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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the quarterly period ended July 30, 2022 or
| | | | | |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the transition period from to
Commission file number 1-32349
SIGNET JEWELERS LIMITED
| | |
(Exact name of Registrant as specified in its charter) |
| | | | | | | | |
Bermuda | | Not Applicable |
(State or other jurisdiction of incorporation) | | (I.R.S. Employer Identification No.) |
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
(441) 296 5872
(Address and telephone number including area code of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on which Registered |
Common Shares of $0.18 each | | SIG | | The New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
Common Shares, $0.18 par value, 46,245,349 shares as of August 26, 2022
SIGNET JEWELERS LIMITED
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 13 weeks ended | | 26 weeks ended | | |
(in millions, except per share amounts) | July 30, 2022 | | July 31, 2021 | | July 30, 2022 | | July 31, 2021 | | Notes |
Sales | $ | 1,754.9 | | | $ | 1,788.1 | | | $ | 3,593.2 | | | $ | 3,476.9 | | | 3 |
Cost of sales | (1,090.2) | | | (1,070.5) | | | (2,204.8) | | | (2,080.9) | | | |
Gross margin | 664.7 | | | 717.6 | | | 1,388.4 | | | 1,396.0 | | | |
Selling, general and administrative expenses | (477.3) | | | (502.6) | | | (1,010.4) | | | (1,014.6) | | | |
Other operating income (expense) | (0.6) | | | 10.4 | | | (191.0) | | | 12.7 | | | 20 |
Operating income | 186.8 | | | 225.4 | | | 187.0 | | | 394.1 | | | 5 |
Interest expense, net | (3.4) | | | (4.4) | | | (7.8) | | | (8.3) | | | |
Other non-operating income (expense) | (2.4) | | | 0.1 | | | (136.9) | | | 0.2 | | | 20 |
Income before income taxes | 181.0 | | | 221.1 | | | 42.3 | | | 386.0 | | | |
Income taxes | (35.6) | | | 3.5 | | | 19.6 | | | (23.0) | | | 10 |
Net income | $ | 145.4 | | | $ | 224.6 | | | $ | 61.9 | | | $ | 363.0 | | | |
Dividends on redeemable convertible preferred shares | (8.6) | | | (8.6) | | | (17.2) | | | (17.2) | | | 7 |
Net income attributable to common shareholders | $ | 136.8 | | | $ | 216.0 | | | $ | 44.7 | | | $ | 345.8 | | | |
| | | | | | | | | |
Earnings per common share: | | | | | | | | | |
Basic | $ | 2.95 | | | $ | 4.10 | | | $ | 0.94 | | | $ | 6.60 | | | 8 |
Diluted | $ | 2.58 | | | $ | 3.60 | | | $ | 0.90 | | | $ | 5.84 | | | 8 |
Weighted average common shares outstanding: | | | | | | | | | |
Basic | 46.4 | | | 52.7 | | | 47.6 | | | 52.4 | | | 8 |
Diluted | 56.3 | | | 62.4 | | | 49.7 | | | 62.2 | | | 8 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 13 weeks ended |
| July 30, 2022 | | July 31, 2021 |
(in millions) | Pre-tax amount | | Tax (expense) benefit | | After-tax amount | | Pre-tax amount | | Tax (expense) benefit | | After-tax amount |
Net income | | | | | $ | 145.4 | | | | | | | $ | 224.6 | |
Other comprehensive income (loss): | | | | | | | | | | | |
Foreign currency translation adjustments | (7.1) | | | — | | | (7.1) | | | 0.7 | | | — | | | 0.7 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Cash flow hedges: | | | | | | | | | | | |
Unrealized gain (loss) | 0.6 | | | — | | | 0.6 | | | (0.1) | | | — | | | (0.1) | |
Reclassification adjustment for losses (gains) to earnings | (0.3) | | | — | | | (0.3) | | | 0.3 | | | (0.1) | | | 0.2 | |
Pension plan: | | | | | | | | | | | |
| | | | | | | | | | | |
Reclassification adjustment for amortization of actuarial losses to earnings | 1.1 | | | — | | | 1.1 | | | 0.2 | | | (0.1) | | | 0.1 | |
Reclassification adjustment for amortization of net prior service costs to earnings | 0.1 | | | — | | | 0.1 | | | 0.1 | | | — | | | 0.1 | |
Reclassification adjustment for pension settlement loss to earnings | 0.9 | | | (0.2) | | | 0.7 | | | — | | | — | | | — | |
Total other comprehensive income (loss) | $ | (4.7) | | | $ | (0.2) | | | $ | (4.9) | | | $ | 1.2 | | | $ | (0.2) | | | $ | 1.0 | |
Total comprehensive income | | | | | $ | 140.5 | | | | | | | $ | 225.6 | |
| | | | | | | | | | | | | | |
| 26 weeks ended |
| July 30, 2022 | | July 31, 2021 |
(in millions) | Pre-tax amount | | Tax (expense) benefit | | After-tax amount | | Pre-tax amount | | Tax (expense) benefit | | After-tax amount |
Net income | | | | | $ | 61.9 | | | | | | | $ | 363.0 | |
Other comprehensive income (loss): | | | | | | | | | | | |
Foreign currency translation adjustments | (23.9) | | | — | | | (23.9) | | | 7.4 | | | — | | | 7.4 | |
Available-for-sale securities: | | | | | | | | | | | |
Unrealized loss | (0.3) | | | — | | | (0.3) | | | (0.1) | | | — | | | (0.1) | |
| | | | | | | | | | | |
Cash flow hedges: | | | | | | | | | | | |
Unrealized gain (loss) | 1.8 | | | (0.2) | | | 1.6 | | | (0.2) | | | — | | | (0.2) | |
Reclassification adjustment for losses (gains) to earnings | (0.3) | | | — | | | (0.3) | | | 0.5 | | | (0.1) | | | 0.4 | |
Pension plan: | | | | | | | | | | | |
Actuarial gain (loss) | (0.5) | | | 0.1 | | | (0.4) | | | — | | | — | | | — | |
Reclassification adjustment for amortization of actuarial losses to earnings | 2.0 | | | (0.2) | | | 1.8 | | | 0.4 | | | (0.1) | | | 0.3 | |
Reclassification adjustment for amortization of net prior service costs to earnings | 0.2 | | | — | | | 0.2 | | | 0.1 | | | — | | | 0.1 | |
Reclassification adjustment for pension settlement loss to earnings | 132.8 | | | (25.2) | | | 107.6 | | | — | | | — | | | — | |
Total other comprehensive income | $ | 111.8 | | | $ | (25.5) | | | $ | 86.3 | | | $ | 8.1 | | | $ | (0.2) | | | $ | 7.9 | |
Total comprehensive income | | | | | $ | 148.2 | | | | | | | $ | 370.9 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
(in millions, except par value per share amount) | July 30, 2022 | | January 29, 2022 | | July 31, 2021 | | Notes |
Assets | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | $ | 851.7 | | | $ | 1,418.3 | | | $ | 1,573.8 | | | |
Accounts receivable | 35.6 | | | 19.9 | | | 13.9 | | | 12 |
Other current assets | 199.4 | | | 208.6 | | | 175.0 | | | |
Income taxes | 118.5 | | | 23.2 | | | 54.9 | | | |
Inventories | 2,190.8 | | | 2,060.4 | | | 2,004.7 | | | 13 |
Total current assets | 3,396.0 | | | 3,730.4 | | | 3,822.3 | | | |
Non-current assets: | | | | | | | |
Property, plant and equipment, net of accumulated depreciation and amortization of $1,284.9 (January 29, 2022 and July 31, 2021: $1,248.9 and $1,241.3, respectively) | 566.5 | | | 575.9 | | | 533.2 | | | |
Operating lease right-of-use assets | 1,113.1 | | | 1,206.6 | | | 1,256.2 | | | 14 |
Goodwill | 486.4 | | | 484.6 | | | 245.1 | | | 15 |
Intangible assets, net | 312.8 | | | 314.2 | | | 189.7 | | | 15 |
Other assets | 254.7 | | | 226.1 | | | 244.1 | | | |
Deferred tax assets | 34.9 | | | 37.3 | | | 21.3 | | | |
Total assets | $ | 6,164.4 | | | $ | 6,575.1 | | | $ | 6,311.9 | | | |
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity | | | | | | | |
Current liabilities: | | | | | | | |
Loans and overdrafts | $ | — | | | $ | — | | | $ | 0.4 | | | 18 |
Accounts payable | 689.5 | | | 899.8 | | | 730.6 | | | |
Accrued expenses and other current liabilities | 598.5 | | | 501.6 | | | 463.9 | | | |
Deferred revenue | 326.9 | | | 341.3 | | | 297.9 | | | 3 |
Operating lease liabilities | 281.3 | | | 300.0 | | | 322.1 | | | 14 |
Income taxes | 23.9 | | | 28.0 | | | 25.6 | | | |
Total current liabilities | 1,920.1 | | | 2,070.7 | | | 1,840.5 | | | |
Non-current liabilities: | | | | | | | |
Long-term debt | 147.2 | | | 147.1 | | | 146.9 | | | 18 |
Operating lease liabilities | 925.8 | | | 1,005.1 | | | 1,052.2 | | | 14 |
Other liabilities | 101.3 | | | 117.6 | | | 123.2 | | | |
Deferred revenue | 873.9 | | | 857.6 | | | 809.4 | | | 3 |
Deferred tax liabilities | 175.2 | | | 160.9 | | | 132.9 | | | |
Total liabilities | 4,143.5 | | | 4,359.0 | | | 4,105.1 | | | |
Commitments and contingencies | | | | | | | 21 |
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (January 29, 2022 and July 31, 2021: 0.625 shares outstanding, respectively) | 653.0 | | | 652.1 | | | 651.3 | | | 6 |
Shareholders’ equity: | | | | | | | |
Common shares of $.18 par value: authorized 500 shares, 46.2 shares outstanding (January 29, 2022 and July 31, 2021: 49.9 and 53.0 outstanding, respectively) | 12.6 | | | 12.6 | | | 12.6 | | | |
Additional paid-in capital | 245.6 | | | 231.2 | | | 266.8 | | | |
Other reserves | 0.4 | | | 0.4 | | | 0.4 | | | |
Treasury shares at cost: 23.8 shares (January 29, 2022 and July 31, 2021: 20.1 and 17.0 shares, respectively) | (1,494.4) | | | (1,206.7) | | | (951.0) | | | |
Retained earnings | 2,868.3 | | | 2,877.4 | | | 2,509.3 | | | |
Accumulated other comprehensive loss | (264.6) | | | (350.9) | | | (282.6) | | | 9 |
Total shareholders’ equity | 1,367.9 | | | 1,564.0 | | | 1,555.5 | | | |
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | $ | 6,164.4 | | | $ | 6,575.1 | | | $ | 6,311.9 | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | |
| | 26 weeks ended |
(in millions) | | July 30, 2022 | | July 31, 2021 |
Cash flows from operating activities | | | | |
Net income | | $ | 61.9 | | | $ | 363.0 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | | |
Depreciation and amortization | | 79.8 | | | 83.7 | |
Amortization of unfavorable contracts | | (0.9) | | | (2.4) | |
Share-based compensation | | 22.9 | | | 25.5 | |
Deferred taxation | | (11.0) | | | (33.2) | |
| | | | |
Pension settlement loss | | 132.8 | | | — | |
| | | | |
Other non-cash movements | | 3.1 | | | 0.4 | |
Changes in operating assets and liabilities, net of acquisitions: | | | | |
(Increase) decrease in accounts receivable | | (15.7) | | | 18.5 | |
Proceeds from sale of in-house finance receivables | | — | | | 81.3 | |
(Increase) decrease in other assets and other receivables | | (4.9) | | | 29.7 | |
(Increase) decrease in inventories | | (146.6) | | | 33.9 | |
Decrease in accounts payable | | (221.2) | | | (95.6) | |
Increase (decrease) in accrued expenses and other liabilities | | 95.3 | | | (29.6) | |
Change in operating lease assets and liabilities | | (3.6) | | | (44.7) | |
Increase in deferred revenue | | 2.3 | | | 34.2 | |
Change in income tax receivable and payable | | (99.9) | | | (3.8) | |
Pension plan contributions | | (9.2) | | | (2.4) | |
Net cash (used in) provided by operating activities | | (114.9) | | | 458.5 | |
Investing activities | | | | |
Purchase of property, plant and equipment | | (58.2) | | | (32.2) | |
| | | | |
| | | | |
Acquisitions, net of cash acquired | | (1.9) | | | (14.4) | |
Other investing activities, net | | (14.9) | | | 1.9 | |
Net cash used in investing activities | | (75.0) | | | (44.7) | |
Financing activities | | | | |
Dividends paid on common shares | | (18.3) | | | — | |
Dividends paid on redeemable convertible preferred shares | | (16.4) | | | (8.2) | |
| | | | |
Repurchase of common shares | | (291.0) | | | — | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payment of debt issuance costs | | — | | | (3.6) | |
Increase of bank overdrafts | | — | | | 0.4 | |
Other financing activities | | (41.4) | | | (4.5) | |
Net cash used in financing activities | | (367.1) | | | (15.9) | |
Cash and cash equivalents at beginning of period | | 1,418.3 | | | 1,172.5 | |
(Decrease) increase in cash and cash equivalents | | (557.0) | | | 397.9 | |
Effect of exchange rate changes on cash and cash equivalents | | (9.6) | | | 3.4 | |
Cash and cash equivalents at end of period | | $ | 851.7 | | | $ | 1,573.8 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Common shares at par value | | Additional paid-in capital | | Other reserves | | Treasury shares | | Retained earnings | | Accumulated other comprehensive loss | | Total shareholders’ equity |
Balance at January 29, 2022 | $ | 12.6 | | | $ | 231.2 | | | $ | 0.4 | | | $ | (1,206.7) | | | $ | 2,877.4 | | | $ | (350.9) | | | $ | 1,564.0 | |
| | | | | | | | | | | | | |
Net loss | — | | | — | | | — | | | — | | | (83.5) | | | — | | | (83.5) | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 91.2 | | | 91.2 | |
Dividends declared: | | | | | | | | | | | | | |
Common shares, $0.20/share | — | | | — | | | — | | | — | | | (9.3) | | | — | | | (9.3) | |
Preferred shares, $13.14/share | — | | | — | | | — | | | — | | | (8.6) | | | — | | | (8.6) | |
Repurchase of common shares | — | | | 50.0 | | | — | | | (318.2) | | | — | | | — | | | (268.2) | |
Net settlement of equity-based awards | — | | | (54.9) | | | — | | | 50.7 | | | (35.1) | | | — | | | (39.3) | |
Share-based compensation expense | — | | | 10.5 | | | — | | | — | | | — | | | — | | | 10.5 | |
Balance at April 30, 2022 | $ | 12.6 | | | $ | 236.8 | | | $ | 0.4 | | | $ | (1,474.2) | | | $ | 2,740.9 | | | $ | (259.7) | | | $ | 1,256.8 | |
| | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | — | | | 145.4 | | | — | | | 145.4 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (4.9) | | | (4.9) | |
Dividends declared: | | | | | | | | | | | | | |
Common shares, $0.20/share | — | | | — | | | — | | | — | | | (9.2) | | | — | | | (9.2) | |
Preferred shares, $13.14/share | — | | | — | | | — | | | — | | | (8.6) | | | — | | | (8.6) | |
Repurchase of common shares | — | | | — | | | — | | | (22.8) | | | — | | | — | | | (22.8) | |
| | | | | | | | | | | | | |
Net settlement of equity based awards | — | | | (3.6) | | | — | | | 2.6 | | | (0.2) | | | — | | | (1.2) | |
| | | | | | | | | | | | | |
Share-based compensation expense | — | | | 12.4 | | | — | | | — | | | — | | | — | | | 12.4 | |
Balance at July 30, 2022 | $ | 12.6 | | | $ | 245.6 | | | $ | 0.4 | | | $ | (1,494.4) | | | $ | 2,868.3 | | | $ | (264.6) | | | $ | 1,367.9 | |
| | | | | | | | | | | | | |
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| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Common shares at par value | | Additional paid-in capital | | Other reserves | | Treasury shares | | Retained earnings | | Accumulated other comprehensive loss | | Total shareholders’ equity |
Balance at January 30, 2021 | $ | 12.6 | | | $ | 258.8 | | | $ | 0.4 | | | $ | (980.2) | | | $ | 2,189.2 | | | $ | (290.5) | | | $ | 1,190.3 | |
| | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | — | | | 138.4 | | | — | | | 138.4 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 6.9 | | | 6.9 | |
Dividends declared: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Preferred shares, $13.14/share | — | | | — | | | — | | | — | | | (8.6) | | | — | | | (8.6) | |
| | | | | | | | | | | | | |
Net settlement of equity-based awards | — | | | (14.6) | | | — | | | 15.0 | | | (14.8) | | | — | | | (14.4) | |
| | | | | | | | | | | | | |
Share-based compensation expense | — | | | 8.0 | | | — | | | — | | | — | | | — | | | 8.0 | |
Balance at May 1, 2021 | $ | 12.6 | | | $ | 252.2 | | | $ | 0.4 | | | $ | (965.2) | | | $ | 2,304.2 | | | $ | (283.6) | | | $ | 1,320.6 | |
| | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | — | | | 224.6 | | | — | | | 224.6 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 1.0 | | | 1.0 | |
Dividends declared: | | | | | | | | | | | | | |
Common shares, $0.18/share | — | | | — | | | — | | | — | | | (9.5) | | | — | | | (9.5) | |
Preferred shares, $13.14/share | — | | | — | | | — | | | — | | | (8.6) | | | — | | | (8.6) | |
| | | | | | | | | | | | | |
Net settlement of equity based awards | — | | | (2.9) | | | — | | | 14.2 | | | (1.4) | | | — | | | 9.9 | |
| | | | | | | | | | | | | |
Share-based compensation expense | — | | | |