10-Q

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 April 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, 46,514,362 shares as of June 3, 2022

SIGNET JEWELERS LIMITED

TABLE OF CONTENTS

		PAGE
PART I	FINANCIAL INFORMATION
ITEM 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Operations		3
	Condensed Consolidated Statements of Comprehensive Income		4
	Condensed Consolidated Balance Sheets		5
	Condensed Consolidated Statements of Cash Flows		6
	Condensed Consolidated Statements of Shareholders’ Equity		7
	Notes to the Condensed Consolidated Financial Statements		8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		28
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk		40
ITEM 4.	Controls and Procedures		40
PART II	OTHER INFORMATION
ITEM 1.	Legal Proceedings		41
ITEM 1A.	Risk Factors		41
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds		42
ITEM 6.	Exhibits		43

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	13 weeks ended
(in millions, except per share amounts)	April 30, 2022		May 1, 2021		Notes
Sales	$	1,838.3	$	1,688.8	3
Cost of sales	(1,114.6)		(1,010.4)
Gross margin	723.7		678.4
Selling, general and administrative expenses	(533.1)		(512.0)
Other operating income (expense)	(190.4)		2.3		20
Operating income	0.2		168.7		5
Interest expense, net	(4.4)		(3.9)
Other non-operating income (expense)	(134.5)		0.1		20
Income (loss) before income taxes	(138.7)		164.9
Income taxes	55.2		(26.5)		10
Net income (loss)	$	(83.5)	$	138.4
Dividends on redeemable convertible preferred shares	(8.6)		(8.6)		7
Net income (loss) attributable to common shareholders	$	(92.1)	$	129.8
Earnings (loss) per common share:
Basic	$	(1.89)	$	2.49	8
Diluted	$	(1.89)	$	2.23	8
Weighted average common shares outstanding:
Basic	48.8		52.1		8
Diluted	48.8		62.0		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
	April 30, 2022						May 1, 2021
(in millions)	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net income (loss)					$	(83.5)					$	138.4
Other comprehensive income (loss):
Foreign currency translation adjustments	(16.8)		—		(16.8)		6.7		—		6.7
Available-for-sale securities:
Unrealized loss	(0.3)		—		(0.3)		(0.1)		—		(0.1)
Cash flow hedges:
Unrealized gain (loss)	1.2		(0.2)		1.0		(0.1)		—		(0.1)
Reclassification adjustment for losses to earnings	—		—		—		0.2		—		0.2
Pension plan:
Actuarial gain (loss)	(0.5)		0.1		(0.4)		—		—		—
Reclassification adjustment for amortization of actuarial losses to earnings	0.9		(0.2)		0.7		0.2		—		0.2
Reclassification adjustment for amortization of net prior service costs to earnings	0.1		—		0.1		—		—		—
Reclassification adjustment for pension settlement loss to earnings	131.9		(25.0)		106.9		—		—		—
Total other comprehensive income	$	116.5	$	(25.3)	$	91.2	$	6.9	$	—	$	6.9
Total comprehensive income					$	7.7					$	145.3

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)	April 30, 2022		January 29, 2022		May 1, 2021		Notes
Assets
Current assets:
Cash and cash equivalents	$	927.6	$	1,418.3	$	1,298.4
Accounts receivable, net	17.1		19.9		78.9		12
Other current assets	209.9		208.6		187.1
Income taxes	144.7		23.2		58.4
Inventories	2,216.2		2,060.4		2,019.0		13
Total current assets	3,515.5		3,730.4		3,641.8
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,265.9 (January 29, 2022 and May 1, 2021: $1,248.9 and $1,208.7, respectively)	561.1		575.9		544.5
Operating lease right-of-use assets	1,141.8		1,206.6		1,301.2		14
Goodwill	486.4		484.6		244.9		15
Intangible assets, net	313.5		314.2		190.6		15
Other assets	232.4		226.1		241.0
Deferred tax assets	35.6		37.3		16.8
Total assets	$	6,286.3	$	6,575.1	$	6,180.8
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:
Accounts payable	$	880.7	$	899.8	$	700.1
Accrued expenses and other current liabilities	610.6		501.6		517.2
Deferred revenue	336.9		341.3		310.0		3
Operating lease liabilities	287.2		300.0		345.7		14
Income taxes	24.4		28.0		24.5
Total current liabilities	2,139.8		2,070.7		1,897.5
Non-current liabilities:
Long-term debt	147.1		147.1		146.8		18
Operating lease liabilities	948.1		1,005.1		1,087.3		14
Other liabilities	103.7		117.6		108.9
Deferred revenue	867.1		857.6		797.7		3
Deferred tax liabilities	171.1		160.9		171.1
Total liabilities	4,376.9		4,359.0		4,209.3
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 May 1, 2021: 0.625 shares outstanding, respectively)	652.6		652.1		650.9		6
Shareholders’ equity:
Common shares of $.18 par value: authorized 500 shares, 46.5 shares outstanding (January 29, 2022 and May 1, 2021: 49.9 and 52.7 outstanding, respectively)	12.6		12.6		12.6
Additional paid-in capital	236.8		231.2		252.2
Other reserves	0.4		0.4		0.4
Treasury shares at cost: 23.5 shares (January 29, 2022 and May 1, 2021: 20.1 and 17.3 shares, respectively)	(1,474.2)		(1,206.7)		(965.2)
Retained earnings	2,740.9		2,877.4		2,304.2
Accumulated other comprehensive loss	(259.7)		(350.9)		(283.6)		9
Total shareholders’ equity	1,256.8		1,564.0		1,320.6
Total liabilities, redeemable convertible preferred shares and shareholders’ equity	$	6,286.3	$	6,575.1	$	6,180.8

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Cash flows from operating activities
Net income (loss)	$	(83.5)	$	138.4
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	40.0		42.1
Amortization of unfavorable contracts	(0.5)		(1.4)
Share-based compensation	10.5		8.0
Deferred taxation	(14.9)		9.5
Pension settlement loss	131.9		—
Other non-cash movements	5.1		2.0
Changes in operating assets and liabilities, net of acquisitions:
Decrease in accounts receivable	2.8		9.8
(Increase) decrease in other assets and other receivables	(7.3)		44.0
(Increase) decrease in inventories	(167.3)		19.3
Decrease in accounts payable	(23.6)		(122.2)
Increase in accrued expenses and other liabilities	105.1		18.0
Change in operating lease assets and liabilities	(4.4)		(31.2)
Increase in deferred revenue	5.4		34.4
Change in income tax receivable and payable	(125.6)		(8.4)
Pension plan contributions	(9.2)		(1.2)
Net cash (used in) provided by operating activities	(135.5)		161.1
Investing activities
Purchase of property, plant and equipment	(20.8)		(11.3)
Purchase of available-for-sale securities	—		(1.0)
Proceeds from sale of available-for-sale securities	0.5		1.9
Acquisitions, net of cash acquired	(1.9)		(14.4)
Net cash used in investing activities	(22.2)		(24.8)
Financing activities
Dividends paid on common shares	(9.0)		—
Dividends paid on redeemable convertible preferred shares	(8.2)		—
Repurchase of common shares	(268.2)		—
Other financing activities	(40.2)		(13.7)
Net cash used in financing activities	(325.6)		(13.7)
Cash and cash equivalents at beginning of period	1,418.3		1,172.5
(Decrease) increase in cash and cash equivalents	(483.3)		122.6
Effect of exchange rate changes on cash and cash equivalents	(7.4)		3.3
Cash and cash equivalents at end of period	$	927.6	$	1,298.4

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

(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

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 period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets.

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 first quarter of the relevant fiscal years 2023 and 2022 refer to the 13 weeks ended April 30, 2022 and May 1, 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.

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.

3. Revenue recognition

The following table provides the Company’s total sales, disaggregated by banner, for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	667.3	$	—	$	—	$	667.3	$	676.8	$	—	$	—	$	676.8
Zales	347.7		—		—		347.7		370.8		—		—		370.8
Jared	314.1		—		—		314.1		284.1		—		—		284.1
Banter by Piercing Pagoda	119.0		—		—		119.0		148.8		—		—		148.8
Diamonds Direct	106.3		—		—		106.3		—		—		—		—
James Allen	93.3		—		—		93.3		101.5		—		—		101.5
Peoples	45.4		—		—		45.4		34.6		—		—		34.6
International segment banners	—		110.0		—		110.0		—		57.4		—		57.4
Other (1)	11.9		—		23.3		35.2		1.4		—		13.4		14.8
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(1) Other includes primarily sales from Signet’s diamond sourcing initiative and Rocksbox.

9

The following table provides the Company’s total sales, disaggregated by major product, for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by product:
Bridal	$	787.3	$	50.1	$	—	$	837.4	$	726.7	$	28.8	$	—	$	755.5
Fashion	658.2		17.7		—		675.9		661.4		9.7		—		671.1
Watches	51.5		35.2		—		86.7		46.9		17.2		—		64.1
Services (1)	166.0		7.0		—		173.0		145.9		1.7		—		147.6
Other (2)	42.0		—		23.3		65.3		37.1		—		13.4		50.5
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(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 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	1,396.5	$	89.9	$	—	$	1,486.4	$	1,299.6	$	29.5	$	—	$	1,329.1
E-commerce	300.4		20.1		—		320.5		318.4		27.9		—		346.3
Other (1)	8.1		—		23.3		31.4		—		—		13.4		13.4
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(1) Other primarily includes sales from Signet’s diamond sourcing initiative.

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 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 April 30, 2022, January 29, 2022 and May 1, 2021 were as follows:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Other current assets	$	27.9	$	28.4	$	26.4
Other assets	87.3		87.8		86.1
Total deferred selling costs	$	115.2	$	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 $10.8 million during the 13 weeks ended April 30, 2022 and $9.9 million during the 13 weeks ended May 1, 2021.

10

Deferred revenue

Deferred revenue as of April 30, 2022, January 29, 2022 and May 1, 2021 was as follows:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
ESP deferred revenue	$	1,125.9	$	1,116.5	$	1,049.4
Other deferred revenue (1)	78.1		82.4		58.3
Total deferred revenue	$	1,204.0	$	1,198.9	$	1,107.7
Disclosed as:
Current liabilities	$	336.9	$	341.3	$	310.0
Non-current liabilities	867.1		857.6		797.7
Total deferred revenue	$	1,204.0	$	1,198.9	$	1,107.7

(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
(in millions)	April 30, 2022		May 1, 2021
ESP deferred revenue, beginning of period	$	1,116.5	$	1,028.9
Plans sold (1)	123.8		124.1
Revenue recognized (2)	(114.4)		(103.6)
ESP deferred revenue, end of period	$	1,125.9	$	1,049.4

(1)    Includes impact of foreign exchange translation.

(2)    The Company recognized sales of $79.2 million and $72.6 million during the 13 weeks ended April 30, 2022 and May 1, 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.

Diamonds Direct

On November 17, 2021, the Company acquired all of the outstanding shares of Diamonds Direct USA Inc., a Delaware corporation (“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.

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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.

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 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.

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	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Sales:
North America segment	$	1,705.0	$	1,618.0
International segment	110.0		57.4
Other segment	23.3		13.4
Total sales	$	1,838.3	$	1,688.8
Operating income (loss):
North America segment (1)	$	24.8	$	212.0
International segment	(6.4)		(19.7)
Other segment	3.0		(0.9)
Corporate and unallocated expenses	(21.2)		(22.7)
Total operating income	0.2		168.7
Interest expense, net	(4.4)		(3.9)
Other non-operating income (expense)	(134.5)		0.1
Income (loss) before income taxes	$	(138.7)	$	164.9

(1)    Operating income during the 13 weeks ended April 30, 2022 includes $4.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition and $190.0 million related to pre-tax litigation charges. See Note 21 for additional information.

Operating income during the 13 weeks ended May 1, 2021 includes $1.1 million of acquisition-related expenses in connection with the Rocksbox acquisition; a $0.7 million credit to restructuring expense, primarily related adjustments previously recognize restructuring liabilities; and $1.5 million of net asset impairments.

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)	April 30, 2022		January 29, 2022		May 1, 2021
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		8.0		8.0
Liquidation preference (1)	$	665.0	$	665.1	$	665.0

(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 $9.4 million as of April 30, 2022 (January 29, 2022 and May 1, 2021: $9.0 million and $7.7 million, respectively).

Accretion of $0.4 million was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 weeks ended April 30, 2022 ($0.4 million for the 13 weeks ended May 1, 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 13 weeks ended April 30, 2022 and May 1, 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 (1)	$	0.20	$	9.3	$	—	$	—

(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 April 30, 2022, $9.3 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 first quarter of Fiscal 2023. There were no dividends declared or accrued as of May 1, 2021.

Dividends on Preferred Shares

Dividends declared on the Preferred Shares during the 13 weeks ended April 30, 2022 and May 1, 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 (1)	$	13.14	$	8.2	$	13.14	$	8.2

(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 April 30, 2022 and May 1, 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 first quarter of Fiscal 2023 and Fiscal 2022, respectively.

There were no cumulative undeclared dividends on the Preferred Shares that reduced net income (loss) attributable to common shareholders during the 13 weeks ended April 30, 2022 or May 1, 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. The 2017 Program had $145.0 million of shares authorized for repurchase remaining as of April 30, 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.

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 13 weeks ended April 30, 2022 and May 1, 2021 were as follows:

			13 weeks ended April 30, 2022					13 weeks ended May 1, 2021
(in millions, except per share amounts	Amount authorized		Shares repurchased	Amount repurchased (1)(2)		Average repurchase price per share (2)		Shares repurchased	Amount repurchased		Average repurchase price per share
2017 Program	$	1,159.4	4.3	$	318.2	$	73.42	—	$	—	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.

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
(in millions, except per share amounts)	April 30, 2022		May 1, 2021
Numerator:
Net income (loss) attributable to common shareholders	$	(92.1)	$	129.8
Denominator:
Weighted average common shares outstanding	48.8		52.1
EPS – basic	$	(1.89)	$	2.49

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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 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 related to share awards and preferred shares is determined using the treasury stock and if-converted methods, respectively. Under the if-converted method, the preferred shares are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted EPS calculation for the entire period being presented, only in the periods in which such effect is dilutive. Additionally, in periods in which preferred shares are dilutive, cumulative dividends and accretion for issuance costs associated with the preferred shares are added back to net income (loss) attributable to common shareholders. See Note 6 for additional discussion of the Company’s preferred shares.

The computation of diluted EPS is outlined in the table below:

	13 weeks ended
(in millions, except per share amounts)	April 30, 2022		May 1, 2021
Numerator:
Net income (loss) attributable to common shareholders	$	(92.1)	$	129.8
Add: Dividends on Preferred Shares	—		8.6
Numerator for diluted EPS	$	(92.1)	$	138.4
Denominator:
Basic weighted average common shares outstanding	48.8		52.1
Plus: Dilutive effect of share awards	—		1.9
Plus: Dilutive effect of preferred shares	—		8.0
Diluted weighted average common shares outstanding	48.8		62.0
EPS – diluted	$	(1.89)	$	2.23

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
(in millions)	April 30, 2022	May 1, 2021
Share awards	2.4	—
Potential impact of preferred shares	8.0	—
Total anti-dilutive shares	10.4	—

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		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	(16.8)		(0.3)		1.0		(0.4)		—		(16.5)
Amounts reclassified from AOCI to earnings	—		—		—		104.1		3.6		107.7
Net current period OCI	(16.8)		(0.3)		1.0		103.7		3.6		91.2
Balance at April 30, 2022	$	(261.1)	$	(0.1)	$	1.4	$	0.4	$	(0.3)	$	(259.7)

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The amounts reclassified from AOCI to earnings were as follows:

	Amounts reclassified from AOCI
	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021		Statement of operations caption
Losses on cash flow hedges:
Foreign currency contracts	$	—	$	0.1	Cost of sales (see Note 16)
Commodity contracts	—		0.1		Cost of sales (see Note 16)
Total before income tax	—		0.2
Income taxes	—		—
Net of tax	—		0.2
Defined benefit pension plan items:
Amortization of unrecognized actuarial losses	0.9		0.2		Other non-operating income (expense)
Amortization of unrecognized net prior service costs	0.1		—		Other non-operating income (expense)
Pension settlement loss	131.9		—		Other non-operating income (expense)
Total before income tax	132.9		0.2
Income taxes	(25.2)		—
Net of tax	107.7		0.2
Total reclassifications, net of tax	$	107.7	$	0.4

10. Income taxes

	13 weeks ended
	April 30, 2022		May 1, 2021
Estimated annual effective tax rate before discrete items	20.6	%	18.6	%
Discrete items recognized	19.2	%	(2.5)	%
Effective tax rate recognized in statements of operations	39.8	%	16.1	%

During the 13 weeks ended April 30, 2022, the Company’s effective tax rate was higher than the US federal income tax rate, primarily as a result of the discrete tax benefits related to litigation charges of $47.7 million, the reclassification of the pension settlement loss out of AOCI of $25.0 million and the excess tax benefit for share-based compensation which vested during the year of $13.0 million.

The Company’s effective tax rate for the same period during the prior year was lower than the US federal income tax rate primarily due to the favorable impact of foreign rate differences and benefits from global reinsurance arrangements.

As of April 30, 2022, there has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified and recorded as of January 29, 2022.

11. Credit transactions

Credit card outsourcing programs

The Company has entered into various agreements with Comenity Bank (“Comenity”) and Genesis Financial Solutions (“Genesis”) through its subsidiaries Sterling Jewelers Inc. (“Sterling”) and Zale Delaware, Inc. (“Zale”), to outsource its private label credit card programs. Under the original agreements, Comenity provided credit services to all prime credit customers for the Sterling banners, and to all credit card customers for the Zale banners. In May 2021, both the Sterling and Zale agreements with Comenity and Genesis were amended and restated to provide credit services to prime and non-prime customers.

The non-prime portion of the Sterling credit card portfolio was previously outsourced to CarVal Investors (“CarVal”), Castlelake, L.P. (“Castlelake”) and Genesis (collectively with CarVal and Castlelake, the “Investors”). Under agreements with the Investors, Signet remained the issuer of non-prime credit with investment funds managed by the Investors purchasing forward receivables at a discount rate determined in accordance with their respective agreements. Prior to March 2022 as described below, Signet held the newly issued

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non-prime credit receivables on its balance sheet for two business days prior to selling the receivables to the respective counterparty in accordance with the agreements.

In March 2021, the Company provided notice to the Investors of its intent not to extend the respective agreements with such Investors beyond the expiration date of June 30, 2021. Effective July 1, 2021, all new prime and non-prime account origination will occur in accordance with the Comenity and Genesis agreements described above.

Fiscal 2023 amended and restated agreements

In March 2022, the Company entered into amended and restated receivable purchase agreements with the Investors regarding the purchase of add-on receivables on such Investors’ existing accounts. Under the amended and restated agreements, The Bank of Missouri will be the issuer for the add-on receivables on these existing accounts and the Investors will purchase the receivables from The Bank of Missouri.

In conjunction with the above agreements in March 2022, the Company entered into agreements with the Investors to transfer all existing cardholder accounts previously originated by Signet to The Bank of Missouri. Therefore, the Company will no longer originate any credit receivables with customers.

12. Accounts receivable, net

The following table presents the components of Signet’s accounts receivable:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Customer in-house finance receivables, net	$	—	$	—	$	61.5
Accounts receivable, trade	17.1		18.3		9.5
Accounts receivable, held for sale	—		1.6		7.9
Accounts receivable, net	$	17.1	$	19.9	$	78.9

During Fiscal 2021, the various agreements with the Investors discussed in Note 11 pertaining to the purchase of non-prime forward flow receivables were terminated and new agreements were executed which were effective until June 30, 2021. Those new agreements provided that the Investors continued to purchase add-on non-prime receivables created on existing customer accounts but Signet retained all forward flow non-prime receivables created for new customers beginning in the second quarter of Fiscal 2021. Upon expiration of the amended agreements in June 2021, Signet sold all existing customer in-house finance receivables to CarVal and Castlelake during the second quarter of Fiscal 2022. As a result of the amended and restated agreements entered into with Comenity, Genesis, and the Investors during the second quarter of Fiscal 2022, Signet no longer retains any customer in-house finance receivables.

As described in Note 11, Signet is no longer the issuer of non-prime credit for add-on purchases on existing accounts. Therefore, the Company no longer holds these non-prime credit receivables. Prior to the March 2022 amendments, receivables originated by the Company but pending transfer to the Investors as of period end were classified as “held for sale” and included in accounts receivable in the condensed consolidated balance sheets. As of January 29, 2022 and May 1, 2021, the accounts receivable held for sale were recorded at fair value.

Accounts receivable, trade primarily includes amounts receivable relating to accounts receivable from the Company’s diamond sourcing initiative in the Other reportable segment.

Customer in-house finance receivables

As discussed above, the Company began retaining certain customer in-house finance receivables beginning in the second quarter of Fiscal 2021 through the date of the portfolio sale in June 2021. The allowance for credit losses related to these receivables was an estimate of expected credit losses, measured over the estimated life of its credit card receivables that considers forecasts of future economic conditions in addition to information about past events and current conditions.

To estimate its allowance for credit losses, the Company segregated its credit card receivables into credit quality categories using the customers’ FICO scores. The following three industry standard FICO score categories were used:

•620 to 659 (“Near Prime”)

•580 to 619 (“Subprime”)

•Less than 580 (“Deep Subprime”)

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The vintage year was Fiscal 2021 for all customer in-house finance receivables presented below. The following table disaggregates the Company’s customer in-house finance receivables by credit quality:

(in millions)	May 1, 2021
Near Prime	$	46.0
Subprime	26.2
Deep Subprime	10.7
Total at amortized cost	$	82.9

The following table is a rollforward of the Company’s allowance for credit losses on customer in-house finance receivables:

	13 weeks ended
(in millions)	May 1, 2021
Beginning balance	$	25.5
Provision for credit losses	(1.2)
Write-offs	(2.9)
Ending balance	$	21.4

Additions to the allowance for credit losses were made by recording charges to bad debt expense (credit losses) within selling, general and administrative expenses within the condensed consolidated statements of operations.

The following table disaggregates the Company’s customer in-house finance receivables by past due status:

(in millions)	May 1, 2021
Current	$	69.2
1 - 30 days past due	5.4
31 - 60 days past due	1.9
61 - 90 days past due	1.9
Greater than 90 days past due	4.5
Total at amortized cost	$	82.9

Interest income related to the Company’s customer in-house finance receivables is included within other operating income (expense) in the condensed consolidated statements of operations. Accrued interest was included within the same line item as the respective principal amount of the customer in-house finance receivables in the condensed consolidated balance sheets. The accrual of interest was discontinued at the time the receivable is determined to be uncollectible and written-off. The Company recognized $4.0 million of interest income on its customer in-house finance receivables during the 13 weeks ended May 1, 2021. Interest income recognition ceased at the date of the sale of the portfolio as noted above.

13. Inventories

The following table summarizes the details of the Company’s inventory:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Raw materials	$	107.2	$	75.8	$	72.9
Merchandise inventories	2,109.0		1,984.6		1,946.1
Total inventories	$	2,216.2	$	2,060.4	$	2,019.0

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14. Leases

The Company deferred substantially all of its rent payments due in the months of April 2020 and May 2020. As of April 30, 2022, the Company had approximately $12 million of deferred rent payments remaining primarily in the UK. This remaining deferred rent is expected to be substantially repaid by the end of Fiscal 2023. The Company has not recorded any provision for interest or penalties which may arise as a result of these deferrals, as management does not believe payment for any such interest or penalties to be probable. In April 2020, the FASB granted guidance (hereinafter, the practical expedient) permitting an entity to choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract, specifically in situations where rent concessions have been agreed to with landlords as a result of COVID-19. Instead, the entity may account for COVID-19 related rent concessions, whatever their form (e.g. rent deferral, abatement or other) either: a) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or b) as lease modifications. In accordance with this practical expedient, the Company elected not to account for any concessions granted by landlords as a result of COVID-19 as lease modifications. Rent abatements under the practical expedient would be recorded as a negative variable lease cost. The Company negotiated with substantially all of its landlords and has received certain concessions in the form of rent deferrals and other lease or rent modifications. In addition, the Company recorded lease expense during the deferral periods in accordance with its existing policies.

Total lease costs consist of the following:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Operating lease cost	$	97.4	$	105.6
Short-term lease cost	12.7		0.8
Variable lease cost	29.4		30.6
Sublease income	(0.6)		(0.7)
Total lease cost	$	138.9	$	136.3

15. Goodwill and intangibles

Goodwill and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually. Additionally, if events or conditions indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value, the Company would evaluate the asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. When the carrying amount of the reporting unit or other intangible assets exceeds its fair value, an impairment charge is recorded.

Fiscal 2022

During the 13 weeks ended May 1, 2021, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceed their fair values.

In connection with the acquisition of Rocksbox on March 29, 2021, the Company recognized $11.6 million of definite-lived intangible assets and $4.6 million of goodwill, which are reported in the North America reportable segment. The weighted-average amortization period of the definite-lived intangibles assets acquired is eight years.

In connection with the acquisition of Diamonds Direct on November 17, 2021, the Company recognized $126.0 million of indefinite-lived intangible assets related to the Diamonds Direct trade name and $243.8 million of goodwill, which are reported in the North America reportable segment. Refer to Note 4 for additional information.

Fiscal 2023

During the 13 weeks ended April 30, 2022, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceed their fair values.

Goodwill

The following table summarizes the Company’s goodwill by reportable segment:

(in millions)	North America
Balance at January 29, 2022 (1)	$	484.6
Acquisitions (2)	1.8
Balance at April 30, 2022 (1)	$	486.4

(1)    The carrying amount of goodwill is presented net of accumulated impairment losses of $576.0 million as of April 30, 2022 and January 29, 2022.

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(2)    The change in goodwill during the period primarily represents an increase related to the finalization of the purchase price consideration of Diamonds Direct. Refer to Note 4 for additional information.

Intangibles

Definite-lived intangible assets include trade names, technology and customer relationship assets. Indefinite-lived intangible assets consist of trade names. Both definite and indefinite-lived assets are recorded within intangible assets, net, on the condensed consolidated balance sheets. Intangible liabilities, net, consists of unfavorable contracts and is recorded within accrued expenses and other current liabilities and other liabilities on the condensed consolidated balance sheets.

The following table provides additional detail regarding the composition of intangible assets and liabilities:

	April 30, 2022						January 29, 2022						May 1, 2021
(in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets, net:
Definite-lived intangible assets	$	15.8	$	(5.9)	$	9.9	$	15.8	$	(5.3)	$	10.5	$	17.1	$	(4.6)	$	12.5
Indefinite-lived intangible assets (1)	303.6		—		303.6		303.7		—		303.7		178.1		—		178.1
Total intangible assets, net	$	319.4	$	(5.9)	$	313.5	$	319.5	$	(5.3)	$	314.2	$	195.2	$	(4.6)	$	190.6
Intangible liabilities, net	$	(38.0)	$	31.3	$	(6.7)	$	(38.0)	$	30.8	$	(7.2)	$	(38.0)	$	29.0	$	(9.0)

(1) The change in the indefinite-lived intangible asset balances during the periods presented was due to the addition of Diamonds Direct trade name of $126.0 million and the impact of foreign currency translation.

16. Derivatives

Derivative transactions are used by Signet for risk management purposes to address risks inherent in Signet’s business operations and sources of financing. The main risks arising from Signet’s operations are market risk including foreign currency risk, commodity risk, liquidity risk and interest rate risk. Signet uses derivative financial instruments to manage and mitigate certain of these risks under policies reviewed and approved by the Board. Signet does not enter into derivative transactions for speculative purposes.

Market risk

Signet generates revenues and incurs expenses in US dollars, Canadian dollars and British pounds. As a portion of the International segment purchases and purchases made by the Canadian operations of the North America segment are denominated in US dollars, Signet enters into forward foreign currency exchange contracts and foreign currency swaps to manage this exposure to the US dollar.

Signet holds a fluctuating amount of British pounds and Canadian dollars reflecting the cash generative characteristics of operations. Signet’s objective is to minimize net foreign exchange exposure to the condensed consolidated statements of operations on non-US dollar denominated items through managing cash levels, non-US dollar denominated intra-entity balances and foreign currency swaps. In order to manage the foreign exchange exposure and minimize the level of funds denominated in British pounds and Canadian dollars, dividends are paid regularly by subsidiaries to their immediate holding companies and excess British pounds and Canadian dollars are sold in exchange for US dollars.

Signet’s policy is to reduce the impact of precious metal commodity price volatility on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Board. In particular, when price and volume warrants such actions, Signet undertakes hedging of its requirements for gold through the use of forward purchase contracts, options and net zero premium collar arrangements (a combination of forwards and option contracts).

Liquidity risk

Signet’s objective is to ensure that it has access to, or the ability to generate, sufficient cash from either internal or external sources in a timely and cost-effective manner to meet its commitments as they become due and payable. Signet manages liquidity risks as part of its overall risk management policy. Management produces forecasting and budgeting information that is reviewed and monitored by the Board. Cash generated from operations and external financing are the main sources of funding, which supplement Signet’s resources in meeting liquidity requirements.

The primary external sources of funding are an asset-based credit facility and senior unsecured notes as described in Note 18.

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Interest rate risk

Signet has exposure to movements in interest rates associated with cash and borrowings. Signet may enter into various interest rate protection agreements in order to limit the impact of movements in interest rates.

Credit risk and concentrations of credit risk

Credit risk represents the loss that would be recognized at the reporting date if counterparties failed to perform as contracted. Signet does not anticipate non-performance by counterparties of its financial instruments. Signet does not require collateral or other security to support cash investments or financial instruments with credit risk; however, it is Signet’s policy to only hold cash and cash equivalent investments and to transact financial instruments with financial institutions with a certain minimum credit rating. As of April 30, 2022, management does not believe Signet is exposed to any significant concentrations of credit risk that arise from cash and cash equivalent investments, derivatives or accounts receivable.

Commodity and foreign currency risks

The following types of derivative financial instruments are utilized by Signet to mitigate certain risk exposures related to changes in commodity prices and foreign exchange rates:

Forward foreign currency exchange contracts (designated) — These contracts, which are principally in US dollars, are entered into to limit the impact of movements in foreign exchange rates on forecasted foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of April 30, 2022 was $18.8 million (January 29, 2022 and May 1, 2021: $11.2 million and $19.0 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (January 29, 2022 and May 1, 2021: 10 months and 12 months, respectively).

Forward foreign currency exchange contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of April 30, 2022 was $95.5 million (January 29, 2022 and May 1, 2021: $93.8 million and $108.8 million, respectively).

Commodity forward purchase contracts and net zero premium collar arrangements (designated) — These contracts are entered into to reduce Signet’s exposure to significant movements in the price of the underlying precious metal raw materials. Trading for these contracts was suspended during Fiscal 2022 due to the commodity price environment and there were no commodity derivative contracts outstanding as of April 30, 2022, January 29, 2022, and May 1, 2021.

The bank counterparties to the derivative instruments expose Signet to credit-related losses in the event of their non-performance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of April 30, 2022, Signet believes that this credit risk did not materially change the fair value of the foreign currency or commodity contracts.

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:

	Fair value of derivative assets
(in millions)	Balance sheet location	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.2	$	0.3	$	0.1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	—		—		0.1
Total derivative assets		$	1.2	$	0.3	$	0.2

	Fair value of derivative liabilities
(in millions)	Balance sheet location	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	—	$	—	$	(0.3)
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(2.8)		(1.3)		(0.5)
Total derivative liabilities		$	(2.8)	$	(1.3)	$	(0.8)

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Derivatives designated as cash flow hedges

The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Foreign currency contracts	$	1.7	$	0.5	$	(0.6)
Commodity contracts	—		—		(0.4)
Gains (losses) recorded in AOCI	$	1.7	$	0.5	$	(1.0)

The following tables summarize the effect of derivative instruments designated as cash flow hedges on OCI and the condensed consolidated statements of operations:

Foreign currency contracts

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Gains (losses) recorded in AOCI, beginning of period		$	0.5	$	(0.7)
Current period gains (losses) recognized in OCI		1.2		—
Losses (gains) reclassified from AOCI to earnings	Cost of sales (1)	—		0.1
Gains (losses) recorded in AOCI, end of period		$	1.7	$	(0.6)

Commodity contracts

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Gains (losses) recorded in AOCI, beginning of period		$	—	$	(0.4)
Current period gains (losses) recognized in OCI		—		(0.1)
Losses (gains) reclassified from AOCI to earnings	Cost of sales (1)	—		0.1
Gains (losses) recorded in AOCI, end of period		$	—	$	(0.4)

(1)    Refer to the condensed consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges.

There were no discontinued cash flow hedges during the 13 weeks ended April 30, 2022 and May 1, 2021 as all forecasted transactions are expected to occur as originally planned. As of April 30, 2022, based on current valuations, the Company expects approximately $1.4 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months.

Derivatives not designated as hedging instruments

The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statements of operations:

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Foreign currency contracts	Other operating income (expense)	$	(4.8)	$	0.9

17. Fair value measurement

The estimated fair value of Signet’s financial instruments held or issued to finance Signet’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet’s intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories:

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Level 1—quoted market prices in active markets for identical assets and liabilities

Level 2—observable market based inputs or unobservable inputs that are corroborated by market data

Level 3—unobservable inputs that are not corroborated by market data

Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:

	April 30, 2022						January 29, 2022						May 1, 2021
(in millions)	Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2
Assets:
US Treasury securities	$	4.4	$	4.4	$	—	$	4.5	$	4.5	$	—	$	5.1	$	5.1	$	—
Foreign currency contracts	1.2		—		1.2		0.3		—		0.3		0.2		—		0.2
US government agency securities	2.0		—		2.0		2.0		—		2.0		3.1		—		3.1
Corporate bonds and notes	5.2		—		5.2		5.8		—		5.8		6.2		—		6.2
Total assets	$	12.8	$	4.4	$	8.4	$	12.6	$	4.5	$	8.1	$	14.6	$	5.1	$	9.5
Liabilities:
Foreign currency contracts	$	(2.8)	$	—	$	(2.8)	$	(1.3)	$	—	$	(1.3)	$	(0.8)	$	—	$	(0.8)
Total liabilities	$	(2.8)	$	—	$	(2.8)	$	(1.3)	$	—	$	(1.3)	$	(0.8)	$	—	$	(0.8)

Investments in US Treasury securities are based on quoted market prices for identical instruments in active markets, and therefore were classified as Level 1 measurements in the fair value hierarchy. Investments in US government agency securities and corporate bonds and notes are based on quoted prices for similar instruments in active markets, and therefore were classified as Level 2 measurements in the fair value hierarchy. The fair value of derivative financial instruments has been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment, foreign currency forward rates or commodity forward rates, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 16 for additional information related to the Company’s derivatives.

The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities, and income taxes approximate fair value because of the short-term maturity of these amounts.

The fair values of long-term debt instruments, excluding revolving credit facilities, were determined using quoted market prices in inactive markets based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. The carrying value of the ABL Revolving Facility (as defined in Note 18) approximates fair value based on the nature of the instrument and variable interest rate, which are primarily Level 2 inputs. The following table provides a summary of the carrying amount and fair value of outstanding debt:

	April 30, 2022				January 29, 2022				May 1, 2021
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt:
Senior notes (Level 2)	$	147.1	$	147.2	$	147.1	$	150.0	$	146.8	$	150.8

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18. Loans, overdrafts and long-term debt

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	147.7	$	147.7	$	147.6
Gross debt	$	147.7	$	147.7	$	147.6
Less: Unamortized debt issuance costs	(0.6)		(0.6)		(0.8)
Total long-term debt	$	147.1	$	147.1	$	146.8

Senior unsecured notes due 2024

On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.70% senior unsecured notes due in 2024 (the “Senior Notes”). The Senior Notes were issued under an effective registration statement previously filed with the SEC. The Senior Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries.

On September 5, 2019, Signet UK Finance announced the commencement of a tender offer to purchase any and all of its outstanding Senior Notes (the “Tender Offer”). Signet UK Finance tendered $239.6 million of the Senior Notes, representing a purchase price of $950.00 per $1,000.00 in principal, leaving $147.8 million of the Senior Notes outstanding after the Tender Offer.

Asset-based credit facility

On September 27, 2019, the Company entered into a senior secured asset-based credit facility consisting of (i) a revolving credit facility in an aggregate committed amount of $1.5 billion (as amended to the date hereto, the “ABL Revolving Facility”) and (ii) a first-in last-out term loan facility in an aggregate principal amount of $100.0 million (the “FILO Term Loan Facility” and, together with the ABL Revolving Facility, the “ABL Facility”). During the fourth quarter of Fiscal 2021, the Company fully repaid the FILO Term Loan Facility.

On July 28, 2021, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”) to amend the ABL Facility. The Second Amendment extended the maturity of the ABL Facility from September 27, 2024 to July 28, 2026 and allows the Company to increase the size of the ABL Facility by up to $600 million.

The Company had available borrowing capacity of $1.2 billion on the ABL Revolving Facility as of April 30, 2022.

19. Warranty reserve

The North America segment provides a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. Management estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. A similar product lifetime guarantee is also provided on color gemstones. The warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities and other non-current liabilities, is as follows:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Warranty reserve, beginning of period	$	36.0	$	37.3
Warranty expense	4.7		0.7
Utilized (1)	(3.0)		(2.5)
Warranty reserve, end of period	$	37.7	$	35.5

(1)     Includes impact of foreign exchange translation.

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Disclosed as:
Current liabilities	$	10.6	$	10.2	$	10.2
Other liabilities - non-current	27.1		25.8		25.3
Total warranty reserve	$	37.7	$	36.0	$	35.5

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20. Other operating and non-operating income (expense)

The following table provides the components of other operating income (expense) for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Litigation charges (1)	$	(190.0)	$	—
Interest income from customer in-house finance receivables (2)	—		4.0
Other	(0.4)		(1.7)
Other operating income (expense)	$	(190.4)	$	2.3

(1)    See Note 21 for additional information.

(2)    See Note 12 for additional information.

The following table provides the components of other non-operating income (expense) for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Pension settlement (1)	$	(131.9)	$	—
Other	(2.6)		0.1
Other non-operating income (expense)	$	(134.5)	$	0.1

(1)    See Note 22 for additional information.

21. Commitments and contingencies

Legal proceedings

Employment practices

In March 2008, a group of private plaintiffs (the “Claimants”) filed a class and collective action lawsuit for an unspecified amount against Sterling Jewelers, Inc. (“SJI”), a subsidiary of Signet, in the US District Court for the Southern District of New York (“SDNY”), alleging that US store-level employment practices as to compensation and promotions discriminate on the basis of gender in purported violation of Title VII of the Civil Rights Act of 1964 (“Title VII”) and the Equal Pay Act (“EPA”). In June 2008, the SDNY referred the matter to private arbitration with the American Arbitration Association (“AAA”) where the Claimants sought to proceed on a class-wide basis. On February 2, 2015, the arbitrator issued a Class Determination Award in which she certified a class (estimated to include approximately 70,000 class members at the time) for the Claimants’ disparate impact claims for declaratory and injunctive relief under Title VII. On February 29, 2016, the arbitrator granted Claimants’ Motion for Conditional Certification of Claimants’ EPA Claims and Authorization of Notice, and notice to EPA collective action members was issued on May 3, 2016. The opt-in period for the EPA collective action closed on August 1, 2016, and the number of valid opt-in EPA Claimants is believed to be approximately 9,124. SJL challenged the arbitrator’s Class Determination Award with the SDNY. Although the SDNY vacated the Class Determination Award on January 15, 2018, on appeal the US Court of Appeals for the Second Circuit (“Second Circuit”) held that the SDNY erred and remanded the case to the SDNY to decide whether the Arbitrator erred in certifying an opt-out, as opposed to a mandatory, class for declaratory and injunctive relief. On January 27, 2021 the SDNY ordered the case remanded to the AAA for further proceedings in arbitration on a class-wide basis. Subsequently, the arbitrator retired, and the parties selected a new arbitrator to oversee the proceedings moving forward. On October 8, 2021, the newly selected arbitrator issued an amended case management plan and scheduled the arbitration hearing to begin on September 5, 2022. SJI denies the allegations of the Claimants and has been defending the case vigorously.

On June 8, 2022, SJI and the Claimants reached a settlement agreement, which is subject to preliminary and final approval after notice to the class. The proposed settlement provides for the dismissal of the arbitration with prejudice and includes payments totaling approximately $175 million. As a result of the proposed settlement, the Company recorded a pre-tax charge of $190 million within other operating expense in the condensed consolidated statement of operations during the first quarter ended April 30, 2022. The settlement charge includes the payments to the Claimants, estimated employer payroll taxes, class administration fees and Claimants’ counsel attorney fees and costs. If the agreement is approved, the Company expects to fund the settlement in the third quarter of Fiscal 2023.

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On May 4, 2017, without any findings of liability or wrongdoing, SJI entered into a Consent Decree with the Equal Employment Opportunity Commission (“EEOC”) settling a previously disclosed lawsuit that alleged that SJI engaged in intentional and disparate impact gender discrimination with respect to pay and promotions of female retail store employees since January 1, 2003. On May 4, 2017 the US District Court for the Western District of New York (“WDNY”) approved and entered the Consent Decree jointly proposed by the EEOC and SJI. The Consent Decree resolves all of the EEOC’s claims against SJI in this litigation, and imposes certain obligations on SJI including the appointment of an employment practices expert to review specific policies and practices, as well as obligations relative to training, notices, reporting and record-keeping. The Consent Decree does not require an outside third-party to monitor or require any monetary payment. The duration of the Consent Decree initially was three years and three months, set to expire on August 4, 2020, but on March 11, 2020, the WDNY approved a limited extension until November 4, 2021 of a few aspects of the Consent Decree terms regarding SJI’s compensation practices, and incorporating its implementation of a new retail team member compensation program into the overall Consent Decree framework. On October 11, 2021, SJI and the EEOC agreed to a tolling stipulation, which was submitted on October 22, 2021 and entered by the WDNY on November 4, 2021, and which extended certain deadlines of the Consent Decree until December 4, 2021. SJI and the EEOC have agreed to additional extensions of the tolling stipulation while the parties negotiate the terms of an amended Consent Decree for the limited purpose of completing certain statistical analyses on SJI’s initial pay and merit increase practices for its retail store employees that the employment practices expert was required to conduct during the term of the Consent Decree.

Previously settled matters

Shareholder actions

As previously reported, on March 16, 2020, the Company entered into an agreement to settle a consolidated class action filed against the Company and certain former executives filed by various shareholders of the Company (the “Consolidated Action”). As a result of the settlement, the Company recorded a charge of $33.2 million during the fourth quarter of Fiscal 2020 in other operating income, net, which includes administration costs of $0.6 million and was recorded net of expected recoveries from the Company’s insurance carriers of $207.4 million. The settlement was fully funded in the second quarter of Fiscal 2021, and the Company contributed approximately $35 million of the $240 million settlement payment, net of insurance proceeds and including the impact of foreign currency. The Court granted final approval of the settlement on July 21, 2020.

Four additional actions were filed against the Company and certain former executives largely based on the same allegations as the Consolidated Action. Soon thereafter these four actions were filed, the Court entered orders staying these actions until entry of final judgment in the Consolidated Action. On June 27, 2020, the Company and plaintiffs in the four stayed actions (the “Opt-Out Plaintiffs”) reached a settlement in principle, which was finalized on July 10, 2020 requiring the Opt-Out Plaintiffs to rejoin the Consolidated Action. The Company recorded pre-tax charges related to the settlement of $7.5 million (net of expected insurance recovery) and $1.7 million during Fiscal 2021 and Fiscal 2022, respectively. The final amount owed to the Opt-Out Plaintiffs was paid during the first quarter of Fiscal 2023.

22. Retirement plans

Signet operates a defined benefit pension plan in the UK (the “Pension Scheme”) which ceased to admit new employees effective April 2004. The Pension Scheme provides benefits to participating eligible employees. Beginning in Fiscal 2014, a change to the benefit structure was implemented and members’ benefits that accumulate after that date were based upon career average salaries, whereas previously, all benefits were based on salaries at retirement. In September 2017, the Company approved an amendment to freeze benefit accruals under the Pension Scheme in an effort to reduce anticipated future pension expense. As a result of this amendment, the Company froze the pension plan for all participants with an effective date of October 2019 as elected by the plan participants. All future benefit accruals under the plan have thus ceased as of that date.

On July 29, 2021, Signet Group Limited (“SGL”), a wholly-owned subsidiary of the Company, entered into an agreement (the “Agreement”) with Signet Pension Trustee Limited (the “Trustee”), as trustee of the Pension Scheme, to facilitate the Trustee entering into a bulk purchase annuity policy ("BPA") securing accrued liabilities under the Pension Scheme with Rothesay Life Plc ("Rothesay") and subsequently, to wind up the Pension Scheme. The BPA is held by the Trustee as an asset of the Pension Scheme (the "buy-in") in anticipation of Rothesay subsequently (and in accordance with the terms of the BPA) issuing individual annuity contracts to each of the 1,909 Pension Scheme members (or their eligible beneficiaries) ("Transferred Participants") covering their accrued benefits (a full “buy-out”), following which the BPA will terminate and the Trustee will wind up the Pension Scheme (collectively, the “Transactions”).

Under the terms of the Agreement, SGL has contributed £14.0 million to date (approximately $18.9 million) to the Pension Scheme to enable the Trustee to pay for any and all costs incurred by the Trustee as part of the Transactions. The initial contribution of £7.0 million (approximately $9.7 million) was paid on August 4, 2021, and the Trustee transferred substantially all Plan assets into the BPA on August 9, 2021. SGL contributed an additional £7.0 million (approximately $9.2 million) to the Pension Scheme on March 23, 2022 to faciliate the Trustee funding the balancing premium to Rothesay. SGL is expected to contribute up to an additional

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£2.0 million (approximately $2.7 million) to the Pension Scheme to enable the Trustee to pay the remaining costs of the Transactions and wind up the Pension Scheme.

On April 22, 2022, the Trustee entered into a Deed Poll agreement with Rothesay and a Deed of Assignment with SGL to facilitate the assignment of individual policies for a significant portion of the Transferred Participants (“Assigned Participants”). The Deed Poll and Deed of Assignment, collectively, irrevocably relieve SGL and the Trustee of its obligations under the policies to the Assigned Participants. In addition, during the first quarter of Fiscal 2023, certain Transferred Participants elected to take a voluntary wind-up lump sum distribution and thus no further liability exists for this group.

In the first quarter of Fiscal 2023, as a result of the Deed Poll and Deed of Assignment, as well as the voluntary lump sum distributions, the Company has determined that a transfer of all remaining risks has occurred with respect to these groups of participants. Thus, management concluded that the Company triggered settlement accounting and performed a remeasurement of the Pension Scheme, which resulted in a non-cash, pre-tax settlement charge of $131.9 million recorded within other non-operating income (expense) within the condensed consolidated statements of operations during the first quarter of Fiscal 2023. This charge relates to the pro-rata recognition of previously unrecognized actuarial losses and prior service costs out of AOCI and into earnings associated with the Assigned Participants, as well as the voluntary lump sum distributions noted above. The Company expects to settle the remaining obligations and wind up the Pension Scheme by the end of Fiscal 2023.

The components of net periodic pension benefit cost for the Pension Scheme are as follows:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Components of net periodic benefit (cost) income:
Interest cost	$	(0.9)	$	(1.0)
Expected return on plan assets	0.6		1.3
Amortization of unrecognized actuarial losses	(0.9)		(0.2)
Amortization of unrecognized net prior service costs	(0.1)		—
Pension settlement loss	(131.9)		—
Total net periodic benefit (cost) income	$	(133.2)	$	0.1

All components of net periodic benefit cost are charged to other non-operating income (expense), in the condensed consolidated statements of operations.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion and analysis in this Item 2 is intended to provide the reader with information that will assist in understanding the significant factors affecting the Company’s consolidated operating results, financial condition, liquidity and capital resources. This discussion should be read in conjunction with our condensed consolidated financial statements and notes to the condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q, as well as the financial and other information included in Signet’s Fiscal 2022 Annual Report on Form 10-K filed with the SEC on March 17, 2022. This discussion contains forward-looking statements and information. The Company's actual results could materially differ from those discussed in these forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those discussed in the “Forward-Looking Statements” below and elsewhere in this report, as well as in the “Risk Factors” section within Signet’s Fiscal 2022 Annual Report on Form 10-K.

This management's discussion and analysis provides comparisons of material changes in the condensed consolidated financial statements for the 13 weeks ended April 30, 2022 and May 1, 2021.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains statements which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements based upon management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which Signet operates. The use of the words "expects," "intends," "anticipates," "estimates," "predicts," "believes," "should," "potential," "may," "preliminary," "forecast," "objective," "plan," or "target," and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties which could cause the actual results to not be realized, including, but not limited to: the negative impacts that the COVID-19 pandemic has had, and could have in the future, on Signet's business, financial condition, profitability and cash flows; the effect of steps we take in response to the pandemic; the severity, duration and potential resurgence of the pandemic (including through variants), including whether it is necessary to temporarily reclose our stores, distribution centers and corporate facilities or for our suppliers and vendors to temporarily reclose their facilities; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein, including without limitation risks relating to disruptions in our supply chain, our ability to attract and retain labor especially if COVID-19 vaccine mandates are implemented, consumer behaviors such as willingness to congregate in shopping centers and shifts in spending away from the jewelry category toward more experiential purchases, the impacts of the expiration of government stimulus on overall consumer spending, our level of indebtedness and covenant compliance, availability of adequate capital, our ability to execute our business plans, our lease obligations and relationships with our landlords, and asset impairments; general economic or market conditions, including impacts of inflation or other pricing environment factors on the Company's commodity costs (including diamonds) or other operating costs; a prolonged slowdown in the growth of the jewelry market or the overall economy; financial market risks; a decline in consumer discretionary spending or deterioration in consumer financial position, including the impacts of inflation and rising prices on necessities such as gas and groceries; our ability to optimize Signet's transformation strategies; changes to regulations relating to customer credit; disruption in the availability of credit for customers and customer inability to meet credit payment obligations; our ability to achieve the benefits related to the outsourcing of the credit portfolio, including due to technology disruptions, future financial results and operating results and/or disruptions arising from changes to or termination of the relevant outsourcing agreements; deterioration in the performance of individual businesses or of the Company's market value relative to its book value, resulting in impairments of long-lived assets or intangible assets or other adverse financial consequences; the volatility of our stock price; the impact of financial covenants, credit ratings or interest volatility on our ability to borrow; our ability to maintain adequate levels of liquidity for our cash needs, including debt obligations, payment of dividends, planned share repurchases (including execution of accelerated share repurchases) and capital expenditures as well as the ability of our customers, suppliers and lenders to access sources of liquidity to provide for their own cash needs; changes in our credit rating; potential regulatory changes; future legislative and regulatory requirements in the US and globally relating to climate change, including any new climate related disclosure or compliance requirements, such as those recently proposed by the SEC; global economic conditions or other developments related to the United Kingdom's exit from the European Union; exchange rate fluctuations; the cost, availability of and demand for diamonds, gold and other precious metals, including any impact on the global market supply of diamonds due to the ongoing Russia-Ukraine conflict or related sanctions; stakeholder reactions to disclosure regarding the source and use of certain minerals; seasonality of Signet's business; the merchandising, pricing and inventory policies followed by Signet and failure to manage inventory levels; Signet's relationships with suppliers including the ability to continue to utilize extended payment terms and the ability to obtain merchandise that customers wish to purchase; the failure to adequately address the impact of existing tariffs and/or the imposition of additional duties, tariffs, taxes and other charges or other barriers to trade or impacts from trade relations; the level of competition and promotional activity in the jewelry sector; our ability to optimize Signet's multi-year strategy to gain market share, expand and improve existing services, innovate and achieve sustainable, long-term growth; the maintenance and continued innovation of Signet's OmniChannel retailing and ability to increase digital sales, as well as management of its digital marketing costs; changes in consumer attitudes regarding jewelry and failure to anticipate and keep pace

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with changing fashion trends; changes in the supply and consumer acceptance of and demand for gem quality lab created diamonds and adequate identification of the use of substitute products in our jewelry; ability to execute successful marketing programs and manage social media; the ability to optimize Signet's real estate footprint; the ability to satisfy the accounting requirements for "hedge accounting," or the default or insolvency of a counterparty to a hedging contract; the performance of and ability to recruit, train, motivate and retain qualified team members - particularly in regions experiencing low unemployment rates; management of social, ethical and environmental risks; the reputation of Signet and its banners; inadequacy in and disruptions to internal controls and systems, including related to the migration to new information technology systems which impact financial reporting; security breaches and other disruptions to Signet's information technology infrastructure and databases; an adverse development in legal or regulatory proceedings or tax matters, including any new claims or litigation brought by employees, suppliers, consumers or shareholders, regulatory initiatives or investigations, and ongoing compliance with regulations and any consent orders or other legal or regulatory decisions; failure to comply with labor regulations; collective bargaining activity; changes in corporate taxation rates, laws, rules or practices in the US and jurisdictions in which Signet's subsidiaries are incorporated, including developments related to the tax treatment of companies engaged in Internet commerce or deductions associated with payments to foreign related parties that are subject to a low effective tax rate; risks related to international laws and Signet being a Bermuda corporation; difficulty or delay in executing or integrating an acquisition, including Diamonds Direct, or executing other major business or strategic initiatives; risks relating to the outcome of pending litigation; our ability to protect our intellectual property or physical assets; changes in assumptions used in making accounting estimates relating to items such as extended service plans and pensions; or the impact of weather-related incidents, natural disasters, organized crime or theft, strikes, protests, riots or terrorism, acts of war (including the ongoing Russian-Ukraine conflict), or another public health crisis or disease outbreak, epidemic or pandemic on Signet's business.

For a discussion of these and other risks and uncertainties which could cause actual results to differ materially from those expressed in any forward looking statement, see the “Risk Factors” and “Forward-Looking Statements” sections of Signet’s Fiscal 2022 Annual Report on Form 10-K filed with the SEC on March 17, 2022 and quarterly reports on Form 10-Q and the “Safe Harbor Statements” in current reports on Form 8-K filed with the SEC. Signet undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

OVERVIEW

Signet Jewelers Limited (“Signet” or the “Company”) is the world’s largest retailer of diamond jewelry. Signet is incorporated in Bermuda. The Company, with 2,854 stores and kiosks as of April 30, 2022, manages its business by geography, a description of which follows:

•The North America segment has 2,413 locations in the US and 94 locations in Canada as of April 30, 2022.

◦In the US, the segment primarily operates in malls and off-mall locations under the following banners: Kay (Kay Jewelers and Kay Outlet); Zales (Zales Jewelers and Zales Outlet); Jared (Jared The Galleria Of Jewelry and Jared Vault); Diamonds Direct; JamesAllen.com; and Rocksbox. Additionally, in the US, the segment operated mall-based kiosks under the Banter by Piercing Pagoda banner.

◦In Canada, the segment primarily operates under the Peoples banner (Peoples Jewellers).

•The International segment has 347 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.

Certain Company activities are managed in the “Other” segment for financial reporting purposes, including the Company’s diamond sourcing function and its diamond polishing factory in Botswana. See Note 5 of Item 1 for additional information regarding the Company’s reportable segments.

Diamonds Direct acquisition

On November 17, 2021, the Company finalized its acquisition of Diamonds Direct USA Inc. (“Diamonds Direct”) for cash consideration of $503.1 million, net of cash acquired. Diamonds Direct is an off-mall, destination jeweler in the US operating with a highly productive, efficient operating model with demonstrated growth and profitability. Diamonds Direct has been immediately accretive to Signet following the acquisition date. 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. Diamonds Direct strategically expands Signet’s market in accessible luxury and bridal, provides access to a new customer base and furthers Signet’s opportunity to build lifetime customer relationships. Signet plans to grow Diamonds Direct while driving operating margin expansion over time through operating synergies in purchasing, targeted marketing and connected commerce.

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Overall performance

Signet’s sales grew 8.9% during the first quarter of Fiscal 2023 compared to the same quarter of Fiscal 2022, as the Company’s growth continues to be fueled by the addition of Diamonds Direct to Signet’s portfolio in the fourth quarter of Fiscal 2022. In addition, organic growth of 2.6% in the first quarter was driven by the reopening of the UK and Canadian stores which were closed for most of the first quarter in the prior year; however, this growth was tempered by the impacts of lapping benefits from last year’s government stimulus, shifts in consumer spending to experiences and travel, and inflationary factors on consumer spending, which was particularly apparent in categories with lower price points. The Company’s overall performance continues to reflect sustainable enhancements to Signet’s connected commerce capabilities, digital marketing effectiveness, the strength of Signet’s banner differentiation and inventory management. The Company’s focus on its connected commerce shopping experience, both online and in-store, helped maintain strong conversion rates and improve average transaction values during the first quarter of Fiscal 2023. During Fiscal 2023, the Company will continue to execute the initiatives under its Inspiring Brilliance strategy, which is focused on the achievement of sustainable, industry leading growth. As described in the Purpose and Strategy section within Item 1 of Annual Report on Form 10-K for the year ended January 29, 2022 with the SEC on March 17, 2022, through its Inspiring Brilliance strategy, the Company will focus on leveraging its core strengths that it developed over the past four years with the goal of creating a broader mid-market and increasing Signet’s share of that larger market as the industry leader.

Refer to the “Results of Operations” section below for further information on performance during the first quarter of Fiscal 2023.

Outlook

As noted above, Signet’s performance during the first quarter of Fiscal 2023 reflected the lapping of some of the benefits from last year's government stimulus, mitigating the impact of inflation, and concurrent shifts in increased consumer spending to experiences and travel. Following a year of heightened growth, jewelry industry revenues are expected to be flat to down slightly for the remainder of Fiscal 2023, as consumer discretionary spending on categories such as jewelry is expected to decline, in favor of experience related spending. In addition, the Company anticipates that discretionary spending in jewelry will continue to be adversely impacted by rising prices on necessities such as gas and groceries, as well as less disposable income by consumers as a result of the expiration of government stimulus programs, particularly on the Company’s product assortments at lower price points. However, the magnitude and timing of both inflationary factors and the shift in spending are difficult to predict, as is whether these pressures will ultimately impact other product categories, such as those at higher price points. The Company believes that its banner value propositions and differentiation, including the addition of Diamonds Direct to Signet’s portfolio, the strength of the Company’s product assortment and its investments in digital capabilities and flexible fulfillment methods are expected to continue fueling a strong response from customers across most merchandise categories and banners in Fiscal 2023. Furthermore, the Company will continue its diligent and effective efforts to drive structural cost savings and mitigate supply chain disruption.

The Company continues to monitor the potential impacts of the novel coronavirus (“COVID-19”) and other macroeconomic factors on its business, such as inflation and the conflict in Ukraine. Continued uncertainties exist that could impact the Company’s results of operations or cash flows in the future, such as potential resurgence of COVID-19 in key trade areas, pricing and inflationary environment changes impacting the Company (including, but not limited to, materials, labor, fulfillment and advertising costs) or the consumers’ ability to spend described above, the Company’s ability to recruit and retain qualified team members, organized retail crime, or extended duration of heightened unemployment in certain trade areas.

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RESULTS OF OPERATIONS

The following should be read in conjunction with the condensed consolidated financial statements and related notes in Item 1 of this Quarterly Report on Form 10-Q, as well as the financial and other information included in Signet’s Fiscal 2022 Annual Report on Form 10-K.

Comparison of First Quarter Fiscal 2023 to First Quarter Fiscal 2022

•Same store sales: Up 2.5%.

•Total sales: $1.84 billion, increased 8.9%.

•Operating income: $0.2 million compared to $168.7 million in the prior year.

•Diluted earnings (loss) per share: $(1.89) compared to $2.23 in the prior year.

	First Quarter
	Fiscal 2023				Fiscal 2022
(in millions)	$		% of sales		$		% of sales
Sales	$	1,838.3	100.0	%	$	1,688.8	100.0	%
Cost of sales	(1,114.6)		(60.6)		(1,010.4)		(59.8)
Gross margin	723.7		39.4		678.4		40.2
Selling, general and administrative expenses	(533.1)		(29.0)		(512.0)		(30.3)
Other operating income (expense)	(190.4)		(10.4)		2.3		0.1
Operating income	0.2		—		168.7		10.0
Interest expense, net	(4.4)		(0.2)		(3.9)		(0.2)
Other non-operating income (expense)	(134.5)		(7.3)		0.1		—
Income (loss) before income taxes	(138.7)		(7.5)		164.9		9.8
Income taxes	55.2		3.0		(26.5)		(1.6)
Net income (loss)	$	(83.5)	(4.5)	%	$	138.4	8.2	%
Dividends on redeemable convertible preferred shares	(8.6)		nm		(8.6)		nm
Net income (loss) attributable to common shareholders	$	(92.1)	(5.0)	%	$	129.8	7.7	%

nm    Not meaningful.

First quarter sales

Signet's total sales increased 8.9% year over year to $1.84 billion in the 13 weeks ended April 30, 2022. Total sales at constant exchange rates increased 9.1%. This growth reflects the initiatives the Company has driven in bridal and accessible luxury under its Inspiring Brilliance strategy, primarily due to the addition of Diamonds Direct to Signet's portfolio. Signet’s same store sales increased 2.5% which reflects an increase in foot traffic back to the stores, particularly in the UK and Canada, which were closed or restricted for most of the first quarter of Fiscal 2022, as well as continued strong performance from the repair and services business.

eCommerce sales in the first quarter of Fiscal 2023 were $320.5 million, down $25.8 million or 7.5%, compared to $346.3 million in the prior year first quarter. eCommerce sales accounted for 17.4% of first quarter sales, down from 20.5% of total sales in the prior year first quarter which was offset by the brick and mortar same store sales increase of 5.2% from the prior year first quarter. This shift reflects an increase in foot traffic back to the stores, particularly in the UK and Canada, as noted above.

The breakdown of the sales performance by segment is set out in the table below:

	Change from previous year
First Quarter of Fiscal 2023	Same store sales		Non-same store sales, net (2)		Total sales  at constant exchange rate		Exchange translation impact		Total sales as reported		Total sales (in millions)
North America segment	(0.9)	%	6.3	%	5.4	%	—	%	5.4	%	$	1,705.0
International segment	102.6	%	(0.8)	%	101.8	%	(10.2)	%	91.6	%	$	110.0
Other segment (1)	nm		nm		nm		nm		nm		$	23.3
Signet	2.5	%	6.6	%	9.1	%	(0.2)	%	8.9	%	$	1,838.3

(1)     Includes sales from Signet’s diamond sourcing initiative.

(2)    Includes sales from acquired businesses which were not included in the results for the full comparable periods presented.

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nm Not meaningful.

Average merchandise transaction value (“ATV”) is defined as net merchandise sales on a same store basis divided by the total number of customer transactions. As such, changes from the prior year do not recompute within the table below.

	Average Merchandise Transaction Value(1)(2)								Merchandise Transactions
	Average Value				Change from previous year				Change from previous year
First Quarter	Fiscal 2023		Fiscal 2022		Fiscal 2023		Fiscal 2022		Fiscal 2023		Fiscal 2022
North America segment	$	496	$	418	19.2	%	15.2	%	(18.6)	%	90.0	%
International segment (3)	£	199	£	165	1.5	%	5.8	%	99.7	%	(16.6)	%

(1)     Net merchandise sales within the North America segment include all merchandise product sales, net of discounts and returns. In addition, excluded from net merchandise sales are sales tax in the US, repairs, extended service plans, insurance, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to change in same store sales.

(2)    Net merchandise sales within the International segment include all merchandise product sales, including value added tax (“VAT”), net of discounts and returns. In addition, excluded from net merchandise sales are repairs, warranty, insurance, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to change in same store sales.

(3)    Amounts for the International segment are denominated in British pounds.

North America sales

The North America segment’s total sales were $1.71 billion compared to $1.62 billion in the prior year, or an increase of 5.4%. This growth reflects the initiatives the Company has driven in bridal and accessible luxury under its Inspiring Brilliance strategy, primarily due to the addition of Diamonds Direct to Signet's portfolio, as well as an increased ATV of 19.2% compared to prior year.

Same store sales decreased 0.9% compared to an increase of 117.2% in the prior year. The North America segment’s same store sales performance during the first quarter of Fiscal 2023 reflected the impacts of lapping benefits from last year’s government stimulus, shifts in consumer spending to experiences and travel, and inflationary factors on consumer spending, which was particularly apparent in categories with lower price points. Overall, this resulted in the number of transactions decreasing by 18.6% year over year.

International sales

The International segment’s total sales increased 91.6% to $110.0 million compared to $57.4 million in the prior year and increased 101.8% at constant exchange rates. Same store sales increased 102.6% compared to a decrease of 12.2% in the prior year. In the International segment, the ATV increased 1.5% year over year, while the number of transactions increased 99.7%. The sales growth reflects the increase in foot traffic in the current year as the UK stores were substantially closed during the first quarter of Fiscal 2022.

Gross margin

In the first quarter of Fiscal 2023, gross margin was $723.7 million or 39.4% of sales compared to $678.4 million or 40.2% of sales in the prior year comparable period. The slight decrease in gross margin rate for the 13 weeks ended April 30, 2022, compared to prior year, reflects similar merchandise margin to the prior year within organic banners and the strength of Diamonds Direct’s bridal business, which carries a lower relative margin. In addition, the gross margin also reflects the lapping of benefits received in the UK in Fiscal 2022 from COVID-related tax abatements. This decrease was partially offset by the continued benefits of cost savings and leveraging of fixed costs across the Company.

Selling, general and administrative expenses (“SG&A”)

In the first quarter of Fiscal 2023, SG&A was $533.1 million or 29.0% of sales compared to $512.0 million or 30.3% of sales in the prior year quarter. The increase in SG&A compared to the prior year quarter was primarily due to higher advertising, payroll and investments in digital/IT. This was partially offset by the benefits of structural cost savings from the Company’s transformation activities, including the benefits of the Company’s restructured outsourced credit agreements, finalized in the second quarter of Fiscal 2022, as well as the impact of the efficiency of Diamonds Direct’s operating model.

Other operating income (expense)

For the 13 weeks ended April 30, 2022, other operating expense was $190.4 million, primarily driven by the pre-tax litigation charges of $190.0 million. For the 13 weeks ended May 1, 2021, other operating income was $2.3 million primarily driven by interest income on the Company’s non-prime credit card portfolio and offset primarily by foreign exchange losses.

Operating income

For the 13 weeks ended April 30, 2022, operating income was $0.2 million or 0.0% of sales, compared to $168.7 million or 10.0% of sales in the prior year first quarter. This decrease was primarily driven by the pre-tax litigation charges of $190.0 million offset by the impact of the addition of Diamonds Direct to Signet's portfolio and the benefits of cost savings discussed above.

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Signet’s operating income by segment for the first quarter is as follows:

	Fiscal 2023				Fiscal 2022
(in millions)	$		% of segment sales		$		% of segment sales
North America segment (1)	$	24.8	1.5	%	$	212.0	13.1	%
International segment	(6.4)		(5.8)	%	(19.7)		(34.3)	%
Other segment	3.0		nm		(0.9)		nm
Corporate and unallocated expenses	(21.2)		nm		(22.7)		nm
Operating income	$	0.2	—	%	$	168.7	10.0	%

(1)    Operating income during the 13 weeks ended April 30, 2022 includes $4.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition and $190.0 million related to pre-tax litigation charges. See Note 21 for additional information.

Operating income during the 13 weeks ended May 1, 2021 includes $1.1 million of acquisition-related expenses in connection with the Rocksbox acquisition; a $0.7 million credit to restructuring expense, primarily related adjustments previously recognize restructuring liabilities; and $1.5 million of net asset impairments.

nm     Not meaningful.

Interest expense, net

For the 13 weeks ended April 30, 2022, net interest expense was $4.4 million, compared to $3.9 million in the 13 weeks ended May 1, 2021.

Other non-operating income (expense)

In the first quarter of Fiscal 2023, other non-operating expense was $134.5 million compared to other non-operating income of $0.1 million in the prior year comparable period. The other non-operating expenses primarily consisted of a non-cash, pre-tax settlement charge of $131.9 million related to the partial buy-out of the Pension Scheme. Refer to Note 22 for additional information.

Income taxes

In the first quarter of Fiscal 2023, income tax benefit was $55.2 million, an effective tax rate (“ETR”) of 39.8%, compared to income tax expense of $26.5 million, an ETR of 16.1%, in the prior year comparable period. The ETR for the 13 weeks ended April 30, 2022 was higher than the US federal income tax rate, primarily as a result of the discrete tax benefits related to litigation charges of $47.7 million, the reclassification of the pension settlement loss out of AOCI of $25.0 million and the excess tax benefit for share based compensation which vested during the year of $13.0 million.

The ETR for the 13 weeks ended May 1, 2021 was lower than the US federal income tax rate primarily due to the favorable impact of foreign rate differences and benefits from its global reinsurance arrangements.

NON-GAAP MEASURES

Signet provides certain non-GAAP information in reporting its financial results to give investors additional data to evaluate its operations. The Company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating historical trends and current period performance. For these reasons, internal management reporting also includes non-GAAP measures. Items may be excluded from GAAP financial measures when the Company believes this provides greater clarity to management and investors.

These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for the GAAP financial measures presented in the Company’s condensed consolidated financial statements and other publicly filed reports. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.

1. Net cash

Net cash is a non-GAAP measure defined as the total of cash and cash equivalents less loans, overdrafts and long-term debt. Management considers this metric to be helpful in understanding the total indebtedness of the Company after consideration of liquidity available from cash balances on-hand.

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Cash and cash equivalents	$	927.6	$	1,418.3	$	1,298.4
Less: Long-term debt	(147.1)		(147.1)		(146.8)
Net cash	$	780.5	$	1,271.2	$	1,151.6

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2. Free cash flow

Free cash flow is a non-GAAP measure defined as the net cash provided by operating activities less purchases of property, plant and equipment. Management considers this metric to be helpful in understanding how the business is generating cash from its operating and investing activities that can be used to meet the financing needs of the business. Free cash flow is an indicator frequently used by management in evaluating its overall liquidity needs and determining appropriate capital allocation strategies. Free cash flow does not represent the residual cash flow available for discretionary purposes.

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Net cash (used in) provided by operating activities	$	(135.5)	$	161.1
Purchase of property, plant and equipment	(20.8)		(11.3)
Free cash flow	$	(156.3)	$	149.8

3.     Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA

EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. EBITDA is an important indicator of operating performance as it excludes the effects of financing and investing activities by eliminating the effects of interest, depreciation and amortization costs. Adjusted EBITDA is a non-GAAP measure, defined as earnings before interest, income taxes, depreciation and amortization, share-based compensation expense, non-operating income (expense) and certain non-GAAP accounting adjustments. Reviewed in conjunction with net income (loss) and operating income (loss), management believes that EBITDA and adjusted EBITDA help in enhancing investors’ ability to evaluate and analyze trends regarding Signet’s business and performance based on its current operations.

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Net income (loss)	$	(83.5)	$	138.4
Income tax (benefit) expense	(55.2)		26.5
Interest expense, net	4.4		3.9
Depreciation and amortization	40.0		42.1
Amortization of unfavorable contracts	(0.5)		(1.4)
EBITDA	$	(94.8)	$	209.5
Other non-operating expense (income) (3)	134.5		(0.1)
Share-based compensation	10.5		8.0
Other accounting adjustments
Restructuring charges	—		(0.7)
Asset impairments, net (1)	—		(0.2)
Acquisition-related costs (2)	4.4		1.1
Litigation charges (4)	190.0		—
Adjusted EBITDA	$	244.6	$	217.6

(1) Includes right-of-use (“ROU”) asset impairment gains, net recorded due to various impacts of COVID-19 to the Company’s business and related gains on terminations or modifications of leases, resulting from previously recorded impairments of the right of use assets in Fiscal 2021.

(2) Acquisition-related costs include the impact of the fair value step-up for inventory from Diamonds Direct in the first quarter of Fiscal 2023, as well as professional fees for direct transaction-related costs incurred for the acquisition of Rocksbox in the first quarter of Fiscal 2022.

(3) Includes the pension settlement charge of $131.9 million. Refer to Note 22 for further information.

(4) Refer to Note 21 for additional information.

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4.     Non-GAAP operating income

Non-GAAP operating income is a non-GAAP measure defined as operating income excluding the impact of significant and unusual items which management believes are not necessarily reflective of operational performance during a period. Management finds the information useful when analyzing financial results in order to appropriately evaluate the performance of the business without the impact of significant and unusual items. In particular, management believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses.

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Operating income	$	0.2	$	168.7
Restructuring charges	—		(0.7)
Asset impairments, net (1)	—		(0.2)
Acquisition-related costs (2)	4.4		1.1
Litigation charges (3)	190.0		—
Non-GAAP operating income	$	194.6	$	168.9

(1) Includes right-of-use (“ROU”) asset impairment gains, net recorded due to various impacts of COVID-19 to the Company’s business and related gains on terminations or modifications of leases, resulting from previously recorded impairments of the right of use assets in Fiscal 2021.

(2) Acquisition-related costs include the impact of the fair value step-up for inventory from Diamonds Direct in the first quarter of Fiscal 2023, as well as professional fees for direct transaction-related costs incurred for the acquisition of Rocksbox in the first quarter of Fiscal 2022.

(3) Refer to Note 21 for additional information.

LIQUIDITY AND CAPITAL RESOURCES

Overview

The Company’s primary sources of liquidity are cash on hand, cash provided by operations and availability under its senior unsecured asset-based revolving credit facility (the “ABL Revolving Facility”). As of April 30, 2022, the Company had $927.6 million of cash and cash equivalents and $147.7 million of outstanding debt, with $1.2 billion of availability under its ABL Revolving Facility.

The tenets of Signet’s capital strategy are: 1) investing in its business to drive growth in line with the Company’s overall business strategy; 2) ensuring adequate liquidity through a strong cash position and financial flexibility under its debt arrangements; and 3) returning excess cash to shareholders. Over time, Signet’s strategy is to sustain an adjusted leverage ratio (a non-GAAP measure as defined in Item 7 of the Signet’s Fiscal 2022 Annual Report on Form 10-K) below 3.0x.

Investing in growth

Since the Company’s transformation strategies began in Fiscal 2019, the Company delivered substantially against its strategic priorities to establish the Company as the OmniChannel jewelry category leader and position its business for sustainable long-term growth. The investments and new capabilities built during the past three years laid the foundation for stronger than expected results during Fiscal 2022, including prioritizing digital investments in both technology and talent, enhancing its new and modernized eCommerce platform and optimizing a connected commerce shopping journey for its customers. The Company’s cash discipline has led to more efficient working capital, through both the extension of payment days with the Company’s vendor base, as well through continued inventory reduction efforts. In addition, structural cost reductions since the Company’s transformation strategy began in Fiscal 2019 have generated annual structural costs savings of over $400 million.

As the Company continues to implement and execute on the next phase of its strategy, Inspiring Brilliance, it will continue to focus on working capital efficiency, optimizing its real estate footprint, and prioritizing transformational productivity to drive future cost savings opportunities, all of which are expected to be used to fuel strategic investments, grow the business, and enhance liquidity. In addition, the Company invested over $190 million for capital investments in Fiscal 2022, which included approximately $130 million for capital expenditures and approximately $60 million related to investments in digital and cloud IT. Additional capital investments of up to $250 million are planned for Fiscal 2023.

In addition, during Fiscal 2022, the Company made two acquisitions in line with its “Inspiring Brilliance” strategy. 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 initiatives to accelerate growth in its services offerings. On November 17, 2021, the Company acquired Diamonds Direct for cash consideration of $503.1 million, net of

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cash acquired. The acquisition of Diamonds Direct accelerates the Company’s growth through expansion of the Company’s market in accessible luxury and bridal. See Note 4 for more details.

Liquidity and financial flexibility

During Fiscal 2022, the Company made significant progress in line with its Inspiring Brilliance growth strategy through two key financial milestones. First, the Company renegotiated its $1.5 billion ABL Facility, as further described in Note 18, to extend the maturity until 2026 and allow overall greater financial flexibility to grow the business and provide an additional option to address the 2024 maturities for its 4.70% senior unsecured notes (“Senior Notes”) and Preferred Shares, if necessary.

Second, as described in Note 11, the Company entered into amended and restated receivable purchase agreements with CarVal and Castlelake regarding the purchase of add-on receivables on such Investors’ existing accounts, as well as the purchase of the Company-owned credit card receivables portfolio for accounts that had been originated through Fiscal 2021. These agreements provide Signet with improved terms for the next two years, as well as remove consumer credit risk from the balance sheet. In March 2022, the Company entered into amended and restated receivable purchase agreements with the Investors regarding the purchase of add-on receivables on such Investors’ existing accounts. Under the amended and restated agreements, The Bank of Missouri will be the issuer for the add-on receivables on these existing accounts and the Investors will purchase the receivables from The Bank of Missouri. In conjunction with the above agreements in March 2022, the Company entered into agreements with the Investors to transfer all existing cardholder accounts previously originated by Signet to The Bank of Missouri. Therefore, the Company will no longer originate any credit receivables with customers.

Returning excess cash to shareholders

The Company remains committed to its goal to return excess cash to shareholders. During Fiscal 2022 and Fiscal 2023 to date, the Company has declared all preferred share dividends payable in cash, and beginning in the second quarter of Fiscal 2022, elected to reinstate the dividend program on its common shares. In addition, beginning in the third quarter of Fiscal 2022, the Board of Directors authorized a reinstatement of share repurchases under the 2017 Program as well as increased authorization under the 2017 Program by approximately $560 million during Fiscal 2022, as well as authorized an additional $500 million in June 2022. Since this time, the Company has repurchased approximately 7.5 million shares for $580.0 million under the Program, including $268.2 million to date in Fiscal 2023. See Note 7 for further information related to the share repurchases.

The Company believes that cash on hand, cash flows from operations and available borrowings under the ABL Revolving Facility will be sufficient to meet its ongoing business requirements for at least the 12 months following the date of this report, including funding working capital needs, projected investments in the business (including capital expenditures), debt service, and returns to shareholders through either dividends or the share repurchases.

Primary sources and uses of operating cash flows

Operating activities provide the primary source of cash for the Company and are influenced by a number of factors, the most significant of which are operating income and changes in working capital items, such as:

•changes in the level of inventory as a result of sales and other strategic initiatives;

•changes and timing of accounts payable and accrued expenses, including variable compensation; and

•changes in deferred revenue, reflective of the revenue from performance of extended service plans.

Signet derives most of its operating cash flows through the sale of merchandise and extended service plans. As a retail business, Signet receives cash when it makes a sale to a customer or when the payment has been processed by Signet or the relevant bank if the payment is made by third-party credit or debit card. As further discussed in Note 11, the Company has outsourced its entire credit card portfolio, and it receives cash from its outsourced financing partners (net of applicable fees) generally within two days of the customer sale. Offsetting these receipts, the Company’s largest operating expenses are the purchase of inventory, store occupancy costs (including rent), and payroll and payroll-related benefits.

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Summary cash flow

The following table provides a summary of Signet’s cash flow activity for Fiscal 2023 and Fiscal 2022:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Net cash (used in) provided by operating activities	$	(135.5)	$	161.1
Net cash used in investing activities	(22.2)		(24.8)
Net cash used in financing activities	(325.6)		(13.7)
(Decrease) increase in cash and cash equivalents	$	(483.3)	$	122.6
Cash and cash equivalents at beginning of period	$	1,418.3	$	1,172.5
(Decrease) increase in cash and cash equivalents	(483.3)		122.6
Effect of exchange rate changes on cash and cash equivalents	(7.4)		3.3
Cash and cash equivalents at end of period	$	927.6	$	1,298.4

Operating activities

Net cash used in operating activities was $135.5 million compared to net cash provided by operating activities of $161.1 million in the prior year comparable period. This decrease, as further described below, is primarily due to reduced cash inflows from working capital compared to the prior period as the Company worked to preserve cash as a result of business disruptions from the impacts of the pandemic, partially offset by higher income from operations in the current year period.

•Net loss was $83.5 million compared to net income of $138.4 million in the prior year period, a decrease of $221.9 million. This decrease was primarily related to a non-cash, pre-tax pension settlement charge of $131.9 million and pre-tax litigation charges of $190.0 million during Fiscal 2023. See Note 20 for details.

•Changes in current income taxes was a use of $125.6 million in the current period compared to a use of $8.4 million in the prior year. The year over year change was primarily the result of income tax payments of $85.4 million in the current year. Refer to Note 10 for more information.

•Cash used by inventory was $167.3 million compared to a source of $19.3 million in the prior year period. Inventory increased in the current year as a result of higher merchandise costs and pull forward of purchases to mitigate potential supply chain disruptions.

•Cash used by accounts payable was $23.6 million compared to a use of $122.2 million in the prior year period. In the prior year period, as a result of cash management initiatives implemented as a result of the COVID-19, the Company continued to utilize extended terms with its vendors and have maintained these extended terms throughout the current year.

•Cash provided by accrued expenses and other liabilities was $105.1 million in Fiscal 2023, compared to a source of $18.0 million in the prior year period. The change in the current year period was driven by accrued litigation charges of $190.0 million.

Investing activities

Net cash used in investing activities for the 13 weeks ended April 30, 2022 was $22.2 million compared to net cash used in investing activities of $24.8 million in the prior period. Cash used in Fiscal 2023 was primarily related to capital expenditures of $20.8 million. Capital expenditures are associated with new stores, remodels of existing stores, and strategic capital investments in digital and IT. Signet has planned Fiscal 2023 capital investments of up to $250 million, of which approximately $200 million relates to capital expenditures for technology and banner differentiation, and approximately $50 million relates to digital and cloud innovation. In Fiscal 2022, net cash used in investing activities included $14.4 million for the acquisition of Rocksbox.

Stores opened and closed in the 13 weeks ended April 30, 2022:

Store count by segment	January 29, 2022	Openings	Closures	April 30, 2022
North America segment (1)	2,506	14	(13)	2,507
International segment (1)	348	1	(2)	347
Signet	2,854	15	(15)	2,854

(1)    The net change in selling square footage for Fiscal 2023 year to date for the North America and International segments was 0.5% and (0.5%), respectively.

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Financing activities

Net cash used in financing activities for the 13 weeks ended April 30, 2022 was $325.6 million, consisting of the repurchase of common shares of $268.2 million, payments for withholding taxes related to the settlement of the Company’s share-based compensation awards of $40.2 million, and preferred and common dividends paid of $17.2 million.

Net cash used in financing activities for the 13 weeks ended May 1, 2021 was $13.7 million, primarily due to activity related to the settlement of the Company’s share-based compensation awards.

Movement in cash and indebtedness

Cash and cash equivalents at April 30, 2022 were $927.6 million compared to $1.3 billion as of May 1, 2021. Signet has cash and cash equivalents invested in various ‘AAA’ rated government money market funds and at a number of large, highly rated financial institutions. The amount invested in each liquidity fund or at each financial institution takes into account the credit rating and size of the liquidity fund or financial institution and is invested for short-term durations.

As further described in Note 18, on July 28, 2021, the Company entered into an agreement to amend the ABL Revolving Facility. The amendment extends the maturity of the ABL Revolving Facility to July 28, 2026 and allows the Company to increase the size of the ABL Revolving Facility by up to $600 million.

At April 30, 2022 and May 1, 2021, Signet had $147.7 million and $147.6 million, respectively, of outstanding debt, consisting entirely of the Senior Notes.

Available borrowings under the ABL Revolving Facility were $1.2 billion as of April 30, 2022.

Net cash was $780.5 million as of April 30, 2022 compared to net cash of $1.2 billion as of May 1, 2021. Refer to the non-GAAP measures discussed above for the definition of net cash (debt) and reconciliation to its most comparable financial measure presented in accordance with GAAP.

As of April 30, 2022, January 29, 2022 and May 1, 2021, the Company was in compliance with all debt covenants.

SEASONALITY

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. The “Holiday Season” consists of results for the months of November and December, with December being the highest volume month of the year.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with US GAAP 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 financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its accounting policies, estimates and judgments, including those related to the valuation of inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, asset impairments, leases, indefinite-lived intangible assets, depreciation and amortization of long-lived assets and accounting for business combinations. Management bases the estimates and judgments on historical experience and various other factors believed to be reasonable under the circumstances. Actual results may differ from these estimates. There have been no material changes to the critical accounting policies and estimates disclosed 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.

SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION

The Company and certain of its subsidiaries, which are listed on Exhibit 22.1 to this Quarterly Report on Form 10-Q, have guaranteed obligations under the Senior Notes.

The Senior Notes were issued by Signet UK Finance plc (the “Issuer”). The Senior Notes rank senior to the Preferred Shares (as defined in Note 6) and Common Shares. The Senior Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the assets securing that indebtedness. The Senior Notes are fully and unconditionally guaranteed on a joint and several basis by the Company, as the parent entity ( the “Parent”) of the Issuer, and certain of its subsidiary guarantors (each, a “Guarantor” and collectively, the “Guarantors”).

The Senior Notes are structurally subordinated to all existing and future debt and other liabilities, including trade payables, of our subsidiaries that do not guarantee the Senior Notes (the “Non-Guarantors”). The Non-Guarantors will have no obligation, contingent or otherwise, to pay amounts due under the Senior Notes or to make funds available to pay those amounts. Certain Non-Guarantors may be limited in their ability to remit funds to us by means of dividends, advances or loans due to required foreign government and/or currency exchange board approvals or limitations in credit agreements or other debt instruments of those subsidiaries.

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The Guarantors jointly and severally irrevocably and unconditionally guarantee on a senior unsecured basis the performance and full and punctual payment when due of all obligations of Issuer, as defined in the Indenture, in accordance with the Senior Notes and the related Indentures, as supplemented, whether for payment of principal of or interest on the Senior Notes when due and any and all costs and expenses incurred by the trustee or any holder of the Senior Notes in enforcing any rights under the guarantees (collectively, the “Guarantees”). The Guarantees and Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions.

Although the Guarantees provide the holders of Senior Notes with a direct unsecured claim against the assets of the Guarantors, under US federal bankruptcy law and comparable provisions of US state fraudulent transfer laws, in certain circumstances a court could cancel a Guarantee and order the return of any payments made thereunder to the Guarantors or to a fund for the benefit of its creditors.

A court might take these actions if it found, among other things, that when the Guarantors incurred the debt evidenced by their Guarantee (i) they received less than reasonably equivalent value or fair consideration for the incurrence of the debt and (ii) any one of the following conditions was satisfied:

•the Guarantor entity was insolvent or rendered insolvent by reason of the incurrence;

•the Guarantor entity was engaged in a business or transaction for which its remaining assets constituted unreasonably small capital; or

•the Guarantor entity intended to incur or believed (or reasonably should have believed) that it would incur, debts beyond its ability to pay as those debts matured.

In applying the above factors, a court would likely find that a Guarantor did not receive fair consideration or reasonably equivalent value for its Guarantee, except to the extent that it benefited directly or indirectly from the issuance of the Senior Notes. The determination of whether a Guarantor was or was not rendered insolvent when it entered into its Guarantee will vary depending on the law of the jurisdiction being applied. Generally, an entity would be considered insolvent if the sum of its debts (including contingent or unliquidated debts) is greater than all of its assets at a fair valuation or if the present fair salable value of its assets is less than the amount that will be required to pay its probable liability on its existing debts, including contingent or unliquidated debts, as they mature.

If a court canceled a Guarantee, the holders of the Senior Notes would no longer have a claim against that Guarantor or its assets.

Each Guarantee is limited, by its terms, to an amount not to exceed the maximum amount that can be guaranteed by the applicable Guarantor without rendering the Guarantee, as it relates to that Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Each Guarantor is a consolidated subsidiary of Parent at the date of each balance sheet presented. The following tables present summarized financial information for Parent, Issuer, and the Guarantors on a combined basis after elimination of (i) intercompany transactions and balances among Parent, Issuer, and the Guarantors and (ii) equity in earnings from and investments in any Non-Guarantor.

	Summarized Balance Sheets
(in millions)	April 30, 2022		January 29, 2022
Total current assets	$	3,302.1	$	3,507.0
Total non-current assets	2,172.0		2,245.3
Total current liabilities	2,420.4		2,309.3
Total non-current liabilities	3,366.5		3,407.0
Redeemable preferred stock	652.6		652.1
Total due from Non-Guarantors (1)	381.0		311.4
Total due to Non-Guarantors (1)	1,706.1		1,666.9

(1)    Amounts included in asset and liability subtotals above.

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	Summarized Statements of Operations
	13 weeks ended		Year Ended
(in millions)	April 30, 2022		January 29, 2022
Sales	$	1,611.5	$	7,188.9
Gross margin	669.5		3,014.9
Income (loss) before income taxes (2)	(139.6)		939.7
Net income (loss) (2)	(74.2)		827.9

(2)    Includes net income from intercompany transactions with Non-Guarantors of $35.4 million for the 13 weeks ended April 30, 2022 and net income of $49.8 million for the year ended January 29, 2022. Intercompany transactions primarily include intercompany dividends and interest.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Signet is exposed to market risk from fluctuations in foreign currency exchange rates, interest rates and precious metal prices, which could affect its consolidated financial position, earnings and cash flows. Signet manages its exposure to market risk through its regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Signet uses derivative financial instruments as risk management tools and not for trading purposes.

As certain of the International segment’s purchases are denominated in US dollars and its net cash flows are in British pounds, Signet’s policy is to enter into forward foreign currency exchange contracts and foreign currency swaps to manage the exposure to the US dollar. Signet also hedges a significant portion of forecasted merchandise purchases using commodity forward contracts. Additionally, the North America segment occasionally enters into forward foreign currency exchange contracts to manage the currency fluctuations associated with purchases for our Canadian operations. These contracts are entered into with large, reputable financial institutions, thereby minimizing the credit exposure from our counterparties.

Signet has significant amounts of cash and cash equivalents invested in various ‘AAA’ rated government money market funds and at a number of large, highly-rated financial institutions. The amount invested in each liquidity fund or at each financial institution takes into account the credit rating and size of the liquidity fund or financial institution and is invested for short-term durations.

Signet’s market risk profile as of April 30, 2022 has not materially changed since January 29, 2022. The market risk profile as of January 29, 2022 is disclosed in Signet’s Annual Report on Form 10-K, filed with the SEC on March 17, 2022.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e)) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to ensure that information required to be disclosed in Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as amended. Based on this review, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of April 30, 2022.

Changes in Internal Control over Financial Reporting

During the first quarter of Fiscal 2023, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Additionally, as disclosed in the Annual Report on Form 10-K filed with the SEC on March 17, 2022, the Company acquired Diamonds Direct during the fourth quarter of Fiscal 2022. The Company is currently in the process of integrating Diamonds Direct into its framework and assessment of the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information regarding legal proceedings is incorporated by reference from Note 21 of the Condensed Consolidated Financial Statements set forth in Part I of this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

The Company is supplementing the risk factors previously disclosed in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended January 29, 2022 with the following modified risk factor, which should be read in conjunction with the other risk factors presented in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 that was filed with the SEC on March 17, 2022.

A decline in consumer spending may unfavorably impact Signet’s future sales and earnings, particularly if such decline occurs during the Holiday shopping season.

Our financial performance is highly dependent on US consumer confidence and the health of the US economy. At the end of the first quarter of Fiscal 2023 and continuing through the date of this quarterly report, we began to experience a softening of demand in lower price point products. If there is further deterioration of the economic conditions in the US, Canada, the UK and Europe, or if the effects of inflation and reduced government stimulus programs begin to further impact our consumer spending for bridal sales or sales of other higher price point products, our future sales and earnings could be further adversely impacted. Conditions in the Eurozone have a significant impact on the UK economy even though the UK is not a member of the Eurozone, which together with uncertainty regarding the final terms of the withdrawal of the UK from the European Union, could adversely impact trading in the International segment, as well as adversely impact the US economy.

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

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

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

Our business has historically been highly seasonal, with a significant proportion of our sales and operating profit generated during our fourth quarter, which includes the Holiday shopping season. We expect to continue experiencing a seasonal fluctuation in sales and earnings. Therefore, there is limited ability for us to compensate for shortfalls in fourth quarter sales or earnings by changes in our operations and strategies in other quarters, or to recover from any extensive disruption during the fourth quarter due to any of the factors noted elsewhere in this risk factor, particularly if lockdowns or weather events have an impact on a significant number of stores in the last few days immediately before Christmas Day or disruptions to warehousing, store replenishment systems or our ability to fulfill orders during the Holiday shopping season.

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In addition, other retail categories and other forms of expenditure, such as electronics, entertainment and travel, also compete for consumers’ discretionary spending, particularly during the Holiday shopping season. Therefore, the price of jewelry relative to other products influences the proportion of consumers’ expenditures that are spent on jewelry. If the relative price of jewelry increases, if our competitive position deteriorates, or if pent up demand due to COVID-19 restrictions causes consumers to shift spending to more experience oriented categories such as travel, concerts, and restaurants, our sales and operating profits would be adversely impacted.

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

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

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Repurchases of equity securities

The following table contains the Company’s repurchases of equity securities in the first quarter of Fiscal 2023:

Period	Total number of shares purchased (1)	Average price paid per share (2)		Total number of shares purchased as part of publicly announced plans or programs (3)	Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs
January 30, 2022 to February 26, 2022	141	$	83.42	—	$	463,263,330
February 27, 2022 to March 26, 2022	1,561,386	$	72.32	1,561,386	$	350,338,053
March 27, 2022 to April 30, 2022	2,802,007	$	74.00	2,773,125	$	145,105,596
Total	4,363,534	$	73.40	4,334,511	$145,105,596

(1)    Includes 29,023 shares delivered to Signet by employees to satisfy tax withholding obligations due upon the vesting of restricted share awards under share-based compensation programs. These shares are not repurchased in connection with any publicly announced share repurchase programs.

(2)    The average price paid per share excludes commissions paid of $71,197 in connection with the repurchases made under the 2017 Share Repurchase Program (the “2017 Program”).

(3)    In June 2017, the Board of Directors authorized the repurchase of up to $600.0 million of Signet’s common shares. The 2017 Program may be suspended or discontinued at any time without notice. In August 2021, the Board of Directors authorized the increase in the remaining share repurchase under the 2017 Program of up to $225.0 million, with additional authorizations of $500.0 million in both January and June 2022.

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ITEM 6. EXHIBITS

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Number	Description of Exhibits
10.1†	Signet Jewelers Limited 2018 Omnibus Incentive Plan Time-Based Restricted Stock Unit Award Notice and Agreement (Post February 2022 Awards) (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K filed March 17, 2022).
10.2†	Form of Signet Jewelers Limited 2018 Omnibus Incentive Plan Performance Based Restricted Stock Unit Award Notice and Agreement (Post February 2022 Awards) (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K filed March 17, 2022).
10.3†	Signet Jewelers Limited Short-Term Incentive Plan (incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K filed March 17, 2022).
10.4†*	Amended and Restated Termination Protection Agreement dated March 15, 2022 between Sterling Jewelers Inc. and Virginia Drosos (refiled to correct a typographical error).
10.5†	Form of Amended and Restated Termination Protection Agreement for members of senior leadership of Signet Jewelers Limited, including its executive officers (incorporated by reference to Exhibit 10.28 to the Company’s Annual Report on Form 10-K filed March 17, 2022).
10.6†	Form of Termination Protection Agreement for members of senior leadership of Signet Jewelers Limited, including its executive officers (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K filed March 17, 2022).
10.7†	Amended and Restated Personal Employment Agreement, dated March 15, 2022 between R2Net Israel Ltd. and Oded Edelman (incorporated by reference to Exhibit 10.30 to the Company’s Annual Report on Form 10-K filed March 17, 2022).
22.1*	List of Subsidiary Guarantors
31.1*	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document.
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.
†	Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Signet Jewelers Limited
Date:	June 9, 2022	By:	/s/ Joan Hilson
		Name:	Joan Hilson
		Title:	Chief Financial and Strategy Officer (Principal Financial Officer)

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EX-10.4

Exhibit 10.4

AMENDED AND RESTATED TERMINATION PROTECTION AGREEMENT

THIS AMENDED AND RESTATED TERMINATION PROTECTION AGREEMENT (as hereinafter amended from time to time, this “Agreement”) is made and entered into by and between Sterling Jewelers Inc., a Delaware corporation (the “Company”) and Virginia Drosos (the “Executive”), dated as of March 15, 2022.

W I T N E S S E T H

WHEREAS, the Company and its affiliates are engaged in the business of operating chains of retail jewelry stores in the United States, the United Kingdom and Canada;

WHEREAS, the Company employed the Executive as Chief Executive Officer of Signet Jewelers Limited, a Bermuda corporation (“Signet,” and, together with its subsidiaries, the “Signet Group,” which for purposes of this Agreement is an affiliate of the Company), effective as of August 1, 2017, subject to the terms and provisions of the Termination Protection Agreement entered into between the Company and the Executive on September 26, 2017 (the “Original Agreement”); and

WHEREAS, each of the Company and the Executive desire to amend and restate the Original Agreement in its entirety as set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, the Company and the Executive (individually a “Party” and together the “Parties”), intending to be legally bound, agree as follows:

AGREEMENT

1. Definitions.

(a) “Board” means the Board of Directors of Signet.

(b) “Business” shall mean the operation of a retail jewelry business that sells to the public jewelry, watches and associated services including through e-commerce.

(c) “Cause” means (A) fraud, embezzlement, gross insubordination or any act of moral turpitude or misconduct, in each case, on the part of the Executive; (B) conviction of or the entry of a plea of nolo contendere by the Executive for any felony; or (C) (x) a material breach by the Executive of Executive’s duties, responsibilities or obligations under this Agreement or the attached Schedule 1, or (y) the willful failure or refusal by the Executive to perform and discharge a specific lawful directive issued to Executive by the Board within a reasonable period of time, not to be less than five (5) business days, following written notice thereof to the Executive by the Company or the Board.

(d) “Change of Control” means the occurrence of any of the following events:

(i) any consolidation, amalgamation, or merger of Signet with or into any other Person, or any other corporate reorganization, business combination, transaction or transfer of securities of Signet by its stockholders, or a series of transactions (including the acquisitions of capital stock of Signet), whether or not Signet is a party thereto, in which the stockholders of Signet immediately prior to such consolidation, merger, reorganization, business combination or transaction, collectively have beneficial ownership (as defined in Rule 13d-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended), directly or indirectly, of capital stock representing directly, or indirectly through one or more entities, less than fifty (50%) of the equity (measured by economic value or voting power (by contract, share ownership or otherwise) of Signet or other surviving entity immediately after such consolidation, merger, reorganization, business combination or transaction;

(ii) the sale or disposition, in one transaction or a series of related transactions, of all or substantially all of the assets of Signet to any Person;

(iii) during any period of twelve (12) consecutive months, individuals who as of the beginning of such period constituted the entire Board (together with any new directors whose election by such Board or nomination for election by Signet’s shareholders was approved by a vote of at least two-thirds of the directors of Signet, then still in office, who were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority thereof; or

(iv) approval by the shareholders of Signet of a complete liquidation or dissolution of Signet.

(e) “Compensation Committee” means the Human Capital Management and Compensation Committee or successor committee of the Board.

(f) “Disability” means any physical or mental disability during the term of the Executive’s Employment that renders the Executive incapable of performing the services required of the Executive for any period or periods aggregating six (6) months during any twelve (12) month period. For purposes of the foregoing, the Executive’s physical or mental disability shall be determined in accordance with any disability plan of or applicable to the Company that is then in effect or may be determined by the Compensation Committee.

(g) “Good Reason” means any of the following has occurred without the Executive’s prior written consent: (A) a material reduction in Executive’s target or maximum potential annual compensation opportunities as set forth on the attached Schedule 1; (B) a material diminution in Executive’s authority, duties or responsibilities as set forth on Schedule 1; (C) any requirement that the Executive relocate Executive’s principal place of employment by more than fifty (50) miles from such Executive’s then primary office location set forth on the attached Schedule 1 and from Executive’s principal residence in any such location, provided that such a relocation shall not include: (i) the Executive’s travel for business in the course of performing the Executive’s duties for the Company, (ii) the Executive working remotely or (iii) the Company requiring the Executive to report to the office within the Executive’s relocated principal place of employment (instead of working remotely) at the Company’s expense for three days or less each week; or (D) a material breach by the Company of its payment obligations to the Executive as set forth on Schedule 1, which breach remains uncured for thirty (30) days following written notice

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thereof provided by the Executive to the Company; provided that, no event described in clauses (A) – (D) shall constitute Good Reason unless (i) Executive has given the Company written notice of the termination, setting forth the conduct of the Company that is alleged to constitute Good Reason, within ninety (90) days following the first occurrence of such event, and (ii) Executive has provided the Company at least thirty (30) days following the date on which such notice is provided to cure such conduct and the Company has failed to do so.

(h) “LTIP” means the Company’s Amended and Restated 2018 Omnibus Incentive Plan or other long-term incentive plan then in effect, as approved by the Compensation Committee or its designee.

(i) “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof.

(j) “Retirement” shall mean termination of the Executive’s service with the Signet Group on or following the Executive’s sixtieth (60th) birthday with at least five (5) years of service, or such earlier date as provided in a written agreement between a member of the Signet Group and the Executive (excluding such a termination at a time when the Signet Group may terminate the Executive for Cause, as determined by the Compensation Committee).

(k) “Short-Term Deferral Period” means the period ending on the later of the fifteenth (15th) day of the third (3rd) month following the end of the Executive’s first taxable year in which the right to the payment is no longer subject to a substantial risk of forfeiture or the fifteenth (15th) day of the third (3rd) month following the end of the Company’s first taxable year in which the right to the payment is no longer subject to a substantial risk of forfeiture.

(l) “STIP Bonus” means an annual cash bonus award in accordance with the annual short-term incentive plan (“STIP”) then in effect for executive officers of the Signet Group, as approved by the Compensation Committee or its designee.

(m) “STIP Payment Period” means the later of (a) between March 10th and May 31st following the end of the fiscal year to which such STIP Bonus relates and (b) the Payment Commencement Date (as defined below), but in no event later than the Short-Term Deferral Period.

2. Term; Termination.

(a) Term. This Agreement shall have an initial term ending on August 1, 2022 (the “Initial Term”) and thereafter shall automatically renew for one (1) year periods (each, a “Renewal Term”) unless either Party provides a notice to the other Party that such Party elects not to renew the Agreement, at least six (6) months prior to the end of the then current term. Subject to the prior sentence, the Executive’s employment with the Company is “at-will” and shall continue until terminated either by the Company at any time or the Executive with at least ninety (90) days’ notice by notifying the other Party in writing. The provisions of this Agreement exclusively shall govern the Executive’s rights upon termination of employment with the Company and its affiliates.

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(b) Notice of Termination. Any purported termination of employment by the Company or by the Executive (other than due to the Executive’s death) shall be communicated by written Notice of Termination to the other Party hereto in accordance with Section 11(f).

(c) Board/Committee Resignation. Upon termination of the Executive’s employment for any reason, the Executive agrees to resign at the direction of the Board or shall be deemed to have resigned, as of the date of such termination (the “Termination Date”) and to the extent applicable, from the Board (and any committees thereof) and the Board of Directors (and any committees thereof) of any of the Company’s subsidiaries or affiliates.

3. Payments Upon Certain Terminations of Employment or Non-Renewal of this Agreement by the Company.

(a) Waiver and Release and Continued Compliance with Covenants; Timing of Payments.

(i) Notwithstanding anything herein to the contrary, as a condition precedent to receiving any payments under this Section 3 (other than those amounts already accrued prior to the Termination Date, including the Accrued Rights (as defined below)), Executive (or the Executive’s estate, as applicable) shall have executed, within twenty-one (21) days, or if required for an effective release, forty-five (45) days, following the Termination Date, a waiver and release in similar form to that attached hereto as Exhibit A (the “Release”), which Release may be updated by the Company from time to time to reflect changes in law and related factors, and the seven (7) day revocation period of such Release shall have expired. In addition, all payments under this Section 3 are subject to Executive’s continued compliance with the provisions of Sections 4, 5 and 6 of this Agreement.

(ii) Subject to Section 8(b) and the execution of the Release pursuant to this Section 3(a), all payments under this Section 3 that are conditioned on such Release shall be payable as described below on (or beginning on) the sixtieth (60th) day after the Termination Date (the “Payment Commencement Date”) and no later than the Short-Term Deferral Period, except payments that are made pursuant to the LTIP or STIP or an award agreement under the LTIP or STIP.

(b) Termination By the Company For Cause; Resignation by the Executive. If the Executive’s employment with the Company is terminated by the Company for Cause or if the Executive resigns for any reason or no reason (other than for Good Reason within one year following a Change of Control), the Executive shall be entitled to receive solely the following (the amounts described in clauses (i), (ii), and (iii) being referred to as the “Accrued Rights”):

(i) base salary and accrued and unused vacation through the Termination Date in accordance with the Company’s normal payroll practices;

(ii) any STIP Bonus or LTIP payment that has been earned by and is payable to the Executive in accordance with the applicable plan as of the Termination Date that remains unpaid as of such date, which shall be paid in accordance with such plan; and

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(iii) any vested benefits to which the Executive is entitled under the employee benefit plans of the Company, which shall be paid pursuant to the terms and conditions of such benefit plans.

(c) Termination by the Company Without Cause or Non-Renewal of this Agreement by the Company. If the Executive’s employment is terminated by the Company without Cause or if the Executive’s employment terminates at the expiration of the Initial Term or any Renewal Term as a result of the Company’s non-renewal of this Agreement, other than in circumstances where Section 3(d) applies, the Executive shall be entitled to receive solely the following in addition to the Accrued Rights:

(i) one and one-half (1.5) times the sum of (1) the Executive’s base salary in effect on the Termination Date and (2) the Executive’s target STIP Bonus in effect on the Termination Date, payable in twelve (12) equal monthly installments commencing in the month after the Terminate Date and in accordance with the Company’s standard payroll practices for executive officers, except that the first payment will be on the first payroll date occurring on or after the Payment Commencement Date and include a catch up payment for the first installment;

(ii) the STIP Bonus the Executive would otherwise have received for the full fiscal year in which the Termination Date occurred, based on actual performance, pro-rated for the number of calendar days during the fiscal year during which the Executive was employed, payable in a lump sum during the STIP Payment Period;

(iii) for each outstanding award that remains subject to vesting under the LTIP as of the Termination Date:

(1) any such performance-based award shall vest based on actual performance, as of the date of determination by the Compensation Committee after the end of the completed performance cycle for such award of the level of such performance achieved, and be pro-rated for the number of calendar days that the Executive was employed during the maximum vesting period applicable to the award, and shall be payable in accordance with the LTIP and applicable award agreement, and

(2) any such time-based award shall vest on the Termination Date in an amount that is pro-rated for the number of calendar days that the Executive was employed during the vesting period, and shall be payable in accordance with the LTIP and applicable award agreement; and

(iv) if the Executive timely elects coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), a cash payment equal to the employer contribution to the premium payment for actively employed senior executives with the same level of coverage, payable monthly in accordance with the Company’s standard payroll practices for twelve (12) months following the Termination Date or until such earlier termination of COBRA coverage, except that the first payment will be on the first payroll date occurring on or after the Payment Commencement Date and include a catch up payment for the first installment.

(d) Certain Termination Events Within One Year Following a Change of Control. If the Executive’s employment hereunder is terminated within one (1) year following a

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Change of Control (A) by the Company without Cause, (B) due to the expiration of the Initial Term or any Renewal Term as a result of the Company’s non-renewal of the Agreement, or (C) because the Executive resigns for Good Reason, in each case, the Executive shall be entitled to receive solely the following, in addition to the Accrued Rights:

(i) one and one-half (1.5) times the sum of (1) the Executive’s base salary in effect on the Termination Date (provided that a material reduction to base salary resulting in Good Reason, shall be disregarded for purposes of this calculation) and (2) the Executive’s target STIP Bonus in effect on the Termination Date (provided that a material reduction to target STIP Bonus resulting in Good Reason, shall be disregarded for purposes of this calculation), payable as a lump sum on the first payroll date following the Payment Commencement Date; provided, that, to the extent such payment constitutes “nonqualified deferred compensation,” and the Change of Control is not a “change in control event,” in each case as such terms are defined under Section 409A, then such amount shall be paid in equal monthly installments over the twelve (12) months beginning on the first payroll date immediately following the Payment Commencement Date;

(ii) the STIP Bonus the Executive would otherwise have received for the full fiscal year in which the Termination Date occurred, based on actual performance, pro-rated for the number of calendar days during the fiscal year during which the Executive was employed, payable in a lump sum during the STIP Payment Period; and

(iii) each outstanding award that remains subject to vesting under the LTIP as of the Termination Date shall be paid in accordance with the terms and on the timing applicable to such termination event in the LTIP and applicable award agreements and, if the applicable award agreement does not expressly provide for any payment upon a resignation by the Executive for Good Reason or termination of employment due to non-renewal of the Agreement within one (1) year following a Change of Control, such termination of employment, in each case, shall entitle the Executive to the same payment that the Executive would be entitled to receive upon a termination by the Company without Cause following a Change of Control under the LTIP and applicable award agreement;

(iv) if Executive timely elects coverage under COBRA, a cash payment equal to the employer contribution to the premium payment for actively employed senior executives with the same level of coverage, payable monthly in accordance with the Company’s standard payroll practices for eighteen (18) months following the Termination Date or until such earlier termination of COBRA coverage, except that the first payment will be on the first payroll date occurring on or after the Payment Commencement Date and include a catch up payment for the first installment.

(e) Termination Upon the Executive’s Death. In the event of the Executive’s death during the term of the Executive’s employment, the Executive’s employment and this Agreement shall automatically terminate and, in addition to the Accrued Rights, the Company shall pay to Executive’s estate:

(i) Executive’s base salary in effect on the Termination Date for six (6) months following such Termination Date, in accordance with the Company’s standard payroll practices for executive officers;

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(ii) the STIP Bonus the Executive would otherwise have received for the full fiscal year in which the Termination Date occurred, based on actual performance, pro-rated for the number of calendar days during the fiscal year during which the Executive was employed, payable in a lump sum during the STIP Payment Period; and

(iii) each outstanding award that remains subject to vesting under the LTIP as of the Termination Date shall be paid in accordance with the terms and on the timing applicable to such termination event in the LTIP and applicable award agreements and, if the applicable award agreement does not expressly provide for any payment upon death, if any such award has been held by Executive for at least six (6) months (1) any such performance-based award shall vest on the Termination Date, based on target performance, and be pro-rated for the number of calendar days that the Executive was employed during the applicable performance cycle, and (2) any such time-based award shall vest on the Termination Date in an amount that is pro-rated for the number of calendar days that the Executive was employed during the vesting period, and in each case shall be payable in accordance with the time and method of settlement provisions set forth in the LTIP and applicable award agreement.

(f) Termination Due to Disability. In the event of the Executive’s Disability during the term of the Executive’s employment, the Company shall have the right, upon written notice to the Executive, to terminate the Executive’s employment hereunder, effective upon the giving of such notice (or such later date as shall be specified in such notice). Upon such termination, in addition to the Accrued Rights, the Company shall pay to the Executive:

(i) the STIP Bonus the Executive would otherwise have received for the full fiscal year in which the Termination Date occurred, based on actual performance, pro-rated for the number of calendar days during the fiscal year during which the Executive was employed, payable in a lump sum during the STIP Payment Period; and

(ii) each outstanding award that remains subject to vesting under the LTIP as of the Termination Date shall be paid in accordance with the terms applicable to termination for Disability in the LTIP and applicable award agreements.

(g) Termination Due to Retirement. In the event of the Executive’s Retirement, in addition to the Accrued Rights, the Company shall pay to the Executive:

(i) the STIP Bonus that is then payable in accordance with the STIP for the full fiscal year in which the Termination Date occurred, based on actual performance, pro-rated for the number of calendar days during the fiscal year during which the Executive was employed, payable in a lump sum during the STIP Payment Period; and

(ii) each outstanding award that remains subject to vesting under the LTIP as of the Termination Date shall be paid in accordance with the LTIP and applicable award agreements.

(h) Illustration. For illustration purposes only, the attached Schedule 2 sets forth a summary of the payments that would be owed to Executive upon the occurrence of certain

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termination events. To the extent of any conflict between Schedule 2 and this Agreement, the terms of this Agreement shall control and prevail.

4. Confidentiality; Ownership of Developments.

(a) During the term of the Executive’s employment with the Signet Group and for all time thereafter, the Executive shall keep secret and retain in strictest confidence and not divulge, disclose, discuss, copy or otherwise use or suffer to be used in any manner, except in connection with the Business of the Signet Group, any trade secrets, confidential or proprietary information and documents or materials owned, developed or possessed by or for the Signet Group pertaining to the Signet Group; provided that such information referred to in this Section 4(a) shall not include information that is or has become generally known to the public or the jewelry trade without violation of this Section 4.

(b) The Executive acknowledges that all developments, including, without limitation, inventions (patentable or otherwise), discoveries, improvements, patents, trade secrets, designs, reports, computer software, flow charts and diagrams, data, documentation, writings and applications thereof (collectively, “Works”) relating to the Business or planned business of the Signet Group that, alone or jointly with others, the Executive may create, make, develop or acquire during the term of Executive’s employment with the Signet Group (collectively, the “Developments”) are works made for hire and shall remain the sole and exclusive property of the Signet Group and the Executive hereby assigns to the Company all of Executive’s right, title and interest in and to all such Developments and Executive shall take any action reasonably necessary to achieve the foregoing result. Notwithstanding any provision of this Agreement to the contrary, “Developments” shall not include any Works that do not relate to the Business or planned business of the Signet Group.

(c) The Executive is hereby notified, in accordance with the Defend Trade Secrets Act of 2016, 18 U.S.C. § 1833(b), that: (i) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; (ii) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (iii) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order. Notwithstanding anything herein to the contrary, nothing in this Agreement shall: (i) prohibit the Executive from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of state or federal law or regulation; or (ii) require notification or prior approval by the Company of any reporting described in clause (i).

(d) The Executive further understands that this Agreement does not limit the Executive’s ability to communicate with the Equal Employment Opportunity Commission, the

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National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”) or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement also does not limit the Executive’s right to receive an award for information provided to any Government Agency.

5. Covenants Not to Solicit and Not to Compete. The Executive agrees that Executive shall not, directly or indirectly, without the prior written consent of the Company:

(a) during Executive’s employment with the Signet Group and for a period of two (2) years commencing upon the Termination Date, solicit, entice, persuade or induce any employee, consultant, agent or independent contractor of the Signet Group to terminate his or her employment or engagement with the Signet Group, to become employed by any person, firm or corporation other than the Signet Group or approach any such employee, consultant, agent or independent contractor for any of the foregoing purposes; or

(b) during Executive’s employment with the Signet Group and for a period of one (1) year commencing upon the Termination Date, directly or indirectly own, manage, control, invest or participate in any way in, consult with or render services to or for any person or entity (other than for the Signet Group) which is materially engaged in the Business (“materially” meaning deriving more than 25% of its revenue from the sale of jewelry and watches per year as of the applicable date); provided that the Executive shall be entitled to own up to 1% of any class of outstanding securities of any company whose common stock is listed on a national securities exchange or included for trading on the NASDAQ Stock Market.

6. Non-Defamation and Non-Disparagement. The Executive shall not at any time, publicly or privately, verbally or in writing, directly or indirectly, make or cause to be made any defaming and/or disparaging, derogatory, misleading or false statement about the Signet Group or its products, or any current or former directors, officers, employees, or agents of the Signet Group, or the business strategy, plans, policies, practices or operations of the Signet Group to any person or entity, including members of the investment community, press, customers, competitors, employees and advisors of the Signet Group. Truthful disclosure to any government agency regarding possible violations of federal law or regulation in accordance with any whistleblower protection provisions of state or federal law or regulation shall not be deemed to violate this paragraph. The Company shall instruct the Company’s successor Chief Executive Officer and the Board not to make any defaming and/or disparaging, derogatory, misleading or false statement about the Executive. Executive recognizes that the breach of this Section 6 will cause serious and irreparable injury to the Company.

7. Specific Performance. The Executive acknowledges that the services to be rendered by the Executive are of a special, unique and extraordinary character and, in connection with such services, the Executive will have access to confidential information vital to the Business of the Signet Group. By reason of this, the Executive consents and agrees that if the Executive violates any of the provisions of Sections 4, 5 or 6 hereof, the Signet Group would sustain irreparable injury and that monetary damages will not provide adequate remedy to the Signet Group and that the Signet Group shall be entitled to have Sections 4, 5 or 6 specifically enforced by any court having equity jurisdiction. Nothing contained herein shall be construed as prohibiting the Signet

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Group from pursuing any other remedies available to it for such breach or threatened breach, including, without limitation, the recovery of damages from the Executive or cessation of payments hereunder without requirement for posting a bond. In addition, to the extent allowed by law, the Executive shall be required to return to the Company any termination payments and benefits paid pursuant to Section 3 less two hundred fifty dollars ($250.00) if the Executive violates Sections 4, 5 or 6.

8. Section 409A.

(a) The intent of the Parties is that payments and benefit under this Agreement comply with or be exempt from Internal Revenue Code of 1986, as amended (the “Code”) Section 409A and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith or exempt therefrom, as applicable. If any other payments of money or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, the Company may (i) adopt such amendments to the Agreement, including amendments with retroactive effect, that the Company determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Agreement and/or (ii) take such other actions as the Company determines necessary or appropriate to comply with the requirements of Section 409A.

(b) A termination of employment shall not be deemed to have occurred for purposes of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of employment, unless such termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A. For purposes of any such provision of this Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B), then, notwithstanding any other provision herein, with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided prior to the date which is the earlier of (A) the expiration of the six (6) month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 8(b) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum on the first business day following the Delay Period, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

(c) (i) All expenses or other reimbursements as provided herein shall be payable in accordance with the Company’s policies in effect from time to time, but in any event any reimbursements that are non-qualified deferred compensation subject to Section 409A of the Code shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive; (ii) no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for

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reimbursement in any other taxable year; and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit.

(d) For purposes of Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.

(e) Nothing contained in this Agreement shall constitute any representation or warranty by the Company regarding compliance with Section 409A. The Company has no obligation to take any action to prevent the assessment of any additional income tax, interest or penalties under Section 409A on any person and the Company, its subsidiaries and affiliates, and each of their employees and representatives shall not have any liability to the Executive with respect thereto.

9. Compliance with Board Policies.

(a) The Executive shall be required to build a holding of shares of Signet common stock (“Shares”) equal to a specified level as set by the Board from time to time (the “Share Ownership Requirement”) pursuant to the terms of any stock ownership policy or guidelines approved by the Board or a committee of the Board and provided to the Executive. The Share Ownership Requirement shall be required for so long as the Executive is a senior officer of the Signet Group.

(b) The Executive shall be subject to the written policies of the Board applicable to senior officers, including without limitation any Board policy relating to claw back of compensation, as they exist from time to time during the Executive’s employment with the Company or any of its affiliates.

10. Governing Law; Jurisdiction.

(a) This Agreement shall be subject to, and governed by, the laws of the State of Ohio applicable to contracts made and to be performed therein, without regard to conflict of laws principles thereof.

(b) Any action to enforce any of the provisions of this Agreement shall be brought in a court of the State of Ohio located in Summit County or in a Federal court located in Cleveland, Ohio. The Parties consent to the jurisdiction of such courts and to the service of process in any manner provided by Ohio law. Each Party irrevocably waives any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such court and any claim that such suit, action, or proceeding brought in such court has been brought in an inconvenient forum and agrees that service of process in accordance with the foregoing sentences shall be deemed in every respect effective and valid personal service of process upon such Party.

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EXECUTIVE ACKNOWLEDGES THAT, BY SIGNING THIS AGREEMENT, SHE IS WAIVING ANY RIGHT THAT SHE MAY HAVE TO A JURY TRIAL RELATED TO THIS AGREEMENT.

11. Miscellaneous.

(a) Entire Agreement/Amendments. This Agreement, including the employment terms, duties and entitlements set forth on Schedule 1, contains the entire understanding of the Parties with respect to the subject matter hereof and supersedes any and all prior agreements (whether written or oral) between the Parties with respect thereto, including, without limitation, any prior written term sheet and to the extent modified by the terms herein, any LTIP or STIP award granted after the date of this Agreement (unless such award agreement expressly overrides this Agreement). There are no restrictions, agreements, promises, warranties, covenants or undertakings between the Parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the Parties hereto. For the avoidance of doubt, the employment terms, duties and entitlements set forth on Schedule 1 are an integral part of this Agreement.

(b) No Waiver. The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such Party’s rights or deprive such Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

(c) Severability. The provisions of this Agreement are severable and the invalidity, illegality or unenforceability of any one or more provisions shall not affect the validity, legality or enforceability of any other provision. In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in part because of the duration or scope thereof, the Parties hereto agree that said court in making such determination shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable, and that the Agreement in its reduced form shall be valid and enforceable to the full extent permitted by law.

(d) Assignment. This Agreement and all of the Executive’s rights and duties hereunder shall not be assignable or delegable by the Executive. Any purported assignment or delegation by the Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to, or assumed by, a person or entity which is an affiliate of the Company or a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity.

(e) Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. In the event of the Executive’s death, all amounts payable hereunder to the Executive that are then unpaid, shall be paid to the Executive’s beneficiary designated by Executive in writing to the Company or, in the absence of such designation, to Executive’s estate.

12

(f) Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either Party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

If to the Company:

Sterling Jewelers Inc.

375 Ghent Road

Akron, Ohio 44333

Attn: General Counsel and SVP Legal Compliance and Risk

with copies to:

Baker Hostetler LLP

127 Public Square, Suite 2000

Cleveland, Ohio 44114

Attn: Janet Spreen

If to the Executive:

To Executive’s last address set forth on the payroll records of the Company

with copies to:

[______________]

Attn: [____________]

(g) Cooperation. The Executive shall provide the Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during the Executive’s employment hereunder.

(h) Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

(i) Survival. The provisions of Sections 4, 5, 6, 7, 8, 10 and 11 of this Agreement shall survive the expiration or termination of this Agreement and the Executive’s employment hereunder, irrespective of the reason for any termination.

(j) Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[Signatures on following page]

13

IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement on the last date written below.

STERLING JEWELERS INC.

By: ______________________________

Name:

Title:

Date:

EXECUTIVE

__________________________________

Virginia Drosos

Date:

Acknowledged and agreed to by:

SIGNET JEWELERS LIMITED

By: ______________________________

Name:

Title:

Date:

SCHEDULE 1

EMPLOYMENT TERMS, DUTIES AND ENTITLEMENTS

Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Amended and Restated Termination Protection Agreement, dated as of March __, 2022, by and among Sterling Jewelers Inc. (the “Company”) and Virginia Drosos (the “Executive”) to which this Schedule 1 is attached (the “Agreement”).

Position	Chief Executive Officer of the Signet Group
Reporting Line	Executive shall report through the Chairman of the Board to the Board.
Duties	Executive shall have such duties and authority, consistent with her position, as may be assigned from time to time by the Board. For so long as the Executive serves as the Chief Executive Officer of the Signet Group during the term of the Executive’s employment with the Company or any of its subsidiaries or affiliates, the Executive shall, subject to the provisions of the Bylaws of Signet, also serve as a member of the Board and shall, if requested by the Company, also serve as a member of the board of directors of any of Signet’s or the Company’s subsidiaries without additional compensation. Executive shall devote her full business time and best efforts to the performance of her duties and will not engage in any other business, profession or occupation for compensation or otherwise which would directly or indirectly conflict or interfere with the rendition of such services, without the prior written consent of the Board; provided Executive may (i) serve on any board of directors or trustees of any charitable or educational organization or engage in other charitable, civic and professional activities, (ii) continue to serve on the board of directors of American Financial Group, Inc., and (iii) subject to the prior approval of the Board, in its sole discretion, Executive may accept appointment to any board of directors of any business entity; provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of the Executive’s duties or breach the terms of Section 3 or 4 of the Agreement.
Annual Base Salary	Annual rate of $1,500,000, subject to annual review and adjustment by the Compensation Committee. Base Salary shall not be reduced unless there is a comparable reduction in the base salaries of other named executive officers of Signet.

STIP Bonus	Target STIP Bonus: 150% of Base Salary upon achievement of performance objectives at target for the applicable fiscal year of Signet. STIP Bonus may be less than or greater than Target STIP Bonus, based upon achievement of performance objectives against target levels, up to 300% of Base Salary.
LTIP	Annual consideration for long-term awards (as determined in the Compensation Committee’s sole discretion) made in accordance with the terms of the LTIP.
Employee Benefits	Eligible for all Company health, life and disability insurance and other welfare, and retirement, savings, deferred compensation and fringe employee benefit plans, as in effect from time to time, on the same basis as those benefits are generally made available to senior executives of the Company. Eligible for reimbursement of reasonable business expenses incurred by the Executive during employment in the performance of the Executive’s duties, in accordance with Company policies and subject to timely submission of reimbursement requests.
Time Off	Executive shall be entitled to time off as provided under the Signet US Time Off Program, as in effect from time to time.
Director and Officer Insurance	The Company shall keep in force for the Executive coverage under a directors and officers liability insurance policy, such coverage to be at a level no less than that maintained for substantially all of the executive officers of the Company or Signet (during the period the Executive is an executive officer of Signet) and substantially all of the members of the Board of Directors of Signet (during any period the Executive is a member of the Board of Directors of Signet).
Legal Fee Reimbursement	The Company shall pay the reasonable legal fees incurred by Executive in negotiating the terms of this Agreement up to $20,000.
Executive Representations	Executive represents and warrants to the Company that the performance by Executive of the duties set forth on the Agreement and this Schedule 1 shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which the Executive is a party or otherwise bound.

SCHEDULE 2

TERMINATION PAYMENTS TABLE

For purposes of the table below:

· “Full-Year Achievement” means, with respect to any STIP Bonus or LTIP award, the amount of that bonus the Executive would have received or the amount of that award that would have vested (as applicable) had the Executive remained employed with the Company through the end of the applicable vesting period in which employment terminated, based on actual performance during the applicable performance cycle.

· “LTIP” means the Long-Term Incentive Plan.

· “Pro-Rated Achievement” means an amount equal to the Full-Year Achievement pro-rated for the number of calendar days employed out of the number of days in the applicable performance cycle or vesting period.

· “Pro-Rated Target” means, with respect to any Target, an amount equal to that Target pro-rated for the number of calendar days employed out of the number of calendar days in such performance cycle or vesting period.

· “Target” means, with respect to any: (i) STIP Bonus, the targeted amount of that STIP Bonus; (ii) performance-based LTIP award, the amount of that award that would have vested upon achieving target performance during the applicable performance cycle; and (iii) time-based LTIP award, the amount of that award that would have vested if the Executive had remained employed during the full vesting period.

Capitalized terms used but not otherwise defined in this Schedule 2 shall have the meanings ascribed to them in the Agreement to which this Schedule 2 is attached.

Compensation Type	Involuntary Termination without Cause	Death	Disability	Retirement	Involuntary Termination without Cause or Resignation for Good Reason within one year following a Change of Control
Salary	1.5 x 12 months (TPA, §3(c)(i))	6 months (TPA, §3(e)(i))	None, except under disability plans	None	1.5 x 12 months (TPA, §3(d)(i))
STIP Bonus	(1.5 x Target) + Pro-Rated Achievement (TPA, §3(c)(i)-(ii))	Pro-Rated Achievement (TPA, §3(e)(ii))	Pro-Rated Achievement (TPA, §3(f)(ii))	Pro-Rated Achievement (TPA, §3(g)(i))	(1.5 x Target) + Pro-Rated Achievement (TPA, §3(d)(i)-(ii))
PSU Awards under LTIP	Pro-Rated Achievement (TPA, §3(c)(iii)(1))	Pro-Rated Target, subject to a six-month holding period following the grant date (TPA, §3(e)(iii); PSU Award, §2(b)(i))	Pro-Rated Target, subject to a six-month holding period following the grant date (TPA, §3(f)(iii); PSU Award, §2(b)(ii))	Continued Vesting, subject to a six-month holding period following the grant date (TPA, §3(g)(ii); PSU Award, §2(b)(ii))	Unless awards are vested for all on a pro-rata basis at time of Change of Control, receive Full-Year Achievement, but with performance measured against goals that are also pro-rated, see agreement for more details: (TPA, §3(d)(iii); PSU Award, §3(b)(ii) and “Replacement Award”)
RSU Awards under LTIP	Pro-Rated Target (TPA, §3(c)(iii)(2))	Pro-Rated Target, subject to a six-month holding period following the grant date (TPA, §3(e)(iii); RSU Award, §2(b))	Pro-Rated Target, subject to a six-month holding period following the grant date (TPA, §3(f)(iii); RSU Award, §2(b))	Continued Vesting, subject to a six-month holding period following the grant date (TPA, §3(g)(ii); RSU Award, §2(b))	Unless awards are vested for all on a pro-rata basis at time of Change of Control, receive full vesting at Target, see agreement for more details: (TPA, §3(d)(iii); RSU Award, §2(c)(ii) and “Replacement Award”)
Employer Contribution to COBRA	12 months or until such earlier termination of COBRA coverage (TPA, §3(c)(iv))	None	None	None	18 months or until such earlier termination of COBRA coverage (TPA, §3(d)(iv))

EXHIBIT A

RELEASE

This RELEASE (“Release”) dated as of ___________, 20__ between Sterling Jewelers Inc., a Delaware corporation (the “Company”), and Virginia Drosos (the “Executive”).

WHEREAS, the Company and the Executive previously entered into that certain Amended and Restated Termination Protection Agreement dated [________], 2022 (the “Agreement”); and

WHEREAS, the Executive’s employment with the Company has terminated effective ______ __, 20__ (“Termination Date”).

NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein and in the Agreement, the Company and the Executive agree as follows:

1. Capitalized terms not defined herein shall have the meaning as defined under the Agreement.

2. In consideration of the Executive’s release under Paragraph 3 hereof, the Company shall pay to the Executive or provide benefits to the Executive as set forth in Section 3, as applicable, of the Agreement, which is attached hereto and made a part hereof.

3. The Executive, on Executive’s own behalf and on behalf of Executive’s heirs, estate and beneficiaries, does hereby release the Company, and in such capacities, any of its subsidiaries or affiliates, and each past or present officer, director, agent, employee, shareholder, and insurer of any such entities, from any and all claims made, to be made, or which might have been made of whatever nature, whether known or unknown, from the beginning of time, including those that arose as a consequence of Executive’s employment with the Company, or arising out of the severance of such employment relationship, or arising out of any act committed or omitted during or after the existence of such employment relationship, all up through and including the date on which this Release is executed, including, without limitation, any tort and/or contract claims, common law or statutory claims, claims under any local, state or federal wage and hour law, wage collection law or labor relations law, claims under any common law or other statute, claims of age, race, sex, sexual orientation, religious, disability, national origin, ancestry, citizenship, retaliation or any other claim of employment discrimination, including under Title VII of the Civil Rights Acts of 1964 and 1991, as amended (42 U.S.C. §§ 2000e et seq.), Age Discrimination in Employment Act, as amended (29 U.S.C. §§ 621, et seq.); the Americans with Disabilities Act (42 U.S.C. §§ 12101 et seq.), the Rehabilitation Act of 1973 (29 U.S.C. 701 et seq.), the Family and Medical Leave Act (29 U.S.C. §§ 2601 et seq.), the Fair Labor Standards Act (29 U.S.C. §§ 201 et seq.), the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. §§ 1001 et seq.) and any other law (including any state or local law or ordinance) prohibiting employment discrimination or relating to employment, retaliation in employment, termination of employment, wages, benefits or otherwise. In connection with this release provision, the Executive does not waive the Executive’s right to file a charge with the EEOC or participate in an investigation conducted by the EEOC; however, the Executive expressly waives the Executive’s right to monetary or other relief should any administrative agency, including but not limited to the EEOC, pursue any claim on the Executive’s behalf,

except that the Executive is not prohibited from receiving any monetary award from the Securities and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934. The Executive relinquishes any right to future employment with the Company and the Company shall have the right to refuse to re-employ the Executive, in each case without liability of the Executive or the Company. The Executive acknowledges and agrees that even though claims and facts in addition to those now known or believed by her to exist may subsequently be discovered, it is Executive’s intention to fully settle and release all claims she may have against the Company and the persons and entities described above, whether known, unknown or suspected.

4. The Company and the Executive acknowledge and agree that the release contained in Paragraph 3 does not, and shall not be construed to, release or limit the scope of any existing obligation of the Company and/or any of its subsidiaries or affiliates (i) to indemnify the Executive for Executive’s acts as an officer or director of Company in accordance with the Certificate of Incorporation and all agreements thereunder, (ii) to pay any amounts or benefits pursuant to Paragraph 2 of this Release or any Accrued Rights (as defined in the Agreement) to which the Executive is entitled under the Agreement, or (iii) with respect to the Executive’s rights as a shareholder of the Company, Signet or any of their subsidiaries.

5. Executive acknowledges that pursuant to the Release set forth in Paragraph 3 above, Executive is waiving and releasing any rights she may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that Executive’s waiver and release of such rights is knowing and voluntary. Executive acknowledges that the consideration given for the ADEA waiver and release under this Release is in addition to anything of value to which Executive was already entitled.

(a) Executive further acknowledges that she has been advised by this writing that:

(i) Executive should consult with an attorney prior to executing this Release and has had an opportunity to do so;

(ii) Executive has up to twenty-one (21) days within which to consider this ADEA waiver and release;

(iii) Executive has seven (7) days following Executive’s execution of this Release to revoke this ADEA waiver and release, but only by providing written notice of such revocation to the Company in accordance with the “Notice” provision in Section 11(f) of the Agreement;

(iv) the ADEA waiver and release shall not be effective until the seven (7) day revocation period has expired; and

(v) the twenty-one (21) day period set forth above shall run from the date Executive receives this Release. The parties agree that any modifications made to this Release prior to its execution shall not restart, or otherwise affect, this twenty-one day (21) period.

(b) It is the intention of the parties in executing this Release that this Release shall be effective as a full and final accord and satisfaction and release of and from all liabilities,

disputes, claims and matters covered under this Release, known or unknown, suspected or unsuspected.

6. This Release shall become effective on the first (1st) day following the day that this Release becomes irrevocable under Paragraph 5. All payments due to the Executive shall be payable in accordance with the terms of the Agreement.

[Remainder of page intentionally blank]

IN WITNESS WHEREOF, the parties have executed this Release on the date first above written.

STERLING JEWELERS INC.

By:______________________________

Name:

Title:

Date:

VIRGINIA DROSOS

__________________________________

Date:

EX-22.1

Exhibit 22.1

LIST OF SUBSIDIARY GUARANTORS

Signet UK Finance plc (the “Issuer”), a 100% owned subsidiary of Signet Jewelers Limited (the “Parent”), has $147.5 million principal amount outstanding of 4.700% Senior Notes due 2024 (the “Senior Notes”). As of April 30, 2022, Parent, along with the following 100% owned subsidiaries, are guarantors of the outstanding Senior Notes:

Name of Entity	Place of Incorporation or Organization
SIGNET US FINANCE LIMITED	England & Wales
SIGNET GROUP LIMITED	England & Wales
SIGNET TRADING LIMITED	England & Wales
SIGNET US HOLDINGS, INC.	Delaware
SIGNET U.S. SERVICES INC.	Delaware
SIGNET GROUP TREASURY SERVICES INC.	Delaware
STERLING JEWELERS INC.	Delaware
STERLING ECOMM LLC	Delaware
SIGNET GROUP SERVICES US INC.	Delaware
STERLING INC.	Ohio
ZALE CORPORATION	Delaware
ZALE DELAWARE, INC	Delaware
ZALE INTERNATIONAL, INC.	Delaware
ZAP, INC.	Delaware
ZGCO, LLC	Virginia
TXDC, L.P.	Texas
ZALE CANADA CO.	Canada
ZCSC, LLC	Delaware
ZALE PUERTO RICO, INC.	Puerto Rico
SIGNET SERVICE PLANS, INC.	Ohio

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Virginia C. Drosos, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Signet Jewelers Limited (the “Report”);

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this Report;

4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

(d) Disclosed in this Report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter (the company’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: June 9, 2022

By:	/s/ Virginia C. Drosos
Name:	Virginia C. Drosos
Title:	Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Joan Hilson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Signet Jewelers Limited (the “Report”);

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this Report;

4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

(d) Disclosed in this Report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter (the company’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: June 9, 2022

By:	/s/ Joan Hilson
Name:	Joan Hilson
Title:	Chief Financial and Strategy Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Virginia C. Drosos, as Chief Executive Officer of Signet Jewelers Limited (the “Company”), hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the accompanying Quarterly Report on Form 10-Q for the period ended April 30, 2022, as filed with the US Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 9, 2022

By:	/s/ Virginia C. Drosos
Name:	Virginia C. Drosos
Title:	Chief Executive Officer (Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Joan Hilson, as Chief Financial and Strategy Officer of Signet Jewelers Limited (the “Company”), hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the accompanying Quarterly Report on Form 10-Q for the period ended April 30, 2022, as filed with the US Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 9, 2022

By:	/s/ Joan Hilson
Name:	Joan Hilson
Title:	Chief Financial and Strategy Officer (Principal Financial Officer)

XML

Cover Page - shares	3 Months Ended
	Apr. 30, 2022	Jun. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	1-32349
Entity Registrant Name	SIGNET JEWELERS LIMITED
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	296 5872
Title of 12(b) Security	Common Shares of $0.18 each
Trading Symbol	SIG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,514,362
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q1
Entity Central Index Key	0000832988
Current Fiscal Year End Date	--01-28

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Statement [Abstract]
Sales	$ 1,838.3	$ 1,688.8
Cost of sales	(1,114.6)	(1,010.4)
Gross margin	723.7	678.4
Selling, general and administrative expenses	(533.1)	(512.0)
Other operating income (expense)	(190.4)	2.3
Operating income	0.2	168.7
Interest expense, net	(4.4)	(3.9)
Other non-operating income (expense)	(134.5)	0.1
Income (loss) before income taxes	(138.7)	164.9
Income taxes	55.2	(26.5)
Net income (loss)	(83.5)	138.4
Dividends on redeemable convertible preferred shares	(8.6)	(8.6)
Net income (loss) attributable to common shareholders	$ (92.1)	$ 129.8
Earnings (loss) per common share:
Basic (usd per share)	$ (1.89)	$ 2.49
Diluted (usd per share)	$ (1.89)	$ 2.23
Weighted average common shares outstanding:
Basic (shares)	48.8	52.1
Diluted (shares)	48.8	62.0

XML

Condensed Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Pre-tax amount
Foreign currency translation adjustments	$ (16.8)	$ 6.7
Available-for-sale securities:
Unrealized loss	(0.3)	(0.1)
Cash flow hedges:
Unrealized gain (loss)	1.2	(0.1)
Reclassification adjustment for losses (gains) to earnings	0.0	0.2
Pension plan:
Actuarial gain (loss)	(0.5)	0.0
Reclassification adjustment for amortization of actuarial losses to earnings	0.9	0.2
Reclassification adjustment for amortization of net prior service costs to earnings	0.1	0.0
Reclassification adjustment for pension settlement loss to earnings	131.9	0.0
Total other comprehensive income	116.5	6.9
Tax (expense) benefit
Foreign currency translation adjustments	0.0	0.0
Available-for-sale securities:
Unrealized loss	0.0	0.0
Cash flow hedges:
Unrealized gain (loss)	(0.2)	0.0
Reclassification adjustment for losses (gains) to earnings	0.0	0.0
Pension plan:
Actuarial gain (loss)	0.1	0.0
Reclassification adjustment for amortization of actuarial losses to earnings	(0.2)	0.0
Reclassification adjustment for amortization of net prior service costs to earnings	0.0	0.0
Reclassification adjustment for pension settlement loss to earnings	(25.0)	0.0
Total other comprehensive income	(25.3)	0.0
After-tax amount
Net income (loss)	(83.5)	138.4
Foreign currency translation adjustments	(16.8)	6.7
Available-for-sale securities:
Unrealized loss	(0.3)	(0.1)
Cash flow hedges:
Unrealized gain (loss)	1.0	(0.1)
Reclassification adjustment for losses (gains) to earnings	0.0	0.2
Pension plan:
Actuarial gain (loss)	(0.4)	0.0
Reclassification adjustment for amortization of actuarial losses to earnings	0.7	0.2
Reclassification adjustment for amortization of net prior service costs to earnings	0.1	0.0
Reclassification adjustment for pension settlement loss to earnings	106.9	0.0
Total other comprehensive income	91.2	6.9
Total comprehensive income	$ 7.7	$ 145.3

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current assets:
Cash and cash equivalents	$ 927.6	$ 1,418.3	$ 1,298.4
Accounts receivable, net	17.1	19.9	78.9
Other current assets	209.9	208.6	187.1
Income taxes	144.7	23.2	58.4
Inventories	2,216.2	2,060.4	2,019.0
Total current assets	3,515.5	3,730.4	3,641.8
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,265.9 (January 29, 2022 and May 1, 2021: $1,248.9 and $1,208.7, respectively)	561.1	575.9	544.5
Operating lease right-of-use assets	1,141.8	1,206.6	1,301.2
Goodwill	486.4	484.6	244.9
Intangible assets, net	313.5	314.2	190.6
Other assets	232.4	226.1	241.0
Deferred tax assets	35.6	37.3	16.8
Total assets	6,286.3	6,575.1	6,180.8
Current liabilities:
Accounts payable	880.7	899.8	700.1
Accrued expenses and other current liabilities	610.6	501.6	517.2
Deferred revenue	336.9	341.3	310.0
Operating lease liabilities	287.2	300.0	345.7
Income taxes	24.4	28.0	24.5
Total current liabilities	2,139.8	2,070.7	1,897.5
Non-current liabilities:
Long-term debt	147.1	147.1	146.8
Operating lease liabilities	948.1	1,005.1	1,087.3
Other liabilities	103.7	117.6	108.9
Deferred revenue	867.1	857.6	797.7
Deferred tax liabilities	171.1	160.9	171.1
Total liabilities	4,376.9	4,359.0	4,209.3
Commitments and contingencies
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (January 29, 2022 and May 1, 2021: 0.625 shares outstanding, respectively)	652.6	652.1	650.9
Shareholders’ equity:
Common shares of $.18 par value: authorized 500 shares, 46.5 shares outstanding (January 29, 2022 and May 1, 2021: 49.9 and 52.7 outstanding, respectively)	12.6	12.6	12.6
Additional paid-in capital	236.8	231.2	252.2
Other reserves	0.4	0.4	0.4
Treasury shares at cost: 23.5 shares (January 29, 2022 and May 1, 2021: 20.1 and 17.3 shares, respectively)	(1,474.2)	(1,206.7)	(965.2)
Retained earnings	2,740.9	2,877.4	2,304.2
Accumulated other comprehensive loss	(259.7)	(350.9)	(283.6)
Total shareholders’ equity	1,256.8	1,564.0	1,320.6
Total liabilities, redeemable convertible preferred shares and shareholders’ equity	$ 6,286.3	$ 6,575.1	$ 6,180.8

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Accumulated depreciation	$ 1,265.9	$ 1,248.9	$ 1,208.7
Common shares, par value (usd per share)	$ 0.18	$ 0.18	$ 0.18
Common shares, authorized (shares)	500,000,000	500,000,000	500,000,000
Common shares, outstanding (shares)	46,500,000	49,900,000	52,700,000
Treasury shares, shares (shares)	23,500,000	20,100,000	17,300,000
Series A Redeemable Convertible Preferred Stock
Preferred shares, par value (usd per share)	$ 0.01	$ 0.01	$ 0.01
Preferred shares, authorized (shares)	500,000,000	500,000,000	500,000,000
Preferred shares, outstanding (shares)	625,000	625,000	625,000

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Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Cash flows from operating activities
Net income (loss)	$ (83.5)	$ 138.4
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	40.0	42.1
Amortization of unfavorable contracts	(0.5)	(1.4)
Share-based compensation	10.5	8.0
Deferred taxation	(14.9)	9.5
Pension settlement loss	131.9	0.0
Other non-cash movements	5.1	2.0
Changes in operating assets and liabilities, net of acquisitions:
Decrease in accounts receivable	2.8	9.8
(Increase) decrease in other assets and other receivables	(7.3)	44.0
(Increase) decrease in inventories	(167.3)	19.3
Decrease in accounts payable	(23.6)	(122.2)
Increase in accrued expenses and other liabilities	105.1	18.0
Change in operating lease assets and liabilities	(4.4)	(31.2)
Increase in deferred revenue	5.4	34.4
Change in income tax receivable and payable	(125.6)	(8.4)
Pension plan contributions	(9.2)	(1.2)
Net cash (used in) provided by operating activities	(135.5)	161.1
Investing activities
Purchase of property, plant and equipment	(20.8)	(11.3)
Purchase of available-for-sale securities	0.0	(1.0)
Proceeds from sale of available-for-sale securities	0.5	1.9
Acquisitions, net of cash acquired	(1.9)	(14.4)
Net cash used in investing activities	(22.2)	(24.8)
Financing activities
Dividends paid on common shares	(9.0)	0.0
Dividends paid on redeemable convertible preferred shares	(8.2)	0.0
Repurchase of common shares	(268.2)	0.0
Other financing activities	(40.2)	(13.7)
Net cash used in financing activities	(325.6)	(13.7)
Cash and cash equivalents at beginning of period	1,418.3	1,172.5
(Decrease) increase in cash and cash equivalents	(483.3)	122.6
Effect of exchange rate changes on cash and cash equivalents	(7.4)	3.3
Cash and cash equivalents at end of period	$ 927.6	$ 1,298.4

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Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common shares at par value	Additional paid-in capital	Other reserves	Treasury shares	Retained earnings	Accumulated other comprehensive loss
Beginning Balance at Jan. 30, 2021	$ 1,190.3	$ 12.6	$ 258.8	$ 0.4	$ (980.2)	$ 2,189.2	$ (290.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	138.4					138.4
Other comprehensive income (loss)	6.9						6.9
Dividends declared: Preferred shares	(8.6)					(8.6)
Net settlement of equity-based awards	(14.4)		(14.6)		15.0	(14.8)
Share-based compensation expense	8.0		8.0
Ending Balance at May. 01, 2021	1,320.6	12.6	252.2	0.4	(965.2)	2,304.2	(283.6)
Beginning Balance at Jan. 29, 2022	1,564.0	12.6	231.2	0.4	(1,206.7)	2,877.4	(350.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(83.5)					(83.5)
Other comprehensive income (loss)	91.2						91.2
Dividends declared: Common shares	(9.3)					(9.3)
Dividends declared: Preferred shares	(8.6)					(8.6)
Repurchase of common shares	(268.2)		50.0		(318.2)
Net settlement of equity-based awards	(39.3)		(54.9)		50.7	(35.1)
Share-based compensation expense	10.5		10.5
Ending Balance at Apr. 30, 2022	$ 1,256.8	$ 12.6	$ 236.8	$ 0.4	$ (1,474.2)	$ 2,740.9	$ (259.7)

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Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, dividends (usd per share)	$ 0.20	$ 0
Preferred stock, dividends (usd per share)	$ 13.14	$ 13.14

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Organization and Principal Accounting Policies

3 Months Ended

Apr. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Principal Accounting Policies

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 period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets.

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 first quarter of the relevant fiscal years 2023 and 2022 refer to the 13 weeks ended April 30, 2022 and May 1, 2021, 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 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.

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New Accounting Pronouncements

3 Months Ended

Apr. 30, 2022

Accounting Policies [Abstract]

New Accounting Pronouncements

New accounting pronouncements

The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company.

New accounting pronouncements recently adopted

There were no new accounting pronouncements adopted during Fiscal 2023 that have 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.

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Revenue Recognition

3 Months Ended

Apr. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue recognition

The following table provides the Company’s total sales, disaggregated by banner, for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	667.3	$	—	$	—	$	667.3	$	676.8	$	—	$	—	$	676.8
Zales	347.7		—		—		347.7		370.8		—		—		370.8
Jared	314.1		—		—		314.1		284.1		—		—		284.1
Banter by Piercing Pagoda	119.0		—		—		119.0		148.8		—		—		148.8
Diamonds Direct	106.3		—		—		106.3		—		—		—		—
James Allen	93.3		—		—		93.3		101.5		—		—		101.5
Peoples	45.4		—		—		45.4		34.6		—		—		34.6
International segment banners	—		110.0		—		110.0		—		57.4		—		57.4
Other (1)	11.9		—		23.3		35.2		1.4		—		13.4		14.8
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(1) Other includes primarily sales from Signet’s diamond sourcing initiative and Rocksbox.

The following table provides the Company’s total sales, disaggregated by major product, for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by product:
Bridal	$	787.3	$	50.1	$	—	$	837.4	$	726.7	$	28.8	$	—	$	755.5
Fashion	658.2		17.7		—		675.9		661.4		9.7		—		671.1
Watches	51.5		35.2		—		86.7		46.9		17.2		—		64.1
Services (1)	166.0		7.0		—		173.0		145.9		1.7		—		147.6
Other (2)	42.0		—		23.3		65.3		37.1		—		13.4		50.5
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(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 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	1,396.5	$	89.9	$	—	$	1,486.4	$	1,299.6	$	29.5	$	—	$	1,329.1
E-commerce	300.4		20.1		—		320.5		318.4		27.9		—		346.3
Other (1)	8.1		—		23.3		31.4		—		—		13.4		13.4
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(1) Other primarily includes sales from Signet’s diamond sourcing initiative.

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 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 April 30, 2022, January 29, 2022 and May 1, 2021 were as follows:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Other current assets	$	27.9	$	28.4	$	26.4
Other assets	87.3		87.8		86.1
Total deferred selling costs	$	115.2	$	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 $10.8 million during the 13 weeks ended April 30, 2022 and $9.9 million during the 13 weeks ended May 1, 2021.

Deferred revenue

Deferred revenue as of April 30, 2022, January 29, 2022 and May 1, 2021 was as follows:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
ESP deferred revenue	$	1,125.9	$	1,116.5	$	1,049.4
Other deferred revenue (1)	78.1		82.4		58.3
Total deferred revenue	$	1,204.0	$	1,198.9	$	1,107.7
Disclosed as:
Current liabilities	$	336.9	$	341.3	$	310.0
Non-current liabilities	867.1		857.6		797.7
Total deferred revenue	$	1,204.0	$	1,198.9	$	1,107.7

(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
(in millions)	April 30, 2022		May 1, 2021
ESP deferred revenue, beginning of period	$	1,116.5	$	1,028.9
Plans sold (1)	123.8		124.1
Revenue recognized (2)	(114.4)		(103.6)
ESP deferred revenue, end of period	$	1,125.9	$	1,049.4

(1)    Includes impact of foreign exchange translation.

(2)    The Company recognized sales of $79.2 million and $72.6 million during the 13 weeks ended April 30, 2022 and May 1, 2021, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP.

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Acquisitions

3 Months Ended

Apr. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

Rocksbox

On March 29, 2021, the Company acquired all of the outstanding shares of Rocksbox Inc. (“Rocksbox”), a jewelry rental subscription business, for cash consideration of $14.6 million, net of cash acquired. The acquisition was driven by Signet's "Inspiring Brilliance" strategy and its initiatives to accelerate growth in its services offerings. Net assets acquired primarily consist of goodwill and intangible assets (see Note 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.

Diamonds Direct

On November 17, 2021, the Company acquired all of the outstanding shares of Diamonds Direct USA Inc., a Delaware corporation (“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.

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Segment Information

3 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment information

Financial information for each of Signet’s reportable segments is presented in the tables below. Signet’s chief operating decision maker utilizes segment sales and operating income, after the elimination of any inter-segment transactions, to determine resource allocations and performance assessment measures. Signet aggregates operating segments with similar economic and operating characteristics. Signet manages its business as three reportable segments: North America, International, and Other. Signet’s sales are derived from the retailing of jewelry, watches, other products and services as generated through the management of its reportable segments. The Company allocates certain support center costs between operating segments, and the remainder of the unallocated costs are included with the corporate and unallocated expenses presented.

The North America reportable segment operates across the US and Canada. Its US stores operate nationally in malls and off-mall locations 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
(in millions)	April 30, 2022		May 1, 2021
Sales:
North America segment	$	1,705.0	$	1,618.0
International segment	110.0		57.4
Other segment	23.3		13.4
Total sales	$	1,838.3	$	1,688.8
Operating income (loss):
North America segment (1)	$	24.8	$	212.0
International segment	(6.4)		(19.7)
Other segment	3.0		(0.9)
Corporate and unallocated expenses	(21.2)		(22.7)
Total operating income	0.2		168.7
Interest expense, net	(4.4)		(3.9)
Other non-operating income (expense)	(134.5)		0.1
Income (loss) before income taxes	$	(138.7)	$	164.9

(1)    Operating income during the 13 weeks ended April 30, 2022 includes $4.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition and $190.0 million related to pre-tax litigation charges. See Note 21 for additional information.

Operating income during the 13 weeks ended May 1, 2021 includes $1.1 million of acquisition-related expenses in connection with the Rocksbox acquisition; a $0.7 million credit to restructuring expense, primarily related adjustments previously recognize restructuring liabilities; and $1.5 million of net asset impairments.

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Redeemable Preferred Shares

3 Months Ended

Apr. 30, 2022

Temporary Equity [Abstract]

Redeemable Preferred Shares

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)	April 30, 2022		January 29, 2022		May 1, 2021
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		8.0		8.0
Liquidation preference (1)	$	665.0	$	665.1	$	665.0

(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 $9.4 million as of April 30, 2022 (January 29, 2022 and May 1, 2021: $9.0 million and $7.7 million, respectively).

Accretion of $0.4 million was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 weeks ended April 30, 2022 ($0.4 million for the 13 weeks ended May 1, 2021).

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Shareholders' Equity

3 Months Ended

Apr. 30, 2022

Equity [Abstract]

Shareholders' Equity

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 13 weeks ended April 30, 2022 and May 1, 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 (1)	$	0.20	$	9.3	$	—	$	—

(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 April 30, 2022, $9.3 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 first quarter of Fiscal 2023. There were no dividends declared or accrued as of May 1, 2021.

Dividends on Preferred Shares

Dividends declared on the Preferred Shares during the 13 weeks ended April 30, 2022 and May 1, 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 (1)	$	13.14	$	8.2	$	13.14	$	8.2

(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 April 30, 2022 and May 1, 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 first quarter of Fiscal 2023 and Fiscal 2022, respectively.

There were no cumulative undeclared dividends on the Preferred Shares that reduced net income (loss) attributable to common shareholders during the 13 weeks ended April 30, 2022 or May 1, 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. The 2017 Program had $145.0 million of shares authorized for repurchase remaining as of April 30, 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.

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 13 weeks ended April 30, 2022 and May 1, 2021 were as follows:

			13 weeks ended April 30, 2022					13 weeks ended May 1, 2021
(in millions, except per share amounts	Amount authorized		Shares repurchased	Amount repurchased (1)(2)		Average repurchase price per share (2)		Shares repurchased	Amount repurchased		Average repurchase price per share
2017 Program	$	1,159.4	4.3	$	318.2	$	73.42	—	$	—	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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Earnings (Loss) Per Common Share (“EPS”)

3 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share (“EPS”)

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
(in millions, except per share amounts)	April 30, 2022		May 1, 2021
Numerator:
Net income (loss) attributable to common shareholders	$	(92.1)	$	129.8
Denominator:
Weighted average common shares outstanding	48.8		52.1
EPS – basic	$	(1.89)	$	2.49

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 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 related to share awards and preferred shares is determined using the treasury stock and if-converted methods, respectively. Under the if-converted method, the preferred shares are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted EPS calculation for the entire period being presented, only in the periods in which such effect is dilutive. Additionally, in periods in which preferred shares are dilutive, cumulative dividends and accretion for issuance costs associated with the preferred shares are added back to net income (loss) attributable to common shareholders. See Note 6 for additional discussion of the Company’s preferred shares.

The computation of diluted EPS is outlined in the table below:

	13 weeks ended
(in millions, except per share amounts)	April 30, 2022		May 1, 2021
Numerator:
Net income (loss) attributable to common shareholders	$	(92.1)	$	129.8
Add: Dividends on Preferred Shares	—		8.6
Numerator for diluted EPS	$	(92.1)	$	138.4
Denominator:
Basic weighted average common shares outstanding	48.8		52.1
Plus: Dilutive effect of share awards	—		1.9
Plus: Dilutive effect of preferred shares	—		8.0
Diluted weighted average common shares outstanding	48.8		62.0
EPS – diluted	$	(1.89)	$	2.23

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
(in millions)	April 30, 2022	May 1, 2021
Share awards	2.4	—
Potential impact of preferred shares	8.0	—
Total anti-dilutive shares	10.4	—

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Apr. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss)

The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax:

							Pension plan
(in millions)	Foreign currency translation		Gains (losses) on available-for-sale securities, net		Gains (losses) on cash flow hedges		Actuarial losses		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	(16.8)		(0.3)		1.0		(0.4)		—		(16.5)
Amounts reclassified from AOCI to earnings	—		—		—		104.1		3.6		107.7
Net current period OCI	(16.8)		(0.3)		1.0		103.7		3.6		91.2
Balance at April 30, 2022	$	(261.1)	$	(0.1)	$	1.4	$	0.4	$	(0.3)	$	(259.7)

The amounts reclassified from AOCI to earnings were as follows:

	Amounts reclassified from AOCI
	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021		Statement of operations caption
Losses on cash flow hedges:
Foreign currency contracts	$	—	$	0.1	Cost of sales (see Note 16)
Commodity contracts	—		0.1		Cost of sales (see Note 16)
Total before income tax	—		0.2
Income taxes	—		—
Net of tax	—		0.2
Defined benefit pension plan items:
Amortization of unrecognized actuarial losses	0.9		0.2		Other non-operating income (expense)
Amortization of unrecognized net prior service costs	0.1		—		Other non-operating income (expense)
Pension settlement loss	131.9		—		Other non-operating income (expense)
Total before income tax	132.9		0.2
Income taxes	(25.2)		—
Net of tax	107.7		0.2
Total reclassifications, net of tax	$	107.7	$	0.4

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Income Taxes

3 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

	13 weeks ended
	April 30, 2022		May 1, 2021
Estimated annual effective tax rate before discrete items	20.6	%	18.6	%
Discrete items recognized	19.2	%	(2.5)	%
Effective tax rate recognized in statements of operations	39.8	%	16.1	%

During the 13 weeks ended April 30, 2022, the Company’s effective tax rate was higher than the US federal income tax rate, primarily as a result of the discrete tax benefits related to litigation charges of $47.7 million, the reclassification of the pension settlement loss out of AOCI of $25.0 million and the excess tax benefit for share-based compensation which vested during the year of $13.0 million.

The Company’s effective tax rate for the same period during the prior year was lower than the US federal income tax rate primarily due to the favorable impact of foreign rate differences and benefits from global reinsurance arrangements.

As of April 30, 2022, there has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified and recorded as of January 29, 2022.

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Credit Transactions

3 Months Ended

Apr. 30, 2022

Receivables [Abstract]

Credit Transactions

Credit transactions

Credit card outsourcing programs

The Company has entered into various agreements with Comenity Bank (“Comenity”) and Genesis Financial Solutions (“Genesis”) through its subsidiaries Sterling Jewelers Inc. (“Sterling”) and Zale Delaware, Inc. (“Zale”), to outsource its private label credit card programs. Under the original agreements, Comenity provided credit services to all prime credit customers for the Sterling banners, and to all credit card customers for the Zale banners. In May 2021, both the Sterling and Zale agreements with Comenity and Genesis were amended and restated to provide credit services to prime and non-prime customers.

The non-prime portion of the Sterling credit card portfolio was previously outsourced to CarVal Investors (“CarVal”), Castlelake, L.P. (“Castlelake”) and Genesis (collectively with CarVal and Castlelake, the “Investors”). Under agreements with the Investors, Signet remained the issuer of non-prime credit with investment funds managed by the Investors purchasing forward receivables at a discount rate determined in accordance with their respective agreements. Prior to March 2022 as described below, Signet held the newly issued

non-prime credit receivables on its balance sheet for two business days prior to selling the receivables to the respective counterparty in accordance with the agreements.

In March 2021, the Company provided notice to the Investors of its intent not to extend the respective agreements with such Investors beyond the expiration date of June 30, 2021. Effective July 1, 2021, all new prime and non-prime account origination will occur in accordance with the Comenity and Genesis agreements described above.

Fiscal 2023 amended and restated agreements

In March 2022, the Company entered into amended and restated receivable purchase agreements with the Investors regarding the purchase of add-on receivables on such Investors’ existing accounts. Under the amended and restated agreements, The Bank of Missouri will be the issuer for the add-on receivables on these existing accounts and the Investors will purchase the receivables from The Bank of Missouri.

In conjunction with the above agreements in March 2022, the Company entered into agreements with the Investors to transfer all existing cardholder accounts previously originated by Signet to The Bank of Missouri. Therefore, the Company will no longer originate any credit receivables with customers.

Accounts receivable, net

The following table presents the components of Signet’s accounts receivable:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Customer in-house finance receivables, net	$	—	$	—	$	61.5
Accounts receivable, trade	17.1		18.3		9.5
Accounts receivable, held for sale	—		1.6		7.9
Accounts receivable, net	$	17.1	$	19.9	$	78.9

During Fiscal 2021, the various agreements with the Investors discussed in Note 11 pertaining to the purchase of non-prime forward flow receivables were terminated and new agreements were executed which were effective until June 30, 2021. Those new agreements provided that the Investors continued to purchase add-on non-prime receivables created on existing customer accounts but Signet retained all forward flow non-prime receivables created for new customers beginning in the second quarter of Fiscal 2021. Upon expiration of the amended agreements in June 2021, Signet sold all existing customer in-house finance receivables to CarVal and Castlelake during the second quarter of Fiscal 2022. As a result of the amended and restated agreements entered into with Comenity, Genesis, and the Investors during the second quarter of Fiscal 2022, Signet no longer retains any customer in-house finance receivables.

As described in Note 11, Signet is no longer the issuer of non-prime credit for add-on purchases on existing accounts. Therefore, the Company no longer holds these non-prime credit receivables. Prior to the March 2022 amendments, receivables originated by the Company but pending transfer to the Investors as of period end were classified as “held for sale” and included in accounts receivable in the condensed consolidated balance sheets. As of January 29, 2022 and May 1, 2021, the accounts receivable held for sale were recorded at fair value.

Accounts receivable, trade primarily includes amounts receivable relating to accounts receivable from the Company’s diamond sourcing initiative in the Other reportable segment.

Customer in-house finance receivables

As discussed above, the Company began retaining certain customer in-house finance receivables beginning in the second quarter of Fiscal 2021 through the date of the portfolio sale in June 2021. The allowance for credit losses related to these receivables was an estimate of expected credit losses, measured over the estimated life of its credit card receivables that considers forecasts of future economic conditions in addition to information about past events and current conditions.

To estimate its allowance for credit losses, the Company segregated its credit card receivables into credit quality categories using the customers’ FICO scores. The following three industry standard FICO score categories were used:

•620 to 659 (“Near Prime”)

•580 to 619 (“Subprime”)

•Less than 580 (“Deep Subprime”)

The vintage year was Fiscal 2021 for all customer in-house finance receivables presented below. The following table disaggregates the Company’s customer in-house finance receivables by credit quality:

(in millions)	May 1, 2021
Near Prime	$	46.0
Subprime	26.2
Deep Subprime	10.7
Total at amortized cost	$	82.9

The following table is a rollforward of the Company’s allowance for credit losses on customer in-house finance receivables:

	13 weeks ended
(in millions)	May 1, 2021
Beginning balance	$	25.5
Provision for credit losses	(1.2)
Write-offs	(2.9)
Ending balance	$	21.4

Additions to the allowance for credit losses were made by recording charges to bad debt expense (credit losses) within selling, general and administrative expenses within the condensed consolidated statements of operations.

The following table disaggregates the Company’s customer in-house finance receivables by past due status:

(in millions)	May 1, 2021
Current	$	69.2
1 - 30 days past due	5.4
31 - 60 days past due	1.9
61 - 90 days past due	1.9
Greater than 90 days past due	4.5
Total at amortized cost	$	82.9

Interest income related to the Company’s customer in-house finance receivables is included within other operating income (expense) in the condensed consolidated statements of operations. Accrued interest was included within the same line item as the respective principal amount of the customer in-house finance receivables in the condensed consolidated balance sheets. The accrual of interest was discontinued at the time the receivable is determined to be uncollectible and written-off. The Company recognized $4.0 million of interest income on its customer in-house finance receivables during the 13 weeks ended May 1, 2021. Interest income recognition ceased at the date of the sale of the portfolio as noted above.

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Accounts Receivable, Net

3 Months Ended

Apr. 30, 2022

Receivables [Abstract]

Accounts Receivable, Net

Credit transactions

Credit card outsourcing programs

The Company has entered into various agreements with Comenity Bank (“Comenity”) and Genesis Financial Solutions (“Genesis”) through its subsidiaries Sterling Jewelers Inc. (“Sterling”) and Zale Delaware, Inc. (“Zale”), to outsource its private label credit card programs. Under the original agreements, Comenity provided credit services to all prime credit customers for the Sterling banners, and to all credit card customers for the Zale banners. In May 2021, both the Sterling and Zale agreements with Comenity and Genesis were amended and restated to provide credit services to prime and non-prime customers.

The non-prime portion of the Sterling credit card portfolio was previously outsourced to CarVal Investors (“CarVal”), Castlelake, L.P. (“Castlelake”) and Genesis (collectively with CarVal and Castlelake, the “Investors”). Under agreements with the Investors, Signet remained the issuer of non-prime credit with investment funds managed by the Investors purchasing forward receivables at a discount rate determined in accordance with their respective agreements. Prior to March 2022 as described below, Signet held the newly issued

non-prime credit receivables on its balance sheet for two business days prior to selling the receivables to the respective counterparty in accordance with the agreements.

In March 2021, the Company provided notice to the Investors of its intent not to extend the respective agreements with such Investors beyond the expiration date of June 30, 2021. Effective July 1, 2021, all new prime and non-prime account origination will occur in accordance with the Comenity and Genesis agreements described above.

Fiscal 2023 amended and restated agreements

In March 2022, the Company entered into amended and restated receivable purchase agreements with the Investors regarding the purchase of add-on receivables on such Investors’ existing accounts. Under the amended and restated agreements, The Bank of Missouri will be the issuer for the add-on receivables on these existing accounts and the Investors will purchase the receivables from The Bank of Missouri.

In conjunction with the above agreements in March 2022, the Company entered into agreements with the Investors to transfer all existing cardholder accounts previously originated by Signet to The Bank of Missouri. Therefore, the Company will no longer originate any credit receivables with customers.

Accounts receivable, net

The following table presents the components of Signet’s accounts receivable:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Customer in-house finance receivables, net	$	—	$	—	$	61.5
Accounts receivable, trade	17.1		18.3		9.5
Accounts receivable, held for sale	—		1.6		7.9
Accounts receivable, net	$	17.1	$	19.9	$	78.9

During Fiscal 2021, the various agreements with the Investors discussed in Note 11 pertaining to the purchase of non-prime forward flow receivables were terminated and new agreements were executed which were effective until June 30, 2021. Those new agreements provided that the Investors continued to purchase add-on non-prime receivables created on existing customer accounts but Signet retained all forward flow non-prime receivables created for new customers beginning in the second quarter of Fiscal 2021. Upon expiration of the amended agreements in June 2021, Signet sold all existing customer in-house finance receivables to CarVal and Castlelake during the second quarter of Fiscal 2022. As a result of the amended and restated agreements entered into with Comenity, Genesis, and the Investors during the second quarter of Fiscal 2022, Signet no longer retains any customer in-house finance receivables.

As described in Note 11, Signet is no longer the issuer of non-prime credit for add-on purchases on existing accounts. Therefore, the Company no longer holds these non-prime credit receivables. Prior to the March 2022 amendments, receivables originated by the Company but pending transfer to the Investors as of period end were classified as “held for sale” and included in accounts receivable in the condensed consolidated balance sheets. As of January 29, 2022 and May 1, 2021, the accounts receivable held for sale were recorded at fair value.

Accounts receivable, trade primarily includes amounts receivable relating to accounts receivable from the Company’s diamond sourcing initiative in the Other reportable segment.

Customer in-house finance receivables

As discussed above, the Company began retaining certain customer in-house finance receivables beginning in the second quarter of Fiscal 2021 through the date of the portfolio sale in June 2021. The allowance for credit losses related to these receivables was an estimate of expected credit losses, measured over the estimated life of its credit card receivables that considers forecasts of future economic conditions in addition to information about past events and current conditions.

To estimate its allowance for credit losses, the Company segregated its credit card receivables into credit quality categories using the customers’ FICO scores. The following three industry standard FICO score categories were used:

•620 to 659 (“Near Prime”)

•580 to 619 (“Subprime”)

•Less than 580 (“Deep Subprime”)

The vintage year was Fiscal 2021 for all customer in-house finance receivables presented below. The following table disaggregates the Company’s customer in-house finance receivables by credit quality:

(in millions)	May 1, 2021
Near Prime	$	46.0
Subprime	26.2
Deep Subprime	10.7
Total at amortized cost	$	82.9

The following table is a rollforward of the Company’s allowance for credit losses on customer in-house finance receivables:

	13 weeks ended
(in millions)	May 1, 2021
Beginning balance	$	25.5
Provision for credit losses	(1.2)
Write-offs	(2.9)
Ending balance	$	21.4

Additions to the allowance for credit losses were made by recording charges to bad debt expense (credit losses) within selling, general and administrative expenses within the condensed consolidated statements of operations.

The following table disaggregates the Company’s customer in-house finance receivables by past due status:

(in millions)	May 1, 2021
Current	$	69.2
1 - 30 days past due	5.4
31 - 60 days past due	1.9
61 - 90 days past due	1.9
Greater than 90 days past due	4.5
Total at amortized cost	$	82.9

Interest income related to the Company’s customer in-house finance receivables is included within other operating income (expense) in the condensed consolidated statements of operations. Accrued interest was included within the same line item as the respective principal amount of the customer in-house finance receivables in the condensed consolidated balance sheets. The accrual of interest was discontinued at the time the receivable is determined to be uncollectible and written-off. The Company recognized $4.0 million of interest income on its customer in-house finance receivables during the 13 weeks ended May 1, 2021. Interest income recognition ceased at the date of the sale of the portfolio as noted above.

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Inventories

3 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

The following table summarizes the details of the Company’s inventory:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Raw materials	$	107.2	$	75.8	$	72.9
Merchandise inventories	2,109.0		1,984.6		1,946.1
Total inventories	$	2,216.2	$	2,060.4	$	2,019.0

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Leases

3 Months Ended

Apr. 30, 2022

Leases [Abstract]

Leases

Leases

The Company deferred substantially all of its rent payments due in the months of April 2020 and May 2020. As of April 30, 2022, the Company had approximately $12 million of deferred rent payments remaining primarily in the UK. This remaining deferred rent is expected to be substantially repaid by the end of Fiscal 2023. The Company has not recorded any provision for interest or penalties which may arise as a result of these deferrals, as management does not believe payment for any such interest or penalties to be probable. In April 2020, the FASB granted guidance (hereinafter, the practical expedient) permitting an entity to choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract, specifically in situations where rent concessions have been agreed to with landlords as a result of COVID-19. Instead, the entity may account for COVID-19 related rent concessions, whatever their form (e.g. rent deferral, abatement or other) either: a) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or b) as lease modifications. In accordance with this practical expedient, the Company elected not to account for any concessions granted by landlords as a result of COVID-19 as lease modifications. Rent abatements under the practical expedient would be recorded as a negative variable lease cost. The Company negotiated with substantially all of its landlords and has received certain concessions in the form of rent deferrals and other lease or rent modifications. In addition, the Company recorded lease expense during the deferral periods in accordance with its existing policies.

Total lease costs consist of the following:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Operating lease cost	$	97.4	$	105.6
Short-term lease cost	12.7		0.8
Variable lease cost	29.4		30.6
Sublease income	(0.6)		(0.7)
Total lease cost	$	138.9	$	136.3

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Goodwill and Intangibles

3 Months Ended

Apr. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Goodwill and intangibles

Goodwill and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually. Additionally, if events or conditions indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value, the Company would evaluate the asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. When the carrying amount of the reporting unit or other intangible assets exceeds its fair value, an impairment charge is recorded.

Fiscal 2022

During the 13 weeks ended May 1, 2021, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceed their fair values.

In connection with the acquisition of Rocksbox on March 29, 2021, the Company recognized $11.6 million of definite-lived intangible assets and $4.6 million of goodwill, which are reported in the North America reportable segment. The weighted-average amortization period of the definite-lived intangibles assets acquired is eight years.

In connection with the acquisition of Diamonds Direct on November 17, 2021, the Company recognized $126.0 million of indefinite-lived intangible assets related to the Diamonds Direct trade name and $243.8 million of goodwill, which are reported in the North America reportable segment. Refer to Note 4 for additional information.

Fiscal 2023

During the 13 weeks ended April 30, 2022, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceed their fair values.

Goodwill

The following table summarizes the Company’s goodwill by reportable segment:

(in millions)	North America
Balance at January 29, 2022 (1)	$	484.6
Acquisitions (2)	1.8
Balance at April 30, 2022 (1)	$	486.4

(1)    The carrying amount of goodwill is presented net of accumulated impairment losses of $576.0 million as of April 30, 2022 and January 29, 2022.

(2)    The change in goodwill during the period primarily represents an increase related to the finalization of the purchase price consideration of Diamonds Direct. Refer to Note 4 for additional information.

Intangibles

Definite-lived intangible assets include trade names, technology and customer relationship assets. Indefinite-lived intangible assets consist of trade names. Both definite and indefinite-lived assets are recorded within intangible assets, net, on the condensed consolidated balance sheets. Intangible liabilities, net, consists of unfavorable contracts and is recorded within accrued expenses and other current liabilities and other liabilities on the condensed consolidated balance sheets.

The following table provides additional detail regarding the composition of intangible assets and liabilities:

	April 30, 2022						January 29, 2022						May 1, 2021
(in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets, net:
Definite-lived intangible assets	$	15.8	$	(5.9)	$	9.9	$	15.8	$	(5.3)	$	10.5	$	17.1	$	(4.6)	$	12.5
Indefinite-lived intangible assets (1)	303.6		—		303.6		303.7		—		303.7		178.1		—		178.1
Total intangible assets, net	$	319.4	$	(5.9)	$	313.5	$	319.5	$	(5.3)	$	314.2	$	195.2	$	(4.6)	$	190.6
Intangible liabilities, net	$	(38.0)	$	31.3	$	(6.7)	$	(38.0)	$	30.8	$	(7.2)	$	(38.0)	$	29.0	$	(9.0)

(1) The change in the indefinite-lived intangible asset balances during the periods presented was due to the addition of Diamonds Direct trade name of $126.0 million and the impact of foreign currency translation.

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Derivatives

3 Months Ended

Apr. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

Derivative transactions are used by Signet for risk management purposes to address risks inherent in Signet’s business operations and sources of financing. The main risks arising from Signet’s operations are market risk including foreign currency risk, commodity risk, liquidity risk and interest rate risk. Signet uses derivative financial instruments to manage and mitigate certain of these risks under policies reviewed and approved by the Board. Signet does not enter into derivative transactions for speculative purposes.

Market risk

Signet generates revenues and incurs expenses in US dollars, Canadian dollars and British pounds. As a portion of the International segment purchases and purchases made by the Canadian operations of the North America segment are denominated in US dollars, Signet enters into forward foreign currency exchange contracts and foreign currency swaps to manage this exposure to the US dollar.

Signet holds a fluctuating amount of British pounds and Canadian dollars reflecting the cash generative characteristics of operations. Signet’s objective is to minimize net foreign exchange exposure to the condensed consolidated statements of operations on non-US dollar denominated items through managing cash levels, non-US dollar denominated intra-entity balances and foreign currency swaps. In order to manage the foreign exchange exposure and minimize the level of funds denominated in British pounds and Canadian dollars, dividends are paid regularly by subsidiaries to their immediate holding companies and excess British pounds and Canadian dollars are sold in exchange for US dollars.

Signet’s policy is to reduce the impact of precious metal commodity price volatility on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Board. In particular, when price and volume warrants such actions, Signet undertakes hedging of its requirements for gold through the use of forward purchase contracts, options and net zero premium collar arrangements (a combination of forwards and option contracts).

Liquidity risk

Signet’s objective is to ensure that it has access to, or the ability to generate, sufficient cash from either internal or external sources in a timely and cost-effective manner to meet its commitments as they become due and payable. Signet manages liquidity risks as part of its overall risk management policy. Management produces forecasting and budgeting information that is reviewed and monitored by the Board. Cash generated from operations and external financing are the main sources of funding, which supplement Signet’s resources in meeting liquidity requirements.

The primary external sources of funding are an asset-based credit facility and senior unsecured notes as described in Note 18.

Interest rate risk

Signet has exposure to movements in interest rates associated with cash and borrowings. Signet may enter into various interest rate protection agreements in order to limit the impact of movements in interest rates.

Credit risk and concentrations of credit risk

Credit risk represents the loss that would be recognized at the reporting date if counterparties failed to perform as contracted. Signet does not anticipate non-performance by counterparties of its financial instruments. Signet does not require collateral or other security to support cash investments or financial instruments with credit risk; however, it is Signet’s policy to only hold cash and cash equivalent investments and to transact financial instruments with financial institutions with a certain minimum credit rating. As of April 30, 2022, management does not believe Signet is exposed to any significant concentrations of credit risk that arise from cash and cash equivalent investments, derivatives or accounts receivable.

Commodity and foreign currency risks

The following types of derivative financial instruments are utilized by Signet to mitigate certain risk exposures related to changes in commodity prices and foreign exchange rates:

Forward foreign currency exchange contracts (designated) — These contracts, which are principally in US dollars, are entered into to limit the impact of movements in foreign exchange rates on forecasted foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of April 30, 2022 was $18.8 million (January 29, 2022 and May 1, 2021: $11.2 million and $19.0 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (January 29, 2022 and May 1, 2021: 10 months and 12 months, respectively).

Forward foreign currency exchange contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of April 30, 2022 was $95.5 million (January 29, 2022 and May 1, 2021: $93.8 million and $108.8 million, respectively).

Commodity forward purchase contracts and net zero premium collar arrangements (designated) — These contracts are entered into to reduce Signet’s exposure to significant movements in the price of the underlying precious metal raw materials. Trading for these contracts was suspended during Fiscal 2022 due to the commodity price environment and there were no commodity derivative contracts outstanding as of April 30, 2022, January 29, 2022, and May 1, 2021.

The bank counterparties to the derivative instruments expose Signet to credit-related losses in the event of their non-performance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of April 30, 2022, Signet believes that this credit risk did not materially change the fair value of the foreign currency or commodity contracts.

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:

	Fair value of derivative assets
(in millions)	Balance sheet location	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.2	$	0.3	$	0.1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	—		—		0.1
Total derivative assets		$	1.2	$	0.3	$	0.2

	Fair value of derivative liabilities
(in millions)	Balance sheet location	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	—	$	—	$	(0.3)
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(2.8)		(1.3)		(0.5)
Total derivative liabilities		$	(2.8)	$	(1.3)	$	(0.8)

Derivatives designated as cash flow hedges

The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Foreign currency contracts	$	1.7	$	0.5	$	(0.6)
Commodity contracts	—		—		(0.4)
Gains (losses) recorded in AOCI	$	1.7	$	0.5	$	(1.0)

The following tables summarize the effect of derivative instruments designated as cash flow hedges on OCI and the condensed consolidated statements of operations:

Foreign currency contracts

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Gains (losses) recorded in AOCI, beginning of period		$	0.5	$	(0.7)
Current period gains (losses) recognized in OCI		1.2		—
Losses (gains) reclassified from AOCI to earnings	Cost of sales (1)	—		0.1
Gains (losses) recorded in AOCI, end of period		$	1.7	$	(0.6)

Commodity contracts

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Gains (losses) recorded in AOCI, beginning of period		$	—	$	(0.4)
Current period gains (losses) recognized in OCI		—		(0.1)
Losses (gains) reclassified from AOCI to earnings	Cost of sales (1)	—		0.1
Gains (losses) recorded in AOCI, end of period		$	—	$	(0.4)

(1)    Refer to the condensed consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges.

There were no discontinued cash flow hedges during the 13 weeks ended April 30, 2022 and May 1, 2021 as all forecasted transactions are expected to occur as originally planned. As of April 30, 2022, based on current valuations, the Company expects approximately $1.4 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months.

Derivatives not designated as hedging instruments

The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statements of operations:

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Foreign currency contracts	Other operating income (expense)	$	(4.8)	$	0.9

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Fair Value Measurement

3 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair value measurementThe estimated fair value of Signet’s financial instruments held or issued to finance Signet’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet’s intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories:

Level 1—quoted market prices in active markets for identical assets and liabilities

Level 2—observable market based inputs or unobservable inputs that are corroborated by market data

Level 3—unobservable inputs that are not corroborated by market data

Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:

	April 30, 2022						January 29, 2022						May 1, 2021
(in millions)	Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2
Assets:
US Treasury securities	$	4.4	$	4.4	$	—	$	4.5	$	4.5	$	—	$	5.1	$	5.1	$	—
Foreign currency contracts	1.2		—		1.2		0.3		—		0.3		0.2		—		0.2
US government agency securities	2.0		—		2.0		2.0		—		2.0		3.1		—		3.1
Corporate bonds and notes	5.2		—		5.2		5.8		—		5.8		6.2		—		6.2
Total assets	$	12.8	$	4.4	$	8.4	$	12.6	$	4.5	$	8.1	$	14.6	$	5.1	$	9.5
Liabilities:
Foreign currency contracts	$	(2.8)	$	—	$	(2.8)	$	(1.3)	$	—	$	(1.3)	$	(0.8)	$	—	$	(0.8)
Total liabilities	$	(2.8)	$	—	$	(2.8)	$	(1.3)	$	—	$	(1.3)	$	(0.8)	$	—	$	(0.8)

Investments in US Treasury securities are based on quoted market prices for identical instruments in active markets, and therefore were classified as Level 1 measurements in the fair value hierarchy. Investments in US government agency securities and corporate bonds and notes are based on quoted prices for similar instruments in active markets, and therefore were classified as Level 2 measurements in the fair value hierarchy. The fair value of derivative financial instruments has been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment, foreign currency forward rates or commodity forward rates, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 16 for additional information related to the Company’s derivatives.

The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities, and income taxes approximate fair value because of the short-term maturity of these amounts.

The fair values of long-term debt instruments, excluding revolving credit facilities, were determined using quoted market prices in inactive markets based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. The carrying value of the ABL Revolving Facility (as defined in Note 18) approximates fair value based on the nature of the instrument and variable interest rate, which are primarily Level 2 inputs. The following table provides a summary of the carrying amount and fair value of outstanding debt:

	April 30, 2022				January 29, 2022				May 1, 2021
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt:
Senior notes (Level 2)	$	147.1	$	147.2	$	147.1	$	150.0	$	146.8	$	150.8

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Loans, Overdrafts and Long-term Debt

3 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Loans, Overdrafts and Long-term Debt

Loans, overdrafts and long-term debt

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	147.7	$	147.7	$	147.6
Gross debt	$	147.7	$	147.7	$	147.6
Less: Unamortized debt issuance costs	(0.6)		(0.6)		(0.8)
Total long-term debt	$	147.1	$	147.1	$	146.8

Senior unsecured notes due 2024

On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.70% senior unsecured notes due in 2024 (the “Senior Notes”). The Senior Notes were issued under an effective registration statement previously filed with the SEC. The Senior Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries.

On September 5, 2019, Signet UK Finance announced the commencement of a tender offer to purchase any and all of its outstanding Senior Notes (the “Tender Offer”). Signet UK Finance tendered $239.6 million of the Senior Notes, representing a purchase price of $950.00 per $1,000.00 in principal, leaving $147.8 million of the Senior Notes outstanding after the Tender Offer.

Asset-based credit facility

On September 27, 2019, the Company entered into a senior secured asset-based credit facility consisting of (i) a revolving credit facility in an aggregate committed amount of $1.5 billion (as amended to the date hereto, the “ABL Revolving Facility”) and (ii) a first-in last-out term loan facility in an aggregate principal amount of $100.0 million (the “FILO Term Loan Facility” and, together with the ABL Revolving Facility, the “ABL Facility”). During the fourth quarter of Fiscal 2021, the Company fully repaid the FILO Term Loan Facility.

On July 28, 2021, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”) to amend the ABL Facility. The Second Amendment extended the maturity of the ABL Facility from September 27, 2024 to July 28, 2026 and allows the Company to increase the size of the ABL Facility by up to $600 million.

The Company had available borrowing capacity of $1.2 billion on the ABL Revolving Facility as of April 30, 2022.

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Warranty Reserve

3 Months Ended

Apr. 30, 2022

Other Liabilities Disclosure [Abstract]

Warranty Reserve

Warranty reserve

The North America segment provides a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. Management estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. A similar product lifetime guarantee is also provided on color gemstones. The warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities and other non-current liabilities, is as follows:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Warranty reserve, beginning of period	$	36.0	$	37.3
Warranty expense	4.7		0.7
Utilized (1)	(3.0)		(2.5)
Warranty reserve, end of period	$	37.7	$	35.5

(1)     Includes impact of foreign exchange translation.

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Disclosed as:
Current liabilities	$	10.6	$	10.2	$	10.2
Other liabilities - non-current	27.1		25.8		25.3
Total warranty reserve	$	37.7	$	36.0	$	35.5

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Other operating and non-operating income (expense)

3 Months Ended

Apr. 30, 2022

Other Income and Expenses [Abstract]

Other operating and non-operating income (expense)

Other operating and non-operating income (expense)

The following table provides the components of other operating income (expense) for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Litigation charges (1)	$	(190.0)	$	—
Interest income from customer in-house finance receivables (2)	—		4.0
Other	(0.4)		(1.7)
Other operating income (expense)	$	(190.4)	$	2.3

(1)    See Note 21 for additional information.

(2)    See Note 12 for additional information.

The following table provides the components of other non-operating income (expense) for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Pension settlement (1)	$	(131.9)	$	—
Other	(2.6)		0.1
Other non-operating income (expense)	$	(134.5)	$	0.1

(1)    See Note 22 for additional information.

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Commitments and Contingencies

3 Months Ended

Apr. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and contingencies

Legal proceedings

Employment practices

In March 2008, a group of private plaintiffs (the “Claimants”) filed a class and collective action lawsuit for an unspecified amount against Sterling Jewelers, Inc. (“SJI”), a subsidiary of Signet, in the US District Court for the Southern District of New York (“SDNY”), alleging that US store-level employment practices as to compensation and promotions discriminate on the basis of gender in purported violation of Title VII of the Civil Rights Act of 1964 (“Title VII”) and the Equal Pay Act (“EPA”). In June 2008, the SDNY referred the matter to private arbitration with the American Arbitration Association (“AAA”) where the Claimants sought to proceed on a class-wide basis. On February 2, 2015, the arbitrator issued a Class Determination Award in which she certified a class (estimated to include approximately 70,000 class members at the time) for the Claimants’ disparate impact claims for declaratory and injunctive relief under Title VII. On February 29, 2016, the arbitrator granted Claimants’ Motion for Conditional Certification of Claimants’ EPA Claims and Authorization of Notice, and notice to EPA collective action members was issued on May 3, 2016. The opt-in period for the EPA collective action closed on August 1, 2016, and the number of valid opt-in EPA Claimants is believed to be approximately 9,124. SJL challenged the arbitrator’s Class Determination Award with the SDNY. Although the SDNY vacated the Class Determination Award on January 15, 2018, on appeal the US Court of Appeals for the Second Circuit (“Second Circuit”) held that the SDNY erred and remanded the case to the SDNY to decide whether the Arbitrator erred in certifying an opt-out, as opposed to a mandatory, class for declaratory and injunctive relief. On January 27, 2021 the SDNY ordered the case remanded to the AAA for further proceedings in arbitration on a class-wide basis. Subsequently, the arbitrator retired, and the parties selected a new arbitrator to oversee the proceedings moving forward. On October 8, 2021, the newly selected arbitrator issued an amended case management plan and scheduled the arbitration hearing to begin on September 5, 2022. SJI denies the allegations of the Claimants and has been defending the case vigorously.

On June 8, 2022, SJI and the Claimants reached a settlement agreement, which is subject to preliminary and final approval after notice to the class. The proposed settlement provides for the dismissal of the arbitration with prejudice and includes payments totaling approximately $175 million. As a result of the proposed settlement, the Company recorded a pre-tax charge of $190 million within other operating expense in the condensed consolidated statement of operations during the first quarter ended April 30, 2022. The settlement charge includes the payments to the Claimants, estimated employer payroll taxes, class administration fees and Claimants’ counsel attorney fees and costs. If the agreement is approved, the Company expects to fund the settlement in the third quarter of Fiscal 2023.

On May 4, 2017, without any findings of liability or wrongdoing, SJI entered into a Consent Decree with the Equal Employment Opportunity Commission (“EEOC”) settling a previously disclosed lawsuit that alleged that SJI engaged in intentional and disparate impact gender discrimination with respect to pay and promotions of female retail store employees since January 1, 2003. On May 4, 2017 the US District Court for the Western District of New York (“WDNY”) approved and entered the Consent Decree jointly proposed by the EEOC and SJI. The Consent Decree resolves all of the EEOC’s claims against SJI in this litigation, and imposes certain obligations on SJI including the appointment of an employment practices expert to review specific policies and practices, as well as obligations relative to training, notices, reporting and record-keeping. The Consent Decree does not require an outside third-party to monitor or require any monetary payment. The duration of the Consent Decree initially was three years and three months, set to expire on August 4, 2020, but on March 11, 2020, the WDNY approved a limited extension until November 4, 2021 of a few aspects of the Consent Decree terms regarding SJI’s compensation practices, and incorporating its implementation of a new retail team member compensation program into the overall Consent Decree framework. On October 11, 2021, SJI and the EEOC agreed to a tolling stipulation, which was submitted on October 22, 2021 and entered by the WDNY on November 4, 2021, and which extended certain deadlines of the Consent Decree until December 4, 2021. SJI and the EEOC have agreed to additional extensions of the tolling stipulation while the parties negotiate the terms of an amended Consent Decree for the limited purpose of completing certain statistical analyses on SJI’s initial pay and merit increase practices for its retail store employees that the employment practices expert was required to conduct during the term of the Consent Decree.

Previously settled matters

Shareholder actions

As previously reported, on March 16, 2020, the Company entered into an agreement to settle a consolidated class action filed against the Company and certain former executives filed by various shareholders of the Company (the “Consolidated Action”). As a result of the settlement, the Company recorded a charge of $33.2 million during the fourth quarter of Fiscal 2020 in other operating income, net, which includes administration costs of $0.6 million and was recorded net of expected recoveries from the Company’s insurance carriers of $207.4 million. The settlement was fully funded in the second quarter of Fiscal 2021, and the Company contributed approximately $35 million of the $240 million settlement payment, net of insurance proceeds and including the impact of foreign currency. The Court granted final approval of the settlement on July 21, 2020.

Four additional actions were filed against the Company and certain former executives largely based on the same allegations as the Consolidated Action. Soon thereafter these four actions were filed, the Court entered orders staying these actions until entry of final judgment in the Consolidated Action. On June 27, 2020, the Company and plaintiffs in the four stayed actions (the “Opt-Out Plaintiffs”) reached a settlement in principle, which was finalized on July 10, 2020 requiring the Opt-Out Plaintiffs to rejoin the Consolidated Action. The Company recorded pre-tax charges related to the settlement of $7.5 million (net of expected insurance recovery) and $1.7 million during Fiscal 2021 and Fiscal 2022, respectively. The final amount owed to the Opt-Out Plaintiffs was paid during the first quarter of Fiscal 2023.

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Retirement Plans

3 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Retirement Plans

Retirement plans

Signet operates a defined benefit pension plan in the UK (the “Pension Scheme”) which ceased to admit new employees effective April 2004. The Pension Scheme provides benefits to participating eligible employees. Beginning in Fiscal 2014, a change to the benefit structure was implemented and members’ benefits that accumulate after that date were based upon career average salaries, whereas previously, all benefits were based on salaries at retirement. In September 2017, the Company approved an amendment to freeze benefit accruals under the Pension Scheme in an effort to reduce anticipated future pension expense. As a result of this amendment, the Company froze the pension plan for all participants with an effective date of October 2019 as elected by the plan participants. All future benefit accruals under the plan have thus ceased as of that date.

On July 29, 2021, Signet Group Limited (“SGL”), a wholly-owned subsidiary of the Company, entered into an agreement (the “Agreement”) with Signet Pension Trustee Limited (the “Trustee”), as trustee of the Pension Scheme, to facilitate the Trustee entering into a bulk purchase annuity policy ("BPA") securing accrued liabilities under the Pension Scheme with Rothesay Life Plc ("Rothesay") and subsequently, to wind up the Pension Scheme. The BPA is held by the Trustee as an asset of the Pension Scheme (the "buy-in") in anticipation of Rothesay subsequently (and in accordance with the terms of the BPA) issuing individual annuity contracts to each of the 1,909 Pension Scheme members (or their eligible beneficiaries) ("Transferred Participants") covering their accrued benefits (a full “buy-out”), following which the BPA will terminate and the Trustee will wind up the Pension Scheme (collectively, the “Transactions”).

Under the terms of the Agreement, SGL has contributed £14.0 million to date (approximately $18.9 million) to the Pension Scheme to enable the Trustee to pay for any and all costs incurred by the Trustee as part of the Transactions. The initial contribution of £7.0 million (approximately $9.7 million) was paid on August 4, 2021, and the Trustee transferred substantially all Plan assets into the BPA on August 9, 2021. SGL contributed an additional £7.0 million (approximately $9.2 million) to the Pension Scheme on March 23, 2022 to faciliate the Trustee funding the balancing premium to Rothesay. SGL is expected to contribute up to an additional

£2.0 million (approximately $2.7 million) to the Pension Scheme to enable the Trustee to pay the remaining costs of the Transactions and wind up the Pension Scheme.

On April 22, 2022, the Trustee entered into a Deed Poll agreement with Rothesay and a Deed of Assignment with SGL to facilitate the assignment of individual policies for a significant portion of the Transferred Participants (“Assigned Participants”). The Deed Poll and Deed of Assignment, collectively, irrevocably relieve SGL and the Trustee of its obligations under the policies to the Assigned Participants. In addition, during the first quarter of Fiscal 2023, certain Transferred Participants elected to take a voluntary wind-up lump sum distribution and thus no further liability exists for this group.

In the first quarter of Fiscal 2023, as a result of the Deed Poll and Deed of Assignment, as well as the voluntary lump sum distributions, the Company has determined that a transfer of all remaining risks has occurred with respect to these groups of participants. Thus, management concluded that the Company triggered settlement accounting and performed a remeasurement of the Pension Scheme, which resulted in a non-cash, pre-tax settlement charge of $131.9 million recorded within other non-operating income (expense) within the condensed consolidated statements of operations during the first quarter of Fiscal 2023. This charge relates to the pro-rata recognition of previously unrecognized actuarial losses and prior service costs out of AOCI and into earnings associated with the Assigned Participants, as well as the voluntary lump sum distributions noted above. The Company expects to settle the remaining obligations and wind up the Pension Scheme by the end of Fiscal 2023.

The components of net periodic pension benefit cost for the Pension Scheme are as follows:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Components of net periodic benefit (cost) income:
Interest cost	$	(0.9)	$	(1.0)
Expected return on plan assets	0.6		1.3
Amortization of unrecognized actuarial losses	(0.9)		(0.2)
Amortization of unrecognized net prior service costs	(0.1)		—
Pension settlement loss	(131.9)		—
Total net periodic benefit (cost) income	$	(133.2)	$	0.1

All components of net periodic benefit cost are charged to other non-operating income (expense), in the condensed consolidated statements of operations.

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Organization and Principal Accounting Policies (Policies)

3 Months Ended

Apr. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Preparation

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

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. 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

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 first quarter of the relevant fiscal years 2023 and 2022 refer to the 13 weeks ended April 30, 2022 and May 1, 2021, respectively.

Foreign Currency Translation

Foreign currency translation

The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International 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.

New Accounting Pronouncements

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.

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Revenue Recognition (Tables)

3 Months Ended

Apr. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides the Company’s total sales, disaggregated by banner, for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	667.3	$	—	$	—	$	667.3	$	676.8	$	—	$	—	$	676.8
Zales	347.7		—		—		347.7		370.8		—		—		370.8
Jared	314.1		—		—		314.1		284.1		—		—		284.1
Banter by Piercing Pagoda	119.0		—		—		119.0		148.8		—		—		148.8
Diamonds Direct	106.3		—		—		106.3		—		—		—		—
James Allen	93.3		—		—		93.3		101.5		—		—		101.5
Peoples	45.4		—		—		45.4		34.6		—		—		34.6
International segment banners	—		110.0		—		110.0		—		57.4		—		57.4
Other (1)	11.9		—		23.3		35.2		1.4		—		13.4		14.8
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(1) Other includes primarily sales from Signet’s diamond sourcing initiative and Rocksbox.

The following table provides the Company’s total sales, disaggregated by major product, for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by product:
Bridal	$	787.3	$	50.1	$	—	$	837.4	$	726.7	$	28.8	$	—	$	755.5
Fashion	658.2		17.7		—		675.9		661.4		9.7		—		671.1
Watches	51.5		35.2		—		86.7		46.9		17.2		—		64.1
Services (1)	166.0		7.0		—		173.0		145.9		1.7		—		147.6
Other (2)	42.0		—		23.3		65.3		37.1		—		13.4		50.5
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(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 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended April 30, 2022								13 weeks ended May 1, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	1,396.5	$	89.9	$	—	$	1,486.4	$	1,299.6	$	29.5	$	—	$	1,329.1
E-commerce	300.4		20.1		—		320.5		318.4		27.9		—		346.3
Other (1)	8.1		—		23.3		31.4		—		—		13.4		13.4
Total sales	$	1,705.0	$	110.0	$	23.3	$	1,838.3	$	1,618.0	$	57.4	$	13.4	$	1,688.8

(1) Other primarily includes sales from Signet’s diamond sourcing initiative.

Schedule of Deferred Selling Costs

Unamortized deferred selling costs as of April 30, 2022, January 29, 2022 and May 1, 2021 were as follows:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Other current assets	$	27.9	$	28.4	$	26.4
Other assets	87.3		87.8		86.1
Total deferred selling costs	$	115.2	$	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 $10.8 million during the 13 weeks ended April 30, 2022 and $9.9 million during the 13 weeks ended May 1, 2021.

Deferred Revenue

Deferred revenue as of April 30, 2022, January 29, 2022 and May 1, 2021 was as follows:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
ESP deferred revenue	$	1,125.9	$	1,116.5	$	1,049.4
Other deferred revenue (1)	78.1		82.4		58.3
Total deferred revenue	$	1,204.0	$	1,198.9	$	1,107.7
Disclosed as:
Current liabilities	$	336.9	$	341.3	$	310.0
Non-current liabilities	867.1		857.6		797.7
Total deferred revenue	$	1,204.0	$	1,198.9	$	1,107.7

(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
(in millions)	April 30, 2022		May 1, 2021
ESP deferred revenue, beginning of period	$	1,116.5	$	1,028.9
Plans sold (1)	123.8		124.1
Revenue recognized (2)	(114.4)		(103.6)
ESP deferred revenue, end of period	$	1,125.9	$	1,049.4

(1)    Includes impact of foreign exchange translation.

(2)    The Company recognized sales of $79.2 million and $72.6 million during the 13 weeks ended April 30, 2022 and May 1, 2021, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP.

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Acquisitions (Tables)

3 Months Ended

Apr. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Estimated Fair Value of Assets and Liabilities Assumed

The following table presents the estimated fair value of the assets acquired and liabilities assumed from Diamonds Direct at the date of acquisition:

(in millions)
Inventories	$	229.1
Property, plant and equipment	32.3
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

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Segment Information (Tables)

3 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Sales:
North America segment	$	1,705.0	$	1,618.0
International segment	110.0		57.4
Other segment	23.3		13.4
Total sales	$	1,838.3	$	1,688.8
Operating income (loss):
North America segment (1)	$	24.8	$	212.0
International segment	(6.4)		(19.7)
Other segment	3.0		(0.9)
Corporate and unallocated expenses	(21.2)		(22.7)
Total operating income	0.2		168.7
Interest expense, net	(4.4)		(3.9)
Other non-operating income (expense)	(134.5)		0.1
Income (loss) before income taxes	$	(138.7)	$	164.9

(1)    Operating income during the 13 weeks ended April 30, 2022 includes $4.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition and $190.0 million related to pre-tax litigation charges. See Note 21 for additional information.

Operating income during the 13 weeks ended May 1, 2021 includes $1.1 million of acquisition-related expenses in connection with the Rocksbox acquisition; a $0.7 million credit to restructuring expense, primarily related adjustments previously recognize restructuring liabilities; and $1.5 million of net asset impairments.

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Redeemable Preferred Shares (Tables)

3 Months Ended

Apr. 30, 2022

Temporary Equity [Abstract]

Redeemable Preferred Shares

(in millions, except conversion rate and conversion price)	April 30, 2022		January 29, 2022		May 1, 2021
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		8.0		8.0
Liquidation preference (1)	$	665.0	$	665.1	$	665.0

(1) Includes the stated value of the Preferred Shares plus any declared but unpaid dividends

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Shareholders' Equity (Tables)

3 Months Ended

Apr. 30, 2022

Equity [Abstract]

Schedule of Dividends

Dividends declared on the common shares during the 13 weeks ended April 30, 2022 and May 1, 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 (1)	$	0.20	$	9.3	$	—	$	—

(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 April 30, 2022, $9.3 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 first quarter of Fiscal 2023. There were no dividends declared or accrued as of May 1, 2021.

Dividends declared on the Preferred Shares during the 13 weeks ended April 30, 2022 and May 1, 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 (1)	$	13.14	$	8.2	$	13.14	$	8.2

(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 April 30, 2022 and May 1, 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 first quarter of Fiscal 2023 and Fiscal 2022, respectively.

Class of Treasury Stock

The share repurchase activity during the 13 weeks ended April 30, 2022 and May 1, 2021 were as follows:

			13 weeks ended April 30, 2022					13 weeks ended May 1, 2021
(in millions, except per share amounts	Amount authorized		Shares repurchased	Amount repurchased (1)(2)		Average repurchase price per share (2)		Shares repurchased	Amount repurchased		Average repurchase price per share
2017 Program	$	1,159.4	4.3	$	318.2	$	73.42	—	$	—	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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Earnings (Loss) Per Common Share (“EPS”) (Tables)

3 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic

The computation of basic EPS is outlined in the table below:

	13 weeks ended
(in millions, except per share amounts)	April 30, 2022		May 1, 2021
Numerator:
Net income (loss) attributable to common shareholders	$	(92.1)	$	129.8
Denominator:
Weighted average common shares outstanding	48.8		52.1
EPS – basic	$	(1.89)	$	2.49

Schedule of Earnings Per Share, Diluted

The computation of diluted EPS is outlined in the table below:

	13 weeks ended
(in millions, except per share amounts)	April 30, 2022		May 1, 2021
Numerator:
Net income (loss) attributable to common shareholders	$	(92.1)	$	129.8
Add: Dividends on Preferred Shares	—		8.6
Numerator for diluted EPS	$	(92.1)	$	138.4
Denominator:
Basic weighted average common shares outstanding	48.8		52.1
Plus: Dilutive effect of share awards	—		1.9
Plus: Dilutive effect of preferred shares	—		8.0
Diluted weighted average common shares outstanding	48.8		62.0
EPS – diluted	$	(1.89)	$	2.23

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share

	13 weeks ended
(in millions)	April 30, 2022	May 1, 2021
Share awards	2.4	—
Potential impact of preferred shares	8.0	—
Total anti-dilutive shares	10.4	—

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Apr. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax:

							Pension plan
(in millions)	Foreign currency translation		Gains (losses) on available-for-sale securities, net		Gains (losses) on cash flow hedges		Actuarial losses		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	(16.8)		(0.3)		1.0		(0.4)		—		(16.5)
Amounts reclassified from AOCI to earnings	—		—		—		104.1		3.6		107.7
Net current period OCI	(16.8)		(0.3)		1.0		103.7		3.6		91.2
Balance at April 30, 2022	$	(261.1)	$	(0.1)	$	1.4	$	0.4	$	(0.3)	$	(259.7)

Reclassification out of Accumulated Other Comprehensive Income

The amounts reclassified from AOCI to earnings were as follows:

	Amounts reclassified from AOCI
	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021		Statement of operations caption
Losses on cash flow hedges:
Foreign currency contracts	$	—	$	0.1	Cost of sales (see Note 16)
Commodity contracts	—		0.1		Cost of sales (see Note 16)
Total before income tax	—		0.2
Income taxes	—		—
Net of tax	—		0.2
Defined benefit pension plan items:
Amortization of unrecognized actuarial losses	0.9		0.2		Other non-operating income (expense)
Amortization of unrecognized net prior service costs	0.1		—		Other non-operating income (expense)
Pension settlement loss	131.9		—		Other non-operating income (expense)
Total before income tax	132.9		0.2
Income taxes	(25.2)		—
Net of tax	107.7		0.2
Total reclassifications, net of tax	$	107.7	$	0.4

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Income Taxes (Tables)

3 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Reconciliation of Effective Tax Rate

	13 weeks ended
	April 30, 2022		May 1, 2021
Estimated annual effective tax rate before discrete items	20.6	%	18.6	%
Discrete items recognized	19.2	%	(2.5)	%
Effective tax rate recognized in statements of operations	39.8	%	16.1	%

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Accounts Receivable, Net (Tables)

3 Months Ended

Apr. 30, 2022

Receivables [Abstract]

Accounts Receivable By Portfolio Segment

The following table presents the components of Signet’s accounts receivable:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Customer in-house finance receivables, net	$	—	$	—	$	61.5
Accounts receivable, trade	17.1		18.3		9.5
Accounts receivable, held for sale	—		1.6		7.9
Accounts receivable, net	$	17.1	$	19.9	$	78.9

Financing Receivable Credit Quality Indicators

The following table disaggregates the Company’s customer in-house finance receivables by credit quality:

(in millions)	May 1, 2021
Near Prime	$	46.0
Subprime	26.2
Deep Subprime	10.7
Total at amortized cost	$	82.9

Financing Receivable, Allowance for Credit Loss

The following table is a rollforward of the Company’s allowance for credit losses on customer in-house finance receivables:

	13 weeks ended
(in millions)	May 1, 2021
Beginning balance	$	25.5
Provision for credit losses	(1.2)
Write-offs	(2.9)
Ending balance	$	21.4

Financing Receivable, Past Due

The following table disaggregates the Company’s customer in-house finance receivables by past due status:

(in millions)	May 1, 2021
Current	$	69.2
1 - 30 days past due	5.4
31 - 60 days past due	1.9
61 - 90 days past due	1.9
Greater than 90 days past due	4.5
Total at amortized cost	$	82.9

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Inventories (Tables)

3 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The following table summarizes the details of the Company’s inventory:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Raw materials	$	107.2	$	75.8	$	72.9
Merchandise inventories	2,109.0		1,984.6		1,946.1
Total inventories	$	2,216.2	$	2,060.4	$	2,019.0

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Leases (Tables)

3 Months Ended

Apr. 30, 2022

Leases [Abstract]

Total Lease Costs for Operating Leases

Total lease costs consist of the following:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Operating lease cost	$	97.4	$	105.6
Short-term lease cost	12.7		0.8
Variable lease cost	29.4		30.6
Sublease income	(0.6)		(0.7)
Total lease cost	$	138.9	$	136.3

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Goodwill and Intangibles (Tables)

3 Months Ended

Apr. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reporting Unit

The following table summarizes the Company’s goodwill by reportable segment:

(in millions)	North America
Balance at January 29, 2022 (1)	$	484.6
Acquisitions (2)	1.8
Balance at April 30, 2022 (1)	$	486.4

(1)    The carrying amount of goodwill is presented net of accumulated impairment losses of $576.0 million as of April 30, 2022 and January 29, 2022.

(2)    The change in goodwill during the period primarily represents an increase related to the finalization of the purchase price consideration of Diamonds Direct. Refer to Note 4 for additional information.

Schedule of Finite-Lived Intangible Assets

The following table provides additional detail regarding the composition of intangible assets and liabilities:

	April 30, 2022						January 29, 2022						May 1, 2021
(in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets, net:
Definite-lived intangible assets	$	15.8	$	(5.9)	$	9.9	$	15.8	$	(5.3)	$	10.5	$	17.1	$	(4.6)	$	12.5
Indefinite-lived intangible assets (1)	303.6		—		303.6		303.7		—		303.7		178.1		—		178.1
Total intangible assets, net	$	319.4	$	(5.9)	$	313.5	$	319.5	$	(5.3)	$	314.2	$	195.2	$	(4.6)	$	190.6
Intangible liabilities, net	$	(38.0)	$	31.3	$	(6.7)	$	(38.0)	$	30.8	$	(7.2)	$	(38.0)	$	29.0	$	(9.0)

(1) The change in the indefinite-lived intangible asset balances during the periods presented was due to the addition of Diamonds Direct trade name of $126.0 million and the impact of foreign currency translation.

Schedule of Indefinite-Lived Intangible Assets

The following table provides additional detail regarding the composition of intangible assets and liabilities:

	April 30, 2022						January 29, 2022						May 1, 2021
(in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets, net:
Definite-lived intangible assets	$	15.8	$	(5.9)	$	9.9	$	15.8	$	(5.3)	$	10.5	$	17.1	$	(4.6)	$	12.5
Indefinite-lived intangible assets (1)	303.6		—		303.6		303.7		—		303.7		178.1		—		178.1
Total intangible assets, net	$	319.4	$	(5.9)	$	313.5	$	319.5	$	(5.3)	$	314.2	$	195.2	$	(4.6)	$	190.6
Intangible liabilities, net	$	(38.0)	$	31.3	$	(6.7)	$	(38.0)	$	30.8	$	(7.2)	$	(38.0)	$	29.0	$	(9.0)

(1) The change in the indefinite-lived intangible asset balances during the periods presented was due to the addition of Diamonds Direct trade name of $126.0 million and the impact of foreign currency translation.

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Derivatives (Tables)

3 Months Ended

Apr. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:

	Fair value of derivative assets
(in millions)	Balance sheet location	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	1.2	$	0.3	$	0.1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	—		—		0.1
Total derivative assets		$	1.2	$	0.3	$	0.2

	Fair value of derivative liabilities
(in millions)	Balance sheet location	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	—	$	—	$	(0.3)
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(2.8)		(1.3)		(0.5)
Total derivative liabilities		$	(2.8)	$	(1.3)	$	(0.8)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Foreign currency contracts	$	1.7	$	0.5	$	(0.6)
Commodity contracts	—		—		(0.4)
Gains (losses) recorded in AOCI	$	1.7	$	0.5	$	(1.0)

Derivative Instruments, Gain (Loss)

The following tables summarize the effect of derivative instruments designated as cash flow hedges on OCI and the condensed consolidated statements of operations:

Foreign currency contracts

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Gains (losses) recorded in AOCI, beginning of period		$	0.5	$	(0.7)
Current period gains (losses) recognized in OCI		1.2		—
Losses (gains) reclassified from AOCI to earnings	Cost of sales (1)	—		0.1
Gains (losses) recorded in AOCI, end of period		$	1.7	$	(0.6)

Commodity contracts

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Gains (losses) recorded in AOCI, beginning of period		$	—	$	(0.4)
Current period gains (losses) recognized in OCI		—		(0.1)
Losses (gains) reclassified from AOCI to earnings	Cost of sales (1)	—		0.1
Gains (losses) recorded in AOCI, end of period		$	—	$	(0.4)

(1)    Refer to the condensed consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges.

The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statements of operations:

		13 weeks ended
(in millions)	Statement of operations caption	April 30, 2022		May 1, 2021
Foreign currency contracts	Other operating income (expense)	$	(4.8)	$	0.9

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Fair Value Measurement (Tables)

3 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:

	April 30, 2022						January 29, 2022						May 1, 2021
(in millions)	Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2
Assets:
US Treasury securities	$	4.4	$	4.4	$	—	$	4.5	$	4.5	$	—	$	5.1	$	5.1	$	—
Foreign currency contracts	1.2		—		1.2		0.3		—		0.3		0.2		—		0.2
US government agency securities	2.0		—		2.0		2.0		—		2.0		3.1		—		3.1
Corporate bonds and notes	5.2		—		5.2		5.8		—		5.8		6.2		—		6.2
Total assets	$	12.8	$	4.4	$	8.4	$	12.6	$	4.5	$	8.1	$	14.6	$	5.1	$	9.5
Liabilities:
Foreign currency contracts	$	(2.8)	$	—	$	(2.8)	$	(1.3)	$	—	$	(1.3)	$	(0.8)	$	—	$	(0.8)
Total liabilities	$	(2.8)	$	—	$	(2.8)	$	(1.3)	$	—	$	(1.3)	$	(0.8)	$	—	$	(0.8)

Schedule of Carrying Values and Estimated Fair Values

The following table provides a summary of the carrying amount and fair value of outstanding debt:

	April 30, 2022				January 29, 2022				May 1, 2021
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt:
Senior notes (Level 2)	$	147.1	$	147.2	$	147.1	$	150.0	$	146.8	$	150.8

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Loans, Overdrafts and Long-term Debt (Tables)

3 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Summary of Loans, Overdrafts and Long-Term Debt

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Debt:
Senior unsecured notes due 2024, net of unamortized discount	$	147.7	$	147.7	$	147.6
Gross debt	$	147.7	$	147.7	$	147.6
Less: Unamortized debt issuance costs	(0.6)		(0.6)		(0.8)
Total long-term debt	$	147.1	$	147.1	$	146.8

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Warranty Reserve (Tables)

3 Months Ended

Apr. 30, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Warranty Reserve Roll forward

The warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities and other non-current liabilities, is as follows:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Warranty reserve, beginning of period	$	36.0	$	37.3
Warranty expense	4.7		0.7
Utilized (1)	(3.0)		(2.5)
Warranty reserve, end of period	$	37.7	$	35.5

(1)     Includes impact of foreign exchange translation.

(in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Disclosed as:
Current liabilities	$	10.6	$	10.2	$	10.2
Other liabilities - non-current	27.1		25.8		25.3
Total warranty reserve	$	37.7	$	36.0	$	35.5

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Other operating and non-operating income (expense) (Tables)

3 Months Ended

Apr. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component

The following table provides the components of other operating income (expense) for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Litigation charges (1)	$	(190.0)	$	—
Interest income from customer in-house finance receivables (2)	—		4.0
Other	(0.4)		(1.7)
Other operating income (expense)	$	(190.4)	$	2.3

(1)    See Note 21 for additional information.

(2)    See Note 12 for additional information.

Schedule of Other Nonoperating Expense, by Component

The following table provides the components of other non-operating income (expense) for the 13 weeks ended April 30, 2022 and May 1, 2021:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Pension settlement (1)	$	(131.9)	$	—
Other	(2.6)		0.1
Other non-operating income (expense)	$	(134.5)	$	0.1

(1)    See Note 22 for additional information.

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Retirement Plans (Tables)

3 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net periodic pension benefit cost for the Pension Scheme are as follows:

	13 weeks ended
(in millions)	April 30, 2022		May 1, 2021
Components of net periodic benefit (cost) income:
Interest cost	$	(0.9)	$	(1.0)
Expected return on plan assets	0.6		1.3
Amortization of unrecognized actuarial losses	(0.9)		(0.2)
Amortization of unrecognized net prior service costs	(0.1)		—
Pension settlement loss	(131.9)		—
Total net periodic benefit (cost) income	$	(133.2)	$	0.1

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Organization and Principal Accounting Policies (Details)	3 Months Ended
	Apr. 30, 2022 segment
Business Acquisition [Line Items]
Number of reportable segments	3
Minimum
Business Acquisition [Line Items]
Seasonal revenues, fourth quarter sales, percent	35.00%
Maximum
Business Acquisition [Line Items]
Seasonal revenues, fourth quarter sales, percent	40.00%

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Sales	$ 1,838.3	$ 1,688.8
Bridal
Disaggregation of Revenue [Line Items]
Sales	837.4	755.5
Fashion
Disaggregation of Revenue [Line Items]
Sales	675.9	671.1
Watches
Disaggregation of Revenue [Line Items]
Sales	86.7	64.1
Services
Disaggregation of Revenue [Line Items]
Sales	173.0	147.6
Other
Disaggregation of Revenue [Line Items]
Sales	65.3	50.5
Kay
Disaggregation of Revenue [Line Items]
Sales	667.3	676.8
Zales
Disaggregation of Revenue [Line Items]
Sales	347.7	370.8
Jared
Disaggregation of Revenue [Line Items]
Sales	314.1	284.1
Banter by Piercing Pagoda
Disaggregation of Revenue [Line Items]
Sales	119.0	148.8
Diamonds Direct
Disaggregation of Revenue [Line Items]
Sales	106.3	0.0
James Allen
Disaggregation of Revenue [Line Items]
Sales	93.3	101.5
Peoples
Disaggregation of Revenue [Line Items]
Sales	45.4	34.6
International segment banners
Disaggregation of Revenue [Line Items]
Sales	110.0	57.4
Other
Disaggregation of Revenue [Line Items]
Sales	35.2	14.8
Store
Disaggregation of Revenue [Line Items]
Sales	1,486.4	1,329.1
E-commerce
Disaggregation of Revenue [Line Items]
Sales	320.5	346.3
Other
Disaggregation of Revenue [Line Items]
Sales	31.4	13.4
North America
Disaggregation of Revenue [Line Items]
Sales	1,705.0	1,618.0
North America | Bridal
Disaggregation of Revenue [Line Items]
Sales	787.3	726.7
North America | Fashion
Disaggregation of Revenue [Line Items]
Sales	658.2	661.4
North America | Watches
Disaggregation of Revenue [Line Items]
Sales	51.5	46.9
North America | Services
Disaggregation of Revenue [Line Items]
Sales	166.0	145.9
North America | Other
Disaggregation of Revenue [Line Items]
Sales	42.0	37.1
North America | Kay
Disaggregation of Revenue [Line Items]
Sales	667.3	676.8
North America | Zales
Disaggregation of Revenue [Line Items]
Sales	347.7	370.8
North America | Jared
Disaggregation of Revenue [Line Items]
Sales	314.1	284.1
North America | Banter by Piercing Pagoda
Disaggregation of Revenue [Line Items]
Sales	119.0	148.8
North America | Diamonds Direct
Disaggregation of Revenue [Line Items]
Sales	106.3	0.0
North America | James Allen
Disaggregation of Revenue [Line Items]
Sales	93.3	101.5
North America | Peoples
Disaggregation of Revenue [Line Items]
Sales	45.4	34.6
North America | International segment banners
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
North America | Other
Disaggregation of Revenue [Line Items]
Sales	11.9	1.4
North America | Store
Disaggregation of Revenue [Line Items]
Sales	1,396.5	1,299.6
North America | E-commerce
Disaggregation of Revenue [Line Items]
Sales	300.4	318.4
North America | Other
Disaggregation of Revenue [Line Items]
Sales	8.1	0.0
International segment banners
Disaggregation of Revenue [Line Items]
Sales	110.0	57.4
International segment banners | Bridal
Disaggregation of Revenue [Line Items]
Sales	50.1	28.8
International segment banners | Fashion
Disaggregation of Revenue [Line Items]
Sales	17.7	9.7
International segment banners | Watches
Disaggregation of Revenue [Line Items]
Sales	35.2	17.2
International segment banners | Services
Disaggregation of Revenue [Line Items]
Sales	7.0	1.7
International segment banners | Other
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | Kay
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | Zales
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | Jared
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | Banter by Piercing Pagoda
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | Diamonds Direct
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | James Allen
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | Peoples
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | International segment banners
Disaggregation of Revenue [Line Items]
Sales	110.0	57.4
International segment banners | Other
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
International segment banners | Store
Disaggregation of Revenue [Line Items]
Sales	89.9	29.5
International segment banners | E-commerce
Disaggregation of Revenue [Line Items]
Sales	20.1	27.9
International segment banners | Other
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other
Disaggregation of Revenue [Line Items]
Sales	23.3	13.4
Other | Bridal
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Fashion
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Watches
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Services
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Other
Disaggregation of Revenue [Line Items]
Sales	23.3	13.4
Other | Kay
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Zales
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Jared
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Banter by Piercing Pagoda
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Diamonds Direct
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | James Allen
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Peoples
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | International segment banners
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Other
Disaggregation of Revenue [Line Items]
Sales	23.3	13.4
Other | Store
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | E-commerce
Disaggregation of Revenue [Line Items]
Sales	0.0	0.0
Other | Other
Disaggregation of Revenue [Line Items]
Sales	$ 23.3	$ 13.4

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Revenue Recognition - Unamortized Deferred Selling Costs (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Revenue from Contract with Customer [Abstract]
Other current assets	$ 27.9	$ 28.4	$ 26.4
Other assets	87.3	87.8	86.1
Total deferred selling costs	$ 115.2	$ 116.2	$ 112.5

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Revenue Recognition- Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Extended Service Plans and Lifetime Warranty Agreements
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization	$ 10.8	$ 9.9

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Revenue Recognition - ESP and Voucher Promotions (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021	Jan. 30, 2021
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 1,204.0	$ 1,198.9	$ 1,107.7
Current liabilities	336.9	341.3	310.0
Non-current liabilities	867.1	857.6	797.7
ESP deferred revenue
Disaggregation of Revenue [Line Items]
Total deferred revenue	1,125.9	1,116.5	1,049.4	$ 1,028.9
Other deferred revenue
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 78.1	$ 82.4	$ 58.3

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Revenue Recognition - ESP Deferred Revenue Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Change in Contract with Customer, Liability [Roll Forward]
ESP deferred revenue, beginning of period	$ 1,198.9
Plans sold	5.4	$ 34.4
ESP deferred revenue, end of period	1,204.0	1,107.7
Extended Service Plan
Change in Contract with Customer, Liability [Roll Forward]
ESP deferred revenue, beginning of period	1,116.5	1,028.9
Plans sold	123.8	124.1
Revenue recognized	(114.4)	(103.6)
ESP deferred revenue, end of period	1,125.9	1,049.4
Extended Service Plan and Voucher Promotions
Change in Contract with Customer, Liability [Roll Forward]
Revenue recognized	$ (79.2)	$ (72.6)

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Acquisitions - Narrative (Detail) - USD ($)			3 Months Ended		5 Months Ended
	Nov. 17, 2021	Mar. 29, 2021	Apr. 30, 2022	May 01, 2021	Apr. 30, 2022
Business Acquisition [Line Items]
Cash consideration			$ 1,900,000	$ 14,400,000
Rocksbox
Business Acquisition [Line Items]
Cash consideration		$ 14,600,000
Diamonds Direct
Business Acquisition [Line Items]
Cash consideration					$ 503,100,000
Cash acquired from acquisition	$ 14,200,000
Additional payment			$ 1,900,000
Goodwill, expected tax deductible amount	0
Diamonds Direct | Trade names
Business Acquisition [Line Items]
Intangible assets	$ 126,000,000

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Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	Nov. 17, 2021	May 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 486.4	$ 484.6		$ 244.9
Diamonds Direct
Business Acquisition [Line Items]
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

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Segment Information - Narrative (Details)	3 Months Ended
	Apr. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

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Segment Information - Summary of Activity by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Segment Reporting Information [Line Items]
Sales	$ 1,838.3	$ 1,688.8
Operating income (loss):	0.2	168.7
Interest expense, net	(4.4)	(3.9)
Other non-operating income (expense)	(134.5)	0.1
Income (loss) before income taxes	(138.7)	164.9
Pre-tax litigation charges	190.0	0.0
North America
Segment Reporting Information [Line Items]
Sales	1,705.0	1,618.0
International segment
Segment Reporting Information [Line Items]
Sales	110.0	57.4
Other segment
Segment Reporting Information [Line Items]
Sales	23.3	13.4
Reportable segments | North America
Segment Reporting Information [Line Items]
Sales	1,705.0	1,618.0
Operating income (loss):	24.8	212.0
Pre-tax litigation charges	190.0
Restructuring charges		(0.7)
Asset impairments, net		1.5
Reportable segments | North America | Diamonds Direct | Fair Value Adjustment to Inventory
Segment Reporting Information [Line Items]
Operating income (loss):	(4.4)
Reportable segments | North America | Rocksbox
Segment Reporting Information [Line Items]
Acquisition and integration related costs		1.1
Reportable segments | International segment
Segment Reporting Information [Line Items]
Sales	110.0	57.4
Operating income (loss):	(6.4)	(19.7)
Reportable segments | Other segment
Segment Reporting Information [Line Items]
Sales	23.3	13.4
Operating income (loss):	3.0	(0.9)
Corporate and unallocated expenses
Segment Reporting Information [Line Items]
Operating income (loss):	$ (21.2)	$ (22.7)

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Redeemable Preferred Shares - Narrative (Details) - Series A Redeemable Convertible Preferred Stock - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Oct. 05, 2016	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued (shares)	625,000
Preferred stock, purchase price	$ 625.0
Shares issued, price per share (usd per share)	$ 1,000
Preferred stock, dividend rate, percentage		5.00%
Payments of stock issuance costs	$ 13.7
Accumulated accretion of dividends		$ 9.4	$ 7.7	$ 9.0
Accretion to redemption value		$ 0.4	$ 0.4

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Redeemable Preferred Shares - Redeemable Preferred Shares (Details) - Series A Redeemable Convertible Preferred Stock $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Apr. 30, 2022 USD ($) $ / shares shares	May 01, 2021 USD ($) $ / shares shares	Jan. 29, 2022 USD ($) $ / shares shares
Temporary Equity [Line Items]
Conversion rate	12.2297	12.2297	12.2297
Conversion price (usd per share) | $ / shares	$ 81.7682	$ 81.7682	$ 81.7682
Potential impact of preferred shares if-converted to common shares (shares) | shares	8.0	8.0	8.0
Liquidation preference | $	$ 665.0	$ 665.0	$ 665.1

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Shareholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Dividends Payable [Line Items]
Common stock, dividends (usd per share)	$ 0.20	$ 0
Dividends, common stock	$ 9.3	$ 0.0
Dividends declared per preferred share (usd per share)	$ 13.14	$ 13.14
Dividends, preferred stock	$ 8.2	$ 8.2
Common Stock | Accrued expenses and other current liabilities
Dividends Payable [Line Items]
Dividends payable	9.3
Series A Redeemable Convertible Preferred Stock | Accrued expenses and other current liabilities
Dividends Payable [Line Items]
Dividends payable	$ 8.2	$ 8.2

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Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions			3 Months Ended
	Mar. 14, 2022	Jan. 24, 2022	Apr. 30, 2022	May 01, 2021	Jun. 09, 2022	Jan. 29, 2022	Jan. 21, 2022
Class of Stock [Line Items]
Amount of preferred dividends in arrears			$ 0	$ 0
Accelerated share repurchases, total Value committed to repurchase							$ 250,000,000
Accelerated share repurchases, payment		$ 250,000,000
Treasury stock, shares, acquired	0.8	2.5
Accelerated share repurchases, initial price paid per share		$ 80
Accelerated share repurchases, prepayment amount, percent paid up front		80.00%
Accelerated share repurchases, prepayment amount, percent to be paid upon final settlement	20.00%
2017 Program
Class of Stock [Line Items]
Increase to authorized amount						$ 559,400,000
Amount authorized			1,159,400,000			$ 1,200,000,000
Remaining authorized repurchase amount			$ 145,000,000
2017 Program | Subsequent Event
Class of Stock [Line Items]
Increase to authorized amount					$ 500,000,000
Amount authorized					$ 1,700,000,000

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Shareholders' Equity - Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Class of Stock [Line Items]
Amount repurchased	$ 268.2
2017 Program
Class of Stock [Line Items]
Amount authorized	$ 1,159.4		$ 1,200.0
Shares repurchased (shares)	4.3	0.0
Amount repurchased	$ 318.2	$ 0.0
Average repurchase price per share (usd per share)	$ 73.42
Accelerated Share Repurchase
Class of Stock [Line Items]
Amount repurchased	$ 50.0

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Earnings (Loss) Per Common Share (“EPS”) - Schedule of Basic Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings Per Share, Basic [Abstract]
Net income (loss) attributable to common shareholders	$ (92.1)	$ 129.8
Basic weighted average common shares outstanding (shares)	48.8	52.1
EPS – basic (usd per share)	$ (1.89)	$ 2.49

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Earnings (Loss) Per Common Share (“EPS”) - Schedule of Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings Per Share, Basic [Abstract]
Net income (loss) attributable to common shareholders	$ (92.1)	$ 129.8
Add: Dividends on Preferred Shares	0.0	8.6
Numerator for diluted EPS	$ (92.1)	$ 138.4
Earnings Per Share, Diluted [Abstract]
Basic weighted average common shares outstanding (shares)	48.8	52.1
Plus: Dilutive effect of share awards (shares)	0.0	1.9
Plus: Dilutive effect of Preferred Shares (shares)	0.0	8.0
Diluted weighted average common shares outstanding (shares)	48.8	62.0
EPS – diluted (usd per share)	$ (1.89)	$ 2.23

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Earnings (Loss) Per Common Share (“EPS”) - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of earnings per share (shares)	10.4	0.0
Share awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of earnings per share (shares)	2.4	0.0
Potential impact of preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of earnings per share (shares)	8.0	0.0

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Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,564.0
Other comprehensive income (loss) (“OCI”) before reclassifications	(16.5)
Amounts reclassified from AOCI to earnings	107.7
Net current period OCI	91.2
Ending Balance	1,256.8
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(350.9)
Ending Balance	(259.7)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(244.3)
Other comprehensive income (loss) (“OCI”) before reclassifications	(16.8)
Amounts reclassified from AOCI to earnings	0.0
Net current period OCI	(16.8)
Ending Balance	(261.1)
Gains (losses) on available-for-sale securities, net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0.2
Other comprehensive income (loss) (“OCI”) before reclassifications	(0.3)
Amounts reclassified from AOCI to earnings	0.0
Net current period OCI	(0.3)
Ending Balance	(0.1)
Gains (losses) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0.4
Other comprehensive income (loss) (“OCI”) before reclassifications	1.0
Amounts reclassified from AOCI to earnings	0.0
Net current period OCI	1.0
Ending Balance	1.4
Pension plan | Actuarial losses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(103.3)
Other comprehensive income (loss) (“OCI”) before reclassifications	(0.4)
Amounts reclassified from AOCI to earnings	104.1
Net current period OCI	103.7
Ending Balance	0.4
Pension plan | Prior service costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(3.9)
Other comprehensive income (loss) (“OCI”) before reclassifications	0.0
Amounts reclassified from AOCI to earnings	3.6
Net current period OCI	3.6
Ending Balance	$ (0.3)

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Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales	$ (1,114.6)	$ (1,010.4)
Other non-operating income (expense)	(2.6)	0.1
Income taxes	55.2	(26.5)
Net income (loss)	(83.5)	138.4
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income (loss)	107.7	0.4
Losses (gains) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before income tax	0.0	0.2
Income taxes	0.0	0.0
Net income (loss)	0.0	0.2
Losses (gains) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales	0.0	0.1
Losses (gains) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Commodity contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales	0.0	0.1
Defined benefit pension plan items | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before income tax	132.9	0.2
Income taxes	(25.2)	0.0
Net income (loss)	107.7	0.2
Actuarial losses | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other non-operating income (expense)	0.9	0.2
Prior service costs | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other non-operating income (expense)	0.1	0.0
Pension settlement loss | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other non-operating income (expense)	$ 131.9	$ 0.0

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Income Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Estimated annual effective tax rate before discrete items	20.60%	18.60%
Discrete items recognized	19.20%	(2.50%)
Effective tax rate recognized in statements of operations	39.80%	16.10%

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Income taxes - Narrative (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Discrete tax benefits related to litigation charges	$ 47.7
Tax benefit due to reversal of foreign pension out of OCI	25.0
Excess tax benefit from share based compensation	$ 13.0

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Accounts Receivable, Net - Portfolio of Accounts Receivable (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Receivables [Abstract]
Customer in-house finance receivables, net	$ 0.0	$ 0.0	$ 61.5
Accounts receivable, trade	17.1	18.3	9.5
Accounts receivable, held for sale	0.0	1.6	7.9
Accounts receivable, net	$ 17.1	$ 19.9	$ 78.9

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Accounts Receivable, Net - Credit Quality of Finance Receivables (Details) $ in Millions	May 01, 2021 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total at amortized cost	$ 82.9
Near Prime
Financing Receivable, Credit Quality Indicator [Line Items]
Total at amortized cost	46.0
Subprime
Financing Receivable, Credit Quality Indicator [Line Items]
Total at amortized cost	26.2
Deep Subprime
Financing Receivable, Credit Quality Indicator [Line Items]
Total at amortized cost	$ 10.7

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Accounts Receivable, Net - Rollforward of Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	May 01, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 25.5
Provision for credit losses	(1.2)
Write-offs	(2.9)
Ending balance	$ 21.4

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Accounts Receivable, Net - Past Due Status (Details) $ in Millions	May 01, 2021 USD ($)
Financing Receivable, Past Due [Line Items]
Total at amortized cost	$ 82.9
Current
Financing Receivable, Past Due [Line Items]
Total at amortized cost	69.2
1 - 30 days past due
Financing Receivable, Past Due [Line Items]
Total at amortized cost	5.4
31 - 60 days past due
Financing Receivable, Past Due [Line Items]
Total at amortized cost	1.9
61 - 90 days past due
Financing Receivable, Past Due [Line Items]
Total at amortized cost	1.9
Greater than 90 days past due
Financing Receivable, Past Due [Line Items]
Total at amortized cost	$ 4.5

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Accounts Receivable, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Receivables [Abstract]
Interest income from customer in-house finance receivables	$ 0.0	$ 4.0

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Inventories - Summary of Inventory Components (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 107.2	$ 75.8	$ 72.9
Merchandise inventories	2,109.0	1,984.6	1,946.1
Total inventories	$ 2,216.2	$ 2,060.4	$ 2,019.0

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Leases - Narrative (Details) $ in Millions	Apr. 30, 2022 USD ($)
Leases [Abstract]
Deferred rent	$ 12

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Leases - Total Lease Costs For Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Leases [Abstract]
Operating lease cost	$ 97.4	$ 105.6
Short-term lease cost	12.7	0.8
Variable lease cost	29.4	30.6
Sublease income	(0.6)	(0.7)
Total lease cost	$ 138.9	$ 136.3

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Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 29, 2021	Apr. 30, 2022	Jan. 29, 2022	Nov. 17, 2021	May 01, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 486.4	$ 484.6		$ 244.9
Diamonds Direct
Finite-Lived Intangible Assets [Line Items]
Goodwill				$ 243.8
Diamonds Direct | Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets				$ 126.0
North America
Finite-Lived Intangible Assets [Line Items]
Acquisitions		1.8
Goodwill		$ 486.4	$ 484.6
North America | Rocksbox
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets acquired	$ 11.6
Acquisitions	$ 4.6
Acquired finite-lived intangible assets, weighted average useful life	8 years

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Goodwill and Intangibles - Summary of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	Jan. 29, 2022
Goodwill [Roll Forward]
Beginning balance	$ 484.6
Ending balance	486.4
North America
Goodwill [Roll Forward]
Beginning balance	484.6
Acquisitions	1.8
Ending balance	486.4
Goodwill, accumulated impairment loss	$ 576.0	$ 576.0

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Goodwill and Intangibles - Composition of Finite-Lived Intangibles (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	Nov. 17, 2021	May 01, 2021
Intangible assets, net:
Gross carrying amount	$ 15.8	$ 15.8		$ 17.1
Accumulated amortization	(5.9)	(5.3)		(4.6)
Net carrying amount	9.9	10.5		12.5
Indefinite-lived intangible assets	303.6	303.7		178.1
Intangible assets, gross	319.4	319.5		195.2
Total intangible assets, net	313.5	314.2		190.6
Intangible liabilities, net
Gross carrying amount	(38.0)	(38.0)		(38.0)
Accumulated amortization	31.3	30.8		29.0
Total	$ (6.7)	$ (7.2)		$ (9.0)
Diamonds Direct | Trade names
Indefinite-lived Intangible Assets [Line Items]
Intangible assets			$ 126.0

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Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Maximum
Derivative [Line Items]
Derivative, remaining term	12 months
Foreign currency contracts | Derivatives not designated as hedging instruments:
Derivative [Line Items]
Derivative, notional amount	$ 95.5	$ 108.8	$ 93.8
Cash Flow Hedging
Derivative [Line Items]
Net pre-tax derivative gains	1.4
Cash Flow Hedging | Foreign currency contracts
Derivative [Line Items]
Derivative, notional amount	$ 18.8	$ 19.0	$ 11.2
Derivative, remaining term	11 months	12 months	10 months

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Derivatives - Fair Value of Presentation of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	$ 1.2	$ 0.3	$ 0.2
Fair value of derivative liabilities	(2.8)	(1.3)	(0.8)
Foreign currency contracts | Derivatives designated as hedging instruments: | Other current assets
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	1.2	0.3	0.1
Foreign currency contracts | Derivatives designated as hedging instruments: | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	0.0	0.0	(0.3)
Foreign currency contracts | Derivatives not designated as hedging instruments: | Other current assets
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	0.0	0.0	0.1
Foreign currency contracts | Derivatives not designated as hedging instruments: | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	$ (2.8)	$ (1.3)	$ (0.5)

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Derivatives - Derivative Instruments Designated as Cash Flow Hedges in OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Current period gains (losses) recognized in OCI	$ 1.2	$ (0.1)
Losses (gains) reclassified from AOCI to earnings	0.0	0.2
Cash Flow Hedging
Derivative [Line Items]
Gains (losses) recorded in AOCI	1.7	(1.0)
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Gains (losses) recorded in AOCI, beginning of period	0.5
Gains (losses) recorded in AOCI, end of period	1.7	(1.0)
Foreign currency contracts | Cash Flow Hedging
Derivative [Line Items]
Gains (losses) recorded in AOCI	1.7	(0.6)
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Gains (losses) recorded in AOCI, beginning of period	0.5	(0.7)
Current period gains (losses) recognized in OCI	1.2	0.0
Gains (losses) recorded in AOCI, end of period	1.7	(0.6)
Foreign currency contracts | Cash Flow Hedging | Cost of sales
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Losses (gains) reclassified from AOCI to earnings	0.0	0.1
Commodity contracts | Cash Flow Hedging
Derivative [Line Items]
Gains (losses) recorded in AOCI	0.0	(0.4)
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Gains (losses) recorded in AOCI, beginning of period	0.0	(0.4)
Current period gains (losses) recognized in OCI	0.0	(0.1)
Gains (losses) recorded in AOCI, end of period	0.0	(0.4)
Commodity contracts | Cash Flow Hedging | Cost of sales
Movement in Accumulated Other Comprehensive Income [Roll Forward]
Losses (gains) reclassified from AOCI to earnings	$ 0.0	$ 0.1

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Derivatives - Derivatives not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Derivatives not designated as hedging instruments: | Foreign currency contracts | Other operating income (expense)
Derivative [Line Items]
Foreign currency contracts	$ (4.8)	$ 0.9

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Fair Value Measurement - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 4.4	$ 4.5	$ 5.1
Liabilities	0.0	0.0	0.0
Level 1 | US Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4.4	4.5	5.1
Level 1 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0.0	0.0	0.0
Liabilities	0.0	0.0	0.0
Level 1 | US government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0.0	0.0	0.0
Level 1 | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0.0	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	8.4	8.1	9.5
Liabilities	(2.8)	(1.3)	(0.8)
Level 2 | US Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0.0	0.0	0.0
Level 2 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1.2	0.3	0.2
Liabilities	(2.8)	(1.3)	(0.8)
Level 2 | US government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2.0	2.0	3.1
Level 2 | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	5.2	5.8	6.2
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	12.8	12.6	14.6
Liabilities	(2.8)	(1.3)	(0.8)
Carrying Value | US Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4.4	4.5	5.1
Carrying Value | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1.2	0.3	0.2
Liabilities	(2.8)	(1.3)	(0.8)
Carrying Value | US government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2.0	2.0	3.1
Carrying Value | Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 5.2	$ 5.8	$ 6.2

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Fair Value Measurement - Outstanding Debt (Details) - Senior Notes - Level 2 - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt:	$ 147.1	$ 147.1	$ 146.8
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt:	$ 147.2	$ 150.0	$ 150.8

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Loans, Overdrafts and Long-term Debt - Loans, overdrafts and long-term debt (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Debt Instrument [Line Items]
Gross debt	$ 147.7	$ 147.7	$ 147.6
Less: Unamortized debt issuance costs	(0.6)	(0.6)	(0.8)
Total long-term debt	147.1	147.1	146.8
Senior unsecured notes due 2024, net of unamortized discount | Senior Unsecured Notes
Debt Instrument [Line Items]
Gross debt	$ 147.7	$ 147.7	$ 147.6

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Loans, Overdrafts and Long-term Debt - Narrative (Details) - USD ($)	Sep. 05, 2019	Apr. 30, 2022	Jul. 28, 2021	Sep. 27, 2019	Sep. 06, 2019	May 19, 2014
Senior Unsecured Notes Due in 2024 | Senior Unsecured Notes
Debt Instrument [Line Items]
Face amount					$ 147,800,000
Repayments of senior debt	$ 239,600,000
Redemption price per $1,000 of principal amount	$ 950.00
Senior Unsecured Notes Due in 2024 | Senior Unsecured Notes | Signet UK Finance plc
Debt Instrument [Line Items]
Face amount						$ 400,000,000
Stated interest rate						4.70%
Senior Asset-Based Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 1,500,000,000
Additional borrowing capacity			$ 600,000,000
Available borrowing capacity		$ 1,200,000,000
Senior Asset-Based Credit Facility | Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Face amount				$ 100,000,000

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Warranty Reserve - Warranty Reserve Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of period	$ 36.0	$ 37.3
Warranty expense	4.7	0.7
Utilized	(3.0)	(2.5)
Warranty reserve, end of period	$ 37.7	$ 35.5

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Warranty Reserve (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021	Jan. 30, 2021
Other Liabilities Disclosure [Abstract]
Current liabilities	$ 10.6	$ 10.2	$ 10.2
Other liabilities - non-current	27.1	25.8	25.3
Total warranty reserve	$ 37.7	$ 36.0	$ 35.5	$ 37.3

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Other operating and non-operating income (expense) - Components of Other Operating Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Other Income and Expenses [Abstract]
Litigation charges	$ (190.0)	$ 0.0
Interest income from customer in-house finance receivables	0.0	4.0
Other	(0.4)	(1.7)
Other operating income (expense)	$ (190.4)	$ 2.3

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Other operating and non-operating income (expense) - Components of Other Non-Operating Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Other Income and Expenses [Abstract]
Pension settlement	$ (131.9)	$ 0.0
Other	(2.6)	0.1
Other non-operating income (expense)	$ (134.5)	$ 0.1

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Commitments and Contingencies (Details) $ in Millions			3 Months Ended					12 Months Ended
	Aug. 01, 2016 plaintiff	Feb. 02, 2015 plaintiff	Oct. 29, 2022 USD ($)	Apr. 30, 2022 USD ($) claim	May 01, 2021 USD ($)	Aug. 01, 2020 USD ($)	Feb. 01, 2020 USD ($)	Jan. 29, 2022 USD ($)	Jan. 30, 2021 USD ($)
Loss Contingencies [Line Items]
Pre-tax litigation charges				$ 190.0	$ 0.0
EPA Collective Action
Loss Contingencies [Line Items]
Number of employees opted in lawsuit (employee) (plaintiff) | plaintiff	9,124	70,000
Pre-tax litigation charges				$ 190.0
EPA Collective Action | Scenario, Forecast
Loss Contingencies [Line Items]
Payments for legal settlements			$ 175.0
Shareholder Actions
Loss Contingencies [Line Items]
Payments for legal settlements						$ 35.0
Gain (loss) related to litigation settlement								$ (1.7)	$ (7.5)
Insurance recoveries							$ 207.4
Litigation settlement, amount awarded to other party						$ 240.0
New claims filed, number | claim				4
Other operating income (expense) | Shareholder Actions
Loss Contingencies [Line Items]
Gain (loss) related to litigation settlement							(33.2)
Legal fees							$ 0.6

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Retirement Plans - Narrative (Details) £ in Millions, $ in Millions					3 Months Ended		9 Months Ended
	Mar. 23, 2022 GBP (£)	Mar. 23, 2022 USD ($)	Aug. 04, 2021 GBP (£)	Aug. 04, 2021 USD ($)	Apr. 30, 2022 USD ($)	May 01, 2021 USD ($)	Apr. 30, 2022 GBP (£)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Jul. 29, 2021 employee
Defined Contribution Plan [Line Items]
Number of pension scheme members | employee										1,909
Pension scheme | Foreign Plan
Defined Contribution Plan [Line Items]
Pre-tax non-cash settlement charges | $					$ 131.9	$ 0.0
Signet Group Limited | Pension scheme
Defined Contribution Plan [Line Items]
Contributions by employer							£ 14.0	$ 18.9
Defined benefit plan, initial contribution amount			£ 7.0	$ 9.7
Additional contribution amount	£ 7.0	$ 9.2
Defined benefit plan, expected future employer contributions, amount							£ 2.0		$ 2.7

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Retirement Plans - Components of Net Periodic Pension Cost (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ (0.9)	$ (1.0)
Expected return on plan assets	0.6	1.3
Amortization of unrecognized actuarial losses	(0.9)	(0.2)
Amortization of unrecognized net prior service costs	(0.1)	0.0
Pension settlement loss	(131.9)	0.0
Total net periodic benefit (cost) income	$ (133.2)	$ 0.1