Form 10-Q - Quarterly report [Sections 13 or 15(d)]
August 31 2023 - 08:08AM
Edgar (US Regulatory)
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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 29, 2023 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 (§232.405 of this chapter) 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, 44,886,176 shares as of August 25, 2023
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 29, 2023 | | July 30, 2022 | | July 29, 2023 | | July 30, 2022 | | Notes |
Sales | $ | 1,613.6 | | | $ | 1,754.9 | | | $ | 3,281.6 | | | $ | 3,593.2 | | | 3 |
Cost of sales | (1,002.8) | | | (1,090.2) | | | (2,038.8) | | | (2,204.8) | | | |
Gross margin | 610.8 | | | 664.7 | | | 1,242.8 | | | 1,388.4 | | | |
Selling, general and administrative expenses | (511.2) | | | (477.3) | | | (1,041.6) | | | (1,010.4) | | | |
Other operating expense, net | (9.4) | | | (0.6) | | | (9.3) | | | (191.0) | | | 19 |
| Operating income | 90.2 | | | 186.8 | | | 191.9 | | | 187.0 | | | 5 |
Interest income (expense), net | 1.8 | | | (3.4) | | | 7.4 | | | (7.8) | | | |
Other non-operating income (expense), net | 0.3 | | | (2.4) | | | (0.1) | | | (136.9) | | | 19 |
| Income before income taxes | 92.3 | | | 181.0 | | | 199.2 | | | 42.3 | | | |
Income taxes | (17.2) | | | (35.6) | | | (26.7) | | | 19.6 | | | 10 |
| Net income | $ | 75.1 | | | $ | 145.4 | | | $ | 172.5 | | | $ | 61.9 | | | |
Dividends on redeemable convertible preferred shares | (8.6) | | | (8.6) | | | (17.2) | | | (17.2) | | | 7 |
| Net income attributable to common shareholders | $ | 66.5 | | | $ | 136.8 | | | $ | 155.3 | | | $ | 44.7 | | | |
| | | | | | | | | |
| Earnings per common share: | | | | | | | | | |
Basic | $ | 1.47 | | | $ | 2.95 | | | $ | 3.43 | | | $ | 0.94 | | | 8 |
Diluted | $ | 1.38 | | | $ | 2.58 | | | $ | 3.17 | | | $ | 0.90 | | | 8 |
Weighted average common shares outstanding: | | | | | | | | | |
Basic | 45.2 | | | 46.4 | | | 45.3 | | | 47.6 | | | 8 |
Diluted | 54.3 | | | 56.3 | | | 54.5 | | | 49.7 | | | 8 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 13 weeks ended |
| July 29, 2023 | | July 30, 2022 |
| (in millions) | Pre-tax
amount | | Tax
(expense)
benefit | | After-tax
amount | | Pre-tax
amount | | Tax
(expense)
benefit | | After-tax
amount |
| Net income | | | | | $ | 75.1 | | | | | | | $ | 145.4 | |
Other comprehensive income (loss): | | | | | | | | | | | |
Foreign currency translation adjustments | 7.8 | | | — | | | 7.8 | | | (7.1) | | | — | | | (7.1) | |
Available-for-sale securities: | | | | | | | | | | | |
| Unrealized loss | (0.1) | | | — | | | (0.1) | | | — | | | — | | | — | |
| | | | | | | | | | | |
Cash flow hedges: | | | | | | | | | | | |
| Unrealized (loss) gain | (0.6) | | | 0.1 | | | (0.5) | | | 0.6 | | | — | | | 0.6 | |
Reclassification adjustment for gains to earnings | (0.3) | | | 0.1 | | | (0.2) | | | (0.3) | | | — | | | (0.3) | |
Pension plan: | | | | | | | | | | | |
| | | | | | | | | | | |
Reclassification adjustment for amortization of actuarial losses to earnings | — | | | — | | | — | | | 1.1 | | | — | | | 1.1 | |
Reclassification adjustment for amortization of net prior service costs to earnings | — | | | — | | | — | | | 0.1 | | | — | | | 0.1 | |
Reclassification adjustment for pension settlement loss to earnings | — | | | — | | | — | | | 0.9 | | | (0.2) | | | 0.7 | |
| Total other comprehensive income (loss) | $ | 6.8 | | | $ | 0.2 | | | $ | 7.0 | | | $ | (4.7) | | | $ | (0.2) | | | $ | (4.9) | |
| Total comprehensive income | | | | | $ | 82.1 | | | | | | | $ | 140.5 | |
| | | | | | | | | | | | | | |
| 26 weeks ended |
| July 29, 2023 | | July 30, 2022 |
| (in millions) | Pre-tax
amount | | Tax
(expense)
benefit | | After-tax
amount | | Pre-tax
amount | | Tax
(expense)
benefit | | After-tax
amount |
| Net income | | | | | $ | 172.5 | | | | | | | $ | 61.9 | |
| Other comprehensive income: | | | | | | | | | | | |
Foreign currency translation adjustments | 9.0 | | | — | | | 9.0 | | | (23.9) | | | — | | | (23.9) | |
Available-for-sale securities: | | | | | | | | | | | |
| Unrealized loss | (0.1) | | | — | | | (0.1) | | | (0.3) | | | — | | | (0.3) | |
| | | | | | | | | | | |
Cash flow hedges: | | | | | | | | | | | |
| Unrealized (loss) gain | (0.8) | | | 0.1 | | | (0.7) | | | 1.8 | | | (0.2) | | | 1.6 | |
Reclassification adjustment for gains to earnings | (0.8) | | | 0.2 | | | (0.6) | | | (0.3) | | | — | | | (0.3) | |
Pension plan: | | | | | | | | | | | |
Actuarial loss | — | | | — | | | — | | | (0.5) | | | 0.1 | | | (0.4) | |
Reclassification adjustment for amortization of actuarial losses to earnings | — | | | — | | | — | | | 2.0 | | | (0.2) | | | 1.8 | |
Reclassification adjustment for amortization of net prior service costs to earnings | — | | | — | | | — | | | 0.2 | | | — | | | 0.2 | |
Reclassification adjustment for pension settlement loss to earnings | 0.2 | | | (4.1) | | | (3.9) | | | 132.8 | | | (25.2) | | | 107.6 | |
| Total other comprehensive income | $ | 7.5 | | | $ | (3.8) | | | $ | 3.7 | | | $ | 111.8 | | | $ | (25.5) | | | $ | 86.3 | |
| Total comprehensive income | | | | | $ | 176.2 | | | | | | | $ | 148.2 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| (in millions, except par value per share amount) | July 29, 2023 | | January 28, 2023 | | July 30, 2022 | | Notes |
Assets | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | $ | 690.2 | | | $ | 1,166.8 | | | $ | 851.7 | | | |
Accounts receivable | 16.8 | | | 14.5 | | | 35.6 | | | |
Other current assets | 177.0 | | | 165.9 | | | 199.4 | | | |
Income taxes | 9.5 | | | 9.6 | | | 118.5 | | | |
Inventories | 2,093.9 | | | 2,150.3 | | | 2,190.8 | | | 12 |
Total current assets | 2,987.4 | | | 3,507.1 | | | 3,396.0 | | | |
Non-current assets: | | | | | | | |
Property, plant and equipment, net of accumulated depreciation and amortization of $1,423.8 (January 28, 2023 and July 30, 2022: $1,352.7 and $1,284.9, respectively) | 553.5 | | | 586.5 | | | 566.5 | | | |
Operating lease right-of-use assets | 1,060.2 | | | 1,049.3 | | | 1,113.1 | | | 13 |
Goodwill | 754.1 | | | 751.7 | | | 486.4 | | | 14 |
Intangible assets, net | 406.5 | | | 407.4 | | | 312.8 | | | 14 |
Other assets | 287.9 | | | 281.7 | | | 254.7 | | | |
Deferred tax assets | 37.8 | | | 36.7 | | | 34.9 | | | |
Total assets | $ | 6,087.4 | | | $ | 6,620.4 | | | $ | 6,164.4 | | | |
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity | | | | | | | |
Current liabilities: | | | | | | | |
Current portion of long-term debt | $ | 147.5 | | | $ | — | | | $ | — | | | 17 |
Accounts payable | 570.7 | | | 879.0 | | | 689.5 | | | |
Accrued expenses and other current liabilities | 386.7 | | | 638.7 | | | 598.5 | | | |
Deferred revenue | 358.3 | | | 369.5 | | | 326.9 | | | 3 |
Operating lease liabilities | 332.2 | | | 288.2 | | | 281.3 | | | 13 |
Income taxes | 56.9 | | | 72.7 | | | 23.9 | | | |
Total current liabilities | 1,852.3 | | | 2,248.1 | | | 1,920.1 | | | |
Non-current liabilities: | | | | | | | |
Long-term debt | — | | | 147.4 | | | 147.2 | | | 17 |
Operating lease liabilities | 832.3 | | | 894.7 | | | 925.8 | | | 13 |
Other liabilities | 98.3 | | | 100.1 | | | 101.3 | | | |
Deferred revenue | 869.0 | | | 880.1 | | | 873.9 | | | 3 |
Deferred tax liabilities | 166.7 | | | 117.6 | | | 175.2 | | | |
Total liabilities | 3,818.6 | | | 4,388.0 | | | 4,143.5 | | | |
Commitments and contingencies | | | | | | | 21 |
Redeemable Series A Convertible Preference Shares $0.01 par value: authorized 500 shares, 0.625 shares outstanding (January 28, 2023 and July 30, 2022: 0.625 shares outstanding, respectively) | 654.7 | | | 653.8 | | | 653.0 | | | 6 |
Shareholders’ equity: | | | | | | | |
Common shares of $0.18 par value: authorized 500 shares, 44.8 shares outstanding (January 28, 2023 and July 30, 2022: 44.9 and 46.2 outstanding, respectively) | 12.6 | | | 12.6 | | | 12.6 | | | |
Additional paid-in capital | 220.0 | | | 259.7 | | | 245.6 | | | |
Other reserves | 0.4 | | | 0.4 | | | 0.4 | | | |
Treasury shares at cost: 25.2 shares (January 28, 2023 and July 30, 2022: 25.1 and 23.8 shares, respectively) | (1,596.4) | | | (1,574.7) | | | (1,494.4) | | | |
Retained earnings | 3,238.0 | | | 3,144.8 | | | 2,868.3 | | | |
Accumulated other comprehensive loss | (260.5) | | | (264.2) | | | (264.6) | | | 9 |
Total shareholders’ equity | 1,614.1 | | | 1,578.6 | | | 1,367.9 | | | |
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | $ | 6,087.4 | | | $ | 6,620.4 | | | $ | 6,164.4 | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | |
| | 26 weeks ended |
| (in millions) | | July 29, 2023 | | July 30, 2022 |
Operating activities | | | | |
| Net income | | $ | 172.5 | | | $ | 61.9 | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | |
Depreciation and amortization | | 86.7 | | | 79.8 | |
Amortization of unfavorable contracts | | (0.9) | | | (0.9) | |
Share-based compensation | | 25.2 | | | 22.9 | |
Deferred taxation | | 47.8 | | | (11.0) | |
| | | | |
| Pension settlement loss | | 0.2 | | | 132.8 | |
| | | | |
Other non-cash movements | | 6.6 | | | 3.1 | |
Changes in operating assets and liabilities, net of acquisitions: | | | | |
| Increase in accounts receivable | | (2.4) | | | (15.7) | |
| | | | |
| Increase in other assets | | (24.8) | | | (4.9) | |
| Decrease (increase) in inventories | | 65.0 | | | (146.6) | |
| Decrease in accounts payable | | (300.0) | | | (221.2) | |
| (Decrease) increase in accrued expenses and other liabilities | | (257.1) | | | 95.3 | |
Change in operating lease assets and liabilities | | (31.8) | | | (3.6) | |
| (Decrease) increase in deferred revenue | | (24.8) | | | 2.3 | |
| Change in income tax receivable and payable | | (15.5) | | | (99.9) | |
Pension plan contributions | | — | | | (9.2) | |
| Net cash used in operating activities | | (253.3) | | | (114.9) | |
Investing activities | | | | |
Purchase of property, plant and equipment | | (55.4) | | | (58.2) | |
| | | | |
| | | | |
| Acquisitions | | (6.0) | | | (1.9) | |
| Other investing activities, net | | 0.5 | | | (14.9) | |
| Net cash used in investing activities | | (60.9) | | | (75.0) | |
Financing activities | | | | |
Dividends paid on common shares | | (19.4) | | | (18.3) | |
Dividends paid on redeemable convertible preferred shares | | (16.4) | | | (16.4) | |
| | | | |
Repurchase of common shares | | (82.4) | | | (291.0) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Other financing activities, net | | (45.6) | | | (41.4) | |
| Net cash used in financing activities | | (163.8) | | | (367.1) | |
Cash and cash equivalents at beginning of period | | 1,166.8 | | | 1,418.3 | |
| Decrease in cash and cash equivalents | | (478.0) | | | (557.0) | |
Effect of exchange rate changes on cash and cash equivalents | | 1.4 | | | (9.6) | |
Cash and cash equivalents at end of period | | $ | 690.2 | | | $ | 851.7 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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 28, 2023 | $ | 12.6 | | | $ | 259.7 | | | $ | 0.4 | | | $ | (1,574.7) | | | $ | 3,144.8 | | | $ | (264.2) | | | $ | 1,578.6 | |
| | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | — | | | 97.4 | | | — | | | 97.4 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (3.3) | | | (3.3) | |
Dividends declared: | | | | | | | | | | | | | |
Common shares, $0.23/share | — | | | — | | | — | | | — | | | (10.4) | | | — | | | (10.4) | |
Preferred shares, $13.14/share | — | | | — | | | — | | | — | | | (8.6) | | | — | | | (8.6) | |
Repurchase of common shares | — | | | — | | | — | | | (39.1) | | | — | | | — | | | (39.1) | |
Net settlement of equity-based awards | — | | | (60.5) | | | — | | | 57.3 | | | (41.2) | | | — | | | (44.4) | |
Share-based compensation expense | — | | | 11.3 | | | — | | | — | | | — | | | — | | | 11.3 | |
| Balance at April 29, 2023 | $ | 12.6 | | | $ | 210.5 | | | $ | 0.4 | | | $ | (1,556.5) | | | $ | 3,182.0 | | | $ | (267.5) | | | $ | 1,581.5 | |
| | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | — | | | 75.1 | | | — | | | 75.1 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 7.0 | | | 7.0 | |
Dividends declared: | | | | | | | | | | | | | |
Common shares, $0.23/share | — | | | — | | | — | | | — | | | (10.3) | | | — | | | (10.3) | |
Preferred shares, $13.14/share | — | | | — | | | — | | | — | | | (8.6) | | | — | | | (8.6) | |
Repurchase of common shares | — | | | — | | | — | | | (43.3) | | | — | | | — | | | (43.3) | |
| | | | | | | | | | | | | |
Net settlement of equity-based awards | — | | | (4.4) | | | — | | | 3.4 | | | (0.2) | | | — | | | (1.2) | |
| | | | | | | | | | | | | |
Share-based compensation expense | — | | | 13.9 | | | — | | | — | | | — | | | — | | | 13.9 | |
| Balance at July 29, 2023 | $ | 12.6 | | | $ | 220.0 | | | $ | 0.4 | | | $ | (1,596.4) | | | $ | 3,238.0 | | | $ | (260.5) | | | $ | 1,614.1 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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 for a substantial portion of the annual operating profit.
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” or “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. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period. These condensed consolidated financial statements should 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 28, 2023 filed with the SEC on March 16, 2023.
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 reported periods. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, employee compensation, 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 2024 and Fiscal 2023 refer to the 53-week period ending February 3, 2024 and the 52-week period ended January 28, 2023, respectively. Within these condensed consolidated financial statements, the second quarter and year-to-date period of the relevant fiscal years 2024 and 2023 refer to the 13 and 26 weeks ended July 29, 2023 and July 30, 2022, respectively.
Foreign currency translation
The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International reportable segment and Canada as part of the North America reportable segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the condensed consolidated balance sheet dates, 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 within other operating expense within the condensed consolidated statements of operations.
See Note 9 for additional information regarding the Company’s foreign currency translation.
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
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs. This ASU was adopted by the Company as of January 29, 2023 and requires annual and interim disclosure of the key terms of outstanding supplier finance programs. In addition, this ASU requires disclosure of the related obligations outstanding at each interim reporting period and where those
obligations are presented on the balance sheet. This ASU also includes a prospective annual requirement to disclose a rollforward of the amount of the obligations during the annual reporting period. The new standard does not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023.
The Company entered into a supplier finance program during the second quarter of Fiscal 2024. Under this program, a financial intermediary acts as the Company’s paying agent with respect to accounts payable due to certain suppliers. The Company agrees to pay the financial intermediary the stated amount of the confirmed invoices from the designated suppliers on the original maturity dates of the invoices. The supplier finance program enables Company suppliers to be paid by the financial intermediary earlier than the due date on the applicable invoice. The Company negotiates payment terms directly with its suppliers for the purchase of goods and services. No guarantees or collateral are provided by the Company under the supplier finance program. As of July 29, 2023, the Company had no confirmed invoices outstanding under the supplier finance program. All activity related to the supplier finance program will be presented within operating activities on the condensed consolidated statements of cash flows.
New accounting pronouncements issued but not yet adopted
There are no new accounting pronouncements issued but not yet adopted that are expected to have a material impact on the Company’s financial position or results of operations in future periods.
3. Revenue recognition
The following table provides the Company’s total sales, disaggregated by banner, for the 13 and 26 weeks ended July 29, 2023 and July 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 13 weeks ended July 29, 2023 | | 13 weeks ended July 30, 2022 |
| (in millions) | North America | | International | | Other | | Consolidated | | North America | | International | | Other | | Consolidated |
Sales by banner: | | | | | | | | | | | | | | | |
Kay | $ | 567.1 | | | $ | — | | | $ | — | | | $ | 567.1 | | | $ | 617.5 | | | $ | — | | | $ | — | | | $ | 617.5 | |
Zales | 279.4 | | | — | | | — | | | 279.4 | | | 318.1 | | | — | | | — | | | 318.1 | |
Jared | 265.2 | | | — | | | — | | | 265.2 | | | 303.5 | | | — | | | — | | | 303.5 | |
Digital banners (1) (2) | 164.2 | | | — | | | — | | | 164.2 | | | 88.6 | | | | | | | 88.6 | |
| Diamonds Direct | 93.1 | | | — | | | — | | | 93.1 | | | 113.0 | | | — | | | — | | | 113.0 | |
Banter by Piercing Pagoda | 79.3 | | | — | | | — | | | 79.3 | | | 100.2 | | | — | | | — | | | 100.2 | |
Peoples | 43.5 | | | — | | | — | | | 43.5 | | | 47.8 | | | — | | | — | | | 47.8 | |
International segment banners | — | | | 102.0 | | | — | | | 102.0 | | | — | | | 111.6 | | | — | | | 111.6 | |
Other (3) | 9.3 | | | — | | | 10.5 | | | 19.8 | | | 27.7 | | | — | | | 26.9 | | | 54.6 | |
Total sales | $ | 1,501.1 | | | $ | 102.0 | | | $ | 10.5 | | | $ | 1,613.6 | | | $ | 1,616.4 | | | $ | 111.6 | | | $ | 26.9 | | | $ | 1,754.9 | |
| | | | | | | | | | | | | | | |
| 26 weeks ended July 29, 2023 | | 26 weeks ended July 30, 2022 |
| (in millions) | North America | | International | | Other | | Consolidated | | North America | | International | | Other | | Consolidated |
Sales by banner: | | | | | | | | | | | | | | | |
Kay | $ | 1,169.3 | | | $ | — | | | $ | — | | | $ | 1,169.3 | | | $ | 1,284.8 | | | $ | — | | | $ | — | | | $ | 1,284.8 | |
Zales | 574.8 | | | — | | | — | | | 574.8 | | | 665.8 | | | — | | | — | | | 665.8 | |
Jared | 539.2 | | | — | | | — | | | 539.2 | | | 617.6 | | | — | | | — | | | 617.6 | |
Digital banners (1) (2) | 332.4 | | | | | | | 332.4 | | | 181.9 | | | | | | | 181.9 | |
| Diamonds Direct | 181.3 | | | — | | | — | | | 181.3 | | | 219.3 | | | — | | | — | | | 219.3 | |
Banter by Piercing Pagoda | 164.8 | | | — | | | — | | | 164.8 | | | 219.2 | | | — | | | — | | | 219.2 | |
Peoples | 81.7 | | | — | | | — | | | 81.7 | | | 93.2 | | | — | | | — | | | 93.2 | |
International segment banners | — | | | 195.0 | | | — | | | 195.0 | | | — | | | 221.6 | | | — | | | 221.6 | |
Other (3) | 18.8 | | | — | | | 24.3 | | | 43.1 | | | 39.6 | | | — | | | 50.2 | | | 89.8 | |
Total sales | $ | 3,062.3 | | | $ | 195.0 | | | $ | 24.3 | | | $ | 3,281.6 | | | $ | 3,321.4 | | | $ | 221.6 | | | $ | 50.2 | | | $ | 3,593.2 | |
(1) Includes sales from the Company’s digital banners, James Allen and Blue Nile.
(2) Includes Blue Nile sales since the date of acquisition on August 19, 2022. See Note 4 for further details.
(3) Other primarily includes sales from Signet’s diamond sourcing operation, loose diamonds and Rocksbox.
The following table provides the Company’s total sales, disaggregated by major product, for the 13 and 26 weeks ended July 29, 2023 and July 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 13 weeks ended July 29, 2023 | | 13 weeks ended July 30, 2022 |
| (in millions) | North America | | International | | Other | | Consolidated | | North America (3) | | International | | Other | | Consolidated |
Sales by product: | | | | | | | | | | | | | | | |
Bridal | $ | 691.0 | | | $ | 44.5 | | | $ | — | | | $ | 735.5 | | | $ | 742.4 | | | $ | 49.2 | | | $ | — | | | $ | 791.6 | |
Fashion | 552.3 | | | 17.4 | | | — | | | 569.7 | | | 607.0 | | | 17.9 | | | — | | | 624.9 |