of $503.1 million, net of cash acquired of $14.2 million, and including the final additional payment of $1.9 million made in the first quarter of Fiscal 2023. Diamonds Direct is an off-mall, destination jeweler in the US, with a highly productive, efficient operating model with demonstrated growth and profitability which immediately contributed to Signet’s Inspiring Brilliance strategy to accelerate growth and expand the Company’s market in accessible luxury and bridal. Diamonds Direct’s strong value proposition, extensive bridal offering and customer-centric, high-touch shopping experience is a destination for young, luxury-oriented bridal shoppers. The information included herein has been prepared based on the allocation of the purchase price using estimates of the fair value and useful lives of assets acquired and liabilities assumed which were determined by management using a combination of income and cost approaches, including the relief from royalty method and replacement cost method. The following table presents the estimated fair value of the assets acquired and liabilities assumed from Diamonds Direct at the date of acquisition: (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 The Company recorded acquired intangible assets of $126.0 million, consisting entirely of an indefinite-lived trade name. Goodwill is calculated as the excess of the purchase price over the estimated fair values of the assets acquired and the liabilities assumed in the acquisition and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The amount allocated to goodwill associated with the Diamonds Direct acquisition is primarily the result of expected synergies resulting from combining the activities such as marketing and digital effectiveness, expansion of connected commence capabilities, and sourcing savings. The Company allocated goodwill to its North America reportable segment. None of the goodwill associated with this transaction is deductible for income tax purposes. In connection with the acquisition, the Company incurred $5.0 million of acquisition-related costs during Fiscal 2022, which were recorded as selling, general and administrative expenses in the consolidated statements of operations. The results of Diamonds Direct subsequent to the acquisition date are reported as a component of the North America reportable segment. Pro forma results of operations have not been presented, as the impact on the Company’s consolidated financial results was not material. Blue Nile On August 19, 2022, the Company acquired all of the outstanding shares of Blue Nile, Inc. (“Blue Nile”), subject to the terms of a stock purchase agreement entered into on August 5, 2022. The total cash consideration was $389.9 million, net of cash acquired of $16.6 million, including purchase price adjustments for working capital. In connection with the acquisition, the Company incurred $4.2 million of acquisition-related costs during Fiscal 2023, which were recorded as selling, general and administrative expenses in the consolidated statements of operations. Blue Nile is a leading online retailer of engagement rings and fine jewelry. The strategic acquisition of Blue Nile accelerates Signet's initiatives to expand its bridal offerings and grow its accessible luxury portfolio while enhancing its connected commerce capabilities as well as extending its digital leadership across the jewelry category – all to further achieve meaningful operating synergies to enhance shopping experiences for consumers and create value for shareholders. The information included herein has been prepared based on the allocation of the purchase price using estimates of the fair value and useful lives of assets acquired and liabilities assumed which were determined by management using a combination of income and cost approaches, including the relief from royalty method and replacement cost method. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets and liabilities acquired are fully evaluated by the Company. The following table presents the preliminary estimated fair value of the assets acquired and liabilities assumed from Blue Nile at the date of acquisition: (in millions) Inventories $ 86.4 Property, plant and equipment 33.1 Operating lease right-of-use assets 39.1 Intangible assets 96.0 Other assets 20.1 Identifiable assets acquired 274.7 Accounts payable 73.2 Deferred revenue 14.2 Operating lease liabilities 38.5 Other liabilities 16.9 Liabilities assumed 142.8 Identifiable net assets acquired 131.9 Goodwill 258.0 Net assets acquired $ 389.9 The Company recorded acquired intangible assets of $96.0 million, consisting entirely of an indefinite-lived trade name. In addition, the Company acquired federal net operating loss and other carryforwards of approximately $85 million and $71 million, respectively. Such amounts are subject to certain limitations under Section 382 of the Internal Revenue Code, and generally do not expire. Refer to Note 11 for further information on the Company’s deferred taxes, including these carryforwards. Goodwill is calculated as the excess of the purchase price over the estimated fair values of the assets acquired and the liabilities assumed in the acquisition and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The amount allocated to goodwill associated with the Blue Nile acquisition is primarily the result of expected synergies resulting from combining the merchandising and sourcing activities of the Company’s digital banners, as well as efficiencies in marketing and other aspects of the combined operations. The Company allocated goodwill to its North America reportable segment. None of the goodwill associated with this transaction is deductible for income tax purposes. The results of Blue Nile subsequent to the acquisition date are reported as a component of the North America reportable segment. Pro forma results of operations have not been presented, as the impact on the Company’s consolidated financial results was not material. |
Segment information
Segment information | 12 Months Ended |
Jan. 28, 2023 | |
Segment Reporting [Abstract] | |
Segment information | Segment information Financial information for each of Signet’s reportable segments is presented in the tables below. Signet’s chief operating decision maker utilizes segment sales and operating income, after the elimination of any inter-segment transactions, to determine resource allocations and performance assessment measures. Signet aggregates operating segments with similar economic and operating characteristics. Signet manages its business as three reportable segments: North America, International, and Other. Signet’s sales are derived from the retailing of jewelry, watches, other products and services as generated through the management of its reportable segments. The Company allocates certain support center costs between operating segments, and the remainder of the unallocated costs are included with the corporate and unallocated expenses presented. The North America reportable segment operates across the US and Canada. Its US stores operate nationally in malls and off-mall locations, as well as online, principally as Kay (Kay Jewelers and Kay Outlet), Zales (Zales Jewelers and Zales Outlet), Jared (Jared The Galleria Of Jewelry and Jared Vault), Diamonds Direct, Banter by Piercing Pagoda, Rocksbox, and digital banners, James Allen and Blue Nile. Its Canadian stores operate as Peoples Jewellers. The International reportable segment operates stores in the UK, Republic of Ireland and Channel Islands, as well as online. Its stores operate in shopping malls and off-mall locations (i.e. high street) principally as H.Samuel and Ernest Jones. The Other reportable segment primarily consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Sales: North America segment (1) $ 7,289.5 $ 7,264.8 $ 4,840.9 International segment 470.1 492.4 355.9 Other segment 82.5 68.8 30.1 Total sales $ 7,842.1 $ 7,826.0 $ 5,226.9 Operating income (loss): North America segment (2) $ 673.2 $ 981.4 $ 57.9 International segment (3) (0.2) 14.4 (43.3) Other segment (4) 2.4 (0.2) (0.3) Corporate and unallocated expenses (5) (70.5) (92.2) (72.0) Total operating income (loss) 604.9 903.4 (57.7) Interest expense, net (13.5) (16.9) (32.0) Other non-operating expense, net (140.2) (2.1) — Income (loss) before income taxes $ 451.2 $ 884.4 $ (89.7) Depreciation and amortization: North America segment $ 153.8 $ 149.2 $ 163.7 International segment 10.3 14.0 12.0 Other segment 0.4 0.3 0.3 Total depreciation and amortization $ 164.5 $ 163.5 $ 176.0 Capital additions: North America segment $ 127.6 $ 112.6 $ 79.0 International segment 10.9 16.6 4.0 Other segment 0.4 0.4 — Total capital additions $ 138.9 $ 129.6 $ 83.0 (1) Includes sales of $209.1 million, $206.2 million and $150.9 million generated by Canadian operations in Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. (2) Fiscal 2023 includes: 1) $13.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct and Blue Nile acquisitions; 2) $14.7 million of acquisition and integration-related expenses in connection with the Blue Nile acquisition, primarily related to professional fees and severance costs; 3) $203.8 million related to pre-tax litigation charges; and 4) net asset impairment charges of $20.0 million. Fiscal 2022 includes: 1) $5.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition; 2) $6.4 million of acquisition-related expenses related to Diamonds Direct and Rocksbox; 3) net asset impairment charges of $2.0 million; 4) $1.4 million of gains associated with the sale of customer in-house finance receivables; and 5) $1.0 million credit to restructuring expense, primarily related to adjustments to previously recognized restructuring liabilities. Fiscal 2021 includes: 1) $1.6 million related to inventory charges recorded in conjunction with the Company’s restructuring activities; 2) $36.0 million primarily related to severance, professional fees and store closure costs recorded in conjunction with the Company’s restructuring activities; and 3) asset impairment charges of $136.7 million. See Note 4, Note 6, Note 13, Note 17, Note 19 and Note 28 for additional information. (3) Fiscal 2023 includes net asset impairment charges of $2.7 million. Fiscal 2022 includes net asset impairment gains of $0.5 million. Fiscal 2021 includes: 1) $9.7 million primarily related to severance and store closure costs recorded in conjunction with the Company’s restructuring activities; and 2) asset impairment charges of $22.3 million. See Note 6 and Note 17 for additional information. (4) Fiscal 2021 includes $0.2 million benefit recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities. See Note 6 for additional information. (5) Fiscal 2022 includes: 1) a charge of $1.7 million related to the settlement of previously disclosed shareholder litigation matters; and 2) $2.3 million credit to restructuring expense primarily related to adjustments to previously recognized restructuring liabilities. Fiscal 2021 includes: 1) a charge of $7.5 million related to the settlement of previously disclosed shareholder litigation matters, net of expected insurance proceeds; and 2) $0.5 million related to charges recorded in conjunction with the Company’s restructuring activities. See Note 6 and Note 28 for additional information. (in millions) January 28, 2023 January 29, 2022 Total assets: North America segment $ 5,901.5 $ 5,540.1 International segment 405.9 438.2 Other segment 122.3 81.2 Corporate and unallocated 190.7 515.6 Total assets $ 6,620.4 $ 6,575.1 Total long-lived assets (1) : North America segment $ 1,702.5 $ 1,328.4 International segment 40.2 43.4 Other segment 2.9 2.9 Total long-lived assets $ 1,745.6 $ 1,374.7 (1) Includes property, plant and equipment; goodwill; and other intangible assets. |
Restructuring plans
Restructuring plans | 12 Months Ended |
Jan. 28, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring plans | Restructuring Plans Signet Path to Brilliance Plan During the first quarter of Fiscal 2019, Signet launched a three-year comprehensive transformation plan, the Signet Path to Brilliance plan (the “Plan”) to reposition the Company to be the OmniChannel jewelry category leader. Restructuring activities related to the Plan were substantially completed in Fiscal 2021. There were no restructuring expenses related to the Plan in Fiscal 2023, and there are no significant accruals remaining as of January 28, 2023. The composition of restructuring charges the Company incurred during Fiscal 2022 and Fiscal 2021, as well as the cumulative amount incurred since Plan inception in Fiscal 2019, were as follows: (in millions) Statement of operations location Fiscal 2022 Fiscal 2021 Cumulative amount Inventory charges Restructuring charges - cost of sales $ — $ 1.4 $ 72.8 Termination benefits Restructuring charges (1.1) 24.1 48.8 Store closure and other costs Restructuring charges (2.2) 22.1 127.7 Total Signet Path to Brilliance Plan expenses $ (3.3) $ 47.6 $ 249.3 |
Redeemable preferred shares
Redeemable preferred shares | 12 Months Ended |
Jan. 28, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable preferred shares | Redeemable preferred shares On October 5, 2016, the Company issued 625,000 redeemable Series A Convertible Preference Shares (“Preferred Shares”) to Green Equity Investors VI, L.P., Green Equity Investors Side VI, L.P., LGP Associates VI-A LLC and LGP Associates VI-B LLC, all affiliates of Leonard Green & Partners, L.P., (together, the “Investors”) for an aggregate purchase price of $625.0 million, or $1,000 per share (the “Stated Value”) pursuant to the investment agreement dated August 24, 2016. The Company's Preferred Shares are classified as temporary equity within the consolidated balance sheets. In connection with the issuance of the Preferred Shares, the Company incurred direct and incremental expenses of $13.7 million, including financial advisory fees, closing costs, legal expenses and other offering-related expenses. These direct and incremental expenses originally reduced the preferred shares carrying value, and are accreted through retained earnings as a deemed dividend from the date of issuance through the first possible known redemption date, November 2024. Accumulated accretion relating to these fees of $10.7 million was recorded in the consolidated balance sheet as of January 28, 2023 (January 29, 2022: $9.0 million). Dividend rights: The Preferred Shares rank senior to the Company’s Common Shares, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The liquidation preference for preferred shares is equal to the greater of (a) the Stated Value per share, plus all accrued but unpaid dividends and (b) the consideration holders would have received if preferred shares were converted into common shares immediately prior to the liquidation. Preferred shareholders are entitled to a cumulative dividend at the rate of 5% per annum, payable quarterly in arrears, commencing on February 15, 2017, either in cash or by increasing the Stated Value at the option of the Company. In addition, preferred shareholders were entitled to receive dividends or distributions declared or paid on common shares on an as-converted basis, other than the Company’s regularly declared quarterly cash dividends not in excess of 130% of the arithmetic average of the regular, quarterly cash dividends per common share, if any, declared by the Company during the preceding four calendar quarters. On November 2, 2016, the Board approved certain changes to the rights of the preferred shareholders, including the following: (a) elimination of the right of preferred shareholders to receive dividends or other distributions declared on the Company’s common shares and inclusion of adjustments to the conversion rate in the event of any dividend, distribution, spin-off or certain other events or transactions in respect of the common shares; and (b) addition of a requirement for approval by the holders of the majority of the issued preferred shares for the declaration or payment by the Company of any dividends or other distributions on the common shares other than (i) regularly declared quarterly cash dividends paid on the issued common shares in any calendar quarter in an amount per share that is not more than 130% of the arithmetic average of the regular, quarterly cash dividends per common share, if any, declared by the Company during the preceding four calendar quarters for such quarter and (ii) any dividends or other distributions which are paid or distributed at the same time on the common shares and the preferred shares, provided that the amount paid or distributed to the preferred shares is based on the number of common shares into which such preferred shares could be converted on the applicable record date for such dividends or other distributions. Conversion features: Preferred shares are convertible at the option of the holders at any time into common shares at the then applicable conversion rate. The conversion rate is subject to certain anti-dilution and other adjustments, including stock split/reverse stock split transactions, regular dividends declared on common shares, share repurchases (excluding amounts through open market transactions or accelerated share repurchases) and issuances of common shares or other securities convertible into common shares. The initial issuance did not include a beneficial conversion feature as the conversion price used to set the conversion ratio at the time of issuance was greater than the Company’s common stock price. At any time on or after October 5, 2018, all or a portion of outstanding preferred shares are convertible at the option of the Company if the closing price of common shares exceeds 175% of the then applicable conversion price for at least 20 consecutive trading days. The following table presents certain conversion measures as of January 28, 2023 and January 29, 2022: (in millions, except conversion rate and conversion price) January 28, 2023 January 29, 2022 Conversion rate 12.3939 12.2297 Conversion price $ 80.6849 $ 81.7682 Potential impact of preferred shares if-converted to common shares 8.1 8.0 Liquidation preference (1) $ 665.1 $ 665.1 (1) Includes the Stated Value of the Preferred Shares plus any declared but unpaid dividends Redemption rights: At any time after November 15, 2024, the Company will have the right to redeem any or all, and the holders of the preferred shares will have the right to require the Company to repurchase any or all, of the preferred shares for cash at a price equal to the Stated Value plus all accrued but unpaid dividends. Upon certain change of control or delisting events involving the Company, preferred shareholders can require the Company to repurchase, subject to certain exceptions, all or any portion of its preferred shares at (a) an amount in cash equal to 101% of the Stated Value plus all accrued but unpaid dividends or (b) the consideration the holders would have received if they had converted their preferred shares into common shares immediately prior to the change of control event. Voting rights: Preferred shareholders are entitled to vote with the holders of common shares on an as-converted basis. Holders of preferred shares are entitled to a separate class vote with respect to certain designee(s) for election to the Company’s Board, amendments to the Company’s organizational documents that have an adverse effect on the preferred shareholders and issuances by the Company of securities that are senior to, or equal in priority with, the preferred shares. Registration rights: Preferred shareholders have certain customary registration rights with respect to the preferred shares and the shares of common shares into which they are converted, pursuant to the terms of a registration rights agreement. |
Common shares, treasury shares,
Common shares, treasury shares, and dividends | 12 Months Ended |
Jan. 28, 2023 | |
Equity [Abstract] | |
Common shares, treasury shares, and dividends | Common shares, treasury shares, and dividends Common shares Signet’s common shares have a par value of 18 cents (“Common Shares”). There have been no issuances of common shares in Fiscal 2023, Fiscal 2022, or Fiscal 2021. Treasury shares Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board. Repurchases may be made in the open market, through block trades, accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion, and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares may be held as treasury shares and used by Signet primarily for issuance of share based awards (refer to Note 27), or for general corporate purposes. Treasury shares represent the cost of shares that the Company purchased in the market under the applicable authorized repurchase program, shares forfeited under the Omnibus Incentive Plan and those previously held by the Employee Stock Ownership Trust (“ESOT”) to satisfy options under the Company’s share option plans. On August 23, 2021, the Board authorized a reinstatement of repurchases under the 2017 Share Repurchase Program (the “2017 Program”). During Fiscal 2022, the Board also authorized an increase in the remaining amount of shares authorized for repurchase under the 2017 Program by $559.4 million, bringing the total authorization to $1.2 billion as of January 29, 2022. In June 2022, the Board authorized an additional increase of the 2017 Program by $500 million, bringing the total authorization to $1.7 billion. Since the inception of the 2017 Program, the Company has repurchased approximately $1.2 billion of shares, with an additional $537.3 million of shares authorized for repurchase remaining as of January 28, 2023. Subsequent to year-end, the Board approved a further $263 million increase to the multi-year authorization under the 2017 Program bringing the total remaining authorization to approximately $775 million (net of approximately $25 million of share repurchases made in the first quarter of Fiscal 2024 through March 15, 2023). On January 21, 2022, the Company entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution to repurchase the Company’s common shares for an aggregate amount of $250 million. On January 24, 2022, the Company made a prepayment of $250 million and took delivery of 2.5 million shares based on a price of $80 per share, which was 80% of the total prepayment amount. On March 14, 2022, the Company received an additional 0.8 million shares, representing the remaining 20% of the total prepayment and final settlement of the ASR. The number of shares received at final settlement was based on the average of the daily volume-weighted average prices of the Company’s common stock during the term of the ASR. The ASR was accounted for as a purchase of common shares and a forward purchase contract. The Company reflected shares delivered as treasury shares as of the date the shares were physically delivered in computing the weighted average common shares outstanding for both basic and diluted earnings per share. The forward stock purchase contract was determined to be indexed to the Company’s own stock, met all of the applicable criteria for equity classification and was reflected as additional paid in capital as of January 29, 2022. The share repurchase activity is outlined in the table below: Fiscal 2023 Fiscal 2022 Fiscal 2021 (in millions, expect per share amounts) Shares Amount repurchased (1) (2) Average repurchase price per share (2) Shares Amount Average Shares Amount Average 2017 Program 6.1 $ 426.1 $ 70.06 3.2 $ 261.8 $ 81.16 — $ — $ 0.00 (1) The amounts repurchased in Fiscal 2023 includes $50 million related to the forward purchase contract in the ASR which was pre-paid in Fiscal 2022. (2) Includes amounts paid for commissions. Shares were reissued in the amounts of 5.0 million, 2.5 million and 0.0 million, net of taxes and forfeitures, in Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively, to satisfy awards outstanding under existing share-based compensation plans. During Fiscal 2023 and Fiscal 2022, there were no retirements of common shares previously held as treasury shares in the consolidated balance sheets. Dividends on common shares As a result of COVID-19, Signet’s Board elected to temporarily suspend the dividend program on common shares, effective in the first quarter of Fiscal 2021. The Board elected to reinstate the dividend program on common shares beginning in the second quarter of Fiscal 2022. Fiscal 2023 Fiscal 2022 Fiscal 2021 (in millions, except per share amounts) Cash dividend Total Cash dividend Total Cash dividend Total First quarter $ 0.20 9.3 — — $ — — Second quarter 0.20 9.2 0.18 9.5 — — Third quarter 0.20 9.2 0.18 9.5 — — Fourth quarter (1) 0.20 9.0 0.18 9.0 — — Total $ 0.80 $ 36.7 $ 0.54 $ 28.0 $ — $ — (1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of January 28, 2023 and January 29, 2022, there was $9.0 million and $9.0 million recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends declared for the fourth quarter of Fiscal 2023 and Fiscal 2022, respectively. . Dividends on preferred shares Fiscal 2023 Fiscal 2022 Fiscal 2021 (in millions) Total dividends Total dividends Total dividends First quarter $ 8.2 $ 8.2 $ 7.8 Second quarter 8.2 8.2 7.9 Third quarter 8.2 8.3 8.0 Fourth quarter (1) 8.2 8.2 8.1 Total $ 32.8 $ 32.9 $ 31.8 (1) Signet’s dividend policy results in the preferred share dividend payment date being a quarter in arrears from the declaration date. As a result, as of January 28, 2023 and January 29, 2022, $8.2 million and $8.2 million, respectively, has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the dividends on preferred shares declared for the fourth quarter of Fiscal 2023 and Fiscal 2022. Fiscal 2021 dividends were paid “in-kind.” There were no cumulative undeclared dividends on the preferred shares that reduced net income attributable to common shareholders during Fiscal 2023 and Fiscal 2022. In addition, deemed dividends of $1.7 million related to accretion of issuance costs associated with the preferred shares were recognized in Fiscal 2023, Fiscal 2022 and Fiscal 2021. |
Earnings (loss) per common shar
Earnings (loss) per common share ("EPS") | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per common share (“EPS”) | Earnings (loss) per common share (“EPS”) Basic EPS is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. The computation of basic EPS is outlined in the table below: (in millions, except per share amounts) Fiscal 2023 Fiscal 2022 Fiscal 2021 Numerator: Net income (loss) attributable to common shareholders $ 342.2 $ 735.4 $ (48.7) Denominator: Weighted average common shares outstanding 46.6 52.5 52.0 EPS – basic $ 7.34 $ 14.01 $ (0.94) The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including RSAs, RSUs, PSUs, and stock options issued under the Omnibus Plan and stock options issued under the Share Saving Plans. The dilutive effect of performance share units represents the number of contingently issuable shares that would be issuable if the end of the period was the end of the contingency period and is based on the actual achievement of performance metrics through the end of the current period. The dilutive effect of preferred shares represents the potential impact for common shares that would be issued upon conversion. Potential common share dilution related to share awards and preferred shares is determined using the treasury stock and if-converted methods, respectively. Under the if-converted method, the preferred shares are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted EPS calculation for the entire period being presented, only in the periods in which such effect is dilutive. Additionally, in periods in which preferred shares are dilutive, cumulative dividends and accretion for issuance costs associated with the preferred shares are added back to net income (loss) attributable to common shareholders. See Note 7 for additional discussion of the Company’s preferred shares. The computation of diluted EPS is outlined in the table below: (in millions, except per share amounts) Fiscal 2023 Fiscal 2022 Fiscal 2021 Numerator: Net income (loss) attributable to common shareholders $ 342.2 $ 735.4 $ (48.7) Add: Dividends on preferred shares 34.5 34.5 — Numerator for diluted EPS $ 376.7 $ 769.9 $ (48.7) Denominator: Weighted average common shares outstanding 46.6 52.5 52.0 Plus: Dilutive effect of share awards (1) 2.0 2.5 — Plus: Dilutive effect of preferred shares 8.1 8.0 — Diluted weighted average common shares outstanding 56.7 63.0 52.0 EPS – diluted $ 6.64 $ 12.22 $ (0.94) (1) For Fiscal 2023 and Fiscal 2022, the estimated dilutive effect of share awards includes 0.9 million and 2.0 million of contingently issuable PSUs, respectively. No such contingently issuable PSUs were included in the dilutive effect for Fiscal 2021. The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive. (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Share awards — — 1.8 Potential impact of preferred shares — — 7.8 Potential impact of accelerated share repurchase — 0.6 — Total anti-dilutive shares — 0.6 9.6 |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 12 Months Ended |
Jan. 28, 2023 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax: Pension plan (in millions) Foreign Gain (losses) on available-for-sale securities Gains (losses) Actuarial Prior Accumulated Balance at February 1, 2020 $ (250.1) $ 0.3 $ 12.5 $ (52.4) $ (4.1) $ (293.8) OCI before reclassifications 11.2 0.2 (0.8) 4.4 — 15.0 Amounts reclassified from AOCI to earnings — — (12.6) 0.8 0.1 (11.7) 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) OCI before reclassifications (5.4) (0.3) 0.6 (57.9) — (63.0) Amounts reclassified from AOCI to earnings — — 0.7 1.8 0.1 2.6 Net current period OCI (5.4) (0.3) 1.3 (56.1) 0.1 (60.4) Balance at January 29, 2022 $ (244.3) $ 0.2 $ 0.4 $ (103.3) $ (3.9) $ (350.9) OCI before reclassifications (24.1) (0.4) 1.5 (0.4) — (23.4) Amounts reclassified from AOCI to earnings — — (1.4) 107.6 3.9 110.1 Net current period OCI (24.1) (0.4) 0.1 107.2 3.9 86.7 Balance at January 28, 2023 $ (268.4) $ (0.2) $ 0.5 $ 3.9 $ — $ (264.2) The amounts reclassified from AOCI were as follows: Amounts reclassified from AOCI (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Statement of operations caption (Gains) losses on cash flow hedges: Foreign currency contracts $ (1.7) $ 0.6 $ — Cost of sales (1) De-designated foreign currency contracts — — (0.6) Other operating income (expense) (2) Commodity contracts — 0.4 (6.9) Cost of sales (1) De-designated commodity contracts — — (9.3) Other operating income (expense) (2) Total before income tax (1.7) 1.0 (16.8) Income taxes 0.3 (0.3) 4.2 Net of tax (1.4) 0.7 (12.6) Defined benefit pension plan items: Amortization of unrecognized actuarial losses 3.5 2.1 1.0 Other non-operating expense, net (3) Amortization of unrecognized net prior service costs 0.3 0.1 0.1 Other non-operating expense, net (3) Pension settlement loss 133.7 — — Other non-operating expense, net (3) Total before income tax 137.5 2.2 1.1 Income taxes (26.0) (0.3) (0.2) Net of tax 111.5 1.9 0.9 Total reclassifications, net of tax $ 110.1 $ 2.6 $ (11.7) (1) See Note 21 for additional information. (2) The Company’s cash flow hedges were de-designated during the first quarter of Fiscal 2021. See Note 21 for additional information. (3) These items are included in the computation of net periodic pension benefit (cost) income. See Note 23 for additional information. |
Income taxes
Income taxes | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Income (loss) before income taxes: – US $ 281.2 $ 665.9 $ (173.4) – Foreign 170.0 218.5 83.7 Total income (loss) before income taxes $ 451.2 $ 884.4 $ (89.7) Current taxation: – US $ 157.1 $ 108.1 $ (222.2) – Foreign 16.7 7.6 0.7 Deferred taxation: – US (70.4) 8.4 158.4 – Foreign (28.9) (9.6) (11.4) Total income tax expense (benefit) $ 74.5 $ 114.5 $ (74.5) As the statutory rate of corporation tax in Bermuda is 0%, the differences between the US federal income tax rate and the effective tax rates for Signet have been presented below: Fiscal 2023 Fiscal 2022 Fiscal 2021 US federal income tax rates 21.0 % 21.0 % 21.0 % US state income taxes 2.9 % 3.3 % 4.1 % Differences between US federal and foreign statutory income tax rates 0.8 % (0.1) % 0.1 % Expenditures permanently disallowable for tax purposes, net of permanent tax benefits (1.4) % — % (4.7) % Impact of global reinsurance arrangements (8.7) % (2.2) % 14.1 % Impact of global financing arrangements (2.2) % (0.6) % — % Impairment of goodwill — % — % (2.4) % CARES Act — % (1.4) % 111.9 % Valuation allowance — % (6.5) % (55.5) % Other items 4.1 % (0.6) % (5.5) % Effective tax rate 16.5 % 12.9 % 83.1 % In Fiscal 2023, the Company’s effective tax rate was lower than the US federal income tax rate primarily as a result of the favorable impacts from the Company’s global reinsurance and financing arrangements, partially offset by the unfavorable impact of an uncertain tax position related to a prior year of $20.5 million recorded in Fiscal 2023. In Fiscal 2022, the Company’s effective tax rate was lower than the US federal income tax rate primarily due to the reversal of the valuation allowance recorded against certain state deferred tax assets, as well as additional benefits realized from the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the benefits from global reinsurance arrangements. During Fiscal 2022, the Company evaluated evidence to consider the reversal of the valuation allowance on its state net deferred tax assets and determined that there was sufficient positive evidence to conclude that it is more likely than not its state deferred tax assets are realizable. In determining the likelihood of future realization of the state deferred tax assets, the Company considered both positive and negative evidence. As a result, the Company believed that the weight of the positive evidence, including the cumulative income position in the three most recent years and forecasts for a sustained level of future taxable income, was sufficient to overcome the weight of the negative evidence, and thus recorded a $49.8 million tax benefit to release the valuation allowance against the Company's state deferred tax assets during Fiscal 2022. Deferred taxes Deferred tax assets (liabilities) consisted of the following: January 28, 2023 January 29, 2022 (in millions) Assets (Liabilities) Total Assets (Liabilities) Total Intangible assets $ — $ (100.6) $ (100.6) $ — $ (77.0) $ (77.0) US property, plant and equipment — (70.0) (70.0) — (60.2) (60.2) Foreign property, plant and equipment 0.7 — 0.7 7.1 — 7.1 Inventory valuation — (208.1) (208.1) — (237.8) (237.8) Revenue deferral 79.3 — 79.3 88.6 — 88.6 Lease assets — (230.3) (230.3) — (261.9) (261.9) Lease liabilities 262.2 — 262.2 284.3 — 284.3 Deferred compensation 8.0 — 8.0 7.7 — 7.7 Retirement benefit obligations — (0.2) (0.2) 1.5 — 1.5 Share-based compensation 8.6 — 8.6 8.4 — 8.4 Other temporary differences 95.6 — 95.6 42.4 — 42.4 163(j) interest carryforward 13.8 — 13.8 — — — Net operating losses and foreign tax credits 65.9 — 65.9 84.3 — 84.3 Value of capital losses 13.2 — 13.2 16.9 — 16.9 Total gross deferred tax assets (liabilities) $ 547.3 $ (609.2) $ (61.9) $ 541.2 $ (636.9) $ (95.7) Valuation allowance (19.0) — (19.0) (27.9) — (27.9) Deferred tax assets (liabilities) $ 528.3 $ (609.2) $ (80.9) $ 513.3 $ (636.9) $ (123.6) Disclosed as: Non-current assets $ 36.7 $ 37.3 Non-current liabilities (117.6) (160.9) Deferred tax assets (liabilities) $ (80.9) $ (123.6) The following table is a rollforward of the Company’s deferred tax asset valuation allowance: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Beginning balance $ 27.9 $ 83.9 $ 38.4 Charged (credited) to income tax expense — (43.8) 45.1 Increases from acquisitions 1.9 — — Lapsed due to expiration of benefit (9.7) (11.9) — Foreign currency translation (1.1) (0.3) 0.4 Ending balance $ 19.0 $ 27.9 $ 83.9 As of January 28, 2023, Signet had deferred tax assets associated with US Federal and state net operating loss carry forwards of $39.2 million, of which $30.9 million are subject to ownership change limitations rules under Section 382 of the Internal Revenue Code (“IRC”) and various US state regulations. Federal net operating losses can be carried forward indefinitely and state net operating losses expire between 2023 and 2040. Signet had deferred tax assets associated with foreign net operating loss carryforwards of $26.7 million as of January 28, 2023, most of which can be carried forward indefinitely. As of January 28, 2023, Signet had foreign capital loss carryforward deferred tax assets of $13.2 million (Fiscal 2022: $14.2 million), which can be carried forward over an indefinite period, which are only available to offset future capital gains. The decrease in the total valuation allowance in Fiscal 2023 was $8.9 million. The valuation allowance as of January 28, 2023 primarily relates to certain state deferred tax assets and foreign capital loss carry forwards that, in the judgment of management, are not more likely than not to be realized. Signet believes that it is more likely than not that deferred tax assets not subject to a valuation allowance as of January 28, 2023 will be offset where permissible by deferred tax liabilities or realized on future tax returns, primarily from the generation of future taxable income. Uncertain tax positions The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Unrecognized tax benefits, beginning of period $ 24.9 $ 25.4 $ 23.5 Increases related to current year tax positions 1.6 2.0 1.0 Increases from acquisitions 2.3 — — Increases related to prior year tax positions 59.6 0.4 3.4 Lapse of statute of limitations (2.4) (2.9) (2.6) Foreign currency translation (0.1) — 0.1 Unrecognized tax benefits, end of period $ 85.9 $ 24.9 $ 25.4 As of January 28, 2023, Signet had approximately $85.9 million of unrecognized tax benefits in respect to uncertain tax positions. The unrecognized tax benefits relate primarily to accounting methods used for income tax purposes and intercompany deductions, including financing arrangements and intra-group charges which are subject to different and changing interpretations of tax law. Signet recognizes accrued interest and, where appropriate, penalties related to unrecognized tax benefits within income tax expense (benefit) in the consolidated statements of operations. As of January 28, 2023, Signet had accrued interest of $9.8 million and $0.5 million of accrued penalties. If all of these unrecognized tax benefits were settled in Signet’s favor, the effective income tax rate would be favorably impacted by $51.5 million. Over the next twelve months management believes that it is reasonably possible that there could be a reduction of some or all of the unrecognized tax benefits as of January 28, 2023 due to settlement of the uncertain tax positions with the tax authorities. Signet has business activity in all states within the US and files income tax returns for the US federal jurisdiction and all applicable states. Signet also files income tax returns in the UK, Canada and certain other foreign jurisdictions. Signet is subject to examinations by the US federal and state and Canadian tax authorities for tax years ending after November 1, 2011 and is subject to examination by the UK tax authority for tax years ending after February 1, 2014. |
Other operating income (expense
Other operating income (expense) and non-operating, net | 12 Months Ended |
Jan. 28, 2023 | |
Other Income and Expenses [Abstract] | |
Other operating income (expense) and non-operating expense, net | Other operating income (expense) and non-operating expense, net The following table provides the components of other operating income (expense) for Fiscal 2023, Fiscal 2022 and Fiscal 2021: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Litigation charges (1) $ (203.8) $ (1.7) $ (7.5) Interest income from customer in-house finance receivables (2) — 6.5 4.2 De-designated cash flow hedges (3) — — 9.9 UK government grants — 8.6 — Other (6.1) (4.9) (4.2) Other operating income (expense) $ (209.9) $ 8.5 $ 2.4 (1) See Note 28 for additional information. (2) See Note 13 and 14 for additional information. (3) See Note 21 for additional information. The following table provides the components of other non-operating expense, net for Fiscal 2023, Fiscal 2022 and Fiscal 2021: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Pension settlement (1) $ (133.7) $ — $ — Other (6.5) (2.1) — Other non-operating expense, net $ (140.2) $ (2.1) $ — (1) See Note 23 for additional information. |
Credit transactions
Credit transactions | 12 Months Ended |
Jan. 28, 2023 | |
Receivables [Abstract] | |
Credit transactions | Credit transactions During Fiscal 2018, Signet announced a strategic initiative to outsource its North America private label credit card programs and sell the existing in-house finance receivables. In October 2017, Signet, through its subsidiary Sterling Jewelers Inc. (“Sterling”), completed the sale of the prime-only credit quality portion of Sterling’s in-house finance receivable portfolio to Comenity Bank (“Comenity”). Sterling also entered into an agreement with Comenity to outsource its private label credit card programs (the “Sterling Program Agreement”). The Company, through its subsidiary Zale Delaware, Inc. (“Zale”) had previously entered into an agreement with Comenity to provide credit services to its Zales banners for all credit card customers (prime and non-prime) (the “Zale Program Agreement”), and this pre-existing Zale Program Agreement was unaffected by the execution of the Sterling Program Agreement. The Zale Program Agreement was set to expire in January 2023, and the Sterling Program Agreement was set to expire in October 2024. Under the Sterling Program Agreement and Zale Program Agreement (collectively, the “Program Agreements”), Comenity established a program to issue credit cards to be serviced, marketed and promoted in accordance with the terms of the Program Agreements. Subject to limited exceptions, Comenity is the exclusive issuer of private label credit cards or an installment or other closed end loan product in the US bearing specified Company trademarks during the term of the Program Agreements. Upon expiration or termination by either party of the Program Agreements, the Company retains the option to purchase, or arrange the purchase by a third party of, the Program Agreement assets from Comenity on terms that are no more onerous to the Company than those applicable to Comenity under the Program Agreements, or in the case of a purchase by a third party, on customary terms. The Program Agreements contain customary representations, warranties and covenants. During Fiscal 2019, in addition to the prime-only credit card portfolio, the Company also entered into various agreements to outsource the non-prime portion of its private label credit card program for Sterling and sell the existing in-house financing receivables. The non-prime portion of the Sterling credit card portfolio was outsourced to CarVal Investors (“CarVal”) and the appointed minority party, Castlelake, L.P. (“Castlelake” and collectively with CarVal, the “Investors”). Under the agreement with the Investors, Signet remained the issuer of non-prime credit with investment funds managed by the Investors purchasing forward receivables at a discount rate determined in accordance with their respective agreements. Signet held the newly issued non-prime credit receivables on its balance sheet for two business days prior to selling the receivables to the respective counterparty in accordance with the agreements. The purchase price was settled with 95% received as cash upon closing. The remaining 5% of the purchase price was deferred until the second anniversary of the closing date. Final payment of the deferred purchase price was contingent upon the non-prime in-house finance receivable portfolio achieving a pre-defined yield, which was finalized in Fiscal 2021 (see below). The agreement contains customary representations, warranties and covenants. Various amended and restated agreements have been entered into with the Investors as described below. Fiscal 2021 non-prime agreements with the Investors During Fiscal 2021, the 2018 agreements pertaining to the purchase of non-prime forward flow receivables were terminated and new agreements were executed with the Investors which were effective until June 30, 2021. Those new agreements provided that the Investors will continue to purchase add-on non-prime receivables created on existing customer accounts at a discount rate determined in accordance with the new agreements. As a result of the above agreements, Signet began retaining all forward flow non-prime receivables created for new customers beginning in the second quarter of Fiscal 2021. The termination of the previous agreements had no effect on the receivables that were previously sold to the Investors prior to the termination, except that Signet agreed to extend the Investors’ payment obligation for the remaining 5% of the receivables previously purchased in June 2018 until the new agreements terminate. The Company’s agreement with the credit servicer Genesis Financial Solutions (“Genesis”) remained in place. In January 2021, the Company reached additional agreements with the Investors to further amend the purchase agreements described above through June 30, 2021. CarVal continued to purchase add-on receivables for existing accounts and began to purchase 50% of new forward flow non-prime receivables. Genesis (becoming one of the “Investors”) began to purchase the remaining 50% of new forward flow non-prime receivables through June 30, 2021. Castlelake continued to purchase add-on receivables for existing accounts through June 30, 2021. Signet continued to retain add-on receivables for its existing accounts but no longer retained new forward flow non-prime receivables. Fiscal 2022 amended and restated agreements On May 17, 2021, Sterling and Comenity amended the Sterling Program Agreement. In addition, on May 17, 2021, Zale and Comenity amended the Zale Program Agreement (each a “Program Agreement”, and collectively, the “Amended Program Agreements”). The Amended Program Agreements have an initial term from July 1, 2021 through December 31, 2025 and, unless terminated earlier by either party, automatically renew for successive two-year terms. The Amended Program Agreements provide for, among other things, that Comenity operate a primary source program to issue credit cards to Sterling and Zale customers to be serviced, maintained, administered, collected upon, and promoted in accordance with the terms therein (the "Primary Source Program"). The Amended Program Agreements include a signing bonus, which may be repayable under certain conditions if such Program Agreement is terminated. Subject to limited exceptions, including permitting a second look program, during the term of the Amended Program Agreements, Comenity will be the exclusive issuer of open-ended credit products (including credit cards) in the US bearing specified Company trademarks, including trademarks associated with Kay, Jared, Zale, Banter by Piercing Pagoda, and other specified regional brands under the Amended Program Agreements. The Amended Program Agreements contain customary representations, warranties, and covenants. Upon expiration or termination by either party of a Program Agreement, Sterling or Zale, as applicable, retains the option to purchase, or arrange the purchase by a third party of, the program assets from Comenity on customary terms and conditions. In the case of a purchase by Sterling upon expiration or termination of the Program Agreement, such purchase shall be on terms that are no more onerous to Sterling than those applicable to Comenity Bank under the Purchase Agreement, dated May 25, 2017, by and between Sterling and Comenity Bank. In addition to the Amended Program Agreements, on May 17, 2021, Sterling entered into an Amended and Restated Program Agreement (the “Genesis Agreement”) with Genesis, which amends and restates the Program Agreement entered into by and between Sterling and Genesis on July 26, 2018. The Genesis Agreement has an initial term from July 1, 2021 through December 31, 2025 and, unless terminated earlier by either party, automatically renews for successive one-year periods. Under the terms of the Genesis Agreement, Genesis will expand its role in originating, funding, administering and servicing a second look credit program to Sterling customers that are declined under the Sterling Program Agreement. In March 2021, the Company provided notice to the Investors of its intent not to extend the respective agreements with such Investors beyond the expiration date of June 30, 2021. All new prime and non-prime account origination have occurred in accordance with the amended and restated Comenity and Genesis agreements as described above since July 1, 2021. On June 30, 2021, the Company entered into amended and restated receivable purchase agreements with CarVal and Castlelake regarding the purchase of add-on receivables on such Investors’ existing accounts, as well as the purchase of the Company-owned credit card receivables portfolio for accounts that had been originated through Fiscal 2021 (see Note 14). During the second quarter of Fiscal 2022, Signet received cash proceeds of $57.8 million for the sale of these customer in-house finance receivables to the Investors. These receivables had a net book value of $56.4 million as of the sale date, and thus the Company recognized a gain on sale of $1.4 million in the North America reportable segment within other operating income in the consolidated statements of operations during the second quarter of Fiscal 2022. Additionally, during the second quarter of Fiscal 2022, the Company received $23.5 million from the Investors for the payment obligation of the remaining 5% of the receivables previously purchased in June 2018. Fiscal 2023 amended and restated agreements In March 2022, the Company entered into amended and restated receivable purchase agreements with the Investors regarding the purchase of add-on receivables on such Investors’ existing accounts. Under the amended and restated agreements, The Bank of Missouri will be the issuer for the add-on receivables on these existing accounts and the Investors will purchase the receivables from The Bank of Missouri. In conjunction with the above agreements in March 2022, the Company entered into agreements with the Investors to transfer all existing cardholder accounts previously originated by Signet to The Bank of Missouri. Therefore, the Company will no longer originate any credit receivables with customers. The following table presents the components of Signet’s accounts receivable: (in millions) January 28, 2023 January 29, 2022 Accounts receivable, trade $ 14.5 $ 18.3 Accounts receivable, held for sale — 1.6 Accounts receivable $ 14.5 $ 19.9 As described in Note 13, Signet is no longer the issuer of non-prime credit for add-on purchases on existing accounts. Therefore, the Company no longer holds these non-prime credit receivables. Prior to the March 2022 amendments, receivables originated by the Company but pending transfer to the Investors as of period end were classified as “held for sale” and included in accounts receivable in the consolidated balance sheets. As of January 29, 2022, the accounts receivable held for sale were recorded at fair value. Accounts receivable, trade primarily includes amounts receivable relating to accounts receivable from the Company’s diamond sales in the North America reportable segment and from the Company’s diamond sourcing initiative in the Other reportable segment. Customer in-house finance receivables As discussed above, the Company began retaining certain customer in-house finance receivables in the second quarter of Fiscal 2021 through the date of the portfolio sale in June 2021. The Company accounted for the expected credit losses under ASC 326, “Measurement of Credit Losses on Financial Instruments,” which is referred to as the Current Expected Credit Loss (“CECL”) model. The allowance for credit losses related to these receivables was an estimate of expected credit losses, measured over the estimated life of its credit card receivables that considered forecasts of future economic conditions in addition to information about past events and current conditions. To estimate its allowance for credit losses, the Company segregated its credit card receivables into credit quality categories using the customers’ FICO scores. The following three industry standard FICO score categories were used: • 620 to 659 (Near Prime) • 580 to 619 (Subprime) • Less than 580 (Deep Subprime) In estimating its allowance for credit losses, for each identified risk category, management utilized estimation methods based primarily on historical loss experience, current conditions, and other relevant factors. These methods utilized historical charge-off data of the Company’s non-prime portfolio, as well as incorporated any applicable macroeconomic variables (such as unemployment) that may have been expected to impact credit performance. In addition to the quantitative estimate of expected credit losses under CECL using the historical loss information, the Company also incorporated qualitative adjustments for certain factors such as Company specific risks, changes in current economic conditions that may not have been captured in the quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflected the Company’s best estimate of current expected credit losses. Management considered qualitative factors such as the unfavorable macroeconomic conditions caused by the COVID-19 uncertainty (including rates of unemployment), the Company’s non-prime portfolio performance during the prior recession, and the potential impacts of the economic stimulus packages in the US, in developing its estimate for current expected credit losses for the period. The following table is a rollforward of the Company’s allowance for credit losses on customer in-house finance receivables: (in millions) Fiscal 2022 Fiscal 2021 Beginning balance $ 25.5 $ — Provision for credit losses (1.0) 26.1 Write-offs (5.5) (0.6) Recoveries 0.6 — Reversal of allowance on receivables sold (19.6) — Ending balance $ — $ 25.5 Beginning in the second quarter of Fiscal 2021, in connection with the new agreements executed with the Investors, additions to the allowance for credit losses were made by recording charges to bad debt expense (credit losses) within selling, general and administrative expenses within the consolidated statements of operations. The uncollectible portion of customer in-house finance receivables was charged to the allowance for credit losses when an account was written-off after 180 days of non-payment, or in circumstances such as bankrupt or deceased cardholders. Write-offs on customer in-house finance receivables included uncollected amounts related to principal, interest, and late fees. Uncollectible accrued interest was accounted for by recognizing credit loss expense. Recoveries on customer in-house finance receivables previously written-off as uncollectible were credited to the allowance for credit losses. A credit card account would be contractually past due if the Company did not receive the minimum payment by the specified due date on the cardholder’s statement. It was the Company’s policy to continue to accrue interest and fee income on all credit card accounts, except in limited circumstances, until the credit card account balance and all related interest and other fees were paid or charged-off, typically at 180 days delinquent, as noted above. Interest income related to the Company’s customer in-house finance receivables was included within other operating income (expense) in the consolidated statements of operations. Accrued interest was included within the same line item as the respective principal amount of the customer in-house finance receivables in the consolidated balance sheets. The accrual of interest was discontinued at the time the receivable is determined to be uncollectible and written-off. The Company recognized $6.5 million and $4.2 million of interest income on its customer in-house finance receivables during Fiscal 2022 and Fiscal 2021, respectively. Interest income recognition ceased at the date of the sale of the portfolio as noted above. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Jan. 28, 2023 | |
Receivables [Abstract] | |
Accounts receivable | Credit transactions During Fiscal 2018, Signet announced a strategic initiative to outsource its North America private label credit card programs and sell the existing in-house finance receivables. In October 2017, Signet, through its subsidiary Sterling Jewelers Inc. (“Sterling”), completed the sale of the prime-only credit quality portion of Sterling’s in-house finance receivable portfolio to Comenity Bank (“Comenity”). Sterling also entered into an agreement with Comenity to outsource its private label credit card programs (the “Sterling Program Agreement”). The Company, through its subsidiary Zale Delaware, Inc. (“Zale”) had previously entered into an agreement with Comenity to provide credit services to its Zales banners for all credit card customers (prime and non-prime) (the “Zale Program Agreement”), and this pre-existing Zale Program Agreement was unaffected by the execution of the Sterling Program Agreement. The Zale Program Agreement was set to expire in January 2023, and the Sterling Program Agreement was set to expire in October 2024. Under the Sterling Program Agreement and Zale Program Agreement (collectively, the “Program Agreements”), Comenity established a program to issue credit cards to be serviced, marketed and promoted in accordance with the terms of the Program Agreements. Subject to limited exceptions, Comenity is the exclusive issuer of private label credit cards or an installment or other closed end loan product in the US bearing specified Company trademarks during the term of the Program Agreements. Upon expiration or termination by either party of the Program Agreements, the Company retains the option to purchase, or arrange the purchase by a third party of, the Program Agreement assets from Comenity on terms that are no more onerous to the Company than those applicable to Comenity under the Program Agreements, or in the case of a purchase by a third party, on customary terms. The Program Agreements contain customary representations, warranties and covenants. During Fiscal 2019, in addition to the prime-only credit card portfolio, the Company also entered into various agreements to outsource the non-prime portion of its private label credit card program for Sterling and sell the existing in-house financing receivables. The non-prime portion of the Sterling credit card portfolio was outsourced to CarVal Investors (“CarVal”) and the appointed minority party, Castlelake, L.P. (“Castlelake” and collectively with CarVal, the “Investors”). Under the agreement with the Investors, Signet remained the issuer of non-prime credit with investment funds managed by the Investors purchasing forward receivables at a discount rate determined in accordance with their respective agreements. Signet held the newly issued non-prime credit receivables on its balance sheet for two business days prior to selling the receivables to the respective counterparty in accordance with the agreements. The purchase price was settled with 95% received as cash upon closing. The remaining 5% of the purchase price was deferred until the second anniversary of the closing date. Final payment of the deferred purchase price was contingent upon the non-prime in-house finance receivable portfolio achieving a pre-defined yield, which was finalized in Fiscal 2021 (see below). The agreement contains customary representations, warranties and covenants. Various amended and restated agreements have been entered into with the Investors as described below. Fiscal 2021 non-prime agreements with the Investors During Fiscal 2021, the 2018 agreements pertaining to the purchase of non-prime forward flow receivables were terminated and new agreements were executed with the Investors which were effective until June 30, 2021. Those new agreements provided that the Investors will continue to purchase add-on non-prime receivables created on existing customer accounts at a discount rate determined in accordance with the new agreements. As a result of the above agreements, Signet began retaining all forward flow non-prime receivables created for new customers beginning in the second quarter of Fiscal 2021. The termination of the previous agreements had no effect on the receivables that were previously sold to the Investors prior to the termination, except that Signet agreed to extend the Investors’ payment obligation for the remaining 5% of the receivables previously purchased in June 2018 until the new agreements terminate. The Company’s agreement with the credit servicer Genesis Financial Solutions (“Genesis”) remained in place. In January 2021, the Company reached additional agreements with the Investors to further amend the purchase agreements described above through June 30, 2021. CarVal continued to purchase add-on receivables for existing accounts and began to purchase 50% of new forward flow non-prime receivables. Genesis (becoming one of the “Investors”) began to purchase the remaining 50% of new forward flow non-prime receivables through June 30, 2021. Castlelake continued to purchase add-on receivables for existing accounts through June 30, 2021. Signet continued to retain add-on receivables for its existing accounts but no longer retained new forward flow non-prime receivables. Fiscal 2022 amended and restated agreements On May 17, 2021, Sterling and Comenity amended the Sterling Program Agreement. In addition, on May 17, 2021, Zale and Comenity amended the Zale Program Agreement (each a “Program Agreement”, and collectively, the “Amended Program Agreements”). The Amended Program Agreements have an initial term from July 1, 2021 through December 31, 2025 and, unless terminated earlier by either party, automatically renew for successive two-year terms. The Amended Program Agreements provide for, among other things, that Comenity operate a primary source program to issue credit cards to Sterling and Zale customers to be serviced, maintained, administered, collected upon, and promoted in accordance with the terms therein (the "Primary Source Program"). The Amended Program Agreements include a signing bonus, which may be repayable under certain conditions if such Program Agreement is terminated. Subject to limited exceptions, including permitting a second look program, during the term of the Amended Program Agreements, Comenity will be the exclusive issuer of open-ended credit products (including credit cards) in the US bearing specified Company trademarks, including trademarks associated with Kay, Jared, Zale, Banter by Piercing Pagoda, and other specified regional brands under the Amended Program Agreements. The Amended Program Agreements contain customary representations, warranties, and covenants. Upon expiration or termination by either party of a Program Agreement, Sterling or Zale, as applicable, retains the option to purchase, or arrange the purchase by a third party of, the program assets from Comenity on customary terms and conditions. In the case of a purchase by Sterling upon expiration or termination of the Program Agreement, such purchase shall be on terms that are no more onerous to Sterling than those applicable to Comenity Bank under the Purchase Agreement, dated May 25, 2017, by and between Sterling and Comenity Bank. In addition to the Amended Program Agreements, on May 17, 2021, Sterling entered into an Amended and Restated Program Agreement (the “Genesis Agreement”) with Genesis, which amends and restates the Program Agreement entered into by and between Sterling and Genesis on July 26, 2018. The Genesis Agreement has an initial term from July 1, 2021 through December 31, 2025 and, unless terminated earlier by either party, automatically renews for successive one-year periods. Under the terms of the Genesis Agreement, Genesis will expand its role in originating, funding, administering and servicing a second look credit program to Sterling customers that are declined under the Sterling Program Agreement. In March 2021, the Company provided notice to the Investors of its intent not to extend the respective agreements with such Investors beyond the expiration date of June 30, 2021. All new prime and non-prime account origination have occurred in accordance with the amended and restated Comenity and Genesis agreements as described above since July 1, 2021. On June 30, 2021, the Company entered into amended and restated receivable purchase agreements with CarVal and Castlelake regarding the purchase of add-on receivables on such Investors’ existing accounts, as well as the purchase of the Company-owned credit card receivables portfolio for accounts that had been originated through Fiscal 2021 (see Note 14). During the second quarter of Fiscal 2022, Signet received cash proceeds of $57.8 million for the sale of these customer in-house finance receivables to the Investors. These receivables had a net book value of $56.4 million as of the sale date, and thus the Company recognized a gain on sale of $1.4 million in the North America reportable segment within other operating income in the consolidated statements of operations during the second quarter of Fiscal 2022. Additionally, during the second quarter of Fiscal 2022, the Company received $23.5 million from the Investors for the payment obligation of the remaining 5% of the receivables previously purchased in June 2018. Fiscal 2023 amended and restated agreements In March 2022, the Company entered into amended and restated receivable purchase agreements with the Investors regarding the purchase of add-on receivables on such Investors’ existing accounts. Under the amended and restated agreements, The Bank of Missouri will be the issuer for the add-on receivables on these existing accounts and the Investors will purchase the receivables from The Bank of Missouri. In conjunction with the above agreements in March 2022, the Company entered into agreements with the Investors to transfer all existing cardholder accounts previously originated by Signet to The Bank of Missouri. Therefore, the Company will no longer originate any credit receivables with customers. The following table presents the components of Signet’s accounts receivable: (in millions) January 28, 2023 January 29, 2022 Accounts receivable, trade $ 14.5 $ 18.3 Accounts receivable, held for sale — 1.6 Accounts receivable $ 14.5 $ 19.9 As described in Note 13, Signet is no longer the issuer of non-prime credit for add-on purchases on existing accounts. Therefore, the Company no longer holds these non-prime credit receivables. Prior to the March 2022 amendments, receivables originated by the Company but pending transfer to the Investors as of period end were classified as “held for sale” and included in accounts receivable in the consolidated balance sheets. As of January 29, 2022, the accounts receivable held for sale were recorded at fair value. Accounts receivable, trade primarily includes amounts receivable relating to accounts receivable from the Company’s diamond sales in the North America reportable segment and from the Company’s diamond sourcing initiative in the Other reportable segment. Customer in-house finance receivables As discussed above, the Company began retaining certain customer in-house finance receivables in the second quarter of Fiscal 2021 through the date of the portfolio sale in June 2021. The Company accounted for the expected credit losses under ASC 326, “Measurement of Credit Losses on Financial Instruments,” which is referred to as the Current Expected Credit Loss (“CECL”) model. The allowance for credit losses related to these receivables was an estimate of expected credit losses, measured over the estimated life of its credit card receivables that considered forecasts of future economic conditions in addition to information about past events and current conditions. To estimate its allowance for credit losses, the Company segregated its credit card receivables into credit quality categories using the customers’ FICO scores. The following three industry standard FICO score categories were used: • 620 to 659 (Near Prime) • 580 to 619 (Subprime) • Less than 580 (Deep Subprime) In estimating its allowance for credit losses, for each identified risk category, management utilized estimation methods based primarily on historical loss experience, current conditions, and other relevant factors. These methods utilized historical charge-off data of the Company’s non-prime portfolio, as well as incorporated any applicable macroeconomic variables (such as unemployment) that may have been expected to impact credit performance. In addition to the quantitative estimate of expected credit losses under CECL using the historical loss information, the Company also incorporated qualitative adjustments for certain factors such as Company specific risks, changes in current economic conditions that may not have been captured in the quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflected the Company’s best estimate of current expected credit losses. Management considered qualitative factors such as the unfavorable macroeconomic conditions caused by the COVID-19 uncertainty (including rates of unemployment), the Company’s non-prime portfolio performance during the prior recession, and the potential impacts of the economic stimulus packages in the US, in developing its estimate for current expected credit losses for the period. The following table is a rollforward of the Company’s allowance for credit losses on customer in-house finance receivables: (in millions) Fiscal 2022 Fiscal 2021 Beginning balance $ 25.5 $ — Provision for credit losses (1.0) 26.1 Write-offs (5.5) (0.6) Recoveries 0.6 — Reversal of allowance on receivables sold (19.6) — Ending balance $ — $ 25.5 Beginning in the second quarter of Fiscal 2021, in connection with the new agreements executed with the Investors, additions to the allowance for credit losses were made by recording charges to bad debt expense (credit losses) within selling, general and administrative expenses within the consolidated statements of operations. The uncollectible portion of customer in-house finance receivables was charged to the allowance for credit losses when an account was written-off after 180 days of non-payment, or in circumstances such as bankrupt or deceased cardholders. Write-offs on customer in-house finance receivables included uncollected amounts related to principal, interest, and late fees. Uncollectible accrued interest was accounted for by recognizing credit loss expense. Recoveries on customer in-house finance receivables previously written-off as uncollectible were credited to the allowance for credit losses. A credit card account would be contractually past due if the Company did not receive the minimum payment by the specified due date on the cardholder’s statement. It was the Company’s policy to continue to accrue interest and fee income on all credit card accounts, except in limited circumstances, until the credit card account balance and all related interest and other fees were paid or charged-off, typically at 180 days delinquent, as noted above. Interest income related to the Company’s customer in-house finance receivables was included within other operating income (expense) in the consolidated statements of operations. Accrued interest was included within the same line item as the respective principal amount of the customer in-house finance receivables in the consolidated balance sheets. The accrual of interest was discontinued at the time the receivable is determined to be uncollectible and written-off. The Company recognized $6.5 million and $4.2 million of interest income on its customer in-house finance receivables during Fiscal 2022 and Fiscal 2021, respectively. Interest income recognition ceased at the date of the sale of the portfolio as noted above. |
Inventories
Inventories | 12 Months Ended |
Jan. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table summarizes the details of the Company’s inventory: (in millions) January 28, 2023 January 29, 2022 Raw materials $ 89.2 $ 75.8 Merchandise inventories 2,061.1 1,984.6 Total inventories $ 2,150.3 $ 2,060.4 Signet held $623.0 million of consignment inventory at January 28, 2023 (January 29, 2022: $533.2 million), which is not recorded on the consolidated balance sheets. The principal terms of the consignment agreements, which can generally be terminated by either party, are such that Signet can return any or all of the inventory to the relevant suppliers without financial or commercial penalties and the supplier can adjust the inventory prices prior to sale. Inventory reserves (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Inventory reserve, beginning of period $ 46.8 $ 52.9 $ 67.0 Charged to income (1) 63.6 101.8 78.1 Utilization (2) (82.7) (107.9) (92.2) Inventory reserve, end of period (3) $ 27.7 $ 46.8 $ 52.9 (1) Includes $1.4 million in Fiscal 2021 for inventory charges associated with the Company’s restructuring plan. The charges were primarily associated with discontinued brands and collections within the restructuring - cost of sales line item on the consolidated statements of operations. As the Plan was substantially completed in Fiscal 2021, no additional charges were recorded in Fiscal 2023 or Fiscal 2022. See Note 6 for additional information. (2) Includes the impact of foreign exchange translation, as well as $2.2 million in Fiscal 2022 and $20.0 million in Fiscal 2021 utilized for inventory identified as part of the Company’s restructuring plan. As the Plan was substantially completed in Fiscal 2021, there were no additional amounts utilized in Fiscal 2023. See Note 6 for additional information. (3) Includes $2.2 million in Fiscal 2021 for inventory identified as part of the Company’s restructuring plan. See Note 6 for additional information. |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net (in millions) January 28, 2023 January 29, 2022 Land and buildings $ 21.0 $ 21.7 Leasehold improvements 684.1 640.9 Furniture and fixtures 729.9 698.3 Equipment 160.9 133.5 Software 268.9 251.5 Construction in progress 74.4 78.9 Total $ 1,939.2 $ 1,824.8 Accumulated depreciation and amortization (1,352.7) (1,248.9) Property, plant and equipment, net $ 586.5 $ 575.9 Depreciation and amortization expense for Fiscal 2023 was $162.2 million (Fiscal 2022: $162.4 million; Fiscal 2021: $175.1 million). In Fiscal 2023, the Company recorded impairment charges of $4.3 million related to property and equipment (Fiscal 2022: $1.6 million; Fiscal 2021: $28.1 million). See Note 17 for additional information. |
Asset Impairments, net
Asset Impairments, net | 12 Months Ended |
Jan. 28, 2023 | |
Asset Impairment Charges [Abstract] | |
Asset Impairments, net | Asset impairments, net The following table summarizes the Company’s asset impairment activity for the periods presented: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Goodwill impairment (1) $ — $ — $ 10.7 Indefinite-lived intangible asset impairment (1) — — 83.3 Property and equipment impairment 4.3 1.6 28.1 Operating lease ROU asset impairment, net (2) 18.4 (0.1) 36.9 Total impairment $ 22.7 $ 1.5 $ 159.0 (1) Refer to Note 19 for additional information. (2) The Company recorded $0.9 million, $1.4 million and $4.4 million of gains on terminations or modifications of leases resulting from previously recorded impairments of the ROU assets in Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. Long-lived assets of the Company consist primarily of property and equipment, definite-lived intangible assets and operating lease right-of-use ("ROU") assets. Long-lived assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Potentially impaired assets or asset groups are identified by reviewing the undiscounted cash flows of individual stores. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the store asset group, based on the Company’s internal business plans. If the undiscounted cash flow for the store asset group is less than its carrying amount, the long-lived assets are measured for potential impairment by estimating the fair value of the asset group, and recording an impairment loss for the amount that the carrying value exceeds the estimated fair value. The Company primarily utilizes the replacement cost method to estimate the fair value of its property and equipment, and the income capitalization method to estimate the fair value of its ROU assets, which incorporates historical store level sales, internal business plans, real estate market capitalization and rental rates, and discount rates. Fiscal 2021 Due to the various impacts of COVID-19 to the Company’s business during the first quarter of Fiscal 2021, including the temporary closure of all the Company’s stores beginning in late March 2020 (see additional information in Note 1), the Company determined triggering events had occurred for certain of the Company’s long-lived asset groups at the individual stores that required an interim impairment assessment during the first quarter of Fiscal 2021. During the remaining of Fiscal 2021, the Company completed its quarterly trigger event assessment and determined that triggering events had occurred for certain additional long-lived asset groups at the individual stores based on real estate assessments (including store closure decisions) and the continued uncertainty related to COVID-19 on forecasted cash flows for the remaining lease period for certain stores. This impacted property and equipment and ROU assets at the store level. The Company identified certain stores in the initial recoverability test which had carrying values in excess of the estimated undiscounted cash flows. For these stores failing the initial recoverability test, a fair value assessment for these long-lived assets was performed. As a result of the above fair values assessments, the Company recorded impairment charges for property and equipment of $28.1 million and impairment charges for ROU assets of $36.9 million in Fiscal 2021, which is net of gains on terminations or modifications of leases resulting from previously recorded impairments of the ROU assets of $4.4 million. Fiscal 2022 During Fiscal 2022, the Company completed its quarterly triggering event assessments and determined that triggering events had occurred for certain long-lived asset groups at individual stores based on real estate assessments (including store closure decisions) and store performance for the remaining lease period for certain stores that required an impairment assessment. This impacted property and equipment and ROU assets at the store level. The Company identified certain stores in the initial recoverability test which had carrying values in excess of the estimated undiscounted cash flows. For these stores failing the initial recoverability test, a fair value assessment for these long-lived assets was performed. As a result of the estimated fair values, the Company recorded impairment charges for property and equipment of $1.6 million and a net ROU asset gain on impairment of $0.1 million in Fiscal 2022. Fiscal 2023 During Fiscal 2023, the Company completed its quarterly triggering event assessments and determined that triggering events had occurred for certain long-lived asset groups at individual stores based on real estate assessments (including store closure decisions) and store performance for the remaining lease period for certain stores that required an impairment assessment. This impacted property and equipment and ROU assets at the store level. The Company identified certain stores in the initial recoverability test which had carrying values in excess of the estimated undiscounted cash flows. For these stores failing the initial recoverability test, a fair value assessment for these long-lived assets was performed. As a result of the estimated fair values, the Company recorded impairment charges for property and equipment of $3.7 million and a net ROU asset impairment of $3.1 million in Fiscal 2023. In addition, during the fourth quarter of Fiscal 2023, due to the change in working environments at certain of the Company’s administrative offices resulting from COVID-19, the Company substantially vacated two leased facilities in its Akron, Ohio support center. The significant change in use of these facilities resulted in a triggering event to evaluate these asset groups for impairment, and they were deemed to have failed the initial recoverability test on an undiscounted basis. A fair value assessment for these long-lived assets was thus performed, and as a result of the estimated fair values, the Company recorded impairment charges for property and equipment of $0.6 million and an ROU asset impairment of $15.3 million in Fiscal 2023. The uncertainty of the current macroeconomic environment on to the Company’s business could continue to further negatively affect the operating performance and cash flows of the previously impaired stores or additional stores, including the impacts of inflation, continued changes in consumer behavior and shifts in discretionary spending, the inability to achieve or maintain cost savings initiatives included in the business plans, changes in real estate strategy or other macroeconomic factors which influence consumer behavior. In addition, key assumptions used to estimate fair value, such as sales trends, capitalization and market rental rates, and discount rates could impact the fair value estimates of the store-level assets in future periods. |
Leases
Leases | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Leases | Leases Signet occupies certain properties and holds machinery and vehicles under operating leases. Signet determines if an arrangement is a lease at the agreement’s inception. Certain operating leases include predetermined rent increases, which are charged to store occupancy costs within cost of sales on a straight-line basis over the lease term, including any construction period or other rental holiday. Other variable amounts paid under operating leases, such as taxes and common area maintenance, are charged to cost of sales as incurred. Premiums paid to acquire short-term leasehold properties and inducements to enter into a lease are recognized on a straight-line basis over the lease term. Certain leases provide for contingent rent based on a percentage of sales in excess of a predetermined level. Certain leases provide for variable rent increases based on indexes specified within the lease agreement. The variable increases based on an index are initially measured as part of the operating lease liability using the index at the commencement date. Contingent rent and subsequent changes to variable increases based on indexes will be recognized in the variable lease cost and included in the determination of total lease cost when it is probable that the expense has been incurred and the amount is reasonably estimable. Operating leases are included in operating lease ROU assets and current and non-current operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental secured borrowing rate based on the information available at the lease commencement date, including the underlying term and currency of the lease, in measuring the present value of lease payments. Lease terms, which include the period of the lease that cannot be canceled, may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with an initial term of twelve months or less are not recorded on the balance sheet, and we recognize short-term lease expense for these leases on a straight-line basis over the lease term. The operating lease ROU asset may also include initial direct costs, prepaid and/or accrued lease payments and the unamortized balance of lease incentives received. ASC 842, “Leases”, allows a lessee, as an accounting policy election by class of underlying asset, to choose not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. We have elected this practical expedient as presented in ASC 842, and do not separate non-lease components for all underlying asset classes. ROU assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the assets may not be recoverable in accordance with the Company’s long-lived asset impairment assessment policy. Payments arising from operating lease activity, as well as variable and short-term lease payments not included within the operating lease liability, are included as operating activities on the Company’s consolidated statement of cash flows. Expenditures made to ready an asset for its intended use (i.e. leasehold improvements) are represented within investing activities within the Company’s consolidated statements of cash flows. The weighted average lease term and discount rate for the Company’s outstanding operating leases were as follows: January 28, 2023 January 29, 2022 Weighted average remaining lease term 7.2 years 7.1 years Weighted average discount rate 5.8 % 5.5 % Total lease costs consist of the following: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Operating lease cost $ 399.1 $ 431.8 $ 436.3 Short-term lease cost 47.4 11.5 16.3 Variable lease cost 119.7 127.0 110.3 Sublease income (1.5) (1.9) (1.8) Total lease cost $ 564.7 $ 568.4 $ 561.1 Supplemental cash flow information related to leases consist of the following: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 387.5 $ 479.6 $ 400.4 Operating lease right-of-use assets obtained in exchange for lease obligations (1) 191.5 168.8 70.8 Reduction in the carrying amount of ROU assets (2) 331.2 351.7 348.3 (1) Includes $39.1 million and $56.9 million of ROU assets acquired from Blue Nile in Fiscal 2023 and Diamonds Direct in Fiscal 2022, respectively, per Note 4. (2) Excludes ROU asset impairment charges of $18.4 million net, ROU asset impairment gains of $0.1 million, and ROU asset impairment charges of $36.9 million during Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively, as further described in Note 17. The future minimum operating lease commitments for operating leases having initial or non-cancelable terms in excess of one year are as follows: (in millions) January 28, 2023 Fiscal 2024 $ 351.5 Fiscal 2025 277.0 Fiscal 2026 203.4 Fiscal 2027 149.2 Fiscal 2028 102.1 Thereafter 433.4 Total minimum lease payments $ 1,516.6 Less: Imputed interest (333.7) Present value of lease liabilities $ 1,182.9 |
Goodwill and intangibles
Goodwill and intangibles | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangibles | Goodwill and intangibles Goodwill and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually and more frequently if events or conditions are identified indicating the carrying value of a reporting unit or an indefinite-lived intangible asset may not be recoverable. In evaluating goodwill and indefinite-lived trade names for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value. If the Company concludes that it is not more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, then no further testing is required. However, if the Company concludes that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, then an impairment test is performed to identify a potential impairment and measure the amount of impairment to be recognized, if any. When the carrying amount of the reporting unit or an indefinite-lived intangible assets exceeds its fair value, an impairment charge is recorded. The impairment test for goodwill involves estimating the fair value of the reporting unit through either estimated discounted future cash flows or market-based methodologies. The impairment test for other indefinite-lived intangible assets involves estimating the fair value of the asset, which is typically performed using the relief from royalty method for indefinite-lived trade names. Fiscal 2021 During Fiscal 2021, the Company performed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names for impairment indicators. The Company noted that no impairment indicators existed at the date of the annual evaluation. Additionally, due to various impacts of COVID-19 to the Company’s business during the first quarter Fiscal 2021, the Company determined a triggering event had occurred that required an interim impairment assessment for all of its reporting units and indefinite-lived intangible assets. As part of the assessment, it was determined that an increase in the discount rates was required to reflect the prevailing uncertainty inherent in the forecasts due to current market conditions and potential COVID-19 impacts. This higher discount rate, in conjunction with revised long-term projections associated with certain aspects of the Company’s forecast, resulted in lower than previously projected long-term future cash flows for the reporting units and indefinite-lived intangible assets which negatively affected the valuation compared to previous valuations. As a result of the interim impairment assessment, during the first quarter of Fiscal 2021, the Company recognized pre-tax impairment charges related to goodwill of $10.7 million in the consolidated statements of operations within its North America reportable segment related to R2Net and Zales Canada goodwill. In conjunction with the interim impairment tests noted above, during the first quarter of Fiscal 2021 the Company determined that the fair values of indefinite-lived intangible assets related to certain Zales trade names were less than their carrying value. Accordingly, in the first quarter of Fiscal 2021, the Company recognized pre-tax impairment charges within asset impairments on the consolidated statements of operations of $83.3 million within its North America reportable segment. Fiscal 2022 In the second quarter of Fiscal 2022, the annual testing date of R2Net was changed from the last day of the fiscal year to the last day of the fourth period of each fiscal year. R2Net represents a reporting unit within the Company’s North America reportable segment. The new impairment testing date was preferable, as this date corresponds with the testing date for the other North America reporting units. This allows information and assumptions to be applied consistently to all reporting units. In connection with the acquisition of Rocksbox on March 29, 2021, the Company recognized $11.6 million of definite-lived intangible assets and $4.6 million of goodwill, which are reported in the North America reportable segment. The weighted-average amortization period of the definite-lived intangibles assets acquired is eight years. In connection with the acquisition of Diamonds Direct on November 17, 2021, the Company recognized $126.0 million of indefinite-lived intangible assets related to the Diamonds Direct trade name and $251.2 million of goodwill, which are reported in the North America reportable segment. Refer to Note 4 for additional information. During Fiscal 2022, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived intangible assets exceed their fair values. Fiscal 2023 During Fiscal 2023, the Company completed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names, and through the qualitative assessment, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceeded their fair values. In connection with the acquisition of Blue Nile on August 19, 2022, the Company recognized $96.0 million of indefinite-lived intangible assets and $258.0 million of goodwill, which are reported in the North America reportable segment. Refer to Note 4 for additional information. During Fiscal 2023, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived intangible assets exceed their fair values. The uncertainty related to the current macroeconomic environment, such as rising interest rates and the heightened inflationary pressure on consumers’ discretionary spending, could negatively affect the share price of the Company’s stock, as well as key assumptions used to estimate fair value, such as sales trends, margin trends, long-term growth rates and discount rates. Thus, an adverse change in any of these factors could result in a risk of impairment in the Company’s goodwill or indefinite-lived trade names in future periods, including those from recent acquisitions. Goodwill The following table summarizes the Company’s goodwill by reportable segment: (in millions) North Balance at January 30, 2021 (1) $ 238.0 Acquisitions 246.6 Balance at January 29, 2022 (1) $ 484.6 Acquisitions (2) 267.1 Balance at January 28, 2023 (1) $ 751.7 (1) For the periods presented, the carrying amount of goodwill is presented net of accumulated impairment losses of $576.0 million. (2) The change in goodwill during the period primarily represents the acquisition of Blue Nile and the finalization of the purchase price allocation of Diamonds Direct. Refer to Note 4 for additional information. Intangibles Definite-lived intangible assets include trade names, technology and customer relationship assets. Indefinite-lived intangible assets consist of trade names. Both definite and indefinite-lived assets are recorded within intangible assets, net on the consolidated balance sheets. Intangible liabilities, net consists of unfavorable contracts and is recorded within accrued expense and other current liabilities and other liabilities on the consolidated balance sheets. The following table provides additional detail regarding the composition of intangible assets and liabilities: January 28, 2023 January 29, 2022 (in millions) Gross Accumulated Net Gross Accumulated Net Intangible assets, net: Definite-lived intangible assets $ 15.8 $ (7.6) $ 8.2 $ 15.8 $ (5.3) $ 10.5 Indefinite-lived intangible assets (1) 399.2 — 399.2 303.7 — 303.7 Total intangible assets, net $ 415.0 $ (7.6) $ 407.4 $ 319.5 $ (5.3) $ 314.2 Intangible liabilities, net $ (38.0) $ 32.6 $ (5.4) $ (38.0) $ 30.8 $ (7.2) (1) The change in the indefinite-lived intangible asset balances during the periods presented was due to the addition of Blue Nile trade name of $96.0 million and the impact of foreign currency translation. Amortization expense relating to intangible assets was $2.3 million in Fiscal 2023 (Fiscal 2022: $1.1 million; Fiscal 2021: $0.9 million). Unfavorable contracts are classified as liabilities and recognized over the term of the underlying contract. Amortization relating to intangible liabilities was $1.8 million in Fiscal 2023 (Fiscal 2022: $3.3 million; Fiscal 2021: $5.4 million). Expected future amortization for intangible assets and intangible liabilities recorded at January 28, 2023 follows: (in millions) Intangible assets amortization Intangible liabilities amortization Fiscal 2024 $ 1.9 $ (1.8) Fiscal 2025 1.3 (1.8) Fiscal 2026 1.2 (1.8) Fiscal 2027 1.2 — Fiscal 2028 1.2 — Thereafter 1.4 — Total $ 8.2 $ (5.4) |
Investments
Investments | 12 Months Ended |
Jan. 28, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments in debt securities Investments in debt securities are held by certain insurance subsidiaries and are reported at fair value as other assets in the accompanying consolidated balance sheets. All investments are classified as available-for-sale and include the following: January 28, 2023 January 29, 2022 (in millions) Cost Unrealized Gain (Loss) Fair Value Cost Unrealized Gain (Loss) Fair Value US Treasury securities $ 5.8 $ (0.1) $ 5.7 $ 4.5 $ — $ 4.5 US government agency securities 0.5 — 0.5 2.0 — 2.0 Corporate bonds and notes 3.5 (0.1) 3.4 5.6 0.2 5.8 Total investments $ 9.8 $ (0.2) $ 9.6 $ 12.1 $ 0.2 $ 12.3 Realized gains and losses on investments are determined on a specific identification basis. There were no material net realized gains or losses during Fiscal 2023, Fiscal 2022 or Fiscal 2021. Investments with a carrying value of $3.8 million and $3.3 million were on deposit with various state insurance departments at January 28, 2023 and January 29, 2022, respectively, as required by law. Investments in debt securities outstanding as of January 28, 2023 mature as follows: (in millions) Cost Fair Value Less than one year $ 2.9 $ 2.9 Year two through year five 3.0 2.9 Year six through year ten 3.9 3.8 Total investment in debt securities $ 9.8 $ 9.6 Investment in Sasmat During Fiscal 2023, the Company acquired a 25% interest in Sasmat Retail, S.L (“Sasmat”) for $17.1 million in cash. Sasmat is a Spanish jewelry retailer specializing in online selling, with five brick and mortar locations. Under the terms of the agreement, the Company has the option to acquire the remaining 75% of Sasmat exercisable at the earlier of three years or upon Sasmat reaching certain revenue targets as defined in the agreement. The Company is applying the equity method of accounting to the Sasmat investment. The Sasmat investment is recorded within other non-current assets in the consolidated balance sheet. The Sasmat investment did not have a material impact on Signet’s consolidated statements of operations during Fiscal 2023. |
Derivatives
Derivatives | 12 Months Ended |
Jan. 28, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Derivative transactions are used by Signet for risk management purposes to address risks inherent in Signet’s business operations and sources of financing. The Company’s main risks are market risk including foreign currency risk, commodity risk, liquidity risk and interest rate risk. Signet uses derivative financial instruments to manage and mitigate certain of these risks under policies reviewed and approved by the Board. Signet does not enter into derivative transactions for speculative purposes. Market risk Signet primarily generates revenues and incurs expenses in US dollars, Canadian dollars and British pounds. As a portion of the International reportable segment’s purchases and purchases made by the Canadian operations of the North America reportable segment are denominated in US dollars, Signet enters into forward foreign currency exchange contracts and foreign currency swaps to manage this exposure to the US dollar. Signet holds a fluctuating amount of British pounds and Canadian dollars reflecting the cash generative characteristics of operations. Signet’s objective is to minimize net foreign exchange exposure to the consolidated statements of operations on non-US dollar denominated items through managing cash levels, non-US dollar denominated intra-entity balances and foreign currency exchange contracts and swaps. In order to manage the foreign exchange exposure and minimize the level of funds denominated in British pounds and Canadian dollars, dividends are paid regularly by subsidiaries to their immediate holding companies and excess British pounds and Canadian dollars are sold in exchange for US dollars. Signet’s policy is to reduce the impact of precious metal commodity price volatility on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Board. In particular, when price and volume warrants such actions, Signet undertakes hedging of its requirements for gold through the use of forward purchase contracts, options and net zero premium collar arrangements (a combination of forwards and option contracts). Liquidity risk Signet’s objective is to ensure that it has access to, or the ability to generate, sufficient cash from either internal or external sources in a timely and cost-effective manner to meet its commitments as they become due and payable. Signet manages liquidity risks as part of its overall risk management policy. Management produces forecasting and budgeting information that is reviewed and monitored by the Board. Cash generated from operations and external financing are the main sources of funding, which supplement Signet’s resources in meeting liquidity requirements. The primary external sources of funding are an asset-based credit facility and senior unsecured notes as described in Note 24. Interest rate risk Signet has exposure to movements in interest rates associated with cash and borrowings. Signet may enter into various interest rate protection agreements in order to limit the impact of movements in interest rates. Credit risk and concentrations of credit risk Credit risk represents the loss that would be recognized at the reporting date if counterparties failed to perform as contracted. Signet does not anticipate non-performance by counterparties of its financial instruments. 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 only hold cash and cash equivalent investments and to transact financial instruments with financial institutions with a certain minimum credit rating. As of January 28, 2023, management does not believe Signet is exposed to any significant concentrations of credit risk that arise from cash and cash equivalent investments, derivatives or accounts receivable. Commodity and foreign currency risks The following types of derivative financial instruments are utilized by Signet to mitigate certain risk exposures related to changes in commodity prices and foreign exchange rates: Forward foreign currency exchange contracts (designated) — These contracts, which are principally in US dollars, are entered into to limit the impact of movements in foreign exchange rates on forecasted foreign currency purchases. These contracts were de-designated during the 13 weeks ended May 2, 2020. This de-designation occurred due to uncertainly around the volume of purchases in the Company’s UK business. These contracts were unlikely to retain hedge effectiveness given the change in circumstances as a result of COVID-19. Trading for these contracts resumed during the third quarter of Fiscal 2021. The total notional amount of these foreign currency contracts outstanding as of January 28, 2023 was $25.9 million (January 29, 2022: $11.2 million). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (January 29, 2022: 10 months). Forward foreign currency exchange contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of January 28, 2023 was $27.3 million (January 29, 2022: $93.8 million). Commodity forward purchase contracts and net zero premium collar arrangements (designated) — These contracts are entered into to reduce Signet’s exposure to significant movements in the price of the underlying precious metal raw materials. Trading for these contracts was suspended during Fiscal 2022 due to the commodity price environment and there were no commodity derivative contracts outstanding as of January 28, 2023 and January 29, 2022. The bank counterparties to the derivative instruments expose Signet to credit-related losses in the event of their non-performance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of January 28, 2023, Signet believes that this credit risk did not materially change the fair value of the foreign currency or commodity contracts. The following table summarizes the fair value and presentation of derivative instruments in the consolidated balance sheets: Fair value of derivative assets (in millions) Balance sheet location January 28, 2023 January 29, 2022 Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 0.1 $ 0.3 Total derivative assets $ 0.1 $ 0.3 Fair value of derivative liabilities (in millions) Balance sheet location January 28, 2023 January 29, 2022 Derivatives designated as hedging instruments: Foreign currency contracts Other current liabilities $ (0.6) $ — Derivatives not designated as hedging instruments: Foreign currency contracts Other current liabilities (0.1) (1.3) Total derivative liabilities $ (0.7) $ (1.3) Derivatives designated as cash flow hedges The following table summarizes the pre-tax gains recorded in AOCI for derivatives designated in cash flow hedging relationships: (in millions) January 28, 2023 January 29, 2022 Foreign currency contracts $ 0.6 $ 0.5 Gains recorded in AOCI $ 0.6 $ 0.5 The following tables summarize the pre-tax effect of derivative instruments designated as cash flow hedges on OCI and the consolidated statements of operations: Foreign currency contracts (in millions) Statement of operations caption Fiscal 2023 Fiscal 2022 Gains (losses) recorded in AOCI, beginning of period $ 0.5 $ (0.7) Current period gains recognized in OCI 1.8 0.6 Losses (gains) reclassified from AOCI to net income Cost of sales (1) (1.7) 0.6 Gains recorded in AOCI, end of period $ 0.6 $ 0.5 Commodity contracts (in millions) Statement of operations caption Fiscal 2023 Fiscal 2022 Losses recorded in AOCI, beginning of period $ — $ (0.4) Losses reclassified from AOCI to net income Cost of sales (1) — 0.4 Gains (losses) recorded in AOCI, end of period $ — $ — (1) Refer to the consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges. There were no discontinued cash flow hedges during the periods presented, other than the items disclosed above during the first quarter of Fiscal 2021. Based on current valuations, the Company expects approximately $0.8 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months. Derivatives not designated as hedging instruments The following table presents the effects of the Company’s derivative instruments not designated as cash flow hedges in the consolidated statements of operations: (in millions) Statement of operations caption Fiscal 2023 Fiscal 2022 Foreign currency contracts Other operating income (expense) $ (12.9) $ (3.1) |
Fair value measurement
Fair value measurement | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Fair value measurement The estimated fair value of Signet’s financial instruments held or issued to finance Signet’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet’s intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories: Level 1—quoted market prices in active markets for identical assets and liabilities Level 2—observable market based inputs or unobservable inputs that are corroborated by market data Level 3—unobservable inputs that are not corroborated by market data Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below: January 28, 2023 January 29, 2022 (in millions) Carrying Value Level 1 Level 2 Carrying Value Level 1 Level 2 Assets: US Treasury securities $ 5.7 $ 5.7 $ — $ 4.5 $ 4.5 $ — Foreign currency contracts 0.1 — 0.1 0.3 — 0.3 US government agency securities 0.5 — 0.5 2.0 — 2.0 Corporate bonds and notes 3.4 — 3.4 5.8 — 5.8 Total assets $ 9.7 $ 5.7 $ 4.0 $ 12.6 $ 4.5 $ 8.1 Liabilities: Foreign currency contracts $ (0.7) $ — $ (0.7) $ (1.3) $ — $ (1.3) Total liabilities $ (0.7) $ — $ (0.7) $ (1.3) $ — $ (1.3) Investments in US Treasury securities are based on quoted market prices for identical instruments in active markets, and therefore were classified as Level 1 measurements in the fair value hierarchy. Investments in US government agency securities and corporate bonds and notes are based on quoted prices for similar instruments in active markets, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 20 for additional information related to the Company’s available-for-sale investments. The fair value of derivative financial instruments has been determined based on market value equivalents at the balance sheet date, taking into account the current foreign currency forward rates, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 21 for additional information related to the Company’s derivatives. During Fiscal 2021, the Company performed quantitative impairment tests for goodwill and indefinite-lived intangible assets. The fair value was calculated using the income approach for the reporting units and the relief from royalty method for the indefinite-lived intangible assets, respectively. The fair value is a Level 3 valuation based on certain unobservable inputs including estimated future cash flows and discount rates aligned with market-based assumptions, that would be utilized by market participants in valuing these assets or prices of similar assets. In addition, for long-lived assets, the Company performed impairment tests for certain long-lived assets during Fiscal 2023, 2022, and 2021. The Company utilizes primarily the replacement cost method (a level 3 valuation method) for the fair value of its property and equipment, and the income method to estimate the fair value of its ROU assets, which incorporates Level 3 inputs such as historical store level sales, internal business plans, real estate market capitalization and rental rates, and discount rates. See Note 17 and Note 19 for additional information. The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities, and income taxes approximate fair value because of the short-term maturity of these amounts. The fair values of long-term debt instruments were determined using quoted market prices in inactive markets or discounted cash flows based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. The following table provides a summary of the carrying amount and fair value of outstanding debt: January 28, 2023 January 29, 2022 (in millions) Carrying Fair Value Carrying Fair Value Long-term debt Senior Notes (Level 2) $ 147.4 $ 144.9 $ 147.1 $ 150.0 |
Retirement plans
Retirement plans | 12 Months Ended |
Jan. 28, 2023 | |
Retirement Benefits [Abstract] | |
Retirement plans | Retirement plans Signet operates a defined benefit pension plan in the UK (the “UK Plan”) which ceased to admit new employees effective April 2004. The UK Plan provides benefits to participating eligible employees. Beginning in Fiscal 2014, a change to the benefit structure was implemented and members’ benefits that accumulate after that date are now based upon career average salaries, whereas previously, all benefits were based on salaries at retirement. In September 2017, the Company approved an amendment to freeze benefit accruals under the UK Plan in an effort to reduce anticipated future pension expense. As a result of this amendment, the Company froze the pension plan for all participants with an effective date of October 2019 as elected by the plan participants. All future benefit accruals under the plan have thus ceased as of this date. The amendment to the plan was accounted for in accordance with ASC 715, “Compensation - Retirement Benefits.” On July 29, 2021, Signet Group Limited (“SGL”), a wholly-owned subsidiary of the Company, entered into an agreement (the “Agreement”) with Signet Pension Trustee Limited (the “Trustee”), as trustee of the Signet Group Pension Scheme (the “Pension Scheme”), to facilitate the Trustee entering into a bulk purchase annuity policy ("BPA") securing accrued liabilities under the Pension Scheme with Rothesay Life Plc ("Rothesay") and subsequently, to wind up the Pension Scheme. The BPA will be held by the Trustee as an asset of the Scheme (the "buy-in") in anticipation of Rothesay subsequently (and in accordance with the terms of the BPA) issuing individual annuity contracts to each of the 1,909 Pension Scheme members (or their eligible beneficiaries) ("Transferred Participants") covering their accrued benefits (a full “buy-out”), following which the BPA will terminate and the Trustee will wind up the Pension Scheme (collectively, the “Transactions”). Under the terms of the Agreement, SGL has contributed £15.0 million to date (approximately $20.1 million) to the Pension Scheme to enable the Trustee to pay for any and all costs incurred by the Trustee as part of the Transactions. The initial contribution of £7.0 million (approximately $9.7 million) was paid on August 4, 2021, and the Trustee transferred substantially all Plan assets into the BPA on August 9, 2021. SGL contributed additional amounts of £7.0 million (approximately $9.2 million) and £1.0 million (approximately $1.2 million) to the Pension Scheme on March 23, 2022 and January 6, 2023, respectively, to facilitate the Trustee funding the balancing premium to Rothesay. From the point of buy-out, Rothesay shall be liable to pay the insured benefits to the Transferred Participants and shall be responsible for the administration of those benefits. Once all Pension Scheme members (or their eligible beneficiaries) have become Transferred Participants, the Trustee will wind up the Pension Scheme. By irrevocably transferring these obligations to Rothesay, the Company will eliminate its projected benefit obligation under the Pension Scheme. On August 9, 2021, in connection with the transfer of assets into the BPA as noted above, the Company performed a remeasurement of the Pension Scheme based on the terms of the BPA which resulted in a pre-tax actuarial loss of £53.3 million (approximately $72.9 million) recorded within the consolidated statements of comprehensive income (loss). On April 22, 2022, the Trustee entered into a Deed Poll agreement with Rothesay and a Deed of Assignment with SGL to facilitate the assignment of individual policies for a significant portion of the Transferred Participants (“Assigned Participants”). The Deed Poll and Deed of Assignment, collectively, irrevocably relieve SGL and the Trustee of its obligations under the policies to the Assigned Participants. In addition, during the first quarter of Fiscal 2023, certain Transferred Participants elected to take a voluntary wind-up lump sum distribution and thus no further liability exists for this group. In the first quarter of Fiscal 2023, as a result of the Deed Poll and Deed of Assignment, as well as the voluntary lump sum distributions, the Company has determined that a transfer of all remaining risks has occurred with respect to these groups of participants. Thus, management concluded that the Company triggered settlement accounting and performed a remeasurement of the Pension Scheme, which resulted in a non-cash, pre-tax settlement charge of $131.9 million recorded within other non-operating expense, net within the consolidated statement of operations during the first quarter of Fiscal 2023. The Company recorded additional non-cash, pre-tax settlement charges in the second quarter and fourth quarter of Fiscal 2023 in the amounts of $0.9 million and $0.9 million, respectively, within other non-operating expense, net within the consolidated statement of operations. These charges were the result of additional transfers of all remaining risks with respect to certain groups of participants from the Pension Scheme, which triggered settlement accounting. The settlement charges recorded in Fiscal 2023 relate to the pro-rata recognition of previously unrecognized actuarial losses and prior service costs out of AOCI and into earnings associated with the Assigned Participants, as well as the voluntary lump sum distributions noted above. The Company finalized the buy-out of the BPA and settlement of the remaining obligations under the Pension Scheme during the first quarter of Fiscal 2024. The net periodic pension cost of the UK Plan is measured on an actuarial basis using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of return on plan assets. Other material assumptions include rates of participant mortality, the expected long-term rate of compensation and pension increases, and rates of employee attrition. Gains and losses occur when actual experience differs from actuarial assumptions. If such gains or losses exceed 10% of the greater of plan assets or plan liabilities, Signet amortizes those gains or losses over the average remaining service period of the employees. The service cost component of net periodic pension cost is charged to selling, general and administrative expenses while non-service, interest and other costs components are charged to other non-operating income, net, in the consolidated statements of operations. Prior to entering into the BPA, the UK Plan was funded with assets held in a separate trustee administered fund, which was independently managed. All funds transferred to Rothesay in Fiscal 2022. Signet used January 28, 2023 and January 29, 2022 measurement dates in determining the UK Plan’s benefit obligation and fair value of plan assets. The following tables provide information concerning the UK Plan as of and for the fiscal years ended January 28, 2023 and January 29, 2022: (in millions) Fiscal 2023 Fiscal 2022 Change in UK Plan assets: Fair value at beginning of year $ 295.6 $ 299.2 Actual return on UK Plan assets (28.4) (0.3) Employer contributions 10.4 12.4 Benefits paid (2.7) (8.9) Plan settlements (260.0) — Foreign currency translation (12.2) (6.8) Fair value at end of year $ 2.7 $ 295.6 (in millions) Fiscal 2023 Fiscal 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 303.3 $ 247.6 Interest cost 1.0 3.3 Actuarial (gain) loss (29.5) 67.4 Benefits paid (2.7) (8.9) Plan settlements (260.0) — Foreign currency translation (10.5) (6.1) Benefit obligation at end of year $ 1.6 $ 303.3 Funded status at end of year $ 1.1 $ (7.7) (in millions) January 28, 2023 January 29, 2022 Amounts recognized in the consolidated balance sheets consist of: Other assets (non-current) $ 1.1 $ — Other liabilities (non-current) — (7.7) Items in AOCI not yet recognized in net income in the consolidated statements of operations: (in millions) January 28, 2023 January 29, 2022 January 30, 2021 Net actuarial gains (losses) $ 3.9 $ (103.3) $ (47.2) Net prior service costs — (3.9) (4.0) The remaining net actuarial gains for the UK Plan will be fully recognized in the first quarter of Fiscal 2024 based on the completion of the buy-out described above. The accumulated benefit obligation for the UK Plan was $1.6 million and $303.3 million as of January 28, 2023 and January 29, 2022, respectively. The components of pre-tax net periodic pension benefit cost and other amounts recognized in OCI for the UK Plan are as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Components of net periodic benefit (cost) income: Interest cost $ (1.0) $ (3.3) $ (4.0) Expected return on UK Plan assets (0.3) 3.0 5.5 Amortization of unrecognized actuarial losses (3.5) (2.1) (0.9) Amortization of unrecognized net prior service costs (0.3) (0.1) (0.1) Pension settlement loss (133.7) — — Total net periodic benefit (cost) income $ (138.8) $ (2.5) $ 0.5 Other changes in assets and benefit obligations recognized in OCI 137.0 (69.2) 6.5 Total recognized in net periodic pension benefit (cost) income and OCI $ (1.8) $ (71.7) $ 7.0 January 28, 2023 January 29, 2022 Assumptions used to determine benefit obligations (at the end of the year): Discount rate N/A 1.25 % Salary increases N/A N/A Assumptions used to determine net periodic pension costs (at the start of the year): Discount rate N/A 0.80 % Expected return on UK Plan assets N/A 0.80 % Salary increases N/A N/A Prior to the buy-in of the BPA, the discount rate was based upon published rates for high-quality fixed-income investments that produce expected cash flows that approximate the timing and amount of expected future benefit payments. The expected return on the UK Plan assets assumption was based upon the historical return and future expected returns for each asset class, as well as the target asset allocation of the portfolio of UK Plan assets. After the buy-in for the BPA, the discount rate and expected return on assets are now aligned based on the implied rates of the liability by the insurer. Prior to the buy-in of the BPA, the UK Plan’s investment strategy was guided by an objective of achieving a return on the investments, which is consistent with the long-term return assumptions and funding policy, to ensure the UK Plan obligations were met. The investment policy was to allocate funds to a diverse portfolio of investments, including UK and global equities, diversified growth funds, corporate bonds, fixed income investments and commercial property. The commercial property investment was through a Pooled Pensions Property Fund that provided a diversified portfolio of property assets. As substantially all Plan assets have now been transferred to the BPA, there is no longer a long-term target allocation strategy for investments. The fair value of the assets in the UK Plan at January 28, 2023 and January 29, 2022 are required to be classified and disclosed in one of the following three categories: Level 1—quoted market prices in active markets for identical assets and liabilities Level 2—observable market based inputs or unobservable inputs that are corroborated by market data Level 3—unobservable inputs that are not corroborated by market data Signet measures the value of the assets on an instrument-specific basis are detailed below: As of January 28, 2023 As of January 29, 2022 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 Level 3 Investments measured at fair value: Insurance contracts $ 1.6 $ — $ — $ 1.6 $ 291.6 $ — $ — $ 291.6 Cash 1.1 1.1 — — 4.0 4.0 — — Total assets $ 2.7 $ 1.1 $ — $ 1.6 $ 295.6 $ 4.0 $ — $ 291.6 The following represents a summary of changes in fair value of UK Plan assets classified as Level 3: (in millions) Fiscal 2023 Fiscal 2022 Beginning of year balance $ 291.6 $ — Purchases, sales, and settlements, net (262.7) 318.3 Actual return on assets, assets still held at reporting date (16.1) (16.8) Foreign currency translation (11.2) (9.9) End of year balance $ 1.6 $ 291.6 The BPA is considered a Level 3 asset as the value of the asset is based on the implied value of the liability as determined based on the underlying employee data and actuarial assumptions described above, which are all significant unobservable inputs. Signet contributed $10.4 million to the UK Plan in Fiscal 2023 and expects to contribute up to $1.0 million to the UK Plan in Fiscal 2024, subject to the level of remaining funding required for the completion of the Transactions described above, including the wind-up of the Pension Scheme. The following benefit payments are currently estimated to be paid by the UK Plan: (in millions) Expected benefit payments Fiscal 2024 $ 0.6 Fiscal 2025 — Fiscal 2026 — Fiscal 2027 — Fiscal 2028 — Next five fiscal years $ — Other retirement plans In June 2004, Signet introduced a defined contribution plan which replaced the UK Plan for new UK employees. The contributions to this plan in Fiscal 2023 were $2.5 million (Fiscal 2022: $2.4 million; Fiscal 2021: $2.4 million). In the US, Signet operates a defined contribution 401(k) retirement savings plan for all eligible employees who meet minimum age and service requirements. The assets of this plan are held in a separate trust and Signet matches 50% of up to 6% of employee elective salary deferrals, subject to statutory limitations. Signet’s contributions to this plan in Fiscal 2023 were $12.6 million (Fiscal 2022: $13.0 million; Fiscal 2021: $3.2 million). The Company has also established two unfunded, non-qualified deferred compensation plans (“DCP”), one of which permits certain management and highly compensated employees to elect annually to defer all or a portion of their compensation and are credited earnings or losses on the deferred amounts under the terms of the plan and the other of which is frozen as to new participants and new deferrals. Beginning in April 2011, the DCP provided for a matching contribution based on each participant’s annual compensation deferral. The plan also permits employer contributions on a discretionary basis. The cost recognized in connection with the DCP in Fiscal 2023 was $1.7 million (Fiscal 2022: $2.2 million; Fiscal 2021: $0.8 million). The matching contributions, for both the Signet 401(k) and DCP, were temporarily suspended during the first quarter of Fiscal 2021. The matching contributions resumed effective January 1, 2021. Although the two unfunded, non-qualified deferred compensation plans are not required to be funded by the Company, the Company has elected to fund the plans by investing in trust-owned life insurance policies and mutual funds. The value and classification of these assets are as follows: As of January 28, 2023 As of January 29, 2022 (in millions) Total Total Level 1 Investments measured at fair value: Mutual funds $ 16.6 $ 16.6 $ 12.4 $ 12.4 Investments measured at NAV: Money market mutual funds 5.7 10.3 Total assets $ 22.3 $ 16.6 $ 22.7 $ 12.4 The Company also has company-owned life insurance policies held for purposes of funding the DCP totaling $5.5 million and $6.0 million as of January 28, 2023 and January 29, 2022, respectively. As of January 28, 2023 and January 29, 2022, the total liability recorded by the Company for the DCP was $33.9 million and $32.4 million, respectively. |
Loans, overdrafts and long-term
Loans, overdrafts and long-term debt | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Loans, overdrafts and long-term debt | Loans, overdrafts and long-term debt (in millions) January 28, 2023 January 29, 2022 Debt: Senior unsecured notes due 2024, net of unamortized discount $ 147.7 $ 147.7 Gross debt 147.7 147.7 Less: Unamortized debt issuance costs (0.3) (0.6) Total long-term debt $ 147.4 $ 147.1 The annual aggregate maturities of the Company’s debt (excluding the impact of debt issuance costs) for the five years subsequent to January 28, 2023 are presented below. (in millions) Fiscal 2024 $ — Fiscal 2025 147.7 Fiscal 2026 — Fiscal 2027 — Fiscal 2028 — Thereafter — Gross Debt $ 147.7 Senior unsecured notes due 2024 On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.70% senior unsecured notes due in 2024 (the “Senior Notes”). The Senior Notes were issued under an effective registration statement previously filed with the SEC. Interest on the Senior Notes is payable semi-annually on June 15 and December 15 of each year. The Senior Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries. On September 5, 2019, Signet UK Finance announced the commencement of a tender offer to purchase any and all of its outstanding Senior Notes (the “Tender Offer”). Signet UK Finance tendered $239.6 million of the Senior Notes, representing a purchase price of $950.00 per $1,000.00 in principal, leaving $147.8 million of the Senior Notes outstanding after the Tender Offer. Unamortized debt issuance costs relating to the Senior Notes as of January 28, 2023 totaled $0.3 million (January 29, 2022: $0.6 million). The remaining unamortized debt issuance costs are recorded as a direct deduction from the outstanding liability within the consolidated balance sheets. Amortization relating to debt issuance costs of $0.3 million was recorded as a component of interest expense, net in the consolidated statements of operations in Fiscal 2023 ($0.3 million and $0.2 million during Fiscal 2022 and Fiscal 2021, respectively). Asset-based credit facility On September 27, 2019, the Company entered into a senior secured asset-based credit facility consisting of (i) a revolving credit facility in an aggregate committed amount of $1.5 billion (“ABL Revolving Facility”) and (ii) a first-in last-out term loan facility in an aggregate principal amount of $100.0 million (the “FILO Term Loan Facility” and, together with the ABL Revolving Facility, the “ABL Facility”) pursuant to that certain credit agreement. On July 28, 2021, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”) to amend the ABL Facility. The Second Amendment extends the maturity of the ABL Facility from September 27, 2024 to July 28, 2026 and allows the Company to increase the size of the ABL Facility by up to $600 million. The Company incurred additional debt issuance costs of $3.9 million related to the modification of the ABL Facility during the second quarter of Fiscal 2022. Revolving loans under the ABL Revolving Facility are available in an aggregate amount equal to the lesser of the aggregate ABL revolving commitments and a borrowing base determined based on the value of certain inventory and credit card receivables, subject to specified advance rates and reserves. Indebtedness under the ABL Facility is secured by substantially all of the assets of the Company and its subsidiaries, subject to customary exceptions. Borrowings under the ABL Revolving Facility and the FILO Term Loan Facility, as applicable, bear interest at the Company’s option at either eurocurrency rate plus the applicable margin or a base rate plus the applicable margin, in each case depending on the excess availability under the ABL Revolving Facility. As of January 28, 2023, the interest rate applicable to the ABL Revolving Facility was 5.8% (January 29, 2022: 1.4%). The Company had stand-by letters of credit outstanding of $18.1 million on the ABL Revolving Facility as of January 28, 2023 (January 29, 2022: $20.1 million). The Company had no outstanding borrowings on the ABL Revolving Facility for the periods presented and its available borrowing capacity was $1.4 billion on the ABL Revolving Facility as of January 28, 2023 (January 29, 2022: $1.2 billion). As a result of the risks and uncertainties associated with the potential impacts of COVID-19 on the Company’s business, as a prudent measure to increase the Company’s financial flexibility and bolster its cash position, the Company borrowed an additional $900 million on the ABL Revolving Facility during the first quarter of Fiscal 2021. The Company made ABL Revolving Facility repayments during the third and fourth quarter of Fiscal 2021 and the outstanding amount borrowed under ABL Revolving Facility was fully paid down by the end of Fiscal 2021. During the fourth quarter of Fiscal 2021, the Company fully repaid the FILO Term Loan Facility. The remaining unamortized debt issuance costs of $0.4 million were written-off upon repayment of the FILO Term Loan Facility. This expense was recognized as a cost of extinguishment of debt and was recorded within other non-operating expense, net, in the consolidated statements of operations. If the excess availability under the ABL Revolving Facility falls below the threshold specified in the ABL Facility agreement, the Company will be required to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00. As of January 28, 2023, the threshold related to the fixed coverage ratio was approximately $126 million. The ABL Facility places certain restrictions upon the Company’s ability to, among other things, incur additional indebtedness, pay dividends, grant liens and make certain loans, investments and divestitures. The ABL Facility contains customary events of default (including payment defaults, cross-defaults to certain of the Company’s other indebtedness, breach of representations and covenants and change of control). The occurrence of an event of default under the ABL Facility would permit the lenders to accelerate the indebtedness and terminate the ABL Facility. Debt issuance costs relating to the ABL Revolving Facility totaled $12.6 million. The remaining unamortized debt issuance costs are recorded within other assets in the consolidated balance sheets. Amortization relating to the debt issuance costs of $1.9 million was recorded as a component of interest expense, net in the consolidated statements of operations for Fiscal 2023 ($2.0 million and $1.7 million during Fiscal 2022 and Fiscal 2021, respectively). Unamortized debt issuance costs related to the ABL Revolving Facility totaled $6.4 million as of January 28, 2023 (January 29, 2022: $8.3 million). |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities The following table summarizes the details of the Company’s accrued expenses and other current liabilities: (in millions) January 28, 2023 January 29, 2022 Accrued compensation and benefits $ 93.7 $ 138.2 Accrued advertising 39.7 30.5 Other taxes 71.7 64.4 Payroll taxes 17.3 25.9 Accrued litigation charges (see Note 28) 203.8 — Accrued expenses 212.5 242.6 Total accrued expenses and other current liabilities $ 638.7 $ 501.6 Certain banners within the North America reportable segment provide a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. Management estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. A similar product lifetime guarantee is also provided on color gemstones. The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities and other liabilities - non-current, is as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Warranty reserve, beginning of period $ 36.0 $ 37.3 $ 36.3 Warranty expense 16.2 8.7 8.5 Utilized (1) (11.4) (10.0) (7.5) Warranty reserve, end of period $ 40.8 $ 36.0 $ 37.3 (1) Includes impact of foreign currency translation. (in millions) January 28, 2023 January 29, 2022 Disclosed as: Accrued expense and other current liabilities $ 11.3 $ 10.2 Other liabilities - non-current (see Note 26) 29.5 25.8 Total warranty reserve $ 40.8 $ 36.0 |
Other liabilities - non-current
Other liabilities - non-current | 12 Months Ended |
Jan. 28, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities - non-current | Other liabilities - non-current The following table summarizes the details of the Company’s other liabilities: (in millions) January 28, 2023 January 29, 2022 Deferred compensation 30.9 29.6 Warranty reserve 29.5 25.8 Other liabilities 39.7 54.5 UK pension — 7.7 Total other liabilities $ 100.1 $ 117.6 |
Share-based compensation
Share-based compensation | 12 Months Ended |
Jan. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation Signet operates several share-based compensation plans which can be categorized as the “Omnibus Plans” and “Share Saving Plans” as further described below. Share-based compensation expense and the associated tax benefits recognized in the consolidated statements of operations are as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Share-based compensation expense $ 42.0 $ 45.8 $ 14.5 Income tax benefit $ (5.2) $ (5.9) $ (3.6) On March 25, 2020, in light of the economic situation as a result of the COVID-19 pandemic, the Company implemented temporary base salary reductions for members of senior management, with half of the salary reduction amount to be awarded in the Company’s common shares in lieu of cash. The base salaries were reinstated in September 2020. In Fiscal 2021, $1.3 million of Common Shares with no vesting requirements were awarded to senior management. As of January 28, 2023, unrecognized compensation cost related to unvested awards granted under share-based compensation plans is as follows: (in millions) Unrecognized Compensation Cost Weighted average period Omnibus Plan $ 33.7 1.7 years Total $ 33.7 The Company satisfies share option exercises and the vesting of RSAs, RSUs, and PSUs under its plans with the issuance of treasury shares. Omnibus Plan In June 2018, Signet’s shareholders approved and Signet adopted the Signet Jewelers Limited 2018 Omnibus Incentive Plan (as amended to the date here to, the “2018 Omnibus Plan”). Upon adoption of the 2018 Omnibus Plan, shares that were previously available under the Signet Jewelers Limited Omnibus Incentive Plan, which was approved in June 2009 (the “2009 Omnibus Plan”, and collectively with the 2018 Omnibus Incentive Plan, the “Omnibus Plans”) are no longer available for future grants and were not transferred to the 2018 Omnibus Plan. Awards that may be granted under the 2018 Omnibus Plan include RSAs, RSUs, PSUs, Common Shares, stock options, stock appreciation rights and other stock-based awards. The Fiscal 2023, Fiscal 2022 and Fiscal 2021 annual awards granted under the Omnibus Plans have four elements: RSAs, RSUs, PSUs, and Common Shares. The RSAs generally have a three-year vesting period, subject to continued employment, and have the same voting rights and dividend rights as Common Shares (which are payable once the RSAs have vested). PSUs awarded in Fiscal 2021, Fiscal 2022, and Fiscal 2023 include two performance measures: revenue and free cash flow (defined as cash flow from operations less capital expenditures). For the performance measures, cumulative results achieved during the relevant two-year performance period for Fiscal 2021, Fiscal 2022 and Fiscal 2023 are compared to target metrics established in the underlying grant agreements. The time-based stock options generally vest on the third anniversary of the grant date and have a ten-year contractual term, subject to continued employment. RSUs generally have a one RSUs and PSUs do not have dividend rights until vesting, and thus the grant date fair value of these awards is impacted by the dividend yield and term of the awards. However, RSAs do have dividend rights from the date of grant, and thus are valued at the market price of the Company’s stock on the grant date, consistent with awards of Common Shares. The significant assumptions utilized to estimate the weighted-average fair value of RSAs, Common Shares, RSUs, and PSUs granted under the Omnibus Plans are as follows: Omnibus Plan Fiscal 2023 Fiscal 2022 Fiscal 2021 Share price $ 77.39 $ 60.65 $ 11.10 Expected term 2.9 years 2.9 years 2.9 years Dividend yield 3.0 % 4.3 % 5.5 % Fair value $ 71.19 $ 53.58 $ 9.37 No stock options or RSAs were granted during Fiscal 2023, Fiscal 2022 or Fiscal 2021. The risk-free interest rate is based on the US Treasury yield curve in effect at the grant date with remaining terms equal to the expected term of the awards. The expected term utilized is the length of time the awards are expected to be outstanding, primarily based on the vesting period and expiration date of the awards. The expected volatility is determined by calculating the historical volatility of Signet’s share price over the expected term of the award. The Fiscal 2023 activity for Common Shares, RSAs, RSUs and PSUs granted under the Omnibus Plans is as follows: Omnibus Plans (in millions, except per share amounts) No. of Weighted Weighted Intrinsic (1) Outstanding at January 29, 2022 4.3 $ 22.28 1.1 years $ 369.3 Fiscal 2023 activity: Granted 0.9 71.66 Vested (2) (2.8) 15.96 Lapsed or forfeited (0.1) 44.02 Outstanding at January 28, 2023 2.3 $ 47.33 1.2 years $ 170.0 (1) Intrinsic value for outstanding RSUs and PSUs is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. No RSAs remain outstanding as of January 28, 2023. (2) This amount includes 1.0 million PSUs that vested on January 28, 2023; however, these shares were not released to participants until February 2023. The Fiscal 2023 activity for stock options granted under the Omnibus Plans is as follows: Omnibus Plans (in millions, except per share amounts) No. of Weighted Weighted Intrinsic (1) Outstanding at January 29, 2022 0.2 $ 38.70 6.3 years $ 8.9 Outstanding at January 28, 2023 0.2 $ 38.68 5.3 years $ 5.9 (1) Intrinsic value for outstanding awards is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. The following table summarizes additional information about awards granted under the Omnibus Plans: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Total intrinsic value of awards vested $ 205.1 $ 76.6 $ 5.0 Share saving plans Signet has three share option savings plans available to employees as follows: • Employee Share Purchase Plan (“ESPP”), for US employees • Sharesave Plan, for UK employees • Irish Sub-Plan to the Sharesave Plan, for Republic of Ireland employees The ESPP as adopted in 2018 is a savings plan intended to qualify under US Section 423 of the US Internal Revenue Code and allows employees to purchase common shares at a discount of approximately 5% to the closing price of the New York Stock Exchange on the date of purchase, which occurs on the last trading day of a twelve-month offering period. This plan is non-compensatory and no more than 1,250,000 shares may be issued under the ESPP. The Company suspended participation in the ESPP in August 2019, thus no shares were issued in Fiscal 2023, Fiscal 2022 or Fiscal 2021. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Jan. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Capital commitments At January 28, 2023 Signet had capital commitments of $107.0 million ($18.2 million at January 29, 2022). These commitments generally relate to store construction and capital investments in IT. Additionally, the Company has certain commitments to maintain or improve leased properties; however there are no minimum requirements or otherwise committed amounts for these projects as of January 28, 2023 or January 29, 2022. Legal proceedings Employment practices In March 2008, a group of private plaintiffs (the “Claimants”) filed a class and collective action lawsuit for an unspecified amount against Sterling Jewelers, Inc. (“SJI”), a subsidiary of Signet, in the US District Court for the Southern District of New York (“SDNY”), alleging that US store-level employment practices as to compensation and promotions discriminate on the basis of gender in purported violation of Title VII of the Civil Rights Act of 1964 (“Title VII”) and the Equal Pay Act (“EPA”). In June 2008, the SDNY referred the matter to private arbitration with the American Arbitration Association (“AAA”) where the Claimants sought to proceed on a class-wide basis. On February 2, 2015, the arbitrator issued a Class Determination Award in which she certified a class (estimated to include approximately 70,000 class members at the time) for the Claimants’ disparate impact claims for declaratory and injunctive relief under Title VII. On February 29, 2016, the arbitrator granted Claimants’ Motion for Conditional Certification of Claimants’ EPA Claims and Authorization of Notice, and notice to EPA collective action members was issued on May 3, 2016. The opt-in period for the EPA collective action closed on August 1, 2016, and the number of valid opt-in EPA Claimants is believed to be approximately 9,124. SJL challenged the arbitrator’s Class Determination Award with the SDNY. Although the SDNY vacated the Class Determination Award on January 15, 2018, on appeal the US Court of Appeals for the Second Circuit (“Second Circuit”) held that the SDNY erred and remanded the case to the SDNY to decide whether the Arbitrator erred in certifying an opt-out, as opposed to a mandatory, class for declaratory and injunctive relief. On January 27, 2021 the SDNY ordered the case remanded to the AAA for further proceedings in arbitration on a class-wide basis. Subsequently, the arbitrator retired, and the parties selected a new arbitrator to oversee the proceedings moving forward. On October 8, 2021, the newly selected arbitrator issued an amended case management plan and scheduled the arbitration hearing to begin on September 5, 2022. SJI denies the allegations of the Claimants and has been defending the case vigorously. On June 8, 2022, SJI and the Claimants reached a settlement agreement, which was subject to preliminary and final approval after notice to the class. The settlement provides for the dismissal of the arbitration with prejudice and includes payments by the Company totaling approximately $175 million. As a result of the settlement, the Company recorded a pre-tax charge of $187.9 million within other operating income (expense) in the consolidated statement of operations during Fiscal 2023. The settlement charge includes the payments to the Claimants, estimated employer payroll taxes, class administration fees and Claimants’ counsel attorney fees and costs. The arbitrator issued a preliminary approval of the settlement agreement on June 23, 2022 and a final approval order on November 15, 2022. The parties sought the SDNY’s confirmation of the arbitrator’s final approval award and on March 14, 2023, received the order confirming the award. The Company expects to fund the settlement in the first quarter of Fiscal 2024. Closed matters Shareholder actions As previously reported, on March 16, 2020, the Company entered into an agreement to settle a consolidated class action filed against the Company and certain former executives by various shareholders of the Company (the “Consolidated Action”). As a result of the settlement, the Company recorded a charge of $33.2 million during the fourth quarter of Fiscal 2020 in other operating income (loss), which includes administration costs of $0.6 million and was recorded net of expected recoveries from the Company’s insurance carriers of $207.4 million. The settlement was fully funded in the second quarter of Fiscal 2021, and the Company contributed approximately $35 million of the $240 million settlement payment, net of insurance proceeds and including the impact of foreign currency. The Court granted final approval of the settlement on July 21, 2020. Four additional actions were filed against the Company and certain former executives largely based on the same allegations as the Consolidated Action. Soon thereafter these four actions were filed, the Court entered orders staying these actions until entry of final judgment in the Consolidated Action. On June 27, 2020, the Company and plaintiffs in the four stayed actions (the “Opt-Out Plaintiffs”) reached a settlement in principle, which was finalized on July 10, 2020 requiring the Opt-Out Plaintiffs to rejoin the Consolidated Action. The Company recorded pre-tax charges related to the settlement of $7.5 million (net of expected insurance recovery) and $1.7 million during Fiscal 2021 and Fiscal 2022, respectively. The final amount owed to the Opt-Out Plaintiffs was paid during the first quarter of Fiscal 2023. Other matters In February 2023, the Company received an unfavorable ruling under a private arbitration involving a dispute with a vendor alleging breach of contract. The matter was heard before the International Centre for Dispute Resolution, a division of the AAA. As a result of this ruling, during the fourth quarter of Fiscal 2023, the Company recorded a pre-tax charge of $15.9 million within other operating income (expense) in the consolidated statement of operations. This was paid in March 2023. |
Organization and summary of s_2
Organization and summary of significant accounting policies (Policies) | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of preparation | Basis of preparationThe consolidated financial statements of Signet are prepared in accordance with US generally accepted accounting principles (“US GAAP” or “GAAP”) and include the results for the 52 week period ended January 28, 2023 (“Fiscal 2023”), as Signet’s fiscal year ends on the Saturday nearest to January 31. The comparative periods are for the 52 week period ended January 29, 2022 (“Fiscal 2022”) and the 52 week period ended January 30, 2021 (“Fiscal 2021”). Intercompany transactions and balances have been eliminated in consolidation. Signet has reclassified certain prior year amounts to conform to the current year presentation. There are no material related party transactions. |
Risks and Uncertainties | Risks and uncertainties In December 2019, a novel coronavirus (“COVID-19”) was identified in Wuhan, China. During Fiscal 2021, the Company experienced significant disruption to its business, specifically in its retail store operations through temporary closures during the first half of the year. By the end of the third quarter of Fiscal 2021, the Company had re-opened substantially all of its stores. However, during the fourth quarter of Fiscal 2021, both the UK and certain Canadian provinces re-established mandated temporary closure of non-essential businesses. The UK stores began to reopen in April 2021, while the Canadian stores began reopening in the second quarter of Fiscal 2022. While COVID-19 has not directly impacted the Company’s operations in Fiscal 2023, challenging overall market conditions exist from the direct and indirect macroeconomic effects of the pandemic on inflation, the global supply chain, changes in customer behavior and shifts in discretionary spending. The Company will continue to evaluate the impact of these and other macroeconomic factors on its business, results of operations and cash flows throughout Fiscal 2024, including the potential impacts on various estimates and assumptions inherent in the preparation of the consolidated financial statements. |
Use of estimates | Use of estimatesThe preparation of these consolidated financial statements, in conformity with US GAAP and US Securities and Exchange Commission (“SEC”) regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets. |
Foreign currency translation | Foreign currency translation The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International reportable segment and Canada as part of the North America reportable segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the consolidated balance sheet date, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within other operating income (expense) in the consolidated statements of operations. See Note 10 for additional information regarding the Company’s foreign currency translation. |
Revenue recognition | Revenue recognition The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. |
Cost of sales and selling, general and administrative expenses | Cost of sales and selling, general and administrative expenses Cost of sales includes merchandise costs, net of discounts and allowances; distribution and warehousing costs; and store operating and occupancy costs. Store operating and occupancy costs include utilities, rent, real estate taxes, common area maintenance charges and depreciation. Distribution and warehousing costs including freight, processing, inventory shrinkage and related compensation and benefits. Selling, general and administrative expenses include store staff and store administrative costs; centralized administrative expenses, including information technology; third-party credit costs and credit loss expense; advertising and promotional costs and other operating expenses not specifically categorized elsewhere in the consolidated statements of operations. |
Store opening costs | Store opening costsThe opening costs of new locations are expensed as incurred and included within selling, general and administrative expenses. |
Advertising and promotional costs | Advertising and promotional costsAdvertising and promotional costs are expensed within selling, general and administrative expenses. Production costs are expensed at the first communication of the advertisements, while communication expenses are recognized each time the advertisement is communicated. For catalogs and circulars, costs are all expensed at the first date they can be viewed by the customer. Point of sale promotional material is expensed when first displayed in the stores. |
Income taxes | Income taxes Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are recognized by applying statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when it is more likely than not that all or a portion of the deferred tax assets will not be realized, based on management’s evaluation of all available evidence, both positive and negative, including reversals of deferred tax liabilities, projected future taxable income and results of recent operations. The Company does not recognize tax benefits related to positions taken on certain tax matters unless the position is more likely than not to be sustained upon examination by tax authorities. At any point in time, various tax years are subject to or are in the process of being audited by various taxing authorities. The Company records a reserve for uncertain tax positions, including interest and penalties. 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 the income tax provision in the period in which such determinations are made. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents consist of cash on hand, money market deposits and amounts placed with external fund managers with an original maturity of three months or less. Cash and cash equivalents are carried at cost which approximates fair value. In addition, receivables from third-party credit card issuers typically converted to cash within five days of the original sales transaction are considered cash equivalents. |
Inventories | Inventories Inventories are primarily held for resale and are valued at the lower of cost or net realizable value. Cost is determined using weighted-average cost, on a first-in first-out basis, for all inventories except for certain loose diamond inventories (including those held in the Company’s diamond sourcing operations) where cost is determined using specific identification. Cost includes charges directly related to bringing inventory to its present location and condition. Such charges would include warehousing, security, distribution and certain buying costs. Net realizable value is defined as estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventory reserves are recorded for obsolete, slow moving or defective items and shrinkage. Inventory reserves for obsolete, slow moving or defective items are calculated as the difference between the cost of inventory and its estimated net realizable value based on targeted inventory turn rates, future demand, management strategy and market conditions. Due to inventories primarily consisting of precious stones and metals including gold, the age of inventories has a limited impact on the estimated net realizable value. Inventory reserves for shrinkage are estimated and recorded based on historical physical inventory results, expectations of inventory losses and current inventory levels. Physical inventories are taken at least once annually for all store locations and distribution centers. |
Vendor contributions | Vendor contributionsContributions are received from vendors through various programs and arrangements including cooperative advertising. Where vendor contributions related to identifiable promotional events are received, contributions are matched against the costs of promotions. Vendor contributions received as general contributions and not related to specific promotional events are recognized as a reduction of inventory costs. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation, amortization and impairment charges. Maintenance and repair costs are expensed as incurred. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows: 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 Computer software purchased or developed for internal use is stated at cost less accumulated amortization. Signet’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, Signet also capitalizes certain payroll and payroll-related costs for employees directly associated with internal use computer projects. Amortization is recorded on a straight-line basis over periods from three Capitalized amounts for cloud computing arrangements accounted for as service contracts are included in other assets in the consolidated balance sheets. These costs primarily consist of payroll and payroll-related costs for employees directly associated with two |
Goodwill and intangibles | Goodwill and intangibles In a business combination, the Company estimates and records the fair value of all assets acquired and liabilities assumed, including identifiable intangible assets and liabilities. The fair value of these intangible assets and liabilities is estimated based on management’s assessment, including selection of appropriate valuation techniques, inputs and assumptions in the determination of fair value. Significant estimates in valuing intangible assets and liabilities acquired include, but are not limited to, future expected cash flows associated with the acquired asset or liability, expected life and discount rates. The excess purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is recorded by the Company’s reporting units based on the acquisitions made by each. Goodwill and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually as of the beginning of the fourth reporting period, with the exception of newly acquired reporting units which are completed no later than twelve months after the date of acquisition. Additionally, if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value, the Company would evaluate the reporting unit or asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. When the carrying amount of the reporting unit or other intangible assets exceeds its fair value, an impairment charge is recorded. Intangible assets with definite lives are amortized and reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. If the estimated undiscounted future cash flows related to the asset are less than the carrying amount, the Company recognizes an impairment charge equal to the difference between the carrying value and the estimated fair value, usually determined by the estimated discounted future cash flows of the asset. |
Derivatives and hedge accounting | Derivatives and hedge accounting The Company may enter into various types of derivative instruments to mitigate certain risk exposures related to changes in commodity costs and foreign exchange rates. Derivative instruments are recorded in the consolidated balance sheets at fair value, as either assets or liabilities, with an offset to net income or other comprehensive income (“OCI”), depending on whether the derivative qualifies as an effective hedge. If a derivative instrument meets certain hedge criteria, the Company designates the derivative as a cash flow hedge within the fiscal quarter it is entered into. For effective cash flow hedge transactions, the changes in fair value of the derivative instruments are recognized in equity as a component of AOCI and are recognized in the consolidated statements of operations in the same period(s) and on the same financial statement line in which the hedged item affects net income. Gains and losses on derivatives that do not qualify for hedge accounting are recognized immediately in other operating income (loss). In the normal course of business, the Company may terminate cash flow hedges prior to the occurrence of the underlying forecasted transaction. For cash flow hedges terminated prior to the occurrence of the underlying forecasted transaction, management monitors the probability of the associated forecasted cash flow transactions to assess whether any gain or loss recorded in AOCI should be immediately recognized in net income (loss). Cash flows from derivative contracts are included in net cash provided by operating activities. |
Employee benefits | Employee benefits The funded status of the defined benefit pension plan in the UK (the “UK Plan”) is recognized on the consolidated balance sheets, and is the difference between the fair value of plan assets and the projected benefit obligation measured at the balance sheet date. Gains or losses and prior service costs or credits that arise and are not included as components of net periodic pension cost are recognized, net of tax, in OCI. Signet also operates a defined contribution plan in the UK, a defined contribution retirement savings plan in the US, and an executive deferred compensation plan in the US. Contributions made by Signet to these benefit arrangements are charged primarily to selling, general and administrative expenses in the consolidated statements of operations as incurred. |
Debt issuance costs | Debt issuance costs Borrowings include primarily interest-bearing bank loans and bank overdrafts. Direct debt issuance costs on borrowings are capitalized and amortized into interest expense over the contractual term of the related loan. |
Share-based compensation | Share-based compensation Signet measures share-based compensation cost for awards classified as equity at the grant date based on the estimated fair value of the award and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period of employees. Certain share awards under the Company’s plans include a condition whereby vesting is contingent on Company performance exceeding a given target, and therefore awards granted with this condition are considered to be performance-based awards. Signet estimates the fair value of time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) using the share price of Signet’s common stock reduced by a discount factor representing the present value of dividends that will not be received during the term of the awards. Signet estimates the fair value of time-based restricted shares (“RSAs”) and common stock awards at the share price of Signet’s common stock as of the grant award date. Signet estimates the fair value of stock options using a Black-Scholes model for awards granted under the Omnibus Plan and the binomial valuation model for awards granted under the Share Saving Plans. Deferred tax assets for awards that result in deductions on the income tax returns of subsidiaries are recorded by Signet based on the amount of compensation cost recognized and the subsidiaries’ statutory tax rate in the jurisdiction in which it will receive a deduction. Share-based compensation is primarily recorded in selling, general and administrative expenses in the consolidated statements of operations, consistent with the relevant salary cost. |
Contingent liabilities | Contingent liabilities Provisions for contingent liabilities are recorded for probable losses when management is able to reasonably estimate the loss or range of loss. When it is reasonably possible that a contingent liability may result in a loss or additional loss, the range of the potential loss is disclosed. |
Dividends | Dividends Dividends on common shares are reflected as a reduction of retained earnings in the period in which they are formally declared by the Board of Directors (the “Board”). In addition, the cumulative dividends on preferred shares are reflected as a reduction of retained earnings in the period in which they are declared by the Board, as are the deemed dividends resulting from the accretion of issuance costs related to the preferred shares. |
New accounting pronouncements | New accounting pronouncements recently adopted There were no new accounting pronouncements adopted during Fiscal 2023 that have had a material impact on the Company’s consolidated financial position or results of operations. New accounting pronouncements issued but not yet adopted There are no new accounting pronouncements issued that are expected to have a material impact on the Company’s consolidated financial position or results of operations in future periods. |
Organization and summary of s_3
Organization and summary of significant accounting policies (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table summarizes the details of the Company’s cash and cash equivalents: (in millions) January 28, 2023 January 29, 2022 Cash and cash equivalents held in money markets and other accounts $ 1,115.2 $ 1,362.4 Cash equivalents from third-party credit card issuers 50.2 54.4 Cash on hand 1.4 1.5 Total cash and cash equivalents $ 1,166.8 $ 1,418.3 |
Schedule of Cash Flow, Supplemental Disclosures | The Company’s supplemental cash flow information was as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Non-cash investing activities: Capital expenditures in accounts payable $ 14.9 $ 6.2 $ 1.2 Supplemental cash flow information: Interest paid 11.7 14.8 30.5 Income tax paid (refunded), net (1) 74.6 120.7 (176.0) (1) Includes $53.8 million and $183.4 million refunded under the CARES Act in Fiscal 2023 and Fiscal 2021, respectively. See Note 11 for further details. |
Schedule of Property, Plant and Equipment | Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows: 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 (in millions) January 28, 2023 January 29, 2022 Land and buildings $ 21.0 $ 21.7 Leasehold improvements 684.1 640.9 Furniture and fixtures 729.9 698.3 Equipment 160.9 133.5 Software 268.9 251.5 Construction in progress 74.4 78.9 Total $ 1,939.2 $ 1,824.8 Accumulated depreciation and amortization (1,352.7) (1,248.9) Property, plant and equipment, net $ 586.5 $ 575.9 |
Revenue recognition (Tables)
Revenue recognition (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables provide the Company’s total sales, disaggregated by banner, for Fiscal 2023, Fiscal 2022 and Fiscal 2021: Fiscal 2023 (in millions) North America International Other Consolidated Sales by banner: Kay $ 2,804.2 $ — $ — $ 2,804.2 Zales 1,445.0 — — 1,445.0 Jared 1,313.5 — — 1,313.5 Digital banners (1) (2) 571.8 — — 571.8 Diamonds Direct 467.1 — — 467.1 Banter by Piercing Pagoda 417.9 — — 417.9 Peoples 209.1 — — 209.1 International segment banners — 470.1 — 470.1 Other (4) 60.9 — 82.5 143.4 Total sales $ 7,289.5 $ 470.1 $ 82.5 $ 7,842.1 Fiscal 2022 (in millions) North America International Other Consolidated Sales by banner: Kay $ 2,985.8 $ — $ — $ 2,985.8 Zales 1,624.8 — — 1,624.8 Jared 1,326.3 — — 1,326.3 Digital banners (1) 422.8 — — 422.8 Diamonds Direct (3) 132.5 — — 132.5 Banter by Piercing Pagoda 553.4 — — 553.4 Peoples 206.2 — — 206.2 International segment banners — 492.4 — 492.4 Other (4) 13.0 — 68.8 81.8 Total sales $ 7,264.8 $ 492.4 $ 68.8 $ 7,826.0 Fiscal 2021 (in millions) North America International Other Consolidated Sales by banner: Kay $ 2,008.6 $ — $ — $ 2,008.6 Zales 1,121.6 — — 1,121.6 Jared 920.9 — — 920.9 Digital banners (1) 301.4 — — 301.4 Banter by Piercing Pagoda 337.5 — — 337.5 Peoples 150.9 — — 150.9 International segment banners — 355.9 — 355.9 Other (4) — — 30.1 30.1 Total sales $ 4,840.9 $ 355.9 $ 30.1 $ 5,226.9 (1) Includes sales from the Company’s digital banners James Allen and Blue Nile. (2) Includes Blue Nile sales since the date of acquisition on August 19, 2022. See Note 4 for further details. (3) Includes Diamonds Direct sales since the date of acquisition on November 17, 2021. See Note 4 for further details. (4) Other primarily includes sales from Signet’s diamond sourcing initiative, loose diamonds and Rocksbox. The following tables provide the Company’s total sales, disaggregated by major product, for Fiscal 2023, Fiscal 2022 and Fiscal 2021: Fiscal 2023 (in millions) North America International Other Consolidated Sales by product: Bridal $ 3,230.8 $ 204.8 $ — $ 3,435.6 Fashion 2,965.3 86.2 — 3,051.5 Watches 232.6 152.9 — 385.5 Services (1) 680.4 26.2 — 706.6 Other (2) 180.4 — 82.5 262.9 Total sales $ 7,289.5 $ 470.1 $ 82.5 $ 7,842.1 Fiscal 2022 (in millions) North America International Other Consolidated Sales by product: Bridal $ 3,087.6 $ 222.8 $ — $ 3,310.4 Fashion 3,130.1 92.7 — 3,222.8 Watches 241.8 157.8 — 399.6 Services (1) 626.2 19.1 — 645.3 Other (2) 179.1 — 68.8 247.9 Total sales $ 7,264.8 $ 492.4 $ 68.8 $ 7,826.0 Fiscal 2021 (in millions) North America International Other Consolidated Sales by product: Bridal $ 2,140.5 $ 166.4 $ — $ 2,306.9 Fashion 1,987.9 69.2 — 2,057.1 Watches 145.6 108.5 — 254.1 Services (1) 374.5 11.8 — 386.3 Other (2) 192.4 — 30.1 222.5 Total sales $ 4,840.9 $ 355.9 $ 30.1 $ 5,226.9 (1) Services primarily includes sales from service plans, repairs and subscriptions. (2) Other primarily includes sales from Signet’s diamond sourcing initiative and other miscellaneous non-jewelry sales. The following tables provide the Company’s total sales, disaggregated by channel, for Fiscal 2023, Fiscal 2022 and Fiscal 2021: Fiscal 2023 (in millions) North America International Other Consolidated Sales by channel: Store $ 5,728.5 $ 386.0 $ — $ 6,114.5 eCommerce 1,515.3 84.1 — 1,599.4 Other (1) 45.7 — 82.5 128.2 Total sales $ 7,289.5 $ 470.1 $ 82.5 $ 7,842.1 Fiscal 2022 (in millions) North America International Other Consolidated Sales by channel: Store $ 5,867.9 $ 377.7 $ — $ 6,245.6 eCommerce 1,396.9 114.7 — 1,511.6 Other (1) — — 68.8 68.8 Total sales $ 7,264.8 $ 492.4 $ 68.8 $ 7,826.0 Fiscal 2021 (in millions) North America International Other Consolidated Sales by channel: Store $ 3,772.9 $ 238.9 $ — $ 4,011.8 eCommerce 1,068.0 117.0 — 1,185.0 Other (1) — — 30.1 30.1 Total sales $ 4,840.9 $ 355.9 $ 30.1 $ 5,226.9 (1) Includes sales from Signet’s diamond sourcing initiative and loose diamonds. |
Schedule of Deferred Selling Costs | Unamortized deferred selling costs as of Fiscal 2023 and Fiscal 2022 were as follows: (in millions) January 28, 2023 January 29, 2022 Other current assets $ 29.2 $ 28.4 Other assets 85.4 87.8 Total deferred selling costs $ 114.6 $ 116.2 |
Schedule of Deferred Revenue | Deferred revenue consists primarily of ESP and other deferred revenue as follows: (in millions) January 28, 2023 January 29, 2022 ESP deferred revenue $ 1,159.5 $ 1,116.5 Other deferred revenue (1) 90.1 82.4 Total deferred revenue $ 1,249.6 $ 1,198.9 Disclosed as: Current liabilities $ 369.5 $ 341.3 Non-current liabilities 880.1 857.6 Total deferred revenue $ 1,249.6 $ 1,198.9 (1) Other deferred revenue includes primarily revenue collected from customers for custom orders and eCommerce orders, for which control has not yet transferred to the customer. (in millions) Fiscal 2023 Fiscal 2022 ESP deferred revenue, beginning of period $ 1,116.5 $ 1,028.9 Plans sold (1) 522.9 528.9 Revenue recognized (2) (479.9) (441.3) ESP deferred revenue, end of period $ 1,159.5 $ 1,116.5 (1) Includes impact of foreign exchange translation. (2) During Fiscal 2023 and Fiscal 2022, the Company recognized sales of approximately $269.3 million and $244.1 million, respectively, related to deferred revenue that existed at the beginning of the year in respect to ESP. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Estimated Fair Value of Assets and Liabilities Assumed | The following table presents the estimated fair value of the assets acquired and liabilities assumed from Diamonds Direct at the date of acquisition: (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 The following table presents the preliminary estimated fair value of the assets acquired and liabilities assumed from Blue Nile at the date of acquisition: (in millions) Inventories $ 86.4 Property, plant and equipment 33.1 Operating lease right-of-use assets 39.1 Intangible assets 96.0 Other assets 20.1 Identifiable assets acquired 274.7 Accounts payable 73.2 Deferred revenue 14.2 Operating lease liabilities 38.5 Other liabilities 16.9 Liabilities assumed 142.8 Identifiable net assets acquired 131.9 Goodwill 258.0 Net assets acquired $ 389.9 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, By Segment | (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Sales: North America segment (1) $ 7,289.5 $ 7,264.8 $ 4,840.9 International segment 470.1 492.4 355.9 Other segment 82.5 68.8 30.1 Total sales $ 7,842.1 $ 7,826.0 $ 5,226.9 Operating income (loss): North America segment (2) $ 673.2 $ 981.4 $ 57.9 International segment (3) (0.2) 14.4 (43.3) Other segment (4) 2.4 (0.2) (0.3) Corporate and unallocated expenses (5) (70.5) (92.2) (72.0) Total operating income (loss) 604.9 903.4 (57.7) Interest expense, net (13.5) (16.9) (32.0) Other non-operating expense, net (140.2) (2.1) — Income (loss) before income taxes $ 451.2 $ 884.4 $ (89.7) Depreciation and amortization: North America segment $ 153.8 $ 149.2 $ 163.7 International segment 10.3 14.0 12.0 Other segment 0.4 0.3 0.3 Total depreciation and amortization $ 164.5 $ 163.5 $ 176.0 Capital additions: North America segment $ 127.6 $ 112.6 $ 79.0 International segment 10.9 16.6 4.0 Other segment 0.4 0.4 — Total capital additions $ 138.9 $ 129.6 $ 83.0 (1) Includes sales of $209.1 million, $206.2 million and $150.9 million generated by Canadian operations in Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. (2) Fiscal 2023 includes: 1) $13.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct and Blue Nile acquisitions; 2) $14.7 million of acquisition and integration-related expenses in connection with the Blue Nile acquisition, primarily related to professional fees and severance costs; 3) $203.8 million related to pre-tax litigation charges; and 4) net asset impairment charges of $20.0 million. Fiscal 2022 includes: 1) $5.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition; 2) $6.4 million of acquisition-related expenses related to Diamonds Direct and Rocksbox; 3) net asset impairment charges of $2.0 million; 4) $1.4 million of gains associated with the sale of customer in-house finance receivables; and 5) $1.0 million credit to restructuring expense, primarily related to adjustments to previously recognized restructuring liabilities. Fiscal 2021 includes: 1) $1.6 million related to inventory charges recorded in conjunction with the Company’s restructuring activities; 2) $36.0 million primarily related to severance, professional fees and store closure costs recorded in conjunction with the Company’s restructuring activities; and 3) asset impairment charges of $136.7 million. See Note 4, Note 6, Note 13, Note 17, Note 19 and Note 28 for additional information. (3) Fiscal 2023 includes net asset impairment charges of $2.7 million. Fiscal 2022 includes net asset impairment gains of $0.5 million. Fiscal 2021 includes: 1) $9.7 million primarily related to severance and store closure costs recorded in conjunction with the Company’s restructuring activities; and 2) asset impairment charges of $22.3 million. See Note 6 and Note 17 for additional information. (4) Fiscal 2021 includes $0.2 million benefit recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities. See Note 6 for additional information. (5) Fiscal 2022 includes: 1) a charge of $1.7 million related to the settlement of previously disclosed shareholder litigation matters; and 2) $2.3 million credit to restructuring expense primarily related to adjustments to previously recognized restructuring liabilities. Fiscal 2021 includes: 1) a charge of $7.5 million related to the settlement of previously disclosed shareholder litigation matters, net of expected insurance proceeds; and 2) $0.5 million related to charges recorded in conjunction with the Company’s restructuring activities. See Note 6 and Note 28 for additional information. (in millions) January 28, 2023 January 29, 2022 Total assets: North America segment $ 5,901.5 $ 5,540.1 International segment 405.9 438.2 Other segment 122.3 81.2 Corporate and unallocated 190.7 515.6 Total assets $ 6,620.4 $ 6,575.1 Total long-lived assets (1) : North America segment $ 1,702.5 $ 1,328.4 International segment 40.2 43.4 Other segment 2.9 2.9 Total long-lived assets $ 1,745.6 $ 1,374.7 (1) Includes property, plant and equipment; goodwill; and other intangible assets. |
Restructuring plans (Tables)
Restructuring plans (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The composition of restructuring charges the Company incurred during Fiscal 2022 and Fiscal 2021, as well as the cumulative amount incurred since Plan inception in Fiscal 2019, were as follows: (in millions) Statement of operations location Fiscal 2022 Fiscal 2021 Cumulative amount Inventory charges Restructuring charges - cost of sales $ — $ 1.4 $ 72.8 Termination benefits Restructuring charges (1.1) 24.1 48.8 Store closure and other costs Restructuring charges (2.2) 22.1 127.7 Total Signet Path to Brilliance Plan expenses $ (3.3) $ 47.6 $ 249.3 |
Redeemable preferred shares (Ta
Redeemable preferred shares (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Redeemable Preferred Shares | The following table presents certain conversion measures as of January 28, 2023 and January 29, 2022: (in millions, except conversion rate and conversion price) January 28, 2023 January 29, 2022 Conversion rate 12.3939 12.2297 Conversion price $ 80.6849 $ 81.7682 Potential impact of preferred shares if-converted to common shares 8.1 8.0 Liquidation preference (1) $ 665.1 $ 665.1 (1) Includes the Stated Value of the Preferred Shares plus any declared but unpaid dividends |
Common shares, treasury share_2
Common shares, treasury shares, and dividends (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Class of Stock [Line Items] | |
Schedule of Class of Treasury Stock | The share repurchase activity is outlined in the table below: Fiscal 2023 Fiscal 2022 Fiscal 2021 (in millions, expect per share amounts) Shares Amount repurchased (1) (2) Average repurchase price per share (2) Shares Amount Average Shares Amount Average 2017 Program 6.1 $ 426.1 $ 70.06 3.2 $ 261.8 $ 81.16 — $ — $ 0.00 (1) The amounts repurchased in Fiscal 2023 includes $50 million related to the forward purchase contract in the ASR which was pre-paid in Fiscal 2022. |
Schedule of Dividends | Fiscal 2023 Fiscal 2022 Fiscal 2021 (in millions, except per share amounts) Cash dividend Total Cash dividend Total Cash dividend Total First quarter $ 0.20 9.3 — — $ — — Second quarter 0.20 9.2 0.18 9.5 — — Third quarter 0.20 9.2 0.18 9.5 — — Fourth quarter (1) 0.20 9.0 0.18 9.0 — — Total $ 0.80 $ 36.7 $ 0.54 $ 28.0 $ — $ — (1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of January 28, 2023 and January 29, 2022, there was $9.0 million and $9.0 million recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends declared for the fourth quarter of Fiscal 2023 and Fiscal 2022, respectively. |
Series A Redeemable Convertible Preferred Stock | |
Class of Stock [Line Items] | |
Schedule of Dividends | Fiscal 2023 Fiscal 2022 Fiscal 2021 (in millions) Total dividends Total dividends Total dividends First quarter $ 8.2 $ 8.2 $ 7.8 Second quarter 8.2 8.2 7.9 Third quarter 8.2 8.3 8.0 Fourth quarter (1) 8.2 8.2 8.1 Total $ 32.8 $ 32.9 $ 31.8 (1) Signet’s dividend policy results in the preferred share dividend payment date being a quarter in arrears from the declaration date. As a result, as of January 28, 2023 and January 29, 2022, $8.2 million and $8.2 million, respectively, has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the dividends on preferred shares declared for the fourth quarter of Fiscal 2023 and Fiscal 2022. Fiscal 2021 dividends were paid “in-kind.” |
Earnings (loss) per common sh_2
Earnings (loss) per common share ("EPS") (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic | The computation of basic EPS is outlined in the table below: (in millions, except per share amounts) Fiscal 2023 Fiscal 2022 Fiscal 2021 Numerator: Net income (loss) attributable to common shareholders $ 342.2 $ 735.4 $ (48.7) Denominator: Weighted average common shares outstanding 46.6 52.5 52.0 EPS – basic $ 7.34 $ 14.01 $ (0.94) |
Schedule of Earnings Per Share, Diluted | The computation of diluted EPS is outlined in the table below: (in millions, except per share amounts) Fiscal 2023 Fiscal 2022 Fiscal 2021 Numerator: Net income (loss) attributable to common shareholders $ 342.2 $ 735.4 $ (48.7) Add: Dividends on preferred shares 34.5 34.5 — Numerator for diluted EPS $ 376.7 $ 769.9 $ (48.7) Denominator: Weighted average common shares outstanding 46.6 52.5 52.0 Plus: Dilutive effect of share awards (1) 2.0 2.5 — Plus: Dilutive effect of preferred shares 8.1 8.0 — Diluted weighted average common shares outstanding 56.7 63.0 52.0 EPS – diluted $ 6.64 $ 12.22 $ (0.94) (1) For Fiscal 2023 and Fiscal 2022, the estimated dilutive effect of share awards includes 0.9 million and 2.0 million of contingently issuable PSUs, respectively. No such contingently issuable PSUs were included in the dilutive effect for Fiscal 2021. |
Schedule of antidilutive securities excluded from computation of earnings per share | The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive. (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Share awards — — 1.8 Potential impact of preferred shares — — 7.8 Potential impact of accelerated share repurchase — 0.6 — Total anti-dilutive shares — 0.6 9.6 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (loss) (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax: Pension plan (in millions) Foreign Gain (losses) on available-for-sale securities Gains (losses) Actuarial Prior Accumulated Balance at February 1, 2020 $ (250.1) $ 0.3 $ 12.5 $ (52.4) $ (4.1) $ (293.8) OCI before reclassifications 11.2 0.2 (0.8) 4.4 — 15.0 Amounts reclassified from AOCI to earnings — — (12.6) 0.8 0.1 (11.7) 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) OCI before reclassifications (5.4) (0.3) 0.6 (57.9) — (63.0) Amounts reclassified from AOCI to earnings — — 0.7 1.8 0.1 2.6 Net current period OCI (5.4) (0.3) 1.3 (56.1) 0.1 (60.4) Balance at January 29, 2022 $ (244.3) $ 0.2 $ 0.4 $ (103.3) $ (3.9) $ (350.9) OCI before reclassifications (24.1) (0.4) 1.5 (0.4) — (23.4) Amounts reclassified from AOCI to earnings — — (1.4) 107.6 3.9 110.1 Net current period OCI (24.1) (0.4) 0.1 107.2 3.9 86.7 Balance at January 28, 2023 $ (268.4) $ (0.2) $ 0.5 $ 3.9 $ — $ (264.2) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI were as follows: Amounts reclassified from AOCI (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Statement of operations caption (Gains) losses on cash flow hedges: Foreign currency contracts $ (1.7) $ 0.6 $ — Cost of sales (1) De-designated foreign currency contracts — — (0.6) Other operating income (expense) (2) Commodity contracts — 0.4 (6.9) Cost of sales (1) De-designated commodity contracts — — (9.3) Other operating income (expense) (2) Total before income tax (1.7) 1.0 (16.8) Income taxes 0.3 (0.3) 4.2 Net of tax (1.4) 0.7 (12.6) Defined benefit pension plan items: Amortization of unrecognized actuarial losses 3.5 2.1 1.0 Other non-operating expense, net (3) Amortization of unrecognized net prior service costs 0.3 0.1 0.1 Other non-operating expense, net (3) Pension settlement loss 133.7 — — Other non-operating expense, net (3) Total before income tax 137.5 2.2 1.1 Income taxes (26.0) (0.3) (0.2) Net of tax 111.5 1.9 0.9 Total reclassifications, net of tax $ 110.1 $ 2.6 $ (11.7) (1) See Note 21 for additional information. (2) The Company’s cash flow hedges were de-designated during the first quarter of Fiscal 2021. See Note 21 for additional information. (3) These items are included in the computation of net periodic pension benefit (cost) income. See Note 23 for additional information. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Expense by Jurisdiction | (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Income (loss) before income taxes: – US $ 281.2 $ 665.9 $ (173.4) – Foreign 170.0 218.5 83.7 Total income (loss) before income taxes $ 451.2 $ 884.4 $ (89.7) Current taxation: – US $ 157.1 $ 108.1 $ (222.2) – Foreign 16.7 7.6 0.7 Deferred taxation: – US (70.4) 8.4 158.4 – Foreign (28.9) (9.6) (11.4) Total income tax expense (benefit) $ 74.5 $ 114.5 $ (74.5) |
Schedule of Reconciliation of Effective Tax Rate | As the statutory rate of corporation tax in Bermuda is 0%, the differences between the US federal income tax rate and the effective tax rates for Signet have been presented below: Fiscal 2023 Fiscal 2022 Fiscal 2021 US federal income tax rates 21.0 % 21.0 % 21.0 % US state income taxes 2.9 % 3.3 % 4.1 % Differences between US federal and foreign statutory income tax rates 0.8 % (0.1) % 0.1 % Expenditures permanently disallowable for tax purposes, net of permanent tax benefits (1.4) % — % (4.7) % Impact of global reinsurance arrangements (8.7) % (2.2) % 14.1 % Impact of global financing arrangements (2.2) % (0.6) % — % Impairment of goodwill — % — % (2.4) % CARES Act — % (1.4) % 111.9 % Valuation allowance — % (6.5) % (55.5) % Other items 4.1 % (0.6) % (5.5) % Effective tax rate 16.5 % 12.9 % 83.1 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) consisted of the following: January 28, 2023 January 29, 2022 (in millions) Assets (Liabilities) Total Assets (Liabilities) Total Intangible assets $ — $ (100.6) $ (100.6) $ — $ (77.0) $ (77.0) US property, plant and equipment — (70.0) (70.0) — (60.2) (60.2) Foreign property, plant and equipment 0.7 — 0.7 7.1 — 7.1 Inventory valuation — (208.1) (208.1) — (237.8) (237.8) Revenue deferral 79.3 — 79.3 88.6 — 88.6 Lease assets — (230.3) (230.3) — (261.9) (261.9) Lease liabilities 262.2 — 262.2 284.3 — 284.3 Deferred compensation 8.0 — 8.0 7.7 — 7.7 Retirement benefit obligations — (0.2) (0.2) 1.5 — 1.5 Share-based compensation 8.6 — 8.6 8.4 — 8.4 Other temporary differences 95.6 — 95.6 42.4 — 42.4 163(j) interest carryforward 13.8 — 13.8 — — — Net operating losses and foreign tax credits 65.9 — 65.9 84.3 — 84.3 Value of capital losses 13.2 — 13.2 16.9 — 16.9 Total gross deferred tax assets (liabilities) $ 547.3 $ (609.2) $ (61.9) $ 541.2 $ (636.9) $ (95.7) Valuation allowance (19.0) — (19.0) (27.9) — (27.9) Deferred tax assets (liabilities) $ 528.3 $ (609.2) $ (80.9) $ 513.3 $ (636.9) $ (123.6) Disclosed as: Non-current assets $ 36.7 $ 37.3 Non-current liabilities (117.6) (160.9) Deferred tax assets (liabilities) $ (80.9) $ (123.6) |
Summary of Valuation Allowance | The following table is a rollforward of the Company’s deferred tax asset valuation allowance: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Beginning balance $ 27.9 $ 83.9 $ 38.4 Charged (credited) to income tax expense — (43.8) 45.1 Increases from acquisitions 1.9 — — Lapsed due to expiration of benefit (9.7) (11.9) — Foreign currency translation (1.1) (0.3) 0.4 Ending balance $ 19.0 $ 27.9 $ 83.9 |
Schedule of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Unrecognized tax benefits, beginning of period $ 24.9 $ 25.4 $ 23.5 Increases related to current year tax positions 1.6 2.0 1.0 Increases from acquisitions 2.3 — — Increases related to prior year tax positions 59.6 0.4 3.4 Lapse of statute of limitations (2.4) (2.9) (2.6) Foreign currency translation (0.1) — 0.1 Unrecognized tax benefits, end of period $ 85.9 $ 24.9 $ 25.4 |
Other operating income (expen_2
Other operating income (expense) and non-operating, net (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The following table provides the components of other operating income (expense) for Fiscal 2023, Fiscal 2022 and Fiscal 2021: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Litigation charges (1) $ (203.8) $ (1.7) $ (7.5) Interest income from customer in-house finance receivables (2) — 6.5 4.2 De-designated cash flow hedges (3) — — 9.9 UK government grants — 8.6 — Other (6.1) (4.9) (4.2) Other operating income (expense) $ (209.9) $ 8.5 $ 2.4 (1) See Note 28 for additional information. (2) See Note 13 and 14 for additional information. (3) See Note 21 for additional information. |
Schedule of Other Nonoperating Expense, by Component | The following table provides the components of other non-operating expense, net for Fiscal 2023, Fiscal 2022 and Fiscal 2021: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Pension settlement (1) $ (133.7) $ — $ — Other (6.5) (2.1) — Other non-operating expense, net $ (140.2) $ (2.1) $ — (1) See Note 23 for additional information. |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Receivables [Abstract] | |
Accounts Receivable by Portfolio Segment, Net | The following table presents the components of Signet’s accounts receivable: (in millions) January 28, 2023 January 29, 2022 Accounts receivable, trade $ 14.5 $ 18.3 Accounts receivable, held for sale — 1.6 Accounts receivable $ 14.5 $ 19.9 |
Summary of Allowance for Credit Losses | The following table is a rollforward of the Company’s allowance for credit losses on customer in-house finance receivables: (in millions) Fiscal 2022 Fiscal 2021 Beginning balance $ 25.5 $ — Provision for credit losses (1.0) 26.1 Write-offs (5.5) (0.6) Recoveries 0.6 — Reversal of allowance on receivables sold (19.6) — Ending balance $ — $ 25.5 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The following table summarizes the details of the Company’s inventory: (in millions) January 28, 2023 January 29, 2022 Raw materials $ 89.2 $ 75.8 Merchandise inventories 2,061.1 1,984.6 Total inventories $ 2,150.3 $ 2,060.4 |
Schedule of Inventory Reserves | Inventory reserves (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Inventory reserve, beginning of period $ 46.8 $ 52.9 $ 67.0 Charged to income (1) 63.6 101.8 78.1 Utilization (2) (82.7) (107.9) (92.2) Inventory reserve, end of period (3) $ 27.7 $ 46.8 $ 52.9 (1) Includes $1.4 million in Fiscal 2021 for inventory charges associated with the Company’s restructuring plan. The charges were primarily associated with discontinued brands and collections within the restructuring - cost of sales line item on the consolidated statements of operations. As the Plan was substantially completed in Fiscal 2021, no additional charges were recorded in Fiscal 2023 or Fiscal 2022. See Note 6 for additional information. (2) Includes the impact of foreign exchange translation, as well as $2.2 million in Fiscal 2022 and $20.0 million in Fiscal 2021 utilized for inventory identified as part of the Company’s restructuring plan. As the Plan was substantially completed in Fiscal 2021, there were no additional amounts utilized in Fiscal 2023. See Note 6 for additional information. (3) Includes $2.2 million in Fiscal 2021 for inventory identified as part of the Company’s restructuring plan. See Note 6 for additional information. |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows: 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 (in millions) January 28, 2023 January 29, 2022 Land and buildings $ 21.0 $ 21.7 Leasehold improvements 684.1 640.9 Furniture and fixtures 729.9 698.3 Equipment 160.9 133.5 Software 268.9 251.5 Construction in progress 74.4 78.9 Total $ 1,939.2 $ 1,824.8 Accumulated depreciation and amortization (1,352.7) (1,248.9) Property, plant and equipment, net $ 586.5 $ 575.9 |
Asset Impairments, net (Tables)
Asset Impairments, net (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Asset Impairment Charges [Abstract] | |
Schedule of Asset Impairment | The following table summarizes the Company’s asset impairment activity for the periods presented: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Goodwill impairment (1) $ — $ — $ 10.7 Indefinite-lived intangible asset impairment (1) — — 83.3 Property and equipment impairment 4.3 1.6 28.1 Operating lease ROU asset impairment, net (2) 18.4 (0.1) 36.9 Total impairment $ 22.7 $ 1.5 $ 159.0 (1) Refer to Note 19 for additional information. (2) The Company recorded $0.9 million, $1.4 million and $4.4 million of gains on terminations or modifications of leases resulting from previously recorded impairments of the ROU assets in Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Leases [Abstract] | |
Schedule of Lease Term and Discount Rate | The weighted average lease term and discount rate for the Company’s outstanding operating leases were as follows: January 28, 2023 January 29, 2022 Weighted average remaining lease term 7.2 years 7.1 years Weighted average discount rate 5.8 % 5.5 % |
Schedule of Total Lease Costs For Operating Leases | Total lease costs consist of the following: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Operating lease cost $ 399.1 $ 431.8 $ 436.3 Short-term lease cost 47.4 11.5 16.3 Variable lease cost 119.7 127.0 110.3 Sublease income (1.5) (1.9) (1.8) Total lease cost $ 564.7 $ 568.4 $ 561.1 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information related to leases consist of the following: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 387.5 $ 479.6 $ 400.4 Operating lease right-of-use assets obtained in exchange for lease obligations (1) 191.5 168.8 70.8 Reduction in the carrying amount of ROU assets (2) 331.2 351.7 348.3 (1) Includes $39.1 million and $56.9 million of ROU assets acquired from Blue Nile in Fiscal 2023 and Diamonds Direct in Fiscal 2022, respectively, per Note 4. (2) Excludes ROU asset impairment charges of $18.4 million net, ROU asset impairment gains of $0.1 million, and ROU asset impairment charges of $36.9 million during Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively, as further described in Note 17. |
Schedule of Future Minimum Operating Lease Payments | The future minimum operating lease commitments for operating leases having initial or non-cancelable terms in excess of one year are as follows: (in millions) January 28, 2023 Fiscal 2024 $ 351.5 Fiscal 2025 277.0 Fiscal 2026 203.4 Fiscal 2027 149.2 Fiscal 2028 102.1 Thereafter 433.4 Total minimum lease payments $ 1,516.6 Less: Imputed interest (333.7) Present value of lease liabilities $ 1,182.9 |
Goodwill and intangibles (Table
Goodwill and intangibles (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Reporting Unit | The following table summarizes the Company’s goodwill by reportable segment: (in millions) North Balance at January 30, 2021 (1) $ 238.0 Acquisitions 246.6 Balance at January 29, 2022 (1) $ 484.6 Acquisitions (2) 267.1 Balance at January 28, 2023 (1) $ 751.7 (1) For the periods presented, the carrying amount of goodwill is presented net of accumulated impairment losses of $576.0 million. (2) The change in goodwill during the period primarily represents the acquisition of Blue Nile and the finalization of the purchase price allocation of Diamonds Direct. Refer to Note 4 for additional information. |
Schedule of Finite-Lived Intangible Assets | The following table provides additional detail regarding the composition of intangible assets and liabilities: January 28, 2023 January 29, 2022 (in millions) Gross Accumulated Net Gross Accumulated Net Intangible assets, net: Definite-lived intangible assets $ 15.8 $ (7.6) $ 8.2 $ 15.8 $ (5.3) $ 10.5 Indefinite-lived intangible assets (1) 399.2 — 399.2 303.7 — 303.7 Total intangible assets, net $ 415.0 $ (7.6) $ 407.4 $ 319.5 $ (5.3) $ 314.2 Intangible liabilities, net $ (38.0) $ 32.6 $ (5.4) $ (38.0) $ 30.8 $ (7.2) (1) The change in the indefinite-lived intangible asset balances during the periods presented was due to the addition of Blue Nile trade name of $96.0 million and the impact of foreign currency translation. |
Schedule of Indefinite-Lived Intangible Assets | The following table provides additional detail regarding the composition of intangible assets and liabilities: January 28, 2023 January 29, 2022 (in millions) Gross Accumulated Net Gross Accumulated Net Intangible assets, net: Definite-lived intangible assets $ 15.8 $ (7.6) $ 8.2 $ 15.8 $ (5.3) $ 10.5 Indefinite-lived intangible assets (1) 399.2 — 399.2 303.7 — 303.7 Total intangible assets, net $ 415.0 $ (7.6) $ 407.4 $ 319.5 $ (5.3) $ 314.2 Intangible liabilities, net $ (38.0) $ 32.6 $ (5.4) $ (38.0) $ 30.8 $ (7.2) (1) The change in the indefinite-lived intangible asset balances during the periods presented was due to the addition of Blue Nile trade name of $96.0 million and the impact of foreign currency translation. |
Schedule of Expected Future Amortization Expense for Intangible Assets | Expected future amortization for intangible assets and intangible liabilities recorded at January 28, 2023 follows: (in millions) Intangible assets amortization Intangible liabilities amortization Fiscal 2024 $ 1.9 $ (1.8) Fiscal 2025 1.3 (1.8) Fiscal 2026 1.2 (1.8) Fiscal 2027 1.2 — Fiscal 2028 1.2 — Thereafter 1.4 — Total $ 8.2 $ (5.4) |
Schedule of Expected Future Amortization of Intangible Liabilities | Expected future amortization for intangible assets and intangible liabilities recorded at January 28, 2023 follows: (in millions) Intangible assets amortization Intangible liabilities amortization Fiscal 2024 $ 1.9 $ (1.8) Fiscal 2025 1.3 (1.8) Fiscal 2026 1.2 (1.8) Fiscal 2027 1.2 — Fiscal 2028 1.2 — Thereafter 1.4 — Total $ 8.2 $ (5.4) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Debt Securities | All investments are classified as available-for-sale and include the following: January 28, 2023 January 29, 2022 (in millions) Cost Unrealized Gain (Loss) Fair Value Cost Unrealized Gain (Loss) Fair Value US Treasury securities $ 5.8 $ (0.1) $ 5.7 $ 4.5 $ — $ 4.5 US government agency securities 0.5 — 0.5 2.0 — 2.0 Corporate bonds and notes 3.5 (0.1) 3.4 5.6 0.2 5.8 Total investments $ 9.8 $ (0.2) $ 9.6 $ 12.1 $ 0.2 $ 12.3 Investments in debt securities outstanding as of January 28, 2023 mature as follows: (in millions) Cost Fair Value Less than one year $ 2.9 $ 2.9 Year two through year five 3.0 2.9 Year six through year ten 3.9 3.8 Total investment in debt securities $ 9.8 $ 9.6 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value and Presentation of Derivative Instruments | The following table summarizes the fair value and presentation of derivative instruments in the consolidated balance sheets: Fair value of derivative assets (in millions) Balance sheet location January 28, 2023 January 29, 2022 Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 0.1 $ 0.3 Total derivative assets $ 0.1 $ 0.3 Fair value of derivative liabilities (in millions) Balance sheet location January 28, 2023 January 29, 2022 Derivatives designated as hedging instruments: Foreign currency contracts Other current liabilities $ (0.6) $ — Derivatives not designated as hedging instruments: Foreign currency contracts Other current liabilities (0.1) (1.3) Total derivative liabilities $ (0.7) $ (1.3) |
Schedule of Pre-Tax Gains (Losses) Recorded | The following table summarizes the pre-tax gains recorded in AOCI for derivatives designated in cash flow hedging relationships: (in millions) January 28, 2023 January 29, 2022 Foreign currency contracts $ 0.6 $ 0.5 Gains recorded in AOCI $ 0.6 $ 0.5 |
Schedule of Derivative Instruments | The following tables summarize the pre-tax effect of derivative instruments designated as cash flow hedges on OCI and the consolidated statements of operations: Foreign currency contracts (in millions) Statement of operations caption Fiscal 2023 Fiscal 2022 Gains (losses) recorded in AOCI, beginning of period $ 0.5 $ (0.7) Current period gains recognized in OCI 1.8 0.6 Losses (gains) reclassified from AOCI to net income Cost of sales (1) (1.7) 0.6 Gains recorded in AOCI, end of period $ 0.6 $ 0.5 Commodity contracts (in millions) Statement of operations caption Fiscal 2023 Fiscal 2022 Losses recorded in AOCI, beginning of period $ — $ (0.4) Losses reclassified from AOCI to net income Cost of sales (1) — 0.4 Gains (losses) recorded in AOCI, end of period $ — $ — (1) Refer to the consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges. The following table presents the effects of the Company’s derivative instruments not designated as cash flow hedges in the consolidated statements of operations: (in millions) Statement of operations caption Fiscal 2023 Fiscal 2022 Foreign currency contracts Other operating income (expense) $ (12.9) $ (3.1) |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Methods to Determine Fair Value on Instrument-Specific Basis | The methods Signet uses to determine fair value on an instrument-specific basis are detailed below: January 28, 2023 January 29, 2022 (in millions) Carrying Value Level 1 Level 2 Carrying Value Level 1 Level 2 Assets: US Treasury securities $ 5.7 $ 5.7 $ — $ 4.5 $ 4.5 $ — Foreign currency contracts 0.1 — 0.1 0.3 — 0.3 US government agency securities 0.5 — 0.5 2.0 — 2.0 Corporate bonds and notes 3.4 — 3.4 5.8 — 5.8 Total assets $ 9.7 $ 5.7 $ 4.0 $ 12.6 $ 4.5 $ 8.1 Liabilities: Foreign currency contracts $ (0.7) $ — $ (0.7) $ (1.3) $ — $ (1.3) Total liabilities $ (0.7) $ — $ (0.7) $ (1.3) $ — $ (1.3) |
Schedule of Carrying Amount and Fair Value of Outstanding Debt | The following table provides a summary of the carrying amount and fair value of outstanding debt: January 28, 2023 January 29, 2022 (in millions) Carrying Fair Value Carrying Fair Value Long-term debt Senior Notes (Level 2) $ 147.4 $ 144.9 $ 147.1 $ 150.0 |
Retirement plans (Tables)
Retirement plans (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Fair Value of Plan Assets | The following tables provide information concerning the UK Plan as of and for the fiscal years ended January 28, 2023 and January 29, 2022: (in millions) Fiscal 2023 Fiscal 2022 Change in UK Plan assets: Fair value at beginning of year $ 295.6 $ 299.2 Actual return on UK Plan assets (28.4) (0.3) Employer contributions 10.4 12.4 Benefits paid (2.7) (8.9) Plan settlements (260.0) — Foreign currency translation (12.2) (6.8) Fair value at end of year $ 2.7 $ 295.6 |
Schedule of Changes in Projected Benefit Obligations | (in millions) Fiscal 2023 Fiscal 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 303.3 $ 247.6 Interest cost 1.0 3.3 Actuarial (gain) loss (29.5) 67.4 Benefits paid (2.7) (8.9) Plan settlements (260.0) — Foreign currency translation (10.5) (6.1) Benefit obligation at end of year $ 1.6 $ 303.3 Funded status at end of year $ 1.1 $ (7.7) |
Schedule of Amounts Recognized in Balance Sheet | (in millions) January 28, 2023 January 29, 2022 Amounts recognized in the consolidated balance sheets consist of: Other assets (non-current) $ 1.1 $ — Other liabilities (non-current) — (7.7) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Items in AOCI not yet recognized in net income in the consolidated statements of operations: (in millions) January 28, 2023 January 29, 2022 January 30, 2021 Net actuarial gains (losses) $ 3.9 $ (103.3) $ (47.2) Net prior service costs — (3.9) (4.0) |
Schedule of Components of Net Benefit Costs | The components of pre-tax net periodic pension benefit cost and other amounts recognized in OCI for the UK Plan are as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Components of net periodic benefit (cost) income: Interest cost $ (1.0) $ (3.3) $ (4.0) Expected return on UK Plan assets (0.3) 3.0 5.5 Amortization of unrecognized actuarial losses (3.5) (2.1) (0.9) Amortization of unrecognized net prior service costs (0.3) (0.1) (0.1) Pension settlement loss (133.7) — — Total net periodic benefit (cost) income $ (138.8) $ (2.5) $ 0.5 Other changes in assets and benefit obligations recognized in OCI 137.0 (69.2) 6.5 Total recognized in net periodic pension benefit (cost) income and OCI $ (1.8) $ (71.7) $ 7.0 |
Schedule of Assumptions Used | January 28, 2023 January 29, 2022 Assumptions used to determine benefit obligations (at the end of the year): Discount rate N/A 1.25 % Salary increases N/A N/A Assumptions used to determine net periodic pension costs (at the start of the year): Discount rate N/A 0.80 % Expected return on UK Plan assets N/A 0.80 % Salary increases N/A N/A |
Schedule of Allocation of Plan Assets | Signet measures the value of the assets on an instrument-specific basis are detailed below: As of January 28, 2023 As of January 29, 2022 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 Level 3 Investments measured at fair value: Insurance contracts $ 1.6 $ — $ — $ 1.6 $ 291.6 $ — $ — $ 291.6 Cash 1.1 1.1 — — 4.0 4.0 — — Total assets $ 2.7 $ 1.1 $ — $ 1.6 $ 295.6 $ 4.0 $ — $ 291.6 As of January 28, 2023 As of January 29, 2022 (in millions) Total Total Level 1 Investments measured at fair value: Mutual funds $ 16.6 $ 16.6 $ 12.4 $ 12.4 Investments measured at NAV: Money market mutual funds 5.7 10.3 Total assets $ 22.3 $ 16.6 $ 22.7 $ 12.4 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following represents a summary of changes in fair value of UK Plan assets classified as Level 3: (in millions) Fiscal 2023 Fiscal 2022 Beginning of year balance $ 291.6 $ — Purchases, sales, and settlements, net (262.7) 318.3 Actual return on assets, assets still held at reporting date (16.1) (16.8) Foreign currency translation (11.2) (9.9) End of year balance $ 1.6 $ 291.6 |
Schedule of Expected Benefit Payments | The following benefit payments are currently estimated to be paid by the UK Plan: (in millions) Expected benefit payments Fiscal 2024 $ 0.6 Fiscal 2025 — Fiscal 2026 — Fiscal 2027 — Fiscal 2028 — Next five fiscal years $ — |
Loans, overdrafts and long-te_2
Loans, overdrafts and long-term debt (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Loans, Overdrafts and Long-term Debt | (in millions) January 28, 2023 January 29, 2022 Debt: Senior unsecured notes due 2024, net of unamortized discount $ 147.7 $ 147.7 Gross debt 147.7 147.7 Less: Unamortized debt issuance costs (0.3) (0.6) Total long-term debt $ 147.4 $ 147.1 |
Schedule of Maturities of Long-term Debt | The annual aggregate maturities of the Company’s debt (excluding the impact of debt issuance costs) for the five years subsequent to January 28, 2023 are presented below. (in millions) Fiscal 2024 $ — Fiscal 2025 147.7 Fiscal 2026 — Fiscal 2027 — Fiscal 2028 — Thereafter — Gross Debt $ 147.7 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | The following table summarizes the details of the Company’s accrued expenses and other current liabilities: (in millions) January 28, 2023 January 29, 2022 Accrued compensation and benefits $ 93.7 $ 138.2 Accrued advertising 39.7 30.5 Other taxes 71.7 64.4 Payroll taxes 17.3 25.9 Accrued litigation charges (see Note 28) 203.8 — Accrued expenses 212.5 242.6 Total accrued expenses and other current liabilities $ 638.7 $ 501.6 |
Schedule of Warranty Reserve for Diamond and Gemstone Guarantee | The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities and other liabilities - non-current, is as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Warranty reserve, beginning of period $ 36.0 $ 37.3 $ 36.3 Warranty expense 16.2 8.7 8.5 Utilized (1) (11.4) (10.0) (7.5) Warranty reserve, end of period $ 40.8 $ 36.0 $ 37.3 (1) Includes impact of foreign currency translation. (in millions) January 28, 2023 January 29, 2022 Disclosed as: Accrued expense and other current liabilities $ 11.3 $ 10.2 Other liabilities - non-current (see Note 26) 29.5 25.8 Total warranty reserve $ 40.8 $ 36.0 |
Other liabilities - non-curre_2
Other liabilities - non-current (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The following table summarizes the details of the Company’s other liabilities: (in millions) January 28, 2023 January 29, 2022 Deferred compensation 30.9 29.6 Warranty reserve 29.5 25.8 Other liabilities 39.7 54.5 UK pension — 7.7 Total other liabilities $ 100.1 $ 117.6 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Jan. 28, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-Based Compensation Expense and Associated Tax Benefits | Share-based compensation expense and the associated tax benefits recognized in the consolidated statements of operations are as follows: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Share-based compensation expense $ 42.0 $ 45.8 $ 14.5 Income tax benefit $ (5.2) $ (5.9) $ (3.6) |
Schedule of Unrecognized Compensation Cost Related to Outstanding Awards | As of January 28, 2023, unrecognized compensation cost related to unvested awards granted under share-based compensation plans is as follows: (in millions) Unrecognized Compensation Cost Weighted average period Omnibus Plan $ 33.7 1.7 years Total $ 33.7 |
Omnibus Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Significant Assumptions Utilized to Estimate Weighted-Average Fair Value of Awards Granted | The significant assumptions utilized to estimate the weighted-average fair value of RSAs, Common Shares, RSUs, and PSUs granted under the Omnibus Plans are as follows: Omnibus Plan Fiscal 2023 Fiscal 2022 Fiscal 2021 Share price $ 77.39 $ 60.65 $ 11.10 Expected term 2.9 years 2.9 years 2.9 years Dividend yield 3.0 % 4.3 % 5.5 % Fair value $ 71.19 $ 53.58 $ 9.37 |
Schedule of Activity for Awards Granted Under the Plan | The Fiscal 2023 activity for Common Shares, RSAs, RSUs and PSUs granted under the Omnibus Plans is as follows: Omnibus Plans (in millions, except per share amounts) No. of Weighted Weighted Intrinsic (1) Outstanding at January 29, 2022 4.3 $ 22.28 1.1 years $ 369.3 Fiscal 2023 activity: Granted 0.9 71.66 Vested (2) (2.8) 15.96 Lapsed or forfeited (0.1) 44.02 Outstanding at January 28, 2023 2.3 $ 47.33 1.2 years $ 170.0 (1) Intrinsic value for outstanding RSUs and PSUs is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. No RSAs remain outstanding as of January 28, 2023. (2) This amount includes 1.0 million PSUs that vested on January 28, 2023; however, these shares were not released to participants until February 2023. The Fiscal 2023 activity for stock options granted under the Omnibus Plans is as follows: Omnibus Plans (in millions, except per share amounts) No. of Weighted Weighted Intrinsic (1) Outstanding at January 29, 2022 0.2 $ 38.70 6.3 years $ 8.9 Outstanding at January 28, 2023 0.2 $ 38.68 5.3 years $ 5.9 (1) Intrinsic value for outstanding awards is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. |
Schedule of Additional Information about Awards Granted | The following table summarizes additional information about awards granted under the Omnibus Plans: (in millions) Fiscal 2023 Fiscal 2022 Fiscal 2021 Total intrinsic value of awards vested $ 205.1 $ 76.6 $ 5.0 |
Organization and summary of s_4
Organization and summary of significant accounting policies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2023 USD ($) | Jan. 28, 2023 USD ($) segment | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Organization and critical accounting policies [Abstract] | ||||
Number of reportable segments | segment | 3 | |||
Selling, General and Administrative Expense [Abstract] | ||||
Labor and related expense | $ 1,430.3 | $ 1,447.7 | $ 996.1 | |
Advertising and promotional costs [Abstract] | ||||
Advertising expense | 555.6 | 527 | $ 343 | |
Property, Plant and Equipment [Abstract] | ||||
Capitalized computer software | $ 127.8 | $ 127.8 | $ 80.7 | |
Minimum | ||||
Organization and critical accounting policies [Abstract] | ||||
Seasonal revenues, fourth quarter sales, percent | 35% | |||
Minimum | Equipment, including software | ||||
Property, Plant and Equipment [Abstract] | ||||
Useful life | 3 years | |||
Minimum | Cloud Computing Arrangements | ||||
Property, Plant and Equipment [Abstract] | ||||
Useful life | 2 years | |||
Maximum | ||||
Organization and critical accounting policies [Abstract] | ||||
Seasonal revenues, fourth quarter sales, percent | 40% | |||
Maximum | Equipment, including software | ||||
Property, Plant and Equipment [Abstract] | ||||
Useful life | 7 years | |||
Maximum | Cloud Computing Arrangements | ||||
Property, Plant and Equipment [Abstract] | ||||
Useful life | 4 years |
Organization and summary of s_5
Organization and summary of significant accounting policies - Cash and Equivalents (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 1,166.8 | $ 1,418.3 |
Cash and cash equivalents held in money markets and other accounts | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 1,115.2 | 1,362.4 |
Cash equivalents from third-party credit card issuers | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 50.2 | 54.4 |
Cash on hand | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 1.4 | $ 1.5 |
Organization and summary of s_6
Organization and summary of significant accounting policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Non-cash investing activities: | |||
Capital expenditures in accounts payable | $ 14.9 | $ 6.2 | $ 1.2 |
Supplemental cash flow information: | |||
Interest paid | 11.7 | 14.8 | 30.5 |
Income tax paid (refunded), net | 74.6 | $ 120.7 | (176) |
CARES Act, income tax refunded | $ 53.8 | $ 183.4 |
Organization and summary of s_7
Organization and summary of significant accounting policies - Property Plant and Equipment (Details) | 12 Months Ended |
Jan. 28, 2023 | |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum | Equipment, including software | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Maximum | Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Maximum | Equipment, including software | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Revenue recognition - Disaggreg
Revenue recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total sales | $ 7,842.1 | $ 7,826 | $ 5,226.9 |
Bridal | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 3,435.6 | 3,310.4 | 2,306.9 |
Fashion | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 3,051.5 | 3,222.8 | 2,057.1 |
Watches | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 385.5 | 399.6 | 254.1 |
Service | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 706.6 | 645.3 | 386.3 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 262.9 | 247.9 | 222.5 |
Kay | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 2,804.2 | 2,985.8 | 2,008.6 |
Zales | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 1,445 | 1,624.8 | 1,121.6 |
Jared | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 1,313.5 | 1,326.3 | 920.9 |
Digital banners | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 571.8 | 422.8 | 301.4 |
Diamonds Direct | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 467.1 | 132.5 | |
Banter by Piercing Pagoda | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 417.9 | 553.4 | 337.5 |
Peoples | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 209.1 | 206.2 | 150.9 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 470.1 | 492.4 | 355.9 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 143.4 | 81.8 | 30.1 |
Store | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 6,114.5 | 6,245.6 | 4,011.8 |
eCommerce | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 1,599.4 | 1,511.6 | 1,185 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 128.2 | 68.8 | 30.1 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 7,289.5 | 7,264.8 | 4,840.9 |
North America | Bridal | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 3,230.8 | 3,087.6 | 2,140.5 |
North America | Fashion | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 2,965.3 | 3,130.1 | 1,987.9 |
North America | Watches | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 232.6 | 241.8 | 145.6 |
North America | Service | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 680.4 | 626.2 | 374.5 |
North America | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 180.4 | 179.1 | 192.4 |
North America | Kay | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 2,804.2 | 2,985.8 | 2,008.6 |
North America | Zales | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 1,445 | 1,624.8 | 1,121.6 |
North America | Jared | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 1,313.5 | 1,326.3 | 920.9 |
North America | Digital banners | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 571.8 | 422.8 | 301.4 |
North America | Diamonds Direct | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 467.1 | 132.5 | |
North America | Banter by Piercing Pagoda | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 417.9 | 553.4 | 337.5 |
North America | Peoples | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 209.1 | 206.2 | 150.9 |
North America | International | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
North America | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 60.9 | 13 | 0 |
North America | Store | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 5,728.5 | 5,867.9 | 3,772.9 |
North America | eCommerce | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 1,515.3 | 1,396.9 | 1,068 |
North America | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 45.7 | 0 | 0 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 470.1 | 492.4 | 355.9 |
International | Bridal | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 204.8 | 222.8 | 166.4 |
International | Fashion | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 86.2 | 92.7 | 69.2 |
International | Watches | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 152.9 | 157.8 | 108.5 |
International | Service | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 26.2 | 19.1 | 11.8 |
International | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | Kay | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | Zales | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | Jared | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | Digital banners | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | Diamonds Direct | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | |
International | Banter by Piercing Pagoda | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | Peoples | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | International | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 470.1 | 492.4 | 355.9 |
International | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
International | Store | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 386 | 377.7 | 238.9 |
International | eCommerce | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 84.1 | 114.7 | 117 |
International | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 82.5 | 68.8 | 30.1 |
Other | Bridal | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Fashion | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Watches | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Service | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 82.5 | 68.8 | 30.1 |
Other | Kay | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Zales | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Jared | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Digital banners | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Diamonds Direct | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | |
Other | Banter by Piercing Pagoda | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Peoples | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | International | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 82.5 | 68.8 | 30.1 |
Other | Store | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | eCommerce | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total sales | $ 82.5 | $ 68.8 | $ 30.1 |
Revenue recognition - Narrative
Revenue recognition - Narrative (Details) - Extended Service Plans and Lifetime Warranty Agreements - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Capitalized contract cost, amortization | $ 43.7 | $ 41.7 | $ 26.3 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, performance obligation, description of timing | 13 years |
Revenue recognition - Performan
Revenue recognition - Performance Obligation Narrative (Details) - Extended Service Plans and Lifetime Warranty Agreements - North America - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-29 | Jan. 28, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, period | 2 years |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percentage of revenue recognized | 60% |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percentage of revenue recognized | 65% |
Revenue recognition - Unamortiz
Revenue recognition - Unamortized Deferred Selling Costs (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Other current assets | $ 29.2 | $ 28.4 |
Other assets | 85.4 | 87.8 |
Total deferred selling costs | $ 114.6 | $ 116.2 |
Revenue recognition - ESP and V
Revenue recognition - ESP and Voucher Promotions (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Deferred Revenue Warranty [Roll Forward] | |||
Total deferred revenue | $ 1,249.6 | $ 1,198.9 | |
Current liabilities | 369.5 | 341.3 | |
Non-current liabilities | 880.1 | 857.6 | |
ESP deferred revenue | |||
Deferred Revenue Warranty [Roll Forward] | |||
Total deferred revenue | 1,159.5 | 1,116.5 | $ 1,028.9 |
Other deferred revenue | |||
Deferred Revenue Warranty [Roll Forward] | |||
Total deferred revenue | $ 90.1 | $ 82.4 |
Revenue recognition - ESP Defer
Revenue recognition - ESP Deferred Revenue Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Change in Contract with Customer, Liability [Roll Forward] | |||
ESP deferred revenue, beginning of period | $ 1,198.9 | ||
Plans sold | 27.9 | $ 100.5 | $ 73.1 |
ESP deferred revenue, end of period | 1,249.6 | 1,198.9 | |
ESP deferred revenue | |||
Change in Contract with Customer, Liability [Roll Forward] | |||
ESP deferred revenue, beginning of period | 1,116.5 | 1,028.9 | |
Plans sold | 522.9 | 528.9 | |
Revenue recognized | (479.9) | (441.3) | |
ESP deferred revenue, end of period | 1,159.5 | 1,116.5 | $ 1,028.9 |
Extended Service Plan and Voucher Promotions | |||
Change in Contract with Customer, Liability [Roll Forward] | |||
Revenue recognized | $ (269.3) | $ (244.1) |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Aug. 19, 2022 | Nov. 17, 2021 | Mar. 29, 2021 | Apr. 30, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 391,800,000 | $ 515,800,000 | $ 0 | ||||
Domestic Tax Authority | |||||||
Business Acquisition [Line Items] | |||||||
Net operating loss carry forwards | 39,200,000 | ||||||
Rocksbox | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 14,600,000 | ||||||
Business combination, acquisition related costs | 1,400,000 | ||||||
Diamonds Direct USA Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 503,100,000 | ||||||
Business combination, acquisition related costs | $ 5,000,000 | ||||||
Cash acquired from acquisition | 14,200,000 | ||||||
Additional payment | $ 1,900,000 | ||||||
Intangible assets | 126,000,000 | ||||||
Goodwill, expected tax deductible amount | 0 | ||||||
Diamonds Direct USA Inc. | Trade names | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets | $ 126,000,000 | ||||||
Blue Nile | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 389,900,000 | ||||||
Business combination, acquisition related costs | $ 4,200,000 | ||||||
Cash acquired from acquisition | 16,600,000 | ||||||
Goodwill, expected tax deductible amount | 0 | ||||||
Other carryforwards | 71,000,000 | ||||||
Blue Nile | Domestic Tax Authority | |||||||
Business Acquisition [Line Items] | |||||||
Net operating loss carry forwards | 85,000,000 | ||||||
Blue Nile | Trade names | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets | $ 96,000,000 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Aug. 19, 2022 | Jan. 29, 2022 | Nov. 17, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 751.7 | $ 484.6 | ||
Diamonds Direct USA Inc. | ||||
Business Acquisition [Line Items] | ||||
Inventories | $ 229.1 | |||
Property, plant and equipment | 32.3 | |||
Operating lease right-of-use assets | 56.9 | |||
Intangible assets | 126 | |||
Other assets | 6.8 | |||
Identifiable assets acquired | 451.1 | |||
Accounts payable | 46.8 | |||
Deferred revenue | 36 | |||
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 | |||
Blue Nile | ||||
Business Acquisition [Line Items] | ||||
Inventories | $ 86.4 | |||
Property, plant and equipment | 33.1 | |||
Operating lease right-of-use assets | 39.1 | |||
Other assets | 20.1 | |||
Identifiable assets acquired | 274.7 | |||
Accounts payable | 73.2 | |||
Deferred revenue | 14.2 | |||
Operating lease liabilities | 38.5 | |||
Other liabilities | 16.9 | |||
Liabilities assumed | 142.8 | |||
Identifiable net assets acquired | 131.9 | |||
Goodwill | 258 | |||
Net assets acquired | $ 389.9 |
Segment information - Narrative
Segment information - Narrative (Details) | 12 Months Ended |
Jan. 28, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment information - Schedule
Segment information - Schedule of Activity by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Total sales | $ 7,842.1 | $ 7,826 | $ 5,226.9 |
Operating income (loss) | 604.9 | 903.4 | (57.7) |
Interest expense, net | (13.5) | (16.9) | (32) |
Other non-operating expense, net | (140.2) | (2.1) | 0 |
Income before income taxes | 451.2 | 884.4 | (89.7) |
Depreciation and amortization | 164.5 | 163.5 | 176 |
Capital additions | 138.9 | 129.6 | 83 |
Litigation settlement, expense | 203.8 | 1.7 | 7.5 |
Asset impairments | 22.7 | 1.5 | 159 |
Restructuring charges | 0 | (3.3) | 46.2 |
Total assets | 6,620.4 | 6,575.1 | |
Total long-lived assets | 1,745.6 | 1,374.7 | |
Blue Nile | |||
Segment Reporting Information [Line Items] | |||
Acquisition related costs | 4.2 | ||
Diamonds Direct | |||
Segment Reporting Information [Line Items] | |||
Acquisition related costs | 5 | ||
Corporate and unallocated | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (70.5) | (92.2) | (72) |
Litigation settlement, expense | (1.7) | (7.5) | |
Restructuring charges | (2.3) | 0.5 | |
Total assets | 190.7 | 515.6 | |
North America | |||
Segment Reporting Information [Line Items] | |||
Total sales | 7,289.5 | 7,264.8 | 4,840.9 |
North America | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Total sales | 7,289.5 | 7,264.8 | 4,840.9 |
Operating income (loss) | 673.2 | 981.4 | 57.9 |
Depreciation and amortization | 153.8 | 149.2 | 163.7 |
Capital additions | 127.6 | 112.6 | 79 |
Litigation settlement, expense | 203.8 | ||
Asset impairments | 20 | 2 | 136.7 |
Gain from sale of customer in-house finance receivable | 1.4 | ||
Restructuring charges | (1) | ||
Inventory charges | (1.6) | ||
Severance costs | 36 | ||
Total assets | 5,901.5 | 5,540.1 | |
Total long-lived assets | 1,702.5 | 1,328.4 | |
North America | Reportable segments | Diamonds Direct and Blue Nile | |||
Segment Reporting Information [Line Items] | |||
Acquisition related costs | 13.4 | ||
North America | Reportable segments | Blue Nile | |||
Segment Reporting Information [Line Items] | |||
Acquisition related costs | 14.7 | ||
North America | Reportable segments | Diamonds Direct and Rocksbox | |||
Segment Reporting Information [Line Items] | |||
Acquisition related costs | 6.4 | ||
North America | Reportable segments | Fair Value Adjustment to Inventory | Diamonds Direct | |||
Segment Reporting Information [Line Items] | |||
Acquisition related costs | 5.4 | ||
North America | Canada | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Total sales | 209.1 | 206.2 | 150.9 |
International | |||
Segment Reporting Information [Line Items] | |||
Total sales | 470.1 | 492.4 | 355.9 |
International | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Total sales | 470.1 | 492.4 | 355.9 |
Operating income (loss) | (0.2) | 14.4 | (43.3) |
Depreciation and amortization | 10.3 | 14 | 12 |
Capital additions | 10.9 | 16.6 | 4 |
Asset impairments | 2.7 | (0.5) | 22.3 |
Severance costs | 9.7 | ||
Total assets | 405.9 | 438.2 | |
Total long-lived assets | 40.2 | 43.4 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Total sales | 82.5 | 68.8 | 30.1 |
Other | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Total sales | 82.5 | 68.8 | 30.1 |
Operating income (loss) | 2.4 | (0.2) | (0.3) |
Depreciation and amortization | 0.4 | 0.3 | 0.3 |
Capital additions | 0.4 | 0.4 | 0 |
Inventory charges | $ 0.2 | ||
Total assets | 122.3 | 81.2 | |
Total long-lived assets | $ 2.9 | $ 2.9 |
Restructuring plans - Narrative
Restructuring plans - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 60 Months Ended | ||
May 05, 2018 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 28, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 0 | $ (3,300,000) | $ 46,200,000 | ||
Signet Path to Brillance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring plan, length | 3 years | ||||
Restructuring charges | $ 0 | $ (3,300,000) | $ 47,600,000 | $ 249,300,000 |
Restructuring plans - Restructu
Restructuring plans - Restructuring and Related Costs (Details) - USD ($) | 12 Months Ended | 60 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 28, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ (3,300,000) | $ 46,200,000 | |
Signet Path to Brillance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | (3,300,000) | 47,600,000 | $ 249,300,000 |
Inventory charges | Signet Path to Brillance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 1,400,000 | 72,800,000 | |
Termination benefits | Signet Path to Brillance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (1,100,000) | 24,100,000 | 48,800,000 | |
Store closure and other costs | Signet Path to Brillance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ (2,200,000) | $ 22,100,000 | $ 127,700,000 |
Redeemable preferred shares - N
Redeemable preferred shares - Narrative (Details) - Series A Redeemable Convertible Preferred Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Oct. 05, 2018 | Oct. 05, 2016 | Jan. 28, 2023 | Jan. 29, 2022 | |
Temporary Equity [Line Items] | ||||
Redeemable convertible preferred stock, shares issued (in shares) | 625,000 | |||
Preferred stock, purchase price | $ 625 | |||
Shares issued, price per share (in usd per share) | $ 1,000 | |||
Payments of stock issuance costs | $ 13.7 | |||
Accumulated accretion of dividends | $ 10.7 | $ 9 | ||
Preferred stock, dividend rate, percentage | 5% | |||
Percentage exceeding applicable conversion price | 175% | |||
Threshold period at which shares can be converted | 20 days | |||
Percentage of cash equal to the stated value | 101% | |||
Maximum | ||||
Temporary Equity [Line Items] | ||||
Preferred dividends, percentage of average quarterly cash dividends (not more than) | 130% |
Redeemable preferred shares - S
Redeemable preferred shares - Schedule of Redeemable Preferred Shares (Details) - Series A Redeemable Convertible Preferred Stock $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Jan. 28, 2023 USD ($) $ / shares shares | Jan. 29, 2022 USD ($) $ / shares shares | |
Temporary Equity [Line Items] | ||
Conversion rate | 12.3939 | 12.2297 |
Conversion price (in usd per share) | $ / shares | $ 80.6849 | $ 81.7682 |
Potential impact of preferred shares if-converted to common shares (in shares) | shares | 8.1 | 8 |
Liquidation preference | $ | $ 665.1 | $ 665.1 |
Common shares, treasury share_3
Common shares, treasury shares, and dividends - Narrative (Details) - USD ($) | 12 Months Ended | 60 Months Ended | |||||||
Mar. 14, 2022 | Jan. 24, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 28, 2023 | Mar. 16, 2023 | Jun. 30, 2022 | Jan. 21, 2022 | |
Class of Stock [Line Items] | |||||||||
Common shares, par value (usd per share) | $ 0.18 | $ 0.18 | $ 0.18 | ||||||
Amount repurchased | $ 376,100,000 | $ 311,800,000 | |||||||
Accelerated share repurchases, total Value committed to repurchase | $ 250,000,000 | ||||||||
Accelerated share repurchases, payment | $ 250,000,000 | ||||||||
Treasury stock, shares, acquired (in shares) | 800,000 | 2,500,000 | |||||||
Accelerated share repurchases, initial price paid per share (usd per share) | $ 80 | ||||||||
Accelerated share repurchases, prepayment amount, percent paid up front | 80% | ||||||||
Accelerated share repurchases, prepayment amount, percent to be paid upon final settlement | 20% | ||||||||
Treasury stock reissued (in shares) | 5,000,000 | 2,500,000 | 0 | ||||||
Treasury shares retired (in shares) | 0 | 0 | |||||||
Cumulative undeclared dividends | $ 0 | $ 0 | |||||||
2017 Program | |||||||||
Class of Stock [Line Items] | |||||||||
Increase to authorized amount | 559,400,000 | $ 500,000,000 | |||||||
Stock repurchase program, authorized amount | 1,200,000,000 | $ 1,700,000,000 | |||||||
Amount repurchased | 426,100,000 | 261,800,000 | $ 0 | $ 1,200,000,000 | |||||
Remaining authorized repurchase amount | 537,300,000 | $ 537,300,000 | |||||||
2017 Program | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Increase to authorized amount | $ 263,000,000 | ||||||||
Stock repurchase program, authorized amount | 25,000,000 | ||||||||
Remaining authorized repurchase amount | $ 775,000,000 | ||||||||
Series A Redeemable Convertible Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends on redeemable convertible preferred shares | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 |
Common shares, treasury share_4
Common shares, treasury shares, and dividends -Schedule of Class of Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | 60 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Jan. 28, 2023 | |
Class of Stock [Line Items] | ||||
Amount repurchased | $ 376.1 | $ 311.8 | ||
2017 Program | ||||
Class of Stock [Line Items] | ||||
Shares repurchased (shares) | 6.1 | 3.2 | 0 | |
Amount repurchased | $ 426.1 | $ 261.8 | $ 0 | $ 1,200 |
Average repurchase price per share (usd per share) | $ 70.06 | $ 81.16 | $ 0 | |
Accelerated Share Repurchase Agreement | ||||
Class of Stock [Line Items] | ||||
Amount repurchased | $ 50 |
Common shares, treasury share_5
Common shares, treasury shares, and dividends -Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 28, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Aug. 01, 2020 | May 02, 2020 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Class of Stock [Line Items] | |||||||||||||||
Cash dividend per share (usd per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.80 | $ 0.54 | $ 0 |
Total dividends | $ 9 | $ 9.2 | $ 9.2 | $ 9.3 | $ 9 | $ 9.5 | $ 9.5 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 36.7 | $ 28 | $ 0 |
Dividends, preferred stock, cash | 34.5 | 34.5 | 33.5 | ||||||||||||
Series A Redeemable Convertible Preferred Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends, preferred stock, cash | 8.2 | $ 8.2 | $ 8.2 | $ 8.2 | 8.2 | $ 8.3 | $ 8.2 | $ 8.2 | 32.8 | 32.9 | |||||
Dividends, preferred stock, paid-in-kind | $ 8.1 | $ 8 | $ 7.9 | $ 7.8 | $ 31.8 | ||||||||||
Accrued Expenses And Other Current Liabilities | Common shares at par value | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends payable, current | 9 | 9 | 9 | 9 | |||||||||||
Accrued Expenses And Other Current Liabilities | Series A Redeemable Convertible Preferred Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends payable, current | $ 8.2 | $ 8.2 | $ 8.2 | $ 8.2 |
Earnings (loss) per common sh_3
Earnings (loss) per common share ("EPS") - Schedule of Basic Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Numerator: | |||
Net income (loss) attributable to common shareholders | $ 342.2 | $ 735.4 | $ (48.7) |
Weighted average common shares outstanding (in shares) | 46.6 | 52.5 | 52 |
EPS – basic (usd per share) | $ 7.34 | $ 14.01 | $ (0.94) |
Earnings Per Common Share (_EPS
Earnings Per Common Share (“EPS”) - Schedule of Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Numerator: | |||
Net income (loss) attributable to common shareholders | $ 342.2 | $ 735.4 | $ (48.7) |
Add: Dividends on preferred shares | 34.5 | 34.5 | 0 |
Numerator for diluted EPS | $ 376.7 | $ 769.9 | $ (48.7) |
Denominator: | |||
Weighted average common shares outstanding (in shares) | 46,600,000 | 52,500,000 | 52,000,000 |
Dilutive effect of share awards (in shares) | 2,000,000 | 2,500,000 | 0 |
Dilutive effect of preferred shares (in shares) | 8,100,000 | 8,000,000 | 0 |
Diluted weighted average number of common shares outstanding (shares) | 56,700,000 | 63,000,000 | 52,000,000 |
EPS – diluted (usd per share) | $ 6.64 | $ 12.22 | $ (0.94) |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive effect of share awards (in shares) | 2,000,000 | 2,500,000 | 0 |
Performance Shares | |||
Denominator: | |||
Dilutive effect of share awards (in shares) | 900,000 | 2,000,000 | 0 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive effect of share awards (in shares) | 900,000 | 2,000,000 | 0 |
Earnings (loss) per common sh_4
Earnings (loss) per common share ("EPS") - Schedule of Antidilutive Securities Excluded From the Calculation of Earnings Per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from the calculation of earnings per share (in shares) | 0 | 0.6 | 9.6 |
Share awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from the calculation of earnings per share (in shares) | 0 | 0 | 1.8 |
Potential impact of preferred shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from the calculation of earnings per share (in shares) | 0 | 0 | 7.8 |
Potential impact of accelerated share repurchase | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from the calculation of earnings per share (in shares) | 0 | 0.6 | 0 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (loss) - Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 1,564 | $ 1,190.3 | $ 1,222.6 |
OCI before reclassifications | (23.4) | (63) | 15 |
Amounts reclassified from AOCI to earnings | 110.1 | 2.6 | (11.7) |
Net current period OCI | 86.7 | (60.4) | 3.3 |
Balance | 1,578.6 | 1,564 | 1,190.3 |
Accumulated other comprehensive (loss) income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (350.9) | (290.5) | (293.8) |
Balance | (264.2) | (350.9) | (290.5) |
Foreign currency translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (244.3) | (238.9) | (250.1) |
OCI before reclassifications | (24.1) | (5.4) | 11.2 |
Amounts reclassified from AOCI to earnings | 0 | 0 | 0 |
Net current period OCI | (24.1) | (5.4) | 11.2 |
Balance | (268.4) | (244.3) | (238.9) |
Gain (losses) on available-for-sale securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 0.2 | 0.5 | 0.3 |
OCI before reclassifications | (0.4) | (0.3) | 0.2 |
Amounts reclassified from AOCI to earnings | 0 | 0 | 0 |
Net current period OCI | (0.4) | (0.3) | 0.2 |
Balance | (0.2) | 0.2 | 0.5 |
Gains (losses) on cash flow hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 0.4 | (0.9) | 12.5 |
OCI before reclassifications | 1.5 | 0.6 | (0.8) |
Amounts reclassified from AOCI to earnings | (1.4) | 0.7 | (12.6) |
Net current period OCI | 0.1 | 1.3 | (13.4) |
Balance | 0.5 | 0.4 | (0.9) |
Pension plan | Amortization of unrecognized actuarial losses | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (103.3) | (47.2) | (52.4) |
OCI before reclassifications | (0.4) | (57.9) | 4.4 |
Amounts reclassified from AOCI to earnings | 107.6 | 1.8 | 0.8 |
Net current period OCI | 107.2 | (56.1) | 5.2 |
Balance | 3.9 | (103.3) | (47.2) |
Pension plan | Amortization of unrecognized net prior service costs | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (3.9) | (4) | (4.1) |
OCI before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCI to earnings | 3.9 | 0.1 | 0.1 |
Net current period OCI | 3.9 | 0.1 | 0.1 |
Balance | $ 0 | $ (3.9) | $ (4) |
Accumulated other comprehensi_4
Accumulated other comprehensive income (loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | $ (4,790) | $ (4,702) | $ (3,493) |
Other operating income (expense) | (209.9) | 8.5 | 2.4 |
Other non-operating expense, net | (6.5) | (2.1) | 0 |
Income taxes | (74.5) | (114.5) | 74.5 |
Net income (loss) | 376.7 | 769.9 | (15.2) |
Reclassification out of AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net income (loss) | 110.1 | 2.6 | (11.7) |
Reclassification out of AOCI | (Gains) losses on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before income tax | (1.7) | 1 | (16.8) |
Income taxes | 0.3 | (0.3) | 4.2 |
Net income (loss) | (1.4) | 0.7 | (12.6) |
Reclassification out of AOCI | Accumulated defined benefit plans adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before income tax | 137.5 | 2.2 | 1.1 |
Income taxes | (26) | (0.3) | (0.2) |
Net income (loss) | 111.5 | 1.9 | 0.9 |
Reclassification out of AOCI | Amortization of unrecognized actuarial losses | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other non-operating expense, net | 3.5 | 2.1 | 1 |
Reclassification out of AOCI | Amortization of unrecognized net prior service costs | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other non-operating expense, net | 0.3 | 0.1 | 0.1 |
Reclassification out of AOCI | Pension settlement loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other non-operating expense, net | 133.7 | 0 | 0 |
Reclassification out of AOCI | Foreign currency contracts | (Gains) losses on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | (1.7) | 0.6 | 0 |
Other operating income (expense) | 0 | 0 | (0.6) |
Reclassification out of AOCI | Commodity contracts | (Gains) losses on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | 0 | 0.4 | (6.9) |
Other operating income (expense) | $ 0 | $ 0 | $ (9.3) |
Income taxes - Schedule of Inco
Income taxes - Schedule of Income and Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income (loss) before income taxes: | |||
– US | $ 281.2 | $ 665.9 | $ (173.4) |
– Foreign | 170 | 218.5 | 83.7 |
Income (loss) before income taxes | 451.2 | 884.4 | (89.7) |
Current taxation: | |||
– US | 157.1 | 108.1 | (222.2) |
– Foreign | 16.7 | 7.6 | 0.7 |
Deferred taxation: | |||
– US | (70.4) | 8.4 | 158.4 |
– Foreign | (28.9) | (9.6) | (11.4) |
Total income tax expense (benefit) | $ 74.5 | $ 114.5 | $ (74.5) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Statutory tax rate (percent) | 21% | 21% | 21% | |
Income tax examination, increase (decrease) in liability from prior year | $ 20.5 | |||
Value of capital losses | 13.2 | $ 16.9 | ||
Decrease in valuation allowance | (8.9) | |||
Unrecognized tax benefits | 85.9 | 24.9 | $ 25.4 | $ 23.5 |
Accrued interest related to unrecognized tax benefits | 9.8 | |||
Accrued penalties | 0.5 | |||
Increase resulting from settlements with taxing authorities | 51.5 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax benefit related to release of valuation allowance | 49.8 | |||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | 39.2 | |||
Internal Revenue Service (IRS) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | 30.9 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Foreign capital loss carry forward | 26.7 | |||
Value of capital losses | $ 13.2 | $ 14.2 | ||
Bermuda | ||||
Operating Loss Carryforwards [Line Items] | ||||
Statutory tax rate (percent) | 0% |
Income taxes - Schedule of Reco
Income taxes - Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
US federal income tax rates | 21% | 21% | 21% |
US state income taxes | 2.90% | 3.30% | 4.10% |
Differences between US federal and foreign statutory income tax rates | 0.80% | (0.10%) | 0.10% |
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits | (1.40%) | 0% | (4.70%) |
Impact of global reinsurance arrangements | (8.70%) | (2.20%) | 14.10% |
Impact of global financing arrangements | (2.20%) | (0.60%) | 0% |
Impairment of goodwill | 0% | 0% | (2.40%) |
CARES Act | 0% | (1.40%) | 111.90% |
Valuation allowance | 0% | (6.50%) | (55.50%) |
Other items | 4.10% | (0.60%) | (5.50%) |
Effective tax rate | 16.50% | 12.90% | 83.10% |
Income taxes - Schedule of Comp
Income taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Assets | ||||
Foreign property, plant and equipment | $ 0.7 | $ 7.1 | ||
Revenue deferral | 79.3 | 88.6 | ||
Lease liabilities | 262.2 | 284.3 | ||
Deferred compensation | 8 | 7.7 | ||
Retirement benefit obligations | 1.5 | |||
Share-based compensation | 8.6 | 8.4 | ||
Other temporary differences | 95.6 | 42.4 | ||
163(j) interest carryforward | 13.8 | |||
Net operating losses and foreign tax credits | 65.9 | 84.3 | ||
Value of capital losses | 13.2 | 16.9 | ||
Total gross deferred tax assets (liabilities) | 547.3 | 541.2 | ||
Valuation allowance | (19) | (27.9) | $ (83.9) | $ (38.4) |
Deferred tax assets (liabilities) | 528.3 | 513.3 | ||
(Liabilities) | ||||
Intangible assets | (100.6) | (77) | ||
US property, plant and equipment | (70) | (60.2) | ||
Inventory valuation | (208.1) | (237.8) | ||
Lease assets | (230.3) | (261.9) | ||
Retirement benefit obligations | (0.2) | |||
Total gross deferred tax assets (liabilities) | (609.2) | (636.9) | ||
Total | ||||
Total gross deferred tax assets (liabilities) | (61.9) | (95.7) | ||
Valuation allowance | (19) | (27.9) | $ (83.9) | $ (38.4) |
Deferred tax liabilities, net | (80.9) | (123.6) | ||
Deferred tax assets | 36.7 | 37.3 | ||
Non-current liabilities | $ (117.6) | $ (160.9) |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
Deferred tax assets, valuation allowance, beginning balance | $ 27.9 | $ 83.9 | $ 38.4 |
Charged (credited) to income tax expense | 0 | (43.8) | 45.1 |
Increases from acquisitions | 1.9 | 0 | 0 |
Lapsed due to expiration of benefit | (9.7) | (11.9) | 0 |
Foreign currency translation | (1.1) | (0.3) | 0.4 |
Deferred tax assets, valuation allowance, ending balance | $ 19 | $ 27.9 | $ 83.9 |
Income taxes - Schedule of Acti
Income taxes - Schedule of Activity of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits, beginning of period | $ 24.9 | $ 25.4 | $ 23.5 |
Increases related to current year tax positions | 1.6 | 2 | 1 |
Increases from acquisitions | 2.3 | 0 | 0 |
Increases related to prior year tax positions | 59.6 | 0.4 | 3.4 |
Lapse of statute of limitations | (2.4) | (2.9) | (2.6) |
Foreign currency translation | (0.1) | ||
Foreign currency translation | 0 | 0.1 | |
Unrecognized tax benefits, end of period | $ 85.9 | $ 24.9 | $ 25.4 |
Other operating income (expen_3
Other operating income (expense) and non-operating, net - Schedule of Other Operating Cost and Expense, by Component (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Other Income and Expenses [Abstract] | |||
Litigation charges | $ (203.8) | $ (1.7) | $ (7.5) |
Interest income from customer in-house finance receivables | 0 | 6.5 | 4.2 |
De-designated cash flow hedges | 0 | 0 | 9.9 |
UK government grants | 8.6 | 0 | |
Other | (6.1) | (4.9) | (4.2) |
Other operating income (expense) | $ (209.9) | $ 8.5 | $ 2.4 |
Other operating income (expen_4
Other operating income (expense) and non-operating, net - Schedule of Other Nonoperating Expense, by Component (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Other Income and Expenses [Abstract] | |||
Pension settlement | $ (133.7) | $ 0 | $ 0 |
Other | (6.5) | (2.1) | 0 |
Other non-operating expense, net | $ (140.2) | $ (2.1) | $ 0 |
Credit transactions (Details)
Credit transactions (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | |
May 17, 2021 | Jun. 30, 2018 | Jul. 31, 2021 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Sale of receivables, percentage settled in cash | 95% | |||
Sale of receivables. percentage deferred until second anniversary | 5% | |||
CarVal and Castlelake | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accounts receivable, remaining purchase price of receivables sold, percentage | 5% | |||
Proceeds from sale of in-house finance receivables | $ 57.8 | |||
Customer in-house finance receivables, net | 56.4 | |||
Proceeds from collection of finance receivables | 23.5 | |||
CarVal and Castlelake | North America | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Credit transaction, net | $ 1.4 | |||
CarVal | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Sale of receivables, additional percentage purchased | 50% | |||
Genesis Financial Solution | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Sale of receivables, additional percentage purchased | 50% | |||
Agreement renewal term | 1 year | |||
Comenity Capital Bank | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Agreement renewal term | 2 years |
Accounts receivable - Portfolio
Accounts receivable - Portfolio of Accounts Receivable (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Receivables [Abstract] | ||
Accounts receivable, trade | $ 14.5 | $ 18.3 |
Accounts receivable, held for sale | 0 | 1.6 |
Accounts receivable | $ 14.5 | $ 19.9 |
Accounts receivable - Allowance
Accounts receivable - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 25.5 | $ 0 |
Write-offs | (5.5) | (0.6) |
Recoveries | (0.6) | 0 |
Ending balance | $ 0 | $ 25.5 |
Accounts receivable - Rollforwa
Accounts receivable - Rollforward of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 25.5 | $ 0 |
Provision for credit losses | (1) | 26.1 |
Write-offs | (5.5) | (0.6) |
Recoveries | 0.6 | 0 |
Reversal of allowance on receivables sold | (19.6) | 0 |
Ending balance | $ 0 | $ 25.5 |
Accounts receivable - Narrative
Accounts receivable - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Receivables [Abstract] | |||
Interest income from customer in-house finance receivables | $ 0 | $ 6.5 | $ 4.2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory Components (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 89.2 | $ 75.8 |
Merchandise inventories | 2,061.1 | 1,984.6 |
Total inventories | $ 2,150.3 | $ 2,060.4 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Consignment inventory | ||
Inventories | ||
Other inventory | $ 623 | $ 533.2 |
Inventories - Schedule of Inv_2
Inventories - Schedule of Inventory Reserves (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 46,800,000 | $ 52,900,000 | $ 67,000,000 |
Charged to income | 63,600,000 | 101,800,000 | 78,100,000 |
Utilization | (82,700,000) | (107,900,000) | (92,200,000) |
Balance at end of period | 27,700,000 | 46,800,000 | 52,900,000 |
Signet Path to Brillance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 2,200,000 | ||
Charged to income | 0 | 0 | 1,400,000 |
Utilization | $ 0 | $ (2,200,000) | (20,000,000) |
Balance at end of period | $ 2,200,000 |
Property, plant and equipment_3
Property, plant and equipment, net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,939.2 | $ 1,824.8 |
Accumulated depreciation and amortization | (1,352.7) | (1,248.9) |
Property, plant and equipment, net | 586.5 | 575.9 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 21 | 21.7 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 684.1 | 640.9 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 729.9 | 698.3 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 160.9 | 133.5 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 268.9 | 251.5 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 74.4 | $ 78.9 |
Property, plant and equipment_4
Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 162.2 | $ 162.4 | $ 175.1 | |
Property and equipment impairment | $ 0.6 | $ 4.3 | $ 1.6 | $ 28.1 |
Asset Impairments, net - Schedu
Asset Impairments, net - Schedule of Asset Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Asset Impairment Charges [Abstract] | ||||
Goodwill impairment | $ 0 | $ 0 | $ 10.7 | |
Indefinite-lived intangible asset impairment | 0 | 0 | 83.3 | |
Property and equipment impairment | $ 0.6 | 4.3 | 1.6 | 28.1 |
Operating lease ROU asset impairment | 18.4 | (0.1) | 36.9 | |
Total impairment | 22.7 | 1.5 | 159 | |
Gain on termination or modification of lease | $ 0.9 | $ 1.4 | $ 4.4 |
Asset Impairments, net - Narrat
Asset Impairments, net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Asset Impairment Charges [Abstract] | ||||
Property and equipment impairment | $ 0.6 | $ 4.3 | $ 1.6 | $ 28.1 |
Operating lease ROU asset impairment | $ 15.3 | 36.9 | ||
Gain on termination or modification of lease | 0.9 | 1.4 | 4.4 | |
Operating lease ROU asset impairment | 18.4 | $ (0.1) | $ 36.9 | |
Property and equipment impairment excluding gains on termination or modification of leases | 3.7 | |||
Operating lease ROU asset impairment excluding gains on termination or modification of leases | $ 3.1 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Jan. 28, 2023 | Jan. 29, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term (years) | 7 years 2 months 12 days | 7 years 1 month 6 days |
Weighted average discount rate, percent | 5.80% | 5.50% |
Leases - Schedule of Total Leas
Leases - Schedule of Total Lease Costs For Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 399.1 | $ 431.8 | $ 436.3 |
Short-term lease cost | 47.4 | 11.5 | 16.3 |
Variable lease cost | 119.7 | 127 | 110.3 |
Sublease income | (1.5) | (1.9) | (1.8) |
Total lease cost | $ 564.7 | $ 568.4 | $ 561.1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 30, 2021 | Aug. 19, 2022 | Nov. 17, 2021 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease ROU asset impairment | $ 15.3 | $ 36.9 | ||
Blue Nile | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | $ 39.1 | |||
Diamonds Direct USA Inc. | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | $ 56.9 |
Leases - Schedule of Supplement
Leases - Schedule of Supplementary Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 387.5 | $ 479.6 | $ 400.4 |
Operating lease right-of-use assets obtained in exchange for lease obligations | 191.5 | 168.8 | 70.8 |
Reduction in the carrying amount of ROU assets | $ 331.2 | $ 351.7 | $ 348.3 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments For Operating Leases (Details) $ in Millions | Jan. 28, 2023 USD ($) |
Leases [Abstract] | |
Fiscal 2024 | $ 351.5 |
Fiscal 2025 | 277 |
Fiscal 2026 | 203.4 |
Fiscal 2027 | 149.2 |
Fiscal 2028 | 102.1 |
Thereafter | 433.4 |
Total minimum lease payments | 1,516.6 |
Less: Imputed interest | (333.7) |
Present value of lease liabilities | $ 1,182.9 |
Goodwill and intangibles - Narr
Goodwill and intangibles - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 29, 2021 | May 02, 2020 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Aug. 19, 2022 | Nov. 17, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill, impairment loss | $ 0 | $ 0 | $ 10.7 | ||||
Indefinite-lived intangible asset impairment | 0 | 0 | 83.3 | ||||
Goodwill | 751.7 | 484.6 | |||||
Amortization of intangible assets | 2.3 | 1.1 | 0.9 | ||||
Amortization of intangible liabilities | 1.8 | 3.3 | 5.4 | ||||
Diamonds Direct USA Inc. | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 251.2 | ||||||
Blue Nile | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 258 | ||||||
North America | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill, impairment loss | $ 10.7 | ||||||
Acquisitions | 267.1 | 246.6 | |||||
Goodwill | $ 751.7 | $ 484.6 | $ 238 | ||||
North America | Zales | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Indefinite-lived intangible asset impairment | $ 83.3 | ||||||
North America | Rocksbox | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-lived intangible assets acquired | $ 11.6 | ||||||
Acquisitions | $ 4.6 | ||||||
Acquired finite-lived intangible assets, weighted average useful life | 8 years |
Goodwill and intangibles - Sche
Goodwill and intangibles - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 484.6 | ||
Ending balance | 751.7 | $ 484.6 | |
North America | |||
Goodwill [Roll Forward] | |||
Beginning balance | 484.6 | 238 | |
Acquisitions | 267.1 | 246.6 | |
Ending balance | 751.7 | 484.6 | |
Accumulated impairment losses | $ 576 | $ 576 | $ 576 |
Goodwill and intangibles - Comp
Goodwill and intangibles - Composition of Intangible Assets and Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Aug. 19, 2022 | Jan. 29, 2022 | Nov. 17, 2021 |
Intangible assets, net: | ||||
Gross carrying amount | $ 15.8 | $ 15.8 | ||
Accumulated amortization | (7.6) | (5.3) | ||
Net carrying amount | 8.2 | 10.5 | ||
Indefinite-lived intangible assets | 399.2 | 303.7 | ||
Intangible assets, gross | 415 | 319.5 | ||
Accumulated amortization | 7.6 | 5.3 | ||
Total intangible assets, net | 407.4 | 314.2 | ||
Intangible liabilities, net | ||||
Gross carrying amount | (38) | (38) | ||
Accumulated amortization | 32.6 | 30.8 | ||
Total | $ (5.4) | $ (7.2) | ||
Diamonds Direct USA Inc. | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 126 | |||
Diamonds Direct USA Inc. | Trade names | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 126 | |||
Blue Nile | Trade names | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 96 | |||
Blue Nile | Trade names | North America | ||||
Indefinite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 96 |
Goodwill and intangibles - Sc_2
Goodwill and intangibles - Schedule of Future Amortization (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Intangible assets amortization | ||
Fiscal 2024 | $ 1.9 | |
Fiscal 2025 | 1.3 | |
Fiscal 2026 | 1.2 | |
Fiscal 2027 | 1.2 | |
Fiscal 2028 | 1.2 | |
Thereafter | 1.4 | |
Net carrying amount | 8.2 | $ 10.5 |
Intangible liabilities amortization | ||
Fiscal 2024 | (1.8) | |
Fiscal 2025 | (1.8) | |
Fiscal 2026 | (1.8) | |
Fiscal 2027 | 0 | |
Fiscal 2028 | 0 | |
Thereafter | 0 | |
Total | $ (5.4) | $ (7.2) |
Investments -Schedule of Availa
Investments -Schedule of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Total investment in debt securities | $ 9.8 | $ 12.1 |
Unrealized Gain (Loss) | (0.2) | 0.2 |
Fair Value | 9.6 | 12.3 |
US Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total investment in debt securities | 5.8 | 4.5 |
Unrealized Gain (Loss) | (0.1) | 0 |
Fair Value | 5.7 | 4.5 |
US government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total investment in debt securities | 0.5 | 2 |
Unrealized Gain (Loss) | 0 | 0 |
Fair Value | 0.5 | 2 |
Corporate bonds and notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total investment in debt securities | 3.5 | 5.6 |
Unrealized Gain (Loss) | (0.1) | 0.2 |
Fair Value | $ 3.4 | $ 5.8 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 USD ($) location | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Realized gains | $ 0 | $ 0 | $ 0 |
Realized losses | $ 0 | 0 | $ 0 |
Sasmat Retail, S.L | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equity method investment, ownership percentage | 25% | ||
Payments to acquire equity method investments | $ 17.1 | ||
Number of brick and mortar locations | location | 5 | ||
Equity method investments, remaining percentage to acquire | 75% | ||
Equity method investments, period to acquire remaining percentage | 3 years | ||
Available-for-sale Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Assets held by insurance regulators | $ 3.8 | $ 3.3 |
Investments - Schedule of Inves
Investments - Schedule of Investments in Debt Securities Outstanding (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Cost | ||
Less than one year | $ 2.9 | |
Year two through year five | 3 | |
Year six through year ten | 3.9 | |
Total investment in debt securities | 9.8 | $ 12.1 |
Fair Value | ||
Less than one year | 2.9 | |
Year two through year five | 2.9 | |
Year six through year ten | 3.8 | |
Fair Value | $ 9.6 | $ 12.3 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Maximum | ||
Derivative [Line Items] | ||
Remaining settlement period | 12 months | |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Expected pre-tax derivative gains | $ 0.8 | |
Foreign currency contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Aggregate notional amount | 27.3 | $ 93.8 |
Foreign currency contracts | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Aggregate notional amount | $ 25.9 | $ 11.2 |
Remaining settlement period | 12 months | 10 months |
Derivatives - Fair Value of Pre
Derivatives - Fair Value of Presentation of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 0.1 | $ 0.3 |
Fair value of derivative liabilities | (0.7) | (1.3) |
Foreign currency contracts | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0.1 | 0.3 |
Fair value of derivative liabilities | (0.6) | 0 |
Foreign currency contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ (0.1) | $ (1.3) |
Derivatives - Derivatives Desig
Derivatives - Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Current period gains recognized in OCI | $ 1.8 | $ 0.6 | $ (1) |
Losses (gains) reclassified from AOCI to net income | (1.7) | 1 | (16.8) |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | 0.6 | 0.5 | |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | 0.5 | ||
Gains (losses) recorded in AOCI, end of period | 0.6 | 0.5 | |
Cash Flow Hedging | Foreign currency contracts | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | 0.6 | 0.5 | (0.7) |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | 0.5 | (0.7) | |
Current period gains recognized in OCI | 1.8 | 0.6 | |
Losses (gains) reclassified from AOCI to net income | (1.7) | 0.6 | |
Gains (losses) recorded in AOCI, end of period | 0.6 | 0.5 | (0.7) |
Cash Flow Hedging | Commodity contracts | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | 0 | 0 | (0.4) |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | 0 | (0.4) | |
Losses (gains) reclassified from AOCI to net income | 0 | 0.4 | |
Gains (losses) recorded in AOCI, end of period | $ 0 | $ 0 | $ (0.4) |
Derivatives - Derivatives Not D
Derivatives - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Not Designated as Hedging Instrument | Foreign currency contracts | ||
Derivative [Line Items] | ||
Foreign currency contracts | $ (12.9) | $ (3.1) |
Fair value measurement - Fair V
Fair value measurement - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 9.7 | $ 12.6 |
Liabilities | (0.7) | (1.3) |
US Treasury securities | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5.7 | 4.5 |
Foreign currency contracts | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0.1 | 0.3 |
US government agency securities | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0.5 | 2 |
Corporate bonds and notes | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3.4 | 5.8 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5.7 | 4.5 |
Liabilities | 0 | 0 |
Level 1 | US Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5.7 | 4.5 |
Level 1 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | US government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 4 | 8.1 |
Liabilities | (0.7) | (1.3) |
Level 2 | US Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0.1 | 0.3 |
Level 2 | US government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0.5 | 2 |
Level 2 | Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 3.4 | $ 5.8 |
Fair value measurement - Outsta
Fair value measurement - Outstanding Debt (Details) - Senior Notes - Level 2 - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Outstanding debt | $ 147.4 | $ 147.1 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Outstanding debt | $ 144.9 | $ 150 |
Retirement plans - Narrative (D
Retirement plans - Narrative (Details) £ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | 18 Months Ended | |||||||||||||
Jan. 06, 2023 GBP (£) | Jan. 06, 2023 USD ($) | Mar. 23, 2022 GBP (£) | Mar. 23, 2022 USD ($) | Aug. 09, 2021 GBP (£) | Aug. 09, 2021 USD ($) | Jul. 29, 2021 GBP (£) employee | Jul. 29, 2021 USD ($) employee | Jan. 28, 2023 USD ($) plan | Jul. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Jan. 28, 2023 USD ($) plan | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | Jan. 28, 2023 GBP (£) | Jan. 28, 2023 USD ($) plan | |
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||||||
Number of pension scheme members | employee | 1,909 | 1,909 | ||||||||||||||
Deferred compensation plan assets | $ 22.3 | $ 22.3 | $ 22.7 | $ 22.3 | ||||||||||||
Liability, defined contribution plan | 33.9 | 33.9 | 32.4 | 33.9 | ||||||||||||
Life Insurance | ||||||||||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||||||
Deferred compensation plan assets | $ 5.5 | 5.5 | 6 | $ 5.5 | ||||||||||||
Pension plan | ||||||||||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||||||
Employer discretionary contribution amount | $ 12.6 | 13 | $ 3.2 | |||||||||||||
Employer matching contribution, percent of match | 50% | |||||||||||||||
Employer matching contribution, maximum, percent of employees' gross pay | 6% | |||||||||||||||
Number of US non-qualified deferred compensation plans | plan | 2 | 2 | 2 | |||||||||||||
Cost recognized | $ 1.7 | 2.2 | 0.8 | |||||||||||||
Pension plan | Foreign Plan | ||||||||||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||||||
Employer contributions | 10.4 | 12.4 | ||||||||||||||
Actuarial (gain) loss | (29.5) | 67.4 | ||||||||||||||
Pension settlement loss | $ (0.9) | $ (0.9) | $ (131.9) | (133.7) | 0 | 0 | ||||||||||
Accumulated benefit obligation | 1.6 | 1.6 | 303.3 | $ 1.6 | ||||||||||||
Employer discretionary contribution amount | 2.5 | $ 2.4 | $ 2.4 | |||||||||||||
Pension plan | Foreign Plan | Maximum | ||||||||||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||||||
Estimated future employer contributions in next fiscal year | $ 1 | $ 1 | 1 | |||||||||||||
Pension plan | Signet Group Limited | ||||||||||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||||||
Employer contributions | £ 1 | $ 1.2 | £ 7 | $ 9.2 | £ 7 | $ 9.7 | £ 15 | $ 20.1 | ||||||||
Actuarial (gain) loss | £ 53.3 | $ 72.9 |
Retirement plans - Change in UK
Retirement plans - Change in UK Plan Assets (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | $ 295.6 | $ 299.2 |
Actual return on UK Plan assets | (28.4) | (0.3) |
Employer contributions | 10.4 | 12.4 |
Benefits paid | (2.7) | (8.9) |
Plan settlements | (260) | 0 |
Foreign currency translation | (12.2) | (6.8) |
Fair value at end of year | $ 2.7 | $ 295.6 |
Retirement plans - Change in _2
Retirement plans - Change in UK Benefit Obligation (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 303.3 | $ 247.6 | |
Interest cost | 1 | 3.3 | $ 4 |
Actuarial (gain) loss | (29.5) | 67.4 | |
Benefits paid | (2.7) | (8.9) | |
Plan settlements | (260) | 0 | |
Foreign currency translation | (10.5) | (6.1) | |
Benefit obligation at end of year | 1.6 | 303.3 | $ 247.6 |
Funded status at end of year | $ 1.1 | $ (7.7) |
Retirement plans - Components o
Retirement plans - Components of UK Net Asset Recognized (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (non-current) | $ 1.1 | $ 0 |
Other liabilities (non-current) | $ 0 | $ (7.7) |
Retirement plans - AOCI Items n
Retirement plans - AOCI Items not yet Recognized (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gains (losses) | $ 3.9 | $ (103.3) | $ (47.2) |
Net prior service costs | $ 0 | $ (3.9) | $ (4) |
Retirement plans - Components_2
Retirement plans - Components of Net Periodic Pension Cost (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jan. 28, 2023 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | $ (1) | $ (3.3) | $ (4) | |||
Expected return on UK Plan assets | (0.3) | 3 | 5.5 | |||
Amortization of unrecognized actuarial losses | (3.5) | (2.1) | (0.9) | |||
Amortization of unrecognized net prior service costs | (0.3) | (0.1) | (0.1) | |||
Pension settlement loss | $ (0.9) | $ (0.9) | $ (131.9) | (133.7) | 0 | 0 |
Total net periodic benefit (cost) income | (138.8) | (2.5) | 0.5 | |||
Other changes in assets and benefit obligations recognized in OCI | 137 | (69.2) | 6.5 | |||
Total recognized in net periodic pension benefit (cost) income and OCI | $ (1.8) | $ (71.7) | $ 7 |
Retirement plans - Assumptions
Retirement plans - Assumptions used to Determine Benefit Obligations and Periodic Pension Costs (Details) - Pension plan - Foreign Plan | 12 Months Ended |
Jan. 29, 2022 | |
Assumptions used to determine benefit obligations (at the end of the year): | |
Discount rate | 1.25% |
Assumptions used to determine net periodic pension costs (at the start of the year): | |
Discount rate | 0.80% |
Expected return on UK Plan assets | 0.80% |
Retirement plans - Fair Value M
Retirement plans - Fair Value Measurements of Plan Assets (Details) - Foreign Plan - Pension plan - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2.7 | $ 295.6 | $ 299.2 |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.7 | 295.6 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.1 | 4 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | 291.6 | $ 0 |
Insurance contracts | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | 291.6 | |
Insurance contracts | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contracts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | 291.6 | |
Cash | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.1 | 4 | |
Cash | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.1 | 4 | |
Cash | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Retirement plans - Changes in F
Retirement plans - Changes in Fair Value of Level 3 Investment Assets (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | $ 295.6 | $ 299.2 |
Actual return on assets, assets still held at reporting date | (28.4) | (0.3) |
Foreign currency translation | (12.2) | (6.8) |
Fair value at end of year | 2.7 | 295.6 |
Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | 291.6 | 0 |
Purchases, sales, and settlements, net | (262.7) | 318.3 |
Actual return on assets, assets still held at reporting date | (16.1) | (16.8) |
Foreign currency translation | (11.2) | (9.9) |
Fair value at end of year | $ 1.6 | $ 291.6 |
Retirement plans - Future Benef
Retirement plans - Future Benefits Payments Estimated to be Paid (Details) - Pension plan - Foreign Plan $ in Millions | Jan. 28, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2024 | $ 0.6 |
Fiscal 2025 | 0 |
Fiscal 2026 | 0 |
Fiscal 2027 | 0 |
Fiscal 2028 | 0 |
Next five fiscal years | $ 0 |
Retirement plans - Fair Value o
Retirement plans - Fair Value of Unfunded, Non-qualified Deferred Compensation Plans Assets (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Defined Contribution Plan Disclosure [Line Items] | ||
Deferred compensation plan assets | $ 22.3 | $ 22.7 |
Mutual funds | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Deferred compensation plan assets | 16.6 | 12.4 |
Level 1 | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Deferred compensation plan assets | 16.6 | 12.4 |
Level 1 | Mutual funds | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Deferred compensation plan assets | 16.6 | 12.4 |
NAV | Money market mutual funds | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Deferred compensation plan assets | $ 5.7 | $ 10.3 |
Loans, overdrafts and long-te_3
Loans, overdrafts and long-term debt - Schedule of Loans, Overdrafts and Long-term Debt (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Debt Instrument [Line Items] | ||
Gross debt | $ 147.7 | $ 147.7 |
Less: Unamortized debt issuance costs | (0.3) | (0.6) |
Total long-term debt | 147.4 | 147.1 |
Senior unsecured notes due 2024, net of unamortized discount | Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Gross debt | $ 147.7 | $ 147.7 |
Loans, overdrafts and long-te_4
Loans, overdrafts and long-term debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Debt Disclosure [Abstract] | ||
Fiscal 2024 | $ 0 | |
Fiscal 2025 | 147.7 | |
Fiscal 2026 | 0 | |
Fiscal 2027 | 0 | |
Fiscal 2028 | 0 | |
Thereafter | 0 | |
Gross Debt | $ 147.7 | $ 147.7 |
Loans, overdrafts and long-te_5
Loans, overdrafts and long-term debt - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 05, 2019 USD ($) | Jul. 31, 2021 USD ($) | Jan. 30, 2021 USD ($) | May 02, 2020 USD ($) | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | Jul. 28, 2021 USD ($) | Sep. 27, 2019 USD ($) | Sep. 06, 2019 USD ($) | May 19, 2014 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Payment of debt issuance costs | $ 0 | $ 3,900,000 | $ 0 | ||||||||
Proceeds from revolving credit facilities | 0 | 0 | 900,000,000 | ||||||||
Senior Unsecured Notes Due in 2024 | Senior Unsecured Notes Due in 2024 | Signet UK Finance plc | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 400,000,000 | ||||||||||
Stated interest rate | 4.70% | ||||||||||
Senior Unsecured Notes Due in 2024 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 147,800,000 | ||||||||||
Repayments of senior debt | $ 239,600,000 | ||||||||||
Redemption price per $1,000 of principal amount | $ 950 | ||||||||||
Unamortized debt issuance expense | 300,000 | 600,000 | |||||||||
Amortization related to capitalized fees | 300,000 | 300,000 | 200,000 | ||||||||
Senior Asset-Based Credit Facility | Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized debt issuance costs | $ 400,000 | ||||||||||
Senior Asset-Based Credit Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized debt issuance expense | 6,400,000 | 8,300,000 | |||||||||
Amortization related to capitalized fees | 1,900,000 | 2,000,000 | $ 1,700,000 | ||||||||
Senior Asset-Based Credit Facility | Line of Credit | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||||||||||
Additional borrowing capacity | $ 600,000,000 | ||||||||||
Payment of debt issuance costs | $ 3,900,000 | ||||||||||
Stand-by letters of credit | 18,100,000 | 20,100,000 | |||||||||
Long-term debt | 0 | 0 | |||||||||
Line of credit facility, remaining borrowing capacity | $ 1,400,000,000 | $ 1,200,000,000 | |||||||||
Proceeds from revolving credit facilities | $ 900,000,000 | ||||||||||
Covenant, minimum coverage ratio | 1 | ||||||||||
Debt covenant, fixed covenant ratio threshold | $ 126,000,000 | ||||||||||
Capitalized fees | $ 12,600,000 | ||||||||||
Senior Asset-Based Credit Facility | Line of Credit | Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 100,000,000 | ||||||||||
Senior Asset-Based Credit Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate at period end | 5.80% | 1.40% |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 93.7 | $ 138.2 |
Accrued advertising | 39.7 | 30.5 |
Other taxes | 71.7 | 64.4 |
Payroll taxes | 17.3 | 25.9 |
Accrued litigation charges | 203.8 | 0 |
Accrued expenses | 212.5 | 242.6 |
Total accrued expenses and other current liabilities | $ 638.7 | $ 501.6 |
Accrued expenses and other cu_4
Accrued expenses and other current liabilities - Narrative (Details) | 12 Months Ended |
Jan. 28, 2023 | |
Payables and Accruals [Abstract] | |
Lifetime diamond guarantee inspection period | 6 months |
Accrued expenses and other cu_5
Accrued expenses and other current liabilities - Schedule of Activity in Warranty Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 36 | $ 37.3 | $ 36.3 |
Warranty expense | 16.2 | 8.7 | 8.5 |
Utilized | (11.4) | (10) | (7.5) |
Balance at end of period | $ 40.8 | $ 36 | $ 37.3 |
Accrued expenses and other cu_6
Accrued expenses and other current liabilities - Components of Warranty Reserve (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Payables and Accruals [Abstract] | ||||
Accrued expense and other current liabilities | $ 11.3 | $ 10.2 | ||
Other liabilities - non-current (see Note 26) | 29.5 | 25.8 | ||
Included within accrued expenses above | $ 40.8 | $ 36 | $ 37.3 | $ 36.3 |
Other liabilities - non-curre_3
Other liabilities - non-current - Summary of Other Liabilities (Details) - USD ($) $ in Millions | Jan. 28, 2023 | Jan. 29, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation | $ 30.9 | $ 29.6 |
Warranty reserve | 29.5 | 25.8 |
Other liabilities | 39.7 | 54.5 |
UK pension | 0 | 7.7 |
Total other liabilities | $ 100.1 | $ 117.6 |
Share-based compensation - Sche
Share-based compensation - Schedule of Share-Based Compensation Expense and Associated Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit | $ (5.2) | $ (5.9) | $ (3.6) |
Selling, General and Administrative Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 42 | $ 45.8 | $ 14.5 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 share_option_savings_plan shares | Jan. 29, 2022 shares | Jan. 30, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares with no vesting requirements awarded to senior management | $ | $ 1.3 | ||
Shares granted (in shares) | 0 | 0 | 0 |
Number of share option savings plans | share_option_savings_plan | 3 | ||
Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (in shares) | 6,075,000 | ||
Employee Share Savings Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Discount from market price | 5% | ||
Number of allocated shares (in shares) | 1,250,000 | ||
Number of allocated shares issued (in shares) | 0 | 0 | 0 |
Sharesave Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 36 months | ||
Discount from market price | 15% | ||
Number of allocated shares (in shares) | 1,000,000 | ||
Minimum | Sharesave Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 36 months | ||
Maximum | Sharesave Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 42 months | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | 0 | 0 |
Restricted Stock | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Stock Options | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Time-Based Restricted Stock Units | Minimum | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Time-Based Restricted Stock Units | Maximum | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Share-based compensation - Sc_2
Share-based compensation - Schedule of Unrecognized Compensation Cost Related to Outstanding Awards (Details) $ in Millions | 12 Months Ended |
Jan. 28, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 33.7 |
Omnibus Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 33.7 |
Weighted average period | 1 year 8 months 12 days |
Share-based compensation - Sc_3
Share-based compensation - Schedule of Significant Assumptions used to Estimate Fair Value of Awards under Omnibus Plan (Details) - Restricted Stock, Restricted Stock Units and Common Shares - Omnibus Plan - $ / shares | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (usd per share) | $ 77.39 | $ 60.65 | $ 11.10 |
Expected term | 2 years 10 months 24 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
Dividend yield | 3% | 4.30% | 5.50% |
Fair value (usd per share) | $ 71.19 | $ 53.58 | $ 9.37 |
Share-based compensation - Sc_4
Share-based compensation - Schedule of Activity of Awards Granted under Omnibus Plan (Details) - Omnibus Plan - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Restricted Stock, Restricted Stock Units and Common Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning Balance (in shares) | 4,300,000 | |
Granted (in shares) | 900,000 | |
Vested (in shares) | (2,800,000) | |
Lapsed or forfeited (in shares) | (100,000) | |
Ending Balance (in shares) | 2,300,000 | 4,300,000 |
Weighted average grant date fair value | ||
Beginning Balance (usd per share) | $ 22.28 | |
Granted (usd per share) | 71.66 | |
Vested (usd per share) | 15.96 | |
Lapsed or forfeited (usd per share) | 44.02 | |
Ending Balance (usd per share) | $ 47.33 | $ 22.28 |
Weighted average remaining contractual life | 1 year 2 months 12 days | 1 year 1 month 6 days |
Intrinsic value | $ 170 | $ 369.3 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Vested (in shares) | (1,000,000) | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Ending Balance (in shares) | 0 |
Share-based compensation - Sc_5
Share-based compensation - Schedule of Activity of Stock Options Granted under Omnibus Plan (Details) - Omnibus Plan - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Beginning Balance (in shares) | 0.2 | |
Ending Balance (in shares) | 0.2 | 0.2 |
Weighted average exercise price | ||
Beginning Balance (usd per share) | $ 38.70 | |
Ending Balance (usd per share) | $ 38.68 | $ 38.70 |
Weighted average remaining contractual life | 5 years 3 months 18 days | 6 years 3 months 18 days |
Intrinsic value | $ 5.9 | $ 8.9 |
Share-based compensation - Sc_6
Share-based compensation - Schedule of Additional Information about Awards Granted under Omnibus Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of awards vested | $ 205.1 | $ 76.6 | $ 5 |
Commitments and contingencies (
Commitments and contingencies (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 17, 2020 claim | Mar. 16, 2020 action | Aug. 01, 2016 plaintiff | Feb. 02, 2015 plaintiff | Jan. 28, 2023 USD ($) | Aug. 01, 2020 USD ($) | Feb. 01, 2020 USD ($) | Jul. 29, 2023 USD ($) | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | Jan. 30, 2021 USD ($) | |
Loss Contingencies [Line Items] | |||||||||||
Capital commitments related to expansion and renovation of stores | $ 107 | $ 107 | $ 18.2 | ||||||||
Litigation settlement, expense | 203.8 | 1.7 | $ 7.5 | ||||||||
Equal Pay Act Collective Action | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of plaintiffs | plaintiff | 9,124 | 70,000 | |||||||||
Litigation settlement, expense | $ 187.9 | ||||||||||
Equal Pay Act Collective Action | Scenario, Forecast | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Payments for legal settlements | $ 175 | ||||||||||
Shareholder Actions | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Payments for legal settlements | $ 35 | ||||||||||
Litigation settlement, expense | $ (1.7) | $ (7.5) | |||||||||
Insurance recoveries | $ 207.4 | ||||||||||
Litigation settlement, amount awarded to other party | $ 240 | ||||||||||
Loss contingency, new claims filed, number | 4 | 4 | |||||||||
Other Matters | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Litigation settlement, expense | $ 15.9 | ||||||||||
Other Operating Income (Expense) | Shareholder Actions | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Litigation settlement, expense | (33.2) | ||||||||||
Litigation administration costs | $ 0.6 |