Cover Page
| Cover Page - shares | 6 Months Ended | |
| Aug. 03, 2024 | Sep. 06, 2024 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Aug. 03, 2024 | |
| 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 $0.18 each | |
| Trading Symbol | SIG | |
| Security Exchange Name | NYSE | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 44,049,793 | |
| Amendment flag | false | |
| Document fiscal year focus | 2025 | |
| Document fiscal period focus | Q2 | |
| Entity Central Index Key | 0000832988 | |
| Current Fiscal Year End Date | --02-01 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Income Statement [Abstract] | ||||
| Sales | $ 1,491 | $ 1,613.6 | $ 3,001.8 | $ 3,281.6 |
| Cost of sales | (924.7) | (1,002.8) | (1,863.1) | (2,038.8) |
| Gross margin | 566.3 | 610.8 | 1,138.7 | 1,242.8 |
| Selling, general and administrative expenses | (498.4) | (511.2) | (1,013.8) | (1,041.6) |
| Asset impairments, net | (166.2) | (3.8) | (168.6) | (5.6) |
| Other operating expense, net | (2.6) | (5.6) | (7.4) | (3.7) |
| Operating (loss) income | (100.9) | 90.2 | (51.1) | 191.9 |
| Interest income, net | 2.4 | 1.8 | 11 | 7.4 |
| Other non-operating income (expense), net | 1.6 | 0.3 | 1.8 | (0.1) |
| (Loss) income before income taxes | (96.9) | 92.3 | (38.3) | 199.2 |
| Income taxes | (1.6) | (17.2) | (8.1) | (26.7) |
| Net (loss) income | (98.5) | 75.1 | (46.4) | 172.5 |
| Dividends on redeemable convertible preferred shares | (3) | (8.6) | (95.2) | (17.2) |
| Net (loss) income attributable to common shareholders | $ (101.5) | $ 66.5 | $ (141.6) | $ 155.3 |
| Earnings Per Share [Abstract] | ||||
| Basic (usd per share) | $ (2.28) | $ 1.47 | $ (3.17) | $ 3.43 |
| Diluted (usd per share) | $ (2.28) | $ 1.38 | $ (3.17) | $ 3.17 |
| Weighted average common shares outstanding: | ||||
| Basic weighted average common shares outstanding | 44.5 | 45.2 | 44.6 | 45.3 |
| Diluted (in shares) | 44.5 | 54.3 | 44.6 | 54.5 |
Condensed Consolidated Statem_2
| Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Pre-tax amount | ||||
| Foreign currency translation adjustments | $ 3.8 | $ 7.8 | $ (0.3) | $ 9 |
| Available-for-sale securities: | ||||
| Unrealized loss | 0 | (0.1) | 0 | (0.1) |
| Cash flow hedges: | ||||
| Unrealized loss | (0.2) | (0.6) | (0.2) | (0.8) |
| Reclassification adjustment for gains to earnings | 0.1 | (0.3) | (0.1) | (0.8) |
| Pension plan: | ||||
| Reclassification adjustment for pension settlement loss to earnings | 0 | 0.2 | ||
| Total other comprehensive income | 3.7 | 6.8 | (0.6) | 7.5 |
| 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 loss | 0 | 0.1 | 0 | 0.1 |
| Reclassification adjustment for gains to earnings | 0 | 0.1 | 0 | 0.2 |
| Pension plan: | ||||
| Reclassification adjustment for pension settlement loss to earnings | 0 | (4.1) | ||
| Total other comprehensive income | 0 | 0.2 | 0 | (3.8) |
| After-tax amount | ||||
| Net (loss) income | (98.5) | 75.1 | (46.4) | 172.5 |
| Foreign currency translation adjustments | 3.8 | 7.8 | (0.3) | 9 |
| Available-for-sale securities: | ||||
| Unrealized loss | 0 | (0.1) | 0 | (0.1) |
| Cash flow hedges: | ||||
| Unrealized loss | (0.2) | (0.5) | (0.2) | (0.7) |
| Reclassification adjustment for gains to earnings | 0.1 | (0.2) | (0.1) | (0.6) |
| Pension plan: | ||||
| Reclassification adjustment for pension settlement loss to earnings | 0 | (3.9) | ||
| Total other comprehensive income | 3.7 | 7 | (0.6) | 3.7 |
| Total comprehensive (loss) income | $ (94.8) | $ 82.1 | $ (47) | $ 176.2 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Current assets: | |||
| Cash and cash equivalents | $ 403.1 | $ 1,378.7 | $ 690.2 |
| Inventories | 1,977.2 | 1,936.6 | 2,093.9 |
| Income taxes | 9.2 | 9.4 | 9.5 |
| Other current assets | 186.2 | 211.9 | 193.8 |
| Total current assets | 2,575.7 | 3,536.6 | 2,987.4 |
| Non-current assets: | |||
| Property, plant and equipment, net of accumulated depreciation and amortization of $1,505.3 (February 3, 2024 and July 29, 2023: $1,441.2 and $1,423.8, respectively) | 470.5 | 497.7 | 553.5 |
| Operating lease right-of-use assets | 956.2 | 1,001.8 | 1,060.2 |
| Goodwill | 631.5 | 754.5 | 754.1 |
| Intangible assets, net | 358.9 | 402.8 | 406.5 |
| Other assets | 320.3 | 319.3 | 287.9 |
| Deferred tax assets | 300.7 | 300.5 | 37.8 |
| Total assets | 5,613.8 | 6,813.2 | 6,087.4 |
| Current liabilities: | |||
| Current portion of long-term debt | 0 | 147.7 | 147.5 |
| Accounts payable | 547.6 | 735.1 | 570.7 |
| Accrued expenses and other current liabilities | 363.1 | 400.2 | 386.7 |
| Deferred revenue | 347.8 | 362.9 | 358.3 |
| Operating lease liabilities | 250.9 | 260.3 | 332.2 |
| Income taxes | 17.6 | 69.8 | 56.9 |
| Total current liabilities | 1,527 | 1,976 | 1,852.3 |
| Non-current liabilities: | |||
| Operating lease liabilities | 793.5 | 835.7 | 832.3 |
| Other liabilities | 90.5 | 96 | 98.3 |
| Deferred revenue | 874 | 881.8 | 869 |
| Deferred tax liabilities | 188.5 | 201.7 | 166.7 |
| Total liabilities | 3,473.5 | 3,991.2 | 3,818.6 |
| Commitments and contingencies | |||
| Redeemable Series A Convertible Preference Shares $0.01 par value: authorized 500 shares, 0.213 shares outstanding (February 3, 2024 and July 29, 2023: 0.625 shares outstanding, respectively) | 223.1 | 655.5 | 654.7 |
| Shareholders’ equity: | |||
| Common shares of $0.18 par value: authorized 500 shares, 44.3 shares outstanding (February 3, 2024 and July 29, 2023: 44.2 and 44.8 outstanding, respectively) | 12.6 | 12.6 | 12.6 |
| Additional paid-in capital | 165.2 | 230.7 | 220 |
| Other reserves | 0.4 | 0.4 | 0.4 |
| Treasury shares at cost: 25.7 shares (February 3, 2024 and July 29, 2023: 25.8 and 25.2 shares, respectively) | (1,659.7) | (1,646.9) | (1,596.4) |
| Retained earnings | 3,664.6 | 3,835 | 3,238 |
| Accumulated other comprehensive loss | (265.9) | (265.3) | (260.5) |
| Total shareholders’ equity | 1,917.2 | 2,166.5 | 1,614.1 |
| Total liabilities, redeemable convertible preferred shares and shareholders’ equity | $ 5,613.8 | $ 6,813.2 | $ 6,087.4 |
Condensed Consolidated Balanc_2
| Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Accumulated depreciation | $ 1,505.3 | $ 1,441.2 | $ 1,423.8 |
| Common shares, par value (usd per share) | $ 0.18 | $ 0.18 | $ 0.18 |
| Common shares, authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
| Common shares, outstanding (in shares) | 44,300,000 | 44,200,000 | 44,800,000 |
| Treasury shares, common (in shares) | 25,700,000 | 25,800,000 | 25,200,000 |
| Series A Redeemable Convertible Preferred Stock | |||
| Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
| Preferred shares, authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
| Preferred shares, outstanding (in shares) | 213,000 | 625,000 | 625,000 |
Condensed Consolidated Statem_3
| Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
| Aug. 03, 2024 | Jul. 29, 2023 | |
| Operating activities | ||
| Net (loss) income | $ (46.4) | $ 172.5 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
| Depreciation and amortization | 74.5 | 86.7 |
| Amortization of unfavorable contracts | (0.9) | (0.9) |
| Share-based compensation | 18.3 | 25.2 |
| Deferred taxation | (13.1) | 47.8 |
| Asset impairments, net | 168.6 | 5.6 |
| Other non-cash movements | 3.1 | 1.2 |
| Changes in operating assets and liabilities: | ||
| Inventories | (41.4) | 65 |
| Other assets | 33.2 | (27.2) |
| Accounts payable | (193.3) | (300) |
| Accrued expenses and other liabilities | (36.1) | (257.1) |
| Change in operating lease assets and liabilities | (6.8) | (31.8) |
| Deferred revenue | (22.1) | (24.8) |
| Income tax receivable and payable | (52) | (15.5) |
| Net cash used in operating activities | (114.4) | (253.3) |
| Investing activities | ||
| Purchase of property, plant and equipment | (51.3) | (55.4) |
| Other investing activities, net | (5.9) | (5.5) |
| Net cash used in investing activities | (57.2) | (60.9) |
| Financing activities | ||
| Dividends paid on common shares | (23.1) | (19.4) |
| Dividends paid on redeemable convertible preferred shares | (14.4) | (16.4) |
| Repurchase of common shares | (47.2) | (82.4) |
| Repurchase of redeemable convertible preferred shares | 541 | 0 |
| Repayment of Senior Notes | (147.8) | 0 |
| Other financing activities, net | (28.4) | (45.6) |
| Net cash used in financing activities | (801.9) | (163.8) |
| Cash and cash equivalents at beginning of period | 1,378.7 | 1,166.8 |
| Decrease in cash and cash equivalents | (973.5) | (478) |
| Effect of exchange rate changes on cash and cash equivalents | (2.1) | 1.4 |
| Cash and cash equivalents at end of period | $ 403.1 | $ 690.2 |
Condensed Consolidated Statem_4
| Condensed Consolidated Statements Of Shareholders' Equity - 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. 28, 2023 | $ 1,578.6 | $ 12.6 | $ 259.7 | $ 0.4 | $ (1,574.7) | $ 3,144.8 | $ (264.2) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | 97.4 | 97.4 | |||||
| Other comprehensive income (loss) | (3.3) | (3.3) | |||||
| Dividends declared: Common shares | (10.4) | (10.4) | |||||
| Dividends declared: Preferred shares | (8.6) | (8.6) | |||||
| Repurchase of common shares | (39.1) | 0 | (39.1) | ||||
| Net settlement of equity-based awards | (44.4) | (60.5) | 57.3 | (41.2) | |||
| Share-based compensation expense | 11.3 | 11.3 | |||||
| Ending Balance at Apr. 29, 2023 | 1,581.5 | 12.6 | 210.5 | 0.4 | (1,556.5) | 3,182 | (267.5) |
| Beginning Balance at Jan. 28, 2023 | 1,578.6 | 12.6 | 259.7 | 0.4 | (1,574.7) | 3,144.8 | (264.2) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | 172.5 | ||||||
| Other comprehensive income (loss) | 3.7 | ||||||
| Ending Balance at Jul. 29, 2023 | 1,614.1 | 12.6 | 220 | 0.4 | (1,596.4) | 3,238 | (260.5) |
| Beginning Balance at Apr. 29, 2023 | 1,581.5 | 12.6 | 210.5 | 0.4 | (1,556.5) | 3,182 | (267.5) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | 75.1 | 75.1 | |||||
| Other comprehensive income (loss) | 7 | 7 | |||||
| Dividends declared: Common shares | (10.3) | (10.3) | |||||
| Dividends declared: Preferred shares | (8.6) | (8.6) | |||||
| Repurchase of common shares | (43.3) | (43.3) | |||||
| Net settlement of equity-based awards | (1.2) | (4.4) | 3.4 | (0.2) | |||
| Share-based compensation expense | 13.9 | 13.9 | |||||
| Ending Balance at Jul. 29, 2023 | 1,614.1 | 12.6 | 220 | 0.4 | (1,596.4) | 3,238 | (260.5) |
| Beginning Balance at Feb. 03, 2024 | 2,166.5 | 12.6 | 230.7 | 0.4 | (1,646.9) | 3,835 | (265.3) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | 52.1 | 52.1 | |||||
| Other comprehensive income (loss) | (4.3) | (4.3) | |||||
| Dividends declared: Common shares | (12.9) | (12.9) | |||||
| Dividends declared: Preferred shares | (5) | (5) | |||||
| Redemption of preferred shares | 87.2 | 87.2 | |||||
| Repurchase of common shares | (7.4) | (7.4) | |||||
| Net settlement of equity-based awards | (27.6) | (56.7) | 31.4 | (2.3) | |||
| Share-based compensation expense | 7.6 | 7.6 | |||||
| Ending Balance at May. 04, 2024 | 2,081.8 | 12.6 | 181.6 | 0.4 | (1,622.9) | 3,779.7 | (269.6) |
| Beginning Balance at Feb. 03, 2024 | 2,166.5 | 12.6 | 230.7 | 0.4 | (1,646.9) | 3,835 | (265.3) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | (46.4) | ||||||
| Other comprehensive income (loss) | (0.6) | ||||||
| Ending Balance at Aug. 03, 2024 | 1,917.2 | 12.6 | 165.2 | 0.4 | (1,659.7) | 3,664.6 | (265.9) |
| Beginning Balance at May. 04, 2024 | 2,081.8 | 12.6 | 181.6 | 0.4 | (1,622.9) | 3,779.7 | (269.6) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net income | (98.5) | (98.5) | |||||
| Other comprehensive income (loss) | 3.7 | 3.7 | |||||
| Dividends declared: Common shares | (12.9) | (12.9) | |||||
| Dividends declared: Preferred shares | (3) | (3) | |||||
| Redemption of preferred shares | 23.9 | 23.9 | |||||
| Repurchase of common shares | (39.8) | (39.8) | |||||
| Net settlement of equity-based awards | (0.9) | (3.2) | 3 | (0.7) | |||
| Share-based compensation expense | 10.7 | 10.7 | |||||
| Ending Balance at Aug. 03, 2024 | $ 1,917.2 | $ 12.6 | $ 165.2 | $ 0.4 | $ (1,659.7) | $ 3,664.6 | $ (265.9) |
Condensed Consolidated Statem_5
| Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
| Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Statement of Stockholders' Equity [Abstract] | ||||||
| Common Stock, Dividends, Per Share, Declared | $ 0.29 | $ 0.29 | $ 0.23 | $ 0.23 | $ 0.58 | $ 0.46 |
| Preferred stock, dividends (usd per share) | $ 13.14 | $ 13.14 | $ 13.14 | $ 13.14 | $ 26.28 | $ 26.28 |
Organization and principal acco
| Organization and principal accounting policies | 6 Months Ended |
| Aug. 03, 2024 | |
| 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 consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. See Note 4 for information regarding the Company’s reportable segments. Signet’s business is seasonal, with the fourth quarter historically accounting for approximately 35-40% of annual sales as well as for a substantial portion of the annual operating income. Basis of preparation The condensed consolidated financial statements of the Company are prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles (“US GAAP” or “GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Intercompany transactions and balances have been eliminated in consolidation. The Company has reclassified certain prior year amounts to conform to the current year presentation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of the results to be expected for the full fiscal year or for any other interim period. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 filed with the SEC on March 21, 2024. Use of estimates The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, employee compensation, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets. Fiscal year The Company’s fiscal year ends on the Saturday nearest to January 31 st . Fiscal 2025 and Fiscal 2024 refer to the 52-week period ending February 1, 2025 and the 53-week period ended February 3, 2024, respectively. Within these condensed consolidated financial statements, the second quarter and year-to-date period of the fiscal years 2025 and 2024 refer to the 13 and 26 weeks ended August 3, 2024 and July 29, 2023, respectively. Foreign currency translation The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International reportable segment and Canada as part of the North America reportable segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the condensed consolidated balance sheet dates, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying condensed consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within other operating expense, net within the condensed consolidated statements of operations. See Note 8 for additional information regarding the Company’s foreign currency translation. |
New accounting pronouncements
| New accounting pronouncements | 6 Months Ended |
| Aug. 03, 2024 | |
| 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 2025 that have a material impact on the Company’s consolidated financial position or results of operations. New accounting pronouncements issued but not yet adopted Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) In November 2023, the FASB issued ASU 2023-07. This ASU requires the following disclosures on an annual and interim basis: • Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included with each reported measure of segment profit/loss. • Other segment items by reportable segment, consisting of differences between segment revenue and segment profit/loss not already disclosed above. • Other information by reportable segment, including total assets, depreciation and amortization, and capital expenditures. • The title of the CODM and an explanation of how the CODM uses the reported measures of segment profit/loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a retrospective basis. This ASU will have no impact on the Company’s consolidated financial condition or results of operations. The Company is evaluating the impact of this ASU on its segment reporting disclosures. Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) In December 2023, the FASB issued ASU 2023-09. This ASU modifies the annual disclosure requirements for income taxes in the following ways: • The effective tax rate reconciliation must be disclosed using both percentages and dollars (currently only one is required). The reconciliation must contain several prescriptive categories, including disaggregating material impacts from foreign, state, and local taxes by jurisdiction. Qualitative information regarding material reconciling items is also required to be disclosed. • The amount of income taxes paid must be disclosed and disaggregated by jurisdiction. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied on a prospective or retrospective basis. This ASU will have no impact on the Company’s consolidated financial condition or results of operations. The Company is evaluating the impact of this ASU on its income tax disclosures. |
Revenue recognition
| Revenue recognition | 6 Months Ended |
| Aug. 03, 2024 | |
| 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 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended August 3, 2024 13 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by banner: Kay $ 542.6 $ — $ — $ 542.6 $ 567.1 $ — $ — $ 567.1 Zales 255.5 — — 255.5 279.4 — — 279.4 Jared 251.6 — — 251.6 265.2 — — 265.2 Digital banners (1) 131.3 — — 131.3 164.2 164.2 Diamonds Direct 89.3 — — 89.3 93.1 — — 93.1 Banter by Piercing Pagoda 77.6 — — 77.6 79.3 — — 79.3 Peoples 43.6 — — 43.6 43.5 — — 43.5 International segment banners — 86.5 — 86.5 — 102.0 — 102.0 Other (2) 6.1 — 6.9 13.0 9.3 — 10.5 19.8 Total sales $ 1,397.6 $ 86.5 $ 6.9 $ 1,491.0 $ 1,501.1 $ 102.0 $ 10.5 $ 1,613.6 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by banner: Kay $ 1,110.1 $ — $ — $ 1,110.1 $ 1,169.3 $ — $ — $ 1,169.3 Zales 512.2 — — 512.2 574.8 — — 574.8 Jared 501.1 — — 501.1 539.2 — — 539.2 Digital banners (1) 265.0 265.0 332.4 332.4 Diamonds Direct 171.9 — — 171.9 181.3 — — 181.3 Banter by Piercing Pagoda 161.2 — — 161.2 164.8 — — 164.8 Peoples 82.8 — — 82.8 81.7 — — 81.7 International segment banners — 163.7 — 163.7 — 195.0 — 195.0 Other (2) 13.3 — 20.5 33.8 18.8 — 24.3 43.1 Total sales $ 2,817.6 $ 163.7 $ 20.5 $ 3,001.8 $ 3,062.3 $ 195.0 $ 24.3 $ 3,281.6 (1) Includes sales from the Company’s digital banners, James Allen and Blue Nile. (2) Other primarily includes sales from the Company’s diamond sourcing operation, loose diamonds and Rocksbox. The following table provides the Company’s total sales, disaggregated by major product, for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended August 3, 2024 13 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by product: Bridal $ 625.9 $ 39.9 $ — $ 665.8 $ 691.0 $ 44.5 $ — $ 735.5 Fashion 522.5 17.7 — 540.2 552.3 17.4 — 569.7 Watches 48.7 23.0 — 71.7 48.4 33.5 — 81.9 Services (1) 173.8 5.9 — 179.7 170.6 6.6 — 177.2 Other (2) 26.7 — 6.9 33.6 38.8 — 10.5 49.3 Total sales $ 1,397.6 $ 86.5 $ 6.9 $ 1,491.0 $ 1,501.1 $ 102.0 $ 10.5 $ 1,613.6 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by product: Bridal $ 1,265.2 $ 75.2 $ — $ 1,340.4 $ 1,418.7 $ 85.5 $ — $ 1,504.2 Fashion 1,059.3 32.9 — 1,092.2 1,123.7 33.0 — 1,156.7 Watches 91.4 43.8 — 135.2 93.2 63.6 — 156.8 Services (1) 352.4 11.8 — 364.2 346.4 12.9 — 359.3 Other (2) 49.3 — 20.5 69.8 80.3 — 24.3 104.6 Total sales $ 2,817.6 $ 163.7 $ 20.5 $ 3,001.8 $ 3,062.3 $ 195.0 $ 24.3 $ 3,281.6 (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 table provides the Company’s total sales, disaggregated by channel, for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended August 3, 2024 13 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by channel: Store $ 1,080.2 $ 67.6 $ — $ 1,147.8 $ 1,147.1 $ 84.8 $ — $ 1,231.9 eCommerce 313.4 18.9 — 332.3 348.3 17.2 — 365.5 Other (1) 4.0 — 6.9 10.9 5.7 — 10.5 16.2 Total sales $ 1,397.6 $ 86.5 $ 6.9 $ 1,491.0 $ 1,501.1 $ 102.0 $ 10.5 $ 1,613.6 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by channel: Store $ 2,174.5 $ 128.4 $ — $ 2,302.9 $ 2,338.1 $ 161.6 $ — $ 2,499.7 eCommerce 634.9 35.3 — 670.2 712.7 33.4 — 746.1 Other (1) 8.2 — 20.5 28.7 11.5 — 24.3 35.8 Total sales $ 2,817.6 $ 163.7 $ 20.5 $ 3,001.8 $ 3,062.3 $ 195.0 $ 24.3 $ 3,281.6 (1) Other primarily includes sales from the Company’s diamond sourcing operation and loose diamonds. Extended service plans (“ESP”) The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral periods for ESP sales are determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in historical claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in either the overall claims pattern or the life over which the Company is expected to fulfill its obligations under the warranty, could result in material change to revenues. 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 condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Deferred ESP selling costs Unamortized deferred ESP selling costs as of August 3, 2024, February 3, 2024 and July 29, 2023 were as follows: (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Other current assets $ 27.5 $ 28.2 $ 28.0 Other assets 81.2 83.0 83.0 Total deferred ESP selling costs $ 108.7 $ 111.2 $ 111.0 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 w as $10.9 million and $22.1 million during the 13 and 26 weeks ended August 3, 2024, respectively, and $10.8 million and $21.7 million during the 13 and 26 weeks ended July 29, 2023, respectively. Deferred revenue Deferred revenue as of August 3, 2024, February 3, 2024 and July 29, 2023 was as follows: (in millions) August 3, 2024 February 3, 2024 July 29, 2023 ESP deferred revenue $ 1,146.1 $ 1,158.7 $ 1,138.9 Other deferred revenue (1) 75.7 86.0 88.4 Total deferred revenue $ 1,221.8 $ 1,244.7 $ 1,227.3 Disclosed as: Current liabilities $ 347.8 $ 362.9 $ 358.3 Non-current liabilities 874.0 881.8 869.0 Total deferred revenue $ 1,221.8 $ 1,244.7 $ 1,227.3 (1) Other deferred revenue primarily includes revenue collected from customers for custom orders and eCommerce orders, for which control has not yet transferred to the customer. 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 ESP deferred revenue, beginning of period $ 1,153.7 $ 1,149.4 $ 1,158.7 $ 1,159.5 Plans sold (1) 117.0 109.7 238.9 223.1 Revenue recognized (2) (124.6) (120.2) (251.5) (243.7) ESP deferred revenue, end of period $ 1,146.1 $ 1,138.9 $ 1,146.1 $ 1,138.9 (1) Includes impact of foreign exchange translation. (2) The Company recognized sales of $75.0 million and $160.2 million during the 13 and 26 weeks ended August 3, 2024, respectively, and $75.8 million and $162.5 million during the 13 and 26 weeks ended July 29, 2023, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP. |
Segment information
| Segment information | 6 Months Ended |
| Aug. 03, 2024 | |
| Segment Reporting [Abstract] | |
| Segment information | Segment information Financial information for each of Signet’s reportable segments is presented in the tables below. Signet’s CODM utilizes segment sales and operating income, after the elimination of any inter-segment transactions, to determine resource allocations and performance assessment measures. Signet aggregates operating segments with similar economic and operating characteristics. Signet manages its business as three reportable segments: North America, International, and Other. Signet’s sales are derived from the retailing of jewelry, watches, other products and services as generated through the management of its reportable segments. The Company allocates certain support center costs between operating segments, and the remainder of the unallocated costs are included with the corporate and unallocated expenses presented. The North America reportable segment operates across the US and Canada. Its US stores operate nationally in malls and off-mall locations, as well as online, principally as Kay (Kay Jewelers and Kay Outlet), Zales (Zales Jewelers and Zales Outlet), Jared (Jared The Galleria Of Jewelry and Jared Vault), Diamonds Direct, Banter by Piercing Pagoda, Rocksbox, and digital banners, James Allen and Blue Nile. Its Canadian stores operate as Peoples Jewellers. The International reportable segment operates stores in the UK, Republic of Ireland and Channel Islands, as well as online. Its stores operate in malls and off-mall locations (i.e. high street) principally under the H. Samuel and Ernest Jones banners. The Other reportable segment primarily consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Sales: North America segment $ 1,397.6 $ 1,501.1 $ 2,817.6 $ 3,062.3 International segment 86.5 102.0 163.7 195.0 Other segment 6.9 10.5 20.5 24.3 Total sales $ 1,491.0 $ 1,613.6 $ 3,001.8 $ 3,281.6 Operating (loss) income: North America segment (1) $ (77.2) $ 117.1 $ 6.0 $ 241.8 International segment (2) (4.2) (7.0) (17.2) (13.9) Other segment (2.6) (1.0) (5.7) (1.7) Corporate and unallocated expenses (16.9) (18.9) (34.2) (34.3) Total operating (loss) income (100.9) 90.2 (51.1) 191.9 Interest income, net 2.4 1.8 11.0 7.4 Other non-operating income (expense), net 1.6 0.3 1.8 (0.1) (Loss) income before income taxes $ (96.9) $ 92.3 $ (38.3) $ 199.2 (1) Operating (loss) income during the 13 and 26 weeks ended August 3, 2024 includes $166.2 million and $168.2 million, respectively, of asset impairment charges primarily related to goodwill and indefinite-lived intangible assets; $0.9 million and $1.1 million, respectively, of integration-related expenses, primarily severance and retention, incurred for the integration of Blue Nile; and $0.2 million and $0.8 million, respectively, of restructuring charges. Operating income during the 13 and 26 weeks ended July 29, 2023 includes $4.8 million and $12.6 million, respectively, of acquisition and integration-related expenses, primarily severance and retention, and exit and disposal costs, and system decommissioning costs incurred for the integration of Blue Nile; $3.8 million and $5.6 million, respectively, of net asset impairment charges; and $4.2 million of restructuring charges. Operating income during the 26 weeks ended July 29, 2023 includes a $3.0 million credit to income related to the adjustment of a prior litigation accrual. See Note 12, Note 18 and Note 20 for additional information. (2) Operating loss during the 13 and 26 weeks ended August 3, 2024 includes $1.0 million and $5.0 million, respectively, of restructuring charges and $1.2 million and $2.5 million, respectively, of net losses from the previously announced divestiture of the UK prestige watch business. Operating loss during the 26 weeks ended August 3, 2024 includes $0.4 million of net asset impairment charges primarily related to planned store closures. See Note 18 for additional information. |
Redeemable preferred shares
| Redeemable preferred shares | 6 Months Ended |
| Aug. 03, 2024 | |
| Temporary Equity [Abstract] | |
| Redeemable preferred shares | Redeemable preferred shares On October 5, 2016, the Company issued 625,000 redeemable Series A Convertible Preference Shares (“Preferred Shares”) to Green Equity Investors VI, L.P., Green Equity Investors Side VI, L.P., LGP Associates VI-A LLC and LGP Associates VI-B LLC, all affiliates of Leonard Green & Partners, L.P. (together, the “Preferred Holders”), 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. The Preferred Shares are classified as temporary equity within the condensed consolidated balance sheets. On March 30, 2024, Signet’s Board of Directors (the “Board”) approved amendments to the Certificate of Designation to be effective as of April 1, 2024, including to provide for net share settlement upon conversion of the Preferred Shares. Under the terms of the net share settlement, in the event of a mandatory conversion by the Company or a conversion at the option of a Preferred Holder, in exchange for each Preferred Share, Signet will deliver cash for the stated value of the Preferred Share, and may elect to deliver any net settlement amount in excess of stated value in cash, shares or a combination of cash and shares. The current stated value of the Preferred Shares is $1,050.94 per share. The amended Certificate of Designation also includes certain restrictions on the Preferred Holders’ rights to convert the Preferred Shares, including: (a) prior to May 1, 2024, the Preferred Holders may not convert more than 50% of the Preferred Shares in the aggregate; and (b) after May 1, 2024, the Preferred Holders may not convert more than $110.0 million of stated value of the Preferred Shares (in aggregate) in any 30-day period prior to November 15, 2024. No other modifications to the terms of the Certificate of Designation were made. On April 1, 2024, following the effectiveness of the amended Certificate of Designation, the Preferred Holders delivered notice to the Company of a conversion of 312,500 Preferred Shares (in the aggregate). In accordance with the terms of the amended Certificate of Designation, the conversion was settled in cash by the Company for $414.1 million on April 15, 2024, which included $2.1 million of accrued and unpaid dividends as of the date of conversion. The excess of the settlement amount (excluding dividends) over the stated value of the Preferred Shares was $83.6 million, which was recorded as a deemed dividend and a charge to net (loss) income attributable to common shareholders in the condensed consolidated statement of operations. The Company also incurred $1.5 million of expenses directly related to the redemption and recorded this as an additional deemed dividend charged to net (loss) income attributable to common shareholders, which was included in accrued expenses and other current liabilities in the condensed consolidated balance sheet as of August 3, 2024. On May 6, 2024, the Preferred Holders elected to convert an additional 100,000 Preferred Shares. Upon notice of conversion, the Company elected to settle the full conversion amount totaling $129.0 million in cash, which was paid on May 20, 2024. The excess of the settlement amount over the stated value of the Preferred Shares was $23.9 million, and was recorded as a direct reduction to additional paid-in capital in the condensed consolidated balance sheet. The following table presents certain conversion measures as of August 3, 2024, February 3, 2024 and July 29, 2023: (in millions, except conversion rate and conversion price) August 3, 2024 February 3, 2024 July 29, 2023 Conversion rate 12.6933 12.5406 12.5406 Conversion price $ 78.7817 $ 79.7410 $ 79.7410 Potential impact of Preferred Shares if-converted to common shares (1) — 8.2 8.2 Liquidation preference (2) $ 226.1 $ 665.1 $ 665.1 (1) The potential impact of conversion of the outstanding Preferred Shares as of August 3, 2024 reflects the modified net share settlement provisions described above, based on the volume weighted average price per share as of the last trading date of the second quarter, which was below the conversion price. (2) 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, including financial advisory fees, closing costs, legal expenses and other offering-related expenses. These direct and incremental expenses originally reduced the carrying value of the Preferred Shares and are accreted through retained earnings as a deemed dividend from the date of issuance through the then first known redemption date in November 2024. Accumulated accretion recorded in the condensed consolidated balance sheets was $13.5 million as of August 3, 2024 (February 3, 2024 and July 29, 2023: $12.4 million and $11.5 million, respectively). Accretion of $0.2 million and $1.1 million was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 and 26 weeks ended August 3, 2024 and $0.4 million and $0.8 million for the 13 and 26 weeks ended July 29, 2023. |
Shareholders' equity
| Shareholders' equity | 6 Months Ended |
| Aug. 03, 2024 | |
| Equity [Abstract] | |
| Shareholders' equity | Shareholders’ equity Dividends on Common Shares Dividends declared on common shares during the 26 weeks ended August 3, 2024 and July 29, 2023 were as follows: Fiscal 2025 Fiscal 2024 (in millions, except per share amounts) Dividends Total dividends Dividends Total dividends First quarter $ 0.29 $ 12.9 $ 0.23 $ 10.4 Second quarter (1) 0.29 12.9 0.23 10.3 Total $ 0.58 $ 25.8 $ 0.46 $ 20.7 (1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of August 3, 2024 and July 29, 2023, there was $12.9 million and $10.3 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the second quarter of Fiscal 2025 and Fiscal 2024, respectively. Dividends on Preferred Shares Dividends declared on the Preferred Shares during the 26 weeks ended August 3, 2024 and July 29, 2023 were as follows: Fiscal 2025 Fiscal 2024 (in millions, except per share amounts) Dividends Total dividends (2) Dividends Total dividends First quarter $ 13.14 $ 6.2 $ 13.14 $ 8.2 Second quarter (1) 13.14 2.8 13.14 8.2 Total $ 26.28 $ 9.0 $ 26.28 $ 16.4 (1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of August 3, 2024 and July 29, 2023, there was $2.8 million and $8.2 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on the Preferred Shares declared for the second quarter of Fiscal 2025 and Fiscal 2024, respectively. (2) Dividends on the Preferred Shares during the first quarter of Fiscal 2025 includes $2.1 million of dividends paid in April 2024 in connection with the redemption further described in Note 5. There were no cumulative undeclared dividends on the Preferred Shares that reduced net (loss) income attributable to common shareholders during the 13 and 26 weeks ended August 3, 2024 or July 29, 2023. See Note 5 for additional discussion of the Company’s Preferred Shares. Share repurchases Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board. Repurchases may be made in the open market, through block trades, through accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares are held as treasury shares and used by Signet primarily for issuance of share-based compensation awards, or for general corporate purposes. The Board authorized repurchases to be made under the 2017 Share Repurchase Program (the “2017 Program”). Through the end of Fiscal 2024, the total authorization under the 2017 Program had been increased to approximately $1.9 billion, with $661.0 million remaining as of February 3, 2024. In March 2024, the Board approved a further $200.0 million increase to the multi-year authorization under the 2017 Program. Since inception of the 2017 Program, the Company has repurchased approximately $1.3 billion of shares, with $813.8 million of shares authorized for repurchase remaining as of August 3, 2024. The share repurchase activity during the 26 weeks ended August 3, 2024 and July 29, 2023 was as follows: 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions, except per share amounts) Shares repurchased Amount repurchased (1) Average repurchase price per share (1) Shares repurchased Amount repurchased (1) Average repurchase price per share (1) 2017 Program 0.5 $ 47.2 $ 91.88 1.2 $ 82.4 $ 69.88 (1) Includes amounts paid for commissions. |
Earnings per common share ("EPS
| Earnings per common share ("EPS") | 6 Months Ended |
| Aug. 03, 2024 | |
| Earnings Per Share [Abstract] | |
| Earnings per common share ("EPS") | Earnings (loss) per common share ( “ EPS ” ) Basic EPS is computed by dividing net (loss) income attributable to common shareholders by the weighted average number of common shares outstanding for the period. The computation of basic EPS is outlined in the table below: 13 weeks ended 26 weeks ended (in millions, except per share amounts) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Numerator: Net (loss) income attributable to common shareholders $ (101.5) $ 66.5 $ (141.6) $ 155.3 Denominator: Weighted average common shares outstanding 44.5 45.2 44.6 45.3 EPS – basic $ (2.28) $ 1.47 $ (3.17) $ 3.43 The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including time-based restricted shares, time-based restricted stock units, performance-based 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 periods. The dilutive effect of Preferred Shares represents the potential impact for common shares that would be issued upon conversion. Potential common share dilution related to share awards and Preferred Shares is determined using the treasury stock and if-converted methods, respectively. Prior to modification under the if-converted method, the Preferred Shares were 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 (loss) income attributable to common shareholders. Following the modification and conversion of the Preferred Shares described in Note 5, a modified if-converted method is used to determine potential common share dilution related to the remaining outstanding Preferred Shares. Under this method, dividends and accretion of issuance costs are no longer added back to net (loss) income attributable to common shareholders. See Note 5 for additional discussion of the Company’s Preferred Shares. The computation of diluted EPS is outlined in the table below: 13 weeks ended 26 weeks ended (in millions, except per share amounts) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Numerator: Net (loss) income attributable to common shareholders $ (101.5) $ 66.5 $ (141.6) $ 155.3 Add: Dividends on Preferred Shares — 8.6 — 17.2 Numerator for diluted EPS $ (101.5) $ 75.1 $ (141.6) $ 172.5 Denominator: Basic weighted average common shares outstanding 44.5 45.2 44.6 45.3 Plus: Dilutive effect of share awards — 0.9 — 1.0 Plus: Dilutive effect of Preferred Shares — 8.2 — 8.2 Diluted weighted average common shares outstanding 44.5 54.3 44.6 54.5 EPS – diluted $ (2.28) $ 1.38 $ (3.17) $ 3.17 The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be antidilutive: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Share awards 0.4 — 0.5 — Potential impact of Preferred Shares — — 2.8 — Total antidilutive shares 0.4 — 3.3 — |
Accumulated other comprehensive
| Accumulated other comprehensive income (loss) | 6 Months Ended |
| Aug. 03, 2024 | |
| 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: (in millions) Foreign Losses on available-for-sale securities, net Gains (losses) Accumulated Balance at February 3, 2024 $ (265.2) $ (0.2) $ 0.1 $ (265.3) Other comprehensive income (loss) (“OCI”) before reclassifications (0.3) — (0.2) (0.5) Amounts reclassified from AOCI to earnings — — (0.1) (0.1) Net current period OCI (0.3) — (0.3) (0.6) Balance at August 3, 2024 $ (265.5) $ (0.2) $ (0.2) $ (265.9) The amounts reclassified from AOCI to earnings were as follows: Amounts reclassified from AOCI 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Statement of operations caption Gains on cash flow hedges: Foreign currency contracts $ 0.1 $ (0.3) $ (0.1) $ (0.8) Cost of sales (see Note 13) Total before income tax 0.1 (0.3) (0.1) (0.8) Income taxes — 0.1 — 0.2 Net of tax 0.1 (0.2) (0.1) (0.6) Defined benefit pension plan items: Pension settlement loss — — — 0.2 Other non-operating income (expense), net Total before income tax — — — 0.2 Income taxes — — — (4.1) Net of tax — — — (3.9) Total reclassifications, net of tax $ 0.1 $ (0.2) $ (0.1) $ (4.5) |
Income taxes
| Income taxes | 6 Months Ended |
| Aug. 03, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income taxes | Income taxes 26 weeks ended August 3, 2024 July 29, 2023 Estimated annual effective tax rate before discrete items 17.1 % 18.0 % Discrete items recognized (38.2) % (4.6) % Effective tax rate recognized in statements of operations (21.1) % 13.4 % During the 26 weeks ended August 3, 2024, the Co mpany’s effective tax rate was lower than the US federal income tax rate, primarily as a result of the favorable impact of foreign rate differences and benefits from global reinsurance arrangements, as well as the discrete tax items recognized in the 26 weeks ended August 3, 2024, including impairment charges of $166 million, of which $123 million relates to non-deductible goodwill, and the excess tax benefit for share-based compensation which vested during the year of $5.0 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 as a result of the favorable impact of foreign rate differences and benefits from global reinsurance arrangements, as well as the discrete tax benefits related to the reclassification of the remaining pension settlement loss out of AOCI of $4.1 million and the excess tax benefit for share-based compensation which vested during the year of $7.7 million. As of August 3, 2024, 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 February 3, 2024. |
Inventories
| Inventories | 6 Months Ended |
| Aug. 03, 2024 | |
| Inventory Disclosure [Abstract] | |
| Inventories | Inventories The following table summarizes the details of the Company’s inventories as of August 3, 2024, February 3, 2024 and July 29, 2023: (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Raw materials $ 72.2 $ 49.4 $ 70.0 Merchandise inventories 1,905.0 1,887.2 2,023.9 Total inventories $ 1,977.2 $ 1,936.6 $ 2,093.9 |
Leases
| Leases | 6 Months Ended |
| Aug. 03, 2024 | |
| Leases [Abstract] | |
| Leases | Leases Total lease costs for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023 consist of the following: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Operating lease cost $ 91.8 $ 96.7 $ 181.9 $ 195.8 Short-term lease cost 17.2 12.8 36.4 24.7 Variable lease cost 25.2 26.8 50.8 52.8 Sublease income (0.1) (0.2) (0.3) (0.4) Total lease costs $ 134.1 $ 136.1 $ 268.8 $ 272.9 |
Goodwill and intangibles
| Goodwill and intangibles | 6 Months Ended |
| Aug. 03, 2024 | |
| 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 indefinite-lived intangible asset with its fair value. When the carrying amount of the reporting unit or other indefinite-lived intangible asset exceeds its fair value, an impairment charge is recorded. Fiscal 2024 During the 13 weeks ended April 29, 2023, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the first quarter of Fiscal 2024 requiring an interim impairment assessment for all reporting units with goodwill and indefinite-lived intangible assets. During the 13 weeks ended July 29, 2023, the Company completed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names. The Company utilized the qualitative assessment for all reporting units and trade names, except the Digital Banners and Diamonds Direct reporting units and trade names, for which the quantitative assessment was utilized. Through the qualitative assessment, 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 exceeded their fair values. The Company noted no impairment through the quantitative assessments based on the estimated fair values of the reporting units and trade names exceeding their carrying values. Additionally, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the second quarter of Fiscal 2024 requiring interim impairment assessments for all reporting units with goodwill and indefinite-lived intangible assets. Fiscal 2025 During the 13 weeks ended May 4, 2024, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the first quarter of Fiscal 2025 requiring an interim impairment assessment for all reporting units with goodwill and indefinite-lived intangible assets. During the 13 weeks ended August 3, 2024, the Company completed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names. The Company utilized the qualitative assessment for all reporting units and trade names, except the Digital Banners and Diamonds Direct reporting units and the Diamonds Direct and Blue Nile trade names, for which the quantitative assessment was utilized. Through the qualitative assessment, 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 exceeded their fair values. As part of the quantitative assessments, management reevaluated its long-term cash flow projections, primarily related to sales growth in the Digital Banners and Diamonds Direct. Both banners have a higher bridal mix compared to the rest of Signet, and thus the slower than expected engagement recovery and continued pressure on consumer discretionary spending have had a disproportionate impact on these businesses as compared to the other Signet banners. In addition, to a lesser degree, the Digital Banners sales have been impacted by market declines in lab created diamond pricing over the past year. Management also determined an increase in discount rates was required to reflect the current interest rate environment at the valuation date, as well as to reflect additional forecast risk related to the Digital Banners due to the previously discussed challenges related to the integration of Blue Nile. Therefore, these higher discount rates, in conjunction with the revised cash flow projections, resulted in lower than previously projected discounted cash flows for the reporting units and trade names which negatively affected the valuations compared to previous valuations. Based on the results of the quantitative impairment assessments, the Company determined that no impairment was required for the Diamonds Direct reporting unit, as its estimated fair value exceeded its carrying value. However, during the second quarter of Fiscal 2025, the Company recognized pre-tax impairment charges in the condensed consolidated statement of operations within its North America reportable segment related to the Diamonds Direct trade name, the Digital Banners reporting unit, and the Blue Nile trade name of $7.0 million, $123.0 million and $36.0 million, respectively, as their respective carrying values exceeded their fair values. As a result of these impairments, as of the annual valuation date of June 1, 2024, the carrying values of the Diamonds Direct trade name, Digital Banners goodwill, and Blue Nile trade name were reduced to their estimated fair values of $119 million, $203.1 million, and $60 million, respectively. Additionally, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the second quarter of Fiscal 2025 requiring interim impairment assessments for all reporting units with goodwill and indefinite-lived intangible assets. The uncertainty related to the current macroeconomic environment, such as high interest rates and the heightened inflationary pressure on consumers’ discretionary spending, could negatively affect the share price of the Company’s common stock, as well as key assumptions used to estimate fair value, such as sales trends, margin trends, long-term growth rates and discount rates. Thus, an adverse change in any of these factors, specifically for Diamonds Direct and Digital Banners as described above, could result in a risk of additional impairment in the Company’s goodwill or indefinite-lived trade names in future periods. Goodwill The following table summarizes the Company’s goodwill by reportable segment: (in millions) North America Balance at February 3, 2024 (1) $ 754.5 Impairment (123.0) Balance at August 3, 2024 (1) $ 631.5 (1) The carrying amount of goodwill is presented net of accumulated impairment losses of $699.0 million and $576.0 million as of August 3, 2024 and February 3, 2024, respectively. 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 - non-current on the condensed consolidated balance sheets. The following table provides additional detail regarding the composition of intangible assets and liabilities: August 3, 2024 February 3, 2024 July 29, 2023 (in millions) Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Intangible assets, net: Definite-lived intangible assets $ 11.2 $ (8.1) $ 3.1 $ 11.2 $ (7.5) $ 3.7 $ 15.8 $ (8.5) $ 7.3 Indefinite-lived intangible assets (1) 355.8 — 355.8 399.1 — 399.1 399.2 — 399.2 Total intangible assets, net $ 367.0 $ (8.1) $ 358.9 $ 410.3 $ (7.5) $ 402.8 $ 415.0 $ (8.5) $ 406.5 Intangible liabilities, net $ (38.0) $ 35.3 $ (2.7) $ (38.0) $ 34.4 $ (3.6) $ (38.0) $ 33.5 $ (4.5) (1) The change in the indefinite-lived intangible asset balances during the periods presented was primarily due to impairment charges as described above. |
Derivatives
| Derivatives | 6 Months Ended |
| Aug. 03, 2024 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivatives | Derivatives Derivative transactions are used by Signet for risk management purposes to address risks inherent in the Company’s business operations and sources of financing. The only risk that the Company is currently utilizing financial derivatives to mitigate is foreign currency risk. Signet does not enter into derivative transactions for speculative purposes. The following types of derivative financial instruments are utilized by the Company to mitigate certain risk exposures related to changes in 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 August 3, 2024 was $18.4 million (February 3, 2024 and July 29, 2023: $5.1 million and $24.0 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (February 3, 2024 and July 29, 2023: 6 months and 11 months, respectively). The fair value of outstanding contracts as well as related activity were not material for the periods presented. There were no discontinued cash flow hedges during the 26 weeks ended August 3, 2024 and July 29, 2023 as all forecasted transactions are expected to occur as originally planned. As of August 3, 2024, based on current valuations, the Company expects approximately $0.2 million of net pre-tax derivative losses to be reclassified out of AOCI into earnings within the next 12 months. 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 August 3, 2024 was $62.0 million (February 3, 2024 and July 29, 2023: $57.2 million and $35.5 million, respectively). The Company recognizes activity related to these derivative instruments within other operating expense, net in the condensed consolidated statements of operations. Losses were $0.3 million and $1.8 million during the 13 and 26 weeks ended August 3, 2024, respectively, and gains were $0.7 million and $0.5 million during the 13 and 26 weeks ended July 29, 2023, respectively. The bank counterparties to the derivative instruments expose the Company to credit-related losses in the event of their non-performance. However, to mitigate that risk, the Company only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of August 3, 2024, the Company believes that this credit risk did not materially change the fair value of the foreign currency contracts. |
Fair value measurement
| Fair value measurement | 6 Months Ended |
| Aug. 03, 2024 | |
| Fair Value Disclosures [Abstract] | |
| Fair value measurement | 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: 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: August 3, 2024 February 3, 2024 July 29, 2023 (in millions) Carrying Value Level 1 Level 2 Carrying Value Level 1 Level 2 Carrying Value Level 1 Level 2 Assets: US Treasury securities $ 5.3 $ 5.3 $ — $ 5.3 $ 5.3 $ — $ 5.7 $ 5.7 $ — Foreign currency contracts — — — 0.1 — 0.1 — — — US government agency securities — — — 0.5 — 0.5 0.5 — 0.5 Corporate bonds and notes 0.2 — 0.2 2.0 — 2.0 2.9 — 2.9 Total assets $ 5.5 $ 5.3 $ 0.2 $ 7.9 $ 5.3 $ 2.6 $ 9.1 $ 5.7 $ 3.4 Liabilities: Foreign currency contracts $ (0.4) $ — $ (0.4) $ (0.3) $ — $ (0.3) $ (1.0) $ — $ (1.0) Total liabilities $ (0.4) $ — $ (0.4) $ (0.3) $ — $ (0.3) $ (1.0) $ — $ (1.0) 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 on the balance sheet dates, taking into account the current interest rate environment and foreign currency forward rates, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 13 for additional information related to the Company’s derivatives. Goodwill and other indefinite-lived intangible assets are evaluated for impairment annually or more frequently if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value. As described in Note 12, the Company performed its annual impairment assessment on a quantitative basis for certain reporting units and indefinite-lived intangible assets as of June 1, 2024. The fair values used in these assessments was calculated using a combination of the income and market approaches for the reporting units and the relief from royalty method for the indefinite-lived intangible assets. The fair values are Level 3 valuations based on certain unobservable inputs, including estimated sales growth; projected cash flows; discount rates; comparable company earnings multiples; and royalty rates, aligned with market-based assumptions. These unobservable inputs would be utilized by market participants in valuing these assets or prices of similar assets. See Note 12 for additional information. The carrying amounts of cash and cash equivalents, 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 value of debt instruments 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 following table provides a summary of the carrying amount and fair value of outstanding debt: February 3, 2024 July 29, 2023 (in millions) Carrying Fair Value Carrying Fair Value 4.70% Senior unsecured notes due in June 2024 (Level 2) (1) $ 147.7 $ 146.3 $ 147.5 $ 145.1 (1) The Senior Notes were repaid during the second quarter of Fiscal 2025. See Note 15 for additional information. |
Long-term debt
| Long-term debt | 6 Months Ended |
| Aug. 03, 2024 | |
| Debt Disclosure [Abstract] | |
| Long-term debt | Long-term debt (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Debt: 4.70% Senior unsecured notes due in June 2024, net of unamortized discount $ — $ 147.8 $ 147.7 Gross debt — 147.8 147.7 Less: Current portion of long-term debt — (147.7) (147.5) Less: Unamortized debt issuance costs — (0.1) (0.2) Total long-term debt $ — $ — $ — 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 June 2024 (the “Senior Notes”). The Senior Notes were issued under an effective registration statement previously filed with the SEC. Interest on the Senior Notes was payable semi-annually on June 15 and December 15 of each year. The Senior Notes were 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. The Company fully repaid the Senior Notes upon maturity during the second quarter of Fiscal 2025. Asset-based credit facility On September 27, 2019, the Company entered into a senior secured asset-based revolving credit facility in an aggregate committed amount of $1.5 billion (the “ABL”). The Company has the option to increase the size of the ABL by up to an additional $600 million. On August 23, 2024, the Company entered into the Fourth Amendment to the Credit Agreement (the “Fourth Amendment”) to amend the ABL. The Fourth Amendment extended the maturity of the ABL from July 28, 2026 to August 23, 2029, and reduced the ABL aggregate commitment to $1.2 billion. In addition, the Fourth Amendment expands the assets counted in the calculation of the borrowing base applicable to the ABL to include all specified assets of borrower and guarantor entities. The Company had no outstanding borrowings on the ABL for the periods presented and its available borrowing capacity was $1.2 billion as of August 3, 2024. |
Warranty reserve
| Warranty reserve | 6 Months Ended |
| Aug. 03, 2024 | |
| Other Liabilities Disclosure [Abstract] | |
| Warranty reserve | Warranty reserve Certain banners within the North America reportable segment provide 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 liabilities - non-current, is as follows: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Warranty reserve, beginning of period $ 43.2 $ 41.3 $ 43.7 $ 40.8 Warranty expense 1.8 4.6 4.1 8.1 Utilized (1) (2.7) (3.0) (5.5) (6.0) Warranty reserve, end of period $ 42.3 $ 42.9 $ 42.3 $ 42.9 (1) Includes impact of foreign exchange translation. (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Disclosed as: Accrued expenses and other current liabilities $ 11.3 $ 11.8 $ 11.7 Other liabilities - non-current 31.0 31.9 31.2 Total warranty reserve $ 42.3 $ 43.7 $ 42.9 |
Other operating (expense) incom
| Other operating (expense) income, net | 6 Months Ended |
| Aug. 03, 2024 | |
| Other Income and Expenses [Abstract] | |
| Other operating (expense) income, net | Other operating expense, net The following table provides the components of other operating expense, net for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Litigation charges (1) $ — $ — $ — $ 3.0 Restructuring charges (2) (1.2) (4.2) (5.8) (4.2) Other (1.4) (1.4) (1.6) (2.5) Other operating expense, net $ (2.6) $ (5.6) $ (7.4) $ (3.7) (1) Fiscal 2024 includes a credit to income related to the adjustment of a prior litigation accrual recognized in Fiscal 2023. See Note 20 for additional information. (2) See Note 18 for additional information. |
Restructuring
| Restructuring | 6 Months Ended |
| Aug. 03, 2024 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring | Restructuring During the second quarter of Fiscal 2024, the Company initiated a plan to rationalize its store footprint across the Company, as well as to reorganize certain centralized functions within its North America and UK support centers (collectively, the “Plan”). During the first quarter of Fiscal 2025, as a result of the continued strategic review of the UK business, the Company expanded the Plan in order to further redesign the operating model of the UK business aimed at improving profitability, with margins in line with the rest of the business within the next three years. The store footprint reduction is expected to include the closure of up to 150 underperforming stores across both the North America and International reportable segments through the end of Fiscal 2025 and will result in costs primarily for severance and asset disposals or impairment. The reorganization of the support centers includes the elimination of certain roles resulting in expenses primarily related to severance and other employee-related costs. Actions related to the Plan are expected to be completed by the end of Fiscal 2025. During the 13 weeks ended July 29, 2023, the Company recorded charges related to the Plan of $7.7 million, of which $3.6 million related to employee-related costs, $0.6 million related to store closure costs and $3.5 million for asset impairments. During the 13 and 26 weeks ended August 3, 2024, the Company recorded charges related to the Plan of $1.4 million and $7.9 million, respectively, consisting of the following: $0.5 million and $2.7 million, respectively, for employee-related costs; $0.7 million and $3.1 million, respectively, for store closure costs; and $0.2 million and $2.1 million, respectively, related to asset impairments. Employee-related and store closure costs are recorded within other operating expense, net and asset impairments are recorded within asset impairments, net within the condensed consolidated statements of operations. Cumulative costs to date related to the Plan are $19.2 million, consisting of the following: $8.1 million for employee-related costs; $4.7 million for store closure costs; and $6.4 million related to asset impairments. Total estimated costs related to the Plan are expected to range from $20 million to $30 million, including $10 million to $15 million of estimated charges for asset disposals and impairments. |
Supplier finance program
| Supplier finance program | 6 Months Ended |
| Aug. 03, 2024 | |
| Payables and Accruals [Abstract] | |
| Supplier Finance Program | Supplier finance program The Company entered into a supplier finance program during Fiscal 2024. Under this program, a financial intermediary acts as the Company’s paying agent with respect to accounts payable due to certain suppliers. The Company agrees to pay the financial intermediary the stated amount of the confirmed invoices from the designated suppliers on the original maturity dates of the invoices. The supplier finance program enables Company suppliers to be paid by the financial intermediary earlier than the due date on the applicable invoice. The Company negotiates payment terms directly with its suppliers for the purchase of goods and services. No guarantees or collateral are provided by the Company under the supplier finance program. As of August 3, 2024, the Company had $13.7 million of confirmed invoices outstanding under the supplier finance program (February 3, 2024 and July 29, 2023: $7.8 million and zero, respectively). All activity related to the supplier finance program is included in accounts payable |
Commitments and contingencies
| Commitments and contingencies | 6 Months Ended |
| Aug. 03, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and contingencies | Commitments and contingencies Legal proceedings The Company is routinely a party to various legal proceedings arising in the ordinary course of business. These legal proceedings primarily include employment-related and commercial claims. The Company does not believe that the outcome of any such legal proceedings pending against the Company would have a material adverse effect on the Company’s consolidated financial position, liquidity, or results of operations. Previously settled matters Employment practices As previously disclosed, on June 8, 2022, the Company, through its subsidiary Sterling Jewelers Inc., reached a settlement agreement on a collective class arbitration proceeding associated with certain store-level employment practices. As a result of the settlement, the Company recorded a pre-tax charge of $188 million within other operating expense, net in the statement of operations during Fiscal 2023. This settlement charge included the payments to the class of approximately $175 million, as well as estimated employer payroll taxes, class administration fees and class counsel attorneys’ fees and costs. Based on the final assessment of employer payroll taxes due, the total settlement charge was reduced to approximately $185 million, which was fully funded by the Company in the first quarter of Fiscal 2024. Other matters As previously disclosed, in February 2023, the Company received an unfavorable ruling under a private arbitration involving a dispute with a vendor alleging breach of contract. As a result of this ruling, during the fourth quarter of Fiscal 2023, the Company recorded a pre-tax charge of $15.9 million within other operating expense, net in the consolidated statement of operations. This was paid in the first quarter of Fiscal 2024. |
Pay vs Performance Disclosure
| Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
| Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Pay vs Performance Disclosure | ||||||
| Net income | $ (98.5) | $ 52.1 | $ 75.1 | $ 97.4 | $ (46.4) | $ 172.5 |
Insider Trading Arrangements
| Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
| Aug. 03, 2024 shares | Aug. 03, 2024 shares | |
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | Rule 10b5-1 Trading Arrangements During the second quarter of Fiscal 2025, the following director and officer of the Company, as defined in Rule 16-1(f), adopted a Rule 10b5-1 Trading Arrangement (as defined in Item 408(a) of Regulation S-K) to sell common shares: Name Title Adoption Date Expiration Date (1) Maximum aggregate number of shares to be sold Virginia C. Drosos Chief Executive Officer and Director June 14, 2024 December 31, 2025 150,000 (1) The plan will expire on the date represented in the table or upon the earlier completion of all transactions contemplated under the arrangement. The trading arrangement noted above is intended to satisfy the affirmative defense in Rule 10b5-1(c). No other directors or officers of the Company have adopted, modified, or terminated a Rule 10b5-1 Trading Arrangement or Non-Rule 10b5-1 Trading Arrangement (as each term is defined in Item 408 of Regulation S-K) during the second quarter of Fiscal 2025. | |
| Non-Rule 10b5-1 Arrangement Adopted | false | |
| Rule 10b5-1 Arrangement Terminated | false | |
| Non-Rule 10b5-1 Arrangement Terminated | false | |
| Virginia C. Drosos [Member] | ||
| Trading Arrangements, by Individual | ||
| Name | Virginia C. Drosos | |
| Title | Chief Executive Officer and Director | |
| Rule 10b5-1 Arrangement Adopted | true | |
| Adoption Date | June 14, 2024 | |
| Arrangement Duration | 565 days | |
| Aggregate Available | 150,000 | 150,000 |
Organization and principal ac_2
| Organization and principal accounting policies (Policies) | 6 Months Ended |
| Aug. 03, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of preparation | Basis of preparation The condensed consolidated financial statements of the Company are prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles (“US GAAP” or “GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Intercompany transactions and balances have been eliminated in consolidation. The Company has reclassified certain prior year amounts to conform to the current year presentation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of the results to be expected for the full fiscal year or for any other interim period. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 filed with the SEC on March 21, 2024. |
| 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 reported periods. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, employee compensation, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets. |
| Fiscal year | Fiscal year The Company’s fiscal year ends on the Saturday nearest to January 31 st . Fiscal 2025 and Fiscal 2024 refer to the 52-week period ending February 1, 2025 and the 53-week period ended February 3, 2024, respectively. Within these condensed consolidated financial statements, the second quarter and year-to-date period of the fiscal years 2025 and 2024 refer to the 13 and 26 weeks ended August 3, 2024 and July 29, 2023, 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 reportable segment and Canada as part of the North America reportable segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the condensed consolidated balance sheet dates, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying condensed consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within other operating expense, net within the condensed consolidated statements of operations. See Note 8 for additional information regarding the Company’s foreign currency translation. |
| New accounting pronouncements recently adopted and New accounting pronouncements issued but not yet adopted | New accounting pronouncements recently adopted There were no new accounting pronouncements adopted during Fiscal 2025 that have a material impact on the Company’s consolidated financial position or results of operations. New accounting pronouncements issued but not yet adopted Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) In November 2023, the FASB issued ASU 2023-07. This ASU requires the following disclosures on an annual and interim basis: • Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included with each reported measure of segment profit/loss. • Other segment items by reportable segment, consisting of differences between segment revenue and segment profit/loss not already disclosed above. • Other information by reportable segment, including total assets, depreciation and amortization, and capital expenditures. • The title of the CODM and an explanation of how the CODM uses the reported measures of segment profit/loss in assessing segment performance and deciding how to allocate resources. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a retrospective basis. This ASU will have no impact on the Company’s consolidated financial condition or results of operations. The Company is evaluating the impact of this ASU on its segment reporting disclosures. Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) In December 2023, the FASB issued ASU 2023-09. This ASU modifies the annual disclosure requirements for income taxes in the following ways: • The effective tax rate reconciliation must be disclosed using both percentages and dollars (currently only one is required). The reconciliation must contain several prescriptive categories, including disaggregating material impacts from foreign, state, and local taxes by jurisdiction. Qualitative information regarding material reconciling items is also required to be disclosed. • The amount of income taxes paid must be disclosed and disaggregated by jurisdiction. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied on a prospective or retrospective basis. This ASU will have no impact on the Company’s consolidated financial condition or results of operations. The Company is evaluating the impact of this ASU on its income tax disclosures. |
Revenue recognition (Tables)
| Revenue recognition (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Schedule of Disaggregation of Revenue | The following table provides the Company’s total sales, disaggregated by banner, for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended August 3, 2024 13 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by banner: Kay $ 542.6 $ — $ — $ 542.6 $ 567.1 $ — $ — $ 567.1 Zales 255.5 — — 255.5 279.4 — — 279.4 Jared 251.6 — — 251.6 265.2 — — 265.2 Digital banners (1) 131.3 — — 131.3 164.2 164.2 Diamonds Direct 89.3 — — 89.3 93.1 — — 93.1 Banter by Piercing Pagoda 77.6 — — 77.6 79.3 — — 79.3 Peoples 43.6 — — 43.6 43.5 — — 43.5 International segment banners — 86.5 — 86.5 — 102.0 — 102.0 Other (2) 6.1 — 6.9 13.0 9.3 — 10.5 19.8 Total sales $ 1,397.6 $ 86.5 $ 6.9 $ 1,491.0 $ 1,501.1 $ 102.0 $ 10.5 $ 1,613.6 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by banner: Kay $ 1,110.1 $ — $ — $ 1,110.1 $ 1,169.3 $ — $ — $ 1,169.3 Zales 512.2 — — 512.2 574.8 — — 574.8 Jared 501.1 — — 501.1 539.2 — — 539.2 Digital banners (1) 265.0 265.0 332.4 332.4 Diamonds Direct 171.9 — — 171.9 181.3 — — 181.3 Banter by Piercing Pagoda 161.2 — — 161.2 164.8 — — 164.8 Peoples 82.8 — — 82.8 81.7 — — 81.7 International segment banners — 163.7 — 163.7 — 195.0 — 195.0 Other (2) 13.3 — 20.5 33.8 18.8 — 24.3 43.1 Total sales $ 2,817.6 $ 163.7 $ 20.5 $ 3,001.8 $ 3,062.3 $ 195.0 $ 24.3 $ 3,281.6 (1) Includes sales from the Company’s digital banners, James Allen and Blue Nile. (2) Other primarily includes sales from the Company’s diamond sourcing operation, loose diamonds and Rocksbox. The following table provides the Company’s total sales, disaggregated by major product, for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended August 3, 2024 13 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by product: Bridal $ 625.9 $ 39.9 $ — $ 665.8 $ 691.0 $ 44.5 $ — $ 735.5 Fashion 522.5 17.7 — 540.2 552.3 17.4 — 569.7 Watches 48.7 23.0 — 71.7 48.4 33.5 — 81.9 Services (1) 173.8 5.9 — 179.7 170.6 6.6 — 177.2 Other (2) 26.7 — 6.9 33.6 38.8 — 10.5 49.3 Total sales $ 1,397.6 $ 86.5 $ 6.9 $ 1,491.0 $ 1,501.1 $ 102.0 $ 10.5 $ 1,613.6 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by product: Bridal $ 1,265.2 $ 75.2 $ — $ 1,340.4 $ 1,418.7 $ 85.5 $ — $ 1,504.2 Fashion 1,059.3 32.9 — 1,092.2 1,123.7 33.0 — 1,156.7 Watches 91.4 43.8 — 135.2 93.2 63.6 — 156.8 Services (1) 352.4 11.8 — 364.2 346.4 12.9 — 359.3 Other (2) 49.3 — 20.5 69.8 80.3 — 24.3 104.6 Total sales $ 2,817.6 $ 163.7 $ 20.5 $ 3,001.8 $ 3,062.3 $ 195.0 $ 24.3 $ 3,281.6 (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 table provides the Company’s total sales, disaggregated by channel, for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended August 3, 2024 13 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by channel: Store $ 1,080.2 $ 67.6 $ — $ 1,147.8 $ 1,147.1 $ 84.8 $ — $ 1,231.9 eCommerce 313.4 18.9 — 332.3 348.3 17.2 — 365.5 Other (1) 4.0 — 6.9 10.9 5.7 — 10.5 16.2 Total sales $ 1,397.6 $ 86.5 $ 6.9 $ 1,491.0 $ 1,501.1 $ 102.0 $ 10.5 $ 1,613.6 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by channel: Store $ 2,174.5 $ 128.4 $ — $ 2,302.9 $ 2,338.1 $ 161.6 $ — $ 2,499.7 eCommerce 634.9 35.3 — 670.2 712.7 33.4 — 746.1 Other (1) 8.2 — 20.5 28.7 11.5 — 24.3 35.8 Total sales $ 2,817.6 $ 163.7 $ 20.5 $ 3,001.8 $ 3,062.3 $ 195.0 $ 24.3 $ 3,281.6 (1) Other primarily includes sales from the Company’s diamond sourcing operation and loose diamonds. |
| Unamortized deferred selling costs | Unamortized deferred ESP selling costs as of August 3, 2024, February 3, 2024 and July 29, 2023 were as follows: (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Other current assets $ 27.5 $ 28.2 $ 28.0 Other assets 81.2 83.0 83.0 Total deferred ESP selling costs $ 108.7 $ 111.2 $ 111.0 |
| Schedule of Deferred Revenue | Deferred revenue as of August 3, 2024, February 3, 2024 and July 29, 2023 was as follows: (in millions) August 3, 2024 February 3, 2024 July 29, 2023 ESP deferred revenue $ 1,146.1 $ 1,158.7 $ 1,138.9 Other deferred revenue (1) 75.7 86.0 88.4 Total deferred revenue $ 1,221.8 $ 1,244.7 $ 1,227.3 Disclosed as: Current liabilities $ 347.8 $ 362.9 $ 358.3 Non-current liabilities 874.0 881.8 869.0 Total deferred revenue $ 1,221.8 $ 1,244.7 $ 1,227.3 (1) Other deferred revenue primarily includes revenue collected from customers for custom orders and eCommerce orders, for which control has not yet transferred to the customer. 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 ESP deferred revenue, beginning of period $ 1,153.7 $ 1,149.4 $ 1,158.7 $ 1,159.5 Plans sold (1) 117.0 109.7 238.9 223.1 Revenue recognized (2) (124.6) (120.2) (251.5) (243.7) ESP deferred revenue, end of period $ 1,146.1 $ 1,138.9 $ 1,146.1 $ 1,138.9 (1) Includes impact of foreign exchange translation. (2) The Company recognized sales of $75.0 million and $160.2 million during the 13 and 26 weeks ended August 3, 2024, respectively, and $75.8 million and $162.5 million during the 13 and 26 weeks ended July 29, 2023, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP. |
Segment information (Tables)
| Segment information (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Segment Reporting [Abstract] | |
| Schedule of Segment Reporting Information, By Segment | 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Sales: North America segment $ 1,397.6 $ 1,501.1 $ 2,817.6 $ 3,062.3 International segment 86.5 102.0 163.7 195.0 Other segment 6.9 10.5 20.5 24.3 Total sales $ 1,491.0 $ 1,613.6 $ 3,001.8 $ 3,281.6 Operating (loss) income: North America segment (1) $ (77.2) $ 117.1 $ 6.0 $ 241.8 International segment (2) (4.2) (7.0) (17.2) (13.9) Other segment (2.6) (1.0) (5.7) (1.7) Corporate and unallocated expenses (16.9) (18.9) (34.2) (34.3) Total operating (loss) income (100.9) 90.2 (51.1) 191.9 Interest income, net 2.4 1.8 11.0 7.4 Other non-operating income (expense), net 1.6 0.3 1.8 (0.1) (Loss) income before income taxes $ (96.9) $ 92.3 $ (38.3) $ 199.2 (1) Operating (loss) income during the 13 and 26 weeks ended August 3, 2024 includes $166.2 million and $168.2 million, respectively, of asset impairment charges primarily related to goodwill and indefinite-lived intangible assets; $0.9 million and $1.1 million, respectively, of integration-related expenses, primarily severance and retention, incurred for the integration of Blue Nile; and $0.2 million and $0.8 million, respectively, of restructuring charges. Operating income during the 13 and 26 weeks ended July 29, 2023 includes $4.8 million and $12.6 million, respectively, of acquisition and integration-related expenses, primarily severance and retention, and exit and disposal costs, and system decommissioning costs incurred for the integration of Blue Nile; $3.8 million and $5.6 million, respectively, of net asset impairment charges; and $4.2 million of restructuring charges. Operating income during the 26 weeks ended July 29, 2023 includes a $3.0 million credit to income related to the adjustment of a prior litigation accrual. See Note 12, Note 18 and Note 20 for additional information. (2) Operating loss during the 13 and 26 weeks ended August 3, 2024 includes $1.0 million and $5.0 million, respectively, of restructuring charges and $1.2 million and $2.5 million, respectively, of net losses from the previously announced divestiture of the UK prestige watch business. Operating loss during the 26 weeks ended August 3, 2024 includes $0.4 million of net asset impairment charges primarily related to planned store closures. See Note 18 for additional information. |
Redeemable preferred shares (Ta
| Redeemable preferred shares (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Temporary Equity [Abstract] | |
| Schedule of Redeemable Preferred Shares | (in millions, except conversion rate and conversion price) August 3, 2024 February 3, 2024 July 29, 2023 Conversion rate 12.6933 12.5406 12.5406 Conversion price $ 78.7817 $ 79.7410 $ 79.7410 Potential impact of Preferred Shares if-converted to common shares (1) — 8.2 8.2 Liquidation preference (2) $ 226.1 $ 665.1 $ 665.1 (1) The potential impact of conversion of the outstanding Preferred Shares as of August 3, 2024 reflects the modified net share settlement provisions described above, based on the volume weighted average price per share as of the last trading date of the second quarter, which was below the conversion price. (2) Includes the Stated Value of the Preferred Shares plus any declared but unpaid dividends. |
Shareholders' equity (Tables)
| Shareholders' equity (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Equity [Abstract] | |
| Schedule of Dividends | Dividends declared on common shares during the 26 weeks ended August 3, 2024 and July 29, 2023 were as follows: Fiscal 2025 Fiscal 2024 (in millions, except per share amounts) Dividends Total dividends Dividends Total dividends First quarter $ 0.29 $ 12.9 $ 0.23 $ 10.4 Second quarter (1) 0.29 12.9 0.23 10.3 Total $ 0.58 $ 25.8 $ 0.46 $ 20.7 (1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of August 3, 2024 and July 29, 2023, there was $12.9 million and $10.3 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the second quarter of Fiscal 2025 and Fiscal 2024, respectively. Dividends declared on the Preferred Shares during the 26 weeks ended August 3, 2024 and July 29, 2023 were as follows: Fiscal 2025 Fiscal 2024 (in millions, except per share amounts) Dividends Total dividends (2) Dividends Total dividends First quarter $ 13.14 $ 6.2 $ 13.14 $ 8.2 Second quarter (1) 13.14 2.8 13.14 8.2 Total $ 26.28 $ 9.0 $ 26.28 $ 16.4 (1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of August 3, 2024 and July 29, 2023, there was $2.8 million and $8.2 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on the Preferred Shares declared for the second quarter of Fiscal 2025 and Fiscal 2024, respectively. (2) Dividends on the Preferred Shares during the first quarter of Fiscal 2025 includes $2.1 million of dividends paid in April 2024 in connection with the redemption further described in Note 5. |
| Schedule of Class of Treasury Stock | The share repurchase activity during the 26 weeks ended August 3, 2024 and July 29, 2023 was as follows: 26 weeks ended August 3, 2024 26 weeks ended July 29, 2023 (in millions, except per share amounts) Shares repurchased Amount repurchased (1) Average repurchase price per share (1) Shares repurchased Amount repurchased (1) Average repurchase price per share (1) 2017 Program 0.5 $ 47.2 $ 91.88 1.2 $ 82.4 $ 69.88 (1) Includes amounts paid for commissions. |
Earnings per common share ("E_2
| Earnings per common share ("EPS") (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings Per Share, Basic | The computation of basic EPS is outlined in the table below: 13 weeks ended 26 weeks ended (in millions, except per share amounts) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Numerator: Net (loss) income attributable to common shareholders $ (101.5) $ 66.5 $ (141.6) $ 155.3 Denominator: Weighted average common shares outstanding 44.5 45.2 44.6 45.3 EPS – basic $ (2.28) $ 1.47 $ (3.17) $ 3.43 |
| Schedule of Earnings Per Share, Diluted | The computation of diluted EPS is outlined in the table below: 13 weeks ended 26 weeks ended (in millions, except per share amounts) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Numerator: Net (loss) income attributable to common shareholders $ (101.5) $ 66.5 $ (141.6) $ 155.3 Add: Dividends on Preferred Shares — 8.6 — 17.2 Numerator for diluted EPS $ (101.5) $ 75.1 $ (141.6) $ 172.5 Denominator: Basic weighted average common shares outstanding 44.5 45.2 44.6 45.3 Plus: Dilutive effect of share awards — 0.9 — 1.0 Plus: Dilutive effect of Preferred Shares — 8.2 — 8.2 Diluted weighted average common shares outstanding 44.5 54.3 44.6 54.5 EPS – diluted $ (2.28) $ 1.38 $ (3.17) $ 3.17 |
| Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share | The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be antidilutive: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Share awards 0.4 — 0.5 — Potential impact of Preferred Shares — — 2.8 — Total antidilutive shares 0.4 — 3.3 — |
Accumulated other comprehensi_2
| Accumulated other comprehensive income (loss) (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| 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: (in millions) Foreign Losses on available-for-sale securities, net Gains (losses) Accumulated Balance at February 3, 2024 $ (265.2) $ (0.2) $ 0.1 $ (265.3) Other comprehensive income (loss) (“OCI”) before reclassifications (0.3) — (0.2) (0.5) Amounts reclassified from AOCI to earnings — — (0.1) (0.1) Net current period OCI (0.3) — (0.3) (0.6) Balance at August 3, 2024 $ (265.5) $ (0.2) $ (0.2) $ (265.9) |
| Schedule of Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI to earnings were as follows: Amounts reclassified from AOCI 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Statement of operations caption Gains on cash flow hedges: Foreign currency contracts $ 0.1 $ (0.3) $ (0.1) $ (0.8) Cost of sales (see Note 13) Total before income tax 0.1 (0.3) (0.1) (0.8) Income taxes — 0.1 — 0.2 Net of tax 0.1 (0.2) (0.1) (0.6) Defined benefit pension plan items: Pension settlement loss — — — 0.2 Other non-operating income (expense), net Total before income tax — — — 0.2 Income taxes — — — (4.1) Net of tax — — — (3.9) Total reclassifications, net of tax $ 0.1 $ (0.2) $ (0.1) $ (4.5) |
Income taxes (Tables)
| Income taxes (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Schedule of Reconciliation of Effective Tax Rate | 26 weeks ended August 3, 2024 July 29, 2023 Estimated annual effective tax rate before discrete items 17.1 % 18.0 % Discrete items recognized (38.2) % (4.6) % Effective tax rate recognized in statements of operations (21.1) % 13.4 % |
Inventories (Tables)
| Inventories (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Inventory Disclosure [Abstract] | |
| Schedule of Inventory | The following table summarizes the details of the Company’s inventories as of August 3, 2024, February 3, 2024 and July 29, 2023: (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Raw materials $ 72.2 $ 49.4 $ 70.0 Merchandise inventories 1,905.0 1,887.2 2,023.9 Total inventories $ 1,977.2 $ 1,936.6 $ 2,093.9 |
Leases (Tables)
| Leases (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Leases [Abstract] | |
| Schedule of Total Lease Costs For Operating Leases | Total lease costs for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023 consist of the following: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Operating lease cost $ 91.8 $ 96.7 $ 181.9 $ 195.8 Short-term lease cost 17.2 12.8 36.4 24.7 Variable lease cost 25.2 26.8 50.8 52.8 Sublease income (0.1) (0.2) (0.3) (0.4) Total lease costs $ 134.1 $ 136.1 $ 268.8 $ 272.9 |
Goodwill and intangibles (Table
| Goodwill and intangibles (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Schedule of Goodwill by Reporting Unit | The following table summarizes the Company’s goodwill by reportable segment: (in millions) North America Balance at February 3, 2024 (1) $ 754.5 Impairment (123.0) Balance at August 3, 2024 (1) $ 631.5 (1) The carrying amount of goodwill is presented net of accumulated impairment losses of $699.0 million and $576.0 million as of August 3, 2024 and February 3, 2024, respectively. |
| Schedule of Finite-Lived Intangible Assets | The following table provides additional detail regarding the composition of intangible assets and liabilities: August 3, 2024 February 3, 2024 July 29, 2023 (in millions) Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Intangible assets, net: Definite-lived intangible assets $ 11.2 $ (8.1) $ 3.1 $ 11.2 $ (7.5) $ 3.7 $ 15.8 $ (8.5) $ 7.3 Indefinite-lived intangible assets (1) 355.8 — 355.8 399.1 — 399.1 399.2 — 399.2 Total intangible assets, net $ 367.0 $ (8.1) $ 358.9 $ 410.3 $ (7.5) $ 402.8 $ 415.0 $ (8.5) $ 406.5 Intangible liabilities, net $ (38.0) $ 35.3 $ (2.7) $ (38.0) $ 34.4 $ (3.6) $ (38.0) $ 33.5 $ (4.5) (1) The change in the indefinite-lived intangible asset balances during the periods presented was primarily due to impairment charges as described above. |
| Schedule of Indefinite-Lived Intangible Assets | The following table provides additional detail regarding the composition of intangible assets and liabilities: August 3, 2024 February 3, 2024 July 29, 2023 (in millions) Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Intangible assets, net: Definite-lived intangible assets $ 11.2 $ (8.1) $ 3.1 $ 11.2 $ (7.5) $ 3.7 $ 15.8 $ (8.5) $ 7.3 Indefinite-lived intangible assets (1) 355.8 — 355.8 399.1 — 399.1 399.2 — 399.2 Total intangible assets, net $ 367.0 $ (8.1) $ 358.9 $ 410.3 $ (7.5) $ 402.8 $ 415.0 $ (8.5) $ 406.5 Intangible liabilities, net $ (38.0) $ 35.3 $ (2.7) $ (38.0) $ 34.4 $ (3.6) $ (38.0) $ 33.5 $ (4.5) (1) The change in the indefinite-lived intangible asset balances during the periods presented was primarily due to impairment charges as described above. |
Fair value measurement (Tables)
| Fair value measurement (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Fair Value Disclosures [Abstract] | |
| Schedule of Methods to Determine Fair Value on Instrument-Specific Basis | The methods Signet uses to determine fair value on an instrument-specific basis are detailed below: August 3, 2024 February 3, 2024 July 29, 2023 (in millions) Carrying Value Level 1 Level 2 Carrying Value Level 1 Level 2 Carrying Value Level 1 Level 2 Assets: US Treasury securities $ 5.3 $ 5.3 $ — $ 5.3 $ 5.3 $ — $ 5.7 $ 5.7 $ — Foreign currency contracts — — — 0.1 — 0.1 — — — US government agency securities — — — 0.5 — 0.5 0.5 — 0.5 Corporate bonds and notes 0.2 — 0.2 2.0 — 2.0 2.9 — 2.9 Total assets $ 5.5 $ 5.3 $ 0.2 $ 7.9 $ 5.3 $ 2.6 $ 9.1 $ 5.7 $ 3.4 Liabilities: Foreign currency contracts $ (0.4) $ — $ (0.4) $ (0.3) $ — $ (0.3) $ (1.0) $ — $ (1.0) Total liabilities $ (0.4) $ — $ (0.4) $ (0.3) $ — $ (0.3) $ (1.0) $ — $ (1.0) |
| Schedule of Carrying Amount and Fair Value of Outstanding Debt | The following table provides a summary of the carrying amount and fair value of outstanding debt: February 3, 2024 July 29, 2023 (in millions) Carrying Fair Value Carrying Fair Value 4.70% Senior unsecured notes due in June 2024 (Level 2) (1) $ 147.7 $ 146.3 $ 147.5 $ 145.1 (1) The Senior Notes were repaid during the second quarter of Fiscal 2025. See Note 15 for additional information. |
Long-term debt (Tables)
| Long-term debt (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Debt Disclosure [Abstract] | |
| Schedule of Long-term Debt | (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Debt: 4.70% Senior unsecured notes due in June 2024, net of unamortized discount $ — $ 147.8 $ 147.7 Gross debt — 147.8 147.7 Less: Current portion of long-term debt — (147.7) (147.5) Less: Unamortized debt issuance costs — (0.1) (0.2) Total long-term debt $ — $ — $ — |
Warranty reserve (Tables)
| Warranty reserve (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Other Liabilities Disclosure [Abstract] | |
| Schedule of Warranty Reserve for Diamond and Gemstone Guarantee | The warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities and other liabilities - non-current, is as follows: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Warranty reserve, beginning of period $ 43.2 $ 41.3 $ 43.7 $ 40.8 Warranty expense 1.8 4.6 4.1 8.1 Utilized (1) (2.7) (3.0) (5.5) (6.0) Warranty reserve, end of period $ 42.3 $ 42.9 $ 42.3 $ 42.9 (1) Includes impact of foreign exchange translation. (in millions) August 3, 2024 February 3, 2024 July 29, 2023 Disclosed as: Accrued expenses and other current liabilities $ 11.3 $ 11.8 $ 11.7 Other liabilities - non-current 31.0 31.9 31.2 Total warranty reserve $ 42.3 $ 43.7 $ 42.9 |
Other operating (expense) inc_2
| Other operating (expense) income, net (Tables) | 6 Months Ended |
| Aug. 03, 2024 | |
| Other Income and Expenses [Abstract] | |
| Schedule of Other Operating Cost and Expense, by Component | The following table provides the components of other operating expense, net for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: 13 weeks ended 26 weeks ended (in millions) August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Litigation charges (1) $ — $ — $ — $ 3.0 Restructuring charges (2) (1.2) (4.2) (5.8) (4.2) Other (1.4) (1.4) (1.6) (2.5) Other operating expense, net $ (2.6) $ (5.6) $ (7.4) $ (3.7) (1) Fiscal 2024 includes a credit to income related to the adjustment of a prior litigation accrual recognized in Fiscal 2023. See Note 20 for additional information. (2) See Note 18 for additional information. |
Organization and principal ac_3
| Organization and principal accounting policies (Details) | 6 Months Ended |
| Aug. 03, 2024 Reportable_segment | |
| Business Acquisition [Line Items] | |
| Number of reportable segments | 3 |
| Minimum | |
| Business Acquisition [Line Items] | |
| Seasonal revenues, fourth quarter sales, percent | 35% |
| Maximum | |
| Business Acquisition [Line Items] | |
| Seasonal revenues, fourth quarter sales, percent | 40% |
Revenue recognition - Disaggreg
| Revenue recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | $ 1,491 | $ 1,613.6 | $ 3,001.8 | $ 3,281.6 |
| Bridal | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 665.8 | 735.5 | 1,340.4 | 1,504.2 |
| Fashion | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 540.2 | 569.7 | 1,092.2 | 1,156.7 |
| Watches | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 71.7 | 81.9 | 135.2 | 156.8 |
| Services | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 179.7 | 177.2 | 364.2 | 359.3 |
| Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 33.6 | 49.3 | 69.8 | 104.6 |
| Kay | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 542.6 | 567.1 | 1,110.1 | 1,169.3 |
| Zales | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 255.5 | 279.4 | 512.2 | 574.8 |
| Jared | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 251.6 | 265.2 | 501.1 | 539.2 |
| Digital banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 131.3 | 164.2 | 265 | 332.4 |
| Diamonds Direct | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 89.3 | 93.1 | 171.9 | 181.3 |
| Banter by Piercing Pagoda | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 77.6 | 79.3 | 161.2 | 164.8 |
| Peoples | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 43.6 | 43.5 | 82.8 | 81.7 |
| International segment banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 86.5 | 102 | 163.7 | 195 |
| Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 13 | 19.8 | 33.8 | 43.1 |
| Store | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 1,147.8 | 1,231.9 | 2,302.9 | 2,499.7 |
| eCommerce | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 332.3 | 365.5 | 670.2 | 746.1 |
| Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 10.9 | 16.2 | 28.7 | 35.8 |
| North America | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 1,397.6 | 1,501.1 | 2,817.6 | 3,062.3 |
| North America | Bridal | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 625.9 | 691 | 1,265.2 | 1,418.7 |
| North America | Fashion | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 522.5 | 552.3 | 1,059.3 | 1,123.7 |
| North America | Watches | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 48.7 | 48.4 | 91.4 | 93.2 |
| North America | Services | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 173.8 | 170.6 | 352.4 | 346.4 |
| North America | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 26.7 | 38.8 | 49.3 | 80.3 |
| North America | Kay | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 542.6 | 567.1 | 1,110.1 | 1,169.3 |
| North America | Zales | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 255.5 | 279.4 | 512.2 | 574.8 |
| North America | Jared | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 251.6 | 265.2 | 501.1 | 539.2 |
| North America | Digital banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 131.3 | 164.2 | 265 | 332.4 |
| North America | Diamonds Direct | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 89.3 | 93.1 | 171.9 | 181.3 |
| North America | Banter by Piercing Pagoda | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 77.6 | 79.3 | 161.2 | 164.8 |
| North America | Peoples | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 43.6 | 43.5 | 82.8 | 81.7 |
| North America | International segment banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| North America | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 6.1 | 9.3 | 13.3 | 18.8 |
| North America | Store | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 1,080.2 | 1,147.1 | 2,174.5 | 2,338.1 |
| North America | eCommerce | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 313.4 | 348.3 | 634.9 | 712.7 |
| North America | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 4 | 5.7 | 8.2 | 11.5 |
| International segment banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 86.5 | 102 | 163.7 | 195 |
| International segment banners | Bridal | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 39.9 | 44.5 | 75.2 | 85.5 |
| International segment banners | Fashion | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 17.7 | 17.4 | 32.9 | 33 |
| International segment banners | Watches | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 23 | 33.5 | 43.8 | 63.6 |
| International segment banners | Services | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 5.9 | 6.6 | 11.8 | 12.9 |
| International segment banners | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | Kay | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | Zales | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | Jared | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | Digital banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | |||
| International segment banners | Diamonds Direct | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | Banter by Piercing Pagoda | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | Peoples | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | International segment banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 86.5 | 102 | 163.7 | 195 |
| International segment banners | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| International segment banners | Store | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 67.6 | 84.8 | 128.4 | 161.6 |
| International segment banners | eCommerce | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 18.9 | 17.2 | 35.3 | 33.4 |
| International segment banners | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 6.9 | 10.5 | 20.5 | 24.3 |
| Other | Bridal | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Fashion | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Watches | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Services | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 6.9 | 10.5 | 20.5 | 24.3 |
| Other | Kay | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Zales | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Jared | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Digital banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | |||
| Other | Diamonds Direct | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Banter by Piercing Pagoda | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Peoples | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | International segment banners | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 6.9 | 10.5 | 20.5 | 24.3 |
| Other | Store | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | eCommerce | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 0 | 0 | 0 | 0 |
| Other | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | $ 6.9 | $ 10.5 | $ 20.5 | $ 24.3 |
Revenue recognition - Unamortiz
| Revenue recognition - Unamortized Deferred Selling Costs (Details) - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Revenue from Contract with Customer [Abstract] | |||
| Other current assets | $ 27.5 | $ 28.2 | $ 28 |
| Other assets | 81.2 | 83 | 83 |
| Total deferred ESP selling costs | $ 108.7 | $ 111.2 | $ 111 |
Revenue recognition- Narrative
| Revenue recognition- Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Extended Service Plans and Lifetime Warranty Agreements | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Capitalized contract cost, amortization | $ 10.9 | $ 10.8 | $ 22.1 | $ 21.7 |
Revenue recognition - ESP (Deta
| Revenue recognition - ESP (Details) - USD ($) $ in Millions | Aug. 03, 2024 | May 04, 2024 | Feb. 03, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Jan. 28, 2023 |
| Disaggregation of Revenue [Line Items] | ||||||
| Total deferred revenue | $ 1,221.8 | $ 1,244.7 | $ 1,227.3 | |||
| Current liabilities | 347.8 | 362.9 | 358.3 | |||
| Non-current liabilities | 874 | 881.8 | 869 | |||
| ESP deferred revenue | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total deferred revenue | 1,146.1 | $ 1,153.7 | 1,158.7 | 1,138.9 | $ 1,149.4 | $ 1,159.5 |
| Other Deferred Revenue | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Total deferred revenue | $ 75.7 | $ 86 | $ 88.4 |
Revenue recognition - ESP Defer
| Revenue recognition - ESP Deferred Revenue Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Change in Contract with Customer, Liability [Roll Forward] | ||||
| ESP deferred revenue, beginning of period | $ 1,244.7 | |||
| Plans sold | (22.1) | $ (24.8) | ||
| ESP deferred revenue, end of period | $ 1,221.8 | $ 1,227.3 | 1,221.8 | 1,227.3 |
| ESP deferred revenue | ||||
| Change in Contract with Customer, Liability [Roll Forward] | ||||
| ESP deferred revenue, beginning of period | 1,153.7 | 1,149.4 | 1,158.7 | 1,159.5 |
| Plans sold | 117 | 109.7 | 238.9 | 223.1 |
| Revenue recognized | (124.6) | (120.2) | (251.5) | (243.7) |
| ESP deferred revenue, end of period | 1,146.1 | 1,138.9 | 1,146.1 | 1,138.9 |
| Extended Service Plan and other deferred revenue | ||||
| Change in Contract with Customer, Liability [Roll Forward] | ||||
| Revenue recognized | $ (75) | $ (75.8) | $ (160.2) | $ (162.5) |
Segment information - Narrative
| Segment information - Narrative (Details) | 6 Months Ended |
| Aug. 03, 2024 Reportable_segment | |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Segment information - Schedule
| Segment information - Schedule of Activity by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Segment Reporting Information [Line Items] | ||||
| Total sales | $ 1,491 | $ 1,613.6 | $ 3,001.8 | $ 3,281.6 |
| Operating (loss) income: | (100.9) | 90.2 | (51.1) | 191.9 |
| Interest income, net | 2.4 | 1.8 | 11 | 7.4 |
| Other non-operating income (expense), net | 1.6 | 0.3 | 1.8 | (0.1) |
| (Loss) income before income taxes | (96.9) | 92.3 | (38.3) | 199.2 |
| Asset impairments, net | 166.2 | 3.8 | 168.6 | 5.6 |
| Restructuring charges | 1.2 | 4.2 | 5.8 | 4.2 |
| Gain (Loss) Related to Litigation Settlement | 0 | 0 | 0 | (3) |
| Corporate and unallocated expenses | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating (loss) income: | (16.9) | (18.9) | (34.2) | (34.3) |
| North America | ||||
| Segment Reporting Information [Line Items] | ||||
| Total sales | 1,397.6 | 1,501.1 | 2,817.6 | 3,062.3 |
| North America | Reportable segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Total sales | 1,397.6 | 1,501.1 | 2,817.6 | 3,062.3 |
| Operating (loss) income: | (77.2) | 117.1 | 6 | 241.8 |
| Asset impairments, net | 166.2 | 3.8 | 168.2 | 5.6 |
| Restructuring charges | 0.2 | 4.2 | 0.8 | 4.2 |
| Gain (Loss) Related to Litigation Settlement | (3) | |||
| North America | Reportable segments | Blue Nile | ||||
| Segment Reporting Information [Line Items] | ||||
| Acquisition and integration related costs | 0.9 | 4.8 | 1.1 | 12.6 |
| International | ||||
| Segment Reporting Information [Line Items] | ||||
| Total sales | 86.5 | 102 | 163.7 | 195 |
| International | Reportable segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Total sales | 86.5 | 102 | 163.7 | 195 |
| Operating (loss) income: | (4.2) | (7) | (17.2) | (13.9) |
| Asset impairments, net | 0.4 | |||
| Restructuring charges | 1 | 5 | ||
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (1.2) | (2.5) | ||
| Other | ||||
| Segment Reporting Information [Line Items] | ||||
| Total sales | 6.9 | 10.5 | 20.5 | 24.3 |
| Other | Reportable segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Total sales | 6.9 | 10.5 | 20.5 | 24.3 |
| Operating (loss) income: | $ (2.6) | $ (1) | $ (5.7) | $ (1.7) |
Redeemable preferred shares - N
| Redeemable preferred shares - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | 6 Months Ended | |||||||||
| May 20, 2024 | May 06, 2024 | Apr. 15, 2024 | Apr. 01, 2024 | Oct. 05, 2016 | Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Aug. 03, 2024 | Jul. 29, 2023 | Feb. 03, 2024 | |
| Temporary Equity [Line Items] | ||||||||||||
| Repurchase of redeemable convertible preferred shares | $ 541 | $ 0 | ||||||||||
| Dividends paid on redeemable convertible preferred shares | $ 14.4 | 16.4 | ||||||||||
| Redemption of preferred shares | $ 23.9 | $ 87.2 | ||||||||||
| Series A Redeemable Convertible Preferred Stock | ||||||||||||
| Temporary Equity [Line Items] | ||||||||||||
| Redeemable convertible preferred stock, shares issued (in shares) | 625,000 | |||||||||||
| Preferred stock, purchase price | $ 625 | |||||||||||
| Shares issued, price per share (usd per share) | $ 1,000 | |||||||||||
| Temporary Equity, Redemption Price Per Share | $ 1,050.94 | $ 1,050.94 | $ 1,050.94 | |||||||||
| Preferred share conversion restriction | $ 110 | |||||||||||
| Stock Redeemed or Called During Period, Shares | 100,000 | 312,500 | ||||||||||
| Repurchase of redeemable convertible preferred shares | $ 129 | $ 414.1 | ||||||||||
| Dividends paid on redeemable convertible preferred shares | 2.1 | |||||||||||
| Redemption of preferred shares | $ 23.9 | $ 83.6 | ||||||||||
| Professional Fees | $ 1.5 | |||||||||||
| Payments of stock issuance costs | $ 13.7 | |||||||||||
| Accumulated accretion of dividends | $ 13.5 | $ 11.5 | $ 13.5 | $ 13.5 | 11.5 | $ 12.4 | ||||||
| Accretion to redemption value | $ 0.2 | $ 0.4 | $ 1.1 | $ 0.8 | ||||||||
Redeemable preferred shares - S
| Redeemable preferred shares - Schedule of Redeemable Preferred Shares (Details) - Series A Redeemable Convertible Preferred Stock $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | |
| Aug. 03, 2024 USD ($) $ / shares shares | Jul. 29, 2023 USD ($) $ / shares shares | Feb. 03, 2024 USD ($) $ / shares shares | |
| Temporary Equity [Line Items] | |||
| Conversion rate | 12.6933 | 12.5406 | 12.5406 |
| Conversion price (usd per share) | $ / shares | $ 78.7817 | $ 79.7410 | $ 79.7410 |
| Potential impact of preferred shares if-converted to common shares (in shares) | shares | 0 | 8.2 | 8.2 |
| Liquidation preference | $ | $ 226.1 | $ 665.1 | $ 665.1 |
Shareholders' equity - Schedule
| Shareholders' equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
| May 20, 2024 | Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Class of Stock [Line Items] | |||||||
| Common Stock, Dividends, Per Share, Declared | $ 0.29 | $ 0.29 | $ 0.23 | $ 0.23 | $ 0.58 | $ 0.46 | |
| Dividends, Common Stock, Cash | $ 12.9 | $ 12.9 | $ 10.3 | $ 10.4 | $ 25.8 | $ 20.7 | |
| Preferred Stock, Dividends Per Share, Declared | $ 13.14 | $ 13.14 | $ 13.14 | $ 13.14 | $ 26.28 | $ 26.28 | |
| Dividends, Preferred Stock | $ 2.8 | $ 6.2 | $ 8.2 | $ 8.2 | $ 9 | $ 16.4 | |
| Series A Redeemable Convertible Preferred Stock | |||||||
| Class of Stock [Line Items] | |||||||
| Dividends, Preferred Stock | $ 2.1 | ||||||
| Other Current Liabilities [Member] | Common Stock | |||||||
| Class of Stock [Line Items] | |||||||
| Dividends payable | 12.9 | 10.3 | 12.9 | 10.3 | |||
| Other Current Liabilities [Member] | Series A Redeemable Convertible Preferred Stock | |||||||
| Class of Stock [Line Items] | |||||||
| Dividends payable | $ 2.8 | $ 8.2 | $ 2.8 | $ 8.2 | |||
Shareholders' equity - Narrativ
| Shareholders' equity - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 78 Months Ended | ||||||
| Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Mar. 20, 2024 | Feb. 03, 2024 | |
| Class of Stock [Line Items] | |||||||||
| Amount of preferred dividends in arrears | $ 0 | $ 0 | $ 0 | $ 0 | |||||
| Amount repurchased | 39,800,000 | $ 7,400,000 | $ 43,300,000 | $ 39,100,000 | |||||
| 2017 Program | |||||||||
| Class of Stock [Line Items] | |||||||||
| Stock repurchase program, authorized amount | $ 1,900,000,000 | ||||||||
| Remaining authorized repurchase amount | $ 813,800,000 | 813,800,000 | $ 813,800,000 | $ 661,000,000 | |||||
| Stock Repurchase Program, Increase to Authorized Amount | $ 200,000,000 | ||||||||
| Amount repurchased | $ 47,200,000 | $ 82,400,000 | $ 1,300,000,000 | ||||||
Shareholders' equity - Schedu_2
| Shareholders' equity - Schedule of Class of Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 78 Months Ended | ||||
| Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | |
| Class of Stock [Line Items] | |||||||
| Amount repurchased | $ 39.8 | $ 7.4 | $ 43.3 | $ 39.1 | |||
| 2017 Program | |||||||
| Class of Stock [Line Items] | |||||||
| Shares repurchased (in shares) | 0.5 | 1.2 | |||||
| Amount repurchased | $ 47.2 | $ 82.4 | $ 1,300 | ||||
| Average repurchase price per share (usd per share) | $ 91.88 | $ 69.88 | |||||
Earnings per common share ("E_3
| Earnings per common share ("EPS") - Schedule of Basic Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Earnings Per Share, Basic [Abstract] | ||||
| Net (loss) income attributable to common shareholders | $ (101.5) | $ 66.5 | $ (141.6) | $ 155.3 |
| Weighted average common shares outstanding | 44.5 | 45.2 | 44.6 | 45.3 |
| EPS – basic | $ (2.28) | $ 1.47 | $ (3.17) | $ 3.43 |
Earnings per common share ("E_4
| Earnings per common share ("EPS") - Schedule of Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Earnings Per Share, Diluted [Abstract] | ||||
| Net (loss) income attributable to common shareholders | $ (101.5) | $ 66.5 | $ (141.6) | $ 155.3 |
| Add: Dividends on Preferred Shares | 0 | 8.6 | 0 | 17.2 |
| Numerator for diluted EPS | $ (101.5) | $ 75.1 | $ (141.6) | $ 172.5 |
| Basic weighted average common shares outstanding | 44.5 | 45.2 | 44.6 | 45.3 |
| Plus: Dilutive effect of share awards | 0 | 0.9 | 0 | 1 |
| Plus: Dilutive effect of Preferred Shares | 0 | 8.2 | 0 | 8.2 |
| Diluted weighted average common shares outstanding (in shares) | 44.5 | 54.3 | 44.6 | 54.5 |
| EPS – diluted (usd per share) | $ (2.28) | $ 1.38 | $ (3.17) | $ 3.17 |
Earnings per common share ("E_5
| Earnings per common share ("EPS") - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Anti-dilutive shares excluded from the calculation of earnings per share (in shares) | 0.4 | 0 | 3.3 | 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 (in shares) | 0.4 | 0 | 0.5 | 0 |
| Series A Redeemable Convertible Preferred Stock | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Anti-dilutive shares excluded from the calculation of earnings per share (in shares) | 0 | 0 | 2.8 | 0 |
Accumulated other comprehensi_3
| Accumulated other comprehensive income (loss) - Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Details) $ in Millions | 6 Months Ended |
| Aug. 03, 2024 USD ($) | |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
| Beginning Balance | $ 2,166.5 |
| Other comprehensive income (loss) (“OCI”) before reclassifications | (0.5) |
| Amounts reclassified from AOCI to earnings | (0.1) |
| Net current period OCI | (0.6) |
| Ending Balance | 1,917.2 |
| Accumulated other comprehensive loss | |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
| Beginning Balance | (265.3) |
| Ending Balance | (265.9) |
| Foreign currency translation | |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
| Beginning Balance | (265.2) |
| Other comprehensive income (loss) (“OCI”) before reclassifications | (0.3) |
| Amounts reclassified from AOCI to earnings | 0 |
| Net current period OCI | (0.3) |
| Ending Balance | (265.5) |
| 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 |
| Amounts reclassified from AOCI to earnings | 0 |
| Net current period OCI | 0 |
| Ending Balance | (0.2) |
| Gains (losses) on cash flow hedges | |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
| Beginning Balance | 0.1 |
| Other comprehensive income (loss) (“OCI”) before reclassifications | (0.2) |
| Amounts reclassified from AOCI to earnings | (0.1) |
| Net current period OCI | (0.3) |
| Ending Balance | $ (0.2) |
Accumulated other comprehensi_4
| Accumulated other comprehensive income (loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
| Aug. 03, 2024 | May 04, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cost of sales | $ (924.7) | $ (1,002.8) | $ (1,863.1) | $ (2,038.8) | ||
| Income taxes | (1.6) | (17.2) | (8.1) | (26.7) | ||
| Net (loss) income | (98.5) | $ 52.1 | 75.1 | $ 97.4 | (46.4) | 172.5 |
| Reclassification out of Accumulated Other Comprehensive Income | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Net (loss) income | 0.1 | (0.2) | (0.1) | (4.5) | ||
| Reclassification out of Accumulated Other Comprehensive Income | Gains on cash flow hedges | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total before income tax | 0.1 | (0.3) | (0.1) | (0.8) | ||
| Income taxes | 0 | 0.1 | 0 | 0.2 | ||
| Net (loss) income | 0.1 | (0.2) | (0.1) | (0.6) | ||
| Reclassification out of Accumulated Other Comprehensive Income | Defined benefit pension plan items | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Total before income tax | 0 | 0 | 0 | 0.2 | ||
| Income taxes | 0 | 0 | 0 | (4.1) | ||
| Net (loss) income | 0 | 0 | 0 | (3.9) | ||
| Reclassification out of Accumulated Other Comprehensive Income | Pension settlement loss | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Other non-operating income (expense), net | 0 | 0 | 0 | 0.2 | ||
| Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts | Gains on cash flow hedges | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cost of sales | $ 0.1 | $ (0.3) | $ (0.1) | $ (0.8) | ||
Income taxes - Schedule of Reco
| Income taxes - Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) | 6 Months Ended | |
| Aug. 03, 2024 | Jul. 29, 2023 | |
| Income Tax Disclosure [Abstract] | ||
| Estimated annual effective tax rate before discrete items | 17.10% | 18% |
| Discrete items recognized | (38.20%) | (4.60%) |
| Effective tax rate recognized in statements of operations | (21.10%) | 13.40% |
Income taxes - Narrative (Detai
| Income taxes - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
| Aug. 03, 2024 | Jul. 29, 2023 | |
| Income Tax Disclosure [Abstract] | ||
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 166 | |
| Goodwill impairment | 123 | |
| Excess tax benefit from share based compensation | $ 5 | $ 7.7 |
| Tax benefit due to reversal of foreign pension out of OCI | $ 4.1 | |
Inventories - Summary of Invent
| Inventories - Summary of Inventory Components (Details) - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Inventory Disclosure [Abstract] | |||
| Raw materials | $ 72.2 | $ 49.4 | $ 70 |
| Merchandise inventories | 1,905 | 1,887.2 | 2,023.9 |
| Total inventories | $ 1,977.2 | $ 1,936.6 | $ 2,093.9 |
Leases - Total Lease Costs For
| Leases - Total Lease Costs For Operating Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Leases [Abstract] | ||||
| Operating lease cost | $ 91.8 | $ 96.7 | $ 181.9 | $ 195.8 |
| Short-term lease cost | 17.2 | 12.8 | 36.4 | 24.7 |
| Variable lease cost | 25.2 | 26.8 | 50.8 | 52.8 |
| Sublease income | (0.1) | (0.2) | (0.3) | (0.4) |
| Total lease costs | $ 134.1 | $ 136.1 | $ 268.8 | $ 272.9 |
Goodwill and intangibles - Narr
| Goodwill and intangibles - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
| Aug. 03, 2024 | Aug. 03, 2024 | Jun. 01, 2024 | |
| Finite-Lived Intangible Assets [Line Items] | |||
| Goodwill impairment | $ 123 | ||
| Digital banners | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Goodwill impairment | $ 123 | ||
| Goodwill, Fair Value Disclosure | $ 203.1 | ||
| Diamonds Direct | Trade names | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Indefinite-lived intangible asset impairment | 7 | ||
| Indefinite-Lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 119 | ||
| Blue Nile | Trade names | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Indefinite-lived intangible asset impairment | $ 36 | ||
| Indefinite-Lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 60 | ||
| North America | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Goodwill impairment | $ 123 |
Goodwill and intangibles - Sche
| Goodwill and intangibles - Schedule of Goodwill (Details) $ in Millions | 6 Months Ended | |
| Aug. 03, 2024 USD ($) | Feb. 03, 2024 USD ($) | |
| Goodwill [Roll Forward] | ||
| Beginning balance | $ 754.5 | |
| Impairment | (123) | |
| Ending balance | 631.5 | |
| North America | ||
| Goodwill [Roll Forward] | ||
| Beginning balance | 754.5 | |
| Impairment | (123) | |
| Ending balance | 631.5 | |
| Accumulated impairment loss | $ 699 | $ 576 |
Goodwill and intangibles - Comp
| Goodwill and intangibles - Composition of Finite-Lived Intangibles (Details) - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Intangible assets, net: | |||
| Gross carrying amount | $ 11.2 | $ 11.2 | $ 15.8 |
| Accumulated amortization | (8.1) | (7.5) | (8.5) |
| Net carrying amount | 3.1 | 3.7 | 7.3 |
| Indefinite-lived intangible assets | 355.8 | 399.1 | 399.2 |
| Intangible assets, gross | 367 | 410.3 | 415 |
| Total intangible assets, net | 358.9 | 402.8 | 406.5 |
| Intangible liabilities, net | |||
| Gross carrying amount | (38) | (38) | (38) |
| Accumulated amortization | 35.3 | 34.4 | 33.5 |
| Total | $ (2.7) | $ (3.6) | $ (4.5) |
Derivatives (Details)
| Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | Feb. 03, 2024 | |
| Derivative [Line Items] | |||||
| Expected pre-tax derivative loss | $ (0.2) | ||||
| Foreign currency contracts | Not Designated as Hedging Instrument | |||||
| Derivative [Line Items] | |||||
| Aggregate notional amount | $ 62 | $ 35.5 | 62 | $ 35.5 | $ 57.2 |
| Derivative instruments not designated as hedging instruments, gain (loss), net | (0.3) | 0.7 | (1.8) | 0.5 | |
| Foreign currency contracts | Cash Flow Hedging | |||||
| Derivative [Line Items] | |||||
| Aggregate notional amount | $ 18.4 | $ 24 | $ 18.4 | $ 24 | $ 5.1 |
| Remaining settlement period | 12 months | 11 months | 12 months | 11 months | 6 months |
Fair value measurement - Fair V
| Fair value measurement - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Carrying Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | $ 5.5 | $ 7.9 | $ 9.1 |
| Liabilities | (0.4) | (0.3) | (1) |
| US Treasury securities | Carrying Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 5.3 | 5.3 | 5.7 |
| Foreign currency contracts | Carrying Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0 | 0.1 | 0 |
| Liabilities | (0.4) | (0.3) | (1) |
| US government agency securities | Carrying Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0 | 0.5 | 0.5 |
| Corporate bonds and notes | Carrying Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0.2 | 2 | 2.9 |
| Level 1 | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 5.3 | 5.3 | 5.7 |
| Liabilities | 0 | 0 | 0 |
| Level 1 | US Treasury securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 5.3 | 5.3 | 5.7 |
| Level 1 | Foreign currency contracts | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0 | 0 | 0 |
| Liabilities | 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 |
| Level 1 | Corporate bonds and notes | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0 | 0 | 0 |
| Level 2 | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0.2 | 2.6 | 3.4 |
| Liabilities | (0.4) | (0.3) | (1) |
| Level 2 | US Treasury securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0 | 0 | 0 |
| Level 2 | Foreign currency contracts | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0 | 0.1 | 0 |
| Liabilities | (0.4) | (0.3) | (1) |
| Level 2 | US government agency securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | 0 | 0.5 | 0.5 |
| Level 2 | Corporate bonds and notes | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets | $ 0.2 | $ 2 | $ 2.9 |
Fair value measurement - Outsta
| Fair value measurement - Outstanding Debt (Details) - Senior Notes - Level 2 - USD ($) $ in Millions | Feb. 03, 2024 | Jul. 29, 2023 |
| Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Outstanding debt | $ 147.7 | $ 147.5 |
| Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Outstanding debt | $ 146.3 | $ 145.1 |
Long-term debt - Schedule of Lo
| Long-term debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Debt Instrument [Line Items] | |||
| Gross debt | $ 0 | $ 147.8 | $ 147.7 |
| Less: Current portion of long-term debt | 0 | (147.7) | (147.5) |
| Less: Unamortized debt issuance costs | 0 | (0.1) | (0.2) |
| Long-term debt | 0 | 0 | 0 |
| Senior Unsecured Notes | |||
| Debt Instrument [Line Items] | |||
| Gross debt | $ 0 | $ 147.8 | $ 147.7 |
Long-term debt - Narrative (Det
| Long-term debt - Narrative (Details) - USD ($) | 6 Months Ended | ||||||||
| Sep. 05, 2019 | Aug. 03, 2024 | Jul. 29, 2023 | Aug. 23, 2024 | Feb. 03, 2024 | Jul. 28, 2021 | Sep. 27, 2019 | Sep. 06, 2019 | May 19, 2014 | |
| Debt Instrument [Line Items] | |||||||||
| Repayments of senior debt | $ 147,800,000 | $ 0 | |||||||
| Revolving Credit Facility | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||||||||
| Additional borrowing capacity | $ 600,000,000 | ||||||||
| Long-term debt | 0 | $ 0 | $ 0 | ||||||
| Available borrowing capacity | $ 1,200,000,000 | ||||||||
| Revolving Credit Facility | Subsequent Event | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Line of credit facility, maximum borrowing capacity | $ 1,200,000,000 | ||||||||
| Senior Notes | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Face amount | $ 147,800,000 | $ 400,000,000 | |||||||
| Stated interest rate | 4.70% | ||||||||
| Repayments of senior debt | $ 239,600,000 | ||||||||
| Repurchased face amount | $ 950 | ||||||||
Warranty reserve - Schedule of
| Warranty reserve - Schedule of Activity in Warranty Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
| Balance at beginning of period | $ 43.2 | $ 41.3 | $ 43.7 | $ 40.8 |
| Warranty expense | 1.8 | 4.6 | 4.1 | 8.1 |
| Utilized | (2.7) | (3) | (5.5) | (6) |
| Balance at end of period | $ 42.3 | $ 42.9 | $ 42.3 | $ 42.9 |
Warranty reserve - Components o
| Warranty reserve - Components of Warranty Reserve (Details) - USD ($) $ in Millions | Aug. 03, 2024 | May 04, 2024 | Feb. 03, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Jan. 28, 2023 |
| Other Liabilities Disclosure [Abstract] | ||||||
| Accrued expenses and other current liabilities | $ 11.3 | $ 11.8 | $ 11.7 | |||
| Other liabilities - non-current | 31 | 31.9 | 31.2 | |||
| Total warranty reserve | $ 42.3 | $ 43.2 | $ 43.7 | $ 42.9 | $ 41.3 | $ 40.8 |
Other operating (expense) inc_3
| Other operating (expense) income, net - Components of Other Operating Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Aug. 03, 2024 | Jul. 29, 2023 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Other Income and Expenses [Abstract] | ||||
| Litigation charges | $ 0 | $ 0 | $ 0 | $ 3 |
| Restructuring charges | (1.2) | (4.2) | (5.8) | (4.2) |
| Other | (1.4) | (1.4) | (1.6) | (2.5) |
| Other operating expense, net | $ (2.6) | $ (5.6) | $ (7.4) | $ (3.7) |
Restructuring - (Details)
| Restructuring - (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 15 Months Ended | ||
| Aug. 03, 2024 USD ($) location | Jul. 29, 2023 USD ($) | Aug. 03, 2024 USD ($) location | Jul. 29, 2023 USD ($) | Aug. 03, 2024 USD ($) location | |
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | $ 1.2 | $ 4.2 | $ 5.8 | $ 4.2 | |
| Asset impairments, net | $ 166.2 | 3.8 | $ 168.6 | $ 5.6 | |
| Fiscal 2024 Restructuring Plan | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Number of Stores | location | 150 | 150 | 150 | ||
| Restructuring, Settlement and Impairment Provisions | $ 1.4 | 7.7 | $ 7.9 | $ 19.2 | |
| Fiscal 2024 Restructuring Plan | Employee Related Costs | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | 0.5 | 3.6 | 2.7 | 8.1 | |
| Fiscal 2024 Restructuring Plan | Facility Closing | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges | 0.7 | 0.6 | 3.1 | 4.7 | |
| Fiscal 2024 Restructuring Plan | Asset Impairments | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Asset impairments, net | 0.2 | $ 3.5 | 2.1 | 6.4 | |
| Fiscal 2024 Restructuring Plan | Minimum | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges expected to incur | 20 | 20 | 20 | ||
| Fiscal 2024 Restructuring Plan | Minimum | Asset Impairments | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges expected to incur | 10 | 10 | 10 | ||
| Fiscal 2024 Restructuring Plan | Maximum | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges expected to incur | 30 | 30 | 30 | ||
| Fiscal 2024 Restructuring Plan | Maximum | Asset Impairments | |||||
| Restructuring Cost and Reserve [Line Items] | |||||
| Restructuring charges expected to incur | $ 15 | $ 15 | $ 15 | ||
Supplier finance program (Detai
| Supplier finance program (Details) - USD ($) $ in Millions | Aug. 03, 2024 | Feb. 03, 2024 | Jul. 29, 2023 |
| Payables and Accruals [Abstract] | |||
| Supplier Finance Program, Obligation, Current | $ 13.7 | $ 7.8 | $ 0 |
| Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable |
Commitments and Contingencies (
| Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
| Jun. 08, 2022 | Aug. 03, 2024 | Jul. 29, 2023 | Apr. 29, 2023 | Jan. 28, 2023 | Apr. 30, 2022 | Aug. 03, 2024 | Jul. 29, 2023 | |
| Loss Contingencies [Line Items] | ||||||||
| Gain (Loss) Related to Litigation Settlement | $ 0 | $ 0 | $ 0 | $ (3) | ||||
| Employment Practices Collective Action | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Gain (Loss) Related to Litigation Settlement | $ 188 | |||||||
| Litigation settlement, amount awarded to other party | $ 175 | |||||||
| Payments for legal settlements | $ 185 | |||||||
| Other Matters | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Gain (Loss) Related to Litigation Settlement | $ 15.9 | |||||||
| Payments for legal settlements | $ 15.9 | |||||||