Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Nov. 20, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 2-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SIG | ' |
Entity Registrant Name | 'SIGNET JEWELERS LTD | ' |
Entity Central Index Key | '0000832988 | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 80,215,448 |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Sales | $771.40 | $716.20 | $2,645.20 | $2,470.10 |
Cost of sales | -532.2 | -480.8 | -1,713.50 | -1,569.80 |
Gross margin | 239.2 | 235.4 | 931.7 | 900.3 |
Selling, general and administrative expenses | -233.4 | -222.6 | -770.9 | -727.4 |
Other operating income, net | 45.8 | 39.7 | 139.1 | 119.9 |
Operating income | 51.6 | 52.5 | 299.9 | 292.8 |
Interest expense, net | -0.9 | -0.9 | -2.8 | -2.5 |
Income before income taxes | 50.7 | 51.6 | 297.1 | 290.3 |
Income taxes | -17.1 | -16.7 | -104.3 | -102.2 |
Net income | $33.60 | $34.90 | $192.80 | $188.10 |
Earnings per share: basic | $0.42 | $0.43 | $2.40 | $2.27 |
Earnings per share: diluted | $0.42 | $0.43 | $2.39 | $2.26 |
Weighted average common shares outstanding: basic | 79.9 | 80.5 | 80.4 | 82.9 |
Weighted average common shares outstanding: diluted | 80.3 | 80.9 | 80.8 | 83.4 |
Dividends declared per share | $0.15 | $0.12 | $0.45 | $0.36 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net income | $33.60 | $34.90 | $192.80 | $188.10 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 10.5 | 4.5 | 3.5 | 6.4 |
Derivative instruments qualifying as cash flow hedges: | ' | ' | ' | ' |
Unrealized (loss) gain, net of tax of $(0.3) and $(9.6), respectively (October 27, 2012: $2.8 and $(2.3), respectively) | -1.5 | 4 | -18.3 | -5 |
Reclassification adjustment for losses (gains) to net income, net of tax of $0.8 and $0.5, respectively (October 27, 2012: $(1.3) and $(6.3), respectively) | 1.3 | -1.6 | 0.6 | -11.1 |
Pension plan: | ' | ' | ' | ' |
Reclassification adjustment to net income for amortization of actuarial loss, net of tax of $0.2 and $0.4, respectively (October 27, 2012: $0.2 and $0.5, respectively) | 0.4 | 0.8 | 1.3 | 2.4 |
Reclassification adjustment to net income for amortization of net prior service credit, net of tax of $(0.2) and $(0.3), respectively (October 27, 2012: $(0.1) and $(0.2), respectively) | -0.2 | -0.4 | -0.8 | -1.2 |
Total other comprehensive income (loss) | 10.5 | 7.3 | -13.7 | -8.5 |
Comprehensive income | $44.10 | $42.20 | $179.10 | $179.60 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Unrealized (loss) gain, Tax | ($0.30) | $2.80 | ($9.60) | ($2.30) |
Reclassification adjustment for gains to net income, Tax | 0.8 | -1.3 | 0.5 | -6.3 |
Reclassification adjustment to net income for amortization of actuarial gains, Tax | 0.2 | 0.2 | 0.4 | 0.5 |
Reclassification adjustment to net income for amortization of prior service costs, Tax | ($0.20) | ($0.10) | ($0.30) | ($0.20) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $87.80 | $301 | $166 |
Accounts receivable, net | 1,123.50 | 1,205.30 | 998.2 |
Other receivables | 51.2 | 42.1 | 44.6 |
Other current assets | 86.9 | 85.6 | 59.6 |
Deferred tax assets | 2.7 | 1.6 | 1.6 |
Income taxes | 16.7 | 3.5 | 16.1 |
Inventories | 1,644.90 | 1,397 | 1,508.50 |
Total current assets | 3,013.70 | 3,036.10 | 2,794.60 |
Non-current assets: | ' | ' | ' |
Property and equipment, net of accumulated depreciation of $765.0, $724.1, and $715.3, respectively | 471.1 | 430.4 | 416 |
Other assets | 106.7 | 99.9 | 71.5 |
Deferred tax assets | 119.9 | 104.1 | 113.5 |
Retirement benefit asset | 54 | 48.5 | 41.5 |
Total assets | 3,765.40 | 3,719 | 3,437.10 |
Current liabilities: | ' | ' | ' |
Loans and overdrafts | 46 | ' | ' |
Accounts payable | 244.9 | 155.9 | 216.2 |
Accrued expenses and other current liabilities | 252.5 | 326.4 | 266.5 |
Deferred revenue | 156.3 | 159.7 | 149.1 |
Deferred tax liabilities | 136.2 | 129.6 | 138.1 |
Income taxes | 6.8 | 100.3 | 32.7 |
Total current liabilities | 842.7 | 871.9 | 802.6 |
Non-current liabilities: | ' | ' | ' |
Deferred tax liabilities | 1 | ' | ' |
Other liabilities | 119.3 | 111.3 | 107.5 |
Deferred revenue | 416.2 | 405.9 | 376.9 |
Total liabilities | 1,379.20 | 1,389.10 | 1,287 |
Commitments and contingencies | ' | ' | ' |
Shareholders' equity: | ' | ' | ' |
Common shares of $0.18 par value: authorized 500 shares, 80.3 shares outstanding (February 2, 2013: 81.4 shares outstanding; October 27, 2012: 81.0 shares outstanding) | 15.7 | 15.7 | 15.7 |
Additional paid-in capital | 252.3 | 246.3 | 235.1 |
Other reserves | 235.2 | 235.2 | 235.2 |
Treasury shares at cost: 6.9 shares (February 2, 2013: 5.8 shares; October 27, 2012: 6.2 shares) | -342.6 | -260 | -276.8 |
Retained earnings | 2,415 | 2,268.40 | 2,108.60 |
Accumulated other comprehensive loss | -189.4 | -175.7 | -167.7 |
Total shareholders' equity | 2,386.20 | 2,329.90 | 2,150.10 |
Total liabilities and shareholders' equity | $3,765.40 | $3,719 | $3,437.10 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, except Per Share data, unless otherwise specified | |||
Property and equipment, accumulated depreciation | $765 | $724.10 | $715.30 |
Common shares, par value | $0.18 | $0.18 | $0.18 |
Common shares, authorized | 500 | 500 | 500 |
Common shares, outstanding | 80.3 | 81.4 | 81 |
Treasury shares, shares | 6.9 | 5.8 | 6.2 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Cash flows from operating activities | ' | ' | ' | ' |
Net income | $33.60 | $34.90 | $192.80 | $188.10 |
Adjustments to reconcile net income to cash (used in) provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization of property and equipment | 28.3 | 23.7 | 79.4 | 70.4 |
Pension (benefit) expense | -0.1 | 0.8 | -0.3 | 2.4 |
Share-based compensation | 3.8 | 4.3 | 10.3 | 11.4 |
Deferred taxation | 2.2 | 18.8 | -0.3 | 6 |
Excess tax benefit from exercise of share options | ' | ' | -4.5 | ' |
Facility amendment fees amortization and charges | 0.1 | 0.1 | 0.3 | 0.3 |
Other non-cash movements | -1.9 | -0.3 | -2.8 | -1.7 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Decrease in accounts receivable | 29 | 34.2 | 81.8 | 90.3 |
Increase in other receivables and other assets | -7.6 | -3.4 | -17.5 | -0.3 |
(Increase) decrease in other current assets | -6.6 | 13.7 | -2.6 | 20.9 |
Increase in inventories | -214.9 | -190.6 | -272.3 | -207.8 |
Increase in accounts payable | 109.5 | 79.1 | 80.2 | 32.6 |
(Decrease) increase in accrued expenses and other liabilities | -9.4 | 13.5 | -66.5 | -39.5 |
(Decrease) increase in deferred revenue | -0.7 | -1.2 | 6.9 | -2.1 |
Decrease in income taxes payable | -43.6 | -40.1 | -101.8 | -61 |
Pension plan contributions | -1.1 | -3.3 | -3.9 | -10.3 |
Effect of exchange rate changes on currency swaps | -1 | -0.8 | -1.1 | 0.5 |
Net cash (used in) provided by operating activities | -80.4 | -16.6 | -21.9 | 100.2 |
Investing activities | ' | ' | ' | ' |
Purchase of property and equipment | -53.3 | -46.1 | -106.9 | -100.9 |
Acquisition of Ultra Stores, Inc. | ' | ' | 1.4 | ' |
Net cash used in investing activities | -53.3 | -46.1 | -105.5 | -100.9 |
Financing activities | ' | ' | ' | ' |
Dividends paid | -12.1 | -9.6 | -34 | -28.6 |
Proceeds from issuance of common shares | 2.8 | 2.6 | 8 | 8 |
Excess tax benefit from exercise of share options | ' | ' | 4.5 | ' |
Repurchase of common shares | -25 | ' | -100.1 | -287.2 |
Net settlement of equity based awards | -0.1 | -0.3 | -9.1 | -11.1 |
Proceeds from short-term borrowings | 44.3 | ' | 46 | ' |
Net cash provided by (used in) financing activities | 9.9 | -7.3 | -84.7 | -318.9 |
Cash and cash equivalents at beginning of period | 212.9 | 237.5 | 301 | 486.8 |
Decrease in cash and cash equivalents | -123.8 | -70 | -212.1 | -319.6 |
Effect of exchange rate changes on cash and cash equivalents | -1.3 | -1.5 | -1.1 | -1.2 |
Cash and cash equivalents at end of period | $87.80 | $166 | $87.80 | $166 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement Of Shareholders' Equity (USD $) | Total | Common shares at par value | Additional paid-in capital | Other reserves | Treasury shares | Retained earnings | Accumulated other comprehensive (loss) income |
In Millions | |||||||
Balance at Feb. 02, 2013 | $2,329.90 | $15.70 | $246.30 | $235.20 | ($260) | $2,268.40 | ($175.70) |
Net income | 192.8 | ' | ' | ' | ' | 192.8 | ' |
Other comprehensive (loss) income | -13.7 | ' | ' | ' | ' | ' | -13.7 |
Dividends | -36.2 | ' | ' | ' | ' | -36.2 | ' |
Repurchase of common shares | -100.1 | ' | ' | ' | -100.1 | ' | ' |
Net settlement of equity based awards | -4.6 | ' | -3.6 | ' | 7 | -8 | ' |
Share options exercised | 7.8 | ' | -0.7 | ' | 10.5 | -2 | ' |
Share-based compensation expense | 10.3 | ' | 10.3 | ' | ' | ' | ' |
Balance at Nov. 02, 2013 | $2,386.20 | $15.70 | $252.30 | $235.20 | ($342.60) | $2,415 | ($189.40) |
Principal_Accounting_Policies_
Principal Accounting Policies and Basis of Preparation | 9 Months Ended |
Nov. 02, 2013 | |
Principal Accounting Policies and Basis of Preparation | ' |
1. Principal accounting policies and basis of preparation | |
Basis of preparation | |
Signet Jewelers Limited (“Signet” or the “Company”), including its subsidiaries, is a leading retailer of jewelry, watches and associated services. Signet manages its business as two geographical segments, the United States of America (the “US”) and the United Kingdom (the “UK”). The US division operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry, Ultra and various regional brands. Ultra was acquired by Signet in October 2012. The UK division’s retail stores operate under brands including H.Samuel and Ernest Jones. | |
These condensed consolidated financial statements included herein have been 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 accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the year ended February 2, 2013. | |
Use of estimates | |
The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of receivables, inventory and deferred revenue, fair value of derivatives, depreciation and asset impairment, the valuation of employee benefits, income taxes and contingencies. | |
Fiscal year | |
The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2014 is the 52 week year ending February 1, 2014 and Fiscal 2013 is the 53 week year ended February 2, 2013. Within these financial statements, the third quarter and year to date of the relevant fiscal years 2014 and 2013 refer to the 13 and 39 weeks ended November 2, 2013 and October 27, 2012, respectively. | |
Seasonality | |
Signet’s sales are seasonal, with the first and second quarters each normally accounting for slightly more than 20% of annual sales, the third quarter a little under 20% and the fourth quarter for about 40% of sales, with December being by far the most important month of the year. Sales made in November and December are known as the “Holiday Season.” Due to sales leverage, Signet’s operating income is even more seasonal; about 45% to 50% of Signet’s operating income normally occurs in the fourth quarter, comprised of nearly all of the UK division’s operating income and about 40% to 50% of the US division’s operating income. | |
Revenue recognition | |
Extended service plans and lifetime warranty agreements | |
The US division sells extended service plans where it is obliged, subject to certain conditions, to perform repair work over the lifetime of the product. Revenue from the sale of extended service plans is deferred over 14 years. Revenue is recognized in relation to the costs expected to be incurred in performing these services, with approximately 45% of revenue recognized within the first two years (February 2, 2013 and October 27, 2012: 46% and 46%, respectively). The deferral period is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates used. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets. | |
New accounting pronouncements adopted during the period | |
Reclassification out of Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The new guidance does not change the current requirements for reporting net income or other comprehensive income, but it does require disclosure of amounts reclassified out of accumulated other comprehensive income by component, as well as require the presentation of these amounts on the face of the statements of comprehensive income or in the notes to the consolidated financial statements. ASU 2013-02 is effective for the reporting periods beginning after December 15, 2012. Signet adopted this guidance effective for the first quarter ended May 4, 2013 and the implementation of this accounting pronouncement did not have a material impact on Signet’s consolidated financial statements. | |
New accounting pronouncements to be adopted in subsequent periods | |
Presentation of Unrecognized Tax Benefit | |
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The new guidance requires, unless certain conditions exist, an unrecognized tax benefit to be presented as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance in ASU 2013-11 will become effective for the Company prospectively for fiscal years beginning after December 15, 2013, and interim periods within those years, with early adoption permitted. Retrospective application is also permitted. Signet did not early adopt this guidance and is currently assessing the impact, if any, that the adoption of this accounting pronouncement will have on its consolidated financial statements. | |
Reclassification | |
Signet has reclassified the presentation of certain prior year information to conform to the current year presentation. |
Segment_information
Segment information | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Segment information | ' | ||||||||||||||||
2. Segment information | |||||||||||||||||
Signet’s sales are derived from the retailing of jewelry, watches, other products and services. Signet is managed as two geographical operating segments, being the US and UK divisions. These segments represent channels of distribution that offer similar merchandise and services and have similar marketing and distribution strategies. Both divisions are managed by executive committees, which report to Signet’s Chief Executive Officer, who in turn reports to the Board of Directors (the “Board”). Each divisional executive committee is responsible for operating decisions within parameters set by the Board. The performance of each segment is regularly evaluated based on sales and operating income. The operating segments do not include certain corporate administrative costs. There are no material transactions between the operating segments. | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Sales: | |||||||||||||||||
US | $ | 632.1 | $ | 575.6 | $ | 2,231.80 | $ | 2,029.00 | |||||||||
UK | 139.3 | 140.6 | 413.4 | 441.1 | |||||||||||||
Total sales | $ | 771.4 | $ | 716.2 | $ | 2,645.20 | $ | 2,470.10 | |||||||||
Operating income (loss): | |||||||||||||||||
US | $ | 60.3 | $ | 65.3 | $ | 324.6 | $ | 320.3 | |||||||||
UK | (4.4 | ) | (5.5 | ) | (9.3 | ) | (8.8 | ) | |||||||||
Unallocated (1) | (4.3 | ) | (7.3 | ) | (15.4 | ) | (18.7 | ) | |||||||||
Total operating income | $ | 51.6 | $ | 52.5 | $ | 299.9 | $ | 292.8 | |||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||
Total assets: | |||||||||||||||||
US | $ | 3,246.50 | $ | 3,018.80 | $ | 2,876.80 | |||||||||||
UK | 495.3 | 449.9 | 490 | ||||||||||||||
Unallocated (1) | 23.6 | 250.3 | 70.3 | ||||||||||||||
Total assets | $ | 3,765.40 | $ | 3,719.00 | $ | 3,437.10 | |||||||||||
-1 | Unallocated principally relates to corporate administrative costs, assets and liabilities, and at times is referred to as “Corporate”. |
Foreign_Currency_Translation
Foreign Currency Translation | 9 Months Ended |
Nov. 02, 2013 | |
Foreign Currency Translation | ' |
3. Foreign currency translation | |
Assets and liabilities denominated in the UK pound sterling are translated into the US dollar at the exchange rate prevailing at the balance sheet date. Equity accounts denominated in the UK pound sterling are translated into US dollars at historical exchange rates. Revenues and expenses denominated in the UK pound sterling are translated into the US dollar at the monthly average exchange rate for the period and calculated each month from the weekly exchange rates weighted by sales of the UK division. Gains and losses resulting from foreign currency transactions are included within the consolidated income statement, whereas translation adjustments and gains and losses related to intercompany loans of a long-term investment nature are reported as an element of other comprehensive income (loss). |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2013 | |
Income Taxes | ' |
4. Income taxes | |
Signet has business activity in all states within the US and files income tax returns for the US federal jurisdiction and all applicable states. Signet also files income tax returns in the UK and certain other foreign jurisdictions. Signet is subject to US federal and state examinations by tax authorities for tax years ending after November 1, 2008 and is subject to examination by the UK tax authority for tax years ending after January 31, 2011. | |
As of February 2, 2013, Signet had approximately $4.5 million of unrecognized tax benefits in respect of uncertain tax positions, all of which would favorably affect the effective income tax rate if resolved in Signet’s favor. These unrecognized tax benefits relate to financing arrangements and intra-group charges which are subject to different and changing interpretations of tax law. There has been no material change in the amount of unrecognized tax benefits in respect of uncertain tax positions during the 13 and 39 weeks ended November 2, 2013. | |
Signet recognizes accrued interest and, where appropriate, penalties related to unrecognized tax benefits within income tax expense. As of February 2, 2013, Signet had accrued interest of $0.2 million and there has been no material change in the amount of accrued interest as of November 2, 2013. | |
Over the next twelve months management believes that it is reasonably possible that there could be a reduction of substantially all of the unrecognized tax benefits as of February 2, 2013, due to settlement of the uncertain tax positions with the tax authorities. |
Earnings_per_share
Earnings per share | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Earnings per share | ' | ||||||||||||||||
5. Earnings per share | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions, except per share amounts) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 33.6 | $ | 34.9 | $ | 192.8 | $ | 188.1 | |||||||||
Basic weighted average number of shares outstanding | 79.9 | 80.5 | 80.4 | 82.9 | |||||||||||||
Effect of dilutive restricted share awards and share options | 0.4 | 0.4 | 0.4 | 0.5 | |||||||||||||
Diluted weighted average number of shares outstanding | 80.3 | 80.9 | 80.8 | 83.4 | |||||||||||||
Earnings per share – basic | $ | 0.42 | $ | 0.43 | $ | 2.4 | $ | 2.27 | |||||||||
Earnings per share – diluted | $ | 0.42 | $ | 0.43 | $ | 2.39 | $ | 2.26 | |||||||||
The basic weighted average number of shares excludes non-vested time-based restricted shares, shares held by the Employee Stock Ownership Trust and treasury shares. Such shares are not considered outstanding and do not qualify for dividends, except for time-based restricted shares for which dividends are earned and payable by the Company subject to full vesting. The effect of excluding these shares is to reduce the average number of shares in the 13 and 39 week periods ended November 2, 2013 by 7,287,686 and 6,833,816 shares, respectively (13 and 39 week periods ended October 27, 2012: 6,711,229 and 4,309,714 shares, respectively). The calculation of fully diluted earnings per share for the 13 and 39 week periods ended November 2, 2013 excludes 87,809 and 64,884 non-vested time-based restricted shares (13 and 39 week periods ended October 27, 2012: 274,023 and 240,548 shares and share options, respectively) on the basis that their effect on earnings per share was anti-dilutive. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||||||||
6. Shareholders’ equity | |||||||||||||||||||||||||||||
Share repurchase | |||||||||||||||||||||||||||||
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 or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company in 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 being held as treasury shares and may be used by Signet for general corporate purposes. Share repurchase activity is as follows: | |||||||||||||||||||||||||||||
Shares repurchased | Amount repurchased | Average repurchase price | |||||||||||||||||||||||||||
39 weeks ended | 39 weeks ended | 39 weeks ended | |||||||||||||||||||||||||||
Amount | November 2, | October 27, | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||||
authorized | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||
2013 Program (1) | $ | 350 | 746,326 | n/a | $ | 50 | $ | n/a | $ | 66.99 | $ | n/a | |||||||||||||||||
2011 Program (2) | 350 | 749,245 | 6,425,296 | 50.1 | 287.2 | 66.92 | 44.7 | ||||||||||||||||||||||
Total | 1,495,571 | 6,425,296 | $ | 100.1 | $ | 287.2 | |||||||||||||||||||||||
-1 | On June 14, 2013, the Board authorized a new program to repurchase up to $350 million of Signet’s common shares (the “2013 Program”). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $300.0 million remaining as of November 2, 2013. | ||||||||||||||||||||||||||||
-2 | In October 2011, the Board authorized a program to repurchase up to $300 million of Signet’s common shares (the “2011 Program”), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. | ||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Fiscal 2014: | |||||||||||||||||||||||||||||
Cash dividend | Date declared | Record date | Payment date (1) | Total | |||||||||||||||||||||||||
per share | dividends | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
First quarter | $ | 0.15 | March 27, 2013 | May 3, 2013 | May 29, 2013 | $ | 12.1 | ||||||||||||||||||||||
Second quarter | $ | 0.15 | June 14, 2013 | August 2, 2013 | August 28, 2013 | $ | 12.1 | ||||||||||||||||||||||
Third quarter | $ | 0.15 | August 21, 2013 | November 1, 2013 | November 26, 2013 | $ | 12 | (2) | |||||||||||||||||||||
-1 | Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As such, the fourth quarter Fiscal 2013 $0.12 per share cash dividend was paid out on February 27, 2013 in the aggregate amount of $9.8 million. | ||||||||||||||||||||||||||||
-2 | As of November 2, 2013, $12.0 million has been recorded in accrued expenses and other current liabilities reflecting the cash dividend declared for the third quarter of Fiscal 2014, which is not presented in the condensed consolidated statement of cash flows as it is a non-cash transaction. |
Reclassification_Out_of_Accumu
Reclassification Out of Accumulated OCI | 9 Months Ended | ||||||||||
Nov. 02, 2013 | |||||||||||
Reclassification Out of Accumulated OCI | ' | ||||||||||
7. Reclassification out of accumulated OCI | |||||||||||
Reclassification activity by individual accumulated OCI component: | Amounts | Amounts | Income statement caption | ||||||||
reclassified from | reclassified from | ||||||||||
accumulated OCI | accumulated OCI | ||||||||||
13 weeks ended | 39 weeks ended | ||||||||||
November 2, 2013 | November 2, 2013 | ||||||||||
(in millions) | |||||||||||
(Gains) losses on cash flow hedges: | |||||||||||
Foreign currency contracts | $ | (0.2 | ) | $ | (0.6 | ) | Cost of sales (see Note 11) | ||||
Commodity contracts | 2.3 | 1.7 | Cost of sales (see Note 11) | ||||||||
Total before income tax | 2.1 | 1.1 | |||||||||
(0.8 | ) | (0.5 | ) | Income taxes | |||||||
Net of tax | 1.3 | 0.6 | |||||||||
Defined benefit pension plan items: | |||||||||||
Amortization of unrecognized net prior service credit | (0.4 | ) | (1.1 | ) | Selling, general and administrative expenses (1) | ||||||
Amortization of unrecognized actuarial loss | 0.6 | 1.7 | Selling, general and administrative expenses (1) | ||||||||
Total before income tax | 0.2 | 0.6 | |||||||||
— | (0.1 | ) | Income taxes | ||||||||
Net of tax | 0.2 | 0.5 | |||||||||
Total reclassifications | $ | 1.5 | $ | 1.1 | |||||||
-1 | These items are included in the computation of net periodic pension benefit (cost). See Note 12 for additional information. |
Accounts_Receivable_net
Accounts Receivable, net | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Accounts Receivable, net | ' | ||||||||||||||||||||||||
8. Accounts receivable, net | |||||||||||||||||||||||||
Signet’s accounts receivable primarily consist of US customer in-house financing receivables. The accounts receivable portfolio consists of a population that is of similar characteristics and is evaluated collectively for impairment. The allowance is an estimate of the losses as of the balance sheet date, and is calculated using a proprietary model that analyzes factors such as delinquency rates and recovery rates. A 100% allowance is made for any amount that is more than 90 days aged on a recency basis and any amount associated with an account the owner of which has filed for bankruptcy, as well as an allowance for those amounts 90 days aged and under based on historical loss information and payment performance. The calculation is reviewed by management to assess whether, based on economic events, additional analyses are required to appropriately estimate losses inherent in the portfolio. | |||||||||||||||||||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Accounts receivable by portfolio segment, net: | |||||||||||||||||||||||||
US customer in-house finance receivables | $ | 1,111.80 | $ | 1,192.90 | $ | 987.6 | |||||||||||||||||||
Other accounts receivable | 11.7 | 12.4 | 10.6 | ||||||||||||||||||||||
Total accounts receivable, net | $ | 1,123.50 | $ | 1,205.30 | $ | 998.2 | |||||||||||||||||||
Signet grants credit to customers based on a variety of credit quality indicators, including consumer financial information and prior payment experience. On an ongoing basis, management monitors the credit exposure based on past due status and collection experience, as it has found a meaningful correlation between the past due status of customers and the risk of loss. | |||||||||||||||||||||||||
Other accounts receivable is comprised primarily of gross accounts receivable relating to the insurance loss replacement business in the UK division of $9.9 million (February 2, 2013 and October 27, 2012: $13.0 million and $11.2 million, respectively) with a corresponding valuation allowance of $0.5 million (February 2, 2013 and October 27, 2012: $0.6 million and $0.6 million, respectively). | |||||||||||||||||||||||||
Allowance for Credit Losses on US Customer In-House Finance Receivables: | |||||||||||||||||||||||||
(in millions) | 39 weeks | 53 weeks | 39 weeks | ||||||||||||||||||||||
ended | ended | ended | |||||||||||||||||||||||
November 2, | February 2, | October 27, | |||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Allowance on US portfolio, beginning of period | $ | (87.7 | ) | $ | (78.1 | ) | $ | (78.1 | ) | ||||||||||||||||
Charge-offs | 91 | 112.8 | 79.3 | ||||||||||||||||||||||
Recoveries | 19.9 | 21.8 | 16.6 | ||||||||||||||||||||||
Provision | (112.8 | ) | (144.2 | ) | (98.0 | ) | |||||||||||||||||||
Allowance on US portfolio, end of period | $ | (89.6 | ) | $ | (87.7 | ) | $ | (80.2 | ) | ||||||||||||||||
Ending receivable balance evaluated for impairment | 1,201.40 | 1,280.60 | 1,067.80 | ||||||||||||||||||||||
Percentage of allowance on US portfolio, end of period | 7.5 | % | 6.8 | % | 7.5 | % | |||||||||||||||||||
US customer in-house finance receivables, net | $ | 1,111.80 | $ | 1,192.90 | $ | 987.6 | |||||||||||||||||||
Net bad debt expense is calculated as provision expense less recoveries. | |||||||||||||||||||||||||
Credit Quality Indicator and Age Analysis of Past Due US Customer In-House Finance Receivables: | |||||||||||||||||||||||||
November 2, | February 2, | October 27, | |||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
(in millions) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||
Current, aged 0-30 days | $ | 946.9 | $ | (29.0 | ) | $ | 1,030.30 | $ | (33.8 | ) | $ | 841.8 | $ | (25.8 | ) | ||||||||||
Past due, aged 31-90 days | 201.1 | (7.2 | ) | 203.9 | (7.5 | ) | 178.1 | (6.5 | ) | ||||||||||||||||
Non Performing: | |||||||||||||||||||||||||
Past due, aged more than 90 days | 53.4 | (53.4 | ) | 46.4 | (46.4 | ) | 47.9 | (47.9 | ) | ||||||||||||||||
$ | 1,201.40 | $ | (89.6 | ) | $ | 1,280.60 | $ | (87.7 | ) | $ | 1,067.80 | $ | (80.2 | ) | |||||||||||
November 2, | February 2, | October 27, | |||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
(as a percentage of the ending receivable balance) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing | 95.6 | % | 3.2 | % | 96.4 | % | 3.3 | % | 95.5 | % | 3.2 | % | |||||||||||||
Non Performing | 4.4 | % | 100 | % | 3.6 | % | 100 | % | 4.5 | % | 100 | % | |||||||||||||
100 | % | 7.5 | % | 100 | % | 6.8 | % | 100 | % | 7.5 | % | ||||||||||||||
Deferred_Revenue
Deferred Revenue | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Deferred Revenue | ' | ||||||||||||||||
9. Deferred revenue | |||||||||||||||||
Deferred revenue is comprised primarily of extended service plans (“ESP”) and voucher promotions and other as follows: | |||||||||||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||
ESP deferred revenue | $ | 564.4 | $ | 549.7 | $ | 517.7 | |||||||||||
Voucher promotions and other | 8.1 | 15.9 | 8.3 | ||||||||||||||
Total deferred revenue | $ | 572.5 | $ | 565.6 | $ | 526 | |||||||||||
Disclosed as: | |||||||||||||||||
Current liabilities | $ | 156.3 | $ | 159.7 | $ | 149.1 | |||||||||||
Non-current liabilities | 416.2 | 405.9 | 376.9 | ||||||||||||||
Total deferred revenue | $ | 572.5 | $ | 565.6 | $ | 526 | |||||||||||
In addition, other current assets include deferred direct costs related to the sale of ESP of $20.7 million as of November 2, 2013 (February 2, 2013 and October 27, 2012: $20.9 million and $21.0 million, respectively). Other assets include the long-term portion of these deferred direct costs of $58.4 million as of November 2, 2013 (February 2, 2013 and October 27, 2012: $56.9 million and $52.8 million, respectively). | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
ESP deferred revenue, beginning of period | $ | 567 | $ | 523.7 | $ | 549.7 | $ | 511.7 | |||||||||
Plans sold | 40.6 | 36 | 142 | 130.2 | |||||||||||||
Revenues recognized | (43.2 | ) | (42.0 | ) | (127.3 | ) | (124.2 | ) | |||||||||
ESP deferred revenue, end of period | $ | 564.4 | $ | 517.7 | $ | 564.4 | $ | 517.7 | |||||||||
Warranty_Reserve
Warranty Reserve | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Warranty Reserve | ' | ||||||||||||||||
10. Warranty reserve | |||||||||||||||||
Warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities, and other non-current liabilities, is as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Warranty reserve, beginning of period | $ | 18.6 | $ | 17.6 | $ | 18.5 | $ | 15.1 | |||||||||
Warranty expense | 1.8 | 1.6 | 5.3 | 7.7 | |||||||||||||
Utilized | (1.6 | ) | (1.6 | ) | (5.0 | ) | (5.2 | ) | |||||||||
Warranty reserve, end of period | $ | 18.8 | $ | 17.6 | $ | 18.8 | $ | 17.6 | |||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||
Disclosed as: | |||||||||||||||||
Current liabilities | $ | 6.6 | $ | 6.9 | $ | 6.6 | |||||||||||
Non-current liabilities | 12.2 | 11.6 | 11 | ||||||||||||||
Total warranty reserve | $ | 18.8 | $ | 18.5 | $ | 17.6 | |||||||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Financial Instruments and Fair Value | ' | ||||||||||||||||||||||||
11. Financial instruments and fair value | |||||||||||||||||||||||||
Signet’s principal financial instruments are comprised of cash, cash deposits/investments and overdrafts, accounts receivable and payable, derivatives and a revolving credit facility. Signet does not enter into derivative transactions for trading purposes. Derivative transactions are used by Signet for risk management purposes to address risks inherent in Signet’s business operations and sources of finance. The main risks arising from Signet’s operations are market risk including foreign currency risk and commodity risk, liquidity risk and interest rate risk. Signet uses these financial instruments to manage and mitigate these risks under policies reviewed and approved by the Board. | |||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
Signet enters into various types of derivative instruments to mitigate certain risk exposures related to changes in commodity costs and foreign exchange rates. Derivative instruments are recorded in the consolidated balance sheets at their fair values, as either assets or liabilities, with an offset to current or comprehensive income, depending on whether the derivative qualifies as an effective hedge. | |||||||||||||||||||||||||
If a derivative instrument meets certain hedge accounting criteria, it may be designated as a cash flow hedge on the date it is entered into. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset, liability or a forecasted transaction. For cash flow hedge transactions, the effective portion of the changes in fair value of derivatives is reported as other comprehensive income (“OCI”) and is recognized in the consolidated income statements in the same period(s) and on the same financial statement line in which the hedged transaction affects net income. Amounts excluded from the effectiveness calculation and any ineffective portions of the change in fair value of the derivative are recognized immediately in other operating income, net in the consolidated income statements. In addition, gains and losses on derivatives that do not qualify for hedge accounting are recognized immediately in other operating income, net. | |||||||||||||||||||||||||
The following types of derivative instruments are utilized by Signet: | |||||||||||||||||||||||||
Forward foreign currency exchange contracts (designated)—These contracts, which are principally in US dollars, are entered into in order 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 November 2, 2013 was $60.4 million (February 2, 2013 and October 27, 2012: $50.8 million and $75.9 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 15 months (February 2, 2013 and October 27, 2012: 12 months and 15 months, respectively). | |||||||||||||||||||||||||
Forward foreign currency exchange contracts (undesignated)—Foreign currency contracts not designated as cash flow hedges are used to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. | |||||||||||||||||||||||||
Commodity forward purchase contracts and net zero-cost collar arrangements—These contracts are entered into in order to reduce Signet’s exposure to significant movements in the price of the underlying precious metal raw material. The total notional amount of these commodity derivative contracts outstanding as of November 2, 2013 was $58.1 million (February 2, 2013 and October 27, 2012: $187.6 million and $219.6 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (February 2, 2013 and October 27, 2012: 11 months and 14 months, respectively). | |||||||||||||||||||||||||
The bank counterparties to the derivative instruments expose Signet to credit-related losses in the event of their non-performance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of November 2, 2013, Signet believes that this credit risk did not materially change the fair value of the foreign currency or commodity contracts. | |||||||||||||||||||||||||
The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets: | |||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
(in millions) | Balance sheet location | November 2, | February 2, | October 27, | |||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 0.2 | $ | 1 | $ | 0.4 | ||||||||||||||||||
Foreign currency contracts | Other assets | — | — | 0.1 | |||||||||||||||||||||
Commodity contracts | Other current assets | 1.2 | 2.8 | 5.2 | |||||||||||||||||||||
1.4 | 3.8 | 5.7 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current assets | 1.1 | — | — | |||||||||||||||||||||
1.1 | — | — | |||||||||||||||||||||||
Total derivative assets | $ | 2.5 | $ | 3.8 | $ | 5.7 | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
(in millions) | Balance sheet location | November 2, | February 2, | October 27, | |||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.7 | ) | $ | — | $ | (0.7 | ) | ||||||||||||||||
Foreign currency contracts | Other liabilities | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||
Commodity contracts | Other current liabilities | (0.6 | ) | (4.6 | ) | (2.3 | ) | ||||||||||||||||||
Commodity contracts | Other liabilities | — | — | (0.3 | ) | ||||||||||||||||||||
(1.5 | ) | (4.6 | ) | (3.5 | ) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | — | — | (0.5 | ) | ||||||||||||||||||||
— | — | (0.5 | ) | ||||||||||||||||||||||
Total derivative liabilities | $ | (1.5 | ) | $ | (4.6 | ) | $ | (4.0 | ) | ||||||||||||||||
The following tables summarize the effect of derivative instruments on the condensed consolidated income statements: | |||||||||||||||||||||||||
Amount of gain (loss) | Location of | Amount of gain | |||||||||||||||||||||||
recognized in OCI on | gain (loss) | (loss) reclassified | |||||||||||||||||||||||
derivatives | reclassified from | from accumulated OCI into | |||||||||||||||||||||||
(Effective portion) | accumulated OCI | income (Effective portion) | |||||||||||||||||||||||
into income | |||||||||||||||||||||||||
(Effective portion) | |||||||||||||||||||||||||
13 weeks ended | 13 weeks ended | ||||||||||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||
Foreign currency contracts | $ | (2.1 | ) | $ | (1.1 | ) | Cost of sales | $ | 0.2 | $ | 0.1 | ||||||||||||||
Commodity contracts | 0.3 | (1) | 7.9 | Cost of sales | (2.3 | ) | 2.8 | ||||||||||||||||||
Total | $ | (1.8 | ) | $ | 6.8 | $ | (2.1 | ) | $ | 2.9 | |||||||||||||||
Amount of gain (loss) | Location of | Amount of gain | |||||||||||||||||||||||
recognized in OCI on | gain (loss) | (loss) reclassified | |||||||||||||||||||||||
derivatives | reclassified from | from accumulated OCI into | |||||||||||||||||||||||
(Effective portion) | accumulated OCI | income (Effective portion) | |||||||||||||||||||||||
into income | |||||||||||||||||||||||||
(Effective portion) | |||||||||||||||||||||||||
39 weeks ended | 39 weeks ended | ||||||||||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||
Foreign currency contracts | $ | (0.7 | ) | $ | (1.0 | ) | Cost of sales | $ | 0.6 | $ | 0.3 | ||||||||||||||
Commodity contracts | (27.2 | )(1) | (6.3 | ) | Cost of sales | (1.7 | ) | 17.1 | |||||||||||||||||
Total | $ | (27.9 | ) | $ | (7.3 | ) | $ | (1.1 | ) | $ | 17.4 | ||||||||||||||
-1 | During the 13 and 39 weeks ended November 2, 2013, losses recognized in OCI on commodity derivative contracts designated in cash flow hedging relationships included $0.0 million and $25.8 million of losses related to the change in fair value of commodity derivative contracts the Company terminated prior to contract maturity in the respective periods. | ||||||||||||||||||||||||
Amount of gain (loss) | Location of gain (loss) | Amount of gain (loss) | |||||||||||||||||||||||
recognized in income | recognized in income on | recognized in income | |||||||||||||||||||||||
on derivatives | derivatives | on derivatives | |||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | $ | (2.8 | ) | $ | (1.6 | ) | Other operating income, net | $ | — | $ | (0.5 | ) | |||||||||||||
Total | $ | (2.8 | ) | $ | (1.6 | ) | $ | — | $ | (0.5 | ) | ||||||||||||||
As of November 2, 2013, the ending balance of accumulated OCI for commodity derivative contracts designated in cash flow hedging relationships was a loss of $26.0 million, including a loss of $25.9 million related to the commodity derivative contracts terminated prior to contract maturity in Fiscal 2014. The Company expects approximately $23.2 million of net pre-tax derivative losses to be reclassified out of accumulated OCI into earnings within the next 12 months of which $9.8 million will be recognized in the fourth quarter of Fiscal 2014. | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||||||||||||||
(in millions) | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||
Value | (Level 2) | Value | (Level 2) | Value | (Level 2) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Forward foreign currency contracts and swaps | $ | 1.3 | $ | 1.3 | $ | 1 | $ | 1 | $ | 0.5 | $ | 0.5 | |||||||||||||
Forward commodity contracts | 1.2 | 1.2 | 2.8 | 2.8 | 5.2 | 5.2 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Forward foreign currency contracts and swaps | (0.9 | ) | (0.9 | ) | — | — | (1.4 | ) | (1.4 | ) | |||||||||||||||
Forward commodity contracts | (0.6 | ) | (0.6 | ) | (4.6 | ) | (4.6 | ) | (2.6 | ) | (2.6 | ) | |||||||||||||
The fair value of derivative financial instruments has been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment, current foreign currency forward rates or current commodity forward rates. These are held as assets and liabilities within other receivables and other payables, and all contracts have a maturity of less than 15 months. The carrying amounts of cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities approximate fair value because of the short-term maturity of these amounts. |
Pensions
Pensions | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Pensions | ' | ||||||||||||||||
12. Pensions | |||||||||||||||||
Signet operates a defined benefit pension plan in the UK (the “UK Plan”). The components of net periodic pension cost were as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic pension benefit (cost): | |||||||||||||||||
Service cost | $ | (0.6 | ) | $ | (0.9 | ) | $ | (1.8 | ) | $ | (2.7 | ) | |||||
Interest cost | (2.3 | ) | (2.4 | ) | (6.9 | ) | (7.1 | ) | |||||||||
Expected return on UK Plan assets | 3.2 | 2.9 | 9.6 | 8.6 | |||||||||||||
Amortization of unrecognized prior service credit | 0.4 | 0.4 | 1.1 | 1.2 | |||||||||||||
Amortization of unrecognized actuarial loss | (0.6 | ) | (0.8 | ) | (1.7 | ) | (2.4 | ) | |||||||||
Net periodic pension benefit (cost) | $ | 0.1 | $ | (0.8 | ) | $ | 0.3 | $ | (2.4 | ) | |||||||
In the 39 weeks ended November 2, 2013, Signet contributed $3.9 million to the UK Plan and expects to contribute a minimum aggregate of $5.2 million at current exchange rates to the UK Plan in Fiscal 2014. These contributions are in accordance with an agreed upon deficit recovery plan and based on the results of the actuarial valuation as of April 5, 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 02, 2013 | |
Commitments and Contingencies | ' |
13. Commitments and contingencies | |
Legal proceedings | |
In March 2008, a group of private plaintiffs (the “Claimants”) filed a class action lawsuit for an unspecified amount against Sterling Jewelers Inc. (“Sterling”), a subsidiary of Signet, in the U.S. District Court for the Southern District of New York alleging that US store-level employment practices are discriminatory as to compensation and promotional activities with respect to gender. In June 2008, the District Court referred the matter to private arbitration where the Claimants sought to proceed on a class-wide basis. The parties engaged in fact discovery related to class certification issues through mid-March 2013. In June 2013, the Claimants filed their motion for class certification, disclosed their experts, and produced their expert reports. In mid-October 2013, Sterling filed its opposition to Claimants’ class certification motion, its disclosure of its experts and their reports, as well as three motions to exclude the reports of Claimants’ experts and a motion to strike Claimants’ declarations and attorney summaries. The Claimants’ reply brief, any expert rebuttal submissions, as well as any motions relating thereto are due in mid-January 2014. Also due at that time are Claimants’ responses to Sterling’s motions to exclude and strike, and Sterling’s replies thereto are due in early February 2014. Expert discovery is ongoing, and all expert depositions must be completed by January 24, 2014. The Arbitrator has scheduled a hearing on the class certification motion and all related motions for February 5, 2014. Sterling has filed a motion requesting hearings (i.e., separate arguments) on its motions to exclude and strike. Claimants filed their opposition to Sterling’s motion on November 4, 2013 and Sterling’s reply thereto was filed with the Arbitrator on November 11, 2013. | |
On September 23, 2008, the U.S. Equal Employment Opportunity Commission (“EEOC”) filed a lawsuit against Sterling in the U.S. District Court for the Western District of New York. The EEOC’s lawsuit alleges that Sterling engaged in intentional and disparate impact gender discrimination with respect to pay and promotions of female retail store employees from January 1, 2003 to the present. The EEOC asserts claims for unspecified monetary relief and non-monetary relief against the Company on behalf of a class of female employees subjected to these alleged practices. Non-expert fact discovery closed in mid-May 2013. Pursuant to the Court’s case management order, both the EEOC and Sterling have designated their respective experts and produced their respective expert’s reports. The EEOC’s expert rebuttal submission is due mid-January 2014. Expert discovery is ongoing, and all expert depositions must be completed by January 24, 2014. Any dispositive motions must be filed by February 4, 2014. In the event that no dispositive motions are filed, a status conference is set for February 7, 2014. On September 25, 2013, Sterling filed a motion for partial summary judgment on procedural grounds. The EEOC’s response to Sterling’s motion was filed mid-November 2013, and Sterling’s reply thereto is due December 2, 2013. The Magistrate Judge has scheduled oral arguments on this motion for December 9, 2013. | |
Sterling denies the allegations of both parties and has been defending these cases vigorously. At this point, no outcome or amount of loss is able to be estimated. | |
In the ordinary course of business, Signet may be subject, from time to time, to various other proceedings, lawsuits, disputes or claims incidental to its business or not significant to Signet’s consolidated financial position. |
ShareBased_Compensation_Expens
Share-Based Compensation Expense | 9 Months Ended |
Nov. 02, 2013 | |
Share-Based Compensation Expense | ' |
14. Share-based compensation expense | |
Signet recorded share-based compensation expense of $3.8 million and $10.3 million for the 13 and 39 weeks ended November 2, 2013, respectively, related to the Omnibus Plans and Saving Share Plans ($4.3 million and $11.4 million for the 13 and 39 weeks ended October 27, 2012, respectively). |
Loans_Overdrafts_and_LongTerm_
Loans, Overdrafts and Long-Term Debt | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Loans, Overdrafts and Long-Term Debt | ' | ||||||||||||
15. Loans, overdrafts and long-term debt | |||||||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||
2013 | 2013 | 2012 | |||||||||||
Current liabilities – loans and overdrafts | |||||||||||||
Revolving credit facility | $ | 35 | $ | — | $ | — | |||||||
Bank overdrafts | 11 | — | — | ||||||||||
Total loans and overdrafts | $ | 46 | $ | — | $ | — | |||||||
In May 2011, Signet entered into a $400 million senior unsecured multi-currency five year revolving credit facility agreement (the “Credit Facility”). The Credit Facility contains an expansion option that, with the consent of the lenders or the addition of new lenders, and subject to certain conditions, availability under the Credit Facility may be increased by an additional $200 million at the request of Signet. The Credit Facility has a five year term and matures in May 2016, at which time all amounts outstanding under the Credit Facility will be due and payable. The Credit Facility also contains various customary representations and warranties, financial reporting requirements and other affirmative and negative covenants. The Credit Facility requires that Signet maintain at all times a “Leverage Ratio” (as defined in the Credit Facility) to be no greater than 2.50 to 1.00 and a “Fixed Charge Coverage Ratio” (as defined in the Credit Facility) to be no less than 1.40 to 1.00, both determined as of the end of each fiscal quarter of Signet for the trailing twelve months. | |||||||||||||
At November 2, 2013, $35.0 million was outstanding under the Credit Facility. No amounts were outstanding under this Facility as of February 2, 2013 and October 27, 2012, with no intra-period borrowings. Signet had stand-by letters of credit of $9.5 million as of November 2, 2013 and February 2, 2013 and $8.2 million as of October 27, 2012, respectively. As of November 2, 2013, the Company was in compliance with all debt covenants. |
Acquisition
Acquisition | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Acquisition | ' | ||||||||||||
16. Acquisition | |||||||||||||
On October 29, 2012, Signet acquired the outstanding shares of Ultra Stores, Inc., a leading jewelry retailer operating primarily in outlet centers, from Crystal Financial LLC and its other stockholders (the “Ultra Acquisition”). The Company initially paid $56.7 million, net of acquired cash of $1.5 million, for the Ultra Acquisition including a $1.4 million working capital adjustment as of the closing, subject to post-closing procedures. The total consideration paid was funded through existing cash. | |||||||||||||
On May 15, 2013, the post-closing procedures were finalized and a reduction to the initial purchase price was agreed to. As a result, total consideration paid for the Ultra Acquisition was reduced to $55.3 million. The refund of $1.4 million from the initial consideration paid was received during the second quarter of Fiscal 2014. | |||||||||||||
The results of operations related to the Ultra Acquisition are reported as a component of the results of the US division and included in Signet’s consolidated financial statements commencing on the date of acquisition. | |||||||||||||
During the first quarter of Fiscal 2014, the Company finalized the valuation of net assets acquired. There were no material changes to the valuation of net assets acquired from the initial allocation reported during the fourth quarter of Fiscal 2013. Accordingly, the total consideration paid has been allocated to the net assets acquired based on the final fair values at October 29, 2012 as follows: | |||||||||||||
(in millions) | Initial | Final | Change | ||||||||||
Allocation | Allocation | ||||||||||||
Recognized amounts of assets acquired and liabilities assumed: | |||||||||||||
Inventories | $ | 43.3 | $ | 43.3 | $ | — | |||||||
Other current assets, excluding cash acquired | 3.3 | 3.3 | — | ||||||||||
Property and equipment | 12.1 | 12.1 | — | ||||||||||
Other assets | 0.3 | 0.3 | — | ||||||||||
Current liabilities | (19.5 | ) | (19.5 | ) | — | ||||||||
Other liabilities | (7.4 | ) | (7.4 | ) | — | ||||||||
Fair value of net assets acquired | $ | 32.1 | $ | 32.1 | $ | — | |||||||
Goodwill (1) | 24.6 | 23.2 | (1.4 | ) | |||||||||
Total consideration | $ | 56.7 | $ | 55.3 | $ | (1.4 | ) | ||||||
-1 | None of the goodwill will be deductible for income tax purposes. The goodwill balance is recorded within other assets in the consolidated balance sheet. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Nov. 02, 2013 | |
Subsequent Event | ' |
17. Subsequent event | |
On November 4, 2013, Signet acquired a diamond polishing factory in Gaborone, Botswana for $9.1 million. The acquisition expands the Company’s long-term diamond sourcing capabilities and provides resources for the Company to cut and polish stones. |
Principal_Accounting_Policies_1
Principal Accounting Policies and Basis of Preparation (Policies) | 9 Months Ended |
Nov. 02, 2013 | |
Basis of Preparation | ' |
Basis of preparation | |
Signet Jewelers Limited (“Signet” or the “Company”), including its subsidiaries, is a leading retailer of jewelry, watches and associated services. Signet manages its business as two geographical segments, the United States of America (the “US”) and the United Kingdom (the “UK”). The US division operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry, Ultra and various regional brands. Ultra was acquired by Signet in October 2012. The UK division’s retail stores operate under brands including H.Samuel and Ernest Jones. | |
These condensed consolidated financial statements included herein have been 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 accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the year ended February 2, 2013. | |
Use of Estimates | ' |
Use of estimates | |
The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of receivables, inventory and deferred revenue, fair value of derivatives, depreciation and asset impairment, the valuation of employee benefits, income taxes and contingencies. | |
Fiscal Year | ' |
Fiscal year | |
The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2014 is the 52 week year ending February 1, 2014 and Fiscal 2013 is the 53 week year ended February 2, 2013. Within these financial statements, the third quarter and year to date of the relevant fiscal years 2014 and 2013 refer to the 13 and 39 weeks ended November 2, 2013 and October 27, 2012, respectively. | |
Seasonality | ' |
Seasonality | |
Signet’s sales are seasonal, with the first and second quarters each normally accounting for slightly more than 20% of annual sales, the third quarter a little under 20% and the fourth quarter for about 40% of sales, with December being by far the most important month of the year. Sales made in November and December are known as the “Holiday Season.” Due to sales leverage, Signet’s operating income is even more seasonal; about 45% to 50% of Signet’s operating income normally occurs in the fourth quarter, comprised of nearly all of the UK division’s operating income and about 40% to 50% of the US division’s operating income. | |
Revenue Recognition | ' |
Revenue recognition | |
Extended service plans and lifetime warranty agreements | |
The US division sells extended service plans where it is obliged, subject to certain conditions, to perform repair work over the lifetime of the product. Revenue from the sale of extended service plans is deferred over 14 years. Revenue is recognized in relation to the costs expected to be incurred in performing these services, with approximately 45% of revenue recognized within the first two years (February 2, 2013 and October 27, 2012: 46% and 46%, respectively). The deferral period is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates used. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets. | |
New Accounting Pronouncements Adopted During the Period | ' |
New accounting pronouncements adopted during the period | |
Reclassification out of Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The new guidance does not change the current requirements for reporting net income or other comprehensive income, but it does require disclosure of amounts reclassified out of accumulated other comprehensive income by component, as well as require the presentation of these amounts on the face of the statements of comprehensive income or in the notes to the consolidated financial statements. ASU 2013-02 is effective for the reporting periods beginning after December 15, 2012. Signet adopted this guidance effective for the first quarter ended May 4, 2013 and the implementation of this accounting pronouncement did not have a material impact on Signet’s consolidated financial statements. | |
New Accounting Pronouncements to be Adopted in Subsequent Periods | ' |
New accounting pronouncements to be adopted in subsequent periods | |
Presentation of Unrecognized Tax Benefit | |
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The new guidance requires, unless certain conditions exist, an unrecognized tax benefit to be presented as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance in ASU 2013-11 will become effective for the Company prospectively for fiscal years beginning after December 15, 2013, and interim periods within those years, with early adoption permitted. Retrospective application is also permitted. Signet did not early adopt this guidance and is currently assessing the impact, if any, that the adoption of this accounting pronouncement will have on its consolidated financial statements. | |
Reclassification | ' |
Reclassification | |
Signet has reclassified the presentation of certain prior year information to conform to the current year presentation. |
Segment_information_Tables
Segment information (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Segment Reporting Information, By Segment | ' | ||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Sales: | |||||||||||||||||
US | $ | 632.1 | $ | 575.6 | $ | 2,231.80 | $ | 2,029.00 | |||||||||
UK | 139.3 | 140.6 | 413.4 | 441.1 | |||||||||||||
Total sales | $ | 771.4 | $ | 716.2 | $ | 2,645.20 | $ | 2,470.10 | |||||||||
Operating income (loss): | |||||||||||||||||
US | $ | 60.3 | $ | 65.3 | $ | 324.6 | $ | 320.3 | |||||||||
UK | (4.4 | ) | (5.5 | ) | (9.3 | ) | (8.8 | ) | |||||||||
Unallocated (1) | (4.3 | ) | (7.3 | ) | (15.4 | ) | (18.7 | ) | |||||||||
Total operating income | $ | 51.6 | $ | 52.5 | $ | 299.9 | $ | 292.8 | |||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||
Total assets: | |||||||||||||||||
US | $ | 3,246.50 | $ | 3,018.80 | $ | 2,876.80 | |||||||||||
UK | 495.3 | 449.9 | 490 | ||||||||||||||
Unallocated (1) | 23.6 | 250.3 | 70.3 | ||||||||||||||
Total assets | $ | 3,765.40 | $ | 3,719.00 | $ | 3,437.10 | |||||||||||
-1 | Unallocated principally relates to corporate administrative costs, assets and liabilities, and at times is referred to as “Corporate”. |
Earnings_per_share_Tables
Earnings per share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions, except per share amounts) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 33.6 | $ | 34.9 | $ | 192.8 | $ | 188.1 | |||||||||
Basic weighted average number of shares outstanding | 79.9 | 80.5 | 80.4 | 82.9 | |||||||||||||
Effect of dilutive restricted share awards and share options | 0.4 | 0.4 | 0.4 | 0.5 | |||||||||||||
Diluted weighted average number of shares outstanding | 80.3 | 80.9 | 80.8 | 83.4 | |||||||||||||
Earnings per share – basic | $ | 0.42 | $ | 0.43 | $ | 2.4 | $ | 2.27 | |||||||||
Earnings per share – diluted | $ | 0.42 | $ | 0.43 | $ | 2.39 | $ | 2.26 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||||||
Share Repurchase Activity | ' | ||||||||||||||||||||||||||||
Share repurchase activity is as follows: | |||||||||||||||||||||||||||||
Shares repurchased | Amount repurchased | Average repurchase price | |||||||||||||||||||||||||||
39 weeks ended | 39 weeks ended | 39 weeks ended | |||||||||||||||||||||||||||
Amount | November 2, | October 27, | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||||
authorized | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||
2013 Program (1) | $ | 350 | 746,326 | n/a | $ | 50 | $ | n/a | $ | 66.99 | $ | n/a | |||||||||||||||||
2011 Program (2) | 350 | 749,245 | 6,425,296 | 50.1 | 287.2 | 66.92 | 44.7 | ||||||||||||||||||||||
Total | 1,495,571 | 6,425,296 | $ | 100.1 | $ | 287.2 | |||||||||||||||||||||||
-1 | On June 14, 2013, the Board authorized a new program to repurchase up to $350 million of Signet’s common shares (the “2013 Program”). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $300.0 million remaining as of November 2, 2013. | ||||||||||||||||||||||||||||
-2 | In October 2011, the Board authorized a program to repurchase up to $300 million of Signet’s common shares (the “2011 Program”), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. | ||||||||||||||||||||||||||||
Payment of Dividends | ' | ||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Fiscal 2014: | |||||||||||||||||||||||||||||
Cash dividend | Date declared | Record date | Payment date (1) | Total | |||||||||||||||||||||||||
per share | dividends | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
First quarter | $ | 0.15 | March 27, 2013 | May 3, 2013 | May 29, 2013 | $ | 12.1 | ||||||||||||||||||||||
Second quarter | $ | 0.15 | June 14, 2013 | August 2, 2013 | August 28, 2013 | $ | 12.1 | ||||||||||||||||||||||
Third quarter | $ | 0.15 | August 21, 2013 | November 1, 2013 | November 26, 2013 | $ | 12 | (2) | |||||||||||||||||||||
-1 | Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As such, the fourth quarter Fiscal 2013 $0.12 per share cash dividend was paid out on February 27, 2013 in the aggregate amount of $9.8 million. | ||||||||||||||||||||||||||||
-2 | As of November 2, 2013, $12.0 million has been recorded in accrued expenses and other current liabilities reflecting the cash dividend declared for the third quarter of Fiscal 2014, which is not presented in the condensed consolidated statement of cash flows as it is a non-cash transaction. |
Reclassification_Out_of_Accumu1
Reclassification Out of Accumulated OCI (Tables) | 9 Months Ended | ||||||||||
Nov. 02, 2013 | |||||||||||
Reclassification Activity by Individual Accumulated OCI Component | ' | ||||||||||
Reclassification activity by individual accumulated OCI component: | Amounts | Amounts | Income statement caption | ||||||||
reclassified from | reclassified from | ||||||||||
accumulated OCI | accumulated OCI | ||||||||||
13 weeks ended | 39 weeks ended | ||||||||||
November 2, 2013 | November 2, 2013 | ||||||||||
(in millions) | |||||||||||
(Gains) losses on cash flow hedges: | |||||||||||
Foreign currency contracts | $ | (0.2 | ) | $ | (0.6 | ) | Cost of sales (see Note 11) | ||||
Commodity contracts | 2.3 | 1.7 | Cost of sales (see Note 11) | ||||||||
Total before income tax | 2.1 | 1.1 | |||||||||
(0.8 | ) | (0.5 | ) | Income taxes | |||||||
Net of tax | 1.3 | 0.6 | |||||||||
Defined benefit pension plan items: | |||||||||||
Amortization of unrecognized net prior service credit | (0.4 | ) | (1.1 | ) | Selling, general and administrative expenses (1) | ||||||
Amortization of unrecognized actuarial loss | 0.6 | 1.7 | Selling, general and administrative expenses (1) | ||||||||
Total before income tax | 0.2 | 0.6 | |||||||||
— | (0.1 | ) | Income taxes | ||||||||
Net of tax | 0.2 | 0.5 | |||||||||
Total reclassifications | $ | 1.5 | $ | 1.1 | |||||||
-1 | These items are included in the computation of net periodic pension benefit (cost). See Note 12 for additional information. |
Accounts_Receivable_net_Tables
Accounts Receivable, net (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Accounts Receivable By Portfolio Segment, Net | ' | ||||||||||||||||||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Accounts receivable by portfolio segment, net: | |||||||||||||||||||||||||
US customer in-house finance receivables | $ | 1,111.80 | $ | 1,192.90 | $ | 987.6 | |||||||||||||||||||
Other accounts receivable | 11.7 | 12.4 | 10.6 | ||||||||||||||||||||||
Total accounts receivable, net | $ | 1,123.50 | $ | 1,205.30 | $ | 998.2 | |||||||||||||||||||
Allowance for Credit Losses on US Customer In-House Finance Receivables | ' | ||||||||||||||||||||||||
Allowance for Credit Losses on US Customer In-House Finance Receivables: | |||||||||||||||||||||||||
(in millions) | 39 weeks | 53 weeks | 39 weeks | ||||||||||||||||||||||
ended | ended | ended | |||||||||||||||||||||||
November 2, | February 2, | October 27, | |||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Allowance on US portfolio, beginning of period | $ | (87.7 | ) | $ | (78.1 | ) | $ | (78.1 | ) | ||||||||||||||||
Charge-offs | 91 | 112.8 | 79.3 | ||||||||||||||||||||||
Recoveries | 19.9 | 21.8 | 16.6 | ||||||||||||||||||||||
Provision | (112.8 | ) | (144.2 | ) | (98.0 | ) | |||||||||||||||||||
Allowance on US portfolio, end of period | $ | (89.6 | ) | $ | (87.7 | ) | $ | (80.2 | ) | ||||||||||||||||
Ending receivable balance evaluated for impairment | 1,201.40 | 1,280.60 | 1,067.80 | ||||||||||||||||||||||
Percentage of allowance on US portfolio, end of period | 7.5 | % | 6.8 | % | 7.5 | % | |||||||||||||||||||
US customer in-house finance receivables, net | $ | 1,111.80 | $ | 1,192.90 | $ | 987.6 | |||||||||||||||||||
Credit Quality Indicator and Age Analysis of Past Due US Customer In-House Finance Receivables | ' | ||||||||||||||||||||||||
Credit Quality Indicator and Age Analysis of Past Due US Customer In-House Finance Receivables: | |||||||||||||||||||||||||
November 2, | February 2, | October 27, | |||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
(in millions) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||
Current, aged 0-30 days | $ | 946.9 | $ | (29.0 | ) | $ | 1,030.30 | $ | (33.8 | ) | $ | 841.8 | $ | (25.8 | ) | ||||||||||
Past due, aged 31-90 days | 201.1 | (7.2 | ) | 203.9 | (7.5 | ) | 178.1 | (6.5 | ) | ||||||||||||||||
Non Performing: | |||||||||||||||||||||||||
Past due, aged more than 90 days | 53.4 | (53.4 | ) | 46.4 | (46.4 | ) | 47.9 | (47.9 | ) | ||||||||||||||||
$ | 1,201.40 | $ | (89.6 | ) | $ | 1,280.60 | $ | (87.7 | ) | $ | 1,067.80 | $ | (80.2 | ) | |||||||||||
November 2, | February 2, | October 27, | |||||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
(as a percentage of the ending receivable balance) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing | 95.6 | % | 3.2 | % | 96.4 | % | 3.3 | % | 95.5 | % | 3.2 | % | |||||||||||||
Non Performing | 4.4 | % | 100 | % | 3.6 | % | 100 | % | 4.5 | % | 100 | % | |||||||||||||
100 | % | 7.5 | % | 100 | % | 6.8 | % | 100 | % | 7.5 | % | ||||||||||||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Deferred Revenue | ' | ||||||||||||||||
Deferred revenue is comprised primarily of extended service plans (“ESP”) and voucher promotions and other as follows: | |||||||||||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||
ESP deferred revenue | $ | 564.4 | $ | 549.7 | $ | 517.7 | |||||||||||
Voucher promotions and other | 8.1 | 15.9 | 8.3 | ||||||||||||||
Total deferred revenue | $ | 572.5 | $ | 565.6 | $ | 526 | |||||||||||
Disclosed as: | |||||||||||||||||
Current liabilities | $ | 156.3 | $ | 159.7 | $ | 149.1 | |||||||||||
Non-current liabilities | 416.2 | 405.9 | 376.9 | ||||||||||||||
Total deferred revenue | $ | 572.5 | $ | 565.6 | $ | 526 | |||||||||||
ESP Deferred Revenue | ' | ||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
ESP deferred revenue, beginning of period | $ | 567 | $ | 523.7 | $ | 549.7 | $ | 511.7 | |||||||||
Plans sold | 40.6 | 36 | 142 | 130.2 | |||||||||||||
Revenues recognized | (43.2 | ) | (42.0 | ) | (127.3 | ) | (124.2 | ) | |||||||||
ESP deferred revenue, end of period | $ | 564.4 | $ | 517.7 | $ | 564.4 | $ | 517.7 | |||||||||
Warranty_Reserve_Tables
Warranty Reserve (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Warranty Reserve for Diamond and Gemstone Guarantee | ' | ||||||||||||||||
Warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities, and other non-current liabilities, is as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Warranty reserve, beginning of period | $ | 18.6 | $ | 17.6 | $ | 18.5 | $ | 15.1 | |||||||||
Warranty expense | 1.8 | 1.6 | 5.3 | 7.7 | |||||||||||||
Utilized | (1.6 | ) | (1.6 | ) | (5.0 | ) | (5.2 | ) | |||||||||
Warranty reserve, end of period | $ | 18.8 | $ | 17.6 | $ | 18.8 | $ | 17.6 | |||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||
Disclosed as: | |||||||||||||||||
Current liabilities | $ | 6.6 | $ | 6.9 | $ | 6.6 | |||||||||||
Non-current liabilities | 12.2 | 11.6 | 11 | ||||||||||||||
Total warranty reserve | $ | 18.8 | $ | 18.5 | $ | 17.6 | |||||||||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||||||||||
Fair Value and Presentation of Derivative Instruments in Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
(in millions) | Balance sheet location | November 2, | February 2, | October 27, | |||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 0.2 | $ | 1 | $ | 0.4 | ||||||||||||||||||
Foreign currency contracts | Other assets | — | — | 0.1 | |||||||||||||||||||||
Commodity contracts | Other current assets | 1.2 | 2.8 | 5.2 | |||||||||||||||||||||
1.4 | 3.8 | 5.7 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current assets | 1.1 | — | — | |||||||||||||||||||||
1.1 | — | — | |||||||||||||||||||||||
Total derivative assets | $ | 2.5 | $ | 3.8 | $ | 5.7 | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
(in millions) | Balance sheet location | November 2, | February 2, | October 27, | |||||||||||||||||||||
2013 | 2013 | 2012 | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.7 | ) | $ | — | $ | (0.7 | ) | ||||||||||||||||
Foreign currency contracts | Other liabilities | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||
Commodity contracts | Other current liabilities | (0.6 | ) | (4.6 | ) | (2.3 | ) | ||||||||||||||||||
Commodity contracts | Other liabilities | — | — | (0.3 | ) | ||||||||||||||||||||
(1.5 | ) | (4.6 | ) | (3.5 | ) | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | — | — | (0.5 | ) | ||||||||||||||||||||
— | — | (0.5 | ) | ||||||||||||||||||||||
Total derivative liabilities | $ | (1.5 | ) | $ | (4.6 | ) | $ | (4.0 | ) | ||||||||||||||||
Fair Value of Financial Instruments Held Or Issued | ' | ||||||||||||||||||||||||
The methods Signet uses to determine fair value on an instrument-specific basis are detailed below: | |||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | |||||||||||||||||||||||
(in millions) | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||
Value | (Level 2) | Value | (Level 2) | Value | (Level 2) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Forward foreign currency contracts and swaps | $ | 1.3 | $ | 1.3 | $ | 1 | $ | 1 | $ | 0.5 | $ | 0.5 | |||||||||||||
Forward commodity contracts | 1.2 | 1.2 | 2.8 | 2.8 | 5.2 | 5.2 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Forward foreign currency contracts and swaps | (0.9 | ) | (0.9 | ) | — | — | (1.4 | ) | (1.4 | ) | |||||||||||||||
Forward commodity contracts | (0.6 | ) | (0.6 | ) | (4.6 | ) | (4.6 | ) | (2.6 | ) | (2.6 | ) | |||||||||||||
Cash Flow Hedging | ' | ||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Income Statements | ' | ||||||||||||||||||||||||
The following tables summarize the effect of derivative instruments on the condensed consolidated income statements: | |||||||||||||||||||||||||
Amount of gain (loss) | Location of | Amount of gain | |||||||||||||||||||||||
recognized in OCI on | gain (loss) | (loss) reclassified | |||||||||||||||||||||||
derivatives | reclassified from | from accumulated OCI into | |||||||||||||||||||||||
(Effective portion) | accumulated OCI | income (Effective portion) | |||||||||||||||||||||||
into income | |||||||||||||||||||||||||
(Effective portion) | |||||||||||||||||||||||||
13 weeks ended | 13 weeks ended | ||||||||||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||
Foreign currency contracts | $ | (2.1 | ) | $ | (1.1 | ) | Cost of sales | $ | 0.2 | $ | 0.1 | ||||||||||||||
Commodity contracts | 0.3 | (1) | 7.9 | Cost of sales | (2.3 | ) | 2.8 | ||||||||||||||||||
Total | $ | (1.8 | ) | $ | 6.8 | $ | (2.1 | ) | $ | 2.9 | |||||||||||||||
Amount of gain (loss) | Location of | Amount of gain | |||||||||||||||||||||||
recognized in OCI on | gain (loss) | (loss) reclassified | |||||||||||||||||||||||
derivatives | reclassified from | from accumulated OCI into | |||||||||||||||||||||||
(Effective portion) | accumulated OCI | income (Effective portion) | |||||||||||||||||||||||
into income | |||||||||||||||||||||||||
(Effective portion) | |||||||||||||||||||||||||
39 weeks ended | 39 weeks ended | ||||||||||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||
Foreign currency contracts | $ | (0.7 | ) | $ | (1.0 | ) | Cost of sales | $ | 0.6 | $ | 0.3 | ||||||||||||||
Commodity contracts | (27.2 | )(1) | (6.3 | ) | Cost of sales | (1.7 | ) | 17.1 | |||||||||||||||||
Total | $ | (27.9 | ) | $ | (7.3 | ) | $ | (1.1 | ) | $ | 17.4 | ||||||||||||||
-1 | During the 13 and 39 weeks ended November 2, 2013, losses recognized in OCI on commodity derivative contracts designated in cash flow hedging relationships included $0.0 million and $25.8 million of losses related to the change in fair value of commodity derivative contracts the Company terminated prior to contract maturity in the respective periods. | ||||||||||||||||||||||||
Not Designated as Hedging Instrument | ' | ||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Income Statements | ' | ||||||||||||||||||||||||
Amount of gain (loss) | Location of gain (loss) | Amount of gain (loss) | |||||||||||||||||||||||
recognized in income | recognized in income on | recognized in income | |||||||||||||||||||||||
on derivatives | derivatives | on derivatives | |||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Foreign currency contracts | $ | (2.8 | ) | $ | (1.6 | ) | Other operating income, net | $ | — | $ | (0.5 | ) | |||||||||||||
Total | $ | (2.8 | ) | $ | (1.6 | ) | $ | — | $ | (0.5 | ) | ||||||||||||||
Pensions_Tables
Pensions (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 02, 2013 | |||||||||||||||||
Components of Net Periodic Pension Cost | ' | ||||||||||||||||
The components of net periodic pension cost were as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic pension benefit (cost): | |||||||||||||||||
Service cost | $ | (0.6 | ) | $ | (0.9 | ) | $ | (1.8 | ) | $ | (2.7 | ) | |||||
Interest cost | (2.3 | ) | (2.4 | ) | (6.9 | ) | (7.1 | ) | |||||||||
Expected return on UK Plan assets | 3.2 | 2.9 | 9.6 | 8.6 | |||||||||||||
Amortization of unrecognized prior service credit | 0.4 | 0.4 | 1.1 | 1.2 | |||||||||||||
Amortization of unrecognized actuarial loss | (0.6 | ) | (0.8 | ) | (1.7 | ) | (2.4 | ) | |||||||||
Net periodic pension benefit (cost) | $ | 0.1 | $ | (0.8 | ) | $ | 0.3 | $ | (2.4 | ) | |||||||
Loans_Overdrafts_and_LongTerm_1
Loans, Overdrafts and Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Summary of Loans, Overdrafts and Long-Term Debt | ' | ||||||||||||
(in millions) | November 2, | February 2, | October 27, | ||||||||||
2013 | 2013 | 2012 | |||||||||||
Current liabilities – loans and overdrafts | |||||||||||||
Revolving credit facility | $ | 35 | $ | — | $ | — | |||||||
Bank overdrafts | 11 | — | — | ||||||||||
Total loans and overdrafts | $ | 46 | $ | — | $ | — | |||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Total Consideration Allocated to Net Assets Acquired Based on Estimated Fair Values | ' | ||||||||||||
During the first quarter of Fiscal 2014, the Company finalized the valuation of net assets acquired. There were no material changes to the valuation of net assets acquired from the initial allocation reported during the fourth quarter of Fiscal 2013. Accordingly, the total consideration paid has been allocated to the net assets acquired based on the final fair values at October 29, 2012 as follows: | |||||||||||||
(in millions) | Initial | Final | Change | ||||||||||
Allocation | Allocation | ||||||||||||
Recognized amounts of assets acquired and liabilities assumed: | |||||||||||||
Inventories | $ | 43.3 | $ | 43.3 | $ | — | |||||||
Other current assets, excluding cash acquired | 3.3 | 3.3 | — | ||||||||||
Property and equipment | 12.1 | 12.1 | — | ||||||||||
Other assets | 0.3 | 0.3 | — | ||||||||||
Current liabilities | (19.5 | ) | (19.5 | ) | — | ||||||||
Other liabilities | (7.4 | ) | (7.4 | ) | — | ||||||||
Fair value of net assets acquired | $ | 32.1 | $ | 32.1 | $ | — | |||||||
Goodwill (1) | 24.6 | 23.2 | (1.4 | ) | |||||||||
Total consideration | $ | 56.7 | $ | 55.3 | $ | (1.4 | ) | ||||||
-1 | None of the goodwill will be deductible for income tax purposes. The goodwill balance is recorded within other assets in the consolidated balance sheet. |
Principal_Accounting_Policies_2
Principal Accounting Policies and Basis of Preparation - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | |
Y | |||
Principal Accounting Policies and Basis of Preparation [Line Items] | ' | ' | ' |
Approximate percentage of first quarter sales to annual sales | 'Slightly more than 20% | ' | ' |
Approximate percentage of second quarter sales to annual sales | 'Slightly more than 20% | ' | ' |
Approximate percentage of third quarter sales to annual sales | 'Little under 20% | ' | ' |
Approximate percentage of fourth quarter sales to annual sales | 40.00% | ' | ' |
Revenue from sale over deferred period | 14 | ' | ' |
Revenue recognized in relation to cost incurred | 45.00% | 46.00% | 46.00% |
Minimum | ' | ' | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' | ' | ' |
Approximate percentage of operating income in fourth quarter | 45.00% | ' | ' |
Maximum | ' | ' | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' | ' | ' |
Approximate percentage of operating income in fourth quarter | 50.00% | ' | ' |
US | Minimum | ' | ' | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' | ' | ' |
Approximate percentage of operating income in fourth quarter | 40.00% | ' | ' |
US | Maximum | ' | ' | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' | ' | ' |
Approximate percentage of operating income in fourth quarter | 50.00% | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Nov. 02, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of geographic operating segments managed | 2 |
Segment_Reporting_Information_
Segment Reporting Information, by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total sales | $771.40 | $716.20 | $2,645.20 | $2,470.10 | ' | |||||
Total operating income | 51.6 | 52.5 | 299.9 | 292.8 | ' | |||||
Total assets | 3,765.40 | 3,437.10 | 3,765.40 | 3,437.10 | 3,719 | |||||
Operating Segments | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total sales | 771.4 | 716.2 | 2,645.20 | 2,470.10 | ' | |||||
Operating Segments | US | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total sales | 632.1 | 575.6 | 2,231.80 | 2,029 | ' | |||||
Total operating income | 60.3 | 65.3 | 324.6 | 320.3 | ' | |||||
Total assets | 3,246.50 | 2,876.80 | 3,246.50 | 2,876.80 | 3,018.80 | |||||
Operating Segments | UNITED KINGDOM | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total sales | 139.3 | 140.6 | 413.4 | 441.1 | ' | |||||
Total operating income | -4.4 | -5.5 | -9.3 | -8.8 | ' | |||||
Total assets | 495.3 | 490 | 495.3 | 490 | 449.9 | |||||
Corporate, Non-Segment | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total operating income | -4.3 | [1] | -7.3 | [1] | -15.4 | [1] | -18.7 | [1] | ' | |
Total assets | $23.60 | [1] | $70.30 | [1] | $23.60 | [1] | $70.30 | [1] | $250.30 | [1] |
[1] | Unallocated principally relates to corporate administrative costs, assets and liabilities, and at times is referred to as "Corporate". |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 |
In Millions, unless otherwise specified | US | UNITED KINGDOM | ||
Income Taxes [Line Items] | ' | ' | ' | ' |
Tax years subject to examination | ' | ' | 'Tax years ending after November 1, 2008 | 'Tax years ending after January 31, 2011 |
Unrecognized tax benefits | $0 | $4.50 | ' | ' |
Accrued interest related to unrecognized tax benefits | $0 | $0.20 | ' | ' |
Earnings_Per_Share_Basic_And_D
Earnings Per Share, Basic And Diluted (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $33.60 | $34.90 | $192.80 | $188.10 |
Basic weighted average number of shares outstanding | 79.9 | 80.5 | 80.4 | 82.9 |
Effect of dilutive restricted share awards and share options | 0.4 | 0.4 | 0.4 | 0.5 |
Diluted weighted average number of shares outstanding | 80.3 | 80.9 | 80.8 | 83.4 |
Earnings per share - basic | $0.42 | $0.43 | $2.40 | $2.27 |
Earnings per share - diluted | $0.42 | $0.43 | $2.39 | $2.26 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Restricted Stock | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Effect of shares excluded from basic weighted average number of shares | 7,287,686 | 6,711,229 | 6,833,816 | 4,309,714 |
Non Vested Restricted Stock | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive shares excluded from the calculation of earnings per share | 87,809 | 274,023 | 64,884 | 240,548 |
Share_Repurchase_Activity_Deta
Share Repurchase Activity (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Jun. 14, 2013 | Nov. 02, 2013 | Oct. 31, 2011 | Nov. 02, 2013 | Oct. 27, 2012 | |||
2013 Program | 2013 Program | 2011 Program | 2011 Program | 2011 Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Amount Authorized | ' | ' | $350 | $350 | [1] | $300 | $350 | [2] | ' | |
Shares repurchased | 1,495,571 | 6,425,296 | ' | 746,326 | [1] | ' | 749,245 | [2] | 6,425,296 | [2] |
Amount repurchased | $100.10 | $287.20 | ' | $50 | [1] | ' | $50.10 | [2] | $287.20 | [2] |
Average repurchase price | ' | ' | ' | $66.99 | [1] | ' | $66.92 | [2] | $44.70 | [2] |
[1] | On June 14, 2013, the Board authorized a new program to repurchase up to $350 million of Signet's common shares (the "2013 Program"). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $300.0 million remaining as of November 2, 2013. | |||||||||
[2] | In October 2011, the Board authorized a program to repurchase up to $300 million of Signet's common shares (the "2011 Program"), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. |
Share_Repurchase_Activity_Pare
Share Repurchase Activity (Parenthetical) (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 14, 2013 | Nov. 02, 2013 | Oct. 31, 2011 | Nov. 02, 2013 | ||
2013 Program | 2013 Program | 2011 Program | 2011 Program | |||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ||
Stock repurchase program, authorized amount | $350 | $350 | [1] | $300 | $350 | [2] |
Stock repurchase program, remaining available amount | ' | $300 | ' | ' | ||
[1] | On June 14, 2013, the Board authorized a new program to repurchase up to $350 million of Signet's common shares (the "2013 Program"). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $300.0 million remaining as of November 2, 2013. | |||||
[2] | In October 2011, the Board authorized a program to repurchase up to $300 million of Signet's common shares (the "2011 Program"), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. |
Payment_Of_Dividends_Detail
Payment Of Dividends (Detail) (USD $) | 3 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | |||
Dividends Payable [Line Items] | ' | ' | ' | |||
Cash dividend per share | $0.15 | $0.15 | $0.15 | |||
Date Declared | 21-Aug-13 | 14-Jun-13 | 27-Mar-13 | |||
Record Date | 1-Nov-13 | 2-Aug-13 | 3-May-13 | |||
Payment Date | 26-Nov-13 | [1] | 28-Aug-13 | [1] | 29-May-13 | [1] |
Total Dividends | $12 | [2] | $12.10 | $12.10 | ||
[1] | Signet's dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As such, the fourth quarter Fiscal 2013 $0.12 per share cash dividend was paid out on February 27, 2013 in the aggregate amount of $9.8 million. | |||||
[2] | As of November 2, 2013, $12.0 million has been recorded in accrued expenses and other current liabilities reflecting the cash dividend declared for the third quarter of Fiscal 2014, which is not presented in the condensed consolidated statement of cash flows as it is a non-cash transaction. |
Payment_Of_Dividends_Parenthet
Payment Of Dividends (Parenthetical) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Feb. 27, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Dividend paid | $9.80 | $12.10 | ' | $9.60 | $34 | $28.60 |
Dividend declared | ' | $0.15 | $0.12 | $0.12 | $0.45 | $0.36 |
Other current liabilities reflecting dividend | ' | $12 | ' | ' | $12 | ' |
Reclassification_Activity_by_I
Reclassification Activity by Individual Accumulated OCI Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Gain (losses) on cash flow hedges reclassification, before tax | $2.10 | ' | $1.10 | ' | ||
Gain (losses) on cash flow hedges reclassification, tax expense | -0.8 | 1.3 | -0.5 | 6.3 | ||
Gain (losses) on cash flow hedges reclassification, net of tax | 1.3 | -1.6 | 0.6 | -11.1 | ||
Defined benefit plan reclassification, before tax | 0.2 | ' | 0.6 | ' | ||
Defined benefit plan reclassification, tax expense | ' | ' | -0.1 | ' | ||
Defined benefit plan reclassification, net of tax | 0.2 | ' | 0.5 | ' | ||
Total reclassifications | 1.5 | ' | 1.1 | ' | ||
Foreign Exchange Contract | Cost of Sales | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Gain (losses) on cash flow hedges reclassification, before tax | -0.2 | ' | -0.6 | ' | ||
Commodity Contract | Cost of Sales | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Gain (losses) on cash flow hedges reclassification, before tax | 2.3 | ' | 1.7 | ' | ||
Prior Service Credit | Selling, General and Administrative Expenses | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Defined benefit plan reclassification, before tax | -0.4 | [1] | ' | -1.1 | [1] | ' |
Pension Plan Actuarial (Losses)/Gains | Selling, General and Administrative Expenses | ' | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||
Defined benefit plan reclassification, before tax | $0.60 | [1] | ' | $1.70 | [1] | ' |
[1] | These items are included in the computation of net periodic pension benefit (cost). See Note 12 for additional information. |
Accounts_Receivable_net_Additi
Accounts Receivable, net - Additional Information (Detail) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
D | Other Accounts Receivable | Other Accounts Receivable | Other Accounts Receivable | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Percentage allowance on losses | 100.00% | ' | ' | ' |
Losses allowance maturity date, (in days) | 90 | ' | ' | ' |
Finance receivable age, (in days) | 90 | ' | ' | ' |
Gross accounts receivable | ' | $9.90 | $13 | $11.20 |
Valuation of allowance | ' | $0.50 | $0.60 | $0.60 |
Accounts_Receivable_by_Portfol
Accounts Receivable by Portfolio Segment, Net (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable, net | $1,123.50 | $1,205.30 | $998.20 |
US Customer In-House Finance Receivables | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable, net | 1,111.80 | 1,192.90 | 987.6 |
Other Accounts Receivable | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable, net | $11.70 | $12.40 | $10.60 |
Allowance_for_Credit_Losses_On
Allowance for Credit Losses On US Customer In-House Finance Receivables (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance on US portfolio, end of period | ($89.60) | ($80.20) | ($87.70) |
Ending receivable balance evaluated for impairment | 1,201.40 | 1,067.80 | 1,280.60 |
Percentage of allowance on US portfolio, end of period | 7.50% | 7.50% | 6.80% |
Accounts receivable, net | 1,123.50 | 998.2 | 1,205.30 |
US Customer In-House Finance Receivables | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance on US portfolio, beginning of period | -87.7 | -78.1 | -78.1 |
Charge-offs | 91 | 79.3 | 112.8 |
Recoveries | 19.9 | 16.6 | 21.8 |
Provision | -112.8 | -98 | -144.2 |
Allowance on US portfolio, end of period | -89.6 | -80.2 | -87.7 |
Ending receivable balance evaluated for impairment | 1,201.40 | 1,067.80 | 1,280.60 |
Percentage of allowance on US portfolio, end of period | 7.50% | 7.50% | 6.80% |
Accounts receivable, net | $1,111.80 | $987.60 | $1,192.90 |
Credit_Quality_Indicator_and_A
Credit Quality Indicator and Age Analysis of Past Due US Customer In-House Finance Receivables (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Gross, Value | $1,201.40 | $1,280.60 | $1,067.80 |
Valuation Allowance, Value | -89.6 | -87.7 | -80.2 |
Gross, Percentage | 100.00% | 100.00% | 100.00% |
Valuation Allowance, Percentage | 7.50% | 6.80% | 7.50% |
Performing Financing Receivable | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Gross, Percentage | 95.60% | 96.40% | 95.50% |
Valuation Allowance, Percentage | 3.20% | 3.30% | 3.20% |
Performing Financing Receivable | Current | Aged 0-30 Days | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Gross, Value | 946.9 | 1,030.30 | 841.8 |
Valuation Allowance, Value | -29 | -33.8 | -25.8 |
Performing Financing Receivable | Past Due | Aged 31 - 90 Days | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Gross, Value | 201.1 | 203.9 | 178.1 |
Valuation Allowance, Value | -7.2 | -7.5 | -6.5 |
Nonperforming Financing Receivable | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Gross, Percentage | 4.40% | 3.60% | 4.50% |
Valuation Allowance, Percentage | 100.00% | 100.00% | 100.00% |
Nonperforming Financing Receivable | Past Due | Aged More Than 90 Days | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Gross, Value | 53.4 | 46.4 | 47.9 |
Valuation Allowance, Value | ($53.40) | ($46.40) | ($47.90) |
Deferred_Revenue_Detail
Deferred Revenue (Detail) (USD $) | Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Jan. 28, 2012 |
In Millions, unless otherwise specified | ||||||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' |
ESP deferred revenue | $564.40 | $567 | $549.70 | $517.70 | $523.70 | $511.70 |
Voucher promotions and other | 8.1 | ' | 15.9 | 8.3 | ' | ' |
Total deferred revenue | 572.5 | ' | 565.6 | 526 | ' | ' |
Deferred revenue, current liabilities | 156.3 | ' | 159.7 | 149.1 | ' | ' |
Deferred revenue, non-current liabilities | 416.2 | ' | 405.9 | 376.9 | ' | ' |
Total deferred revenue | $572.50 | ' | $565.60 | $526 | ' | ' |
Deferred_Revenue_Additional_In
Deferred Revenue - Additional Information (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Current portion of deferred direct costs | $20.70 | $20.90 | $21 |
Long-term portion of deferred direct costs | $58.40 | $56.90 | $52.80 |
Warranty_Deferred_Revenue_Deta
Warranty Deferred Revenue (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Deferred Revenue [Line Items] | ' | ' | ' | ' |
ESP deferred revenue, beginning of period | $567 | $523.70 | $549.70 | $511.70 |
Plans sold | 40.6 | 36 | 142 | 130.2 |
Revenues recognized | -43.2 | -42 | -127.3 | -124.2 |
ESP deferred revenue, end of period | $564.40 | $517.70 | $564.40 | $517.70 |
Warranty_Reserve_Included_with
Warranty Reserve Included within Accrued Expenses and Other Liabilities Non-Current (Detail) (Warranty Reserves, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Warranty Reserves | ' | ' | ' | ' |
Warranty Reserve [Line Items] | ' | ' | ' | ' |
Warranty reserve, beginning of period | $18.60 | $17.60 | $18.50 | $15.10 |
Warranty expense | 1.8 | 1.6 | 5.3 | 7.7 |
Utilized | -1.6 | -1.6 | -5 | -5.2 |
Warranty reserve, end of period | $18.80 | $17.60 | $18.80 | $17.60 |
Warranty_Reserves_Detail
Warranty Reserves (Detail) (Warranty Reserves, USD $) | Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Jan. 28, 2012 |
In Millions, unless otherwise specified | ||||||
Warranty Reserves | ' | ' | ' | ' | ' | ' |
Warranty Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Current liabilities | $6.60 | ' | $6.90 | $6.60 | ' | ' |
Non-current liabilities | 12.2 | ' | 11.6 | 11 | ' | ' |
Total warranty reserve | $18.80 | $18.60 | $18.50 | $17.60 | $17.60 | $15.10 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Cash Flow Hedging | Next Fiscal Year | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Derivative losses to be reclassified out of AOCI | $23.20 | ' | ' |
Cash Flow Hedging | Fiscal Year 2014 | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Derivative losses to be reclassified out of AOCI | 9.8 | ' | ' |
Foreign Exchange Contract | Cash Flow Hedging | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Total notional amount | 60.4 | 75.9 | 50.8 |
Cash flow hedges settlement period | 'These contracts have been designated as cash flow hedges and will be settled over the next 15 months (February 2, 2013 and October 27, 2012 12 months and 15 months, respectively). | ' | ' |
Contracts maturity period | '15 months | '15 months | '12 months |
Commodity Contract | Cash Flow Hedging | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Total notional amount | 58.1 | 219.6 | 187.6 |
Cash flow hedges settlement period | 'These contracts have been designated as cash flow hedges and will be settled over the next 12 months (February 2, 2013 and October 27, 2012 11 months and 14 months, respectively). | ' | ' |
Contracts maturity period | '12 months | '14 months | '11 months |
Accumulated other comprehensive ending balance related to commodity derivative contracts | 26 | ' | ' |
Accumulated other comprehensive income loss related to commodity derivative contracts, terminated contracts | $25.90 | ' | ' |
Maximum | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Contracts maturity period | '15 months | ' | ' |
Fair_Value_and_Presentation_of
Fair Value and Presentation of Derivative Instruments In Condensed Consolidated Balance Sheets (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | $2.50 | $3.80 | $5.70 |
Total derivative liabilities | -1.5 | -4.6 | -4 |
Designated as Hedging Instrument | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | 1.4 | 3.8 | 5.7 |
Total derivative liabilities | -1.5 | -4.6 | -3.5 |
Designated as Hedging Instrument | Other Current Assets | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | 0.2 | 1 | 0.4 |
Designated as Hedging Instrument | Other Current Assets | Commodity Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | 1.2 | 2.8 | 5.2 |
Designated as Hedging Instrument | Other Assets | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | ' | ' | 0.1 |
Designated as Hedging Instrument | Other Liabilities | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | -0.2 | ' | -0.2 |
Designated as Hedging Instrument | Other Liabilities | Commodity Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | ' | ' | -0.3 |
Designated as Hedging Instrument | Other Current Liabilities | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | -0.7 | ' | -0.7 |
Designated as Hedging Instrument | Other Current Liabilities | Commodity Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | -0.6 | -4.6 | -2.3 |
Not Designated as Hedging Instrument | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | 1.1 | ' | ' |
Total derivative liabilities | ' | ' | -0.5 |
Not Designated as Hedging Instrument | Other Current Assets | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | 1.1 | ' | ' |
Not Designated as Hedging Instrument | Other Current Liabilities | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | ' | ' | ($0.50) |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Condensed Consolidated Income Statements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount of gain (loss) recognized in OCI on derivatives (Effective portion) | ($1.80) | $6.80 | ($27.90) | ($7.30) | ||
Amount of gain (loss) reclassified from accumulated OCI into income (Effective portion) | -2.1 | 2.9 | -1.1 | 17.4 | ||
Amount of gain (loss) recognized in income on derivatives | -2.8 | -1.6 | ' | -0.5 | ||
Cash Flow Hedging | Foreign Exchange Contract | Cost of Sales | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount of gain (loss) recognized in OCI on derivatives (Effective portion) | -2.1 | -1.1 | -0.7 | -1 | ||
Amount of gain (loss) reclassified from accumulated OCI into income (Effective portion) | 0.2 | 0.1 | 0.6 | 0.3 | ||
Cash Flow Hedging | Commodity Contract | Cost of Sales | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount of gain (loss) recognized in OCI on derivatives (Effective portion) | 0.3 | [1] | 7.9 | -27.2 | [1] | -6.3 |
Amount of gain (loss) reclassified from accumulated OCI into income (Effective portion) | -2.3 | 2.8 | -1.7 | 17.1 | ||
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other operating income, net | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount of gain (loss) recognized in income on derivatives | ($2.80) | ($1.60) | ' | ($0.50) | ||
[1] | During the 13 and 39 weeks ended November 2, 2013, losses recognized in OCI on commodity derivative contracts designated in cash flow hedging relationships included $0.0 million and $25.8 million of losses related to the change in fair value of commodity derivative contracts the Company terminated prior to contract maturity in the respective periods. |
Effect_of_Derivative_Instrumen1
Effect of Derivative Instruments on Condensed Consolidated Income Statements (Parenthetical) (Detail) (Cash Flow Hedging, Commodity Contract, USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 |
Cash Flow Hedging | Commodity Contract | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain (loss) recognized in OCI on derivatives (Effective portion), terminated contracts | $0 | $25.80 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments Held or Issued (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | $3,765.40 | $3,719 | $3,437.10 |
Liabilities, Carrying Value | -1,379.20 | -1,389.10 | -1,287 |
Forward Foreign Currency Contracts | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | 1.3 | 1 | 0.5 |
Liabilities, Carrying Value | -0.9 | ' | -1.4 |
Forward Commodity Contracts | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | 1.2 | 2.8 | 5.2 |
Liabilities, Carrying Value | -0.6 | -4.6 | -2.6 |
Fair Value, Inputs, Level 2 | Forward Foreign Currency Contracts | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | 1.3 | 1 | 0.5 |
Liabilities, Fair Value | -0.9 | ' | -1.4 |
Fair Value, Inputs, Level 2 | Forward Commodity Contracts | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | 1.2 | 2.8 | 5.2 |
Liabilities, Fair Value | ($0.60) | ($4.60) | ($2.60) |
Components_Of_Net_Periodic_Pen
Components Of Net Periodic Pension Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Components of net periodic pension benefit (cost): | ' | ' | ' | ' |
Service cost | ($0.60) | ($0.90) | ($1.80) | ($2.70) |
Interest cost | -2.3 | -2.4 | -6.9 | -7.1 |
Expected return on UK Plan assets | 3.2 | 2.9 | 9.6 | 8.6 |
Amortization of unrecognized prior service credit | 0.4 | 0.4 | 1.1 | 1.2 |
Amortization of unrecognized actuarial loss | -0.6 | -0.8 | -1.7 | -2.4 |
Net periodic pension benefit (cost) | $0.10 | ($0.80) | $0.30 | ($2.40) |
Pensions_Additional_Informatio
Pensions - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined benefit plans, contribution | $3.90 |
Fiscal Year 2014 | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined future contributions | $5.20 |
Share_Based_Compensation_Expen
Share Based Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $3.80 | $4.30 | $10.30 | $11.40 |
Loans_Overdrafts_and_LongTerm_2
Loans, Overdrafts and Long-Term Debt (Detail) (USD $) | Nov. 02, 2013 |
In Millions, unless otherwise specified | |
Current liabilities - loans and overdrafts | ' |
Revolving credit facility | $35 |
Bank overdrafts | 11 |
Total loans and overdrafts | $46 |
Loans_Overdrafts_and_LongTerm_3
Loans, Overdrafts and Long-Term Debt - Additional Information (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | 24-May-11 | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | Revolving Credit Facility | Revolving Credit Facility | Financial Standby Letter of Credit | Financial Standby Letter of Credit | Financial Standby Letter of Credit | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | $400 | ' | ' | ' | ' |
Debt instrument, maturity period | ' | ' | ' | '5 years | '5 years | ' | ' | ' |
Credit facility, increase | ' | ' | ' | ' | 200 | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | 'May 2016 | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | 250.00% | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | 140.00% | ' | ' | ' |
Borrowings were drawn on the facility | 35 | 0 | 0 | ' | ' | 9.5 | 9.5 | 8.2 |
Intra-period borrowings | $0 | ' | ' | ' | ' | ' | ' | ' |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 29, 2012 | Aug. 03, 2013 | Oct. 29, 2012 | 15-May-13 |
Ultra Acquisition | Ultra Acquisition | Ultra Acquisition | Ultra Acquisition | ||
Initial | Final Payment | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business acquisition cash paid, initial | ' | ' | ' | $56.70 | $55.30 |
Business acquisition, cash acquired | ' | 1.5 | ' | ' | ' |
Business acquisition, working capital adjustment | ' | 1.4 | ' | ' | ' |
Refund from the initial consideration paid | $1.40 | ' | $1.40 | ' | ' |
Purchase_Price_Allocation_to_N
Purchase Price Allocation to Net Assets Acquired (Detail) (USD $) | Oct. 29, 2012 | |
In Millions, unless otherwise specified | ||
Initial Allocation | ' | |
Recognized amounts of assets acquired and liabilities assumed: | ' | |
Inventories | $43.30 | |
Other current assets, excluding cash acquired | 3.3 | |
Property and equipment | 12.1 | |
Other assets | 0.3 | |
Current liabilities | -19.5 | |
Other liabilities | -7.4 | |
Fair value of net assets acquired | 32.1 | |
Goodwill | 24.6 | [1] |
Total consideration | 56.7 | |
Final Allocation | ' | |
Recognized amounts of assets acquired and liabilities assumed: | ' | |
Inventories | 43.3 | |
Other current assets, excluding cash acquired | 3.3 | |
Property and equipment | 12.1 | |
Other assets | 0.3 | |
Current liabilities | -19.5 | |
Other liabilities | -7.4 | |
Fair value of net assets acquired | 32.1 | |
Goodwill | 23.2 | [1] |
Total consideration | 55.3 | |
Change | ' | |
Recognized amounts of assets acquired and liabilities assumed: | ' | |
Goodwill | -1.4 | [1] |
Total consideration | ($1.40) | |
[1] | None of the goodwill will be deductible for income tax purposes. The goodwill balance is recorded within other assets in the consolidated balance sheet. |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Nov. 04, 2013 |
Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Total Consideration | $9.10 |