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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 July 30, 2022 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, 46,245,349 shares as of August 26, 2022

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 26 weeks ended
(in millions, except per share amounts) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Notes
Sales
 $ 1,754.9  $ 1,788.1  $ 3,593.2  $ 3,476.9  3
Cost of sales
 (1,090.2) (1,070.5) (2,204.8) (2,080.9)
Gross margin
 664.7  717.6  1,388.4  1,396.0 
Selling, general and administrative expenses
 (477.3) (502.6) (1,010.4) (1,014.6)
Other operating income (expense)
 (0.6) 10.4  (191.0) 12.7  20
Operating income 186.8  225.4  187.0  394.1  5
Interest expense, net
 (3.4) (4.4) (7.8) (8.3)
Other non-operating income (expense)
 (2.4) 0.1  (136.9) 0.2  20
Income before income taxes 181.0  221.1  42.3  386.0 
Income taxes
 (35.6) 3.5  19.6  (23.0) 10
Net income $ 145.4  $ 224.6  $ 61.9  $ 363.0 
Dividends on redeemable convertible preferred shares
 (8.6) (8.6) (17.2) (17.2) 7
Net income attributable to common shareholders $ 136.8  $ 216.0  $ 44.7  $ 345.8 
Earnings per common share:
Basic
 $ 2.95  $ 4.10  $ 0.94  $ 6.60  8
Diluted
 $ 2.58  $ 3.60  $ 0.90  $ 5.84  8
Weighted average common shares outstanding:
Basic
 46.4  52.7  47.6  52.4  8
Diluted
 56.3  62.4  49.7  62.2  8
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
13 weeks ended
July 30, 2022 July 31, 2021
(in millions) Pre-tax
amount		 Tax
(expense)
benefit		 After-tax
amount		 Pre-tax
amount		 Tax
(expense)
benefit		 After-tax
amount
Net income $ 145.4  $ 224.6 
Other comprehensive income (loss):
Foreign currency translation adjustments
 (7.1) —  (7.1) 0.7  —  0.7 
Cash flow hedges:
Unrealized gain (loss) 0.6  —  0.6  (0.1) —  (0.1)
Reclassification adjustment for losses (gains) to earnings
 (0.3) —  (0.3) 0.3  (0.1) 0.2 
Pension plan:
Reclassification adjustment for amortization of actuarial losses to earnings
 1.1  —  1.1  0.2  (0.1) 0.1 
Reclassification adjustment for amortization of net prior service costs to earnings
 0.1  —  0.1  0.1  —  0.1 
Reclassification adjustment for pension settlement loss to earnings
 0.9  (0.2) 0.7  —  —  — 
Total other comprehensive income (loss) $ (4.7) $ (0.2) $ (4.9) $ 1.2  $ (0.2) $ 1.0 
Total comprehensive income $ 140.5  $ 225.6 
26 weeks ended
July 30, 2022 July 31, 2021
(in millions) Pre-tax
amount		 Tax
(expense)
benefit		 After-tax
amount		 Pre-tax
amount		 Tax
(expense)
benefit		 After-tax
amount
Net income $ 61.9  $ 363.0 
Other comprehensive income (loss):
Foreign currency translation adjustments
 (23.9) —  (23.9) 7.4  —  7.4 
Available-for-sale securities:
Unrealized loss (0.3) —  (0.3) (0.1) —  (0.1)
Cash flow hedges:
Unrealized gain (loss) 1.8  (0.2) 1.6  (0.2) —  (0.2)
Reclassification adjustment for losses (gains) to earnings
 (0.3) —  (0.3) 0.5  (0.1) 0.4 
Pension plan:
Actuarial gain (loss)
 (0.5) 0.1  (0.4) —  —  — 
Reclassification adjustment for amortization of actuarial losses to earnings
 2.0  (0.2) 1.8  0.4  (0.1) 0.3 
Reclassification adjustment for amortization of net prior service costs to earnings
 0.2  —  0.2  0.1  —  0.1 
Reclassification adjustment for pension settlement loss to earnings
 132.8  (25.2) 107.6  —  —  — 
Total other comprehensive income $ 111.8  $ (25.5) $ 86.3  $ 8.1  $ (0.2) $ 7.9 
Total comprehensive income $ 148.2  $ 370.9 
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) July 30, 2022 January 29, 2022 July 31, 2021 Notes
Assets
Current assets:
Cash and cash equivalents
 $ 851.7  $ 1,418.3  $ 1,573.8 
Accounts receivable
 35.6  19.9  13.9  12
Other current assets
 199.4  208.6  175.0 
Income taxes
 118.5  23.2  54.9 
Inventories
 2,190.8  2,060.4  2,004.7  13
Total current assets
 3,396.0  3,730.4  3,822.3 
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,284.9 (January 29, 2022 and July 31, 2021: $1,248.9 and $1,241.3, respectively)
 566.5  575.9  533.2 
Operating lease right-of-use assets
 1,113.1  1,206.6  1,256.2  14
Goodwill
 486.4  484.6  245.1  15
Intangible assets, net
 312.8  314.2  189.7  15
Other assets
 254.7  226.1  244.1 
Deferred tax assets
 34.9  37.3  21.3 
Total assets
 $ 6,164.4  $ 6,575.1  $ 6,311.9 
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:
Loans and overdrafts
 $ —  $ —  $ 0.4  18
Accounts payable
 689.5  899.8  730.6 
Accrued expenses and other current liabilities
 598.5  501.6  463.9 
Deferred revenue
 326.9  341.3  297.9  3
Operating lease liabilities
 281.3  300.0  322.1  14
Income taxes
 23.9  28.0  25.6 
Total current liabilities
 1,920.1  2,070.7  1,840.5 
Non-current liabilities:
Long-term debt
 147.2  147.1  146.9  18
Operating lease liabilities
 925.8  1,005.1  1,052.2  14
Other liabilities
 101.3  117.6  123.2 
Deferred revenue
 873.9  857.6  809.4  3
Deferred tax liabilities
 175.2  160.9  132.9 
Total liabilities
 4,143.5  4,359.0  4,105.1 
Commitments and contingencies
 21
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (January 29, 2022 and July 31, 2021: 0.625 shares outstanding, respectively)
 653.0  652.1  651.3  6
Shareholders’ equity:
Common shares of $.18 par value: authorized 500 shares, 46.2 shares outstanding (January 29, 2022 and July 31, 2021: 49.9 and 53.0 outstanding, respectively)
 12.6  12.6  12.6 
Additional paid-in capital
 245.6  231.2  266.8 
Other reserves
 0.4  0.4  0.4 
Treasury shares at cost: 23.8 shares (January 29, 2022 and July 31, 2021: 20.1 and 17.0 shares, respectively)
 (1,494.4) (1,206.7) (951.0)
Retained earnings
 2,868.3  2,877.4  2,509.3 
Accumulated other comprehensive loss
 (264.6) (350.9) (282.6) 9
Total shareholders’ equity
 1,367.9  1,564.0  1,555.5 
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
 $ 6,164.4  $ 6,575.1  $ 6,311.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
26 weeks ended
(in millions) July 30, 2022 July 31, 2021
Cash flows from operating activities
Net income $ 61.9  $ 363.0 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization
 79.8  83.7 
Amortization of unfavorable contracts
 (0.9) (2.4)
Share-based compensation
 22.9  25.5 
Deferred taxation
 (11.0) (33.2)
Pension settlement loss 132.8  — 
Other non-cash movements
 3.1  0.4 
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable (15.7) 18.5 
Proceeds from sale of in-house finance receivables —  81.3 
(Increase) decrease in other assets and other receivables (4.9) 29.7 
(Increase) decrease in inventories (146.6) 33.9 
Decrease in accounts payable (221.2) (95.6)
Increase (decrease) in accrued expenses and other liabilities 95.3  (29.6)
Change in operating lease assets and liabilities
 (3.6) (44.7)
Increase in deferred revenue 2.3  34.2 
Change in income tax receivable and payable (99.9) (3.8)
Pension plan contributions
 (9.2) (2.4)
Net cash (used in) provided by operating activities (114.9) 458.5 
Investing activities
Purchase of property, plant and equipment
 (58.2) (32.2)
Acquisitions, net of cash acquired (1.9) (14.4)
Other investing activities, net (14.9) 1.9 
Net cash used in investing activities (75.0) (44.7)
Financing activities
Dividends paid on common shares
 (18.3) — 
Dividends paid on redeemable convertible preferred shares
 (16.4) (8.2)
Repurchase of common shares
 (291.0) — 
Payment of debt issuance costs
 —  (3.6)
Increase of bank overdrafts
 —  0.4 
Other financing activities
 (41.4) (4.5)
Net cash used in financing activities (367.1) (15.9)
Cash and cash equivalents at beginning of period
 1,418.3  1,172.5 
(Decrease) increase in cash and cash equivalents (557.0) 397.9 
Effect of exchange rate changes on cash and cash equivalents
 (9.6) 3.4 
Cash and cash equivalents at end of period
 $ 851.7  $ 1,573.8 
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 29, 2022 $ 12.6  $ 231.2  $ 0.4  $ (1,206.7) $ 2,877.4  $ (350.9) $ 1,564.0 
Net loss —  —  —  —  (83.5) —  (83.5)
Other comprehensive income
 —  —  —  —  —  91.2  91.2 
Dividends declared:
Common shares, $0.20/share
 —  —  —  —  (9.3) —  (9.3)
Preferred shares, $13.14/share
 —  —  —  —  (8.6) —  (8.6)
Repurchase of common shares
 —  50.0  —  (318.2) —  —  (268.2)
Net settlement of equity-based awards
 —  (54.9) —  50.7  (35.1) —  (39.3)
Share-based compensation expense
 —  10.5  —  —  —  —  10.5 
Balance at April 30, 2022 $ 12.6  $ 236.8  $ 0.4  $ (1,474.2) $ 2,740.9  $ (259.7) $ 1,256.8 
Net income
 —  —  —  —  145.4  —  145.4 
Other comprehensive loss
 —  —  —  —  —  (4.9) (4.9)
Dividends declared:
Common shares, $0.20/share
 —  —  —  —  (9.2) —  (9.2)
Preferred shares, $13.14/share
 —  —  —  —  (8.6) —  (8.6)
Repurchase of common shares
 —  —  —  (22.8) —  —  (22.8)
Net settlement of equity based awards
 —  (3.6) —  2.6  (0.2) —  (1.2)
Share-based compensation expense
 —  12.4  —  —  —  —  12.4 
Balance at July 30, 2022 $ 12.6  $ 245.6  $ 0.4  $ (1,494.4) $ 2,868.3  $ (264.6) $ 1,367.9 
(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 
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 primarily 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 accounts for a substantial portion of the annual operating profit.
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 remains 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 2023, 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. Intercompany transactions and balances have been eliminated in consolidation. Signet has reclassified certain prior year amounts to conform to the current year presentation. 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 29, 2022 filed with the SEC on March 17, 2022.
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 periods. 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.
Fiscal year
The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2023 and Fiscal 2022 refer to the 52 week periods ending January 28, 2023 and ended January 29, 2022, respectively. Within these condensed consolidated financial statements, the second quarter and year to date period of the relevant fiscal years 2023 and 2022 refer to the 13 and 26 weeks ended July 30, 2022 and July 31, 2021, 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.
Investment in Sasmat
During the 13 weeks ended July 30, 2022, 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 two 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 was recorded within other noncurrent assets in the condensed consolidated balance sheet as of July 30, 2022. The Sasmat investment did not have a material impact to Signet’s condensed consolidated statement of operations for the second quarter of Fiscal 2023.
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 2023 that have a material impact on the Company’s 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 to the Company in future periods.
9
3. Revenue recognition
The following table provides the Company’s total sales, disaggregated by banner, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:
13 weeks ended July 30, 2022 13 weeks ended July 31, 2021
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by banner:
Kay
 $ 617.5  $ —  $ —  $ 617.5  $ 673.7  $ —  $ —  $ 673.7 
Zales
 318.1  —  —  318.1  367.3  —  —  367.3 
Jared
 303.5  —  —  303.5  311.9  —  —  311.9 
Diamonds Direct 113.0  —  —  113.0  —  — 
Banter by Piercing Pagoda
 100.2  —  —  100.2  138.7  —  —  138.7 
James Allen
 88.6  —  —  88.6  108.8  —  —  108.8 
Peoples
 47.8  —  —  47.8  41.4  —  —  41.4 
International segment banners
 —  111.6  —  111.6  —  130.7  —  130.7 
Other (1)
 27.7  —  26.9  54.6  3.9  —  11.7  15.6 
Total sales
 $ 1,616.4  $ 111.6  $ 26.9  $ 1,754.9  $ 1,645.7  $ 130.7  $ 11.7  $ 1,788.1 
26 weeks ended July 30, 2022
26 weeks ended July 31, 2021
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by banner:
Kay
 $ 1,284.8  $ —  $ —  $ 1,284.8  $ 1,350.4  $ —  $ —  $ 1,350.4 
Zales
 665.8  —  —  665.8  738.1  —  —  738.1 
Jared
 617.6  —  —  617.6  596.0  —  —  596.0 
Diamonds Direct 219.3  219.3  —  — 
Banter by Piercing Pagoda
 219.2  —  —  219.2  287.6  —  —  287.6 
James Allen
 181.9  —  —  181.9  210.3  —  —  210.3 
Peoples
 93.2  —  —  93.2  76.0  —  —  76.0 
International segment banners
 —  221.6  —  221.6  —  188.1  —  188.1 
Other (1)
 39.6  —  50.2  89.8  5.3  —  25.1  30.4 
Total sales
 $ 3,321.4  $ 221.6  $ 50.2  $ 3,593.2  $ 3,263.7  $ 188.1  $ 25.1  $ 3,476.9 
(1) Other primarily includes sales from Signet’s diamond sourcing initiative, loose diamonds and Rocksbox.

10
The following table provides the Company’s total sales, disaggregated by major product, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:
13 weeks ended July 30, 2022 13 weeks ended July 31, 2021
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by product:
Bridal
 $ 730.6  $ 49.2  $ —  $ 779.8  $ 696.9  $ 60.7  $ —  $ 757.6 
Fashion
 609.6  17.9  —  627.5  680.7  20.7  —  701.4 
Watches
 53.5  37.9  —  91.4  58.6  41.0  —  99.6 
Services (1)
 163.5  6.6  —  170.1  151.1  8.3  —  159.4 
Other (2)
 59.2  —  26.9  86.1  58.4  —  11.7  70.1 
Total sales
 $ 1,616.4  $ 111.6  $ 26.9  $ 1,754.9  $ 1,645.7  $ 130.7  $ 11.7  $ 1,788.1 
26 weeks ended July 30, 2022
26 weeks ended July 31, 2021
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by product:
Bridal
 $ 1,517.9  $ 99.3  $ —  $ 1,617.2  $ 1,423.6  $ 89.5  $ —  $ 1,513.1 
Fashion
 1,267.8  35.6  —  1,303.4  1,342.1  30.4  —  1,372.5 
Watches
 105.0  73.1  —  178.1  105.5  58.2  —  163.7 
Services (1)
 329.5  13.6  —  343.1  297.0  10.0  —  307.0 
Other (2)
 101.2  —  50.2  151.4  95.5  —  25.1  120.6 
Total sales
 $ 3,321.4  $ 221.6  $ 50.2  $ 3,593.2  $ 3,263.7  $ 188.1  $ 25.1  $ 3,476.9 
(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 table provides the Company’s total sales, disaggregated by channel, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:
13 weeks ended July 30, 2022 13 weeks ended July 31, 2021
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by channel:
Store
 $ 1,314.6  $ 91.9  $ —  $ 1,406.5  $ 1,333.3  $ 106.9  $ —  $ 1,440.2 
E-commerce
 278.1  19.7  —  297.8  312.4  23.8  —  336.2 
Other (1)
 23.7  —  26.9  50.6  —  —  11.7  11.7 
Total sales
 $ 1,616.4  $ 111.6  $ 26.9  $ 1,754.9  $ 1,645.7  $ 130.7  $ 11.7  $ 1,788.1 
26 weeks ended July 30, 2022
26 weeks ended July 31, 2021
(in millions) North America International Other Consolidated North America International Other Consolidated
Sales by channel:
Store
 $ 2,711.1  $ 181.8  $ —  $ 2,892.9  $ 2,632.9  $ 136.4  $ —  $ 2,769.3 
E-commerce
 578.5  39.8  —  618.3  630.8  51.7  —  682.5 
Other (1)
 31.8  —  50.2  82.0  —  —  25.1  25.1 
Total sales
 $ 3,321.4  $ 221.6  $ 50.2  $ 3,593.2  $ 3,263.7  $ 188.1  $ 25.1  $ 3,476.9 
(1) Other primarily includes sales from Signet’s diamond sourcing initiative and loose diamonds.
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 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
11
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.
Deferred selling costs
Unamortized deferred selling costs as of July 30, 2022, January 29, 2022 and July 31, 2021 were as follows:
(in millions) July 30, 2022 January 29, 2022 July 31, 2021
Other current assets $ 27.4  $ 28.4  $ 25.4 
Other assets 86.8  87.8  87.1 
Total deferred selling costs $ 114.2  $ 116.2  $ 112.5 
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 $10.3 million and $21.1 million during the 13 and 26 weeks ended July 30, 2022, respectively, and $7.1 million and $17.0 million during the 13 and 26 weeks ended July 31, 2021.

Deferred revenue
Deferred revenue as of July 30, 2022, January 29, 2022 and July 31, 2021 was as follows:
(in millions) July 30, 2022 January 29, 2022 July 31, 2021
ESP deferred revenue $ 1,131.5  $ 1,116.5  $ 1,063.8 
Other deferred revenue (1)
 69.3  82.4  43.5 
Total deferred revenue
 $ 1,200.8  $ 1,198.9  $ 1,107.3 
Disclosed as:
Current liabilities $ 326.9  $ 341.3  $ 297.9 
Non-current liabilities 873.9  857.6  809.4 
Total deferred revenue $ 1,200.8  $ 1,198.9  $ 1,107.3 
(1) Other deferred revenue primarily includes revenue collected from customers for custom orders and eCommerce orders, for which control has not yet transferred to the customer.
13 weeks ended 26 weeks ended
(in millions) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021
ESP deferred revenue, beginning of period $ 1,125.9  $ 1,049.4  $ 1,116.5  $ 1,028.9 
Plans sold (1)
 120.3  118.6  244.1  242.7 
Revenue recognized (2)
 (114.7) (104.2) (229.1) (207.8)
ESP deferred revenue, end of period $ 1,131.5  $ 1,063.8  $ 1,131.5  $ 1,063.8 
(1)    Includes impact of foreign exchange translation.
(2)    The Company recognized sales of $68.6 million and $147.8 million during the 13 and 26 weeks ended July 30, 2022, respectively, and $63.9 million and $136.5 million during the 13 and 26 weeks ended July 31, 2021, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP.
4. 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 15 for details).

The results of Rocksbox subsequent to the acquisition date are reported as a component of the North America segment. Pro forma results of operations have not been presented, as the impact on the Company’s consolidated financial results was not material.

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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 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 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 comparable market prices. 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 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 
Right-of-use assets 56.9 
Intangible assets 126.0 
Other assets 6.7 
Identifiable assets acquired 451.0 
Accounts payable 46.8 
Deferred revenue 26.1 
Operating lease liabilities 57.6 
Deferred taxes 33.6 
Other liabilities 27.6 
Liabilities assumed 191.7 
Identifiable net assets acquired 259.3 
Goodwill 243.8 
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.

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 100% of the outstanding common stock of Blue Nile, Inc. (“Blue Nile”), subject to the terms of a stock purchase agreement (“Agreement”) entered into on August 5, 2022. The total cash consideration is $398.2 million, net of cash acquired, including purchase price adjustments for working capital, and is subject to customary post-closing adjustments per
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the Agreement. In connection with the acquisition, the Company incurred $2.6 million of acquisition-related costs during the 13 weeks ended July 30, 2022, which were recorded as selling, general and administrative expenses in the condensed consolidated statements of operations.

Blue Nile is a leading online retailer of engagement rings and fine jewelry with 23 physical showrooms throughout the US. 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.

Neither the Company’s condensed consolidated balance sheets nor the operating results or cash flows, as of and for the periods ended July 30, 2022, reflect the impact of Blue Nile as the acquisition was completed after the balance sheet date. Signet plans to report Blue Nile results within the Company’s North America reportable segment.
5. 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, James Allen, Banter by Piercing Pagoda, which primarily operates through mall-based kiosks, and Rocksbox. Its Canadian stores operate as Peoples Jewellers.
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 under the H. Samuel and Ernest Jones banners.
The Other reportable segment primarily consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones.
13 weeks ended 26 weeks ended
(in millions) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021
Sales:
North America segment
 $ 1,616.4  $ 1,645.7  $ 3,321.4  $ 3,263.7 
International segment
 111.6  130.7  221.6  188.1 
Other segment
 26.9  11.7  50.2  25.1 
Total sales
 $ 1,754.9  $ 1,788.1  $ 3,593.2  $ 3,476.9 
Operating income (loss):
North America segment (1)
 $ 210.1  $ 237.3  $ 234.9  $ 449.3 
International segment
 (2.0) 15.5  (8.4) (4.2)
Other segment
 1.8  (0.1) 4.8  (1.0)
Corporate and unallocated expenses (2)
 (23.1) (27.3) (44.3) (50.0)
Total operating income
 186.8  225.4  187.0  394.1 
Interest expense, net
 (3.4) (4.4) (7.8) (8.3)
Other non-operating income (expense)
 (2.4) 0.1  (136.9) 0.2 
Income before income taxes $ 181.0  $ 221.1  $ 42.3  $ 386.0 
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(1)    Operating income during the 13 and 26 weeks ended July 30, 2022 includes $5.8 million and $10.2 million, respectively, of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition; and $2.6 million of acquisition-related expenses in connection with the Blue Nile acquisition. Operating income during the 26 weeks ended July 30, 2022 includes $190.0 million related to pre-tax litigation charges. See Note 4 and Note 21 for additional information.
Operating income during the 13 and 26 weeks ended July 31, 2021 includes $0.0 million and $1.1 million, respectively, of acquisition-related expenses in connection with the Rocksbox acquisition; $1.4 million of gains associated with the sale of customer in-house finance receivables; credits of $0.3 million and $1.0 million, respectively, to restructuring expense, primarily related to adjustments to previously recognized restructuring liabilities; and $(0.2) million and $1.3 million, respectively, of net asset impairments.
(2)    Operating income during the 13 and 26 weeks ended July 31, 2021 includes $0.6 million credit to restructuring expense, primarily related to adjustments to previously recognized restructuring liabilities.
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 has declared all Preferred Share dividends in Fiscal 2022 and Fiscal 2023 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) July 30, 2022 January 29, 2022 July 31, 2021
Conversion rate
 12.3939  12.2297  12.2297 
Conversion price
 $ 80.6849  $ 81.7682  $ 81.7682 
Potential impact of preferred shares if-converted to common shares
 8.1  8.0  8.0 
Liquidation preference (1)
 $ 665.1  $ 665.1  $ 673.2 
(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. Accumulated accretion recorded in the condensed consolidated balance sheets was $9.8 million as of July 30, 2022 (January 29, 2022 and July 31, 2021: $9.0 million and $8.1 million, respectively).
Accretion of $0.4 million and $0.8 million was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 and 26 weeks ended July 30, 2022 ($0.4 million and $0.8 million for the 13 and 26 weeks ended July 31, 2021).
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 26 weeks ended July 30, 2022 and July 31, 2021 were as follows:
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Fiscal 2023 Fiscal 2022
(in millions, except per share amounts) Dividends
per share		 Total dividends Dividends
per share		 Total dividends
First quarter $ 0.20  $ 9.3  $ —  $ — 
Second quarter (1)
 0.20  9.2  0.18  9.5 
Total
 $ 0.40  $ 18.5  $ 0.18  $ 9.5 
(1) Signet’s dividend policy results in the common share dividend payment date being a quarter in arrears from the declaration date. As a result, as of July 30, 2022 and July 31, 2021, $9.2 million and $9.5 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on common shares declared for the second quarter of Fiscal 2023 and Fiscal 2022, respectively.
Dividends on Preferred Shares
Dividends declared on the Preferred Shares during the 26 weeks ended July 30, 2022 and July 31, 2021 were as follows:
Fiscal 2023 Fiscal 2022
(in millions, except per share amounts) Dividends
per share		 Total dividends Dividends
per share		 Total dividends
First quarter $ 13.14  $ 8.2  $ 13.14  $ 8.2 
Second quarter (1)
 13.14  8.2  13.14  8.2 
Total
 $ 26.28  $ 16.4  $ 26.28  $ 16.4 
(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 July 30, 2022 and July 31, 2021, $8.2 million and $8.2 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 second quarter of Fiscal 2023 and Fiscal 2022, respectively.
There were no cumulative undeclared dividends on the Preferred Shares that reduced net income attributable to common shareholders during the 13 and 26 weeks ended July 30, 2022 or July 31, 2021. See Note 6 for additional discussion of the Company’s Preferred Shares.
Share repurchases
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 inception of the 2017 Program, the Company has repurchased $1.1 billion of shares, with an additional $622.4 million of shares authorized for repurchase remaining as of July 30, 2022.
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 is 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 share repurchase activity during the 26 weeks ended July 30, 2022 and July 31, 2021 was as follows:
26 weeks ended July 30, 2022
26 weeks ended July 31, 2021
(in millions, except per share amounts Shares repurchased
Amount repurchased (1)(2)
Average repurchase price per share (2)
 Shares repurchased Amount repurchased Average repurchase price per share
2017 Program 4.7 $ 341.0  $ 72.14  — $ —  N/A
(1)    The amount repurchased in Fiscal 2023 includes $50 million related to the forward purchase contract in the ASR.
(2)    Includes amounts paid for commissions.
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8. Earnings 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:
13 weeks ended 26 weeks ended
(in millions, except per share amounts) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021
Numerator:
Net income attributable to common shareholders $ 136.8  $ 216.0  $ 44.7  $ 345.8 
Denominator:
Weighted average common shares outstanding
 46.4  52.7  47.6  52.4 
EPS – basic
 $ 2.95  $ 4.10  $ 0.94  $ 6.60 
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-based restricted stock units and stock options issued under the Omnibus Plan and stock options issued under the Share Saving Plans. The dilutive effect of performance-based restricted stock 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 periods. 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 attributable to common shareholders. See Note 6 for additional discussion of the Company’s Preferred Shares.
The computation of diluted EPS is outlined in the table below:
13 weeks ended 26 weeks ended
(in millions, except per share amounts) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021
Numerator:
Net income attributable to common shareholders $ 136.8 $ 216.0 $ 44.7 $ 345.8
Add: Dividends on Preferred Shares
 8.6 8.6 — 17.2
Numerator for diluted EPS $ 145.4 $ 224.6 $ 44.7 $ 363.0
Denominator:
Basic weighted average common shares outstanding
 46.4 52.7 47.6 52.4
Plus: Dilutive effect of share awards
 1.9 1.7 2.1 1.8
Plus: Dilutive effect of preferred shares
 8.0 8.0 — 8.0
  Diluted weighted average common shares outstanding
 56.3 62.4 49.7 62.2
EPS – diluted
 $ 2.58 $ 3.60 $ 0.90 $ 5.84

The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive:
13 weeks ended 26 weeks ended
(in millions) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021
Share awards —  —  0.1  — 
Potential impact of preferred shares —  —  8.0  — 
Total anti-dilutive shares
 —  —  8.1  — 
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9. 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
currency
translation		 Gains (losses) on available-for-sale securities, net Gains (losses)
on cash flow
hedges		 Actuarial
(losses) gains		 Prior
service
costs		 Accumulated
other
comprehensive income (loss)
Balance at January 29, 2022 $ (244.3) $ 0.2  $ 0.4  $ (103.3) $ (3.9) $ (350.9)
Other comprehensive income (loss) (“OCI”) before reclassifications
 (23.9) (0.3) 1.6  (0.4) —  (23.0)
Amounts reclassified from AOCI to earnings
 —  —  (0.3) 105.8  3.8  109.3 
Net current period OCI
 (23.9) (0.3) 1.3  105.4  3.8  86.3 
Balance at July 30, 2022 $ (268.2) $ (0.1) $ 1.7  $ 2.1  $ (0.1) $ (264.6)

The amounts reclassified from AOCI to earnings were as follows:
Amounts reclassified from AOCI
13 weeks ended 26 weeks ended
(in millions) July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021 Statement of operations caption
(Gains) losses on cash flow hedges:
Foreign currency contracts
 $ (0.3) $