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Revenue recognition
 12 Months Ended
Feb. 01, 2025
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
The following tables provide the Company’s total sales, disaggregated by brand, for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
Fiscal 2025
(in millions)North
America		InternationalOtherConsolidated
Sales by brand:
Kay
$2,495.0 $— $— $2,495.0 
Zales
1,191.0 — — 1,191.0 
Jared
1,102.7 — — 1,102.7 
Digital brands (1)
560.2 — — 560.2 
Diamonds Direct392.2 — — 392.2 
Banter by Piercing Pagoda
339.2 — — 339.2 
Peoples
197.8 — — 197.8 
International segment brands— 373.2 — 373.2 
Other (3)
21.0 — 31.5 52.5 
Total sales
$6,299.1 $373.2 $31.5 $6,703.8 
Fiscal 2024
(in millions)North
America		InternationalOtherConsolidated
Sales by brand:
Kay
$2,600.0 $— $— $2,600.0 
Zales
1,266.9 — — 1,266.9 
Jared
1,189.6 — — 1,189.6 
Digital brands (1)
662.8 — — 662.8 
Diamonds Direct408.1 — — 408.1 
Banter by Piercing Pagoda
347.1 — — 347.1 
Peoples
196.0 — — 196.0 
International segment brands— 430.7 — 430.7 
Other (3)
33.3 — 36.6 69.9 
Total sales
$6,703.8 $430.7 $36.6 $7,171.1 
Fiscal 2023
(in millions)North
America		InternationalOtherConsolidated
Sales by brand:
Kay
$2,804.2 $— $— $2,804.2 
Zales
1,445.0 — — 1,445.0 
Jared
1,313.5 — — 1,313.5 
Digital brands (1)(2)
571.8 — — 571.8 
Diamonds Direct467.1 — — 467.1 
Banter by Piercing Pagoda
417.9 — — 417.9 
Peoples
209.1 — — 209.1 
International segment brands— 470.1 — 470.1 
Other (3)
60.9 — 82.5 143.4 
Total sales
$7,289.5 $470.1 $82.5 $7,842.1 
(1)    Includes sales from the Company’s Digital brands James Allen and Blue Nile.
(2)    Includes Blue Nile sales since the date of acquisition on August 19, 2022. See Note 4 for further details.
(3)    Other primarily includes sales from the Company’s diamond sourcing operation, loose diamonds and Rocksbox.
The following tables provide the Company’s total sales, disaggregated by major product, for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
Fiscal 2025
(in millions)North
America		InternationalOtherConsolidated
Sales by product:
Bridal
$2,705.8 $167.4 $— $2,873.2 
Fashion
2,548.4 81.0 — 2,629.4 
Watches
217.3 100.9 — 318.2 
Services (1)
721.3 23.9 — 745.2 
Other (2)
106.3 — 31.5 137.8 
Total sales
$6,299.1 $373.2 $31.5 $6,703.8 
Fiscal 2024
(in millions)North
America		InternationalOtherConsolidated
Sales by product:
Bridal
$2,946.9 $186.2 $— $3,133.1 
Fashion
2,672.4 84.5 — 2,756.9 
Watches
212.0 133.7 — 345.7 
Services (1)
715.2 26.3 — 741.5 
Other (2)
157.3 — 36.6 193.9 
Total sales
$6,703.8 $430.7 $36.6 $7,171.1 
Fiscal 2023
(in millions)North
America		InternationalOtherConsolidated
Sales by product:
Bridal
$3,281.2 $204.8 $— $3,486.0 
Fashion
2,957.6 86.2 — 3,043.8 
Watches
232.6 152.9 — 385.5 
Services (1)
680.4 26.2 — 706.6 
Other (2)
137.7 — 82.5 220.2 
Total sales
$7,289.5 $470.1 $82.5 $7,842.1 
(1)    Services primarily includes sales from service plans, repairs and subscriptions.
(2)    Other primarily includes sales from the Company’s diamond sourcing operation and other miscellaneous non-jewelry sales.
The following tables provide the Company’s total sales, disaggregated by channel, for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
Fiscal 2025
(in millions)North
America		InternationalOtherConsolidated
Sales by channel:
Store
$4,846.3 $289.1 $— $5,135.4 
eCommerce
1,437.6 84.1 — 1,521.7 
Other (1)
15.2 — 31.5 46.7 
Total sales
$6,299.1 $373.2 $31.5 $6,703.8 
Fiscal 2024
(in millions)North
America		InternationalOtherConsolidated
Sales by channel:
Store
$5,125.1 $349.3 $— $5,474.4 
eCommerce
1,559.0 81.4 — 1,640.4 
Other (1)
19.7 — 36.6 56.3 
Total sales
$6,703.8 $430.7 $36.6 $7,171.1 
Fiscal 2023
(in millions)North
America		InternationalOtherConsolidated
Sales by channel:
Store
$5,728.5 $386.0 $— $6,114.5 
eCommerce
1,515.3 84.1 — 1,599.4 
Other (1)
45.7 — 82.5 128.2 
Total sales
$7,289.5 $470.1 $82.5 $7,842.1 
(1)    Other primarily includes sales from the Company’s diamond sourcing operation and loose diamonds.
The Company recognizes revenues when control of the promised goods and services is transferred to customers, in an amount that reflects the consideration expected to be received in exchange for those goods. Transfer of control generally occurs at the time merchandise is taken from a store, or upon receipt of the merchandise by a customer for an eCommerce shipment. The Company excludes all taxes assessed by government authorities and collected from a customer from its reported sales. The Company’s revenue streams and their respective accounting treatments are further discussed below.
Merchandise sales and repairs
Store sales are recognized when the customer receives and pays for the merchandise at the store with cash, private label credit card programs, a third-party credit card or a lease purchase option. For online sales shipped to customers, sales are recognized at the estimated time the customer has received the merchandise. Amounts related to shipping and handling that are billed to customers are reflected in sales and the related costs are reflected in cost of sales. Revenues on the sale of merchandise are reported net of anticipated returns and sales tax collected. Returns are estimated based on previous return rates experienced. Any deposits collected from a customer for merchandise are deferred and recognized as revenue when the customer receives the merchandise. Revenues derived from providing replacement merchandise on behalf of insurance organizations are recognized upon receipt of the merchandise by the customer. Revenues on repair of merchandise are recognized when the service is complete and the customer picks up the merchandise at the store.
Consignment inventory sales
Sales of consignment inventory are accounted for on a gross sales basis as the Company maintains control of the merchandise through the point of sale as well as provides independent advice, guidance and after-sales service to customers. Supplier products are selected at the discretion of the Company, and the Company is responsible for determining the selling price and for physical security of the products. The products sold from consignment inventory are similar in nature to other products that are sold to customers and are sold on the same terms.
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 historical claims to assess whether changes are required to the revenue and cost recognition rates
utilized. The Company refreshes its analysis of the claims patterns on at least an annual basis, or more often if circumstances dictate such a review is required. A significant change in either the overall claims pattern or the life over which the Company is expected to fulfill its obligations under the ESP, could result in a material change to revenues. These changes have not had a material impact on revenue during Fiscal 2025, Fiscal 2024 or Fiscal 2023.
The North America reportable segment sells ESP, subject to certain conditions, to perform repair work over the life of the product. Customers generally pay for ESP at the store or online at the time of merchandise sale. Revenue from the sale of the lifetime ESP is recognized consistent with the estimated patterns of claim costs expected to be incurred by the Company in connection with performing under the ESP obligations. Lifetime ESP revenue is deferred and recognized over a maximum of 13 years after the sale of the ESP contract. Although claims experience varies between the Company’s national brands, thereby resulting in different recognition rates, approximately 60% to 70% of revenue is recognized within the first two years on a weighted average basis.
The Company also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that the Company receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience.
Deferred ESP selling costs
All direct costs associated with the sale of the ESP are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Amortization of deferred ESP selling costs is included within SG&A in the consolidated statements of operations. Amortization of deferred ESP selling costs was $45.7 million, $44.4 million and $43.7 million in Fiscal 2025, and Fiscal 2024 and Fiscal 2023, respectively.
Unamortized deferred ESP selling costs as of February 1, 2025 and February 3, 2024 were as follows:
(in millions)February 1, 2025February 3, 2024
Other current assets$28.4 $28.2 
Other assets81.3 83.0 
Total deferred ESP selling costs$109.7 $111.2 
Deferred revenue
Deferred revenue as of February 1, 2025 and February 3, 2024 was as follows:
(in millions)February 1, 2025February 3, 2024
ESP deferred revenue$1,170.8 $1,158.7 
Other deferred revenue (1)
76.8 86.0 
Total deferred revenue
$1,247.6 $1,244.7 
Disclosed as:
Current liabilities
$362.5 $362.9 
Non-current liabilities
885.1 881.8 
Total deferred revenue$1,247.6 $1,244.7 
(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.
(in millions)Fiscal 2025Fiscal 2024Fiscal 2023
ESP deferred revenue, beginning of period$1,158.7 $1,159.5 $1,116.5 
Plans sold (1)
534.6 504.8 522.9 
Revenue recognized (2)
(522.5)(505.6)(479.9)
ESP deferred revenue, end of period
$1,170.8 $1,158.7 $1,159.5 
(1)    Includes impact of foreign exchange translation.
(2)    During Fiscal 2025, Fiscal 2024 and Fiscal 2023 the Company recognized sales of $289.9 million, $291.5 million and $269.3 million, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP.