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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Signet Jewelers Ltd | NYSE:SIG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-3.05 | -3.13% | 94.35 | 99.17 | 93.41 | 98.19 | 976,918 | 00:36:49 |
FORM 10-Q
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x
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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for the quarterly period ended October 29, 2016 or
|
¨
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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SIGNET JEWELERS LIMITED
(Exact name of Registrant as specified in its charter)
|
Bermuda
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Not Applicable
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(State or other jurisdiction of incorporation)
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(I.R.S. Employer Identification No.)
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PAGE
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PART I
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FINANCIAL INFORMATION
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ITEM 1.
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Financial Statements (Unaudited)
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Condensed Consolidated Income Statements
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Condensed Consolidated Statements of Comprehensive Income (Loss)
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Condensed Consolidated Balance Sheets
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Condensed Consolidated Statements of Cash Flows
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Condensed Consolidated Statement of Shareholders' Equity
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Notes to the Condensed Consolidated Financial Statements
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ITEM 2.
|
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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ITEM 3.
|
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Quantitative and Qualitative Disclosures about Market Risk
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ITEM 4.
|
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Controls and Procedures
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||||
PART II
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OTHER INFORMATION
|
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ITEM 1.
|
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Legal Proceedings
|
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ITEM 1A.
|
|
Risk Factors
|
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|
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ITEM 2.
|
|
Unregistered Sales of Equity and Securities and Use of Proceeds
|
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ITEM 6.
|
|
Exhibits
|
|
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|
|
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|
|
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13 weeks ended
|
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39 weeks ended
|
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|
||||||||||||
(in millions, except per share amounts)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
|
Notes
|
||||||||
Sales
|
$
|
1,186.2
|
|
|
$
|
1,216.4
|
|
|
$
|
4,138.5
|
|
|
$
|
4,157.6
|
|
|
3
|
Cost of sales
|
(836.2
|
)
|
|
(848.7
|
)
|
|
(2,723.2
|
)
|
|
(2,733.2
|
)
|
|
|
||||
Gross margin
|
350.0
|
|
|
367.7
|
|
|
1,415.3
|
|
|
1,424.4
|
|
|
|
||||
Selling, general and administrative expenses
|
(386.5
|
)
|
|
(395.0
|
)
|
|
(1,264.9
|
)
|
|
(1,301.0
|
)
|
|
|
||||
Other operating income, net
|
68.6
|
|
|
60.9
|
|
|
213.6
|
|
|
187.2
|
|
|
|
||||
Operating income
|
32.1
|
|
|
33.6
|
|
|
364.0
|
|
|
310.6
|
|
|
3
|
||||
Interest expense, net
|
(12.7
|
)
|
|
(11.7
|
)
|
|
(36.4
|
)
|
|
(33.8
|
)
|
|
|
||||
Income before income taxes
|
19.4
|
|
|
21.9
|
|
|
327.6
|
|
|
276.8
|
|
|
|
||||
Income taxes
|
(2.4
|
)
|
|
(6.9
|
)
|
|
(81.9
|
)
|
|
(80.8
|
)
|
|
8
|
||||
Net income
|
$
|
17.0
|
|
|
$
|
15.0
|
|
|
$
|
245.7
|
|
|
$
|
196.0
|
|
|
|
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
5
|
||||
Net income attributable to common shareholders
|
$
|
14.8
|
|
|
$
|
15.0
|
|
|
$
|
243.5
|
|
|
$
|
196.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
$
|
3.19
|
|
|
$
|
2.46
|
|
|
6
|
Diluted
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
$
|
3.18
|
|
|
$
|
2.45
|
|
|
6
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
73.5
|
|
|
79.3
|
|
|
76.4
|
|
|
79.7
|
|
|
6
|
||||
Diluted
|
73.6
|
|
|
79.5
|
|
|
76.5
|
|
|
79.9
|
|
|
6
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
0.26
|
|
|
$
|
0.22
|
|
|
$
|
0.78
|
|
|
$
|
0.66
|
|
|
5
|
|
13 weeks ended
|
|||||||||||||||||||||||||
|
October 29, 2016
|
|
October 31, 2015
|
|||||||||||||||||||||||
(in millions)
|
Pre-tax
amount |
|
Tax
(expense) benefit |
|
After-tax
amount |
|
Pre-tax
amount |
|
Tax
(expense) benefit |
|
After-tax
amount |
|||||||||||||||
Net income
|
|
|
|
|
$
|
17.0
|
|
|
|
|
|
|
$
|
15.0
|
|
|||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency translation adjustments
|
$
|
(28.9
|
)
|
|
$
|
—
|
|
|
(28.9
|
)
|
|
$
|
(4.2
|
)
|
|
$
|
—
|
|
|
(4.2
|
)
|
|||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unrealized gain (loss)
|
(0.4
|
)
|
|
0.2
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unrealized gain (loss)
|
1.9
|
|
|
—
|
|
|
1.9
|
|
|
2.2
|
|
|
(1.1
|
)
|
|
1.1
|
|
|||||||||
Reclassification adjustment for losses to net income
|
(0.2
|
)
|
|
0.1
|
|
|
(0.1
|
)
|
|
1.1
|
|
|
(0.2
|
)
|
|
0.9
|
|
|||||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
0.9
|
|
|
(0.2
|
)
|
|
0.7
|
|
|||||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
(0.5
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
|
(0.6
|
)
|
|
0.1
|
|
|
(0.5
|
)
|
|||||||||
Total other comprehensive income (loss)
|
$
|
(27.7
|
)
|
|
$
|
0.4
|
|
|
$
|
(27.3
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(2.1
|
)
|
|||
Total comprehensive income (loss)
|
|
|
|
|
$
|
(10.3
|
)
|
|
|
|
|
|
$
|
12.9
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
39 weeks ended
|
|||||||||||||||||||||||||
|
October 29, 2016
|
|
October 31, 2015
|
|||||||||||||||||||||||
(in millions)
|
Pre-tax
amount |
|
Tax
(expense) benefit |
|
After-tax
amount |
|
Pre-tax
amount |
|
Tax
(expense) benefit |
|
After-tax
amount |
|||||||||||||||
Net income
|
|
|
|
|
$
|
245.7
|
|
|
|
|
|
|
$
|
196.0
|
|
|||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency translation adjustments
|
$
|
(38.0
|
)
|
|
$
|
—
|
|
|
(38.0
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
—
|
|
|
(1.4
|
)
|
|||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unrealized gain (loss)
|
0.3
|
|
|
(0.1
|
)
|
|
0.2
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unrealized gain (loss)
|
11.2
|
|
|
(3.0
|
)
|
|
8.2
|
|
|
(15.0
|
)
|
|
4.7
|
|
|
(10.3
|
)
|
|||||||||
Reclassification adjustment for losses to net income
|
2.4
|
|
|
(0.8
|
)
|
|
1.6
|
|
|
2.9
|
|
|
(0.7
|
)
|
|
2.2
|
|
|||||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
1.2
|
|
|
(0.2
|
)
|
|
1.0
|
|
|
2.6
|
|
|
(0.5
|
)
|
|
2.1
|
|
|||||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
(1.5
|
)
|
|
0.3
|
|
|
(1.2
|
)
|
|
(1.7
|
)
|
|
0.3
|
|
|
(1.4
|
)
|
|||||||||
Total other comprehensive income (loss)
|
$
|
(24.4
|
)
|
|
$
|
(3.8
|
)
|
|
$
|
(28.2
|
)
|
|
$
|
(13.0
|
)
|
|
$
|
3.8
|
|
|
$
|
(9.2
|
)
|
|||
Total comprehensive income
|
|
|
|
|
$
|
217.5
|
|
|
|
|
|
|
$
|
186.8
|
|
(in millions, except par value per share amount)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
|
Notes
|
||||||
Assets
|
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
82.7
|
|
|
$
|
137.7
|
|
|
$
|
77.2
|
|
|
|
Accounts receivable, net
|
1,581.1
|
|
|
1,756.4
|
|
|
1,451.5
|
|
|
9
|
|||
Other receivables
|
74.2
|
|
|
84.0
|
|
|
55.4
|
|
|
|
|||
Other current assets
|
146.8
|
|
|
152.6
|
|
|
141.4
|
|
|
|
|||
Income taxes
|
20.8
|
|
|
3.5
|
|
|
24.6
|
|
|
|
|||
Inventories
|
2,649.4
|
|
|
2,453.9
|
|
|
2,727.0
|
|
|
10
|
|||
Total current assets
|
4,555.0
|
|
|
4,588.1
|
|
|
4,477.1
|
|
|
|
|||
Non-current assets:
|
|
|
|
|
|
|
|
||||||
Property, plant and equipment, net of accumulated depreciation of $1,015.4, $949.2 and $939.7, respectively
|
791.1
|
|
|
727.6
|
|
|
718.0
|
|
|
|
|||
Goodwill
|
517.0
|
|
|
515.5
|
|
|
517.6
|
|
|
11
|
|||
Intangible assets, net
|
419.8
|
|
|
427.8
|
|
|
434.3
|
|
|
11
|
|||
Other assets
|
157.5
|
|
|
154.6
|
|
|
136.4
|
|
|
12
|
|||
Deferred tax assets
|
—
|
|
|
—
|
|
|
1.8
|
|
|
|
|||
Retirement benefit asset
|
47.1
|
|
|
51.3
|
|
|
40.7
|
|
|
16
|
|||
Total assets
|
$
|
6,487.5
|
|
|
$
|
6,464.9
|
|
|
$
|
6,325.9
|
|
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
||||||
Loans and overdrafts
|
$
|
288.8
|
|
|
$
|
57.7
|
|
|
$
|
248.0
|
|
|
17
|
Accounts payable
|
382.2
|
|
|
269.1
|
|
|
371.4
|
|
|
|
|||
Accrued expenses and other current liabilities
|
402.9
|
|
|
498.3
|
|
|
408.0
|
|
|
|
|||
Deferred revenue
|
256.7
|
|
|
260.3
|
|
|
241.4
|
|
|
18
|
|||
Income taxes
|
4.4
|
|
|
65.7
|
|
|
0.7
|
|
|
|
|||
Total current liabilities
|
1,335.0
|
|
|
1,151.1
|
|
|
1,269.5
|
|
|
|
|||
Non-current liabilities:
|
|
|
|
|
|
|
|
||||||
Long-term debt
|
1,324.2
|
|
|
1,321.0
|
|
|
1,330.6
|
|
|
17
|
|||
Other liabilities
|
219.9
|
|
|
230.5
|
|
|
226.6
|
|
|
|
|||
Deferred revenue
|
632.1
|
|
|
629.1
|
|
|
597.5
|
|
|
18
|
|||
Deferred tax liabilities
|
133.4
|
|
|
72.5
|
|
|
56.7
|
|
|
|
|||
Total liabilities
|
3,644.6
|
|
|
3,404.2
|
|
|
3,480.9
|
|
|
|
|||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
21
|
|||
Series A redeemable convertible preferred shares of $.01 par value: 500 shares authorized, 0.625 shares outstanding
|
611.7
|
|
|
—
|
|
|
—
|
|
|
4
|
|||
Shareholders’ equity:
|
|
|
|
|
|
|
|
||||||
Common shares of $0.18 par value: authorized 500 shares, 69.6 shares outstanding (January 30, 2016: 79.4 outstanding; October 31, 2015: 79.5 outstanding)
|
15.7
|
|
|
15.7
|
|
|
15.7
|
|
|
|
|||
Additional paid-in capital
|
128.5
|
|
|
279.9
|
|
|
274.7
|
|
|
|
|||
Other reserves
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
|
|||
Treasury shares at cost: 17.6 shares (January 30, 2016: 7.8 shares; October 31, 2015: 7.7 shares)
|
(1,338.9
|
)
|
|
(495.8
|
)
|
|
(480.3
|
)
|
|
5
|
|||
Retained earnings
|
3,727.8
|
|
|
3,534.6
|
|
|
3,280.3
|
|
|
|
|||
Accumulated other comprehensive loss
|
(302.3
|
)
|
|
(274.1
|
)
|
|
(245.8
|
)
|
|
7
|
|||
Total shareholders’ equity
|
2,231.2
|
|
|
3,060.7
|
|
|
2,845.0
|
|
|
|
|||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
|
$
|
6,487.5
|
|
|
$
|
6,464.9
|
|
|
$
|
6,325.9
|
|
|
|
|
39 weeks ended
|
||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
245.7
|
|
|
$
|
196.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
138.8
|
|
|
129.5
|
|
||
Amortization of unfavorable leases and contracts
|
(14.9
|
)
|
|
(24.6
|
)
|
||
Pension benefit
|
(1.3
|
)
|
|
—
|
|
||
Share-based compensation
|
14.0
|
|
|
11.8
|
|
||
Deferred taxation
|
60.9
|
|
|
8.0
|
|
||
Excess tax benefit from exercise of share awards
|
(1.3
|
)
|
|
(5.1
|
)
|
||
Amortization of debt discount and issuance costs
|
2.2
|
|
|
2.6
|
|
||
Other non-cash movements
|
1.9
|
|
|
2.7
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Decrease in accounts receivable
|
174.0
|
|
|
116.3
|
|
||
Decrease in other receivables and other assets
|
9.0
|
|
|
1.6
|
|
||
Increase in other current assets
|
(15.4
|
)
|
|
(12.8
|
)
|
||
Increase in inventories
|
(217.0
|
)
|
|
(289.3
|
)
|
||
Increase in accounts payable
|
114.1
|
|
|
93.6
|
|
||
Decrease in accrued expenses and other liabilities
|
(82.2
|
)
|
|
(60.5
|
)
|
||
(Decrease) increase in deferred revenue
|
(2.5
|
)
|
|
25.0
|
|
||
Decrease in income taxes payable
|
(62.6
|
)
|
|
(104.1
|
)
|
||
Pension plan contributions
|
(2.5
|
)
|
|
(2.0
|
)
|
||
Net cash provided by operating activities
|
360.9
|
|
|
88.7
|
|
||
Investing activities
|
|
|
|
||||
Purchase of property, plant and equipment
|
(195.6
|
)
|
|
(170.8
|
)
|
||
Purchase of available-for-sale securities
|
(10.4
|
)
|
|
(3.8
|
)
|
||
Proceeds from sale of available-for-sale securities
|
10.0
|
|
|
3.6
|
|
||
Net cash used in investing activities
|
(196.0
|
)
|
|
(171.0
|
)
|
||
Financing activities
|
|
|
|
||||
Dividends paid on common shares
|
(57.5
|
)
|
|
(49.6
|
)
|
||
Proceeds from issuance of common shares
|
0.4
|
|
|
3.3
|
|
||
Proceeds from issuance of redeemable convertible preferred shares, net of issuance costs
|
611.6
|
|
|
—
|
|
||
Excess tax benefit from exercise of share awards
|
1.3
|
|
|
5.1
|
|
||
Repayments of term loan
|
(12.0
|
)
|
|
(17.5
|
)
|
||
Proceeds from securitization facility
|
1,837.1
|
|
|
1,738.9
|
|
||
Repayments of securitization facility
|
(1,837.1
|
)
|
|
(1,738.9
|
)
|
||
Proceeds from revolving credit facility
|
598.0
|
|
|
177.0
|
|
||
Repayments of revolving credit facility
|
(339.0
|
)
|
|
(30.0
|
)
|
||
Payment of debt issuance costs
|
(2.7
|
)
|
|
—
|
|
||
Repurchase of common shares
|
(1,000.0
|
)
|
|
(111.9
|
)
|
||
Net settlement of equity based awards
|
(4.8
|
)
|
|
(8.3
|
)
|
||
Principal payments under capital lease obligations
|
(0.2
|
)
|
|
(0.8
|
)
|
||
Repayment of short-term borrowings
|
(13.3
|
)
|
|
(1.5
|
)
|
||
Net cash used in financing activities
|
(218.2
|
)
|
|
(34.2
|
)
|
||
Cash and cash equivalents at beginning of period
|
137.7
|
|
|
193.6
|
|
||
Decrease in cash and cash equivalents
|
(53.3
|
)
|
|
(116.5
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(1.7
|
)
|
|
0.1
|
|
||
Cash and cash equivalents at end of period
|
$
|
82.7
|
|
|
$
|
77.2
|
|
(in millions)
|
Common
shares at par value |
|
Additional
paid-in capital |
|
Other
reserves |
|
Treasury
shares |
|
Retained
earnings |
|
Accumulated
other comprehensive loss |
|
Total
shareholders’ equity |
||||||||||||||
Balance at January 30, 2016
|
$
|
15.7
|
|
|
$
|
279.9
|
|
|
$
|
0.4
|
|
|
$
|
(495.8
|
)
|
|
$
|
3,534.6
|
|
|
$
|
(274.1
|
)
|
|
$
|
3,060.7
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
245.7
|
|
|
—
|
|
|
245.7
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28.2
|
)
|
|
(28.2
|
)
|
|||||||
Dividends on common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58.2
|
)
|
|
—
|
|
|
(58.2
|
)
|
|||||||
Dividends on redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||||
Repurchase of common shares
|
—
|
|
|
(157.5
|
)
|
|
—
|
|
|
(842.5
|
)
|
|
—
|
|
|
—
|
|
|
(1,000.0
|
)
|
|||||||
Net settlement of equity based awards
|
—
|
|
|
(7.9
|
)
|
|
—
|
|
|
(1.0
|
)
|
|
5.8
|
|
|
—
|
|
|
(3.1
|
)
|
|||||||
Share options exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|||||||
Share-based compensation expense
|
—
|
|
|
14.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.0
|
|
|||||||
Balance at October 29, 2016
|
$
|
15.7
|
|
|
$
|
128.5
|
|
|
$
|
0.4
|
|
|
$
|
(1,338.9
|
)
|
|
$
|
3,727.8
|
|
|
$
|
(302.3
|
)
|
|
$
|
2,231.2
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Sales:
|
|
|
|
|
|
|
|
||||||||
Sterling Jewelers
|
$
|
712.5
|
|
|
$
|
733.5
|
|
|
$
|
2,532.3
|
|
|
$
|
2,536.2
|
|
Zale Jewelry
|
282.4
|
|
|
281.9
|
|
|
994.8
|
|
|
991.2
|
|
||||
Piercing Pagoda
|
53.4
|
|
|
48.0
|
|
|
179.4
|
|
|
165.1
|
|
||||
UK Jewelry
|
130.3
|
|
|
149.4
|
|
|
419.5
|
|
|
455.0
|
|
||||
Other
|
7.6
|
|
|
3.6
|
|
|
12.5
|
|
|
10.1
|
|
||||
Total sales
|
$
|
1,186.2
|
|
|
$
|
1,216.4
|
|
|
$
|
4,138.5
|
|
|
$
|
4,157.6
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income:
|
|
|
|
|
|
|
|
||||||||
Sterling Jewelers
|
$
|
78.6
|
|
|
$
|
77.2
|
|
|
$
|
417.8
|
|
|
$
|
413.2
|
|
Zale Jewelry
(1)
|
(19.3
|
)
|
|
(18.3
|
)
|
|
(0.5
|
)
|
|
(9.9
|
)
|
||||
Piercing Pagoda
(2)
|
(5.4
|
)
|
|
(6.0
|
)
|
|
2.2
|
|
|
(1.0
|
)
|
||||
UK Jewelry
|
—
|
|
|
—
|
|
|
3.0
|
|
|
3.7
|
|
||||
Other
(3)
|
(21.8
|
)
|
|
(19.3
|
)
|
|
(58.5
|
)
|
|
(95.4
|
)
|
||||
Total operating income
|
$
|
32.1
|
|
|
$
|
33.6
|
|
|
$
|
364.0
|
|
|
$
|
310.6
|
|
(1)
|
Includes net operating loss of
$3.7 million
and
$13.2 million
related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended
October 29, 2016
and
$3.6 million
and
$17.1 million
for the 13 and 39 weeks ended
October 31, 2015
, respectively.
|
(2)
|
Includes net operating loss of
$0.1 million
and
$0.3 million
related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended
October 29, 2016
and
$0.1 million
and
$3.1 million
for the 13 and 39 weeks ended
October 31, 2015
, respectively.
|
(3)
|
Includes
$7.9 million
and
$18.5 million
for the 13 and 39 weeks ended
October 29, 2016
of integration costs for consulting services associated with IT implementations and severance related to organizational changes. Includes
$9.8 million
and
$59.8 million
for the 13 and 39 weeks ended
October 31, 2015
of transaction and integration expenses primarily attributable to the legal settlement over appraisal rights and expenses associated with legal, tax, accounting and consulting services.
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Total assets:
|
|
|
|
|
|
||||||
Sterling Jewelers
|
$
|
3,715.6
|
|
|
$
|
3,788.0
|
|
|
$
|
3,586.7
|
|
Zale Jewelry
|
2,061.7
|
|
|
1,955.1
|
|
|
1,977.6
|
|
|||
Piercing Pagoda
|
136.1
|
|
|
141.8
|
|
|
135.4
|
|
|||
UK Jewelry
|
407.1
|
|
|
427.8
|
|
|
470.5
|
|
|||
Other
|
167.0
|
|
|
152.2
|
|
|
155.7
|
|
|||
Total assets
|
$
|
6,487.5
|
|
|
$
|
6,464.9
|
|
|
$
|
6,325.9
|
|
|
|
|
39 weeks ended October 29, 2016
|
|
39 weeks ended October 31, 2015
|
||||||||||||||||||||
(in millions, except per share amounts)
|
Amount
authorized |
|
Shares
repurchased |
|
Amount
repurchased |
|
Average
repurchase price per share |
|
Shares
repurchased |
|
Amount
repurchased |
|
Average
repurchase price per share |
||||||||||||
2016 Program
(1)
|
$
|
1,375.0
|
|
|
8.7
|
|
|
$
|
706.9
|
|
|
$
|
81.32
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||
2013 Program
(2)
|
$
|
350.0
|
|
|
1.2
|
|
|
135.6
|
|
|
$
|
111.26
|
|
|
0.9
|
|
|
$
|
111.9
|
|
|
$
|
128.91
|
|
|
Total
|
|
|
9.9
|
|
|
$
|
842.5
|
|
|
$
|
85.00
|
|
|
0.9
|
|
|
$
|
111.9
|
|
|
$
|
128.91
|
|
(1)
|
The 2016 Program had
$510.6 million
remaining as of
October 29, 2016
.
|
(2)
|
The 2013 Program was completed in May 2016.
|
n/a
|
Not applicable.
|
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||||||
(in millions, except per share amounts)
|
Cash dividend per share
|
|
Total
dividends |
|
Cash dividend
per share |
|
Total
dividends |
||||||||
First quarter
|
$
|
0.26
|
|
|
$
|
20.4
|
|
|
$
|
0.22
|
|
|
$
|
17.6
|
|
Second quarter
|
0.26
|
|
|
19.7
|
|
|
0.22
|
|
|
17.6
|
|
||||
Third quarter
(1)
|
0.26
|
|
|
18.1
|
|
|
0.22
|
|
|
17.5
|
|
||||
Total
|
$
|
0.78
|
|
|
$
|
58.2
|
|
|
$
|
0.66
|
|
|
$
|
52.7
|
|
(1)
|
Signet’s dividend policy for common shares results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of
October 29, 2016
and
October 31, 2015
,
$18.1 million
and
$17.5 million
, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on common shares declared for the third quarter of
Fiscal 2017
and
Fiscal 2016
, respectively.
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions, except per share amounts)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Net income
|
$
|
17.0
|
|
|
$
|
15.0
|
|
|
$
|
245.7
|
|
|
$
|
196.0
|
|
Less: Dividends on preferred shares
|
(2.2
|
)
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
||||
Net income attributable to common shareholders
|
$
|
14.8
|
|
|
$
|
15.0
|
|
|
$
|
243.5
|
|
|
$
|
196.0
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted average number of shares outstanding
|
73.5
|
|
|
79.3
|
|
|
76.4
|
|
|
79.7
|
|
||||
Plus: Dilutive effect of share awards
|
0.1
|
|
|
0.2
|
|
|
0.1
|
|
|
0.2
|
|
||||
Plus: Dilutive effect of preferred shares
|
—
|
|
|
n/a
|
|
|
—
|
|
|
n/a
|
|
||||
Diluted weighted average number of shares outstanding
|
73.6
|
|
|
79.5
|
|
|
76.5
|
|
|
79.9
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share – basic
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
$
|
3.19
|
|
|
$
|
2.46
|
|
Earnings per share – diluted
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
$
|
3.18
|
|
|
$
|
2.45
|
|
(in millions)
|
|
October 29, 2016
|
|
October 31, 2015
|
||
Share awards
|
|
0.3
|
|
|
0.1
|
|
Preferred shares
|
|
6.7
|
|
|
—
|
|
Total anti-dilutive shares
|
|
7.0
|
|
|
0.1
|
|
|
|
|
|
|
|
|
Pension plan
|
|
|
||||||||||||||
(in millions)
|
Foreign
currency translation |
|
Losses on available-for-sale securities, net
|
|
Gains (losses)
on cash flow hedges |
|
Actuarial
losses |
|
Prior
service credits |
|
Accumulated
other comprehensive loss |
||||||||||||
Balance at January 30, 2016
|
$
|
(237.8
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(3.9
|
)
|
|
$
|
(43.1
|
)
|
|
$
|
11.1
|
|
|
$
|
(274.1
|
)
|
Other comprehensive income (loss) ("OCI") before reclassifications
|
(38.0
|
)
|
|
0.2
|
|
|
8.2
|
|
|
—
|
|
|
—
|
|
|
(29.6
|
)
|
||||||
Amounts reclassified from AOCI to net income
|
—
|
|
|
—
|
|
|
1.6
|
|
|
1.0
|
|
|
(1.2
|
)
|
|
1.4
|
|
||||||
Net current period OCI
|
(38.0
|
)
|
|
0.2
|
|
|
9.8
|
|
|
1.0
|
|
|
(1.2
|
)
|
|
(28.2
|
)
|
||||||
Balance at October 29, 2016
|
$
|
(275.8
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
5.9
|
|
|
$
|
(42.1
|
)
|
|
$
|
9.9
|
|
|
$
|
(302.3
|
)
|
|
Amounts reclassified from AOCI
|
|
|
|||||||||||||||
|
13 weeks ended
|
|
39 weeks ended
|
|
|
|||||||||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
|
Income statement caption
|
|||||||||
(Gains) losses on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign currency contracts
|
$
|
(0.4
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
—
|
|
|
Cost of sales (see Note 14)
|
|
Interest rate swaps
|
0.5
|
|
|
0.8
|
|
|
1.7
|
|
|
1.9
|
|
|
Interest expense, net (see Note 14)
|
|||||
Commodity contracts
|
(0.3
|
)
|
|
0.4
|
|
|
1.7
|
|
|
1.0
|
|
|
Cost of sales (see Note 14)
|
|||||
Total before income tax
|
(0.2
|
)
|
|
1.1
|
|
|
2.4
|
|
|
2.9
|
|
|
|
|||||
Income taxes
|
0.1
|
|
|
(0.2
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
|
|
|||||
Net of tax
|
(0.1
|
)
|
|
0.9
|
|
|
1.6
|
|
|
2.2
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Defined benefit pension plan items:
|
|
|
|
|
|
|
|
|
|
|||||||||
Amortization of unrecognized actuarial losses
|
0.4
|
|
|
0.9
|
|
|
1.2
|
|
|
2.6
|
|
|
Selling, general and administrative expenses
(1)
|
|||||
Amortization of unrecognized net prior service credits
|
(0.5
|
)
|
|
(0.6
|
)
|
|
(1.5
|
)
|
|
(1.7
|
)
|
|
Selling, general and administrative expenses
(1)
|
|||||
Total before income tax
|
(0.1
|
)
|
|
0.3
|
|
|
(0.3
|
)
|
|
0.9
|
|
|
|
|||||
Income taxes
|
0.1
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|
|
|||||
Net of tax
|
—
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
0.7
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Total reclassifications, net of tax
|
$
|
(0.1
|
)
|
|
$
|
1.1
|
|
|
$
|
1.4
|
|
|
$
|
2.9
|
|
|
|
(1)
|
These items are included in the computation of net periodic pension benefit. See Note
16
for additional information.
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Accounts receivable by portfolio segment, net:
|
|
|
|
|
|
||||||
Sterling Jewelers customer in-house finance receivables
|
$
|
1,546.3
|
|
|
$
|
1,725.9
|
|
|
$
|
1,437.2
|
|
Zale customer in-house finance receivables
|
26.4
|
|
|
13.6
|
|
|
—
|
|
|||
Other accounts receivable
|
8.4
|
|
|
16.9
|
|
|
14.3
|
|
|||
Total accounts receivable, net
|
$
|
1,581.1
|
|
|
$
|
1,756.4
|
|
|
$
|
1,451.5
|
|
|
39 weeks ended
|
||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
||||
Beginning balance:
|
$
|
(130.0
|
)
|
|
$
|
(113.1
|
)
|
Charge-offs, net
|
143.1
|
|
|
121.5
|
|
||
Recoveries
|
26.8
|
|
|
27.0
|
|
||
Provision
|
(172.9
|
)
|
|
(157.6
|
)
|
||
Ending balance
|
$
|
(133.0
|
)
|
|
$
|
(122.2
|
)
|
Ending receivable balance evaluated for impairment
|
1,679.3
|
|
|
1,559.4
|
|
||
Sterling Jewelers customer in-house finance receivables, net
|
$
|
1,546.3
|
|
|
$
|
1,437.2
|
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||||||||||||||
(in millions)
|
Gross
|
|
Valuation
allowance |
|
Gross
|
|
Valuation
allowance |
|
Gross
|
|
Valuation
allowance |
||||||||||||
Performing:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current, aged 0 – 30 days
|
$
|
1,294.9
|
|
|
$
|
(39.3
|
)
|
|
$
|
1,473.0
|
|
|
$
|
(45.4
|
)
|
|
$
|
1,212.2
|
|
|
$
|
(36.8
|
)
|
Past due, aged 31 – 60 days
|
250.6
|
|
|
(8.1
|
)
|
|
259.6
|
|
|
(8.3
|
)
|
|
226.0
|
|
|
(7.3
|
)
|
||||||
Past due, aged 61 – 90 days
|
50.7
|
|
|
(2.5
|
)
|
|
49.2
|
|
|
(2.2
|
)
|
|
45.2
|
|
|
(2.1
|
)
|
||||||
Non Performing:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Past due, aged more than 90 days
|
83.1
|
|
|
(83.1
|
)
|
|
74.1
|
|
|
(74.1
|
)
|
|
76.0
|
|
|
(76.0
|
)
|
||||||
|
$
|
1,679.3
|
|
|
$
|
(133.0
|
)
|
|
$
|
1,855.9
|
|
|
$
|
(130.0
|
)
|
|
$
|
1,559.4
|
|
|
$
|
(122.2
|
)
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||||||||
(as a % of the ending receivable balance)
|
Gross
|
|
Valuation
allowance |
|
Gross
|
|
Valuation
allowance |
|
Gross
|
|
Valuation
allowance |
||||||
Performing
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current, aged 0 – 30 days
|
77.2
|
%
|
|
3.0
|
%
|
|
79.4
|
%
|
|
3.1
|
%
|
|
77.7
|
%
|
|
3.0
|
%
|
Past due, aged 31 – 60 days
|
14.9
|
%
|
|
3.2
|
%
|
|
14.0
|
%
|
|
3.2
|
%
|
|
14.5
|
%
|
|
3.2
|
%
|
Past due, aged 61 – 90 days
|
3.0
|
%
|
|
4.9
|
%
|
|
2.6
|
%
|
|
4.5
|
%
|
|
2.9
|
%
|
|
4.6
|
%
|
Non Performing
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Past due, aged more than 90 days
|
4.9
|
%
|
|
100.0
|
%
|
|
4.0
|
%
|
|
100.0
|
%
|
|
4.9
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
7.9
|
%
|
|
100.0
|
%
|
|
7.0
|
%
|
|
100.0
|
%
|
|
7.8
|
%
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Raw materials
|
$
|
71.2
|
|
|
$
|
81.8
|
|
|
$
|
101.6
|
|
Finished goods
|
2,578.2
|
|
|
2,372.1
|
|
|
2,625.4
|
|
|||
Total inventories
|
$
|
2,649.4
|
|
|
$
|
2,453.9
|
|
|
$
|
2,727.0
|
|
(in millions)
|
Sterling
Jewelers |
|
Zale
Jewelry |
|
Piercing
Pagoda |
|
UK Jewelry
|
|
Other
|
|
Total
|
||||||||||||
Balance at January 31, 2015
|
$
|
23.2
|
|
|
$
|
492.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.6
|
|
|
$
|
519.2
|
|
Impact of foreign exchange
|
—
|
|
|
(3.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.7
|
)
|
||||||
Balance at January 30, 2016
|
23.2
|
|
|
488.7
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
515.5
|
|
||||||
Impact of foreign exchange
|
—
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
||||||
Balance at October 29, 2016
|
$
|
23.2
|
|
|
$
|
490.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.6
|
|
|
$
|
517.0
|
|
|
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||||||||||||||||||||||||||
(in millions)
|
Balance sheet location
|
|
Gross
carrying amount |
|
Accumulated
amortization |
|
Net
carrying amount |
|
Gross
carrying amount |
|
Accumulated
amortization |
|
Net
carrying amount |
|
Gross
carrying amount |
|
Accumulated
amortization |
|
Net
carrying amount |
||||||||||||||||||
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Trade names
|
Intangible assets, net
|
|
$
|
1.4
|
|
|
$
|
(0.7
|
)
|
|
$
|
0.7
|
|
|
$
|
1.4
|
|
|
$
|
(0.5
|
)
|
|
$
|
0.9
|
|
|
$
|
1.5
|
|
|
$
|
(0.4
|
)
|
|
$
|
1.1
|
|
Favorable leases
|
Intangible assets, net
|
|
47.5
|
|
|
(32.6
|
)
|
|
14.9
|
|
|
47.0
|
|
|
(22.3
|
)
|
|
24.7
|
|
|
47.6
|
|
|
(19.2
|
)
|
|
28.4
|
|
|||||||||
Total definite-lived intangible assets
|
|
48.9
|
|
|
(33.3
|
)
|
|
15.6
|
|
|
48.4
|
|
|
(22.8
|
)
|
|
25.6
|
|
|
49.1
|
|
|
(19.6
|
)
|
|
29.5
|
|
||||||||||
Indefinite-lived trade names
|
Intangible assets, net
|
|
404.2
|
|
|
—
|
|
|
404.2
|
|
|
402.2
|
|
|
—
|
|
|
402.2
|
|
|
404.8
|
|
|
—
|
|
|
404.8
|
|
|||||||||
Total intangible assets, net
|
|
|
$
|
453.1
|
|
|
$
|
(33.3
|
)
|
|
$
|
419.8
|
|
|
$
|
450.6
|
|
|
$
|
(22.8
|
)
|
|
$
|
427.8
|
|
|
$
|
453.9
|
|
|
$
|
(19.6
|
)
|
|
$
|
434.3
|
|
Definite-lived intangible liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Unfavorable leases
|
Other liabilities
|
|
$
|
(48.1
|
)
|
|
$
|
34.7
|
|
|
$
|
(13.4
|
)
|
|
$
|
(47.7
|
)
|
|
$
|
23.7
|
|
|
$
|
(24.0
|
)
|
|
$
|
(48.3
|
)
|
|
$
|
20.4
|
|
|
$
|
(27.9
|
)
|
Unfavorable contracts
|
Other liabilities
|
|
(65.6
|
)
|
|
32.1
|
|
|
(33.5
|
)
|
|
(65.6
|
)
|
|
28.1
|
|
|
(37.5
|
)
|
|
(65.6
|
)
|
|
27.6
|
|
|
(38.0
|
)
|
|||||||||
Total intangible liabilities, net
|
|
$
|
(113.7
|
)
|
|
$
|
66.8
|
|
|
$
|
(46.9
|
)
|
|
$
|
(113.3
|
)
|
|
$
|
51.8
|
|
|
$
|
(61.5
|
)
|
|
$
|
(113.9
|
)
|
|
$
|
48.0
|
|
|
$
|
(65.9
|
)
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Deferred ESP selling costs
|
$
|
81.8
|
|
|
$
|
79.4
|
|
|
$
|
74.6
|
|
Investments
(1)
|
27.5
|
|
|
26.8
|
|
|
25.0
|
|
|||
Other assets
(2)
|
48.2
|
|
|
48.4
|
|
|
36.8
|
|
|||
Total other assets
|
$
|
157.5
|
|
|
$
|
154.6
|
|
|
$
|
136.4
|
|
(1)
|
See Note
13
for additional information.
|
(2)
|
Amounts adjusted to reflect the reclassification of capitalized debt issuance costs in accordance with Signet's adoption of FASB ASU 2015-03 during the first quarter of Fiscal 2017. See Note
2
for additional information.
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||||||||||||||||||||||||||
(in millions)
|
Cost
|
|
Unrealized gain (loss)
|
|
Fair Value
|
|
Cost
|
|
Unrealized gain (loss)
|
|
Fair Value
|
|
Cost
|
|
Unrealized gain (loss)
|
|
Fair Value
|
||||||||||||||||||
US Treasury securities
|
$
|
8.8
|
|
|
$
|
(0.5
|
)
|
|
$
|
8.3
|
|
|
$
|
9.2
|
|
|
$
|
(0.4
|
)
|
|
$
|
8.8
|
|
|
$
|
9.2
|
|
|
$
|
(0.4
|
)
|
|
$
|
8.8
|
|
US government agency securities
|
4.6
|
|
|
(0.1
|
)
|
|
4.5
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|
2.3
|
|
|
—
|
|
|
2.3
|
|
|||||||||
Corporate bonds and notes
|
11.0
|
|
|
0.1
|
|
|
11.1
|
|
|
10.8
|
|
|
—
|
|
|
10.8
|
|
|
10.5
|
|
|
—
|
|
|
10.5
|
|
|||||||||
Corporate equity securities
|
3.5
|
|
|
0.1
|
|
|
3.6
|
|
|
3.5
|
|
|
(0.3
|
)
|
|
3.2
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
|||||||||
Total investments
|
$
|
27.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
27.5
|
|
|
$
|
27.5
|
|
|
$
|
(0.7
|
)
|
|
$
|
26.8
|
|
|
$
|
25.4
|
|
|
$
|
(0.4
|
)
|
|
$
|
25.0
|
|
(in millions)
|
Cost
|
|
Fair Value
|
||||
Less than one year
|
$
|
1.3
|
|
|
$
|
0.8
|
|
Year two through year five
|
12.6
|
|
|
12.6
|
|
||
Year six through year ten
|
10.5
|
|
|
10.5
|
|
||
After ten years
|
—
|
|
|
—
|
|
||
Total investment in debt securities
|
$
|
24.4
|
|
|
$
|
23.9
|
|
|
Fair value of derivative assets
|
||||||||||||
(in millions)
|
Balance sheet location
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current assets
|
|
$
|
3.5
|
|
|
$
|
0.8
|
|
|
$
|
0.1
|
|
Commodity contracts
|
Other current assets
|
|
0.6
|
|
|
0.6
|
|
|
0.3
|
|
|||
Commodity contracts
|
Other assets
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||
Total derivative assets
|
|
|
$
|
4.1
|
|
|
$
|
1.4
|
|
|
$
|
0.5
|
|
|
Fair value of derivative liabilities
|
||||||||||||
(in millions)
|
Balance sheet location
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
Commodity contracts
|
Other current liabilities
|
|
(0.7
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
|||
Interest rate swaps
|
Other liabilities
|
|
(2.3
|
)
|
|
(3.4
|
)
|
|
(2.1
|
)
|
|||
|
|
|
(3.0
|
)
|
|
(4.2
|
)
|
|
(3.3
|
)
|
|||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current liabilities
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
—
|
|
|||
Total derivative liabilities
|
|
|
$
|
(3.1
|
)
|
|
$
|
(4.4
|
)
|
|
$
|
(3.3
|
)
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Foreign currency contracts
|
$
|
6.4
|
|
|
$
|
1.4
|
|
|
$
|
0.5
|
|
Commodity contracts
|
3.8
|
|
|
(3.7
|
)
|
|
(3.9
|
)
|
|||
Interest rate swaps
|
(2.3
|
)
|
|
(3.4
|
)
|
|
(2.1
|
)
|
|||
Gains (losses) recorded in AOCI
|
$
|
7.9
|
|
|
$
|
(5.7
|
)
|
|
$
|
(5.5
|
)
|
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
Income statement caption
|
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Gains recorded in AOCI, beginning of period
|
|
|
$
|
3.8
|
|
|
$
|
0.4
|
|
|
$
|
1.4
|
|
|
$
|
0.9
|
|
Current period gains (losses) recognized in OCI
|
|
|
3.0
|
|
|
0.2
|
|
|
6.0
|
|
|
(0.4
|
)
|
||||
(Gains) losses reclassified from AOCI to net income
|
Cost of sales
|
|
(0.4
|
)
|
|
(0.1
|
)
|
|
(1.0
|
)
|
|
—
|
|
||||
Gains recorded in AOCI, end of period
|
|
|
$
|
6.4
|
|
|
$
|
0.5
|
|
|
$
|
6.4
|
|
|
$
|
0.5
|
|
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
Income statement caption
|
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Gains (losses) recorded in AOCI, beginning of period
|
|
|
$
|
6.2
|
|
|
$
|
(8.3
|
)
|
|
$
|
(3.7
|
)
|
|
$
|
5.7
|
|
Current period gains (losses) recognized in OCI
|
|
|
(2.1
|
)
|
|
4.0
|
|
|
5.8
|
|
|
(10.6
|
)
|
||||
(Gains) losses reclassified from AOCI to net income
|
Cost of sales
|
|
(0.3
|
)
|
|
0.4
|
|
|
1.7
|
|
|
1.0
|
|
||||
Gains (losses) recorded in AOCI, end of period
|
|
|
$
|
3.8
|
|
|
$
|
(3.9
|
)
|
|
$
|
3.8
|
|
|
$
|
(3.9
|
)
|
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
Income statement caption
|
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Losses recorded in AOCI, beginning of period
|
|
|
$
|
(3.8
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
—
|
|
Current period gains (losses) recognized in OCI
|
|
|
1.0
|
|
|
(2.0
|
)
|
|
(0.6
|
)
|
|
(4.0
|
)
|
||||
Losses reclassified from AOCI to net income
|
Interest expense, net
|
|
0.5
|
|
|
0.8
|
|
|
1.7
|
|
|
1.9
|
|
||||
Losses recorded in AOCI, end of period
|
|
|
$
|
(2.3
|
)
|
|
$
|
(2.1
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(2.1
|
)
|
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
Income statement caption
|
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
Other operating income, net
|
|
$
|
1.6
|
|
|
$
|
(1.4
|
)
|
|
$
|
3.2
|
|
|
$
|
(1.0
|
)
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||||||||||||||||||||||||||
(in millions)
|
Carrying Value
|
|
Quoted prices in
active markets for identical assets (Level 1) |
|
Significant
other observable inputs (Level 2) |
|
Carrying Value
|
|
Quoted prices in
active markets for identical assets (Level 1) |
|
Significant
other observable inputs (Level 2) |
|
Carrying Value
|
|
Quoted prices in
active markets for identical assets (Level 1) |
|
Significant
other observable inputs (Level 2) |
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
US Treasury securities
|
$
|
8.3
|
|
|
$
|
8.3
|
|
|
$
|
—
|
|
|
$
|
8.8
|
|
|
$
|
8.8
|
|
|
$
|
—
|
|
|
$
|
8.8
|
|
|
$
|
8.8
|
|
|
$
|
—
|
|
Corporate equity securities
|
3.6
|
|
|
3.6
|
|
|
—
|
|
|
3.2
|
|
|
3.2
|
|
|
—
|
|
|
3.4
|
|
|
3.4
|
|
|
—
|
|
|||||||||
Foreign currency contracts
|
3.5
|
|
|
—
|
|
|
3.5
|
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||||||
Commodity contracts
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||||||
US government agency securities
|
4.5
|
|
|
—
|
|
|
4.5
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|
2.3
|
|
|
—
|
|
|
2.3
|
|
|||||||||
Corporate bonds and notes
|
11.1
|
|
|
—
|
|
|
11.1
|
|
|
10.8
|
|
|
—
|
|
|
10.8
|
|
|
10.5
|
|
|
—
|
|
|
10.5
|
|
|||||||||
Total assets
|
$
|
31.6
|
|
|
$
|
11.9
|
|
|
$
|
19.7
|
|
|
$
|
28.2
|
|
|
$
|
12.0
|
|
|
$
|
16.2
|
|
|
$
|
25.5
|
|
|
$
|
12.2
|
|
|
$
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency contracts
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
Commodity contracts
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|||||||||
Interest rate swaps
|
(2.3
|
)
|
|
—
|
|
|
(2.3
|
)
|
|
(3.4
|
)
|
|
—
|
|
|
(3.4
|
)
|
|
(2.1
|
)
|
|
—
|
|
|
(2.1
|
)
|
|||||||||
Total liabilities
|
$
|
(3.1
|
)
|
|
$
|
—
|
|
|
$
|
(3.1
|
)
|
|
$
|
(4.4
|
)
|
|
$
|
—
|
|
|
$
|
(4.4
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
—
|
|
|
$
|
(3.3
|
)
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||||||||||||||
(in millions)
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior notes (Level 2)
|
$
|
393.4
|
|
|
$
|
390.5
|
|
|
$
|
392.8
|
|
|
$
|
405.9
|
|
|
$
|
392.6
|
|
|
$
|
398.5
|
|
Securitization facility (Level 2)
|
599.6
|
|
|
600.0
|
|
|
599.6
|
|
|
600.0
|
|
|
599.1
|
|
|
600.0
|
|
||||||
Term loan (Level 2)
|
349.3
|
|
|
353.0
|
|
|
361.3
|
|
|
365.0
|
|
|
368.6
|
|
|
372.5
|
|
||||||
Capital lease obligations (Level 2)
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
||||||
Total
|
$
|
1,342.3
|
|
|
$
|
1,343.5
|
|
|
$
|
1,353.9
|
|
|
$
|
1,371.1
|
|
|
$
|
1,360.6
|
|
|
$
|
1,371.3
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Components of net periodic pension benefit (cost):
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
(0.5
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(2.0
|
)
|
Interest cost
|
(1.7
|
)
|
|
(1.9
|
)
|
|
(5.5
|
)
|
|
(5.8
|
)
|
||||
Expected return on UK Plan assets
|
2.5
|
|
|
2.9
|
|
|
8.0
|
|
|
8.7
|
|
||||
Amortization of unrecognized actuarial losses
|
(0.4
|
)
|
|
(0.9
|
)
|
|
(1.2
|
)
|
|
(2.6
|
)
|
||||
Amortization of unrecognized net prior service credits
|
0.5
|
|
|
0.6
|
|
|
1.5
|
|
|
1.7
|
|
||||
Net periodic pension benefit
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Debt:
|
|
|
|
|
|
||||||
Senior unsecured notes due 2024, net of unamortized discount
|
$
|
398.7
|
|
|
$
|
398.6
|
|
|
$
|
398.6
|
|
Securitization facility
|
600.0
|
|
|
600.0
|
|
|
600.0
|
|
|||
Senior unsecured term loan
|
353.0
|
|
|
365.0
|
|
|
372.5
|
|
|||
Revolving credit facility
|
259.0
|
|
|
—
|
|
|
147.0
|
|
|||
Bank overdrafts
|
11.1
|
|
|
24.4
|
|
|
70.1
|
|
|||
Capital lease obligations
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|||
Total debt
|
$
|
1,621.8
|
|
|
$
|
1,388.2
|
|
|
$
|
1,588.5
|
|
Less: Current portion of loans and overdrafts
|
(288.8
|
)
|
|
(57.7
|
)
|
|
(248.0
|
)
|
|||
Less: Unamortized capitalized debt issuance fees
(1)
|
(8.8
|
)
|
|
(9.5
|
)
|
|
(9.9
|
)
|
|||
Total long-term debt
|
$
|
1,324.2
|
|
|
$
|
1,321.0
|
|
|
$
|
1,330.6
|
|
(1)
|
Presentation of capitalized debt issuance costs was revised during the first quarter of Fiscal 2017 upon adoption of ASU 2015-03. See Note 2 for additional information.
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Sterling Jewelers ESP deferred revenue
|
$
|
710.2
|
|
|
$
|
715.1
|
|
|
$
|
684.7
|
|
Zale ESP deferred revenue
|
155.2
|
|
|
146.1
|
|
|
132.6
|
|
|||
Voucher promotions and other
|
23.4
|
|
|
28.2
|
|
|
21.6
|
|
|||
Total deferred revenue
|
$
|
888.8
|
|
|
$
|
889.4
|
|
|
$
|
838.9
|
|
|
|
|
|
|
|
||||||
Disclosed as:
|
|
|
|
|
|
||||||
Current liabilities
|
$
|
256.7
|
|
|
$
|
260.3
|
|
|
$
|
241.4
|
|
Non-current liabilities
|
632.1
|
|
|
629.1
|
|
|
597.5
|
|
|||
Total deferred revenue
|
$
|
888.8
|
|
|
$
|
889.4
|
|
|
$
|
838.9
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Sterling Jewelers ESP deferred revenue, beginning of period
|
$
|
720.3
|
|
|
$
|
691.4
|
|
|
$
|
715.1
|
|
|
$
|
668.9
|
|
Plans sold
|
52.8
|
|
|
51.8
|
|
|
190.4
|
|
|
180.2
|
|
||||
Revenue recognized
|
(62.9
|
)
|
|
(58.5
|
)
|
|
(195.3
|
)
|
|
(164.4
|
)
|
||||
Sterling Jewelers ESP deferred revenue, end of period
|
$
|
710.2
|
|
|
$
|
684.7
|
|
|
$
|
710.2
|
|
|
$
|
684.7
|
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Zale ESP deferred revenue, beginning of period
|
$
|
156.2
|
|
|
$
|
132.3
|
|
|
$
|
146.1
|
|
|
$
|
120.3
|
|
Plans sold
(1)
|
28.3
|
|
|
26.7
|
|
|
100.8
|
|
|
91.3
|
|
||||
Revenue recognized
|
(29.3
|
)
|
|
(26.4
|
)
|
|
(91.7
|
)
|
|
(79.0
|
)
|
||||
Zale ESP deferred revenue, end of period
|
$
|
155.2
|
|
|
$
|
132.6
|
|
|
$
|
155.2
|
|
|
$
|
132.6
|
|
(1)
|
Includes impact of foreign exchange translation.
|
|
13 weeks ended
|
|
39 weeks ended
|
||||||||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
Warranty reserve, beginning of period
|
$
|
40.4
|
|
|
$
|
43.1
|
|
|
$
|
41.9
|
|
|
$
|
44.9
|
|
Warranty expense
|
3.7
|
|
|
3.0
|
|
|
9.4
|
|
|
7.9
|
|
||||
Utilized
(1)
|
(3.6
|
)
|
|
(3.6
|
)
|
|
(10.8
|
)
|
|
(10.3
|
)
|
||||
Warranty reserve, end of period
|
$
|
40.5
|
|
|
$
|
42.5
|
|
|
$
|
40.5
|
|
|
$
|
42.5
|
|
(1)
|
Includes impact of foreign exchange translation.
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Disclosed as:
|
|
|
|
|
|
||||||
Current liabilities
|
$
|
12.9
|
|
|
$
|
12.3
|
|
|
$
|
17.8
|
|
Non-current liabilities
|
27.6
|
|
|
29.6
|
|
|
24.7
|
|
|||
Total warranty reserve
|
$
|
40.5
|
|
|
$
|
41.9
|
|
|
$
|
42.5
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,121.8
|
|
|
$
|
64.4
|
|
|
$
|
—
|
|
|
$
|
1,186.2
|
|
Cost of sales
|
—
|
|
|
—
|
|
|
(821.7
|
)
|
|
(14.5
|
)
|
|
—
|
|
|
(836.2
|
)
|
||||||
Gross margin
|
—
|
|
|
—
|
|
|
300.1
|
|
|
49.9
|
|
|
—
|
|
|
350.0
|
|
||||||
Selling, general and administrative expenses
|
(0.3
|
)
|
|
—
|
|
|
(362.0
|
)
|
|
(24.2
|
)
|
|
—
|
|
|
(386.5
|
)
|
||||||
Other operating income, net
|
—
|
|
|
—
|
|
|
75.6
|
|
|
(7.0
|
)
|
|
—
|
|
|
68.6
|
|
||||||
Operating (loss) income
|
(0.3
|
)
|
|
—
|
|
|
13.7
|
|
|
18.7
|
|
|
—
|
|
|
32.1
|
|
||||||
Intra-entity interest income (expense)
|
—
|
|
|
4.7
|
|
|
(47.8
|
)
|
|
43.1
|
|
|
—
|
|
|
—
|
|
||||||
Interest expense, net
|
—
|
|
|
(5.0
|
)
|
|
(4.5
|
)
|
|
(3.2
|
)
|
|
—
|
|
|
(12.7
|
)
|
||||||
(Loss) income before income taxes
|
(0.3
|
)
|
|
(0.3
|
)
|
|
(38.6
|
)
|
|
58.6
|
|
|
—
|
|
|
19.4
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
15.1
|
|
|
(17.5
|
)
|
|
—
|
|
|
(2.4
|
)
|
||||||
Equity in income of subsidiaries
|
17.3
|
|
|
—
|
|
|
(51.9
|
)
|
|
(23.6
|
)
|
|
58.2
|
|
|
—
|
|
||||||
Net income (loss)
|
$
|
17.0
|
|
|
$
|
(0.3
|
)
|
|
$
|
(75.4
|
)
|
|
$
|
17.5
|
|
|
$
|
58.2
|
|
|
$
|
17.0
|
|
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
14.8
|
|
|
$
|
(0.3
|
)
|
|
$
|
(75.4
|
)
|
|
$
|
17.5
|
|
|
$
|
58.2
|
|
|
$
|
14.8
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,197.4
|
|
|
$
|
19.0
|
|
|
$
|
—
|
|
|
$
|
1,216.4
|
|
Cost of sales
|
—
|
|
|
—
|
|
|
(844.4
|
)
|
|
(4.3
|
)
|
|
—
|
|
|
(848.7
|
)
|
||||||
Gross margin
|
—
|
|
|
—
|
|
|
353.0
|
|
|
14.7
|
|
|
—
|
|
|
367.7
|
|
||||||
Selling, general and administrative expenses
|
(0.4
|
)
|
|
—
|
|
|
(387.1
|
)
|
|
(7.5
|
)
|
|
—
|
|
|
(395.0
|
)
|
||||||
Other operating income, net
|
—
|
|
|
—
|
|
|
61.8
|
|
|
(0.9
|
)
|
|
—
|
|
|
60.9
|
|
||||||
Operating (loss) income
|
(0.4
|
)
|
|
—
|
|
|
27.7
|
|
|
6.3
|
|
|
—
|
|
|
33.6
|
|
||||||
Intra-entity interest income (expense)
|
—
|
|
|
4.7
|
|
|
(46.7
|
)
|
|
42.0
|
|
|
—
|
|
|
—
|
|
||||||
Interest expense, net
|
—
|
|
|
(5.2
|
)
|
|
(3.8
|
)
|
|
(2.7
|
)
|
|
—
|
|
|
(11.7
|
)
|
||||||
(Loss) income before income taxes
|
(0.4
|
)
|
|
(0.5
|
)
|
|
(22.8
|
)
|
|
45.6
|
|
|
—
|
|
|
21.9
|
|
||||||
Income taxes
|
—
|
|
|
0.1
|
|
|
9.3
|
|
|
(16.3
|
)
|
|
—
|
|
|
(6.9
|
)
|
||||||
Equity in income of subsidiaries
|
15.4
|
|
|
—
|
|
|
(30.8
|
)
|
|
(11.9
|
)
|
|
27.3
|
|
|
—
|
|
||||||
Net income (loss)
|
$
|
15.0
|
|
|
$
|
(0.4
|
)
|
|
$
|
(44.3
|
)
|
|
$
|
17.4
|
|
|
$
|
27.3
|
|
|
$
|
15.0
|
|
Dividends on redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
15.0
|
|
|
$
|
(0.4
|
)
|
|
$
|
(44.3
|
)
|
|
$
|
17.4
|
|
|
$
|
27.3
|
|
|
$
|
15.0
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,955.0
|
|
|
$
|
183.5
|
|
|
$
|
—
|
|
|
$
|
4,138.5
|
|
Cost of sales
|
—
|
|
|
—
|
|
|
(2,688.0
|
)
|
|
(35.2
|
)
|
|
—
|
|
|
(2,723.2
|
)
|
||||||
Gross margin
|
—
|
|
|
—
|
|
|
1,267.0
|
|
|
148.3
|
|
|
—
|
|
|
1,415.3
|
|
||||||
Selling, general and administrative expenses
|
(0.9
|
)
|
|
—
|
|
|
(1,190.9
|
)
|
|
(73.1
|
)
|
|
—
|
|
|
(1,264.9
|
)
|
||||||
Other operating income, net
|
—
|
|
|
—
|
|
|
227.6
|
|
|
(14.0
|
)
|
|
—
|
|
|
213.6
|
|
||||||
Operating (loss) income
|
(0.9
|
)
|
|
—
|
|
|
303.7
|
|
|
61.2
|
|
|
—
|
|
|
364.0
|
|
||||||
Intra-entity interest income (expense)
|
—
|
|
|
14.1
|
|
|
(142.2
|
)
|
|
128.1
|
|
|
—
|
|
|
—
|
|
||||||
Interest expense, net
|
—
|
|
|
(14.8
|
)
|
|
(12.1
|
)
|
|
(9.5
|
)
|
|
—
|
|
|
(36.4
|
)
|
||||||
(Loss) income before income taxes
|
(0.9
|
)
|
|
(0.7
|
)
|
|
149.4
|
|
|
179.8
|
|
|
—
|
|
|
327.6
|
|
||||||
Income taxes
|
—
|
|
|
0.1
|
|
|
(61.5
|
)
|
|
(20.5
|
)
|
|
—
|
|
|
(81.9
|
)
|
||||||
Equity in income of subsidiaries
|
246.6
|
|
|
—
|
|
|
48.8
|
|
|
93.1
|
|
|
(388.5
|
)
|
|
—
|
|
||||||
Net income (loss)
|
$
|
245.7
|
|
|
$
|
(0.6
|
)
|
|
$
|
136.7
|
|
|
$
|
252.4
|
|
|
$
|
(388.5
|
)
|
|
$
|
245.7
|
|
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
243.5
|
|
|
$
|
(0.6
|
)
|
|
$
|
136.7
|
|
|
$
|
252.4
|
|
|
$
|
(388.5
|
)
|
|
$
|
243.5
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,099.7
|
|
|
$
|
57.9
|
|
|
$
|
—
|
|
|
$
|
4,157.6
|
|
Cost of sales
|
—
|
|
|
—
|
|
|
(2,719.6
|
)
|
|
(13.6
|
)
|
|
—
|
|
|
(2,733.2
|
)
|
||||||
Gross margin
|
—
|
|
|
—
|
|
|
1,380.1
|
|
|
44.3
|
|
|
—
|
|
|
1,424.4
|
|
||||||
Selling, general and administrative expenses
|
(1.6
|
)
|
|
—
|
|
|
(1,276.2
|
)
|
|
(23.2
|
)
|
|
—
|
|
|
(1,301.0
|
)
|
||||||
Other operating income, net
|
—
|
|
|
—
|
|
|
186.0
|
|
|
1.2
|
|
|
—
|
|
|
187.2
|
|
||||||
Operating (loss) income
|
(1.6
|
)
|
|
—
|
|
|
289.9
|
|
|
22.3
|
|
|
—
|
|
|
310.6
|
|
||||||
Intra-entity interest income (expense)
|
—
|
|
|
14.1
|
|
|
(139.8
|
)
|
|
125.7
|
|
|
—
|
|
|
—
|
|
||||||
Interest expense, net
|
—
|
|
|
(15.0
|
)
|
|
(10.7
|
)
|
|
(8.1
|
)
|
|
—
|
|
|
(33.8
|
)
|
||||||
(Loss) income before income taxes
|
(1.6
|
)
|
|
(0.9
|
)
|
|
139.4
|
|
|
139.9
|
|
|
—
|
|
|
276.8
|
|
||||||
Income taxes
|
—
|
|
|
0.2
|
|
|
(65.4
|
)
|
|
(15.6
|
)
|
|
—
|
|
|
(80.8
|
)
|
||||||
Equity in income of subsidiaries
|
197.6
|
|
|
—
|
|
|
69.9
|
|
|
92.3
|
|
|
(359.8
|
)
|
|
—
|
|
||||||
Net income (loss)
|
$
|
196.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
143.9
|
|
|
$
|
216.6
|
|
|
$
|
(359.8
|
)
|
|
$
|
196.0
|
|
Dividends on redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
196.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
143.9
|
|
|
$
|
216.6
|
|
|
$
|
(359.8
|
)
|
|
$
|
196.0
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
17.0
|
|
|
$
|
(0.3
|
)
|
|
$
|
(75.4
|
)
|
|
$
|
17.5
|
|
|
$
|
58.2
|
|
|
$
|
17.0
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(28.9
|
)
|
|
—
|
|
|
(32.5
|
)
|
|
3.6
|
|
|
28.9
|
|
|
(28.9
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
0.2
|
|
|
(0.2
|
)
|
||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
1.9
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
(1.9
|
)
|
|
1.9
|
|
||||||
Reclassification adjustment for losses to net income
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
(0.4
|
)
|
|
0.4
|
|
||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
0.4
|
|
|
(0.4
|
)
|
||||||
Total other comprehensive income (loss)
|
(27.3
|
)
|
|
—
|
|
|
(30.7
|
)
|
|
3.4
|
|
|
27.3
|
|
|
(27.3
|
)
|
||||||
Total comprehensive income (loss)
|
$
|
(10.3
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(106.1
|
)
|
|
$
|
20.9
|
|
|
$
|
85.5
|
|
|
$
|
(10.3
|
)
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
15.0
|
|
|
$
|
(0.4
|
)
|
|
$
|
(44.3
|
)
|
|
$
|
17.4
|
|
|
$
|
27.3
|
|
|
$
|
15.0
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(4.2
|
)
|
|
—
|
|
|
(6.4
|
)
|
|
2.2
|
|
|
4.2
|
|
|
(4.2
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.1
|
)
|
||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
(1.1
|
)
|
|
1.1
|
|
||||||
Reclassification adjustment for losses to net income
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
(0.9
|
)
|
|
0.9
|
|
||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
0.7
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
(0.7
|
)
|
|
0.7
|
|
||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
0.5
|
|
|
(0.5
|
)
|
||||||
Total other comprehensive income (loss)
|
(2.1
|
)
|
|
—
|
|
|
(4.2
|
)
|
|
2.1
|
|
|
2.1
|
|
|
(2.1
|
)
|
||||||
Total comprehensive income (loss)
|
$
|
12.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
(48.5
|
)
|
|
$
|
19.5
|
|
|
$
|
29.4
|
|
|
$
|
12.9
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
245.7
|
|
|
$
|
(0.6
|
)
|
|
$
|
136.7
|
|
|
$
|
252.4
|
|
|
$
|
(388.5
|
)
|
|
$
|
245.7
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(38.0
|
)
|
|
—
|
|
|
(45.2
|
)
|
|
7.2
|
|
|
38.0
|
|
|
(38.0
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
0.2
|
|
||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
8.2
|
|
|
—
|
|
|
8.2
|
|
|
—
|
|
|
(8.2
|
)
|
|
8.2
|
|
||||||
Reclassification adjustment for losses to net income
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
(1.6
|
)
|
|
1.6
|
|
||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
(1.0
|
)
|
|
1.0
|
|
||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
(1.2
|
)
|
|
—
|
|
|
(1.2
|
)
|
|
—
|
|
|
1.2
|
|
|
(1.2
|
)
|
||||||
Total other comprehensive income (loss)
|
(28.2
|
)
|
|
—
|
|
|
(35.6
|
)
|
|
7.4
|
|
|
28.2
|
|
|
(28.2
|
)
|
||||||
Total comprehensive income (loss)
|
$
|
217.5
|
|
|
$
|
(0.6
|
)
|
|
$
|
101.1
|
|
|
$
|
259.8
|
|
|
$
|
(360.3
|
)
|
|
$
|
217.5
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
196.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
143.9
|
|
|
$
|
216.6
|
|
|
$
|
(359.8
|
)
|
|
$
|
196.0
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(1.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
(1.0
|
)
|
|
1.4
|
|
|
(1.4
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
0.4
|
|
|
(0.4
|
)
|
||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss)
|
(10.3
|
)
|
|
—
|
|
|
(10.3
|
)
|
|
—
|
|
|
10.3
|
|
|
(10.3
|
)
|
||||||
Reclassification adjustment for losses to net income
|
2.2
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
(2.2
|
)
|
|
2.2
|
|
||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
(2.1
|
)
|
|
2.1
|
|
||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
(1.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
|
—
|
|
|
1.4
|
|
|
(1.4
|
)
|
||||||
Total other comprehensive income (loss)
|
(9.2
|
)
|
|
—
|
|
|
(7.8
|
)
|
|
(1.4
|
)
|
|
9.2
|
|
|
(9.2
|
)
|
||||||
Total comprehensive income (loss)
|
$
|
186.8
|
|
|
$
|
(0.7
|
)
|
|
$
|
136.1
|
|
|
$
|
215.2
|
|
|
$
|
(350.6
|
)
|
|
$
|
186.8
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
55.7
|
|
|
$
|
26.7
|
|
|
$
|
—
|
|
|
$
|
82.7
|
|
Accounts receivable, net
|
—
|
|
|
—
|
|
|
1,581.1
|
|
|
—
|
|
|
—
|
|
|
1,581.1
|
|
||||||
Intra-entity receivables, net
|
50.4
|
|
|
—
|
|
|
—
|
|
|
278.9
|
|
|
(329.3
|
)
|
|
—
|
|
||||||
Other receivables
|
—
|
|
|
—
|
|
|
52.0
|
|
|
22.2
|
|
|
—
|
|
|
74.2
|
|
||||||
Other current assets
|
—
|
|
|
—
|
|
|
140.3
|
|
|
6.5
|
|
|
—
|
|
|
146.8
|
|
||||||
Income taxes
|
—
|
|
|
0.1
|
|
|
35.6
|
|
|
(14.9
|
)
|
|
—
|
|
|
20.8
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
2,578.3
|
|
|
71.1
|
|
|
—
|
|
|
2,649.4
|
|
||||||
Total current assets
|
50.6
|
|
|
0.2
|
|
|
4,443.0
|
|
|
390.5
|
|
|
(329.3
|
)
|
|
4,555.0
|
|
||||||
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
786.4
|
|
|
4.7
|
|
|
—
|
|
|
791.1
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
513.4
|
|
|
3.6
|
|
|
—
|
|
|
517.0
|
|
||||||
Intangible assets, net
|
—
|
|
|
—
|
|
|
419.8
|
|
|
—
|
|
|
—
|
|
|
419.8
|
|
||||||
Investment in subsidiaries
|
2,812.5
|
|
|
—
|
|
|
586.7
|
|
|
474.4
|
|
|
(3,873.6
|
)
|
|
—
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
407.6
|
|
|
—
|
|
|
3,647.4
|
|
|
(4,055.0
|
)
|
|
—
|
|
||||||
Other assets
|
—
|
|
|
—
|
|
|
126.2
|
|
|
31.3
|
|
|
—
|
|
|
157.5
|
|
||||||
Deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retirement benefit asset
|
—
|
|
|
—
|
|
|
47.1
|
|
|
—
|
|
|
—
|
|
|
47.1
|
|
||||||
Total assets
|
$
|
2,863.1
|
|
|
$
|
407.8
|
|
|
$
|
6,922.6
|
|
|
$
|
4,551.9
|
|
|
$
|
(8,257.9
|
)
|
|
$
|
6,487.5
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and overdrafts
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
289.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
288.8
|
|
Accounts payable
|
—
|
|
|
—
|
|
|
376.4
|
|
|
5.8
|
|
|
—
|
|
|
382.2
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
329.3
|
|
|
—
|
|
|
(329.3
|
)
|
|
—
|
|
||||||
Accrued expenses and other current liabilities
|
20.2
|
|
|
7.1
|
|
|
360.1
|
|
|
15.5
|
|
|
—
|
|
|
402.9
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
256.7
|
|
|
—
|
|
|
—
|
|
|
256.7
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
3.9
|
|
|
0.5
|
|
|
—
|
|
|
4.4
|
|
||||||
Total current liabilities
|
20.2
|
|
|
6.4
|
|
|
1,615.9
|
|
|
21.8
|
|
|
(329.3
|
)
|
|
1,335.0
|
|
||||||
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
394.1
|
|
|
330.1
|
|
|
600.0
|
|
|
—
|
|
|
1,324.2
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
4,055.0
|
|
|
—
|
|
|
(4,055.0
|
)
|
|
—
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
213.7
|
|
|
6.2
|
|
|
—
|
|
|
219.9
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
632.1
|
|
|
—
|
|
|
—
|
|
|
632.1
|
|
||||||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
133.5
|
|
|
(0.1
|
)
|
|
—
|
|
|
133.4
|
|
||||||
Total liabilities
|
20.2
|
|
|
400.5
|
|
|
6,980.3
|
|
|
627.9
|
|
|
(4,384.3
|
)
|
|
3,644.6
|
|
||||||
Series A redeemable convertible preferred shares
|
611.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
611.7
|
|
||||||
Total shareholders’ equity (deficit)
|
2,231.2
|
|
|
7.3
|
|
|
(57.7
|
)
|
|
3,924.0
|
|
|
(3,873.6
|
)
|
|
2,231.2
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,863.1
|
|
|
$
|
407.8
|
|
|
$
|
6,922.6
|
|
|
$
|
4,551.9
|
|
|
$
|
(8,257.9
|
)
|
|
$
|
6,487.5
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
1.9
|
|
|
$
|
0.1
|
|
|
$
|
102.0
|
|
|
$
|
33.7
|
|
|
$
|
—
|
|
|
$
|
137.7
|
|
Accounts receivable, net
|
—
|
|
|
—
|
|
|
1,753.0
|
|
|
3.4
|
|
|
—
|
|
|
1,756.4
|
|
||||||
Intra-entity receivables, net
|
28.7
|
|
|
—
|
|
|
—
|
|
|
380.1
|
|
|
(408.8
|
)
|
|
—
|
|
||||||
Other receivables
|
—
|
|
|
—
|
|
|
68.8
|
|
|
15.2
|
|
|
—
|
|
|
84.0
|
|
||||||
Other current assets
|
0.1
|
|
|
—
|
|
|
144.2
|
|
|
8.3
|
|
|
—
|
|
|
152.6
|
|
||||||
Income taxes
|
—
|
|
|
0.2
|
|
|
2.3
|
|
|
1.0
|
|
|
—
|
|
|
3.5
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
2,372.7
|
|
|
81.2
|
|
|
—
|
|
|
2,453.9
|
|
||||||
Total current assets
|
30.7
|
|
|
0.3
|
|
|
4,443.0
|
|
|
522.9
|
|
|
(408.8
|
)
|
|
4,588.1
|
|
||||||
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
722.3
|
|
|
5.3
|
|
|
—
|
|
|
727.6
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
511.9
|
|
|
3.6
|
|
|
—
|
|
|
515.5
|
|
||||||
Intangible assets, net
|
—
|
|
|
—
|
|
|
427.8
|
|
|
—
|
|
|
—
|
|
|
427.8
|
|
||||||
Investment in subsidiaries
|
3,047.8
|
|
|
—
|
|
|
762.9
|
|
|
600.0
|
|
|
(4,410.7
|
)
|
|
—
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
402.6
|
|
|
—
|
|
|
3,467.4
|
|
|
(3,870.0
|
)
|
|
—
|
|
||||||
Other assets
|
—
|
|
|
—
|
|
|
124.5
|
|
|
30.1
|
|
|
—
|
|
|
154.6
|
|
||||||
Deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retirement benefit asset
|
—
|
|
|
—
|
|
|
51.3
|
|
|
—
|
|
|
—
|
|
|
51.3
|
|
||||||
Total assets
|
$
|
3,078.5
|
|
|
$
|
402.9
|
|
|
$
|
7,043.7
|
|
|
$
|
4,629.3
|
|
|
$
|
(8,689.5
|
)
|
|
$
|
6,464.9
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and overdrafts
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
58.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57.7
|
|
Accounts payable
|
—
|
|
|
—
|
|
|
260.3
|
|
|
8.8
|
|
|
—
|
|
|
269.1
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
408.8
|
|
|
—
|
|
|
(408.8
|
)
|
|
—
|
|
||||||
Accrued expenses and other current liabilities
|
17.8
|
|
|
2.4
|
|
|
467.0
|
|
|
11.1
|
|
|
—
|
|
|
498.3
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
260.3
|
|
|
—
|
|
|
—
|
|
|
260.3
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
68.4
|
|
|
(2.7
|
)
|
|
—
|
|
|
65.7
|
|
||||||
Total current liabilities
|
17.8
|
|
|
1.7
|
|
|
1,523.2
|
|
|
17.2
|
|
|
(408.8
|
)
|
|
1,151.1
|
|
||||||
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
393.5
|
|
|
327.5
|
|
|
600.0
|
|
|
—
|
|
|
1,321.0
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
3,870.0
|
|
|
—
|
|
|
(3,870.0
|
)
|
|
—
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
223.6
|
|
|
6.9
|
|
|
—
|
|
|
230.5
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
629.1
|
|
|
—
|
|
|
—
|
|
|
629.1
|
|
||||||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
73.0
|
|
|
(0.5
|
)
|
|
—
|
|
|
72.5
|
|
||||||
Total liabilities
|
17.8
|
|
|
395.2
|
|
|
6,646.4
|
|
|
623.6
|
|
|
(4,278.8
|
)
|
|
3,404.2
|
|
||||||
Series A redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total shareholders’ equity
|
3,060.7
|
|
|
7.7
|
|
|
397.3
|
|
|
4,005.7
|
|
|
(4,410.7
|
)
|
|
3,060.7
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
3,078.5
|
|
|
$
|
402.9
|
|
|
$
|
7,043.7
|
|
|
$
|
4,629.3
|
|
|
$
|
(8,689.5
|
)
|
|
$
|
6,464.9
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
||||||||||||||||
Cash and cash equivalents
|
$
|
3.1
|
|
|
$
|
0.1
|
|
|
$
|
61.0
|
|
|
$
|
13.0
|
|
|
$
|
—
|
|
|
$
|
77.2
|
|
Accounts receivable, net
|
—
|
|
|
—
|
|
|
1,447.1
|
|
|
4.4
|
|
|
—
|
|
|
1,451.5
|
|
||||||
Intra-entity receivables, net
|
61.9
|
|
|
—
|
|
|
—
|
|
|
182.1
|
|
|
(244.0
|
)
|
|
—
|
|
||||||
Other receivables
|
—
|
|
|
—
|
|
|
45.4
|
|
|
10.0
|
|
|
—
|
|
|
55.4
|
|
||||||
Other current assets
|
0.2
|
|
|
—
|
|
|
135.4
|
|
|
5.8
|
|
|
—
|
|
|
141.4
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
24.6
|
|
|
—
|
|
|
—
|
|
|
24.6
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
2,643.1
|
|
|
83.9
|
|
|
—
|
|
|
2,727.0
|
|
||||||
Total current assets
|
65.2
|
|
|
0.1
|
|
|
4,356.6
|
|
|
299.2
|
|
|
(244.0
|
)
|
|
4,477.1
|
|
||||||
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
712.5
|
|
|
5.5
|
|
|
—
|
|
|
718.0
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
514.0
|
|
|
3.6
|
|
|
—
|
|
|
517.6
|
|
||||||
Intangible assets, net
|
—
|
|
|
—
|
|
|
434.3
|
|
|
—
|
|
|
—
|
|
|
434.3
|
|
||||||
Investment in subsidiaries
|
2,797.6
|
|
|
—
|
|
|
532.4
|
|
|
537.1
|
|
|
(3,867.1
|
)
|
|
—
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
407.2
|
|
|
—
|
|
|
3,475.0
|
|
|
(3,882.2
|
)
|
|
—
|
|
||||||
Other assets
|
—
|
|
|
—
|
|
|
108.0
|
|
|
28.4
|
|
|
—
|
|
|
136.4
|
|
||||||
Deferred tax assets
|
—
|
|
|
—
|
|
|
1.1
|
|
|
0.7
|
|
|
—
|
|
|
1.8
|
|
||||||
Retirement benefit asset
|
—
|
|
|
—
|
|
|
40.7
|
|
|
—
|
|
|
—
|
|
|
40.7
|
|
||||||
Total assets
|
$
|
2,862.8
|
|
|
$
|
407.3
|
|
|
$
|
6,699.6
|
|
|
$
|
4,349.5
|
|
|
$
|
(7,993.3
|
)
|
|
$
|
6,325.9
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and overdrafts
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
248.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
248.0
|
|
Accounts payable
|
—
|
|
|
—
|
|
|
367.4
|
|
|
4.0
|
|
|
—
|
|
|
371.4
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
244.0
|
|
|
—
|
|
|
(244.0
|
)
|
|
—
|
|
||||||
Accrued expenses and other current liabilities
|
17.8
|
|
|
7.1
|
|
|
372.8
|
|
|
10.3
|
|
|
—
|
|
|
408.0
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
241.4
|
|
|
—
|
|
|
—
|
|
|
241.4
|
|
||||||
Income taxes
|
—
|
|
|
(0.2
|
)
|
|
(14.9
|
)
|
|
15.8
|
|
|
—
|
|
|
0.7
|
|
||||||
Total current liabilities
|
17.8
|
|
|
6.2
|
|
|
1,459.4
|
|
|
30.1
|
|
|
(244.0
|
)
|
|
1,269.5
|
|
||||||
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
393.3
|
|
|
337.3
|
|
|
600.0
|
|
|
—
|
|
|
1,330.6
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
3,882.2
|
|
|
—
|
|
|
(3,882.2
|
)
|
|
—
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
219.5
|
|
|
7.1
|
|
|
—
|
|
|
226.6
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
597.5
|
|
|
—
|
|
|
—
|
|
|
597.5
|
|
||||||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
56.7
|
|
|
—
|
|
|
—
|
|
|
56.7
|
|
||||||
Total liabilities
|
17.8
|
|
|
399.5
|
|
|
6,552.6
|
|
|
637.2
|
|
|
(4,126.2
|
)
|
|
3,480.9
|
|
||||||
Series A redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total shareholders’ equity
|
2,845.0
|
|
|
7.8
|
|
|
147.0
|
|
|
3,712.3
|
|
|
(3,867.1
|
)
|
|
2,845.0
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,862.8
|
|
|
$
|
407.3
|
|
|
$
|
6,699.6
|
|
|
$
|
4,349.5
|
|
|
$
|
(7,993.3
|
)
|
|
$
|
6,325.9
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net cash provided by (used in) operating activities
|
$
|
558.7
|
|
|
$
|
4.9
|
|
|
$
|
385.1
|
|
|
$
|
391.4
|
|
|
$
|
(979.2
|
)
|
|
$
|
360.9
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchase of property, plant and equipment
|
—
|
|
|
—
|
|
|
(195.6
|
)
|
|
—
|
|
|
—
|
|
|
(195.6
|
)
|
||||||
Investment in subsidiaries
|
(91.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91.0
|
|
|
—
|
|
||||||
Purchase of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.4
|
)
|
|
—
|
|
|
(10.4
|
)
|
||||||
Proceeds from available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
10.0
|
|
|
—
|
|
|
10.0
|
|
||||||
Net cash used in investing activities
|
(91.0
|
)
|
|
—
|
|
|
(195.6
|
)
|
|
(0.4
|
)
|
|
91.0
|
|
|
(196.0
|
)
|
||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends paid on common shares
|
(57.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57.5
|
)
|
||||||
Intra-entity dividends paid
|
—
|
|
|
—
|
|
|
(650.0
|
)
|
|
(329.2
|
)
|
|
979.2
|
|
|
—
|
|
||||||
Proceeds from issuance of common shares
|
0.4
|
|
|
—
|
|
|
91.0
|
|
|
—
|
|
|
(91.0
|
)
|
|
0.4
|
|
||||||
Proceeds from issuance of redeemable convertible preferred shares, net of issuance costs
|
611.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
611.6
|
|
||||||
Excess tax benefit from exercise of share awards
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
||||||
Repayments of term loan
|
—
|
|
|
—
|
|
|
(12.0
|
)
|
|
—
|
|
|
—
|
|
|
(12.0
|
)
|
||||||
Proceeds from securitization facility
|
—
|
|
|
—
|
|
|
—
|
|
|
1,837.1
|
|
|
—
|
|
|
1,837.1
|
|
||||||
Repayment of securitization facility
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,837.1
|
)
|
|
—
|
|
|
(1,837.1
|
)
|
||||||
Proceeds from revolving credit facility
|
—
|
|
|
—
|
|
|
598.0
|
|
|
—
|
|
|
—
|
|
|
598.0
|
|
||||||
Repayments of revolving credit facility
|
—
|
|
|
—
|
|
|
(339.0
|
)
|
|
—
|
|
|
—
|
|
|
(339.0
|
)
|
||||||
Payment of debt issuance costs
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
(2.7
|
)
|
||||||
Repurchase of common shares
|
(1,000.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,000.0
|
)
|
||||||
Net settlement of equity based awards
|
(4.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
||||||
Capital lease payments
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Proceeds from (repayment of) short-term borrowings
|
—
|
|
|
—
|
|
|
(13.3
|
)
|
|
—
|
|
|
—
|
|
|
(13.3
|
)
|
||||||
Intra-entity activity, net
|
(19.1
|
)
|
|
(4.9
|
)
|
|
91.6
|
|
|
(67.6
|
)
|
|
—
|
|
|
—
|
|
||||||
Net cash (used in) provided by financing activities
|
(469.4
|
)
|
|
(4.9
|
)
|
|
(234.7
|
)
|
|
(397.4
|
)
|
|
888.2
|
|
|
(218.2
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
1.9
|
|
|
0.1
|
|
|
102.0
|
|
|
33.7
|
|
|
—
|
|
|
137.7
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
(1.7
|
)
|
|
—
|
|
|
(45.2
|
)
|
|
(6.4
|
)
|
|
—
|
|
|
(53.3
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
(1.7
|
)
|
||||||
Cash and cash equivalents at end of period
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
55.7
|
|
|
$
|
26.7
|
|
|
$
|
—
|
|
|
$
|
82.7
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net cash provided by (used in) operating activities
|
$
|
98.4
|
|
|
$
|
4.6
|
|
|
$
|
(12.8
|
)
|
|
$
|
98.5
|
|
|
$
|
(100.0
|
)
|
|
$
|
88.7
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchase of property, plant and equipment
|
—
|
|
|
—
|
|
|
(170.3
|
)
|
|
(0.5
|
)
|
|
—
|
|
|
(170.8
|
)
|
||||||
Investment in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Purchase of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.8
|
)
|
|
—
|
|
|
(3.8
|
)
|
||||||
Proceeds from available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
|
3.6
|
|
||||||
Net cash used in investing activities
|
—
|
|
|
—
|
|
|
(170.3
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
(171.0
|
)
|
||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends paid on common shares
|
(49.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49.6
|
)
|
||||||
Dividends paid on redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Intra-entity dividends paid
|
—
|
|
|
—
|
|
|
(100.0
|
)
|
|
—
|
|
|
100.0
|
|
|
—
|
|
||||||
Proceeds from issuance of common shares
|
3.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
||||||
Proceeds from issuance of redeemable convertible preferred shares, net of issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Excess tax benefit from exercise of share awards
|
—
|
|
|
—
|
|
|
5.1
|
|
|
—
|
|
|
—
|
|
|
5.1
|
|
||||||
Repayments of term loan
|
—
|
|
|
—
|
|
|
(17.5
|
)
|
|
—
|
|
|
—
|
|
|
(17.5
|
)
|
||||||
Proceeds from securitization facility
|
—
|
|
|
—
|
|
|
—
|
|
|
1,738.9
|
|
|
—
|
|
|
1,738.9
|
|
||||||
Repayment of securitization facility
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,738.9
|
)
|
|
—
|
|
|
(1,738.9
|
)
|
||||||
Proceeds from revolving credit facility
|
—
|
|
|
—
|
|
|
177.0
|
|
|
—
|
|
|
—
|
|
|
177.0
|
|
||||||
Repayments of revolving credit facility
|
—
|
|
|
—
|
|
|
(30.0
|
)
|
|
—
|
|
|
—
|
|
|
(30.0
|
)
|
||||||
Repurchase of common shares
|
(111.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111.9
|
)
|
||||||
Net settlement of equity based awards
|
(8.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.3
|
)
|
||||||
Capital lease payments
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
||||||
Proceeds from (repayment of) short-term borrowings
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
||||||
Intra-entity activity, net
|
69.1
|
|
|
(4.6
|
)
|
|
45.2
|
|
|
(109.7
|
)
|
|
—
|
|
|
—
|
|
||||||
Net cash (used in) provided by financing activities
|
(97.4
|
)
|
|
(4.6
|
)
|
|
77.5
|
|
|
(109.7
|
)
|
|
100.0
|
|
|
(34.2
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
2.1
|
|
|
0.1
|
|
|
166.5
|
|
|
24.9
|
|
|
—
|
|
|
193.6
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
1.0
|
|
|
—
|
|
|
(105.6
|
)
|
|
(11.9
|
)
|
|
—
|
|
|
(116.5
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
3.1
|
|
|
$
|
0.1
|
|
|
$
|
61.0
|
|
|
$
|
13.0
|
|
|
$
|
—
|
|
|
$
|
77.2
|
|
•
|
The Sterling Jewelers division is one reportable segment. It operated
1,573
stores in all 50 states at
October 29, 2016
. Its stores operate nationally in malls and off-mall locations principally as Kay Jewelers (“Kay”), Kay Jewelers Outlet, Jared The Galleria Of Jewelry (“Jared”) and Jared Vault. The division also operates a variety of mall-based regional brands.
|
•
|
The Zale division consists of two reportable segments:
|
◦
|
Zale Jewelry, which operated
981
jewelry stores at
October 29, 2016
, is located primarily in shopping malls in North America. Zale Jewelry includes the US store brand Zales (Zales Jewelers and Zales Outlet), which operates in all 50 states, and the Canada store brand Peoples Jewellers, which operates in nine provinces. The division also operates regional brands Gordon’s Jewelers and Mappins.
|
◦
|
Piercing Pagoda, which operated
605
mall-based kiosks at
October 29, 2016
, is located in shopping malls in the US and Puerto Rico.
|
•
|
The UK Jewelry division is one reportable segment. It operated
509
stores at
October 29, 2016
. Its stores operate in shopping malls and off-mall locations (i.e. high street) principally as H.Samuel and Ernest Jones.
|
•
|
Integration costs in Fiscal 2017
(1)
and transaction and integration-related costs in Fiscal 2016
(1)
; and
|
•
|
Purchase accounting adjustments.
|
(in millions, except per share amounts)
|
13 weeks ended
|
|
Change %
|
|
Impact of exchange rate movement
|
|
13 weeks ended August 1, 2015 at constant exchange rates (non-GAAP)
|
|
Change at constant exchange rates (non-GAAP) %
|
||||||||||||
Sales by segments:
|
October 29, 2016
|
|
October 31, 2015
|
|
|
|
|
|
|
|
|
||||||||||
Sterling Jewelers
|
$
|
712.5
|
|
|
$
|
733.5
|
|
|
(2.9
|
)%
|
|
$
|
—
|
|
|
$
|
733.5
|
|
|
(2.9
|
)%
|
Zale Jewelry
|
282.4
|
|
|
281.9
|
|
|
0.2
|
%
|
|
0.6
|
|
|
282.5
|
|
|
—
|
%
|
||||
Piercing Pagoda
|
53.4
|
|
|
48.0
|
|
|
11.3
|
%
|
|
—
|
|
|
48.0
|
|
|
11.3
|
%
|
||||
UK Jewelry
|
130.3
|
|
|
149.4
|
|
|
(12.8
|
)%
|
|
(24.4
|
)
|
|
125.0
|
|
|
4.2
|
%
|
||||
Other
|
7.6
|
|
|
3.6
|
|
|
111.1
|
%
|
|
—
|
|
|
3.6
|
|
|
111.1
|
%
|
||||
Total sales
|
1,186.2
|
|
|
1,216.4
|
|
|
(2.5
|
)%
|
|
(23.8
|
)
|
|
1,192.6
|
|
|
(0.5
|
)%
|
||||
Cost of sales
|
(836.2
|
)
|
|
(848.7
|
)
|
|
1.5
|
%
|
|
17.7
|
|
|
(831.0
|
)
|
|
(0.6
|
)%
|
||||
Gross margin
|
350.0
|
|
|
367.7
|
|
|
(4.8
|
)%
|
|
(6.1
|
)
|
|
361.6
|
|
|
(3.2
|
)%
|
||||
Selling, general and administrative expenses
|
(386.5
|
)
|
|
(395.0
|
)
|
|
2.2
|
%
|
|
6.3
|
|
|
(388.7
|
)
|
|
0.6
|
%
|
||||
Other operating income, net
|
68.6
|
|
|
60.9
|
|
|
12.6
|
%
|
|
(0.1
|
)
|
|
60.8
|
|
|
12.8
|
%
|
||||
Operating income by segment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sterling Jewelers
|
78.6
|
|
|
77.2
|
|
|
1.8
|
%
|
|
—
|
|
|
77.2
|
|
|
1.8
|
%
|
||||
Zale Jewelry
(1)
|
(19.3
|
)
|
|
(18.3
|
)
|
|
(5.5
|
)%
|
|
(0.1
|
)
|
|
(18.4
|
)
|
|
(4.9
|
)%
|
||||
Piercing Pagoda
(2)
|
(5.4
|
)
|
|
(6.0
|
)
|
|
10.0
|
%
|
|
—
|
|
|
(6.0
|
)
|
|
10.0
|
%
|
||||
UK Jewelry
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Other
(3)
|
(21.8
|
)
|
|
(19.3
|
)
|
|
(13.0
|
)%
|
|
0.2
|
|
|
(19.1
|
)
|
|
(14.1
|
)%
|
||||
Total operating income
|
32.1
|
|
|
33.6
|
|
|
(4.5
|
)%
|
|
0.1
|
|
|
33.7
|
|
|
(4.7
|
)%
|
||||
Interest expense, net
|
(12.7
|
)
|
|
(11.7
|
)
|
|
(8.5
|
)%
|
|
—
|
|
|
(11.7
|
)
|
|
(8.5
|
)%
|
||||
Income before income taxes
|
19.4
|
|
|
21.9
|
|
|
(11.4
|
)%
|
|
0.1
|
|
|
22.0
|
|
|
(11.8
|
)%
|
||||
Income taxes
|
(2.4
|
)
|
|
(6.9
|
)
|
|
65.2
|
%
|
|
—
|
|
|
(6.9
|
)
|
|
65.2
|
%
|
||||
Net income
|
$
|
17.0
|
|
|
$
|
15.0
|
|
|
13.3
|
%
|
|
$
|
0.1
|
|
|
$
|
15.1
|
|
|
12.6
|
%
|
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
—
|
|
|
nm
|
|
|
—
|
|
|
—
|
|
|
nm
|
|
||||
Net income attributable to common shareholders
|
$
|
14.8
|
|
|
$
|
15.0
|
|
|
(1.3
|
)%
|
|
$
|
0.1
|
|
|
$
|
15.1
|
|
|
(2.0
|
)%
|
Basic earnings per share
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
5.3
|
%
|
|
$
|
—
|
|
|
$
|
0.19
|
|
|
5.3
|
%
|
Diluted earnings per share
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
5.3
|
%
|
|
$
|
—
|
|
|
$
|
0.19
|
|
|
5.3
|
%
|
(1)
|
Zale Jewelry includes net operating loss impact of
$3.7 million
and
$3.6 million
for purchase accounting adjustments in the 13 weeks ended
October 29, 2016
and
October 31, 2015
, respectively.
|
(2)
|
Piercing Pagoda includes net operating loss impact of
$0.1 million
and
$0.1 million
for purchase accounting adjustments in the 13 weeks ended
October 29, 2016
and
October 31, 2015
, respectively.
|
(3)
|
Other includes
$7.9 million
for the 13 weeks ended
October 29, 2016
of integration costs for consulting expenses associated with information technology ("IT") implementations. Other includes
$9.8 million
for the 13 weeks ended
October 31, 2015
of transaction and integration expenses associated with advisor fees for legal, tax, accounting and consulting services.
|
nm
|
Not meaningful.
|
(in millions, except per share amounts)
|
39 weeks ended
|
|
Change %
|
|
Impact of exchange rate movement
|
|
39 weeks ended October 31, 2015 at constant exchange rates (non-GAAP)
|
|
Change at constant exchange rates (non-GAAP) %
|
||||||||||||
Sales by segments:
|
October 29, 2016
|
|
October 31, 2015
|
|
|
|
|
|
|
|
|
||||||||||
Sterling Jewelers
|
$
|
2,532.3
|
|
|
$
|
2,536.2
|
|
|
(0.2
|
)%
|
|
$
|
—
|
|
|
$
|
2,536.2
|
|
|
(0.2
|
)%
|
Zale Jewelry
|
994.8
|
|
|
991.2
|
|
|
0.4
|
%
|
|
(5.1
|
)
|
|
986.1
|
|
|
0.9
|
%
|
||||
Piercing Pagoda
|
179.4
|
|
|
165.1
|
|
|
8.7
|
%
|
|
—
|
|
|
165.1
|
|
|
8.7
|
%
|
||||
UK Jewelry
|
419.5
|
|
|
455.0
|
|
|
(7.8
|
)%
|
|
(49.2
|
)
|
|
405.8
|
|
|
3.4
|
%
|
||||
Other
|
12.5
|
|
|
10.1
|
|
|
23.8
|
%
|
|
—
|
|
|
10.1
|
|
|
23.8
|
%
|
||||
Total sales
|
4,138.5
|
|
|
4,157.6
|
|
|
(0.5
|
)%
|
|
(54.3
|
)
|
|
4,103.3
|
|
|
0.9
|
%
|
||||
Cost of sales
|
(2,723.2
|
)
|
|
(2,733.2
|
)
|
|
0.4
|
%
|
|
40.0
|
|
|
(2,693.2
|
)
|
|
(1.1
|
)%
|
||||
Gross margin
|
1,415.3
|
|
|
1,424.4
|
|
|
(0.6
|
)%
|
|
(14.3
|
)
|
|
1,410.1
|
|
|
0.4
|
%
|
||||
Selling, general and administrative expenses
|
(1,264.9
|
)
|
|
(1,301.0
|
)
|
|
2.8
|
%
|
|
14.2
|
|
|
(1,286.8
|
)
|
|
1.7
|
%
|
||||
Other operating income, net
|
213.6
|
|
|
187.2
|
|
|
14.1
|
%
|
|
—
|
|
|
187.2
|
|
|
14.1
|
%
|
||||
Operating income by segment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sterling Jewelers
|
417.8
|
|
|
413.2
|
|
|
1.1
|
%
|
|
—
|
|
|
413.2
|
|
|
1.1
|
%
|
||||
Zale Jewelry
(1)
|
(0.5
|
)
|
|
(9.9
|
)
|
|
94.9
|
%
|
|
0.1
|
|
|
(9.8
|
)
|
|
94.9
|
%
|
||||
Piercing Pagoda
(2)
|
2.2
|
|
|
(1.0
|
)
|
|
nm
|
|
|
—
|
|
|
(1.0
|
)
|
|
nm
|
|
||||
UK Jewelry
|
3.0
|
|
|
3.7
|
|
|
(18.9
|
)%
|
|
(0.6
|
)
|
|
3.1
|
|
|
(3.2
|
)%
|
||||
Other
(3)
|
(58.5
|
)
|
|
(95.4
|
)
|
|
38.7
|
%
|
|
0.4
|
|
|
(95.0
|
)
|
|
38.4
|
%
|
||||
Total operating income
|
364.0
|
|
|
310.6
|
|
|
17.2
|
%
|
|
(0.1
|
)
|
|
310.5
|
|
|
17.2
|
%
|
||||
Interest expense, net
|
(36.4
|
)
|
|
(33.8
|
)
|
|
(7.7
|
)%
|
|
—
|
|
|
(33.8
|
)
|
|
(7.7
|
)%
|
||||
Income before income taxes
|
327.6
|
|
|
276.8
|
|
|
18.4
|
%
|
|
(0.1
|
)
|
|
276.7
|
|
|
18.4
|
%
|
||||
Income taxes
|
(81.9
|
)
|
|
(80.8
|
)
|
|
(1.4
|
)%
|
|
—
|
|
|
(80.8
|
)
|
|
(1.4
|
)%
|
||||
Net income
|
$
|
245.7
|
|
|
$
|
196.0
|
|
|
25.4
|
%
|
|
$
|
(0.1
|
)
|
|
$
|
195.9
|
|
|
25.4
|
%
|
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
—
|
|
|
nm
|
|
|
—
|
|
|
—
|
|
|
nm
|
|
||||
Net income attributable to common shareholders
|
$
|
243.5
|
|
|
$
|
196.0
|
|
|
24.2
|
%
|
|
$
|
(0.1
|
)
|
|
$
|
195.9
|
|
|
24.3
|
%
|
Basic earnings per share
|
$
|
3.19
|
|
|
$
|
2.46
|
|
|
29.7
|
%
|
|
$
|
—
|
|
|
$
|
2.46
|
|
|
29.7
|
%
|
Diluted earnings per share
|
$
|
3.18
|
|
|
$
|
2.45
|
|
|
29.8
|
%
|
|
$
|
—
|
|
|
$
|
2.45
|
|
|
29.8
|
%
|
(1)
|
Zale Jewelry includes net operating loss impact of
$13.2 million
and
$17.1 million
for purchase accounting adjustments in the 39 weeks ended
October 29, 2016
and
October 31, 2015
, respectively.
|
(2)
|
Piercing Pagoda includes net operating loss impact of
$0.3 million
and
$3.1 million
for purchase accounting adjustments in the 39 weeks ended
October 29, 2016
and
October 31, 2015
, respectively.
|
(3)
|
Other includes
$18.5 million
for the 39 weeks ended
October 29, 2016
of integration costs for consulting expenses associated with IT implementations and severance related to organizational changes. Other includes
$59.8 million
for the 39 weeks ended
October 31, 2015
of transaction and integration expenses, which are primarily attributed to the legal settlement over appraisal rights and consulting services.
|
nm
|
Not meaningful.
|
(in millions)
|
Signet consolidated,
as reported
|
|
Accounting adjustments
(1)
|
|
Integration costs
(2)
|
|
Adjusted Signet
|
||||||||||||||
Sales
|
$
|
1,186.2
|
|
|
100.0
|
%
|
|
$
|
(3.0
|
)
|
|
$
|
—
|
|
|
$
|
1,189.2
|
|
|
100.0
|
%
|
Cost of sales
|
(836.2
|
)
|
|
(70.5
|
)%
|
|
0.5
|
|
|
—
|
|
|
(836.7
|
)
|
|
(70.4
|
)%
|
||||
Gross margin
|
350.0
|
|
|
29.5
|
%
|
|
(2.5
|
)
|
|
—
|
|
|
352.5
|
|
|
29.6
|
%
|
||||
Selling, general and administrative expenses
|
(386.5
|
)
|
|
(32.6
|
)%
|
|
(1.3
|
)
|
|
(7.9
|
)
|
|
(377.3
|
)
|
|
(31.7
|
)%
|
||||
Other operating income, net
|
68.6
|
|
|
5.8
|
%
|
|
—
|
|
|
—
|
|
|
68.6
|
|
|
5.8
|
%
|
||||
Operating income
|
32.1
|
|
|
2.7
|
%
|
|
(3.8
|
)
|
|
(7.9
|
)
|
|
43.8
|
|
|
3.7
|
%
|
||||
Interest expense, net
|
(12.7
|
)
|
|
(1.1
|
)%
|
|
—
|
|
|
—
|
|
|
(12.7
|
)
|
|
(1.1
|
)%
|
||||
Income before income taxes
|
19.4
|
|
|
1.6
|
%
|
|
(3.8
|
)
|
|
(7.9
|
)
|
|
31.1
|
|
|
2.6
|
%
|
||||
Income taxes
|
(2.4
|
)
|
|
(0.2
|
)%
|
|
1.4
|
|
|
3.0
|
|
|
(6.8
|
)
|
|
(0.6
|
)%
|
||||
Net income
|
17.0
|
|
|
1.4
|
%
|
|
(2.4
|
)
|
|
(4.9
|
)
|
|
24.3
|
|
|
2.0
|
%
|
||||
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
nm
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
nm
|
|
||||
Net income attributable to common shareholders
|
$
|
14.8
|
|
|
1.2
|
%
|
|
$
|
(2.4
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
22.1
|
|
|
1.9
|
%
|
Earnings per share – diluted
|
$
|
0.20
|
|
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
0.30
|
|
|
|
(1)
|
Includes the impact of all acquisition accounting adjustments recognized in conjunction with the Acquisition in Fiscal 2015.
|
(2)
|
Integration costs are consulting expenses associated with IT implementations. These costs are included within Signet’s Other segment.
|
nm
|
Not meaningful.
|
(in millions)
|
Signet consolidated,
as reported
|
|
Accounting adjustments
(1)
|
|
Integration costs
(2)
|
|
Adjusted Signet
|
||||||||||||||
Sales
|
$
|
4,138.5
|
|
|
100.0
|
%
|
|
$
|
(10.7
|
)
|
|
$
|
—
|
|
|
$
|
4,149.2
|
|
|
100.0
|
%
|
Cost of sales
|
(2,723.2
|
)
|
|
(65.8
|
)%
|
|
1.1
|
|
|
—
|
|
|
(2,724.3
|
)
|
|
(65.7
|
)%
|
||||
Gross margin
|
1,415.3
|
|
|
34.2
|
%
|
|
(9.6
|
)
|
|
—
|
|
|
1,424.9
|
|
|
34.3
|
%
|
||||
Selling, general and administrative expenses
|
(1,264.9
|
)
|
|
(30.6
|
)%
|
|
(3.9
|
)
|
|
(18.5
|
)
|
|
(1,242.5
|
)
|
|
(29.9
|
)%
|
||||
Other operating income, net
|
213.6
|
|
|
5.2
|
%
|
|
—
|
|
|
—
|
|
|
213.6
|
|
|
5.1
|
%
|
||||
Operating income
|
364.0
|
|
|
8.8
|
%
|
|
(13.5
|
)
|
|
(18.5
|
)
|
|
396.0
|
|
|
9.5
|
%
|
||||
Interest expense, net
|
(36.4
|
)
|
|
(0.9
|
)%
|
|
—
|
|
|
—
|
|
|
(36.4
|
)
|
|
(0.8
|
)%
|
||||
Income before income taxes
|
327.6
|
|
|
7.9
|
%
|
|
(13.5
|
)
|
|
(18.5
|
)
|
|
359.6
|
|
|
8.7
|
%
|
||||
Income taxes
|
(81.9
|
)
|
|
(2.0
|
)%
|
|
5.1
|
|
|
7.0
|
|
|
(94.0
|
)
|
|
(2.3
|
)%
|
||||
Net income
|
245.7
|
|
|
5.9
|
%
|
|
(8.4
|
)
|
|
(11.5
|
)
|
|
265.6
|
|
|
6.4
|
%
|
||||
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
nm
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
nm
|
|
||||
Net income attributable to common shareholders
|
$
|
243.5
|
|
|
5.9
|
%
|
|
$
|
(8.4
|
)
|
|
$
|
(11.5
|
)
|
|
$
|
263.4
|
|
|
6.3
|
%
|
Earnings per share – diluted
|
$
|
3.18
|
|
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
3.44
|
|
|
|
(1)
|
Includes the impact of all acquisition accounting adjustments recognized in conjunction with the Acquisition in Fiscal 2015.
|
(2)
|
Integration costs are consulting expenses associated with IT implementations and severance related to organizational changes. These costs are included within Signet’s Other segment.
|
nm
|
Not meaningful.
|
(in millions)
|
Signet consolidated,
as reported
|
|
Accounting adjustments
(1)
|
|
Transaction/ Integration costs
(2)
|
|
Adjusted Signet
|
||||||||||||||
Sales
|
$
|
1,216.4
|
|
|
100.0
|
%
|
|
$
|
(6.2
|
)
|
|
$
|
—
|
|
|
$
|
1,222.6
|
|
|
100.0
|
%
|
Cost of sales
|
(848.7
|
)
|
|
(69.8
|
)%
|
|
0.1
|
|
|
—
|
|
|
(848.8
|
)
|
|
(69.4
|
)%
|
||||
Gross margin
|
367.7
|
|
|
30.2
|
%
|
|
(6.1
|
)
|
|
—
|
|
|
373.8
|
|
|
30.6
|
%
|
||||
Selling, general and administrative expenses
|
(395.0
|
)
|
|
(32.4
|
)%
|
|
2.4
|
|
|
(9.8
|
)
|
|
(387.6
|
)
|
|
(31.7
|
)%
|
||||
Other operating income, net
|
60.9
|
|
|
5.0
|
%
|
|
—
|
|
|
—
|
|
|
60.9
|
|
|
5.0
|
%
|
||||
Operating income
|
33.6
|
|
|
2.8
|
%
|
|
(3.7
|
)
|
|
(9.8
|
)
|
|
47.1
|
|
|
3.9
|
%
|
||||
Interest expense, net
|
(11.7
|
)
|
|
(1.0
|
)%
|
|
—
|
|
|
—
|
|
|
(11.7
|
)
|
|
(1.0
|
)%
|
||||
Income before income taxes
|
21.9
|
|
|
1.8
|
%
|
|
(3.7
|
)
|
|
(9.8
|
)
|
|
35.4
|
|
|
2.9
|
%
|
||||
Income taxes
|
(6.9
|
)
|
|
(0.6
|
)%
|
|
1.7
|
|
|
1.0
|
|
|
(9.6
|
)
|
|
(0.8
|
)%
|
||||
Net income
|
15.0
|
|
|
1.2
|
%
|
|
(2.0
|
)
|
|
(8.8
|
)
|
|
25.8
|
|
|
2.1
|
%
|
||||
Dividends on redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to common shareholders
|
$
|
15.0
|
|
|
1.2
|
%
|
|
$
|
(2.0
|
)
|
|
$
|
(8.8
|
)
|
|
$
|
25.8
|
|
|
2.1
|
%
|
Earnings per share – diluted
|
$
|
0.19
|
|
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
0.33
|
|
|
|
(1)
|
Includes the impact of all acquisition accounting adjustments recognized in conjunction with the Acquisition in Fiscal 2015.
|
(2)
|
Transaction and integration costs are primarily attributed to expenses associated with legal, tax, accounting and consulting services. These costs are included within Signet’s Other segment.
|
(in millions)
|
Signet consolidated,
as reported
|
|
Accounting adjustments
(1)
|
|
Transaction/Integration costs
(2)
|
|
Adjusted Signet
|
||||||||||||||
Sales
|
$
|
4,157.6
|
|
|
100.0
|
%
|
|
$
|
(22.0
|
)
|
|
$
|
—
|
|
|
$
|
4,179.6
|
|
|
100.0
|
%
|
Cost of sales
|
(2,733.2
|
)
|
|
(65.7
|
)%
|
|
(8.9
|
)
|
|
—
|
|
|
(2,724.3
|
)
|
|
(65.2
|
)%
|
||||
Gross margin
|
1,424.4
|
|
|
34.3
|
%
|
|
(30.9
|
)
|
|
—
|
|
|
1,455.3
|
|
|
34.8
|
%
|
||||
Selling, general and administrative expenses
|
(1,301.0
|
)
|
|
(31.3
|
)%
|
|
10.7
|
|
|
(59.8
|
)
|
|
(1,251.9
|
)
|
|
(30.0
|
)%
|
||||
Other operating income, net
|
187.2
|
|
|
4.5
|
%
|
|
—
|
|
|
—
|
|
|
187.2
|
|
|
4.5
|
%
|
||||
Operating income
|
310.6
|
|
|
7.5
|
%
|
|
(20.2
|
)
|
|
(59.8
|
)
|
|
390.6
|
|
|
9.3
|
%
|
||||
Interest expense, net
|
(33.8
|
)
|
|
(0.8
|
)%
|
|
—
|
|
|
—
|
|
|
(33.8
|
)
|
|
(0.8
|
)%
|
||||
Income before income taxes
|
276.8
|
|
|
6.7
|
%
|
|
(20.2
|
)
|
|
(59.8
|
)
|
|
356.8
|
|
|
8.5
|
%
|
||||
Income taxes
|
(80.8
|
)
|
|
(2.0
|
)%
|
|
7.5
|
|
|
9.9
|
|
|
(98.2
|
)
|
|
(2.3
|
)%
|
||||
Net income
|
$
|
196.0
|
|
|
4.7
|
%
|
|
$
|
(12.7
|
)
|
|
$
|
(49.9
|
)
|
|
$
|
258.6
|
|
|
6.2
|
%
|
Dividends on redeemable convertible preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to common shareholders
|
$
|
196.0
|
|
|
4.7
|
%
|
|
$
|
(12.7
|
)
|
|
$
|
(49.9
|
)
|
|
$
|
258.6
|
|
|
6.2
|
%
|
Earnings per share – diluted
|
$
|
2.45
|
|
|
|
|
$
|
(0.16
|
)
|
|
$
|
(0.63
|
)
|
|
$
|
3.24
|
|
|
|
(1)
|
Includes the impact of all acquisition accounting adjustments recognized in conjunction with the Acquisition in Fiscal 2015.
|
(2)
|
Transaction and integration costs are primarily attributed to the legal settlement over appraisal rights and expenses associated with legal, tax, accounting and consulting services. These costs are included within Signet’s Other segment.
|
(in millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
Cash and cash equivalents
|
$
|
82.7
|
|
|
$
|
137.7
|
|
|
$
|
77.2
|
|
Loans and overdrafts
|
(288.8
|
)
|
|
(57.7
|
)
|
|
(248.0
|
)
|
|||
Long-term debt
|
(1,324.2
|
)
|
|
(1,321.0
|
)
|
|
(1,330.6
|
)
|
|||
Net debt
|
$
|
(1,530.3
|
)
|
|
$
|
(1,241.0
|
)
|
|
$
|
(1,501.4
|
)
|
|
|
|
|
|
39 weeks ended
|
||||||
(in millions)
|
|
|
|
|
October 29, 2016
|
|
October 31, 2015
|
||||
Net cash provided by operating activities
|
|
|
|
|
$
|
360.9
|
|
|
$
|
88.7
|
|
Purchase of property, plant and equipment
|
|
|
|
|
(195.6
|
)
|
|
(170.8
|
)
|
||
Free cash flow
|
|
|
|
|
$
|
165.3
|
|
|
$
|
(82.1
|
)
|
5.
|
Earnings before interest, income taxes, depreciation and amortization ("EBITDA") and EBITDA adjusted for acquisition accounting adjustments ("Adjusted EBITDA")
|
|
|
|
|
|
39 weeks ended
|
||||||
(in millions)
|
|
|
|
|
October 29, 2016
|
|
October 31, 2015
|
||||
Operating income
|
|
|
|
|
$
|
364.0
|
|
|
$
|
310.6
|
|
Depreciation and amortization on property, plant and equipment
(1)
|
|
|
|
|
128.4
|
|
|
119.1
|
|
||
Amortization of definite-lived intangibles
(1)(2)
|
|
|
|
|
10.4
|
|
|
10.4
|
|
||
Amortization of unfavorable leases and contracts
(2)
|
|
|
|
|
(14.9
|
)
|
|
(24.6
|
)
|
||
EBITDA
|
|
|
|
|
487.9
|
|
|
415.5
|
|
||
Other non-cash accounting adjustments
(2)
|
|
|
|
|
18.0
|
|
|
34.4
|
|
||
Adjusted EBITDA
|
|
|
|
|
$
|
505.9
|
|
|
$
|
449.9
|
|
(1)
|
Total amount of depreciation and amortization reflected on the condensed consolidated statement of cash flows for the 39 weeks ended
October 29, 2016
and
October 31, 2015
equals
$138.8 million
and
$129.5 million
, respectively, which includes
$10.4 million
in each respective period related to the amortization of definite-lived intangibles, primarily favorable leases and trade names.
|
(2)
|
Total net operating loss relating to Acquisition accounting adjustments is
$13.5 million
and
$20.2 million
for the 39 weeks ended
October 29, 2016
and
October 31, 2015
, respectively, as reflected in the non-GAAP table above.
|
•
|
Same store sales: down
2.0%
. Total sales:
$1,186.2 million
, down
2.5%
. Total sales at constant exchange rates
(1)
down
0.5%
.
|
•
|
Operating income:
$32.1 million
, down
$1.5 million
or
4.5%
. Adjusted
(1)
operating income:
$43.8 million
, down
7.0%
compared to
$47.1 million
in the third quarter
Fiscal 2016
.
|
•
|
Operating margin: down
10
basis points to
2.7%
. Adjusted
(1)
operating margin: down
20
basis points to
3.7%
.
|
•
|
Diluted earnings per share:
$0.20
, up
$0.01
compared to
$0.19
in the third quarter
Fiscal 2016
. Adjusted
(1)
diluted earnings per share:
$0.30
, down
9.1%
compared to
$0.33
in the third quarter
Fiscal 2016
.
|
•
|
Same store sales: down
0.4%
. Total sales:
$4,138.5 million
, down
0.5%
. Total sales at constant exchange rates
(1)
up
0.9%
.
|
•
|
Operating income:
$364.0 million
, up
$53.4 million
or
17.2%
. Adjusted
(1)
operating income:
$396 million
, up
1.4%
compared to
$390.6 million
in the prior year comparable period.
|
•
|
Operating margin: up
130
basis points to
8.8%
. Adjusted
(1)
operating margin: up
20
basis points to
9.5%
.
|
•
|
Diluted earnings per share:
$3.18
, up
$0.73
or
29.8%
. Adjusted
(1)
diluted earnings per share:
$3.44
, up
6.2%
compared to
$3.24
in the prior year comparable period.
|
(1)
|
Non-GAAP measure.
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||||||||
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||||||||||||||
(in millions)
|
$
|
|
% of sales
|
|
$
|
|
% of sales
|
|
$
|
|
% of sales
|
|
$
|
|
% of sales
|
||||||||||||
Sales
|
$
|
1,186.2
|
|
|
100.0
|
%
|
|
$
|
1,216.4
|
|
|
100.0
|
%
|
|
$
|
4,138.5
|
|
|
100.0
|
%
|
|
$
|
4,157.6
|
|
|
100.0
|
%
|
Cost of sales
|
(836.2
|
)
|
|
(70.5
|
)
|
|
(848.7
|
)
|
|
(69.8
|
)
|
|
(2,723.2
|
)
|
|
(65.8
|
)
|
|
(2,733.2
|
)
|
|
(65.7
|
)
|
||||
Gross margin
|
350.0
|
|
|
29.5
|
|
|
367.7
|
|
|
30.2
|
|
|
1,415.3
|
|
|
34.2
|
|
|
1,424.4
|
|
|
34.3
|
|
||||
Selling, general and administrative expenses
|
(386.5
|
)
|
|
(32.6
|
)
|
|
(395.0
|
)
|
|
(32.4
|
)
|
|
(1,264.9
|
)
|
|
(30.6
|
)
|
|
(1,301.0
|
)
|
|
(31.3
|
)
|
||||
Other operating income, net
|
68.6
|
|
|
5.8
|
|
|
60.9
|
|
|
5.0
|
|
|
213.6
|
|
|
5.2
|
|
|
187.2
|
|
|
4.5
|
|
||||
Operating income
|
32.1
|
|
|
2.7
|
|
|
33.6
|
|
|
2.8
|
|
|
364.0
|
|
|
8.8
|
|
|
310.6
|
|
|
7.5
|
|
||||
Interest expense, net
|
(12.7
|
)
|
|
(1.1
|
)
|
|
(11.7
|
)
|
|
(1.0
|
)
|
|
(36.4
|
)
|
|
(0.9
|
)
|
|
(33.8
|
)
|
|
(0.8
|
)
|
||||
Income before income taxes
|
19.4
|
|
|
1.6
|
|
|
21.9
|
|
|
1.8
|
|
|
327.6
|
|
|
7.9
|
|
|
276.8
|
|
|
6.7
|
|
||||
Income taxes
|
(2.4
|
)
|
|
(0.2
|
)
|
|
(6.9
|
)
|
|
(0.6
|
)
|
|
(81.9
|
)
|
|
(2.0
|
)
|
|
(80.8
|
)
|
|
(2.0
|
)
|
||||
Net income
|
17.0
|
|
|
1.4
|
%
|
|
15.0
|
|
|
1.2
|
%
|
|
$
|
245.7
|
|
|
5.9
|
%
|
|
$
|
196.0
|
|
|
4.7
|
%
|
||
Dividends on redeemable convertible preferred shares
|
(2.2
|
)
|
|
nm
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
nm
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to common shareholders
|
$
|
14.8
|
|
|
1.2
|
%
|
|
$
|
15.0
|
|
|
1.2
|
%
|
|
$
|
243.5
|
|
|
5.9
|
%
|
|
$
|
196.0
|
|
|
4.7
|
%
|
nm
|
Not meaningful.
|
|
Change from previous year
|
|
|
|||||||||||||||
Third quarter of Fiscal 2017
|
Same store sales
(1)
|
|
Non-same
store sales, net (2) |
|
Total sales
at constant exchange rate
(3)
|
|
Exchange
translation impact (3) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||||
Sterling Jewelers division
|
(3.8
|
)%
|
|
0.9
|
%
|
|
(2.9
|
)%
|
|
—
|
%
|
|
(2.9
|
)%
|
|
$
|
712.5
|
|
Zale Jewelry
|
(1.4
|
)%
|
|
1.4
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
$
|
282.4
|
|
Piercing Pagoda
|
9.5
|
%
|
|
1.8
|
%
|
|
11.3
|
%
|
|
—
|
%
|
|
11.3
|
%
|
|
$
|
53.4
|
|
Zale division
|
0.2
|
%
|
|
1.4
|
%
|
|
1.6
|
%
|
|
0.2
|
%
|
|
1.8
|
%
|
|
$
|
335.8
|
|
UK Jewelry division
|
3.6
|
%
|
|
0.6
|
%
|
|
4.2
|
%
|
|
(17.0
|
)%
|
|
(12.8
|
)%
|
|
$
|
130.3
|
|
Other
(4)
|
—
|
%
|
|
111.1
|
%
|
|
111.1
|
%
|
|
—
|
%
|
|
111.1
|
%
|
|
$
|
7.6
|
|
Signet
|
(2.0
|
)%
|
|
1.5
|
%
|
|
(0.5
|
)%
|
|
(2.0
|
)%
|
|
(2.5
|
)%
|
|
$
|
1,186.2
|
|
Adjusted Signet
(3)
|
|
|
|
|
|
|
|
|
|
|
$
|
1,189.2
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open for 12 months.
|
(3)
|
Non-GAAP measure.
|
(4)
|
Includes sales from Signet's diamond sourcing initiative.
|
|
Change from previous year
|
|
|
|||||||||
Third quarter of Fiscal 2017
|
Same
store sales (1) |
|
Non-same
store sales, net (2) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||
Kay
|
(2.9
|
)%
|
|
1.5
|
%
|
|
(1.4
|
)%
|
|
$
|
456.5
|
|
Jared
(3)
|
(4.6
|
)%
|
|
2.1
|
%
|
|
(2.5
|
)%
|
|
226.6
|
|
|
Regional brands
|
(10.5
|
)%
|
|
(12.3
|
)%
|
|
(22.8
|
)%
|
|
29.4
|
|
|
Sterling Jewelers division
|
(3.8
|
)%
|
|
0.9
|
%
|
|
(2.9
|
)%
|
|
$
|
712.5
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open or owned for 12 months.
|
(3)
|
Includes smaller concept Jared stores such as Jared Vault and Jared Jewelry Boutique.
|
|
Average Merchandise Transaction Value
(1)(2)
|
|
Merchandise Transactions
|
||||||||||||||||
|
Average Value
|
|
Change from previous year
|
|
Change from previous year
|
||||||||||||||
Third quarter
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||
Kay
|
$
|
541
|
|
|
$
|
513
|
|
|
5.5
|
%
|
|
4.7
|
%
|
|
(8.9
|
)%
|
|
1.1
|
%
|
Jared
|
$
|
672
|
|
|
$
|
693
|
|
|
(3.0
|
)%
|
|
1.2
|
%
|
|
(3.1
|
)%
|
|
(4.9
|
)%
|
Regional brands
|
$
|
521
|
|
|
$
|
503
|
|
|
3.6
|
%
|
|
0.8
|
%
|
|
(14.3
|
)%
|
|
(1.6
|
)%
|
Sterling Jewelers division
|
$
|
576
|
|
|
$
|
560
|
|
|
2.9
|
%
|
|
3.0
|
%
|
|
(7.7
|
)%
|
|
(0.6
|
)%
|
(2)
|
Net merchandise sales include all merchandise product sales, net of discounts and returns. Excluded from net merchandise sales are sales tax in the US, repair, extended service plan, insurance, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to change in same store sales.
|
|
Change from previous year
|
|
|
|||||||||||||||
Third quarter of Fiscal 2017
|
Same store sales
(1)
|
|
Non-same
store sales, net (2) |
|
Total sales
at constant exchange rate
(3)
|
|
Exchange
translation impact (3) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||||
Zales
|
(1.0
|
)%
|
|
3.2
|
%
|
|
2.2
|
%
|
|
—
|
%
|
|
2.2
|
%
|
|
$
|
225.3
|
|
Gordon’s
|
(11.6
|
)%
|
|
(17.9
|
)%
|
|
(29.5
|
)%
|
|
—
|
%
|
|
(29.5
|
)%
|
|
$
|
9.8
|
|
Zale US Jewelry
|
(1.5
|
)%
|
|
1.8
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
0.3
|
%
|
|
$
|
235.1
|
|
Peoples
|
(1.0
|
)%
|
|
0.5
|
%
|
|
(0.5
|
)%
|
|
1.2
|
%
|
|
0.7
|
%
|
|
$
|
41.2
|
|
Mappins
|
—
|
%
|
|
(9.0
|
)%
|
|
(9.0
|
)%
|
|
1.4
|
%
|
|
(7.6
|
)%
|
|
$
|
6.1
|
|
Zale Canada Jewelry
|
(0.9
|
)%
|
|
(0.8
|
)%
|
|
(1.7
|
)%
|
|
1.3
|
%
|
|
(0.4
|
)%
|
|
$
|
47.3
|
|
Total Zale Jewelry
|
(1.4
|
)%
|
|
1.4
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
$
|
282.4
|
|
Piercing Pagoda
|
9.5
|
%
|
|
1.8
|
%
|
|
11.3
|
%
|
|
—
|
%
|
|
11.3
|
%
|
|
$
|
53.4
|
|
Zale division
(4)
|
0.2
|
%
|
|
1.4
|
%
|
|
1.6
|
%
|
|
0.2
|
%
|
|
1.8
|
%
|
|
$
|
335.8
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open for 12 months.
|
(3)
|
Non-GAAP measure.
|
(4)
|
The Zale division same store sales includes merchandise and repair sales and excludes warranty and insurance revenues.
|
|
Average Merchandise Transaction Value
(1)(2)
|
|
Merchandise Transactions
|
||||||||||||||||
|
Average Value
|
|
Change from previous year
|
|
Change from previous year
|
||||||||||||||
Third quarter
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||
Zales
|
$
|
521
|
|
|
$
|
506
|
|
|
3.0
|
%
|
|
(3.3
|
)%
|
|
(3.2
|
)%
|
|
5.2
|
%
|
Gordon’s
|
$
|
495
|
|
|
$
|
488
|
|
|
1.4
|
%
|
|
(6.4
|
)%
|
|
(12.3
|
)%
|
|
(5.8
|
)%
|
Peoples
(3)
|
C$
|
456
|
|
|
C$
|
432
|
|
|
5.6
|
%
|
|
3.4
|
%
|
|
(6.5
|
)%
|
|
(1.6
|
)%
|
Mappins
(3)
|
C$
|
382
|
|
|
C$
|
382
|
|
|
—
|
%
|
|
1.1
|
%
|
|
(0.8
|
)%
|
|
(2.4
|
)%
|
Total Zale Jewelry
|
$
|
476
|
|
|
$
|
460
|
|
|
3.5
|
%
|
|
(1.9
|
)%
|
|
(4.2
|
)%
|
|
2.9
|
%
|
Piercing Pagoda
|
$
|
55
|
|
|
$
|
48
|
|
|
14.6
|
%
|
|
11.6
|
%
|
|
(4.3
|
)%
|
|
(0.1
|
)%
|
Zale division
|
$
|
211
|
|
|
$
|
200
|
|
|
5.5
|
%
|
|
1.0
|
%
|
|
(4.2
|
)%
|
|
1.0
|
%
|
(1)
|
Average merchandise transaction value is defined as net merchandise sales on a same store basis divided by the total number of customer transactions.
|
(2)
|
Net merchandise sales include all merchandise product sales, net of discounts and returns. In addition, excluded from net merchandise sales are sales tax in the US, repair, extended service plan, insurance, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to change in same store sales.
|
(3)
|
Amounts for Zale Canada Jewelry stores are denominated in Canadian dollars.
|
|
Change from previous year
|
|
|
|||||||||||||||
Third quarter of Fiscal 2017
|
Same
store sales (1) |
|
Non-same
store sales, net (2) |
|
Total sales
at constant exchange rate
(3)
|
|
Exchange
translation impact (3) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||||
H.Samuel
|
1.5
|
%
|
|
0.6
|
%
|
|
2.1
|
%
|
|
(16.7
|
)%
|
|
(14.6
|
)%
|
|
$
|
62.8
|
|
Ernest Jones
|
5.7
|
%
|
|
0.6
|
%
|
|
6.3
|
%
|
|
(17.4
|
)%
|
|
(11.1
|
)%
|
|
$
|
67.5
|
|
UK Jewelry division
|
3.6
|
%
|
|
0.6
|
%
|
|
4.2
|
%
|
|
(17.0
|
)%
|
|
(12.8
|
)%
|
|
$
|
130.3
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open for 12 months.
|
(3)
|
Non-GAAP measure.
|
|
Average Merchandise Transaction Value
(1)(2)
|
|
Merchandise Transactions
|
||||||||||||||||
|
Average Value
|
|
Change from previous year
|
|
Change from previous year
|
||||||||||||||
Third quarter
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||
H.Samuel
|
£
|
78
|
|
|
£
|
77
|
|
|
1.3
|
%
|
|
—
|
%
|
|
(1.7
|
)%
|
|
2.7
|
%
|
Ernest Jones
|
£
|
356
|
|
|
£
|
304
|
|
|
17.1
|
%
|
|
6.4
|
%
|
|
(9.4
|
)%
|
|
0.8
|
%
|
UK Jewelry division
|
£
|
132
|
|
|
£
|
124
|
|
|
6.5
|
%
|
|
3.4
|
%
|
|
(3.3
|
)%
|
|
2.3
|
%
|
(1)
|
Average merchandise transaction value is defined as net merchandise sales on a same store basis divided by the total number of customer transactions.
|
(2)
|
Net merchandise sales include all merchandise product sales, including value added tax (“VAT”), net of discounts and returns. In addition, excluded from net merchandise sales are repairs, warranty, insurance, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to change in same store sales.
|
|
Change from previous year
|
|
|
|||||||||||||||
Year to date Fiscal 2017
|
Same
store sales (1) |
|
Non-same
store sales, net (2) |
|
Total sales
at constant exchange rate
(3)
|
|
Exchange
translation impact (3) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||||
Sterling Jewelers division
|
(1.3
|
)%
|
|
1.1
|
%
|
|
(0.2
|
)%
|
|
—
|
%
|
|
(0.2
|
)%
|
|
$
|
2,532.3
|
|
Zale Jewelry
|
(0.7
|
)%
|
|
1.6
|
%
|
|
0.9
|
%
|
|
(0.5
|
)%
|
|
0.4
|
%
|
|
$
|
994.8
|
|
Piercing Pagoda
|
7.0
|
%
|
|
1.7
|
%
|
|
8.7
|
%
|
|
—
|
%
|
|
8.7
|
%
|
|
$
|
179.4
|
|
Zale division
|
0.5
|
%
|
|
1.5
|
%
|
|
2.0
|
%
|
|
(0.5
|
)%
|
|
1.5
|
%
|
|
$
|
1,174.2
|
|
UK Jewelry division
|
2.5
|
%
|
|
0.9
|
%
|
|
3.4
|
%
|
|
(11.2
|
)%
|
|
(7.8
|
)%
|
|
$
|
419.5
|
|
Other
(4)
|
—
|
%
|
|
23.8
|
%
|
|
23.8
|
%
|
|
—
|
%
|
|
23.8
|
%
|
|
$
|
12.5
|
|
Signet
|
(0.4
|
)%
|
|
1.3
|
%
|
|
0.9
|
%
|
|
(1.4
|
)%
|
|
(0.5
|
)%
|
|
$
|
4,138.5
|
|
Adjusted Signet
(3)
|
|
|
|
|
|
|
|
|
|
|
$
|
4,149.2
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open for 12 months.
|
(3)
|
Non-GAAP measure.
|
(4)
|
Includes sales from Signet's diamond sourcing initiative.
|
|
Change from previous year
|
|
|
|||||||||
Year to date Fiscal 2017
|
Same
store sales (1) |
|
Non-same
store sales, net (2) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||
Kay
|
0.7
|
%
|
|
1.5
|
%
|
|
2.2
|
%
|
|
$
|
1,624.5
|
|
Jared
(3)
|
(4.6
|
)%
|
|
2.6
|
%
|
|
(2.0
|
)%
|
|
$
|
796.9
|
|
Regional brands
|
(6.0
|
)%
|
|
(10.8
|
)%
|
|
(16.8
|
)%
|
|
$
|
110.9
|
|
Sterling Jewelers division
|
(1.3
|
)%
|
|
1.1
|
%
|
|
(0.2
|
)%
|
|
$
|
2,532.3
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open or owned for 12 months.
|
(3)
|
Includes smaller concept Jared stores such as Jared Vault and Jared Jewelry Boutique.
|
|
Average Merchandise Transaction Value
(1)(2)
|
|
Merchandise Transactions
|
||||||||||||||||
|
Average Value
|
|
Change from previous year
|
|
Change from previous year
|
||||||||||||||
Year to date Fiscal 2017
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||
Kay
|
$
|
477
|
|
|
$
|
448
|
|
|
6.5
|
%
|
|
5.4
|
%
|
|
(6.8
|
)%
|
|
(1.5
|
)%
|
Jared
|
$
|
573
|
|
|
$
|
605
|
|
|
(5.3
|
)%
|
|
2.2
|
%
|
|
(1.1
|
)%
|
|
(3.0
|
)%
|
Regional brands
|
$
|
467
|
|
|
$
|
447
|
|
|
4.5
|
%
|
|
2.5
|
%
|
|
(11.3
|
)%
|
|
(4.1
|
)%
|
Sterling Jewelers division
|
$
|
504
|
|
|
$
|
490
|
|
|
2.9
|
%
|
|
4.3
|
%
|
|
(5.5
|
)%
|
|
(2.0
|
)%
|
(2)
|
Net merchandise sales include all merchandise product sales, net of discounts and returns. In addition, excluded from net merchandise sales are sales tax in the US, repair, extended service plan, insurance, employee and other miscellaneous sales.
|
|
Change from previous year
|
|
|
|||||||||||||||
Year to date Fiscal 2017
|
Same store sales
(1)
|
|
Non-same
store sales, net (2) |
|
Total sales
at constant exchange rate
(3)
|
|
Exchange
translation impact (3) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||||
Zales
|
0.4
|
%
|
|
2.8
|
%
|
|
3.2
|
%
|
|
—
|
%
|
|
3.2
|
%
|
|
$
|
804.9
|
|
Gordon’s
|
(11.7
|
)%
|
|
(12.4
|
)%
|
|
(24.1
|
)%
|
|
—
|
%
|
|
(24.1
|
)%
|
|
$
|
39.0
|
|
Zale US Jewelry
|
(0.2
|
)%
|
|
1.7
|
%
|
|
1.5
|
%
|
|
—
|
%
|
|
1.5
|
%
|
|
$
|
843.9
|
|
Peoples
|
(2.7
|
)%
|
|
1.4
|
%
|
|
(1.3
|
)%
|
|
(3.1
|
)%
|
|
(4.4
|
)%
|
|
$
|
131.7
|
|
Mappins
|
(4.4
|
)%
|
|
(5.9
|
)%
|
|
(10.3
|
)%
|
|
(3.2
|
)%
|
|
(13.5
|
)%
|
|
$
|
19.2
|
|
Zale Canada Jewelry
|
(2.9
|
)%
|
|
0.3
|
%
|
|
(2.6
|
)%
|
|
(3.1
|
)%
|
|
(5.7
|
)%
|
|
$
|
150.9
|
|
Total Zale Jewelry
|
(0.7
|
)%
|
|
1.6
|
%
|
|
0.9
|
%
|
|
(0.5
|
)%
|
|
0.4
|
%
|
|
$
|
994.8
|
|
Piercing Pagoda
|
7.0
|
%
|
|
1.7
|
%
|
|
8.7
|
%
|
|
—
|
%
|
|
8.7
|
%
|
|
$
|
179.4
|
|
Zale division
(4)
|
0.5
|
%
|
|
1.5
|
%
|
|
2.0
|
%
|
|
(0.5
|
)%
|
|
1.5
|
%
|
|
$
|
1,174.2
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open for 12 months.
|
(3)
|
Non-GAAP measure.
|
(4)
|
The Zale division same store sales includes merchandise and repair sales and excludes warranty and insurance revenues.
|
|
Average Merchandise Transaction Value
(1)(2)
|
|
Merchandise Transactions
|
||||||||||
|
Average Value
|
|
Change from previous year
|
|
Change from previous year
|
||||||||
Year to date Fiscal 2017
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2017
|
||||||
Zales
|
$
|
486
|
|
|
$
|
474
|
|
|
2.5
|
%
|
|
(1.8
|
)%
|
Gordon’s
|
$
|
453
|
|
|
$
|
449
|
|
|
0.9
|
%
|
|
(12.3
|
)%
|
Peoples
(3)
|
C$
|
423
|
|
|
C$
|
397
|
|
|
6.5
|
%
|
|
(9.0
|
)%
|
Mappins
(3)
|
C$
|
359
|
|
|
C$
|
356
|
|
|
0.8
|
%
|
|
(5.3
|
)%
|
Total Zale Jewelry
|
$
|
448
|
|
|
$
|
432
|
|
|
3.7
|
%
|
|
(3.8
|
)%
|
Piercing Pagoda
|
$
|
56
|
|
|
$
|
49
|
|
|
14.3
|
%
|
|
(6.4
|
)%
|
Zale division
|
$
|
212
|
|
|
$
|
199
|
|
|
6.5
|
%
|
|
(5.4
|
)%
|
(1)
|
Average merchandise transaction value is defined as net merchandise sales on a same store basis divided by the total number of customer transactions.
|
(2)
|
Net merchandise sales include all merchandise product sales, net of discounts and returns. In addition, excluded from net merchandise sales are sales tax in the US, repair, extended service plan, insurance, employee and other miscellaneous sales.
|
(3)
|
Amounts for Zale Canada Jewelry stores are denominated in Canadian dollars.
|
|
Change from previous year
|
|
|
|||||||||||||||
Year to date Fiscal 2017
|
Same
store sales (1) |
|
Non-same
store sales, net (2) |
|
Total sales
at constant exchange rate
(3)
|
|
Exchange
translation impact (3) |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||||
H.Samuel
|
1.3
|
%
|
|
0.4
|
%
|
|
1.7
|
%
|
|
(11.0
|
)%
|
|
(9.3
|
)%
|
|
$
|
203.8
|
|
Ernest Jones
|
3.8
|
%
|
|
1.2
|
%
|
|
5.0
|
%
|
|
(11.4
|
)%
|
|
(6.4
|
)%
|
|
$
|
215.7
|
|
UK Jewelry division
|
2.5
|
%
|
|
0.9
|
%
|
|
3.4
|
%
|
|
(11.2
|
)%
|
|
(7.8
|
)%
|
|
$
|
419.5
|
|
(1)
|
Based on stores open for at least 12 months. eCommerce sales are included in the calculation of same store sales for the period and comparative figures from the anniversary of the launch of the relevant website.
|
(2)
|
Includes all sales from stores not open for 12 months.
|
(3)
|
Non-GAAP measure.
|
|
Average Merchandise Transaction Value
(1)(2)
|
|
Merchandise Transactions
|
||||||||||||||||
|
Average Value
|
|
Change from previous year
|
|
Change from previous year
|
||||||||||||||
Year to date Fiscal 2017
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||
H.Samuel
|
£
|
76
|
|
|
£
|
75
|
|
|
1.3
|
%
|
|
1.4
|
%
|
|
(1.1
|
)%
|
|
1.8
|
%
|
Ernest Jones
|
£
|
315
|
|
|
£
|
282
|
|
|
11.7
|
%
|
|
3.7
|
%
|
|
(7.0
|
)%
|
|
3.9
|
%
|
UK Jewelry division
|
£
|
125
|
|
|
£
|
120
|
|
|
4.2
|
%
|
|
3.5
|
%
|
|
(2.4
|
)%
|
|
2.2
|
%
|
(1)
|
Average merchandise transaction value is defined as net merchandise sales on a same store basis divided by the total number of customer transactions.
|
(2)
|
Net merchandise sales include all merchandise product sales, including value added tax (“VAT”), net of discounts and returns. In addition, excluded from net merchandise sales are repairs, warranty, insurance, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to change in same store sales.
|
•
|
Gross margin dollars in the Sterling Jewelers division decreased
$15.6 million
compared to the prior year third quarter. The gross margin rate, down
120
basis points, decreased principally due to lower sales, higher bad debt expense, and de-leverage on store occupancy. Signet has opened more stores this year, most notably Kay, leading to higher occupancy but without full operating productivity yet.
|
•
|
Gross margin dollars in the Zale division increased
$5.2 million
, or
100
basis points, compared to the prior year third quarter primarily due to lower impact from purchase accounting adjustments compared to the prior year. Included in gross margin were purchase accounting adjustments totaling
$2.5 million
compared to
$6.1 million
in prior year. Adjusted gross margin in the Zale division increased
$1.6 million
, or
20
basis points, as the favorable impact of lower discounting and merchandise mix more than offset the fixed cost deleverage.
|
•
|
Gross margin dollars in the UK Jewelry division decreased
$6.2 million
compared to the prior year third quarter, and the gross margin rate decreased
90
basis points. The gross margin rate decline was driven principally by lower total sales, lower gross merchandise margin, as well as impact resulting from foreign currency.
|
•
|
Gross margin dollars in the Sterling Jewelers division decreased
$22.8 million
compared to the prior year. The gross margin rate, down
80
basis points, decreased principally due to lower sales, higher bad debt expense, and de-leverage on store occupancy.
|
•
|
Gross margin dollars in the Zale division increased
$26.3 million
, or
170
basis points, compared to the prior year primarily due mainly to lower purchase accounting costs this year. Included in gross margin were purchase accounting adjustments totaling
$9.6 million
compared to
$30.9 million
in prior year. Adjusted gross margin in the Zale division increased
$5.0 million
, or
20
basis points, favorably impacted by merchandise margins and store operating and distribution costs.
|
•
|
Gross margin dollars in the UK Jewelry division decreased
$12.9 million
compared to the prior year, and the gross margin rate decreased
80
basis points. The gross margin rate decrease was driven principally by lower sales and merchandise margin de-leverage as a result of currency exchange rates.
|
|
Third Quarter
|
||||||||||||
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||||
|
$
(in millions)
|
|
% of divisional sales
|
|
$
(in millions) |
|
% of divisional sales
|
||||||
Sterling Jewelers division
|
$
|
78.6
|
|
|
11.0
|
%
|
|
$
|
77.2
|
|
|
10.5
|
%
|
Zale division
(1)
|
(24.7
|
)
|
|
(7.4
|
)%
|
|
(24.3
|
)
|
|
(7.4
|
)%
|
||
UK Jewelry division
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
||
Other
(2)
|
(21.8
|
)
|
|
nm
|
|
|
(19.3
|
)
|
|
nm
|
|
||
Operating income
|
$
|
32.1
|
|
|
2.7
|
%
|
|
$
|
33.6
|
|
|
2.8
|
%
|
(1)
|
In the third quarter of Fiscal 2017, Zale division includes net operating loss impact of
$3.8 million
for purchase accounting adjustments. Excluding the impact from accounting adjustments, Zale division’s operating income was
$20.9 million
or
6.2%
of sales. The Zale division operating loss of
$24.7 million
included a loss of
$19.3 million
from Zale Jewelry and a loss of
$5.4 million
from Piercing Pagoda. In the prior year third quarter, Zale division includes net operating loss impact of
$3.7 million
for purchase accounting adjustments. Excluding the impact from accounting adjustments, Zale division’s operating loss was
$20.6 million
or
6.1%
of sales. The Zale division operating loss of
$24.3 million
included
$18.3 million
from Zale Jewelry and
$6.0 million
from Piercing Pagoda.
|
(2)
|
Other includes
$7.9 million
of integration costs in the 13 weeks ended
October 29, 2016
for consulting expenses associated with IT implementations. Other includes
$9.8 million
for the 13 weeks ended
October 31, 2015
of transaction and integration expenses primarily attributable to expenses associated with legal, tax, accounting and consulting services.
|
nm
|
Not meaningful.
|
|
Year to date
|
||||||||||||
|
Fiscal 2017
|
|
Fiscal 2016
|
||||||||||
|
$
(in millions)
|
|
% of divisional sales
|
|
$
(in millions) |
|
% of divisional sales
|
||||||
Sterling Jewelers division
|
$
|
417.8
|
|
|
16.5
|
%
|
|
$
|
413.2
|
|
|
16.3
|
%
|
Zale division
(1)
|
1.7
|
|
|
0.1
|
%
|
|
(10.9
|
)
|
|
(0.9
|
)%
|
||
UK Jewelry division
|
3.0
|
|
|
0.7
|
%
|
|
3.7
|
|
|
0.8
|
%
|
||
Other
(2)
|
(58.5
|
)
|
|
nm
|
|
|
(95.4
|
)
|
|
nm
|
|
||
Operating income
|
$
|
364.0
|
|
|
8.8
|
%
|
|
$
|
310.6
|
|
|
7.5
|
%
|
(1)
|
In the year to date period of Fiscal 2017, Zale division includes net operating loss impact of
$13.5 million
for purchase accounting adjustments. Excluding the impact from accounting adjustments, Zale division’s operating income was
$15.2 million
or
1.3%
of sales. The Zale division operating income of
$1.7 million
included a net operating loss of
$0.5 million
from Zale Jewelry and operating income of
$2.2 million
from Piercing Pagoda. In the prior year to date period, Zale division includes net operating loss impact of
$20.2 million
for purchase accounting adjustments. Excluding the impact from accounting adjustments, Zale division’s operating income was
$9.3 million
or
0.8%
of sales. The Zale division net operating loss of
$10.9 million
included
$9.9 million
from Zale Jewelry and
$1.0 million
from Piercing Pagoda.
|
(2)
|
Other includes
$18.5 million
of integration costs in the year to date period of
Fiscal 2017
for consulting expenses associated with IT implementations and severance related to organizational changes. In the prior year to date period,
$59.8 million
of transaction and integration expenses were incurred, primarily attributable to the legal settlement over appraisal rights and consulting expenses.
|
nm
|
Not meaningful.
|
|
39 weeks ended
|
||||||
(in millions)
|
October 29, 2016
|
|
October 31, 2015
|
||||
Net cash provided by operating activities
|
$
|
360.9
|
|
|
$
|
88.7
|
|
Net cash used in investing activities
|
(196.0
|
)
|
|
(171.0
|
)
|
||
Net cash used in financing activities
|
(218.2
|
)
|
|
(34.2
|
)
|
||
Decrease in cash and cash equivalents
|
(53.3
|
)
|
|
(116.5
|
)
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
137.7
|
|
|
193.6
|
|
||
Decrease in cash and cash equivalents
|
(53.3
|
)
|
|
(116.5
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(1.7
|
)
|
|
0.1
|
|
||
Cash and cash equivalents at end of period
|
$
|
82.7
|
|
|
$
|
77.2
|
|
•
|
Net income increased by
$49.7 million
to
$245.7 million
from
$196.0 million
.
|
•
|
Depreciation and amortization increased $9.3 million to
$138.8 million
from
$129.5 million
in the prior year comparable period.
|
•
|
Cash provided by accounts receivable was
$174.0 million
as compared to
$116.3 million
in the prior year to date period. In the Sterling Jewelers division, credit participation was
63.6%
and the average monthly collection rate was
11.2%
compared to
63.0%
and
11.7%
, respectively, in the prior year comparable period. The decline in the collection rate is due principally to credit plan mix. Initiatives related to extended payment terms with deferred interest resulted in lower average monthly collections rates. Net charge-offs as a percentage of gross accounts receivable increased by approximately 60 basis points to 8.1% due to prior year cohort mix shift impacts reaching charge-off thresholds in the current period.
|
|
39 weeks ended
|
||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||
Total sales (millions)
|
$
|
2,532.3
|
|
|
$
|
2,536.2
|
|
Credit sales (millions)
|
$
|
1,610.1
|
|
|
$
|
1,598.0
|
|
Credit sales as % of total Sterling Jewelers sales
(2)
|
63.6
|
%
|
|
63.0
|
%
|
||
Net bad debt expense (millions)
(3)
|
$
|
146.1
|
|
|
$
|
130.6
|
|
Opening receivables (millions)
|
$
|
1,855.9
|
|
|
$
|
1,666.0
|
|
Closing receivables (millions)
|
$
|
1,679.3
|
|
|
$
|
1,559.4
|
|
Number of active credit accounts at period end
(4)
|
1,227,048
|
|
|
1,204,917
|
|
||
Average outstanding account balance at period end
|
$
|
1,360
|
|
|
$
|
1,286
|
|
Average monthly collection rate
|
11.2
|
%
|
|
11.7
|
%
|
||
Ending bad debt allowance as a % of ending accounts receivable
(1)
|
7.9
|
%
|
|
7.8
|
%
|
||
Net charge-offs as a % of average gross accounts receivable
(1)(5)
|
8.1
|
%
|
|
7.5
|
%
|
||
Non performing receivables as a % of ending accounts receivable
(1)
|
4.9
|
%
|
|
4.9
|
%
|
||
|
|
|
|
||||
Credit portfolio impact:
|
|
|
|
||||
Net bad debt expense (millions)
(3)
|
$
|
(146.1
|
)
|
|
$
|
(130.6
|
)
|
Late charge income (millions)
|
$
|
26.9
|
|
|
$
|
25.2
|
|
Interest income from in-house customer finance programs (millions)
(6)
|
$
|
209.9
|
|
|
$
|
188.6
|
|
|
$
|
90.7
|
|
|
$
|
83.2
|
|
(5)
|
Calculation reflects charge-offs incurred during 39 week periods ended
October 29, 2016
and
October 31, 2015
, respectively. Net charge-offs calculated as gross charge-offs less recoveries. See Note 9 of Item 1 for additional information.
|
•
|
Cash used for inventory and inventory-related items was
$217.0 million
compared to
$289.3 million
in the prior year comparable period. Total inventory as of
October 29, 2016
was
$2,649.4 million
compared to the prior year comparable quarter balance of
$2,727.0 million
. The change in inventory balances from prior year is attributed to the expansion of branded merchandise to support merchandising initiatives and new stores, more than offset by the impact of currency exchange rates and sound inventory management.
|
•
|
Cash provided by accounts payable was
$114.1 million
compared to
$93.6 million
in the prior year comparable period primarily driven by timing of payments made in connection with inventory purchases.
|
•
|
Cash used for accrued expenses and other liabilities was
$82.2 million
compared to
$60.5 million
in the prior year comparable period primarily driven by a lower accrual for incentive compensation.
|
|
January 30, 2016
|
|
Openings
|
|
Closures
|
|
October 29, 2016
|
||||
Store count:
|
|
|
|
|
|
|
|
||||
Kay
|
1,129
|
|
|
48
|
|
|
(2
|
)
|
|
1,175
|
|
Jared
|
270
|
|
|
5
|
|
|
(3
|
)
|
|
272
|
|
Regional brands
|
141
|
|
|
—
|
|
|
(15
|
)
|
|
126
|
|
Sterling Jewelers division
|
1,540
|
|
(1)
|
53
|
|
|
(20
|
)
|
|
1,573
|
|
|
|
|
|
|
|
|
|
|
|
||
Zales
|
730
|
|
|
35
|
|
|
(12
|
)
|
|
753
|
|
Peoples
|
145
|
|
|
1
|
|
|
(3
|
)
|
|
143
|
|
Regional brands
|
102
|
|
|
—
|
|
|
(17
|
)
|
|
85
|
|
Total Zale Jewelry
|
977
|
|
|
36
|
|
|
(32
|
)
|
|
981
|
|
Piercing Pagoda
|
605
|
|
|
19
|
|
|
(19
|
)
|
|
605
|
|
Zale division
|
1,582
|
|
(1)
|
55
|
|
|
(51
|
)
|
|
1,586
|
|
|
|
|
|
|
|
|
|
|
|
||
H.Samuel
|
301
|
|
|
4
|
|
|
—
|
|
|
305
|
|
Ernest Jones
|
202
|
|
|
3
|
|
|
(1
|
)
|
|
204
|
|
UK Jewelry division
|
503
|
|
(1)
|
7
|
|
|
(1
|
)
|
|
509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Signet
|
3,625
|
|
|
115
|
|
|
(72
|
)
|
|
3,668
|
|
(1)
|
The annual net change in selling square footage for Fiscal 2016 for the Sterling Jewelers division, Zale division and UK Jewelry division was 5.0%, 0.5% and 1.5%, respectively.
|
|
Gross locations
|
|
Net locations
|
|
Net square feet
|
Sterling Jewelers division
|
+68 to +80
|
|
+38 to +52
|
|
+4% to +5%
|
Zale division
|
+65 to +78
|
|
+7 to +25
|
|
0% to +1%
|
UK Jewelry division
|
+12 to +18
|
|
+10 to +12
|
|
+1% to +2%
|
|
|
|
39 weeks ended October 29, 2016
|
|
39 weeks ended October 31, 2015
|
||||||||||||||||||||
(in millions, except per share amounts)
|
Amount
authorized |
|
Shares
repurchased |
|
Amount
repurchased |
|
Average
repurchase price per share |
|
Shares
repurchased |
|
Amount
repurchased |
|
Average
repurchase price per share |
||||||||||||
2016 Program
(1)
|
$
|
1,375.0
|
|
|
8.7
|
|
|
$
|
706.9
|
|
|
$
|
81.32
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||
2013 Program
(2)
|
$
|
350.0
|
|
|
1.2
|
|
|
$
|
135.6
|
|
|
$
|
111.26
|
|
|
0.9
|
|
|
$
|
111.9
|
|
|
$
|
128.91
|
|
Total
|
|
|
9.9
|
|
|
$
|
842.5
|
|
|
$
|
85.00
|
|
|
0.9
|
|
|
$
|
111.9
|
|
|
$
|
128.91
|
|
(1)
|
In February 2016 and August 2016, the Board of Directors authorized the repurchase of Signet's common shares up to
$750.0 million
and
$625.0 million
, respectively, for a combined total of
$1,375.0 million
(the “2016 Program”). The 2016 Program may be suspended or discontinued at any time without notice. The 2016 Program had
$510.6 million
remaining as of
October 29, 2016
. The Company entered into an accelerated share repurchase (“ASR”) agreement on October 5, 2016 to repurchase
$525.0 million
of the Company’s common shares and took delivery of
4.7 million
shares with an initial estimated cost of
$367.5 million
. The pricing period is scheduled to end in December 2016 with the total number of shares to be delivered being calculated using the volume-weighted average price of the Company's common shares traded during the pricing period, less an agreed discount.
|
(2)
|
The 2013 Program was completed in May 2016.
|
n/a
|
Not applicable.
|
|
Fiscal 2017
|
|
Fiscal 2016
|
|
||||||||||||
(in millions, except per share amounts)
|
Cash dividend per share
|
|
Total
dividends |
|
Cash dividend
per share |
|
Total
dividends |
|
||||||||
First quarter
|
$
|
0.26
|
|
|
$
|
20.4
|
|
|
$
|
0.22
|
|
|
$
|
17.6
|
|
|
Second quarter
|
$
|
0.26
|
|
|
$
|
19.7
|
|
|
$
|
0.22
|
|
|
$
|
17.6
|
|
|
Third quarter
(1)
|
$
|
0.26
|
|
|
$
|
18.1
|
|
|
$
|
0.22
|
|
|
$
|
17.5
|
|
|
Total
|
$
|
0.78
|
|
|
$
|
58.2
|
|
|
$
|
0.66
|
|
|
$
|
52.7
|
|
|
(1)
|
Signet’s dividend policy for common shares results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of
October 29, 2016
and
October 31, 2015
,
$18.1 million
and
$17.5 million
, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared on common shares for the third quarter of
Fiscal 2017
and
Fiscal 2016
, respectively.
|
Period
|
Total number of shares
purchased (1) |
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
(2)
|
|
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs
|
||||||
July 31, 2016 to August 27, 2016
|
416
|
|
|
$
|
90.53
|
|
|
—
|
|
|
$
|
1,135,585,604
|
|
August 28, 2016 to September 24, 2016
|
1,261,889
|
|
|
$
|
79.25
|
|
|
1,261,889
|
|
|
$
|
1,035,586,584
|
|
September 25, 2016 to October 29, 2016
|
4,722,896
|
|
|
$
|
77.82
|
|
|
4,722,436
|
|
|
$
|
668,086,614
|
|
Total
|
5,985,201
|
|
|
$
|
78.12
|
|
|
5,984,325
|
|
|
$
|
668,086,614
|
|
(1)
|
Includes
876
shares delivered to Signet by employees to satisfy minimum tax withholding obligations due upon the vesting or payment of stock awards under share-based compensation programs. These are not repurchased in connection with any publicly announced share repurchase programs.
|
(2)
|
In February 2016 and August 2016, the Board of Directors authorized the repurchase of Signet's common shares up to
$750.0 million
and
$625.0 million
, respectively, for a combined total of
$1,375.0 million
(the “2016 Program”). The 2016 Program may be suspended or discontinued at any time without notice. The Company entered into an accelerated share repurchase (“ASR”) agreement on October 5, 2016 to repurchase
$525.0 million
of the Company’s common shares and took delivery of
4.7 million
shares with an initial estimated cost of
$367.5 million
. The pricing period is scheduled to end in December 2016 with the total number of shares to be delivered being calculated using the volume-weighted average price of the Company's common shares traded during the pricing period, less an agreed discount.
|
|
|
|
Number
|
|
Description of Exhibits
(1)
|
|
|
|
3.1
|
|
Certificate of Designation of Series A Convertible Preference Shares, Par Value $0.01 Per Share, of Signet Jewelers Limited (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed November 3, 2016).
|
|
|
|
10.1
|
|
Investment Agreement, dated as of August 24, 2016, by and among Signet Jewelers Limited, Green Equity Investors VI, L.P. and Green Equity Investors Side VI, L.P. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed August 25, 2016).
|
|
|
|
10.2
|
|
Shareholders’ Agreement by and among Signet Jewelers Limited, Green Equity Investors VI, L.P., Green Equity Investors Side VI, L.P., LGP Associates VI-A LLC and LGP Associates VI-B LLC, dated as of October 5, 2016 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed October 6, 2016).
|
|
|
|
10.3
|
|
Registration Rights Agreement, dated as of October 5, 2016, by and among Signet Jewelers Limited, Green Equity Investors VI, LP, Green Equity Investors Side VI, L.P., LGP Associates VI-A LLC and LGP Associates VI-B LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed October 6, 2016).
|
|
|
|
10.4*
|
|
Accelerated Share Repurchase Master Confirmation Agreement, dated as of October 5, 2016, by and among Signet Jewelers Limited and JPMorgan Chase Bank, National Association.
|
|
|
|
10.5*
|
|
Accelerated Share Repurchase Supplemental Confirmation Agreement, dated as of October 5, 2016, by and among Signet Jewelers Limited and JPMorgan Chase Bank, National Association.
|
|
|
|
31.1*
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2*
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1*
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2*
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS*
|
|
XBRL Instance Document.
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
(1)
|
Signet hereby agrees to furnish to the U.S. Securities and Exchange Commission, upon request, a copy of each instrument that defines the rights of holders of long-term debt under which the total amount of securities authorized does not exceed 10% of the total assets of Signet and its subsidiaries on a consolidated basis that is not filed or incorporated by reference as an exhibit to our annual and quarterly reports.
|
*
|
Filed herewith.
|
|
|
|
|
|
|
|
|
|
|
|
Signet Jewelers Limited
|
||
|
|
|
|
|||
Date:
|
|
November 29, 2016
|
|
By:
|
|
/s/ Michele L. Santana
|
|
|
|
|
Name:
|
|
Michele L. Santana
|
|
|
|
|
Title:
|
|
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
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