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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q


 
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended October 30, 2021 or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from to
Commission file number 1-32349
SIGNET JEWELERS LIMITED
(Exact name of Registrant as specified in its charter)
Bermuda Not Applicable
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
(441) 296 5872
(Address and telephone number including area code of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on which Registered
Common Shares of $0.18 each SIG The New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No   o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes   x     No   o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No   x
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
Common Shares, $0.18 par value, 52,623,317 shares as of November 26, 2021


SIGNET JEWELERS LIMITED
TABLE OF CONTENTS
 


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 weeks ended 39 weeks ended
(in millions, except per share amounts) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Notes
Sales
$ 1,537.8  $ 1,300.3  $ 5,014.7  $ 3,040.4  3
Cost of sales
(962.2) (863.8) (3,043.1) (2,176.0)
Restructuring charges - cost of sales
  (2.0)   (1.4) 5
Gross margin
575.6  434.5  1,971.6  863.0 
Selling, general and administrative expenses
(470.5) (389.3) (1,485.1) (1,013.6)
Restructuring charges
1.7  (3.6) 3.3  (45.2) 5
Asset impairments, net
(0.7) (1.5) (2.0) (158.1) 14
Other operating income, net
0.8  (0.4) 13.2  4.3 
Operating income (loss) 106.9  39.7  501.0  (349.6) 4
Interest expense, net
(4.1) (9.1) (12.4) (25.6)
Other non-operating expense, net
(1.1) —  (0.9) 0.3 
Income (loss) before income taxes 101.7  30.6  487.7  (374.9)
Income taxes
(9.1) (21.3) (32.1) 105.4  10
Net income (loss) $ 92.6  $ 9.3  $ 455.6  $ (269.5)
Dividends on redeemable convertible preferred shares
(8.7) (8.4) (25.9) (24.9) 7
Net income (loss) attributable to common shareholders $ 83.9  $ 0.9  $ 429.7  $ (294.4)
Earnings (loss) per common share:
Basic
$ 1.59  $ 0.02  $ 8.17  $ (5.67) 8
Diluted
$ 1.45  $ 0.02  $ 7.27  $ (5.67) 8
Weighted average common shares outstanding:
Basic
52.9  52.1  52.6  51.9  8
Diluted
63.7  53.4  62.7  51.9  8
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
13 weeks ended
October 30, 2021 October 31, 2020
(in millions) Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Net income (loss)
$ 92.6  $ 9.3 
Other comprehensive income (loss):
Foreign currency translation adjustments
(4.3)   (4.3) (2.8) —  (2.8)
Available-for-sale securities:
Unrealized gain (loss) (0.1)   (0.1) (0.1) —  (0.1)
Cash flow hedges:
Unrealized gain (loss) 0.4    0.4  —  —  — 
Reclassification adjustment for losses (gains) to earnings
0.1    0.1  (1.8) (0.1) (1.9)
Pension plan:
Actuarial loss (72.9) 14.0  (58.9) —  —  — 
Reclassification adjustment for amortization of actuarial losses to earnings
1.0  (0.2) 0.8  0.1  —  0.1 
Reclassification adjustment for amortization of net prior service costs to earnings
      0.4  (0.1) 0.3 
Total other comprehensive income (loss) $ (75.8) $ 13.8  $ (62.0) $ (4.2) $ (0.2) $ (4.4)
Total comprehensive income (loss) $ 30.6  $ 4.9 
39 weeks ended
October 30, 2021 October 31, 2020
(in millions) Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Net income (loss) $ 455.6  $ (269.5)
Other comprehensive income (loss):
Foreign currency translation adjustments
3.1    3.1  (11.1) —  (11.1)
Available-for-sale securities:
Unrealized gain (loss) (0.2)   (0.2) 0.3  —  0.3 
Cash flow hedges:
Unrealized gain (loss) 0.2    0.2  0.2  —  0.2 
Reclassification adjustment for losses (gains) to earnings
0.6  (0.1) 0.5  (13.4) 2.6  (10.8)
Pension plan:
Actuarial loss
(72.9) 14.0  (58.9) —  —  — 
Reclassification adjustment for amortization of actuarial losses to earnings
1.4  (0.3) 1.1  0.2  —  0.2 
Reclassification adjustment for amortization of net prior service costs to earnings
0.1    0.1  0.7  (0.1) 0.6 
Total other comprehensive income (loss) $ (67.7) $ 13.6  $ (54.1) $ (23.1) $ 2.5  $ (20.6)
Total comprehensive income (loss) $ 401.5  $ (290.1)
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except par value per share amount) October 30, 2021 January 30, 2021 October 31, 2020 Notes
Assets
Current assets:
Cash and cash equivalents
$ 1,516.9  $ 1,172.5  $ 1,332.6 
Accounts receivable, net
19.3  88.7  58.3  12
Other current assets
194.9  236.6  228.6 
Income taxes
115.4  51.7  111.1 
Inventories
2,148.3  2,032.5  2,174.0  13
Total current assets
3,994.8  3,582.0  3,904.6 
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,275.1, $1,198.1 and $1,167.7, respectively
513.2  605.5  612.6 
Operating lease right-of-use assets
1,195.3  1,362.2  1,395.4  15
Goodwill
245.0  238.0  238.0  16
Intangible assets, net
189.2  179.0  178.8  16
Other assets
215.0  195.8  189.5 
Deferred tax assets
35.0  16.4  13.6 
Total assets
$ 6,387.5  $ 6,178.9  $ 6,532.5 
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:
Loans and overdrafts
$ 0.3  $ —  $ 3.6  19
Accounts payable
868.2  812.6  558.4 
Accrued expenses and other current liabilities
469.2  494.1  500.0 
Deferred revenue
307.0  288.7  258.5  3
Operating lease liabilities
304.4  377.3  379.0  15
Income taxes
22.7  26.0  32.0 
Total current liabilities
1,971.8  1,998.7  1,731.5 
Non-current liabilities:
Long-term debt
147.0  146.7  1,036.2  19
Operating lease liabilities
994.0  1,147.3  1,190.3  15
Other liabilities
129.1  111.1  97.3 
Deferred revenue
813.2  783.3  764.3  3
Deferred tax liabilities
146.1  159.2  163.1 
Total liabilities
4,201.2  4,346.3  4,982.7 
Commitments and contingencies
22
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (January 30, 2021 and October 31, 2020: 0.625 shares outstanding)
651.7  642.3  633.9  6
Shareholders’ equity:
Common shares of $.18 par value: authorized 500 shares, 52.6 shares outstanding (January 30, 2021 and October 31, 2020: 52.3 outstanding)
12.6  12.6  12.6 
Additional paid-in capital
271.8  258.8  254.1 
Other reserves
0.4  0.4  0.4 
Treasury shares at cost: 17.4 shares (January 30, 2021 and October 31, 2020: 17.7 shares)
(986.3) (980.2) (980.4)
Retained earnings
2,580.7  2,189.2  1,943.6 
Accumulated other comprehensive loss
(344.6) (290.5) (314.4) 9
Total shareholders’ equity
1,534.6  1,190.3  915.9 
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
$ 6,387.5  $ 6,178.9  $ 6,532.5 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
39 weeks ended
(in millions) October 30, 2021 October 31, 2020
Cash flows from operating activities
Net income (loss) $ 455.6  $ (269.5)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
122.9  130.3 
Amortization of unfavorable contracts
(2.9) (4.1)
Share-based compensation
36.4  9.6 
Deferred taxation
(20.1) 149.1 
Asset impairments, net
2.0  158.1 
Restructuring charges
  13.2 
Other non-cash movements
2.0  1.7 
Changes in operating assets and liabilities, net of acquisition:
Decrease (increase) in accounts receivable 13.0  (19.9)
Proceeds from sale of in-house finance receivables 81.3  — 
(Increase) decrease in other assets and other receivables (12.9) 188.2 
(Increase) decrease in inventories (112.1) 151.1 
Increase in accounts payable 36.8  325.2 
Decrease in accrued expenses and other liabilities (25.6) (192.5)
Change in operating lease assets and liabilities
(59.9) 43.9 
Increase in deferred revenue 47.1  25.2 
Change in income tax receivable and payable (67.3) (99.7)
Pension plan contributions
(12.4) (3.2)
Net cash provided by operating activities 483.9  606.7 
Investing activities
Purchase of property, plant and equipment
(50.5) (41.1)
Purchase of available-for-sale securities
(1.0) — 
Proceeds from sale of available-for-sale securities
3.1  3.4 
Acquisition of Rocksbox Inc., net of cash acquired (14.6) — 
Net cash used in investing activities (63.0) (37.7)
Financing activities
Dividends paid on common shares
(9.5) (19.3)
Dividends paid on redeemable convertible preferred shares
(16.4) (7.8)
Repurchase of common shares
(41.1) — 
Proceeds from revolving credit facilities
  900.0 
Repayments of revolving credit facilities
  (380.0)
Payment of debt issuance costs
(3.9) — 
Increase (decrease) of bank overdrafts
0.3  (84.2)
Other financing activities
(7.5) (13.6)
Net cash (used in) provided by financing activities (78.1) 395.1 
Cash and cash equivalents at beginning of period
1,172.5  374.5 
Increase in cash and cash equivalents 342.8  964.1 
Effect of exchange rate changes on cash and cash equivalents
1.6  (6.0)
Cash and cash equivalents at end of period
$ 1,516.9  $ 1,332.6 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(in millions) Common
shares at
par value
Additional
paid-in
capital
Other
reserves
Treasury
shares
Retained
earnings
Accumulated
other
comprehensive
loss
Total
shareholders’
equity
Balance at January 30, 2021 $ 12.6  $ 258.8  $ 0.4  $ (980.2) $ 2,189.2  $ (290.5) $ 1,190.3 
Net income —  —  —  —  138.4  —  138.4 
Other comprehensive income
—  —  —  —  —  6.9  6.9 
Dividends declared:
Preferred shares, $13.14/share
—  —  —  —  (8.6) —  (8.6)
Net settlement of equity-based awards
—  (14.6) —  15.0  (14.8) —  (14.4)
Share-based compensation expense
—  8.0  —  —  —  —  8.0 
Balance at May 1, 2021 $ 12.6  $ 252.2  $ 0.4  $ (965.2) $ 2,304.2  $ (283.6) $ 1,320.6 
Net income
—  —  —  —  224.6  —  224.6 
Other comprehensive income
—  —  —  —  —  1.0  1.0 
Dividends declared:
Common shares, $0.18/share
—  —  —  —  (9.5) —  (9.5)
Preferred shares, $13.14/share
—  —  —  —  (8.6) —  (8.6)
Net settlement of equity based awards
—  (2.9) —  14.2  (1.4) —  9.9 
Share-based compensation expense
—  17.5  —  —  —  —  17.5 
Balance at July 31, 2021 $ 12.6  $ 266.8  $ 0.4  $ (951.0) $ 2,509.3  $ (282.6) $ 1,555.5 
Net income —  —  —  —  92.6  —  92.6 
Other comprehensive loss
—  —  —  —  —  (62.0) (62.0)
Dividends declared:
Common shares, $0.18/share
—  —  —  —  (9.5) —  (9.5)
Preferred shares, $13.14/share
—  —  —  —  (8.7) —  (8.7)
Repurchase of common shares —  —  —  (41.1) —  —  (41.1)
Net settlement of equity based awards —  (5.9) —  5.8  (3.0) —  (3.1)
Share-based compensation expense —  10.9  —  —  —  —  10.9 
Balance at October 30, 2021 $ 12.6  $ 271.8  $ 0.4  $ (986.3) $ 2,580.7  $ (344.6) $ 1,534.6 
(in millions) Common
shares at
par value
Additional
paid-in
capital
Other
reserves
Treasury
shares
Retained
earnings
Accumulated
other
comprehensive
loss
Total
shareholders’
equity
Balance at February 1, 2020 $ 12.6  $ 245.4  $ 0.4  $ (984.9) $ 2,242.9  $ (293.8) $ 1,222.6 
Net loss —  —  —  —  (197.1) —  (197.1)
Other comprehensive loss
—  —  —  —  —  (34.0) (34.0)
Dividends declared:
Preferred shares, $12.50/share
—  —  —  —  (8.2) —  (8.2)
Net settlement of equity-based awards
—  (0.4) —  (0.3) (0.2) —  (0.9)
Share-based compensation expense
—  1.4  —  —  —  —  1.4 
Balance at May 2, 2020 $ 12.6  $ 246.4  $ 0.4  $ (985.2) $ 2,037.4  $ (327.8) $ 983.8 
Net loss
—  —  —  —  (81.7) —  (81.7)
Other comprehensive income
—  —  —  —  —  17.8  17.8 
Dividends declared:
Preferred shares, $12.66/share
—  —  —  —  (8.3) —  (8.3)
Net settlement of equity based awards
—  (0.5) —  4.1  (3.7) —  (0.1)
Share-based compensation expense
—  4.9  —  —  —  —  4.9 
Balance at August 1, 2020 $ 12.6  $ 250.8  $ 0.4  $ (981.1) $ 1,943.7  $ (310.0) $ 916.4 
Net income —  —  —  —  9.3  —  9.3 
Other comprehensive income loss —  —  —  —  —  (4.4) (4.4)
Dividends declared:
Preferred shares, $12.81/share
—  —  —  —  (8.4) —  (8.4)
Net settlement of equity based awards —  —  —  0.7  (1.0) —  (0.3)
Share-based compensation expense —  3.3  —  —  —  —  3.3 
Balance at October 31, 2020 $ 12.6  $ 254.1  $ 0.4  $ (980.4) $ 1,943.6  $ (314.4) $ 915.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

SIGNET JEWELERS LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Organization and principal 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 4 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 accounts for a substantial portion of the annual operating profit. However, in Fiscal 2022, Signet has experienced shifts in discretionary spending and consumer behavior that may cause the fourth quarter to account for a lower percentage of annual sales and profits.
Risks and Uncertainties - COVID-19
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.
The full extent and duration of the impact of COVID-19 on the Company’s operations and financial performance is currently unknown and depends on future developments that are uncertain and unpredictable, including the duration and possible resurgence of COVID-19 (including through variants), the success of the vaccine rollout globally, its impact on the Company’s global supply chain, and the uncertainty of customer behavior and potential shifts in discretionary spending. The Company will continue to evaluate the impact of COVID-19 on its business, results of operations and cash flows throughout Fiscal 2022, including the potential impacts on various estimates and assumptions inherent in the preparation of the condensed consolidated financial statements.
Basis of preparation
The condensed consolidated financial statements of Signet are prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles (“US GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021 filed with the SEC on March 19, 2021.
Use of estimates
The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and as a result of the above noted risks associated with COVID-19, it is reasonably possible that those estimates will change in the near term and the effect could be material. 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.
Fiscal year
The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2022 and Fiscal 2021 refer to the 52 week periods ending January 29, 2022 and ended January 30, 2021, respectively. Within these condensed consolidated financial statements, the third quarter of the relevant fiscal years 2022 and 2021 refer to the 13 weeks ended October 30, 2021 and October 31, 2020, respectively.
8

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 segment and Canada as part of the North America segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the 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 condensed 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 in other operating income, net within the condensed consolidated statements of operations.
See Note 9 for additional information regarding the Company’s foreign currency translation.
Acquisition of 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. Based on a preliminary purchase price allocation, net assets acquired primarily consist of goodwill and intangible assets (see Note 16 for details). In connection with closing the acquisition, the Company incurred approximately $1.1 million of transaction-related costs for professional services in the 13 weeks ended May 1, 2021, which were recorded as selling, general and administrative expenses in the condensed consolidated statements of operations.
The results of Rocksbox subsequent to the acquisition date are reported as a component of the North America segment. See Note 4 for additional information regarding the Company’s reportable segments. Pro forma results of operations have not been presented, as the impact on the Company’s condensed consolidated financial results was not material.
Acquisition of Diamonds Direct
On October 8, 2021, the Company entered into an agreement (the “Transaction Agreement”) to acquire Diamonds Direct USA Inc., a Delaware corporation (“Diamonds Direct”). The acquisition was consummated on November 17, 2021. Diamonds Direct is an off-mall, destination jeweler in the US, operating in 22 retail locations with a highly productive, efficient operating model with demonstrated growth and profitability which is expected to immediately contribute 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 younger, luxury-oriented bridal shoppers.

The Company acquired 100% of the outstanding common stock of Diamonds Direct for cash consideration of $504.6 million, net of cash acquired, and subject to customary post-closing adjustments per the Transaction Agreement. In connection with the acquisition, the Company incurred $2.6 million of acquisition-related costs during the 13 weeks ended October 30, 2021, which were recorded as selling, general and administrative expenses in the condensed consolidated statements of operations.

Neither the Company’s condensed consolidated balance sheets nor the operating results or cash flows, as of and for the periods ended October 30, 2021, reflect the impact of Diamonds Direct as the acquisition was completed after the balance sheet date. Signet plans to report Diamonds Direct results within the Company’s North America segment.
2. 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 2022 that have a material impact on the Company’s financial position or results of operations.
New accounting pronouncements issued but not yet adopted
In October 2021, the FASB issued ASU 2021-08, Business Combinations (“Topic 805”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires that an acquirer recognize and measure customer contract assets and liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts, rather than under Topic 805. Under prior guidance with Topic 805, a liability for deferred revenue was generally recognized in an acquirer’s financial statements as if it represented a legal obligation. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
9

3. Revenue recognition
The following tables provide the Company’s revenue, disaggregated by banner, major product and channel, for the 13 and 39 weeks ended October 30, 2021 and October 31, 2020:
13 weeks ended October 30, 2021 13 weeks ended October 31, 2020
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by banner:
Kay
$ 573.4  $   $   $ 573.4  $ 490.5  $ —  $ —  $ 490.5 
Zales
291.9      291.9  251.4  —  —  251.4 
Jared
277.1      277.1  232.7  —  —  232.7 
Piercing Pagoda
111.4      111.4  93.7  —  —  93.7 
James Allen
90.4      90.4  76.6  —  —  76.6 
Peoples
45.9      45.9  37.8  —  —  37.8 
International segment banners
  120.9    120.9  106.9  —  106.9 
Other (1)
4.1    22.7  26.8  —  —  10.7  10.7 
Total sales
$ 1,394.2  $ 120.9  $ 22.7  $ 1,537.8  $ 1,182.7  $ 106.9  $ 10.7  $ 1,300.3 
39 weeks ended October 30, 2021
39 weeks ended October 31, 2020
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by banner:
Kay
$ 1,923.8  $   $   $ 1,923.8  $ 1,149.0  $ —  $ —  $ 1,149.0 
Zales
1,030.0      1,030.0  618.8  —  —  618.8 
Jared
873.1      873.1  546.6  —  —  546.6 
Piercing Pagoda
399.0      399.0  204.4  —  —  204.4 
James Allen
300.7      300.7  184.7  —  —  184.7 
Peoples
121.9      121.9  83.3  —  —  83.3 
International segment banners
  309.0    309.0  —  232.8  —  232.8 
Other (1)
9.4    47.8  57.2  —  20.8  20.8 
Total sales
$ 4,657.9  $ 309.0  $ 47.8  $ 5,014.7  $ 2,786.8  $ 232.8  $ 20.8  $ 3,040.4 
(1) Includes sales from Signet’s diamond sourcing initiative and Rocksbox.


10

13 weeks ended October 30, 2021 13 weeks ended October 31, 2020
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by product:
Bridal
$ 640.9  $ 57.3  $   $ 698.2  $ 564.5  $ 48.0  $ —  $ 612.5 
Fashion
524.6  23.3    547.9  400.7  19.5  —  420.2 
Watches
48.7  44.0    92.7  33.6  33.4  —  67.0 
Other (1)
180.0  (3.7) 22.7  199.0  183.9  6.0  10.7  200.6 
Total sales
$ 1,394.2  $ 120.9  $ 22.7  $ 1,537.8  $ 1,182.7  $ 106.9  $ 10.7  $ 1,300.3 
39 weeks ended October 30, 2021
39 weeks ended October 31, 2020
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by product:
Bridal
$ 2,064.5  $ 146.8  $   $ 2,211.3  $ 1,295.7  $ 104.9  $ —  $ 1,400.6 
Fashion
1,866.7  53.7    1,920.4  993.1  44.8  —  1,037.9 
Watches
154.2  102.2    256.4  81.9  73.3  —  155.2 
Other (1)
572.5  6.3  47.8  626.6  416.1  9.8  20.8  446.7 
Total sales
$ 4,657.9  $ 309.0  $ 47.8  $ 5,014.7  $ 2,786.8  $ 232.8  $ 20.8  $ 3,040.4 
(1)     Other product sales primarily includes gift, beads and other miscellaneous jewelry sales, repairs, subscriptions, service plan and other miscellaneous non-jewelry sales.
13 weeks ended October 30, 2021 13 weeks ended October 31, 2020
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by channel:
Store
$ 1,142.6  $ 99.4  $   $ 1,242.0  $ 963.7  $ 87.1  $ —  $ 1,050.8 
E-commerce
251.6  21.5    273.1  219.0  19.8  —  238.8 
Other
    22.7  22.7  —  —  10.7  10.7 
Total sales
$ 1,394.2  $ 120.9  $ 22.7  $ 1,537.8  $ 1,182.7  $ 106.9  $ 10.7  $ 1,300.3 
39 weeks ended October 30, 2021
39 weeks ended October 31, 2020
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by channel:
Store
$ 3,775.5  $ 235.8  $   $ 4,011.3  $ 2,170.2  $ 175.8  $ —  $ 2,346.0 
E-commerce
882.4  73.2    955.6  616.6  57.0  —  673.6 
Other
    47.8  47.8  —  —  20.8  20.8 
Total sales
$ 4,657.9  $ 309.0  $ 47.8  $ 5,014.7  $ 2,786.8  $ 232.8  $ 20.8  $ 3,040.4 

Extended service plans and lifetime warranty agreements (“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 claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in estimates related to the time period or pattern in which warranty-related costs are expected to be incurred could materially impact revenues. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees.
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Deferred selling costs
Unamortized deferred selling costs as of October 30, 2021, January 30, 2021 and October 31, 2020 were as follows:
(in millions) October 30, 2021 January 30, 2021 October 31, 2020
Other current assets $ 25.2  $ 26.2  $ 24.0 
Other assets 87.2  85.1  81.7 
Total deferred selling costs $ 112.4  $ 111.3  $ 105.7 
Amortization of deferred ESP selling costs is included within selling, general and administrative expenses in the condensed consolidated statements of operations. Amortization of deferred ESP selling costs was $12.4 million and $29.4 million during the 13 and 39 weeks ended October 30, 2021, respectively, and $8.5 million and $16.0 million during the 13 and 39 weeks ended October 31, 2020, respectively.
Deferred revenue
Deferred revenue consists of the following:
(in millions) October 30, 2021 January 30, 2021 October 31, 2020
ESP deferred revenue $ 1,066.3  $ 1,028.9  $ 983.2 
Other deferred revenue (1)
53.9  43.1  39.6 
Total deferred revenue
$ 1,120.2  $ 1,072.0  $ 1,022.8 
Disclosed as:
Current liabilities $ 307.0  $ 288.7  $ 258.5 
Non-current liabilities 813.2  783.3  764.3 
Total deferred revenue $ 1,120.2  $ 1,072.0  $ 1,022.8 
(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.
13 weeks ended 39 weeks ended
(in millions) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020
ESP deferred revenue, beginning of period $ 1,063.8  $ 990.5  $ 1,028.9  $ 960.0 
Plans sold (1)
103.2  83.8  345.9  193.2 
Revenue recognized (2)
(100.7) (91.1) (308.5) (170.0)
ESP deferred revenue, end of period $ 1,066.3  $ 983.2  $ 1,066.3  $ 983.2 
(1)    Includes impact of foreign exchange translation.
(2)    The Company recognized sales of $56.4 million and $192.8 million during the 13 and 39 weeks ended October 30, 2021, respectively, and $61.6 million and $115.8 million during the 13 and 39 weeks ended October 31, 2020, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP. In Fiscal 2021, no ESP revenue was recognized beginning on March 23, 2020 due to the temporary closure of the Company’s stores and service centers as a result of COVID-19. As the Company began reopening stores and service centers during the second quarter of Fiscal 2021, the Company resumed recognizing service revenue as it fulfilled its performance obligations under the ESP.
4. 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 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 principally as Kay (Kay Jewelers and Kay Jewelers Outlet), Zales (Zales Jewelers and Zales Outlet), Jared (Jared The Galleria Of Jewelry and Jared Vault), James Allen, Rocksbox and Piercing Pagoda, which operates primarily through mall-based kiosks. Its Canadian stores operate as the Peoples Jewellers store banner.
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The International reportable segment operates stores in the UK, Republic of Ireland and Channel Islands. 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 consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones.
13 weeks ended 39 weeks ended
(in millions) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020
Sales:
North America segment
$ 1,394.2  $ 1,182.7  $ 4,657.9  $ 2,786.8 
International segment
120.9  106.9  309.0  232.8 
Other segment
22.7  10.7  47.8  20.8 
Total sales
$ 1,537.8  $ 1,300.3  $ 5,014.7  $ 3,040.4 
Operating income (loss):
North America segment (1)
$ 123.8  $ 52.9  $ 573.1  $ (238.3)
International segment (2)
0.2  1.6  (4.0) (52.6)
Other segment (3)
(0.4) 1.3  (1.4) 0.8 
Corporate and unallocated expenses (4)
(16.7) (16.1) (66.7) (59.5)
Total operating income (loss)
106.9  39.7  501.0  (349.6)
Interest expense, net
(4.1) (9.1) (12.4) (25.6)
Other non-operating expense, net
(1.1) —  (0.9) 0.3 
Income (loss) before income taxes
$ 101.7  $ 30.6  $ 487.7  $ (374.9)

(1)    Operating income (loss) during the 13 and 39 weeks ended October 30, 2021 includes $2.6 million of acquisition-related expenses in connection with the Diamonds Direct acquisition; and $0.7 million and $2.0 million, respectively, of net asset impairments. Operating income (loss) during the 39 weeks ended October 30, 2021 includes: $1.1 million of transaction-related expenses in connection with the Rocksbox acquisition; $1.4 million of gains associated with the sale of customer in-house finance receivables; and $(1.0) million to restructuring expense, primarily related to adjustments to previously recognized restructuring liabilities. See Note 1, Note 5, Note 11 and Note 14 for additional information.
Operating income (loss) during the 13 and 39 weeks ended October 31, 2020 includes: a $2.2 million and $1.6 million charge, respectively, related to inventory charges recorded in conjunction with the Company’s restructuring activities; charges of $0.7 million and $37.3 million, respectively, primarily related to severance, professional fees and store closure costs recorded in conjunction with the Company’s restructuring activities; and asset impairment charges of $1.5 million and $136.9 million, respectively. See Note 5, Note 14 and Note 16 for additional information.
(2)    Operating income (loss) during the 13 and 39 weeks ended October 31, 2020 includes charges of $3.0 million and $7.6 million, respectively, related to severance and store closure costs recorded in conjunction with the Company’s restructuring activities, and asset impairment charges of $21.2 million during the 39 weeks ended October 31, 2020. See Note 5, Note 14 and Note 16 for additional information.
(3)    Operating income (loss) during the 13 and 39 weeks ended October 31, 2020 includes a $0.2 million benefit recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities. See Note 5 for additional information.
(4)    Operating income (loss) during the 13 and 39 weeks ended October 30, 2021 includes $(1.7) million and $(2.3) million, respectively, to restructuring expense, primarily related to adjustments to previously recognized restructuring liabilities. See Note 5 for additional information.
Operating income (loss) during the 39 weeks ended October 31, 2020 includes a net charge of $7.5 million related to the settlement of previously disclosed shareholder litigation matters, inclusive of expected insurance proceeds. Operating income (loss) during the 13 and 39 weeks ended October 31, 2020 includes a credit of $0.1 million and net charge of $0.3 million, respectively, primarily related to severance and professional services recorded in conjunction with the Company’s restructuring activities. See Note 5 and Note 21 for additional information.
5. 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 a share-gaining, OmniChannel jewelry category leader. Restructuring activities related to the Plan were substantially completed in Fiscal 2021. The Company recorded credits to restructuring expense of $1.7 million and $3.3 million, during the 13 and 39 weeks ended October 30, 2021, respectively, primarily related to adjustments to previously recognized Plan liabilities.

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Restructuring charges and other Plan-related costs are classified in the condensed consolidated statements of operations as follows:

13 weeks ended 39 weeks ended
(in millions) Statement of operations caption October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020
Inventory charges
Restructuring charges - cost of sales
$   $ 2.0  $   $ 1.4 
Other Plan related expenses Restructuring charges (1.7) 3.6  (3.3) 45.2 
Total Signet Path to Brilliance Plan expenses $ (1.7) $ 5.6  $ (3.3) $ 46.6 

The composition of the restructuring charges the Company incurred during the 13 and 39 weeks ended October 30, 2021, as well as the cumulative amount incurred under the Plan through October 30, 2021, were as follows:
13 weeks ended 39 weeks ended Cumulative amount
(in millions) October 30, 2021 October 30, 2021 October 30, 2021
Inventory charges $ —  $ —  $ 72.8 
Termination benefits —  (1.1) 48.8 
Store closure and other costs (1.7) (2.2) 127.7 
Total Signet Path to Brilliance Plan expenses $ (1.7) $ (3.3) $ 249.3 
Plan liabilities of $2.3 million were recorded within accrued expenses and other current liabilities and Plan liabilities of $2.0 million were recorded within other liabilities in the condensed consolidated balance sheet as of October 30, 2021. The remaining Plan liabilities consist primarily of store closure liabilities. The following table summarizes the activity related to the Plan liabilities for Fiscal 2022:
(in millions) Termination benefits Store closure and other costs Consolidated
Balance at January 30, 2021 $ 2.1  $ 8.1  $ 10.2 
Payments and other adjustments
(0.9) (1.7) (2.6)
Charged (credited) to expense
(1.1) (2.2) (3.3)
Balance at October 30, 2021 $ 0.1  $ 4.2  $ 4.3 
6. Redeemable preferred shares
On October 5, 2016, the Company issued 625,000 shares of Series A Redeemable Convertible Preference Shares (“Preferred Shares”) to certain affiliates of Leonard Green & Partners, L.P., 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. Preferred shareholders are entitled to a cumulative dividend at the rate of 5% per annum, payable quarterly in arrears either in cash or by increasing the stated value of the Preferred Shares. The Company declared the Preferred Share dividend during the fourth quarter of Fiscal 2021 payable “in-kind” by increasing the Stated Value of the Preferred Shares. The Stated Value of the Preferred Shares increased by $12.97 per share during the first quarter of Fiscal 2022 when this dividend was paid, all of which will become payable upon liquidation of the Preferred Shares. The Company has declared the first, second, and third quarter Fiscal 2022 Preferred Share dividends payable in cash. Refer to Note 7 for additional discussion of the Company’s dividends on Preferred Shares.
(in millions, except conversion rate and conversion price) October 30, 2021 January 30, 2021 October 31, 2020
Conversion rate
12.2297  12.2297  12.2297 
Conversion price
$ 81.7682  $ 81.7682  $ 81.7682 
Potential impact of preferred shares if-converted to common shares
8.0  7.9  7.8 
Liquidation preference (1)
$ 665.0  $ 656.8  $ 648.7 
(1) Includes the stated value of the Preferred Shares plus any declared but unpaid dividends
In connection with the issuance of the Preferred Shares, the Company incurred direct and incremental expenses of $13.7 million. These direct and incremental expenses originally reduced the Preferred Shares carrying value and will be accreted through retained earnings as a deemed dividend from the date of issuance through the first possible known redemption date in November 2024.
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Accumulated accretion recorded in the condensed consolidated balance sheets was $8.5 million as of October 30, 2021 (January 30, 2021 and October 31, 2020: $7.3 million and $6.9 million, respectively).
Accretion of $0.4 million and $1.2 million was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 and 39 weeks ended October 30, 2021 ($0.4 million and $1.2 million for the 13 and 39 weeks ended October 31, 2020).
7. Shareholders’ equity
Dividends on Common Shares
As a result of COVID-19, Signet’s Board of Directors (the “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 second quarter of Fiscal 2022. Dividends declared on the common shares during the 39 weeks ended October 30, 2021 and October 31, 2020 were as follows:
Fiscal 2022 Fiscal 2021
(in millions, except per share amounts) Dividends
per share
Total dividends Dividends
per share
Total dividends
First quarter $   $   $ —  $ — 
Second quarter
0.18  9.5  —  — 
Third quarter (1)
0.18  9.5  —  — 
Total
$ 0.36  $ 19.0  $ —  $ — 
(1) Signet’s dividend policy for common shares results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of October 30, 2021, $9.5 million was recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheet reflecting the cash dividends on common shares declared for the third quarter of Fiscal 2022.
Dividends on Preferred Shares
Dividends declared on the Preferred Shares during the 39 weeks ended October 30, 2021 and October 31, 2020 were as follows:
Fiscal 2022 Fiscal 2021
(in millions, except per share amounts) Dividends
per share
Total dividends Dividends
per share
Total dividends
First quarter $ 13.14  $ 8.2  $ 12.50  $ 7.8 
Second quarter
13.14  8.2  12.66  7.9 
Third quarter (1)
13.14  8.2  12.81  8.0 
Total
$ 39.42  $ 24.6  $ 37.97  $ 23.7 
(1)    Signet’s Preferred Shares dividends result in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of October 30, 2021, January 30, 2021, and October 31, 2020, $8.2 million, $8.1 million, and $8.0 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the dividends on the Preferred Shares declared for the third quarter of Fiscal 2022, fourth quarter of Fiscal 2021, and third quarter of Fiscal 2021, respectively.
There were no cumulative undeclared dividends on the Preferred Shares that reduced net income (loss) attributable to common shareholders during the 13 and 39 weeks ended October 30, 2021 or October 31, 2020. See Note 6 for additional discussion of the Company’s Preferred Shares.
Share repurchases
Common shares repurchased during the 39 weeks ended October 30, 2021 and October 31, 2020 were as follows:
39 weeks ended October 30, 2021
39 weeks ended October 31, 2020
(in millions, except per share amounts Amount authorized Shares repurchased
Amount repurchased (1)
Average repurchase price per share (1)
Shares repurchased Amount repurchased Average repurchase price per share
2017 Program $ 659.4  0.5 $ 41.1  $ 88.04  $ —  N/A
(1)    Includes amounts paid for commissions.
On August 23, 2021, the Board authorized a reinstatement of repurchases under the 2017 Share Repurchase Program (the “2017 Program”), as well as an increase in the remaining amount of shares authorized for repurchase under the 2017 Program, from $165.6 million to $225 million. The 2017 Program had $183.9 million of shares authorized for repurchase remaining as of October 30, 2021.
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8. Earnings (loss) per common share (EPS)
Basic EPS is computed by dividing net income (loss) 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:
13 weeks ended 39 weeks ended
(in millions, except per share amounts) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020
Numerator:
Net income (loss) attributable to common shareholders $ 83.9  $ 0.9  $ 429.7  $ (294.4)
Denominator:
Weighted average common shares outstanding
52.9  52.1  52.6  51.9 
EPS – basic
$ 1.59  $ 0.02  $ 8.17  $ (5.67)
The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including restricted shares, restricted stock units, performance share units 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 interim period. The dilutive effect of Preferred Shares represents the potential impact for common shares that would be issued upon conversion. Potential common share dilution re