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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 May 4, 2019 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)
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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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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on which Registered
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Common Shares of $0.18 each
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SIG
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The New York Stock Exchange
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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 Statements of Operations
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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.
|
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Risk Factors
|
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ITEM 2.
|
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Unregistered Sales of Equity Securities and Use of Proceeds
|
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ITEM 6.
|
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Exhibits
|
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13 weeks ended
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||||||
(in millions, except per share amounts)
|
|
May 4, 2019
|
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May 5, 2018
|
|
Notes
|
||||
Sales
|
|
$
|
1,431.7
|
|
|
$
|
1,480.6
|
|
|
4
|
Cost of sales
|
|
(932.3
|
)
|
|
(995.8
|
)
|
|
|
||
Restructuring charges - cost of sales
|
|
—
|
|
|
—
|
|
|
5
|
||
Gross margin
|
|
499.4
|
|
|
484.8
|
|
|
|
||
Selling, general and administrative expenses
|
|
(475.2
|
)
|
|
(482.8
|
)
|
|
|
||
Credit transaction, net
|
|
—
|
|
|
(143.1
|
)
|
|
4
|
||
Restructuring charges
|
|
(26.8
|
)
|
|
(6.5
|
)
|
|
5
|
||
Goodwill and intangible impairments
|
|
—
|
|
|
(448.7
|
)
|
|
14
|
||
Other operating income, net
|
|
—
|
|
|
22.1
|
|
|
|
||
Operating income (loss)
|
|
(2.6
|
)
|
|
(574.2
|
)
|
|
4
|
||
Interest expense, net
|
|
(9.2
|
)
|
|
(8.9
|
)
|
|
|
||
Other non-operating income
|
|
0.3
|
|
|
0.6
|
|
|
|
||
Income (loss) before income taxes
|
|
(11.5
|
)
|
|
(582.5
|
)
|
|
|
||
Income taxes
|
|
1.5
|
|
|
85.9
|
|
|
10
|
||
Net income (loss)
|
|
$
|
(10.0
|
)
|
|
$
|
(496.6
|
)
|
|
|
Dividends on redeemable convertible preferred shares
|
|
(8.2
|
)
|
|
(8.2
|
)
|
|
7
|
||
Net income (loss) attributable to common shareholders
|
|
$
|
(18.2
|
)
|
|
$
|
(504.8
|
)
|
|
|
|
|
|
|
|
|
|
||||
Earnings (loss) per common share:
|
|
|
|
|
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|
||||
Basic
|
|
$
|
(0.35
|
)
|
|
$
|
(8.48
|
)
|
|
8
|
Diluted
|
|
$
|
(0.35
|
)
|
|
$
|
(8.48
|
)
|
|
8
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
||||
Basic
|
|
51.6
|
|
|
59.5
|
|
|
8
|
||
Diluted
|
|
51.6
|
|
|
59.5
|
|
|
8
|
|
13 weeks ended
|
|||||||||||||||||||||||||
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May 4, 2019
|
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May 5, 2018
|
|||||||||||||||||||||||
(in millions)
|
Pre-tax
amount |
|
Tax
(expense) benefit |
|
After-tax
amount |
|
Pre-tax
amount |
|
Tax
(expense) benefit |
|
After-tax
amount |
|||||||||||||||
Net income (loss)
|
|
|
|
|
$
|
(10.0
|
)
|
|
|
|
|
|
$
|
(496.6
|
)
|
|||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign currency translation adjustments
|
$
|
(2.0
|
)
|
|
$
|
—
|
|
|
(2.0
|
)
|
|
$
|
(21.7
|
)
|
|
$
|
—
|
|
|
(21.7
|
)
|
|||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
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|
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|
|||||||||||||||
Unrealized gain (loss)
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||||||
Impact from adoption of new accounting
pronouncements
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
0.3
|
|
|
(0.8
|
)
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unrealized gain (loss)
|
(4.3
|
)
|
|
1.1
|
|
|
(3.2
|
)
|
|
1.9
|
|
|
(0.4
|
)
|
|
1.5
|
|
|||||||||
Reclassification adjustment for gains to net income
|
(0.5
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
|
(0.5
|
)
|
|
0.2
|
|
|
(0.3
|
)
|
|||||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
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|
|||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
0.3
|
|
|
(0.1
|
)
|
|
0.2
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||||||
Total other comprehensive income (loss)
|
$
|
(6.2
|
)
|
|
$
|
1.1
|
|
|
$
|
(5.1
|
)
|
|
$
|
(21.4
|
)
|
|
$
|
0.1
|
|
|
$
|
(21.3
|
)
|
|||
Total comprehensive income (loss)
|
|
|
|
|
$
|
(15.1
|
)
|
|
|
|
|
|
$
|
(517.9
|
)
|
(1)
|
Adjustment reflects the reclassification of unrealized gains related to the Company’s available-for-sale equity securities as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-1.
|
(in millions, except par value per share amount)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
|
Notes
|
||||||
Assets
|
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
195.1
|
|
|
$
|
195.4
|
|
|
$
|
153.9
|
|
|
|
Accounts receivable
|
23.1
|
|
|
23.7
|
|
|
491.4
|
|
|
11
|
|||
Other current assets
|
205.5
|
|
|
244.0
|
|
|
236.8
|
|
|
|
|||
Income taxes
|
4.8
|
|
|
5.8
|
|
|
55.2
|
|
|
|
|||
Inventories
|
2,394.2
|
|
|
2,386.9
|
|
|
2,429.0
|
|
|
12
|
|||
Total current assets
|
2,822.7
|
|
|
2,855.8
|
|
|
3,366.3
|
|
|
|
|||
Non-current assets:
|
|
|
|
|
|
|
|
||||||
Property, plant and equipment, net of accumulated depreciation of $1,319.6, $1,282.8 and $1,227.3, respectively
|
776.1
|
|
|
800.5
|
|
|
847.2
|
|
|
|
|||
Operating lease right-of-use assets
|
1,822.8
|
|
|
—
|
|
|
—
|
|
|
13
|
|||
Goodwill
|
296.4
|
|
|
296.6
|
|
|
509.1
|
|
|
14
|
|||
Intangible assets, net
|
264.1
|
|
|
265.0
|
|
|
343.2
|
|
|
14
|
|||
Other assets
|
189.2
|
|
|
181.2
|
|
|
206.3
|
|
|
|
|||
Deferred tax assets
|
22.0
|
|
|
21.0
|
|
|
0.8
|
|
|
|
|||
Total assets
|
$
|
6,193.3
|
|
|
$
|
4,420.1
|
|
|
$
|
5,272.9
|
|
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
||||||
Loans and overdrafts
|
$
|
43.7
|
|
|
$
|
78.8
|
|
|
$
|
72.3
|
|
|
17
|
Accounts payable
|
238.3
|
|
|
153.7
|
|
|
287.5
|
|
|
|
|||
Accrued expenses and other current liabilities
|
420.2
|
|
|
502.8
|
|
|
463.7
|
|
|
|
|||
Deferred revenue
|
277.0
|
|
|
270.0
|
|
|
284.9
|
|
|
3
|
|||
Operating lease liabilities
|
358.9
|
|
|
—
|
|
|
—
|
|
|
13
|
|||
Income taxes
|
24.1
|
|
|
27.7
|
|
|
—
|
|
|
|
|||
Total current liabilities
|
1,362.2
|
|
|
1,033.0
|
|
|
1,108.4
|
|
|
|
|||
Non-current liabilities:
|
|
|
|
|
|
|
|
||||||
Long-term debt
|
639.0
|
|
|
649.6
|
|
|
679.7
|
|
|
17
|
|||
Operating lease liabilities
|
1,589.4
|
|
|
—
|
|
|
—
|
|
|
13
|
|||
Other liabilities
|
126.0
|
|
|
224.1
|
|
|
236.5
|
|
|
|
|||
Deferred revenue
|
699.6
|
|
|
696.5
|
|
|
667.5
|
|
|
3
|
|||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
74.2
|
|
|
|
|||
Total liabilities
|
4,416.2
|
|
|
2,603.2
|
|
|
2,766.3
|
|
|
|
|||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
20
|
|||
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (February 2, 2019 and May 5,2018: 0.625 shares outstanding)
|
615.7
|
|
|
615.3
|
|
|
614.0
|
|
|
6
|
|||
Shareholders’ equity:
|
|
|
|
|
|
|
|
||||||
Common shares of $0.18 par value: authorized 500 shares, 52.2 shares outstanding (February 2, 2019: 51.9 outstanding; May 5, 2018: 59.2 outstanding)
|
12.6
|
|
|
12.6
|
|
|
15.7
|
|
|
|
|||
Additional paid-in capital
|
232.7
|
|
|
236.5
|
|
|
281.4
|
|
|
|
|||
Other reserves
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
|
|||
Treasury shares at cost: 17.8 shares (February 2, 2019: 18.1 shares; May 5, 2018: 28.0 shares)
|
(999.8
|
)
|
|
(1,027.3
|
)
|
|
(1,992.2
|
)
|
|
7
|
|||
Retained earnings
|
2,223.4
|
|
|
2,282.2
|
|
|
3,869.2
|
|
|
|
|||
Accumulated other comprehensive loss
|
(307.9
|
)
|
|
(302.8
|
)
|
|
(281.9
|
)
|
|
9
|
|||
Total shareholders’ equity
|
1,161.4
|
|
|
1,201.6
|
|
|
1,892.6
|
|
|
|
|||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
|
$
|
6,193.3
|
|
|
$
|
4,420.1
|
|
|
$
|
5,272.9
|
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(10.0
|
)
|
|
$
|
(496.6
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Amortization of operating lease assets
|
|
87.3
|
|
|
—
|
|
||
Depreciation and amortization
|
|
41.0
|
|
|
49.8
|
|
||
Amortization of unfavorable leases and contracts
|
|
(1.4
|
)
|
|
(2.0
|
)
|
||
Share-based compensation
|
|
4.0
|
|
|
1.8
|
|
||
Deferred taxation
|
|
—
|
|
|
(18.8
|
)
|
||
Credit transaction, net
|
|
—
|
|
|
141.0
|
|
||
Goodwill and intangible impairments
|
|
—
|
|
|
448.7
|
|
||
Restructuring charges
|
|
5.4
|
|
|
—
|
|
||
Other non-cash movements
|
|
(4.9
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Decrease in accounts receivable
|
|
0.9
|
|
|
59.9
|
|
||
Decrease in other assets and other receivables
|
|
28.1
|
|
|
10.8
|
|
||
Increase in inventories
|
|
(7.8
|
)
|
|
(162.4
|
)
|
||
Increase in accounts payable
|
|
87.7
|
|
|
55.7
|
|
||
(Decrease) increase in accrued expenses and other liabilities
|
|
(39.9
|
)
|
|
15.3
|
|
||
Change in operating lease liabilities
|
|
(91.4
|
)
|
|
—
|
|
||
Increase (decrease) in deferred revenue
|
|
10.5
|
|
|
(4.3
|
)
|
||
Decrease in income taxes payable
|
|
(2.7
|
)
|
|
(70.3
|
)
|
||
Pension plan contributions
|
|
(1.4
|
)
|
|
(0.7
|
)
|
||
Net cash provided by operating activities
|
|
105.4
|
|
|
27.9
|
|
||
Investing activities
|
|
|
|
|
||||
Purchase of property, plant and equipment
|
|
(24.6
|
)
|
|
(26.1
|
)
|
||
Purchase of available-for-sale securities
|
|
(6.1
|
)
|
|
(0.4
|
)
|
||
Proceeds from sale of available-for-sale securities
|
|
0.3
|
|
|
1.1
|
|
||
Net cash used in investing activities
|
|
(30.4
|
)
|
|
(25.4
|
)
|
||
Financing activities
|
|
|
|
|
||||
Dividends paid on common shares
|
|
(19.2
|
)
|
|
(18.8
|
)
|
||
Dividends paid on redeemable convertible preferred shares
|
|
(7.8
|
)
|
|
(7.8
|
)
|
||
Repurchase of common shares
|
|
—
|
|
|
(60.0
|
)
|
||
Repayments of term loans
|
|
(8.9
|
)
|
|
(6.7
|
)
|
||
Proceeds from revolving credit facility
|
|
—
|
|
|
40.0
|
|
||
Repayments of bank overdrafts
|
|
(37.3
|
)
|
|
(13.9
|
)
|
||
Other financing activities
|
|
(1.5
|
)
|
|
(2.1
|
)
|
||
Net cash used in financing activities
|
|
(74.7
|
)
|
|
(69.3
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
195.4
|
|
|
225.1
|
|
||
Increase (decrease) in cash and cash equivalents
|
|
0.3
|
|
|
(66.8
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
(0.6
|
)
|
|
(4.4
|
)
|
||
Cash and cash equivalents at end of period
|
|
$
|
195.1
|
|
|
$
|
153.9
|
|
(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 February 2, 2019
|
$
|
12.6
|
|
|
$
|
236.5
|
|
|
$
|
0.4
|
|
|
$
|
(1,027.3
|
)
|
|
$
|
2,282.2
|
|
|
$
|
(302.8
|
)
|
|
$
|
1,201.6
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.0
|
)
|
|
—
|
|
|
(10.0
|
)
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.1
|
)
|
|
(5.1
|
)
|
|||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common shares, $0.37/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19.3
|
)
|
|
—
|
|
|
(19.3
|
)
|
|||||||
Preferred shares, $12.50/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.2
|
)
|
|
—
|
|
|
(8.2
|
)
|
|||||||
Net settlement of equity based awards
|
—
|
|
|
(7.8
|
)
|
|
—
|
|
|
27.5
|
|
|
(21.3
|
)
|
|
—
|
|
|
(1.6
|
)
|
|||||||
Share-based compensation expense
|
—
|
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
|||||||
Balance at May 4, 2019
|
$
|
12.6
|
|
|
$
|
232.7
|
|
|
$
|
0.4
|
|
|
$
|
(999.8
|
)
|
|
$
|
2,223.4
|
|
|
$
|
(307.9
|
)
|
|
$
|
1,161.4
|
|
(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 February 3, 2018
|
$
|
15.7
|
|
|
$
|
290.2
|
|
|
$
|
0.4
|
|
|
$
|
(1,942.1
|
)
|
|
$
|
4,396.2
|
|
|
$
|
(260.6
|
)
|
|
$
|
2,499.8
|
|
Impact from adoption of new accounting pronouncements
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
(0.8
|
)
|
|
—
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(496.6
|
)
|
|
—
|
|
|
(496.6
|
)
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.5
|
)
|
|
(20.5
|
)
|
|||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common shares, $0.37/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21.8
|
)
|
|
—
|
|
|
(21.8
|
)
|
|||||||
Preferred shares, $12.50/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.2
|
)
|
|
—
|
|
|
(8.2
|
)
|
|||||||
Repurchase of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(60.0
|
)
|
|
—
|
|
|
—
|
|
|
(60.0
|
)
|
|||||||
Net settlement of equity based awards
|
—
|
|
|
(10.6
|
)
|
|
—
|
|
|
9.9
|
|
|
(1.2
|
)
|
|
—
|
|
|
(1.9
|
)
|
|||||||
Share-based compensation expense
|
—
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|||||||
Balance at May 5, 2018
|
$
|
15.7
|
|
|
$
|
281.4
|
|
|
$
|
0.4
|
|
|
$
|
(1,992.2
|
)
|
|
$
|
3,869.2
|
|
|
$
|
(281.9
|
)
|
|
$
|
1,892.6
|
|
(1)
|
Adjustment reflects the reclassification of unrealized gains related to the Company’s equity security investments as of February 3, 2018 from AOCI into beginning retained earnings associated with the adoption of ASU 2016-01.
|
(in millions)
|
|
February 2, 2019
|
|
Adjustments due to ASC 842
|
|
February 3, 2019
|
||||||
Current assets:
|
|
|
|
|
|
|
||||||
Other current assets
|
|
$
|
244.0
|
|
|
$
|
(8.8
|
)
|
|
$
|
235.2
|
|
Non-current assets:
|
|
|
|
|
|
|
||||||
Operating lease right-of-use assets
|
|
—
|
|
|
1,927.2
|
|
|
1,927.2
|
|
|||
Current liabilities:
|
|
|
|
|
|
|
||||||
Accrued expenses and other current liabilities
|
|
502.8
|
|
|
(109.0
|
)
|
|
393.8
|
|
|||
Operating lease liabilities
|
|
—
|
|
|
376.5
|
|
|
376.5
|
|
|||
Non-current liabilities:
|
|
|
|
|
|
|
||||||
Operating lease liabilities
|
|
—
|
|
|
1,676.9
|
|
|
1,676.9
|
|
|||
Other liabilities
|
|
224.1
|
|
|
(26.0
|
)
|
|
198.1
|
|
Standard
|
|
Description
|
ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, issued August 2017.
|
|
Expands the types of risk management strategies eligible for hedge accounting, refines the documentation and effectiveness assessment requirements and modifies the presentation and disclosure requirements for hedge accounting activities. The adoption of ASU 2017-12 did not have a material impact on the Company’s financial position or results of operations.
|
Standard
|
|
Description
|
ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, issued August 2018.
|
|
Modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted.
|
ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, issued August 2018.
|
|
Modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans and clarifies the disclosure requirements regarding projected benefit obligations and accumulated benefit obligations. The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted.
|
|
13 weeks ended May 4, 2019
|
|
13 weeks ended May 5, 2018
|
||||||||||||||||||||||||||||
(in millions)
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
Sales by banner:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Kay
|
$
|
574.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
574.8
|
|
|
$
|
583.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
583.2
|
|
Zales
|
285.0
|
|
|
—
|
|
|
—
|
|
|
285.0
|
|
|
298.1
|
|
|
—
|
|
|
—
|
|
|
298.1
|
|
||||||||
Jared
|
255.0
|
|
|
—
|
|
|
—
|
|
|
255.0
|
|
|
267.5
|
|
|
—
|
|
|
—
|
|
|
267.5
|
|
||||||||
Piercing Pagoda
|
82.6
|
|
|
—
|
|
|
—
|
|
|
82.6
|
|
|
74.4
|
|
|
—
|
|
|
—
|
|
|
74.4
|
|
||||||||
James Allen
|
52.0
|
|
|
—
|
|
|
—
|
|
|
52.0
|
|
|
53.3
|
|
|
—
|
|
|
—
|
|
|
53.3
|
|
||||||||
Peoples
|
41.7
|
|
|
—
|
|
|
—
|
|
|
41.7
|
|
|
46.7
|
|
|
—
|
|
|
—
|
|
|
46.7
|
|
||||||||
Regional banners
|
9.2
|
|
|
—
|
|
|
—
|
|
|
9.2
|
|
|
24.6
|
|
|
—
|
|
|
—
|
|
|
24.6
|
|
||||||||
International segment
|
—
|
|
|
111.5
|
|
|
—
|
|
|
111.5
|
|
|
—
|
|
|
128.7
|
|
|
—
|
|
|
128.7
|
|
||||||||
Other
(1)
|
—
|
|
|
—
|
|
|
19.9
|
|
|
19.9
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
|
4.1
|
|
||||||||
Total sales
|
$
|
1,300.3
|
|
|
$
|
111.5
|
|
|
$
|
19.9
|
|
|
$
|
1,431.7
|
|
|
$
|
1,347.8
|
|
|
$
|
128.7
|
|
|
$
|
4.1
|
|
|
$
|
1,480.6
|
|
(1)
|
Includes sales from Signet’s diamond sourcing initiative.
|
|
13 weeks ended May 4, 2019
|
|
13 weeks ended May 5, 2018
|
||||||||||||||||||||||||||||
(in millions)
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
Sales by product:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Bridal
|
$
|
594.7
|
|
|
$
|
48.6
|
|
|
$
|
—
|
|
|
$
|
643.3
|
|
|
$
|
617.9
|
|
|
$
|
55.6
|
|
|
$
|
—
|
|
|
$
|
673.5
|
|
Fashion
|
467.4
|
|
|
22.4
|
|
|
—
|
|
|
489.8
|
|
|
461.1
|
|
|
25.9
|
|
|
—
|
|
|
487.0
|
|
||||||||
Watches
|
48.2
|
|
|
34.0
|
|
|
—
|
|
|
82.2
|
|
|
52.2
|
|
|
39.1
|
|
|
—
|
|
|
91.3
|
|
||||||||
Other
(1)
|
190.0
|
|
|
6.5
|
|
|
19.9
|
|
|
216.4
|
|
|
216.6
|
|
|
8.1
|
|
|
4.1
|
|
|
228.8
|
|
||||||||
Total sales
|
$
|
1,300.3
|
|
|
$
|
111.5
|
|
|
$
|
19.9
|
|
|
$
|
1,431.7
|
|
|
$
|
1,347.8
|
|
|
$
|
128.7
|
|
|
$
|
4.1
|
|
|
$
|
1,480.6
|
|
(1)
|
Other revenue primarily includes gift, beads and other miscellaneous jewelery sales, repairs, warranty and other miscellaneous non-jewelry sales.
|
|
13 weeks ended May 4, 2019
|
|
13 weeks ended May 5, 2018
|
||||||||||||||||||||||||||||
(in millions)
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
Sales by channel:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Store
|
$
|
1,157.3
|
|
|
$
|
100.2
|
|
|
$
|
—
|
|
|
$
|
1,257.5
|
|
|
$
|
1,213.7
|
|
|
$
|
116.3
|
|
|
$
|
—
|
|
|
$
|
1,330.0
|
|
E-commerce
|
143.0
|
|
|
11.3
|
|
|
—
|
|
|
154.3
|
|
|
134.1
|
|
|
12.4
|
|
|
—
|
|
|
146.5
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
19.9
|
|
|
19.9
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
|
4.1
|
|
||||||||
Total sales
|
$
|
1,300.3
|
|
|
$
|
111.5
|
|
|
$
|
19.9
|
|
|
$
|
1,431.7
|
|
|
$
|
1,347.8
|
|
|
$
|
128.7
|
|
|
$
|
4.1
|
|
|
$
|
1,480.6
|
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Deferred ESP selling costs
|
|
|
|
|
|
||||||
Other current assets
|
$
|
23.8
|
|
|
$
|
23.8
|
|
|
$
|
30.6
|
|
Other assets
|
76.4
|
|
|
75.4
|
|
|
89.2
|
|
|||
Total deferred ESP selling costs
|
$
|
100.2
|
|
|
$
|
99.2
|
|
|
$
|
119.8
|
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
ESP deferred revenue
|
$
|
931.3
|
|
|
$
|
927.6
|
|
|
$
|
913.5
|
|
Voucher promotions and other
|
45.3
|
|
|
38.9
|
|
|
38.9
|
|
|||
Total deferred revenue
|
$
|
976.6
|
|
|
$
|
966.5
|
|
|
$
|
952.4
|
|
|
|
|
|
|
|
||||||
Disclosed as:
|
|
|
|
|
|
||||||
Current liabilities
|
$
|
277.0
|
|
|
$
|
270.0
|
|
|
$
|
284.9
|
|
Non-current liabilities
|
699.6
|
|
|
696.5
|
|
|
667.5
|
|
|||
Total deferred revenue
|
$
|
976.6
|
|
|
$
|
966.5
|
|
|
$
|
952.4
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
ESP deferred revenue, beginning of period
|
|
$
|
927.6
|
|
|
$
|
916.1
|
|
Plans sold
(1)
|
|
96.0
|
|
|
96.0
|
|
||
Revenue recognized
|
|
(92.3
|
)
|
|
(98.6
|
)
|
||
ESP deferred revenue, end of period
|
|
$
|
931.3
|
|
|
$
|
913.5
|
|
(1)
|
Includes impact of foreign exchange translation.
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Sales:
|
|
|
|
|
||||
North America segment
|
|
$
|
1,300.3
|
|
|
$
|
1,347.8
|
|
International segment
|
|
111.5
|
|
|
128.7
|
|
||
Other
|
|
19.9
|
|
|
4.1
|
|
||
Total sales
|
|
$
|
1,431.7
|
|
|
$
|
1,480.6
|
|
|
|
|
|
|
||||
Operating income (loss):
|
|
|
|
|
||||
North America segment
(1)
|
|
$
|
48.1
|
|
|
$
|
(537.3
|
)
|
International segment
|
|
(8.0
|
)
|
|
(7.6
|
)
|
||
Other
(2)
|
|
(42.7
|
)
|
|
(29.3
|
)
|
||
Total operating income (loss)
|
|
$
|
(2.6
|
)
|
|
$
|
(574.2
|
)
|
(1)
|
Operating income (loss) during the
13 weeks ended
May 4, 2019
includes a
$0.5 million
benefit recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities. See Note 5 for additional information. Operating income (loss) during the
13 weeks ended
May 5, 2018
includes charges of
$448.7 million
and
$141.0 million
related to the goodwill and intangible impairments recognized and valuation losses related to the sale of eligible non-prime in-house accounts receivable, respectively. See Note
14
and Note
11
for additional information.
|
(2)
|
Operating income (loss) during the
13 weeks ended May 4, 2019
includes charges of
$27.3 million
, primarily related to severance and professional services recorded in conjunction with the Company’s restructuring activities. Operating income (loss) during the
13 weeks ended
May 5, 2018 includes charges of
$6.5 million
recorded in conjunction with the Company’s restructuring activities. See Note
5
for additional information.
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Total assets:
|
|
|
|
|
|
||||||
North America segment
|
$
|
5,437.4
|
|
|
$
|
3,943.0
|
|
|
$
|
4,722.3
|
|
International segment
|
608.1
|
|
|
367.4
|
|
|
401.7
|
|
|||
Other
|
147.8
|
|
|
109.7
|
|
|
148.9
|
|
|||
Total assets
|
$
|
6,193.3
|
|
|
$
|
4,420.1
|
|
|
$
|
5,272.9
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Other Plan related expenses
|
Restructuring charges
|
|
$
|
26.8
|
|
|
$
|
6.5
|
|
Total Signet Path to Brilliance Plan expenses
|
|
|
$
|
26.8
|
|
|
$
|
6.5
|
|
|
|
13 weeks ended
|
|
Cumulative amount
|
||||
(in millions)
|
|
May 4, 2019
|
|
May 4, 2019
|
||||
Inventory charges
|
|
$
|
—
|
|
|
$
|
62.2
|
|
Termination benefits
|
|
8.8
|
|
|
18.5
|
|
||
Store closure and other costs
|
|
18.0
|
|
|
72.0
|
|
||
Total Signet Path to Brilliance Plan expenses
|
|
$
|
26.8
|
|
|
$
|
152.7
|
|
(in millions)
|
|
Termination benefits
|
|
Store closure and other costs
|
|
Consolidated
|
||||||
Balance at February 2, 2019
|
|
$
|
—
|
|
|
$
|
12.6
|
|
|
$
|
12.6
|
|
Payments and other adjustments
|
|
(2.0
|
)
|
|
(25.1
|
)
|
|
(27.1
|
)
|
|||
Charged to expense
|
|
8.8
|
|
|
18.0
|
|
|
26.8
|
|
|||
Balance at May 4, 2019
|
|
$
|
6.8
|
|
|
$
|
5.5
|
|
|
$
|
12.3
|
|
(in millions, except conversion rate and conversion price)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Conversion rate
|
11.5493
|
|
|
11.3660
|
|
|
10.9409
|
|
|||
Conversion price
|
$
|
86.5853
|
|
|
$
|
87.9817
|
|
|
$
|
91.4002
|
|
Potential impact of preferred shares if-converted to common shares
|
7.2
|
|
|
7.1
|
|
|
6.8
|
|
|||
Liquidation preference
|
$
|
632.8
|
|
|
$
|
632.8
|
|
|
$
|
632.8
|
|
|
|
|
13 weeks ended May 4, 2019
|
|
13 weeks ended May 5, 2018
|
||||||||||||||||||||
(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 |
||||||||||||
2017 Program
(1)
|
$
|
600.0
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
0.2
|
|
|
$
|
9.4
|
|
|
$
|
38.86
|
|
2016 Program
(2)
|
$
|
1,375.0
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
1.3
|
|
|
$
|
50.6
|
|
|
$
|
39.76
|
|
||
Total
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1.5
|
|
|
$
|
60.0
|
|
|
$
|
39.62
|
|
(1)
|
The 2017 Program had
$165.6 million
remaining as of
May 4, 2019
.
|
(2)
|
The 2016 Program was completed in March 2018.
|
n/a
|
Not applicable.
|
(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
May 4, 2019
and
May 5, 2018
,
$19.3 million
and
$21.8 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
first
quarter of
Fiscal 2020
and
Fiscal 2019
, respectively.
|
|
Fiscal 2020
|
|
Fiscal 2019
|
||||||||||||
(in millions)
|
Cash dividend
per share |
|
Total cash
dividends |
|
Cash dividend
per share |
|
Total cash
dividends |
||||||||
First quarter
(1)
|
$
|
12.50
|
|
|
$
|
7.8
|
|
|
$
|
12.50
|
|
|
$
|
7.8
|
|
(1)
|
Signet’s preferred shares dividends results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of
May 4, 2019
and
May 5, 2018
,
$7.8 million
and
$7.8 million
, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on preferred shares declared for the
first
quarter of
Fiscal 2020
and
Fiscal 2019
, respectively.
|
|
|
13 weeks ended
|
||||||
(in millions, except per share amounts)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Numerator:
|
|
|
|
|
||||
Net income (loss) attributable to common shareholders
|
|
$
|
(18.2
|
)
|
|
$
|
(504.8
|
)
|
Denominator:
|
|
|
|
|
||||
Weighted average common shares outstanding
|
|
51.6
|
|
|
59.5
|
|
||
EPS – basic
|
|
$
|
(0.35
|
)
|
|
$
|
(8.48
|
)
|
|
|
13 weeks ended
|
||||||
(in millions, except per share amounts)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Numerator:
|
|
|
|
|
||||
Net income (loss) attributable to common shareholders
|
|
$
|
(18.2
|
)
|
|
$
|
(504.8
|
)
|
Numerator for diluted EPS
|
|
$
|
(18.2
|
)
|
|
$
|
(504.8
|
)
|
|
|
|
|
|
||||
Denominator:
|
|
|
|
|
||||
Weighted average common shares outstanding
|
|
51.6
|
|
|
59.5
|
|
||
Diluted weighted average common shares outstanding
|
|
51.6
|
|
|
59.5
|
|
||
|
|
|
|
|
||||
EPS – diluted
|
|
$
|
(0.35
|
)
|
|
$
|
(8.48
|
)
|
|
|
13 weeks ended
|
||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||
Share awards
|
|
1.1
|
|
|
0.5
|
|
Potential impact of preferred shares
|
|
7.2
|
|
|
6.8
|
|
Total anti-dilutive shares
|
|
8.3
|
|
|
7.3
|
|
|
|
|
|
|
|
|
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 February 2, 2019
|
$
|
(248.4
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
4.0
|
|
|
$
|
(53.8
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
(302.8
|
)
|
Other comprehensive income (loss) (“OCI”) before reclassifications
|
(2.0
|
)
|
|
0.3
|
|
|
(3.2
|
)
|
|
—
|
|
|
—
|
|
|
(4.9
|
)
|
||||||
Amounts reclassified from AOCI to net income
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
0.2
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Net current period OCI
|
(2.0
|
)
|
|
0.3
|
|
|
(3.6
|
)
|
|
0.2
|
|
|
—
|
|
|
(5.1
|
)
|
||||||
Balance at May 4, 2019
|
$
|
(250.4
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
0.4
|
|
|
$
|
(53.6
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
(307.9
|
)
|
|
Amounts reclassified from AOCI
|
|
|
||||||||
|
|
13 weeks ended
|
|
|
|||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
|
Statement of operations caption
|
|||||
Losses (gains) on cash flow hedges:
|
|
|
|
|
|
|
|||||
Foreign currency contracts
|
|
$
|
(0.3
|
)
|
|
$
|
0.3
|
|
|
Cost of sales (see Note 15)
|
|
Interest rate swaps
|
|
(0.6
|
)
|
|
(0.3
|
)
|
|
Interest expense, net
(see Note 15)
|
|||
Commodity contracts
|
|
0.4
|
|
|
(0.5
|
)
|
|
Cost of sales (see Note 15)
|
|||
Total before income tax
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
|
|||
Income taxes
|
|
0.1
|
|
|
0.2
|
|
|
|
|||
Net of tax
|
|
(0.4
|
)
|
|
(0.3
|
)
|
|
|
|||
|
|
|
|
|
|
|
|||||
Defined benefit pension plan items:
|
|
|
|
|
|
|
|||||
Amortization of unrecognized actuarial losses
|
|
0.3
|
|
|
0.3
|
|
|
Other non-operating income
|
|||
Amortization of unrecognized net prior service credits
|
|
—
|
|
|
(0.1
|
)
|
|
Other non-operating income
|
|||
Total before income tax
|
|
0.3
|
|
|
0.2
|
|
|
|
|||
Income taxes
|
|
(0.1
|
)
|
|
—
|
|
|
|
|||
Net of tax
|
|
0.2
|
|
|
0.2
|
|
|
|
|||
|
|
|
|
|
|
|
|||||
Total reclassifications, net of tax
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
|
|
13 weeks ended
|
||||
|
May 4, 2019
|
|
May 5, 2018
|
||
Effective tax rate before discrete items
|
14.7
|
%
|
|
28.3
|
%
|
Discrete items recognized
|
(1.7
|
)%
|
|
(13.5
|
)%
|
Effective tax rate recognized in statement of operations
|
13.0
|
%
|
|
14.8
|
%
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Accounts receivable, held for investment
|
$
|
15.3
|
|
|
$
|
19.5
|
|
|
$
|
6.8
|
|
Accounts receivable, held for sale
|
$
|
7.8
|
|
|
$
|
4.2
|
|
|
$
|
484.6
|
|
Accounts receivable
|
$
|
23.1
|
|
|
$
|
23.7
|
|
|
$
|
491.4
|
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Raw materials
|
$
|
74.2
|
|
|
$
|
76.3
|
|
|
$
|
69.7
|
|
Finished goods
|
2,320.0
|
|
|
2,310.6
|
|
|
2,359.3
|
|
|||
Total inventories
|
$
|
2,394.2
|
|
|
$
|
2,386.9
|
|
|
$
|
2,429.0
|
|
|
|
May 4, 2019
|
|
Weighted average remaining lease term (in years)
|
|
7.3
|
|
Weighted average discount rate
|
|
5.5
|
%
|
|
|
13 weeks ended
|
||
(in millions)
|
|
May 4, 2019
|
||
Operating lease cost
|
|
$
|
114.4
|
|
Short-term lease cost
|
|
7.8
|
|
|
Variable lease cost
|
|
26.6
|
|
|
Sublease income
|
|
(0.7
|
)
|
|
Total lease cost
|
|
$
|
148.1
|
|
|
|
13 weeks ended
|
||
(in millions)
|
|
May 4, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
118.0
|
|
Operating lease right-of-use assets obtained in exchange for lease obligations
|
|
6.5
|
|
(in millions)
|
|
May 4, 2019
|
||
Remainder of Fiscal 2020
|
|
$
|
342.2
|
|
Fiscal 2021
|
|
416.0
|
|
|
Fiscal 2022
|
|
364.0
|
|
|
Fiscal 2023
|
|
311.7
|
|
|
Fiscal 2024
|
|
245.3
|
|
|
Thereafter
|
|
726.1
|
|
|
Total lease payments
|
|
$
|
2,405.3
|
|
Less: Imputed interest
|
|
(457.0
|
)
|
|
Present value of lease liabilities
|
|
$
|
1,948.3
|
|
(in millions)
|
|
North America
|
|
Other
|
|
Total
|
||||||
Balance at February 3, 2018
|
|
$
|
818.1
|
|
|
$
|
3.6
|
|
|
$
|
821.7
|
|
Impairment
|
|
(517.6
|
)
|
|
(3.6
|
)
|
|
(521.2
|
)
|
|||
Impact of foreign exchange and other adjustments
(1)
|
|
(3.9
|
)
|
|
—
|
|
|
(3.9
|
)
|
|||
Balance at February 2, 2019
|
|
296.6
|
|
|
—
|
|
|
296.6
|
|
|||
Impact of foreign exchange and other adjustments
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||
Balance at May 4, 2019
|
|
$
|
296.4
|
|
|
$
|
—
|
|
|
$
|
296.4
|
|
(1)
|
During the
13 weeks ended
May 5, 2018, other adjustments include a purchase price accounting adjustment of
$2.6 million
related to a revised valuation of acquired intangible assets from the R2Net acquisition.
|
|
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||||||||||||||||||||||||||
(in millions)
|
|
Gross
carrying amount |
|
Accumulated
amortization (1) |
|
Net
carrying amount |
|
Gross
carrying amount |
|
Accumulated
amortization (1) |
|
Net
carrying amount |
|
Gross
carrying amount |
|
Accumulated
amortization (1) |
|
Net
carrying amount |
||||||||||||||||||
Intangible assets, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Definite-lived intangible assets
|
|
$
|
53.0
|
|
|
$
|
(50.2
|
)
|
|
$
|
2.8
|
|
|
$
|
53.3
|
|
|
$
|
(50.1
|
)
|
|
$
|
3.2
|
|
|
$
|
53.5
|
|
|
$
|
(47.2
|
)
|
|
$
|
6.3
|
|
Indefinite-lived intangible assets
|
|
475.1
|
|
|
(213.8
|
)
|
|
261.3
|
|
|
475.9
|
|
|
(214.1
|
)
|
|
261.8
|
|
|
476.6
|
|
|
(139.7
|
)
|
|
336.9
|
|
|||||||||
Total intangible assets, net
|
|
$
|
528.1
|
|
|
$
|
(264.0
|
)
|
|
$
|
264.1
|
|
|
$
|
529.2
|
|
|
$
|
(264.2
|
)
|
|
$
|
265.0
|
|
|
$
|
530.1
|
|
|
$
|
(186.9
|
)
|
|
$
|
343.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Intangible liabilities, net
|
|
$
|
(113.7
|
)
|
|
$
|
93.8
|
|
|
$
|
(19.9
|
)
|
|
$
|
(113.9
|
)
|
|
$
|
92.5
|
|
|
$
|
(21.4
|
)
|
|
$
|
(114.1
|
)
|
|
$
|
87.1
|
|
|
$
|
(27.0
|
)
|
(1)
|
Accumulated amortization amounts related to the indefinite-lived intangible assets represents accumulated impairment losses recorded to date.
|
|
Fair value of derivative assets
|
||||||||||||
(in millions)
|
Balance sheet location
|
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current assets
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
0.4
|
|
Commodity contracts
|
Other current assets
|
|
0.8
|
|
|
4.3
|
|
|
0.1
|
|
|||
Commodity contracts
|
Other assets
|
|
0.1
|
|
|
1.4
|
|
|
—
|
|
|||
Interest rate swaps
|
Other assets
|
|
—
|
|
|
0.6
|
|
|
2.3
|
|
|||
Total derivative assets
|
|
|
$
|
0.9
|
|
|
$
|
6.4
|
|
|
$
|
2.8
|
|
|
|
|
|
|
|
|
|
||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current assets
|
|
1.0
|
|
|
0.8
|
|
|
—
|
|
|||
Total derivative assets
|
|
|
$
|
1.9
|
|
|
$
|
7.2
|
|
|
$
|
2.8
|
|
|
Fair value of derivative liabilities
|
||||||||||||
(in millions)
|
Balance sheet location
|
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current liabilities
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
Commodity contracts
|
Other current liabilities
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|||
Commodity contracts
|
Other liabilities
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
$
|
(0.6
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
(1.0
|
)
|
|||
Total derivative liabilities
|
|
|
$
|
(0.6
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(1.2
|
)
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Foreign currency contracts
|
$
|
0.4
|
|
|
$
|
0.7
|
|
|
$
|
(0.8
|
)
|
Commodity contracts
|
0.1
|
|
|
4.0
|
|
|
1.1
|
|
|||
Interest rate swaps
|
—
|
|
|
0.6
|
|
|
2.3
|
|
|||
Gains (losses) recorded in AOCI
|
$
|
0.5
|
|
|
$
|
5.3
|
|
|
$
|
2.6
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
(Losses) gains recorded in AOCI, beginning of period
|
|
|
$
|
0.7
|
|
|
$
|
(2.4
|
)
|
Current period gains (losses) recognized in OCI
|
|
|
—
|
|
|
1.3
|
|
||
Losses (gains) reclassified from AOCI to net income
|
Cost of sales
|
|
(0.3
|
)
|
|
0.3
|
|
||
Gains recorded in AOCI, end of period
|
|
|
$
|
0.4
|
|
|
$
|
(0.8
|
)
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Gains (losses) recorded in AOCI, beginning of period
|
|
|
$
|
4.0
|
|
|
$
|
1.4
|
|
Current period gains (losses) recognized in OCI
|
|
|
(4.3
|
)
|
|
0.2
|
|
||
Gains reclassified from AOCI to net income
|
Cost of sales
|
|
0.4
|
|
|
(0.5
|
)
|
||
Gains (losses) recorded in AOCI, end of period
|
|
|
$
|
0.1
|
|
|
$
|
1.1
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Gains recorded in AOCI, beginning of period
|
|
|
$
|
0.6
|
|
|
$
|
2.2
|
|
Current period gains (losses) recognized in OCI
|
|
|
—
|
|
|
0.4
|
|
||
(Gains) losses reclassified from AOCI to net income
|
Interest expense, net
|
|
(0.6
|
)
|
|
(0.3
|
)
|
||
Gains recorded in AOCI, end of period
|
|
|
$
|
—
|
|
|
$
|
2.3
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other operating income,
net |
|
$
|
1.1
|
|
|
$
|
(4.8
|
)
|
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||||||||||||||||||||||||||
(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
|
$
|
7.7
|
|
|
$
|
7.7
|
|
|
$
|
—
|
|
|
$
|
4.7
|
|
|
$
|
4.7
|
|
|
$
|
—
|
|
|
$
|
7.3
|
|
|
$
|
7.3
|
|
|
$
|
—
|
|
Corporate equity securities
|
2.6
|
|
|
2.6
|
|
|
—
|
|
|
2.4
|
|
|
2.4
|
|
|
—
|
|
|
4.3
|
|
|
4.3
|
|
|
—
|
|
|||||||||
Foreign currency contracts
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||||||
Commodity contracts
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|
5.7
|
|
|
—
|
|
|
5.7
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||||||
Interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
2.3
|
|
|
—
|
|
|
2.3
|
|
|||||||||
US government agency securities
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
4.7
|
|
|
—
|
|
|
4.7
|
|
|||||||||
Corporate bonds and notes
|
6.6
|
|
|
—
|
|
|
6.6
|
|
|
5.2
|
|
|
—
|
|
|
5.2
|
|
|
10.6
|
|
|
—
|
|
|
10.6
|
|
|||||||||
Total assets
|
$
|
22.8
|
|
|
$
|
10.3
|
|
|
$
|
12.5
|
|
|
$
|
22.0
|
|
|
$
|
7.1
|
|
|
$
|
14.9
|
|
|
$
|
29.7
|
|
|
$
|
11.6
|
|
|
$
|
18.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency contracts
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
—
|
|
|
$
|
(1.2
|
)
|
Commodity contracts
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total liabilities
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
—
|
|
|
$
|
(1.2
|
)
|
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||||||||||||||
(in millions)
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior notes (Level 2)
|
$
|
395.5
|
|
|
$
|
363.4
|
|
|
$
|
395.3
|
|
|
$
|
340.3
|
|
|
$
|
394.6
|
|
|
$
|
382.3
|
|
Term loan (Level 2)
|
284.5
|
|
|
286.0
|
|
|
293.0
|
|
|
294.9
|
|
|
317.0
|
|
|
319.5
|
|
||||||
Total
|
$
|
680.0
|
|
|
$
|
649.4
|
|
|
$
|
688.3
|
|
|
$
|
635.2
|
|
|
$
|
711.6
|
|
|
$
|
701.8
|
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Debt:
|
|
|
|
|
|
||||||
Senior unsecured notes due 2024, net of unamortized discount
|
$
|
399.1
|
|
|
$
|
399.0
|
|
|
$
|
398.9
|
|
Senior unsecured term loan
|
286.0
|
|
|
294.9
|
|
|
319.5
|
|
|||
Revolving credit facility
|
—
|
|
|
—
|
|
|
40.0
|
|
|||
Bank overdrafts
|
2.7
|
|
|
40.1
|
|
|
0.3
|
|
|||
Total debt
|
$
|
687.8
|
|
|
$
|
734.0
|
|
|
$
|
758.7
|
|
Less: Current portion of loans and overdrafts
|
(43.7
|
)
|
|
(78.8
|
)
|
|
(72.3
|
)
|
|||
Less: Unamortized capitalized debt issuance fees
|
(5.1
|
)
|
|
(5.6
|
)
|
|
(6.7
|
)
|
|||
Total long-term debt
|
$
|
639.0
|
|
|
$
|
649.6
|
|
|
$
|
679.7
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Warranty reserve, beginning of period
|
|
$
|
33.2
|
|
|
$
|
37.2
|
|
Warranty expense
|
|
3.5
|
|
|
1.4
|
|
||
Utilized
(1)
|
|
(2.9
|
)
|
|
(3.0
|
)
|
||
Warranty reserve, end of period
|
|
$
|
33.8
|
|
|
$
|
35.6
|
|
(1)
|
Includes impact of foreign exchange translation.
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Disclosed as:
|
|
|
|
|
|
||||||
Current liabilities
|
$
|
10.1
|
|
|
$
|
10.0
|
|
|
$
|
11.0
|
|
Non-current liabilities
|
23.7
|
|
|
23.2
|
|
|
24.6
|
|
|||
Total warranty reserve
|
$
|
33.8
|
|
|
$
|
33.2
|
|
|
$
|
35.6
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,316.9
|
|
|
$
|
114.8
|
|
|
$
|
—
|
|
|
$
|
1,431.7
|
|
Cost of sales
|
—
|
|
|
—
|
|
|
(854.0
|
)
|
|
(78.3
|
)
|
|
—
|
|
|
(932.3
|
)
|
||||||
Gross margin
|
—
|
|
|
—
|
|
|
462.9
|
|
|
36.5
|
|
|
—
|
|
|
499.4
|
|
||||||
Selling, general and administrative expenses
|
—
|
|
|
—
|
|
|
(462.4
|
)
|
|
(12.8
|
)
|
|
—
|
|
|
(475.2
|
)
|
||||||
Restructuring charges
|
—
|
|
|
—
|
|
|
(25.8
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
(26.8
|
)
|
||||||
Other operating income (loss), net
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
—
|
|
|
—
|
|
||||||
Operating income (loss)
|
—
|
|
|
—
|
|
|
(25.4
|
)
|
|
22.8
|
|
|
—
|
|
|
(2.6
|
)
|
||||||
Intra-entity interest income (expense)
|
(0.7
|
)
|
|
4.7
|
|
|
(48.4
|
)
|
|
44.4
|
|
|
—
|
|
|
—
|
|
||||||
Interest expense, net
|
—
|
|
|
(5.0
|
)
|
|
(4.3
|
)
|
|
0.1
|
|
|
—
|
|
|
(9.2
|
)
|
||||||
Other non-operating income
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||||
Income (loss) before income taxes
|
(0.7
|
)
|
|
(0.3
|
)
|
|
(77.8
|
)
|
|
67.3
|
|
|
—
|
|
|
(11.5
|
)
|
||||||
Income taxes
|
—
|
|
|
0.1
|
|
|
8.8
|
|
|
(7.4
|
)
|
|
—
|
|
|
1.5
|
|
||||||
Equity in income (loss) of subsidiaries
|
(9.3
|
)
|
|
—
|
|
|
(79.7
|
)
|
|
(65.4
|
)
|
|
154.4
|
|
|
—
|
|
||||||
Net income (loss)
|
$
|
(10.0
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(148.7
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
154.4
|
|
|
$
|
(10.0
|
)
|
Dividends on redeemable convertible preferred shares
|
(8.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.2
|
)
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
(18.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(148.7
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
154.4
|
|
|
$
|
(18.2
|
)
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,356.5
|
|
|
$
|
124.1
|
|
|
$
|
—
|
|
|
$
|
1,480.6
|
|
Cost of sales
|
—
|
|
|
—
|
|
|
(936.3
|
)
|
|
(59.5
|
)
|
|
—
|
|
|
(995.8
|
)
|
||||||
Gross margin
|
—
|
|
|
—
|
|
|
420.2
|
|
|
64.6
|
|
|
—
|
|
|
484.8
|
|
||||||
Selling, general and administrative expenses
|
(0.1
|
)
|
|
—
|
|
|
(444.4
|
)
|
|
(38.3
|
)
|
|
—
|
|
|
(482.8
|
)
|
||||||
Credit transaction, net
|
—
|
|
|
—
|
|
|
(143.1
|
)
|
|
—
|
|
|
—
|
|
|
(143.1
|
)
|
||||||
Restructuring charges
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
(6.5
|
)
|
||||||
Goodwill and intangible impairments
|
—
|
|
|
—
|
|
|
(448.7
|
)
|
|
—
|
|
|
—
|
|
|
(448.7
|
)
|
||||||
Other operating income (loss), net
|
(0.1
|
)
|
|
—
|
|
|
22.6
|
|
|
(0.4
|
)
|
|
—
|
|
|
22.1
|
|
||||||
Operating income (loss)
|
(0.2
|
)
|
|
—
|
|
|
(598.9
|
)
|
|
24.9
|
|
|
—
|
|
|
(574.2
|
)
|
||||||
Intra-entity interest income (expense)
|
(0.7
|
)
|
|
4.7
|
|
|
(44.8
|
)
|
|
40.8
|
|
|
—
|
|
|
—
|
|
||||||
Interest expense, net
|
—
|
|
|
(4.9
|
)
|
|
(4.0
|
)
|
|
—
|
|
|
—
|
|
|
(8.9
|
)
|
||||||
Other non-operating income
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
||||||
Income (loss) before income taxes
|
(0.9
|
)
|
|
(0.2
|
)
|
|
(647.1
|
)
|
|
65.7
|
|
|
—
|
|
|
(582.5
|
)
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
79.4
|
|
|
6.5
|
|
|
—
|
|
|
85.9
|
|
||||||
Equity in income (loss) of subsidiaries
|
(495.7
|
)
|
|
—
|
|
|
(565.1
|
)
|
|
(567.9
|
)
|
|
1,628.7
|
|
|
—
|
|
||||||
Net income (loss)
|
$
|
(496.6
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(1,132.8
|
)
|
|
$
|
(495.7
|
)
|
|
$
|
1,628.7
|
|
|
$
|
(496.6
|
)
|
Dividends on redeemable convertible preferred shares
|
(8.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.2
|
)
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
(504.8
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(1,132.8
|
)
|
|
$
|
(495.7
|
)
|
|
$
|
1,628.7
|
|
|
$
|
(504.8
|
)
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
(10.0
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(148.7
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
154.4
|
|
|
$
|
(10.0
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(2.0
|
)
|
|
—
|
|
|
(2.0
|
)
|
|
—
|
|
|
2.0
|
|
|
(2.0
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
(0.3
|
)
|
|
0.3
|
|
||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain
|
(3.2
|
)
|
|
—
|
|
|
(3.2
|
)
|
|
—
|
|
|
3.2
|
|
|
(3.2
|
)
|
||||||
Reclassification adjustment for gains to net income
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
0.4
|
|
|
(0.4
|
)
|
||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
(0.2
|
)
|
|
0.2
|
|
||||||
Total other comprehensive income (loss)
|
(5.1
|
)
|
|
—
|
|
|
(5.4
|
)
|
|
0.3
|
|
|
5.1
|
|
|
(5.1
|
)
|
||||||
Total comprehensive income (loss)
|
$
|
(15.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(154.1
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
159.5
|
|
|
$
|
(15.1
|
)
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net income (loss)
|
$
|
(496.6
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(1,132.8
|
)
|
|
$
|
(495.7
|
)
|
|
$
|
1,628.7
|
|
|
$
|
(496.6
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
(21.7
|
)
|
|
—
|
|
|
(21.5
|
)
|
|
(0.2
|
)
|
|
21.7
|
|
|
(21.7
|
)
|
||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
0.2
|
|
|
(0.2
|
)
|
||||||
Impact from adoption of new accounting pronouncements
(1)
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
0.8
|
|
|
(0.8
|
)
|
||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
(1.5
|
)
|
|
1.5
|
|
||||||
Reclassification adjustment for gains to net income
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.3
|
|
|
(0.3
|
)
|
||||||
Pension plan:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
(0.3
|
)
|
|
0.3
|
|
||||||
Reclassification adjustment to net income for amortization of net prior service credits
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
||||||
Total other comprehensive income
|
(21.3
|
)
|
|
—
|
|
|
(20.1
|
)
|
|
(1.2
|
)
|
|
21.3
|
|
|
(21.3
|
)
|
||||||
Total comprehensive income (loss)
|
$
|
(517.9
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(1,152.9
|
)
|
|
$
|
(496.9
|
)
|
|
$
|
1,650.0
|
|
|
$
|
(517.9
|
)
|
(1)
|
Adjustment reflects the reclassification of unrealized gains related to the Company’s equity security investments as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-1.
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
$
|
133.7
|
|
|
$
|
60.9
|
|
|
$
|
—
|
|
|
$
|
195.1
|
|
Accounts receivable
|
—
|
|
|
—
|
|
|
13.4
|
|
|
9.7
|
|
|
—
|
|
|
23.1
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
11.8
|
|
|
30.7
|
|
|
297.2
|
|
|
(339.7
|
)
|
|
—
|
|
||||||
Other current assets
|
—
|
|
|
—
|
|
|
171.8
|
|
|
33.7
|
|
|
—
|
|
|
205.5
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
4.3
|
|
|
0.5
|
|
|
—
|
|
|
4.8
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
2,309.0
|
|
|
85.2
|
|
|
—
|
|
|
2,394.2
|
|
||||||
Total current assets
|
0.4
|
|
|
11.9
|
|
|
2,662.9
|
|
|
487.2
|
|
|
(339.7
|
)
|
|
2,822.7
|
|
||||||
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
765.5
|
|
|
10.6
|
|
|
—
|
|
|
776.1
|
|
||||||
Operating lease right-of-use assets
|
—
|
|
|
—
|
|
|
1,814.7
|
|
|
8.1
|
|
|
—
|
|
|
1,822.8
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
206.1
|
|
|
90.3
|
|
|
—
|
|
|
296.4
|
|
||||||
Intangible assets, net
|
—
|
|
|
—
|
|
|
243.3
|
|
|
20.8
|
|
|
—
|
|
|
264.1
|
|
||||||
Investment in subsidiaries
|
2,144.9
|
|
|
—
|
|
|
(96.3
|
)
|
|
(382.4
|
)
|
|
(1,666.2
|
)
|
|
—
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
400.0
|
|
|
—
|
|
|
2,583.0
|
|
|
(2,983.0
|
)
|
|
—
|
|
||||||
Other assets
|
—
|
|
|
—
|
|
|
165.9
|
|
|
23.3
|
|
|
—
|
|
|
189.2
|
|
||||||
Deferred tax assets
|
—
|
|
|
—
|
|
|
25.9
|
|
|
(3.9
|
)
|
|
—
|
|
|
22.0
|
|
||||||
Total assets
|
$
|
2,145.3
|
|
|
$
|
411.9
|
|
|
$
|
5,788.0
|
|
|
$
|
2,837.0
|
|
|
$
|
(4,988.9
|
)
|
|
$
|
6,193.3
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and overdrafts
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
44.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43.7
|
|
Accounts payable
|
—
|
|
|
—
|
|
|
176.1
|
|
|
62.2
|
|
|
—
|
|
|
238.3
|
|
||||||
Intra-entity payables, net
|
339.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(339.7
|
)
|
|
—
|
|
||||||
Accrued expenses and other current liabilities
|
28.5
|
|
|
7.1
|
|
|
362.0
|
|
|
22.6
|
|
|
—
|
|
|
420.2
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
266.7
|
|
|
10.3
|
|
|
—
|
|
|
277.0
|
|
||||||
Operating lease liabilities
|
—
|
|
|
—
|
|
|
357.0
|
|
|
1.9
|
|
|
—
|
|
|
358.9
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
23.8
|
|
|
0.3
|
|
|
—
|
|
|
24.1
|
|
||||||
Total current liabilities
|
368.2
|
|
|
6.4
|
|
|
1,230.0
|
|
|
97.3
|
|
|
(339.7
|
)
|
|
1,362.2
|
|
||||||
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
396.2
|
|
|
242.8
|
|
|
—
|
|
|
—
|
|
|
639.0
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
2,983.0
|
|
|
—
|
|
|
(2,983.0
|
)
|
|
—
|
|
||||||
Operating lease liabilities
|
—
|
|
|
—
|
|
|
1,583.2
|
|
|
6.2
|
|
|
—
|
|
|
1,589.4
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
121.4
|
|
|
4.6
|
|
|
—
|
|
|
126.0
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
699.6
|
|
|
—
|
|
|
—
|
|
|
699.6
|
|
||||||
Total liabilities
|
368.2
|
|
|
402.6
|
|
|
6,860.0
|
|
|
108.1
|
|
|
(3,322.7
|
)
|
|
4,416.2
|
|
||||||
Series A redeemable convertible preferred shares
|
615.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
615.7
|
|
||||||
Total shareholders’ equity (deficit)
|
1,161.4
|
|
|
9.3
|
|
|
(1,072.0
|
)
|
|
2,728.9
|
|
|
(1,666.2
|
)
|
|
1,161.4
|
|
||||||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
|
$
|
2,145.3
|
|
|
$
|
411.9
|
|
|
$
|
5,788.0
|
|
|
$
|
2,837.0
|
|
|
$
|
(4,988.9
|
)
|
|
$
|
6,193.3
|
|
(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
|
|
|
$
|
146.7
|
|
|
$
|
48.4
|
|
|
$
|
—
|
|
|
$
|
195.4
|
|
Accounts receivable
|
—
|
|
|
—
|
|
|
14.3
|
|
|
9.4
|
|
|
—
|
|
|
23.7
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
7.9
|
|
|
83.4
|
|
|
220.0
|
|
|
(311.3
|
)
|
|
—
|
|
||||||
Other current assets
|
—
|
|
|
—
|
|
|
215.9
|
|
|
28.1
|
|
|
—
|
|
|
244.0
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
5.1
|
|
|
0.7
|
|
|
—
|
|
|
5.8
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
2,302.6
|
|
|
84.3
|
|
|
—
|
|
|
2,386.9
|
|
||||||
Total current assets
|
0.2
|
|
|
8.0
|
|
|
2,768.0
|
|
|
390.9
|
|
|
(311.3
|
)
|
|
2,855.8
|
|
||||||
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
789.6
|
|
|
10.9
|
|
|
—
|
|
|
800.5
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
206.3
|
|
|
90.3
|
|
|
—
|
|
|
296.6
|
|
||||||
Intangible assets, net
|
—
|
|
|
—
|
|
|
244.0
|
|
|
21.0
|
|
|
—
|
|
|
265.0
|
|
||||||
Investment in subsidiaries
|
2,155.7
|
|
|
—
|
|
|
(15.7
|
)
|
|
(305.5
|
)
|
|
(1,834.5
|
)
|
|
—
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
400.0
|
|
|
—
|
|
|
2,588.0
|
|
|
(2,988.0
|
)
|
|
—
|
|
||||||
Other assets
|
—
|
|
|
—
|
|
|
164.0
|
|
|
17.2
|
|
|
—
|
|
|
181.2
|
|
||||||
Deferred tax assets
|
—
|
|
|
—
|
|
|
24.5
|
|
|
(3.5
|
)
|
|
—
|
|
|
21.0
|
|
||||||
Total assets
|
$
|
2,155.9
|
|
|
$
|
408.0
|
|
|
$
|
4,180.7
|
|
|
$
|
2,809.3
|
|
|
$
|
(5,133.8
|
)
|
|
$
|
4,420.1
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and overdrafts
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
79.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
78.8
|
|
Accounts payable
|
—
|
|
|
—
|
|
|
119.7
|
|
|
34.0
|
|
|
—
|
|
|
153.7
|
|
||||||
Intra-entity payables, net
|
311.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(311.3
|
)
|
|
—
|
|
||||||
Accrued expenses and other current liabilities
|
27.7
|
|
|
2.4
|
|
|
450.4
|
|
|
22.3
|
|
|
—
|
|
|
502.8
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
257.6
|
|
|
12.4
|
|
|
—
|
|
|
270.0
|
|
||||||
Income taxes
|
—
|
|
|
0.8
|
|
|
26.4
|
|
|
0.5
|
|
|
—
|
|
|
27.7
|
|
||||||
Total current liabilities
|
339.0
|
|
|
2.5
|
|
|
933.6
|
|
|
69.2
|
|
|
(311.3
|
)
|
|
1,033.0
|
|
||||||
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
396.0
|
|
|
253.6
|
|
|
—
|
|
|
—
|
|
|
649.6
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
2,988.0
|
|
|
—
|
|
|
(2,988.0
|
)
|
|
—
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
219.4
|
|
|
4.7
|
|
|
—
|
|
|
224.1
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
696.5
|
|
|
—
|
|
|
—
|
|
|
696.5
|
|
||||||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total liabilities
|
339.0
|
|
|
398.5
|
|
|
5,091.1
|
|
|
73.9
|
|
|
(3,299.3
|
)
|
|
2,603.2
|
|
||||||
Series A redeemable convertible preferred shares
|
615.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
615.3
|
|
||||||
Total shareholders’ equity (deficit)
|
1,201.6
|
|
|
9.5
|
|
|
(910.4
|
)
|
|
2,735.4
|
|
|
(1,834.5
|
)
|
|
1,201.6
|
|
||||||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
|
$
|
2,155.9
|
|
|
$
|
408.0
|
|
|
$
|
4,180.7
|
|
|
$
|
2,809.3
|
|
|
$
|
(5,133.8
|
)
|
|
$
|
4,420.1
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
1.3
|
|
|
$
|
0.1
|
|
|
$
|
102.5
|
|
|
$
|
50.0
|
|
|
$
|
—
|
|
|
$
|
153.9
|
|
Accounts receivable
|
—
|
|
|
—
|
|
|
490.4
|
|
|
1.0
|
|
|
—
|
|
|
491.4
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
7.8
|
|
|
—
|
|
|
237.3
|
|
|
(245.1
|
)
|
|
—
|
|
||||||
Other current assets
|
—
|
|
|
—
|
|
|
208.6
|
|
|
28.2
|
|
|
—
|
|
|
236.8
|
|
||||||
Income taxes
|
—
|
|
|
—
|
|
|
32.0
|
|
|
23.2
|
|
|
—
|
|
|
55.2
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
2,360.6
|
|
|
68.4
|
|
|
—
|
|
|
2,429.0
|
|
||||||
Total current assets
|
1.3
|
|
|
7.9
|
|
|
3,194.1
|
|
|
408.1
|
|
|
(245.1
|
)
|
|
3,366.3
|
|
||||||
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
—
|
|
|
839.7
|
|
|
7.5
|
|
|
—
|
|
|
847.2
|
|
||||||
Goodwill
|
—
|
|
|
—
|
|
|
206.4
|
|
|
302.7
|
|
|
—
|
|
|
509.1
|
|
||||||
Intangible assets, net
|
—
|
|
|
—
|
|
|
268.4
|
|
|
74.8
|
|
|
—
|
|
|
343.2
|
|
||||||
Investment in subsidiaries
|
2,571.8
|
|
|
—
|
|
|
579.4
|
|
|
15.6
|
|
|
(3,166.8
|
)
|
|
—
|
|
||||||
Intra-entity receivables, net
|
—
|
|
|
400.0
|
|
|
—
|
|
|
2,825.0
|
|
|
(3,225.0
|
)
|
|
—
|
|
||||||
Other assets
|
—
|
|
|
—
|
|
|
176.4
|
|
|
29.9
|
|
|
—
|
|
|
206.3
|
|
||||||
Deferred tax assets
|
—
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||||
Total assets
|
$
|
2,573.1
|
|
|
$
|
407.9
|
|
|
$
|
5,265.2
|
|
|
$
|
3,663.6
|
|
|
$
|
(6,636.9
|
)
|
|
$
|
5,272.9
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and overdrafts
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
73.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72.3
|
|
Accounts payable
|
—
|
|
|
—
|
|
|
257.2
|
|
|
30.3
|
|
|
—
|
|
|
287.5
|
|
||||||
Intra-entity payables, net
|
36.3
|
|
|
—
|
|
|
208.8
|
|
|
—
|
|
|
(245.1
|
)
|
|
—
|
|
||||||
Accrued expenses and other current liabilities
|
30.2
|
|
|
7.1
|
|
|
403.7
|
|
|
22.7
|
|
|
—
|
|
|
463.7
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
272.1
|
|
|
12.8
|
|
|
—
|
|
|
284.9
|
|
||||||
Total current liabilities
|
66.5
|
|
|
6.4
|
|
|
1,214.8
|
|
|
65.8
|
|
|
(245.1
|
)
|
|
1,108.4
|
|
||||||
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
395.4
|
|
|
284.3
|
|
|
—
|
|
|
—
|
|
|
679.7
|
|
||||||
Intra-entity payables, net
|
—
|
|
|
—
|
|
|
3,225.0
|
|
|
—
|
|
|
(3,225.0
|
)
|
|
—
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
231.5
|
|
|
5.0
|
|
|
—
|
|
|
236.5
|
|
||||||
Deferred revenue
|
—
|
|
|
—
|
|
|
667.5
|
|
|
—
|
|
|
—
|
|
|
667.5
|
|
||||||
Deferred tax liabilities
|
—
|
|
|
—
|
|
|
57.5
|
|
|
16.7
|
|
|
—
|
|
|
74.2
|
|
||||||
Total liabilities
|
66.5
|
|
|
401.8
|
|
|
5,680.6
|
|
|
87.5
|
|
|
(3,470.1
|
)
|
|
2,766.3
|
|
||||||
Series A redeemable convertible preferred shares
|
614.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
614.0
|
|
||||||
Total shareholders’ equity (deficit)
|
1,892.6
|
|
|
6.1
|
|
|
(415.4
|
)
|
|
3,576.1
|
|
|
(3,166.8
|
)
|
|
1,892.6
|
|
||||||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
|
$
|
2,573.1
|
|
|
$
|
407.9
|
|
|
$
|
5,265.2
|
|
|
$
|
3,663.6
|
|
|
$
|
(6,636.9
|
)
|
|
$
|
5,272.9
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(0.1
|
)
|
|
$
|
3.9
|
|
|
$
|
9.3
|
|
|
$
|
92.3
|
|
|
$
|
—
|
|
|
$
|
105.4
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchase of property, plant and equipment
|
—
|
|
|
—
|
|
|
(24.6
|
)
|
|
—
|
|
|
—
|
|
|
(24.6
|
)
|
||||||
Purchase of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
|
—
|
|
|
(6.1
|
)
|
||||||
Proceeds from available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||||
Net cash provided by (used in) investing activities
|
—
|
|
|
—
|
|
|
(24.6
|
)
|
|
(5.8
|
)
|
|
—
|
|
|
(30.4
|
)
|
||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends paid on common shares
|
(19.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19.2
|
)
|
||||||
Dividends paid on redeemable convertible preferred shares
|
(7.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.8
|
)
|
||||||
Repayments of term and bridge loans
|
—
|
|
|
—
|
|
|
(8.9
|
)
|
|
—
|
|
|
—
|
|
|
(8.9
|
)
|
||||||
Repayments of bank overdrafts
|
—
|
|
|
—
|
|
|
(37.3
|
)
|
|
—
|
|
|
—
|
|
|
(37.3
|
)
|
||||||
Other financing activities
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
||||||
Intra-entity activity, net
|
28.8
|
|
|
(3.9
|
)
|
|
49.2
|
|
|
(74.1
|
)
|
|
—
|
|
|
—
|
|
||||||
Net cash provided by (used in) financing activities
|
0.3
|
|
|
(3.9
|
)
|
|
3.0
|
|
|
(74.1
|
)
|
|
—
|
|
|
(74.7
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
0.2
|
|
|
0.1
|
|
|
146.7
|
|
|
48.4
|
|
|
—
|
|
|
195.4
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
0.2
|
|
|
—
|
|
|
(12.4
|
)
|
|
12.5
|
|
|
—
|
|
|
0.3
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
||||||
Cash and cash equivalents at end of period
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
$
|
133.7
|
|
|
$
|
60.9
|
|
|
$
|
—
|
|
|
$
|
195.1
|
|
(in millions)
|
Signet
Jewelers Limited |
|
Signet UK
Finance plc |
|
Guarantor
Subsidiaries |
|
Non-
Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Net cash provided by (used in) operating activities
|
$
|
61.2
|
|
|
$
|
4.9
|
|
|
$
|
(68.0
|
)
|
|
$
|
93.4
|
|
|
$
|
(63.6
|
)
|
|
$
|
27.9
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchase of property, plant and equipment
|
—
|
|
|
—
|
|
|
(25.9
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
(26.1
|
)
|
||||||
Purchase of available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
||||||
Proceeds from available-for-sale securities
|
—
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
||||||
Net cash provided by (used in) investing activities
|
—
|
|
|
—
|
|
|
(25.9
|
)
|
|
0.5
|
|
|
—
|
|
|
(25.4
|
)
|
||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends paid on common shares
|
(18.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18.8
|
)
|
||||||
Dividends paid on redeemable convertible preferred shares
|
(7.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.8
|
)
|
||||||
Intra-entity dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(63.6
|
)
|
|
63.6
|
|
|
—
|
|
||||||
Repurchase of common shares
|
(60.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60.0
|
)
|
||||||
Proceeds from term and bridge loans
|
—
|
|
|
—
|
|
|
(6.7
|
)
|
|
—
|
|
|
—
|
|
|
(6.7
|
)
|
||||||
Proceeds from revolving credit facility
|
—
|
|
|
—
|
|
|
40.0
|
|
|
—
|
|
|
—
|
|
|
40.0
|
|
||||||
Repayments of revolving credit facility
|
—
|
|
|
—
|
|
|
(13.9
|
)
|
|
—
|
|
|
—
|
|
|
(13.9
|
)
|
||||||
Other financing activities
|
(2.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
||||||
Intra-entity activity, net
|
27.1
|
|
|
(4.9
|
)
|
|
30.8
|
|
|
(53.0
|
)
|
|
—
|
|
|
—
|
|
||||||
Net cash provided by (used in) financing activities
|
(61.6
|
)
|
|
(4.9
|
)
|
|
50.2
|
|
|
(116.6
|
)
|
|
63.6
|
|
|
(69.3
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
1.7
|
|
|
0.1
|
|
|
150.5
|
|
|
72.8
|
|
|
—
|
|
|
225.1
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
(0.4
|
)
|
|
—
|
|
|
(43.7
|
)
|
|
(22.7
|
)
|
|
—
|
|
|
(66.8
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
(4.3
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(4.4
|
)
|
||||||
Cash and cash equivalents at end of period
|
$
|
1.3
|
|
|
$
|
0.1
|
|
|
$
|
102.5
|
|
|
$
|
50.0
|
|
|
$
|
—
|
|
|
$
|
153.9
|
|
•
|
The North America segment operated
2,703
locations in the US and
124
locations in Canada as of
May 4, 2019
.
|
◦
|
In the US, the segment primarily operates in malls and off-mall locations under the following banners: Kay (Kay Jewelers and Kay Outlet); Zales (Zales Jewelers and Zales Outlet); Jared (Jared The Galleria Of Jewelry and Jared Vault); James Allen; and a variety of mall-based regional banners. Additionally, in the US, the segment operates mall-based kiosks under the Piercing Pagoda banner.
|
◦
|
In Canada, the segment primarily operates under the Peoples banner (Peoples Jewellers), as well as the Mappins Jewellers regional banner.
|
•
|
The International segment operated
473
stores in the United Kingdom, Republic of Ireland and Channel Islands as of
May 4, 2019
. The segment primarily operates in shopping malls and off-mall locations under the H.Samuel and Ernest Jones banners.
|
(in millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
||||||
Cash and cash equivalents
|
$
|
195.1
|
|
|
$
|
195.4
|
|
|
$
|
153.9
|
|
Loans and overdrafts
|
(43.7
|
)
|
|
(78.8
|
)
|
|
(72.3
|
)
|
|||
Long-term debt
|
(639.0
|
)
|
|
(649.6
|
)
|
|
(679.7
|
)
|
|||
Net debt
|
$
|
(487.6
|
)
|
|
$
|
(533.0
|
)
|
|
$
|
(598.1
|
)
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Net cash provided by operating activities
|
|
$
|
105.4
|
|
|
$
|
27.9
|
|
Purchase of property, plant and equipment
|
|
(24.6
|
)
|
|
(26.1
|
)
|
||
Free cash flow
|
|
$
|
80.8
|
|
|
$
|
1.8
|
|
3.
|
Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Net income (loss)
|
|
$
|
(10.0
|
)
|
|
$
|
(496.6
|
)
|
Income taxes
|
|
(1.5
|
)
|
|
(85.9
|
)
|
||
Other non-operating income
|
|
(0.3
|
)
|
|
(0.6
|
)
|
||
Interest expense, net
|
|
9.2
|
|
|
8.9
|
|
||
Depreciation and amortization
|
|
41.0
|
|
|
49.8
|
|
||
Amortization of unfavorable leases and contracts
|
|
(1.4
|
)
|
|
(2.0
|
)
|
||
EBITDA
|
|
$
|
37.0
|
|
|
$
|
(526.4
|
)
|
Credit transaction, net
|
|
—
|
|
|
143.1
|
|
||
Restructuring charges
|
|
26.8
|
|
|
6.5
|
|
||
Goodwill and intangible impairments
|
|
—
|
|
|
448.7
|
|
||
Adjusted EBITDA
|
|
$
|
63.8
|
|
|
$
|
71.9
|
|
4.
|
Non-GAAP operating income (loss)
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 4, 2019
|
|
May 5, 2018
|
||||
Operating income (loss)
|
|
$
|
(2.6
|
)
|
|
$
|
(574.2
|
)
|
Credit transaction, net
|
|
—
|
|
|
143.1
|
|
||
Restructuring charges
|
|
26.8
|
|
|
6.5
|
|
||
Goodwill and intangible impairments
|
|
—
|
|
|
448.7
|
|
||
Non-GAAP operating income (loss)
|
|
$
|
24.2
|
|
|
$
|
24.1
|
|
5.
|
Leverage Ratio
|
(in millions)
|
52 weeks ended February 2, 2019
|
||
Adjusted debt:
|
|
||
Long-term debt
|
$
|
649.6
|
|
Loans and overdrafts
|
78.8
|
|
|
Series A redeemable convertible preferred shares
|
615.3
|
|
|
Adjustments:
|
|
||
5x Rent expense
|
2,551.5
|
|
|
Adjusted debt
|
3,895.2
|
|
|
|
|
||
Adjusted EBITDAR:
|
|
||
Net income (loss)
|
$
|
(657.4
|
)
|
Income taxes
|
(145.2
|
)
|
|
Interest expense, net
|
39.7
|
|
|
Depreciation and amortization on property, plant and equipment
(1)
|
179.6
|
|
|
Amortization of definite-lived intangibles
(1)
|
4.0
|
|
|
Amortization of unfavorable leases and contracts
|
(7.9
|
)
|
|
Other non-cash accounting adjustments
(2)
|
980.7
|
|
|
Adjusted EBITDA
|
393.5
|
|
|
Rent expense
|
510.3
|
|
|
Adjusted EBITDAR
|
903.8
|
|
|
|
|
||
Adjusted Leverage ratio
|
4.3x
|
|
(1)
|
Total amount of depreciation and amortization reflected on the consolidated statement of cash flows for Fiscal 2019 equals $183.6 million, which includes $4.0 million related to the amortization of definite-lived intangibles, primarily favorable leases and trade names.
|
(2)
|
Fiscal 2019 includes: 1) $735.4 million related to the goodwill and intangible impairments; 2) $160.4 million from the valuation losses related to the sale of eligible non-prime in-house accounts receivable; and 3) $84.9 million related to charges recorded in conjunction with the Company’s restructuring activities.
|
•
|
Same store sales: Down
1.3%
.
|
•
|
Total sales:
$1.43 billion
, decreased
3.3%
.
|
•
|
Operating loss:
$(2.6) million
compared to
$(574.2) million
.
|
•
|
Diluted loss per share:
$(0.35)
, including the impact of restructuring charges of ($0.43).
|
(1)
|
Non-GAAP measure.
|
|
|
Year to Date
|
||||||||||||
|
|
Fiscal 2020
|
|
Fiscal 2019
|
||||||||||
(in millions)
|
|
$
|
|
% of sales
|
|
$
|
|
% of sales
|
||||||
Sales
|
|
$
|
1,431.7
|
|
|
100.0
|
%
|
|
$
|
1,480.6
|
|
|
100.0
|
%
|
Cost of sales
|
|
(932.3
|
)
|
|
(65.1
|
)
|
|
(995.8
|
)
|
|
(67.3
|
)
|
||
Gross margin
|
|
499.4
|
|
|
34.9
|
|
|
484.8
|
|
|
32.7
|
|
||
Selling, general and administrative expenses
|
|
(475.2
|
)
|
|
(33.2
|
)
|
|
(482.8
|
)
|
|
(32.6
|
)
|
||
Credit transaction, net
|
|
—
|
|
|
—
|
|
|
(143.1
|
)
|
|
(9.7
|
)
|
||
Restructuring charges
|
|
(26.8
|
)
|
|
(1.9
|
)
|
|
(6.5
|
)
|
|
(0.4
|
)
|
||
Goodwill and intangible impairments
|
|
—
|
|
|
—
|
|
|
(448.7
|
)
|
|
(30.3
|
)
|
||
Other operating income, net
|
|
—
|
|
|
—
|
|
|
22.1
|
|
|
1.5
|
|
||
Operating income (loss)
|
|
(2.6
|
)
|
|
(0.2
|
)
|
|
(574.2
|
)
|
|
(38.8
|
)
|
||
Interest expense, net
|
|
(9.2
|
)
|
|
(0.6
|
)
|
|
(8.9
|
)
|
|
(0.5
|
)
|
||
Other non-operating income
|
|
0.3
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
||
Income (loss) before income taxes
|
|
(11.5
|
)
|
|
(0.8
|
)
|
|
(582.5
|
)
|
|
(39.3
|
)
|
||
Income taxes
|
|
1.5
|
|
|
0.1
|
|
|
85.9
|
|
|
5.8
|
|
||
Net income (loss)
|
|
$
|
(10.0
|
)
|
|
(0.7
|
)%
|
|
$
|
(496.6
|
)
|
|
(33.5
|
)%
|
Dividends on redeemable convertible preferred shares
|
|
(8.2
|
)
|
|
nm
|
|
|
(8.2
|
)
|
|
nm
|
|
||
Net income (loss) attributable to common shareholders
|
|
$
|
(18.2
|
)
|
|
(1.3
|
)%
|
|
$
|
(504.8
|
)
|
|
(34.1
|
)%
|
nm
|
Not meaningful.
|
|
Change from previous year
|
|
|
|||||||||||||||
Year to date Fiscal 2020
|
Same
store sales |
|
Non-same
store sales, net |
|
Total sales
at constant exchange rate |
|
Exchange
translation impact |
|
Total
sales as reported |
|
Total
sales (in millions) |
|||||||
Kay
|
(1.4
|
)%
|
|
—
|
%
|
|
(1.4
|
)%
|
|
na
|
|
|
(1.4
|
)%
|
|
$
|
574.8
|
|
Zales
|
(1.4
|
)%
|
|
(3.0
|
)%
|
|
(4.4
|
)%
|
|
na
|
|
|
(4.4
|
)%
|
|
$
|
285.0
|
|
Jared
|
(2.0
|
)%
|
|
(2.7
|
)%
|
|
(4.7
|
)%
|
|
na
|
|
|
(4.7
|
)%
|
|
$
|
255.0
|
|
Piercing Pagoda
|
13.5
|
%
|
|
(2.5
|
)%
|
|
11.0
|
%
|
|
na
|
|
|
11.0
|
%
|
|
$
|
82.6
|
|
James Allen
|
(2.4
|
)%
|
|
—
|
%
|
|
(2.4
|
)%
|
|
na
|
|
|
(2.4
|
)%
|
|
$
|
52.0
|
|
Peoples
|
(4.9
|
)%
|
|
(2.0
|
)%
|
|
(6.9
|
)%
|
|
(3.8
|
)%
|
|
(10.7
|
)%
|
|
$
|
41.7
|
|
Regional banners
|
(11.0
|
)%
|
|
(51.4
|
)%
|
|
(62.4
|
)%
|
|
(0.2
|
)%
|
|
(62.6
|
)%
|
|
$
|
9.2
|
|
North America segment
|
(0.9
|
)%
|
|
(2.5
|
)%
|
|
(3.4
|
)%
|
|
(0.1
|
)%
|
|
(3.5
|
)%
|
|
$
|
1,300.3
|
|
International segment
|
(5.2
|
)%
|
|
(2.2
|
)%
|
|
(7.4
|
)%
|
|
(6.0
|
)%
|
|
(13.4
|
)%
|
|
$
|
111.5
|
|
Other
(1)
|
|
|
|
|
|
|
|
|
|
|
$
|
19.9
|
|
|||||
Signet
|
(1.3
|
)%
|
|
(1.3
|
)%
|
|
(2.6
|
)%
|
|
(0.7
|
)%
|
|
(3.3
|
)%
|
|
$
|
1,431.7
|
|
(1)
|
Includes sales from Signet’s diamond sourcing initiative.
|
|
Average Merchandise Transaction Value
(1)(2)
|
|
Merchandise Transactions
|
||||||||||||||||
|
Average Value
|
|
Change from previous year
|
|
Change from previous year
|
||||||||||||||
Year to date
|
Fiscal 2020
|
|
Fiscal 2019
|
|
Fiscal 2020
|
|
Fiscal 2019
|
|
Fiscal 2020
|
|
Fiscal 2019
|
||||||||
Kay
|
$
|
526
|
|
|
$
|
492
|
|
|
6.9
|
%
|
|
6.7
|
%
|
|
(6.3
|
)%
|
|
(6.7
|
)%
|
Zales
|
$
|
494
|
|
|
$
|
491
|
|
|
0.4
|
%
|
|
1.9
|
%
|
|
(0.6
|
)%
|
|
8.5
|
%
|
Jared
|
$
|
730
|
|
|
$
|
653
|
|
|
11.8
|
%
|
|
7.2
|
%
|
|
(13.3
|
)%
|
|
(13.4
|
)%
|
Piercing Pagoda
|
$
|
73
|
|
|
$
|
67
|
|
|
9.0
|
%
|
|
6.3
|
%
|
|
6.2
|
%
|
|
(1.0
|
)%
|
James Allen
|
$
|
3,722
|
|
|
$
|
3,709
|
|
|
0.4
|
%
|
|
(2.8
|
)%
|
|
(2.7
|
)%
|
|
33.4
|
%
|
Peoples
(3)
|
C$
|
443
|
|
|
C$
|
455
|
|
|
(3.7
|
)%
|
|
(0.9
|
)%
|
|
0.3
|
%
|
|
5.5
|
%
|
Regional banners
|
$
|
531
|
|
|
$
|
490
|
|
|
2.7
|
%
|
|
8.4
|
%
|
|
(55.7
|
)%
|
|
(16.3
|
)%
|
North America segment
|
$
|
384
|
|
|
$
|
378
|
|
|
1.3
|
%
|
|
5.0
|
%
|
|
(2.3
|
)%
|
|
(2.9
|
)%
|
International segment
(4)
|
£
|
143
|
|
|
£
|
141
|
|
|
0.2
|
%
|
|
2.9
|
%
|
|
(5.4
|
)%
|
|
(8.3
|
)%
|
(1)
|
Net merchandise sales within the North America segment 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.
|
(2)
|
Net merchandise sales within the International segment 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.
|
(3)
|
Amounts for Peoples stores are denominated in Canadian dollars.
|
(4)
|
Amounts for the International segment are denominated in British pounds.
|
|
Year to date
|
||||||||||||
|
Fiscal 2020
|
|
Fiscal 2019
|
||||||||||
(in millions)
|
$
|
|
% of segment sales
|
|
$
|
|
% of segment sales
|
||||||
North America segment
(1)
|
$
|
48.1
|
|
|
3.7
|
%
|
|
$
|
(537.3
|
)
|
|
(39.9
|
)%
|
International segment
|
(8.0
|
)
|
|
(7.2
|
)%
|
|
(7.6
|
)
|
|
(5.9
|
)%
|
||
Other
(2)
|
(42.7
|
)
|
|
nm
|
|
|
(29.3
|
)
|
|
nm
|
|
||
Operating (loss) income
|
$
|
(2.6
|
)
|
|
(0.2
|
)%
|
|
$
|
(574.2
|
)
|
|
(38.8
|
)%
|
(1)
|
Fiscal
2020
includes a
$0.5 million
benefit recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities. See Note
5
of Item 1 for additional information. Fiscal 2019 includes
$448.7 million
related to the goodwill and intangible impairments recognized during the first quarter and
$141.0 million
of charges related to the definitive agreements to sell all eligible non-prime in-house accounts receivable. See Notes 14 and 11, respectively, of Item 1 for additional information.
|
(2)
|
Fiscal
2020
includes
$27.3 million
related to charges recorded in conjunction with the Company’s restructuring activities including inventory charges. See Note
5
of Item 1 for additional information. Fiscal 2019 includes restructuring charges of
$6.5 million
recorded in conjunction with the Company’s restructuring activities and charges of
$2.1 million
related to credit transaction costs. See Note 5 and Note 11 of Item 1 for additional information.
|
nm
|
Not meaningful.
|
|
13 weeks ended
|
||||||
(in millions)
|
May 4, 2019
|
|
May 5, 2018
|
||||
Net cash provided by operating activities
|
$
|
105.4
|
|
|
$
|
27.9
|
|
Net cash used in investing activities
|
(30.4
|
)
|
|
(25.4
|
)
|
||
Net cash used in financing activities
|
(74.7
|
)
|
|
(69.3
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
$
|
0.3
|
|
|
$
|
(66.8
|
)
|
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
$
|
195.4
|
|
|
$
|
225.1
|
|
Increase (decrease) in cash and cash equivalents
|
0.3
|
|
|
(66.8
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(0.6
|
)
|
|
(4.4
|
)
|
||
Cash and cash equivalents at end of period
|
$
|
195.1
|
|
|
$
|
153.9
|
|
•
|
Net loss was
$10.0 million
compared to net loss of
$496.6 million
in the prior year period,
an increase
of
$486.6 million
. The increase was primarily attributable to prior year results being impacted by the recognition of $448.7 million of non-cash goodwill and intangible impairment charges, as well as charges of $143.1 million related to the sale of the non-prime in-house accounts receivable.
|
•
|
Depreciation and amortization
decreased
$8.8 million
to
$41.0 million
from
$49.8 million
in the prior year comparable period.
|
•
|
Cash provided by accounts receivable totaled
$0.9 million
compared to
$59.9 million
in the prior year comparable period. The decrease was primarily attributable to the outsourcing of the North America private label credit card program. See Note 11 of Item 1 for additional information regarding the outsourcing of this credit program and portfolio.
|
|
13 weeks ended
|
||||||
|
May 4, 2019
|
|
May 5, 2018
|
||||
Total North America sales (excluding James Allen)
(1)
(millions)
|
$
|
1,248.3
|
|
|
$
|
1,294.5
|
|
Credit and lease purchase sales (millions)
|
$
|
624.5
|
|
|
$
|
662.0
|
|
Credit and lease purchase sales as % of total North America sales
(1)
|
50.0
|
%
|
|
51.1
|
%
|
(1)
|
Excludes James Allen sales totaling
$52.0 million
and
$53.3 million
during the
13 weeks ended
May 4, 2019
and
May 5, 2018
, respectively, as in-house credit was not available to James Allen customers during the period.
|
•
|
Cash used for inventory and inventory-related items was
$7.8 million
compared to cash used of
$162.4 million
in the prior year comparable period. Total inventory as of
May 4, 2019
was
$2,394.2 million
compared to the prior year comparable quarter balance of
$2,429.0 million
, reflecting our strategy to exit low-priced owned branded beads and the disposition of slow-moving inventory partially offset by increased investments in bridal and certain fashion collections. Cash used for inventory decreased by
$154.6 million
from prior year primarily due to inventory management initiatives and liquidation of discontinued brands and collections.
|
•
|
Cash provided by accounts payable was
$87.7 million
compared to
$55.7 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
$39.9 million
compared to cash provided of
$15.3 million
in the prior year comparable period primarily driven by the timing of payments associated with payroll-related items including incentive compensation and advertising.
|
•
|
Cash used for income taxes was
$2.7 million
compared to cash used of
$70.3 million
in the prior year comparable period primarily attributable to lower pre-tax losses in the current year.
|
(1)
|
The annual net change in selling square footage for Fiscal 2019 for the North America and International segments were (5.8%)
and (4.8%), respectively.
|
Year to date
|
|
|
Fiscal 2020
|
|
Fiscal 2019
|
||||||||||||||||||||
(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 |
||||||||||||
2017 Program
(1)
|
$
|
600.0
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
0.2
|
|
|
$
|
9.4
|
|
|
$
|
38.86
|
|
2016 Program
(2)
|
$
|
1,375.0
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
1.3
|
|
|
$
|
50.6
|
|
|
$
|
39.76
|
|
||
Total
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1.5
|
|
|
$
|
60.0
|
|
|
$
|
39.62
|
|
(1)
|
The 2017 Program had
$165.6 million
remaining as of
May 4, 2019
.
|
(2)
|
The 2016 Program was completed in March 2018.
|
n/a
|
Not applicable.
|
(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
May 4, 2019
and
May 5, 2018
,
$19.3 million
and
$21.8 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
first
quarter of
Fiscal 2020
and
Fiscal 2019
, respectively.
|
|
Fiscal 2020
|
|
Fiscal 2019
|
||||||||||||
(in millions)
|
Cash dividend
per share |
|
Total cash
dividends |
|
Cash dividend
per share |
|
Total cash
dividends |
||||||||
First quarter
(1)
|
$
|
12.50
|
|
|
$
|
7.8
|
|
|
$
|
12.50
|
|
|
$
|
7.8
|
|
(1)
|
Signet’s preferred shares dividends results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of
May 4, 2019
and
May 5, 2018
,
$7.8 million
and
$7.8 million
, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on preferred shares declared for the
first
quarter of
Fiscal 2020
and
Fiscal 2019
, respectively.
|
1
|
Adjusted debt, Adjusted EBITDAR, and free cash flow are non-GAAP measures. Signet believes they are useful measures to provide insight into how the Company intends to use capital. See non-GAAP measures section of Item 2 for reconciliation.
|
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
|
||||||
February 3, 2019 to March 2, 2019
|
12,441
|
|
|
$
|
24.05
|
|
|
—
|
|
|
$
|
165,586,651
|
|
March 3, 2019 to March 30, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
165,586,651
|
|
March 31, 2019 to May 4, 2019
|
34,810
|
|
|
$
|
23.77
|
|
|
—
|
|
|
$
|
165,586,651
|
|
Total
|
47,251
|
|
|
$
|
23.85
|
|
|
—
|
|
|
$
|
165,586,651
|
|
(1)
|
Includes
47,251
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 June 2017, the Board of Directors authorized the repurchase of up to $600.0 million of Signet’s common shares (the “2017 Program”). The 2017 Program may be suspended or discontinued at any time without notice.
|
|
|
|
Number
|
|
Description of Exhibits
(1)
|
|
|
|
10.1†
|
|
|
|
|
|
10.2†
|
|
|
|
|
|
10.3†
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
32.2*
|
|
|
|
|
|
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.
|
†
|
Management contract or compensatory plan or arrangement.
|
|
|
|
|
|
|
|
|
|
|
|
Signet Jewelers Limited
|
||
|
|
|
|
|||
Date:
|
|
June 6, 2019
|
|
By:
|
|
/s/ Joan Hilson
|
|
|
|
|
Name:
|
|
Joan Hilson
|
|
|
|
|
Title:
|
|
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
1 Year Signet Jewelers Chart |
1 Month Signet Jewelers Chart |
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