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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 | |
---|---|---|---|---|---|---|---|---|
-1.92 | -1.89% | 99.53 | 101.44 | 99.47 | 101.39 | 91,890 | 16:38:12 |
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☒
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(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 $0.18 each
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SIG
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The New York Stock Exchange
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PAGE
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13 weeks ended
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(in millions, except per share amounts)
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May 2, 2020
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May 4, 2019
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Notes
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||||
Sales
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$
|
852.1
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$
|
1,431.7
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3
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Cost of sales
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(648.3
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)
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(932.3
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)
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Restructuring charges - cost of sales
|
0.4
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—
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5
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Gross margin
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204.2
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499.4
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Selling, general and administrative expenses
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(358.4
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)
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(475.2
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)
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Restructuring charges
|
(12.7
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)
|
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(26.8
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)
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5
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Asset impairments
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(136.3
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)
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—
|
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13
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||
Other operating income, net
|
3.6
|
|
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—
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Operating income (loss)
|
(299.6
|
)
|
|
(2.6
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)
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4
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||
Interest expense, net
|
(7.1
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)
|
|
(9.2
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)
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Other non-operating income, net
|
0.1
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0.3
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Income (loss) before income taxes
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(306.6
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)
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|
(11.5
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)
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Income taxes
|
109.5
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1.5
|
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|
10
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Net income (loss)
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$
|
(197.1
|
)
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$
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(10.0
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)
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Dividends on redeemable convertible preferred shares
|
(8.2
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)
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(8.2
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)
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7
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Net income (loss) attributable to common shareholders
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$
|
(205.3
|
)
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$
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(18.2
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)
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Earnings (loss) per common share:
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||||
Basic
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$
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(3.96
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)
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$
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(0.35
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)
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8
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Diluted
|
$
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(3.96
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)
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$
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(0.35
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)
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8
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Weighted average common shares outstanding:
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Basic
|
51.8
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51.6
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8
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Diluted
|
51.8
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51.6
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8
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13 weeks ended
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May 2, 2020
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May 4, 2019
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|||||||||||||||||||||||
(in millions)
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Pre-tax
amount |
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Tax
(expense) benefit |
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After-tax
amount |
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Pre-tax
amount |
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Tax
(expense) benefit |
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After-tax
amount |
|||||||||||||||
Net income (loss)
|
|
|
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|
$
|
(197.1
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)
|
|
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$
|
(10.0
|
)
|
|||||||||||
Other comprehensive income (loss):
|
|
|
|
|
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|
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|
|||||||||||||||
Foreign currency translation adjustments
|
(26.7
|
)
|
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—
|
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(26.7
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)
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(2.0
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)
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—
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(2.0
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)
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|||||||||
Available-for-sale securities:
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Unrealized gain (loss)
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0.3
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—
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0.3
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0.3
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—
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0.3
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Cash flow hedges:
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Unrealized gain (loss)
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0.2
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—
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0.2
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(4.3
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)
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1.1
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(3.2
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)
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|||||||||
Reclassification adjustment for (gains) losses to net income
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(10.7
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)
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2.6
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(8.1
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)
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(0.5
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)
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0.1
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(0.4
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)
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Pension plan:
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Reclassification adjustment to net income for amortization of actuarial (gains) losses
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0.1
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—
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0.1
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0.3
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(0.1
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)
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0.2
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|||||||||
Reclassification adjustment to net income for amortization of net prior service credits
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0.2
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—
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0.2
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—
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—
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—
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|||||||||
Total other comprehensive income (loss)
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$
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(36.6
|
)
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$
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2.6
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$
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(34.0
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)
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$
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(6.2
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)
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$
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1.1
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$
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(5.1
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)
|
|||
Total comprehensive income (loss)
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$
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(231.1
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)
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$
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(15.1
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)
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(in millions, except par value per share amount)
|
May 2, 2020
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February 1, 2020
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May 4, 2019
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Notes
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||||||
Assets
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|
||||||
Current assets:
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||||||
Cash and cash equivalents
|
$
|
1,066.6
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$
|
374.5
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$
|
195.1
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|
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Accounts receivable
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29.8
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|
38.8
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|
23.1
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|
|
11
|
|||
Other current assets
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327.7
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|
403.5
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205.5
|
|
|
|
|||
Income taxes
|
199.2
|
|
|
6.3
|
|
|
4.8
|
|
|
|
|||
Inventories, net
|
2,392.2
|
|
|
2,331.7
|
|
|
2,394.2
|
|
|
12
|
|||
Total current assets
|
4,015.5
|
|
|
3,154.8
|
|
|
2,822.7
|
|
|
|
|||
Non-current assets:
|
|
|
|
|
|
|
|
||||||
Property, plant and equipment, net of accumulated depreciation of $1,092.6, $1,064.7 and $1,319.6, respectively
|
687.1
|
|
|
741.9
|
|
|
776.1
|
|
|
|
|||
Operating lease right-of-use assets
|
1,541.4
|
|
|
1,683.3
|
|
|
1,822.8
|
|
|
14
|
|||
Goodwill
|
238.0
|
|
|
248.8
|
|
|
296.4
|
|
|
15
|
|||
Intangible assets, net
|
178.7
|
|
|
263.8
|
|
|
264.1
|
|
|
15
|
|||
Other assets
|
204.9
|
|
|
201.8
|
|
|
189.2
|
|
|
|
|||
Deferred tax assets
|
12.1
|
|
|
4.7
|
|
|
22.0
|
|
|
|
|||
Total assets
|
$
|
6,877.7
|
|
|
$
|
6,299.1
|
|
|
$
|
6,193.3
|
|
|
|
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
|
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
|
||||||
Loans and overdrafts
|
$
|
22.2
|
|
|
$
|
95.6
|
|
|
$
|
43.7
|
|
|
18
|
Accounts payable
|
329.1
|
|
|
227.9
|
|
|
238.3
|
|
|
|
|||
Accrued expenses and other current liabilities
|
636.1
|
|
|
697.0
|
|
|
420.2
|
|
|
|
|||
Deferred revenue
|
271.2
|
|
|
266.2
|
|
|
277.0
|
|
|
3
|
|||
Operating lease liabilities
|
390.3
|
|
|
338.2
|
|
|
358.9
|
|
|
14
|
|||
Income taxes
|
27.8
|
|
|
27.7
|
|
|
24.1
|
|
|
|
|||
Total current liabilities
|
1,676.7
|
|
|
1,652.6
|
|
|
1,362.2
|
|
|
|
|||
Non-current liabilities:
|
|
|
|
|
|
|
|
||||||
Long-term debt
|
1,336.0
|
|
|
515.9
|
|
|
639.0
|
|
|
18
|
|||
Operating lease liabilities
|
1,334.8
|
|
|
1,437.7
|
|
|
1,589.4
|
|
|
14
|
|||
Other liabilities
|
113.3
|
|
|
116.6
|
|
|
126.0
|
|
|
|
|||
Deferred revenue
|
719.8
|
|
|
731.5
|
|
|
699.6
|
|
|
3
|
|||
Deferred tax liabilities
|
95.9
|
|
|
5.2
|
|
|
—
|
|
|
|
|||
Total liabilities
|
5,276.5
|
|
|
4,459.5
|
|
|
4,416.2
|
|
|
|
|||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
21
|
|||
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (February 1, 2020 and May 4, 2019: 0.625 shares outstanding)
|
617.4
|
|
|
617.0
|
|
|
615.7
|
|
|
6
|
|||
Shareholders’ equity:
|
|
|
|
|
|
|
|
||||||
Common shares of $0.18 par value: authorized 500 shares, 52.3 shares outstanding (February 1, 2020: 52.3 outstanding; May 4, 2019: 52.2 outstanding)
|
12.6
|
|
|
12.6
|
|
|
12.6
|
|
|
|
|||
Additional paid-in capital
|
246.4
|
|
|
245.4
|
|
|
232.7
|
|
|
|
|||
Other reserves
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
|
|||
Treasury shares at cost: 17.7 shares (February 1, 2020: 17.7 shares; May 4, 2019: 17.8 shares)
|
(985.2
|
)
|
|
(984.9
|
)
|
|
(999.8
|
)
|
|
|
|||
Retained earnings
|
2,037.4
|
|
|
2,242.9
|
|
|
2,223.4
|
|
|
|
|||
Accumulated other comprehensive loss
|
(327.8
|
)
|
|
(293.8
|
)
|
|
(307.9
|
)
|
|
9
|
|||
Total shareholders’ equity
|
983.8
|
|
|
1,222.6
|
|
|
1,161.4
|
|
|
|
|||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
|
$
|
6,877.7
|
|
|
$
|
6,299.1
|
|
|
$
|
6,193.3
|
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 2, 2020
|
|
May 4, 2019
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(197.1
|
)
|
|
$
|
(10.0
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
37.3
|
|
|
41.0
|
|
||
Amortization of unfavorable leases and contracts
|
|
(1.4
|
)
|
|
(1.4
|
)
|
||
Share-based compensation
|
|
1.4
|
|
|
4.0
|
|
||
Deferred taxation
|
|
83.3
|
|
|
—
|
|
||
Asset impairments
|
|
136.3
|
|
|
—
|
|
||
Restructuring charges
|
|
6.7
|
|
|
5.4
|
|
||
Other non-cash movements
|
|
0.6
|
|
|
(4.9
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Decrease in accounts receivable
|
|
8.6
|
|
|
0.9
|
|
||
Decrease in other assets and other receivables
|
|
72.4
|
|
|
28.1
|
|
||
Increase in inventories
|
|
(77.2
|
)
|
|
(7.8
|
)
|
||
Increase in accounts payable
|
|
99.0
|
|
|
87.7
|
|
||
Decrease in accrued expenses and other liabilities
|
|
(40.1
|
)
|
|
(39.9
|
)
|
||
Change in operating lease assets and liabilities
|
|
61.4
|
|
|
(4.1
|
)
|
||
(Decrease) increase in deferred revenue
|
|
(5.0
|
)
|
|
10.5
|
|
||
Changes in income tax receivable and payable
|
|
(192.7
|
)
|
|
(2.7
|
)
|
||
Pension plan contributions
|
|
(1.1
|
)
|
|
(1.4
|
)
|
||
Net cash (used in) provided by operating activities
|
|
(7.6
|
)
|
|
105.4
|
|
||
Investing activities
|
|
|
|
|
||||
Purchase of property, plant and equipment
|
|
(7.7
|
)
|
|
(24.6
|
)
|
||
Purchase of available-for-sale securities
|
|
—
|
|
|
(6.1
|
)
|
||
Proceeds from sale of available-for-sale securities
|
|
1.3
|
|
|
0.3
|
|
||
Net cash used in investing activities
|
|
(6.4
|
)
|
|
(30.4
|
)
|
||
Financing activities
|
|
|
|
|
||||
Dividends paid on common shares
|
|
(19.3
|
)
|
|
(19.2
|
)
|
||
Dividends paid on redeemable convertible preferred shares
|
|
(7.8
|
)
|
|
(7.8
|
)
|
||
Repayments of term loans
|
|
—
|
|
|
(8.9
|
)
|
||
Proceeds from revolving credit facilities
|
|
900.0
|
|
|
—
|
|
||
Repayments of revolving credit facilities
|
|
(80.0
|
)
|
|
—
|
|
||
Decrease of bank overdrafts
|
|
(74.0
|
)
|
|
(37.3
|
)
|
||
Other financing activities
|
|
(4.9
|
)
|
|
(1.5
|
)
|
||
Net cash provided by (used in) financing activities
|
|
714.0
|
|
|
(74.7
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
374.5
|
|
|
195.4
|
|
||
Increase in cash and cash equivalents
|
|
700.0
|
|
|
0.3
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
(7.9
|
)
|
|
(0.6
|
)
|
||
Cash and cash equivalents at end of period
|
|
$
|
1,066.6
|
|
|
$
|
195.1
|
|
(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 1, 2020
|
$
|
12.6
|
|
|
$
|
245.4
|
|
|
$
|
0.4
|
|
|
$
|
(984.9
|
)
|
|
$
|
2,242.9
|
|
|
$
|
(293.8
|
)
|
|
$
|
1,222.6
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(197.1
|
)
|
|
—
|
|
|
(197.1
|
)
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34.0
|
)
|
|
(34.0
|
)
|
|||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Preferred shares, $12.50/share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.2
|
)
|
|
—
|
|
|
(8.2
|
)
|
|||||||
Net settlement of equity-based awards
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
(0.9
|
)
|
|||||||
Share-based compensation expense
|
—
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|||||||
Balance at May 2, 2020
|
$
|
12.6
|
|
|
$
|
246.4
|
|
|
$
|
0.4
|
|
|
$
|
(985.2
|
)
|
|
$
|
2,037.4
|
|
|
$
|
(327.8
|
)
|
|
$
|
983.8
|
|
(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 (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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
|
|
Standard
|
|
Description
|
ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, issued July 2018.
|
|
Aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.
|
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. The new guidance does not affect the existing recognition or measurement guidance, and therefore had no impact on the Company’s financial condition or results of operations.
|
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 adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.
|
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued June 2016.
|
|
Requires entities to measure and recognize expected credit losses for financial assets measured at amortized cost basis. The estimate of expected credit losses should consider historical information, current information, and reasonable and supportable forecasts of expected losses over the remaining contractual life that affect collectability. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.
|
|
13 weeks ended May 2, 2020
|
|
13 weeks ended May 4, 2019
|
||||||||||||||||||||||||||||
(in millions)
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
Sales by banner:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Kay
|
$
|
333.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
333.5
|
|
|
$
|
579.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
579.3
|
|
Zales
|
182.3
|
|
|
—
|
|
|
—
|
|
|
182.3
|
|
|
288.8
|
|
|
—
|
|
|
—
|
|
|
288.8
|
|
||||||||
Jared
|
145.4
|
|
|
—
|
|
|
—
|
|
|
145.4
|
|
|
255.0
|
|
|
—
|
|
|
—
|
|
|
255.0
|
|
||||||||
Piercing Pagoda
|
51.4
|
|
|
—
|
|
|
—
|
|
|
51.4
|
|
|
82.6
|
|
|
—
|
|
|
—
|
|
|
82.6
|
|
||||||||
James Allen
|
43.8
|
|
|
—
|
|
|
—
|
|
|
43.8
|
|
|
52.0
|
|
|
—
|
|
|
—
|
|
|
52.0
|
|
||||||||
Peoples
|
24.7
|
|
|
—
|
|
|
—
|
|
|
24.7
|
|
|
42.6
|
|
|
—
|
|
|
—
|
|
|
42.6
|
|
||||||||
International segment
|
—
|
|
|
64.9
|
|
|
—
|
|
|
64.9
|
|
|
—
|
|
|
111.5
|
|
|
—
|
|
|
111.5
|
|
||||||||
Other(1)
|
—
|
|
|
—
|
|
|
6.1
|
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
19.9
|
|
|
19.9
|
|
||||||||
Total sales
|
$
|
781.1
|
|
|
$
|
64.9
|
|
|
$
|
6.1
|
|
|
$
|
852.1
|
|
|
$
|
1,300.3
|
|
|
$
|
111.5
|
|
|
$
|
19.9
|
|
|
$
|
1,431.7
|
|
(1)
|
Includes sales from Signet’s diamond sourcing initiative.
|
|
13 weeks ended May 2, 2020
|
|
13 weeks ended May 4, 2019
|
||||||||||||||||||||||||||||
(in millions)
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
Sales by product:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Bridal
|
$
|
314.1
|
|
|
$
|
28.1
|
|
|
$
|
—
|
|
|
$
|
342.2
|
|
|
$
|
594.7
|
|
|
$
|
48.6
|
|
|
$
|
—
|
|
|
$
|
643.3
|
|
Fashion
|
297.9
|
|
|
12.6
|
|
|
—
|
|
|
310.5
|
|
|
467.4
|
|
|
22.4
|
|
|
—
|
|
|
489.8
|
|
||||||||
Watches
|
24.6
|
|
|
17.5
|
|
|
—
|
|
|
42.1
|
|
|
48.2
|
|
|
34.0
|
|
|
—
|
|
|
82.2
|
|
||||||||
Other(1)
|
144.5
|
|
|
6.7
|
|
|
6.1
|
|
|
157.3
|
|
|
190.0
|
|
|
6.5
|
|
|
19.9
|
|
|
216.4
|
|
||||||||
Total sales
|
$
|
781.1
|
|
|
$
|
64.9
|
|
|
$
|
6.1
|
|
|
$
|
852.1
|
|
|
$
|
1,300.3
|
|
|
$
|
111.5
|
|
|
$
|
19.9
|
|
|
$
|
1,431.7
|
|
(1)
|
Other revenue primarily includes gift, beads and other miscellaneous jewelry sales, repairs, service plan and other miscellaneous non-jewelry sales.
|
|
13 weeks ended May 2, 2020
|
|
13 weeks ended May 4, 2019
|
||||||||||||||||||||||||||||
(in millions)
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
|
North America
|
|
International
|
|
Other
|
|
Consolidated
|
||||||||||||||||
Sales by channel:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Store
|
$
|
631.9
|
|
|
$
|
49.4
|
|
|
$
|
—
|
|
|
$
|
681.3
|
|
|
$
|
1,157.3
|
|
|
$
|
100.2
|
|
|
$
|
—
|
|
|
$
|
1,257.5
|
|
E-commerce
|
149.2
|
|
|
15.5
|
|
|
—
|
|
|
164.7
|
|
|
143.0
|
|
|
11.3
|
|
|
—
|
|
|
154.3
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
6.1
|
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
19.9
|
|
|
19.9
|
|
||||||||
Total sales
|
$
|
781.1
|
|
|
$
|
64.9
|
|
|
$
|
6.1
|
|
|
$
|
852.1
|
|
|
$
|
1,300.3
|
|
|
$
|
111.5
|
|
|
$
|
19.9
|
|
|
$
|
1,431.7
|
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Deferred ESP selling costs
|
|
|
|
|
|
||||||
Other current assets
|
$
|
23.6
|
|
|
$
|
23.6
|
|
|
$
|
23.8
|
|
Other assets
|
79.5
|
|
|
80.0
|
|
|
76.4
|
|
|||
Total deferred ESP selling costs
|
$
|
103.1
|
|
|
$
|
103.6
|
|
|
$
|
100.2
|
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
ESP deferred revenue
|
$
|
961.0
|
|
|
$
|
960.0
|
|
|
$
|
931.3
|
|
Voucher promotions and other
|
30.0
|
|
|
37.7
|
|
|
45.3
|
|
|||
Total deferred revenue
|
$
|
991.0
|
|
|
$
|
997.7
|
|
|
$
|
976.6
|
|
|
|
|
|
|
|
||||||
Disclosed as:
|
|
|
|
|
|
||||||
Current liabilities
|
$
|
271.2
|
|
|
$
|
266.2
|
|
|
$
|
277.0
|
|
Non-current liabilities
|
719.8
|
|
|
731.5
|
|
|
699.6
|
|
|||
Total deferred revenue
|
$
|
991.0
|
|
|
$
|
997.7
|
|
|
$
|
976.6
|
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
ESP deferred revenue, beginning of period
|
$
|
960.0
|
|
|
$
|
927.6
|
|
Plans sold(1)
|
55.0
|
|
|
96.0
|
|
||
Revenue recognized(2)
|
(54.0
|
)
|
|
(92.3
|
)
|
||
ESP deferred revenue, end of period
|
$
|
961.0
|
|
|
$
|
931.3
|
|
(1)
|
Includes impact of foreign exchange translation.
|
(2)
|
During the first quarter of Fiscal 2021, the Company recognized sales of $44.5 related to deferred revenue that existed at February 1, 2020 in respect to ESP. Additionally, no ESP revenue was recognized beginning on March 23, 2020 and through the end of the quarter due to the temporary closure of the Company’s stores and service centers as a result of COVID-19.
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Sales:
|
|
|
|
||||
North America segment
|
$
|
781.1
|
|
|
$
|
1,300.3
|
|
International segment
|
64.9
|
|
|
111.5
|
|
||
Other
|
6.1
|
|
|
19.9
|
|
||
Total sales
|
$
|
852.1
|
|
|
$
|
1,431.7
|
|
|
|
|
|
||||
Operating income (loss):
|
|
|
|
||||
North America segment(1)
|
$
|
(234.2
|
)
|
|
$
|
48.1
|
|
International segment(2)
|
(38.6
|
)
|
|
(8.0
|
)
|
||
Other(3)
|
(26.8
|
)
|
|
(42.7
|
)
|
||
Total operating income (loss)
|
(299.6
|
)
|
|
(2.6
|
)
|
||
Interest expense
|
(7.1
|
)
|
|
(9.2
|
)
|
||
Other non-operating income, net
|
0.1
|
|
|
0.3
|
|
||
Income (loss) before income taxes
|
$
|
(306.6
|
)
|
|
$
|
(11.5
|
)
|
(1)
|
Operating income (loss) during the 13 weeks ended May 2, 2020 and May 4, 2019 includes a $0.4 million and $0.5 million benefit, respectively, recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities. Additionally, operating income (loss) during the 13 weeks ended May 2, 2020 includes charges of $8.9 million, primarily related to severance and professional services recorded in conjunction with the Company’s restructuring activities. See Note 5 for additional information. Additionally, operating income (loss) during the 13 weeks ended May 2, 2020 includes asset impairment charges of $117.9 million. See Note 13 and Note 15 for additional information.
|
(2)
|
Operating income (loss) during the 13 weeks ended May 2, 2020 includes charges of $3.6 million, primarily related to severance and professional services recorded in conjunction with the Company’s restructuring activities. See Note 5 for additional information. Additionally, operating income (loss) during the 13 weeks ended May 2, 2020 includes asset impairment charges of $18.4 million. See Note 13 and Note 15 for additional information.
|
(3)
|
Operating income (loss) during the 13 weeks ended May 2, 2020 includes a charge of $8.5 million related to a proposed settlement of previously disclosed shareholder litigation matters. See Note 21 for additional information. Additionally, operating income (loss) during the 13 weeks ended May 2, 2020 and May 4, 2019 includes charges of $0.2 million and $27.3 million, respectively, primarily related to severance and professional services recorded in conjunction with the Company’s restructuring activities. See Note 5 for additional information.
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 2, 2020
|
|
May 4, 2019
|
||||
Inventory charges
|
Restructuring charges - cost of sales
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
Other Plan related expenses
|
Restructuring charges
|
|
12.7
|
|
|
26.8
|
|
||
Total Signet Path to Brilliance Plan expenses
|
|
|
$
|
12.3
|
|
|
$
|
26.8
|
|
|
|
13 weeks ended
|
|
Cumulative amount
|
||||
(in millions)
|
|
May 2, 2020
|
|
May 2, 2020
|
||||
Inventory charges
|
|
$
|
(0.4
|
)
|
|
$
|
71.0
|
|
Termination benefits
|
|
2.9
|
|
|
28.7
|
|
||
Store closure and other costs
|
|
9.8
|
|
|
117.6
|
|
||
Total Signet Path to Brilliance Plan expenses
|
|
$
|
12.3
|
|
|
$
|
217.3
|
|
(in millions)
|
|
Termination benefits
|
|
Store closure and other costs
|
|
Consolidated
|
||||||
Balance at February 1, 2020
|
|
$
|
2.0
|
|
|
$
|
10.4
|
|
|
$
|
12.4
|
|
Payments and other adjustments
|
|
(1.2
|
)
|
|
(10.8
|
)
|
|
(12.0
|
)
|
|||
Charged to expense
|
|
2.9
|
|
|
9.4
|
|
|
12.3
|
|
|||
Balance at May 2, 2020
|
|
$
|
3.7
|
|
|
$
|
9.0
|
|
|
$
|
12.7
|
|
(in millions, except conversion rate and conversion price)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Conversion rate
|
12.2297
|
|
|
12.2297
|
|
|
11.5493
|
|
|||
Conversion price
|
$
|
81.7682
|
|
|
$
|
81.7682
|
|
|
$
|
86.5853
|
|
Potential impact of preferred shares if-converted to common shares
|
7.6
|
|
|
7.6
|
|
|
7.2
|
|
|||
Liquidation preference
|
$
|
632.8
|
|
|
$
|
632.8
|
|
|
$
|
632.8
|
|
(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, $19.3 million, was 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.
|
|
Fiscal 2021
|
|
Fiscal 2020
|
||||||||||||
(in millions, except per share amounts)
|
Dividends
per share |
|
Total dividends
|
|
Dividends
per share |
|
Total dividends
|
||||||||
First quarter(1)
|
$
|
12.50
|
|
|
$
|
7.8
|
|
|
$
|
12.50
|
|
|
$
|
7.8
|
|
(1)
|
Signet’s preferred shares dividends result in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of May 2, 2020 and May 4, 2019, $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 dividends on preferred shares declared for the first quarter of Fiscal 2021 and Fiscal 2020, respectively. As disclosed in Note 6, the first quarter Fiscal 2021 dividend will be paid “in-kind” during the second quarter of Fiscal 2021.
|
|
13 weeks ended
|
||||||
(in millions, except per share amounts)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Numerator:
|
|
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
(205.3
|
)
|
|
$
|
(18.2
|
)
|
Denominator:
|
|
|
|
||||
Weighted average common shares outstanding
|
51.8
|
|
|
51.6
|
|
||
EPS – basic
|
$
|
(3.96
|
)
|
|
$
|
(0.35
|
)
|
|
13 weeks ended
|
||||||
(in millions, except per share amounts)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Numerator:
|
|
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
(205.3
|
)
|
|
$
|
(18.2
|
)
|
Denominator:
|
|
|
|
||||
Weighted average common shares outstanding
|
51.8
|
|
|
51.6
|
|
||
EPS – diluted
|
$
|
(3.96
|
)
|
|
$
|
(0.35
|
)
|
|
13 weeks ended
|
||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||
Share awards
|
1.0
|
|
|
1.1
|
|
Potential impact of preferred shares
|
7.6
|
|
|
7.2
|
|
Total anti-dilutive shares
|
8.6
|
|
|
8.3
|
|
|
|
|
|
|
|
|
Pension plan
|
|
|
||||||||||||||
(in millions)
|
Foreign
currency translation |
|
Gains (losses) on available-for-sale securities, net
|
|
Gains (losses)
on cash flow hedges |
|
Actuarial
gains (losses) |
|
Prior
service credits (costs) |
|
Accumulated
other comprehensive income (loss) |
||||||||||||
Balance at February 1, 2020
|
$
|
(250.1
|
)
|
|
$
|
0.3
|
|
|
$
|
12.5
|
|
|
$
|
(52.4
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
(293.8
|
)
|
Other comprehensive income (loss) (“OCI”) before reclassifications
|
(26.7
|
)
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
(26.2
|
)
|
||||||
Amounts reclassified from AOCI to net income
|
—
|
|
|
—
|
|
|
(8.1
|
)
|
|
0.1
|
|
|
0.2
|
|
|
(7.8
|
)
|
||||||
Net current period OCI
|
(26.7
|
)
|
|
0.3
|
|
|
(7.9
|
)
|
|
0.1
|
|
|
0.2
|
|
|
(34.0
|
)
|
||||||
Balance at May 2, 2020
|
$
|
(276.8
|
)
|
|
$
|
0.6
|
|
|
$
|
4.6
|
|
|
$
|
(52.3
|
)
|
|
$
|
(3.9
|
)
|
|
$
|
(327.8
|
)
|
|
Amounts reclassified from AOCI
|
|
|
|||||||
|
13 weeks ended
|
|
|
|||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
|
Statement of operations caption
|
|||||
Losses (gains) on cash flow hedges:
|
|
|
|
|
|
|||||
Foreign currency contracts
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
|
Cost of sales (see Note 16)
|
|
Interest rate swaps
|
—
|
|
|
(0.6
|
)
|
|
Interest expense, net (see Note 16)
|
|||
Commodity contracts
|
(0.8
|
)
|
|
0.4
|
|
|
Cost of sales (see Note 16)
|
|||
Total before income tax
|
(0.8
|
)
|
|
(0.5
|
)
|
|
|
|||
Losses (gains) on dedesignating cash flow hedges:
|
|
|
|
|
|
|||||
Foreign currency contracts
|
(0.6
|
)
|
|
—
|
|
|
Other operating income (loss) (see Note 16)
|
|||
Commodity contracts
|
(9.3
|
)
|
|
—
|
|
|
Other operating income (loss) (see Note 16)
|
|||
Total before income tax
|
(9.9
|
)
|
|
—
|
|
|
|
|||
Income taxes
|
2.6
|
|
|
0.1
|
|
|
|
|||
Net of tax
|
(8.1
|
)
|
|
(0.4
|
)
|
|
|
|||
|
|
|
|
|
|
|||||
Defined benefit pension plan items:
|
|
|
|
|
|
|||||
Amortization of unrecognized actuarial losses
|
0.1
|
|
|
0.3
|
|
|
Other non-operating income, net
|
|||
Amortization of unrecognized net prior service credits
|
0.2
|
|
|
—
|
|
|
Other non-operating income, net
|
|||
Total before income tax
|
0.3
|
|
|
0.3
|
|
|
|
|||
Income taxes
|
—
|
|
|
(0.1
|
)
|
|
|
|||
Net of tax
|
0.3
|
|
|
0.2
|
|
|
|
|||
|
|
|
|
|
|
|||||
Total reclassifications, net of tax
|
$
|
(7.8
|
)
|
|
$
|
(0.2
|
)
|
|
|
|
13 weeks ended
|
||||
|
May 2, 2020
|
|
May 4, 2019
|
||
Estimated annual effective tax rate before discrete items
|
24.5
|
%
|
|
14.7
|
%
|
Discrete items recognized
|
11.2
|
%
|
|
(1.7
|
)%
|
Effective tax rate recognized in statement of operations
|
35.7
|
%
|
|
13.0
|
%
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Accounts receivable, held for investment
|
$
|
27.8
|
|
|
$
|
34.4
|
|
|
$
|
15.3
|
|
Accounts receivable, held for sale
|
2.0
|
|
|
4.4
|
|
|
7.8
|
|
|||
Accounts receivable
|
$
|
29.8
|
|
|
$
|
38.8
|
|
|
$
|
23.1
|
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Raw materials
|
$
|
69.8
|
|
|
$
|
56.2
|
|
|
$
|
74.2
|
|
Finished goods
|
2,322.4
|
|
|
2,275.5
|
|
|
2,320.0
|
|
|||
Total inventories
|
$
|
2,392.2
|
|
|
$
|
2,331.7
|
|
|
$
|
2,394.2
|
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Goodwill impairment (1)
|
$
|
10.7
|
|
|
$
|
—
|
|
Indefinite-lived intangible asset impairment (1)
|
83.3
|
|
|
—
|
|
||
Property, plant and equipment impairment
|
13.8
|
|
|
—
|
|
||
Operating lease ROU asset impairment
|
28.5
|
|
|
—
|
|
||
Total
|
$
|
136.3
|
|
|
$
|
—
|
|
(1)
|
Refer to Note 15 for additional information.
|
|
|
May 2, 2020
|
|
Weighted average remaining lease term (in years)
|
|
6.6
|
|
Weighted average discount rate
|
|
5.5
|
%
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Operating lease cost
|
$
|
111.4
|
|
|
$
|
114.4
|
|
Short-term lease cost
|
4.9
|
|
|
7.8
|
|
||
Variable lease cost
|
25.6
|
|
|
26.6
|
|
||
Sublease income
|
(0.5
|
)
|
|
(0.7
|
)
|
||
Total lease cost
|
$
|
141.4
|
|
|
$
|
148.1
|
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
49.3
|
|
|
$
|
118.0
|
|
Operating lease right-of-use assets obtained in exchange for lease obligations
|
14.2
|
|
|
6.5
|
|
||
Reduction in the carrying amount of right-of-use assets (1)
|
87.9
|
|
|
87.3
|
|
(1)
|
Amount excludes impairment of right-of-use assets of $28.5 million during the first quarter of Fiscal 2021, as further described in note 13.
|
(in millions)
|
|
May 2, 2020
|
||
Remainder of Fiscal 2021
|
|
$
|
333.3
|
|
Fiscal 2022
|
|
388.6
|
|
|
Fiscal 2023
|
|
329.7
|
|
|
Fiscal 2024
|
|
262.0
|
|
|
Fiscal 2025
|
|
206.0
|
|
|
Thereafter
|
|
547.8
|
|
|
Total minimum lease payments
|
|
2,067.4
|
|
|
Less: Imputed interest
|
|
(342.3
|
)
|
|
Present value of lease liabilities
|
|
$
|
1,725.1
|
|
(in millions)
|
|
North America
|
||
Balance at February 2, 2019
|
|
$
|
296.6
|
|
Impairment(1)
|
|
(47.7
|
)
|
|
Impact of foreign exchange and other adjustments
|
|
(0.1
|
)
|
|
Balance at February 1, 2020
|
|
248.8
|
|
|
Impairment
|
|
(10.7
|
)
|
|
Impact of foreign exchange
|
|
(0.1
|
)
|
|
Balance at May 2, 2020
|
|
$
|
238.0
|
|
(1)
|
During Fiscal 2020, an immaterial out-of-period adjustment was recognized related to an error in the calculation of goodwill impairments during Fiscal 2019.
|
|
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||||||||||||||||||||||||||
(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
|
|
$
|
52.4
|
|
|
$
|
(50.4
|
)
|
|
$
|
2.0
|
|
|
$
|
53.2
|
|
|
$
|
(50.9
|
)
|
|
$
|
2.3
|
|
|
$
|
53.0
|
|
|
$
|
(50.2
|
)
|
|
$
|
2.8
|
|
Indefinite-lived intangible assets
|
|
472.4
|
|
|
(295.7
|
)
|
|
176.7
|
|
|
475.4
|
|
|
(213.9
|
)
|
|
261.5
|
|
|
475.1
|
|
|
(213.8
|
)
|
|
261.3
|
|
|||||||||
Total intangible assets, net
|
|
$
|
524.8
|
|
|
$
|
(346.1
|
)
|
|
$
|
178.7
|
|
|
$
|
528.6
|
|
|
$
|
(264.8
|
)
|
|
$
|
263.8
|
|
|
$
|
528.1
|
|
|
$
|
(264.0
|
)
|
|
$
|
264.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Intangible liabilities, net
|
|
$
|
(113.2
|
)
|
|
$
|
98.7
|
|
|
$
|
(14.5
|
)
|
|
$
|
(113.9
|
)
|
|
$
|
98.0
|
|
|
$
|
(15.9
|
)
|
|
$
|
(113.7
|
)
|
|
$
|
93.8
|
|
|
$
|
(19.9
|
)
|
(1)
|
Accumulated amortization amounts related to the indefinite-lived intangible assets represents accumulated impairment losses recorded to date and includes the impact of foreign currency.
|
|
Fair value of derivative assets
|
||||||||||||
(in millions)
|
Balance sheet location
|
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
Other current assets
|
|
$
|
—
|
|
|
$
|
11.8
|
|
|
$
|
0.8
|
|
Commodity contracts
|
Other assets
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||
Total derivative assets
|
|
|
—
|
|
|
11.8
|
|
|
0.9
|
|
|||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current assets
|
|
0.1
|
|
|
0.6
|
|
|
1.0
|
|
|||
Total derivative assets
|
|
|
$
|
0.1
|
|
|
$
|
12.4
|
|
|
$
|
1.9
|
|
|
Fair value of derivative liabilities
|
||||||||||||
(in millions)
|
Balance sheet location
|
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current liabilities
|
|
$
|
—
|
|
|
$
|
(0.8
|
)
|
|
$
|
(0.1
|
)
|
Commodity contracts
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|||
Commodity contracts
|
Other liabilities
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|||
|
|
|
—
|
|
|
(0.8
|
)
|
|
(0.6
|
)
|
|||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
Other current liabilities
|
|
(0.3
|
)
|
|
(0.1
|
)
|
|
—
|
|
|||
Total derivative liabilities
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(0.6
|
)
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Foreign currency contracts
|
$
|
—
|
|
|
$
|
(1.0
|
)
|
|
$
|
0.4
|
|
Commodity contracts
|
6.2
|
|
|
17.7
|
|
|
0.1
|
|
|||
Gains (losses) recorded in AOCI
|
$
|
6.2
|
|
|
$
|
16.7
|
|
|
$
|
0.5
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 2, 2020
|
|
May 4, 2019
|
||||
Gains (losses) recorded in AOCI, beginning of period
|
|
|
$
|
(1.0
|
)
|
|
$
|
0.7
|
|
Current period gains (losses) recognized in OCI
|
|
|
1.6
|
|
|
—
|
|
||
Losses (gains) reclassified from AOCI to net income
|
Cost of sales (1)
|
|
—
|
|
|
(0.3
|
)
|
||
Gains from ineffective hedges reclassified from AOCI to net income
|
Other operating income, net (1)
|
|
(0.6
|
)
|
|
—
|
|
||
Gains (losses) recorded in AOCI, end of period
|
|
|
$
|
—
|
|
|
$
|
0.4
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 2, 2020
|
|
May 4, 2019
|
||||
Gains (losses) recorded in AOCI, beginning of period
|
|
|
$
|
17.7
|
|
|
$
|
4.0
|
|
Current period gains (losses) recognized in OCI
|
|
|
(1.4
|
)
|
|
(4.3
|
)
|
||
Losses (gains) reclassified from AOCI to net income
|
Cost of sales (1)
|
|
(0.8
|
)
|
|
0.4
|
|
||
Gains from ineffective hedges reclassified from AOCI to net income
|
Other operating income, net (1)
|
|
(9.3
|
)
|
|
—
|
|
||
Gains (losses) recorded in AOCI, end of period
|
|
|
$
|
6.2
|
|
|
$
|
0.1
|
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 2, 2020
|
|
May 4, 2019
|
||||
Gains recorded in AOCI, beginning of period
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
(Gains) losses reclassified from AOCI to net income
|
Interest expense, net (1)
|
|
—
|
|
|
(0.6
|
)
|
||
Gains recorded in AOCI, end of period
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Refer to table below for total amounts of financial statement captions impacted by cash flow hedges.
|
|
|
13 weeks ended
|
||||||
(in millions)
|
|
May 2, 2020
|
|
May 4, 2019
|
||||
Cost of sales
|
|
$
|
(648.3
|
)
|
|
$
|
(932.3
|
)
|
Other operating income, net
|
|
3.6
|
|
|
—
|
|
||
Interest expense, net
|
|
$
|
(7.1
|
)
|
|
$
|
(9.2
|
)
|
|
|
|
13 weeks ended
|
||||||
(in millions)
|
Statement of operations caption
|
|
May 2, 2020
|
|
May 4, 2019
|
||||
Foreign currency contracts
|
Other operating income, net
|
|
$
|
(3.9
|
)
|
|
$
|
1.1
|
|
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||||||||||||||||||||||||||
(in millions)
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
US Treasury securities
|
$
|
7.4
|
|
|
$
|
7.4
|
|
|
$
|
—
|
|
|
$
|
7.2
|
|
|
$
|
7.2
|
|
|
$
|
—
|
|
|
$
|
7.7
|
|
|
$
|
7.7
|
|
|
$
|
—
|
|
Corporate equity securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
2.6
|
|
|
—
|
|
|||||||||
Foreign currency contracts
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|||||||||
Commodity contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
11.8
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|||||||||
US government agency securities
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|
4.7
|
|
|
—
|
|
|
4.7
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|||||||||
Corporate bonds and notes
|
8.0
|
|
|
—
|
|
|
8.0
|
|
|
8.5
|
|
|
—
|
|
|
8.5
|
|
|
6.6
|
|
|
—
|
|
|
6.6
|
|
|||||||||
Total assets
|
$
|
19.5
|
|
|
$
|
7.4
|
|
|
$
|
12.1
|
|
|
$
|
32.8
|
|
|
$
|
7.2
|
|
|
$
|
25.6
|
|
|
$
|
22.8
|
|
|
$
|
10.3
|
|
|
$
|
12.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency contracts
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
—
|
|
|
$
|
(0.9
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
Commodity contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
|||||||||
Total liabilities
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
—
|
|
|
$
|
(0.9
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||||||||||||||
(in millions)
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior notes (Level 2)
|
$
|
146.5
|
|
|
$
|
97.1
|
|
|
$
|
146.4
|
|
|
$
|
144.8
|
|
|
$
|
395.5
|
|
|
$
|
363.4
|
|
Term loans (Level 2)
|
99.5
|
|
|
100.0
|
|
|
99.5
|
|
|
100.0
|
|
|
284.5
|
|
|
286.0
|
|
||||||
Total
|
$
|
246.0
|
|
|
$
|
197.1
|
|
|
$
|
245.9
|
|
|
$
|
244.8
|
|
|
$
|
680.0
|
|
|
$
|
649.4
|
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Debt:
|
|
|
|
|
|
||||||
Senior unsecured notes due 2024, net of unamortized discount
|
$
|
147.5
|
|
|
$
|
147.5
|
|
|
$
|
399.1
|
|
ABL revolving facility
|
1,090.0
|
|
|
270.0
|
|
|
—
|
|
|||
FILO term loan facility
|
100.0
|
|
|
100.0
|
|
|
—
|
|
|||
Senior unsecured term loan
|
—
|
|
|
—
|
|
|
286.0
|
|
|||
Other loans and bank overdrafts
|
22.2
|
|
|
95.6
|
|
|
2.7
|
|
|||
Gross debt
|
$
|
1,359.7
|
|
|
$
|
613.1
|
|
|
$
|
687.8
|
|
Less: Current portion of loans and overdrafts
|
(22.2
|
)
|
|
(95.6
|
)
|
|
(43.7
|
)
|
|||
Less: Unamortized debt issuance costs
|
(1.5
|
)
|
|
(1.6
|
)
|
|
(5.1
|
)
|
|||
Total long-term debt
|
$
|
1,336.0
|
|
|
$
|
515.9
|
|
|
$
|
639.0
|
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Warranty reserve, beginning of period
|
$
|
36.3
|
|
|
$
|
33.2
|
|
Warranty expense
|
3.2
|
|
|
3.5
|
|
||
Utilized(1)
|
(2.2
|
)
|
|
(2.9
|
)
|
||
Warranty reserve, end of period
|
$
|
37.3
|
|
|
$
|
33.8
|
|
(1)
|
Includes impact of foreign exchange translation.
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Disclosed as:
|
|
|
|
|
|
||||||
Current liabilities
|
$
|
11.0
|
|
|
$
|
10.6
|
|
|
$
|
10.1
|
|
Non-current liabilities
|
26.3
|
|
|
25.7
|
|
|
23.7
|
|
|||
Total warranty reserve
|
$
|
37.3
|
|
|
$
|
36.3
|
|
|
$
|
33.8
|
|
•
|
The North America segment has 2,620 locations in the US and 116 locations in Canada as of May 2, 2020.
|
◦
|
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 has 436 stores in the UK, Republic of Ireland and Channel Islands as of May 2, 2020. The segment primarily operates in shopping malls and off-mall locations under the H.Samuel and Ernest Jones banners.
|
(in millions)
|
May 2, 2020
|
|
February 1, 2020
|
|
May 4, 2019
|
||||||
Cash and cash equivalents
|
$
|
1,066.6
|
|
|
$
|
374.5
|
|
|
$
|
195.1
|
|
Less: Loans and overdrafts
|
(22.2
|
)
|
|
(95.6
|
)
|
|
(43.7
|
)
|
|||
Less: Long-term debt
|
(1,336.0
|
)
|
|
(515.9
|
)
|
|
(639.0
|
)
|
|||
Net debt
|
$
|
(291.6
|
)
|
|
$
|
(237.0
|
)
|
|
$
|
(487.6
|
)
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Net cash (used in) provided by operating activities
|
$
|
(7.6
|
)
|
|
$
|
105.4
|
|
Purchase of property, plant and equipment
|
(7.7
|
)
|
|
(24.6
|
)
|
||
Free cash flow
|
$
|
(15.3
|
)
|
|
$
|
80.8
|
|
3.
|
Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Net income (loss)
|
$
|
(197.1
|
)
|
|
$
|
(10.0
|
)
|
Income tax benefit
|
(109.5
|
)
|
|
(1.5
|
)
|
||
Other non-operating income, net
|
(0.1
|
)
|
|
(0.3
|
)
|
||
Interest expense, net
|
7.1
|
|
|
9.2
|
|
||
Depreciation and amortization
|
37.3
|
|
|
41.0
|
|
||
Amortization of unfavorable leases and contracts
|
(1.4
|
)
|
|
(1.4
|
)
|
||
EBITDA
|
$
|
(263.7
|
)
|
|
$
|
37.0
|
|
Restructuring charges - cost of sales
|
(0.4
|
)
|
|
—
|
|
||
Restructuring charges
|
12.7
|
|
|
26.8
|
|
||
Asset impairments
|
136.3
|
|
|
—
|
|
||
Shareholder settlement
|
8.5
|
|
|
—
|
|
||
Adjusted EBITDA
|
$
|
(106.6
|
)
|
|
$
|
63.8
|
|
4.
|
Non-GAAP operating income (loss)
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Operating income (loss)
|
$
|
(299.6
|
)
|
|
$
|
(2.6
|
)
|
Restructuring charges - cost of sales
|
(0.4
|
)
|
|
—
|
|
||
Restructuring charges
|
12.7
|
|
|
26.8
|
|
||
Asset impairments
|
136.3
|
|
|
—
|
|
||
Shareholder settlement
|
8.5
|
|
|
—
|
|
||
Non-GAAP operating income (loss)
|
$
|
(142.5
|
)
|
|
$
|
24.2
|
|
•
|
Same store sales: Down 38.9%.
|
•
|
Total sales: $0.85 billion, decreased 40.5%.
|
•
|
Operating income (loss): $(299.6) million compared to $(2.6) million.
|
•
|
Diluted loss per share: $(3.96) compared to $(0.35) in prior year.
|
|
First Quarter
|
||||||||||||
|
Fiscal 2021
|
|
Fiscal 2020
|
||||||||||
(in millions)
|
$
|
|
% of sales
|
|
$
|
|
% of sales
|
||||||
Sales
|
$
|
852.1
|
|
|
100.0
|
%
|
|
$
|
1,431.7
|
|
|
100.0
|
%
|
Cost of sales
|
(648.3
|
)
|
|
(76.1
|
)
|
|
(932.3
|
)
|
|
(65.1
|
)
|
||
Restructuring charges - cost of sales
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Gross margin
|
204.2
|
|
|
24.0
|
|
|
499.4
|
|
|
34.9
|
|
||
Selling, general and administrative expenses
|
(358.4
|
)
|
|
(42.1
|
)
|
|
(475.2
|
)
|
|
(33.2
|
)
|
||
Credit transaction, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Restructuring charges
|
(12.7
|
)
|
|
(1.5
|
)
|
|
(26.8
|
)
|
|
(1.9
|
)
|
||
Asset impairments
|
(136.3
|
)
|
|
(16.0
|
)
|
|
—
|
|
|
—
|
|
||
Other operating income, net
|
3.6
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
||
Operating income (loss)
|
(299.6
|
)
|
|
(35.2
|
)
|
|
(2.6
|
)
|
|
(0.2
|
)
|
||
Interest expense, net
|
(7.1
|
)
|
|
(0.8
|
)
|
|
(9.2
|
)
|
|
(0.6
|
)
|
||
Other non-operating income, net
|
0.1
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
||
Income (loss) before income taxes
|
(306.6
|
)
|
|
(36.0
|
)
|
|
(11.5
|
)
|
|
(0.8
|
)
|
||
Income tax benefit
|
109.5
|
|
|
12.9
|
|
|
1.5
|
|
|
0.1
|
|
||
Net income (loss)
|
$
|
(197.1
|
)
|
|
(23.1
|
)%
|
|
$
|
(10.0
|
)
|
|
(0.7
|
)%
|
Dividends on redeemable convertible preferred shares
|
(8.2
|
)
|
|
nm
|
|
|
(8.2
|
)
|
|
nm
|
|
||
Net income (loss) attributable to common shareholders
|
$
|
(205.3
|
)
|
|
(24.1
|
)%
|
|
$
|
(18.2
|
)
|
|
(1.3
|
)%
|
nm
|
Not meaningful.
|
|
Change from previous year
|
|
|
|||||||||||||||
First quarter of Fiscal 2021
|
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) |
|||||||
North America segment
|
(39.0
|
)%
|
|
(0.9
|
)%
|
|
(39.9
|
)%
|
|
—
|
%
|
|
(39.9
|
)%
|
|
$
|
781.1
|
|
International segment
|
(37.5
|
)%
|
|
(2.0
|
)%
|
|
(39.5
|
)%
|
|
(2.3
|
)%
|
|
(41.8
|
)%
|
|
$
|
64.9
|
|
Other(1)
|
nm
|
|
|
nm
|
|
|
nm
|
|
|
nm
|
|
|
nm
|
|
|
$
|
6.1
|
|
Signet
|
(38.9
|
)%
|
|
(1.3
|
)%
|
|
(40.2
|
)%
|
|
(0.3
|
)%
|
|
(40.5
|
)%
|
|
$
|
852.1
|
|
(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
|
||||||||||||||
First Quarter
|
Fiscal 2021
|
|
Fiscal 2020
|
|
Fiscal 2021
|
|
Fiscal 2020
|
|
Fiscal 2021
|
|
Fiscal 2020
|
||||||||
North America segment
|
$
|
359
|
|
|
$
|
384
|
|
|
(6.5
|
)%
|
|
1.3
|
%
|
|
(34.5
|
)%
|
|
(2.3
|
)%
|
International segment(3)
|
£
|
150
|
|
|
£
|
143
|
|
|
2.7
|
%
|
|
0.2
|
%
|
|
(41.2
|
)%
|
|
(5.4
|
)%
|
(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 the International segment are denominated in British pounds.
|
|
Fiscal 2021
|
|
Fiscal 2020
|
||||||||||
(in millions)
|
$
|
|
% of segment sales
|
|
$
|
|
% of segment sales
|
||||||
North America segment(1)
|
$
|
(234.2
|
)
|
|
(30.0
|
)%
|
|
$
|
48.1
|
|
|
3.7
|
%
|
International segment(2)
|
(38.6
|
)
|
|
(59.5
|
)%
|
|
(8.0
|
)
|
|
(7.2
|
)%
|
||
Other(3)
|
(26.8
|
)
|
|
nm
|
|
|
(42.7
|
)
|
|
nm
|
|
||
Operating income (loss)
|
$
|
(299.6
|
)
|
|
(35.2
|
)%
|
|
$
|
(2.6
|
)
|
|
(0.2
|
)%
|
(1)
|
Operating income (loss) during the 13 weeks ended May 2, 2020 and May 4, 2019 includes a $0.4 million and $0.5 million benefit, respectively, recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities. Operating income (loss) during the 13 weeks ended May 2, 2020 includes charges of $8.9 million, primarily related to severance, store closure costs, and professional services recorded in conjunction with the Company’s restructuring activities. See Note 5 for additional information. Additionally, operating income (loss) during the 13 weeks ended May 2, 2020 includes asset impairment charges of $117.9 million. See Note 13 and Note 15 for additional information.
|
(2)
|
Operating income (loss) during the 13 weeks ended May 2, 2020 includes charges of $3.6 million, primarily related to severance and professional services recorded in conjunction with the Company’s restructuring activities. See Note 5 for additional information. Additionally, operating income (loss) during the 13 weeks ended May 2, 2020 includes asset impairment charges of $18.4 million. See Note 13 for additional information.
|
(3)
|
Operating income (loss) during the 13 weeks ended May 2, 2020 includes a charge of $8.5 million related to a proposed settlement of previously disclosed shareholder litigation matters. See Note 21 for additional information. Additionally, operating income (loss) during the 13 weeks ended May 2, 2020 and May 4, 2019 includes charges of $0.2 million and $27.3 million, respectively, primarily related to severance, store closure costs, and professional services recorded in conjunction with the Company’s restructuring activities. See Note 5 for additional information.
|
nm
|
Not meaningful.
|
•
|
changes in the level of inventory as a result of sales and other strategic initiatives (i.e. store count);
|
•
|
changes and timing of accounts payable and accrued expenses, including variable compensation; and
|
•
|
changes in deferred revenue, reflective of the revenue from performance of extended service plans.
|
|
13 weeks ended
|
||||||
(in millions)
|
May 2, 2020
|
|
May 4, 2019
|
||||
Net cash (used in) provided by operating activities
|
$
|
(7.6
|
)
|
|
$
|
105.4
|
|
Net cash used in investing activities
|
(6.4
|
)
|
|
(30.4
|
)
|
||
Net cash provided by (used in) financing activities
|
714.0
|
|
|
(74.7
|
)
|
||
Increase in cash and cash equivalents
|
$
|
700.0
|
|
|
$
|
0.3
|
|
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
$
|
374.5
|
|
|
$
|
195.4
|
|
Increase in cash and cash equivalents
|
700.0
|
|
|
0.3
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(7.9
|
)
|
|
(0.6
|
)
|
||
Cash and cash equivalents at end of period
|
$
|
1,066.6
|
|
|
$
|
195.1
|
|
•
|
Net loss was $197.1 million compared to net loss of $10.0 million in the prior year period, an increase of $187.1 million.
|
•
|
Net loss for the period was significantly impacted by non-cash changes in deferred tax liabilities, which increased $83.3 million compared to zero in the prior year period, and an increase in the income tax receivable of $192.7 million compared to cash used for income taxes of $2.7 million in the prior year. This was primarily the result of the net operating loss carried back and filed in the first quarter in accordance with the provisions of the CARES Act, offset by an increase in the valuation allowance related to certain deferred tax assets in the US. Refer to Note 10.
|
•
|
Non-cash impairment charges were $136.3 million compared to zero in the prior year period. See Note 13 for additional information regarding asset impairments.
|
•
|
Cash provided by other assets and other receivables was $72.4 million, compared to $28.1 million in the prior year period.
|
•
|
Cash used for inventory was $77.2 million compared to cash used of $7.8 million in the prior year comparable period.
|
•
|
Cash provided by changes in operating leases was $61.4 million in the first quarter, driven by the Company’s deferral of substantially all rent payments due in the months of April and May 2020.
|
Store count by banner
|
February 1, 2020
|
|
Openings
|
|
Closures
|
|
May 2, 2020
|
||||
North America segment(1)
|
2,757
|
|
|
—
|
|
|
(21
|
)
|
|
2,736
|
|
International segment(1)
|
451
|
|
|
—
|
|
|
(15
|
)
|
|
436
|
|
Signet
|
3,208
|
|
|
—
|
|
|
(36
|
)
|
|
3,172
|
|
(1)
|
The net change in selling square footage for Fiscal 2021 year to date for the North America and International segments was (0.9%) and (2.0%), respectively.
|
•
|
the Guarantor entity was insolvent or rendered insolvent by reason of the incurrence;
|
•
|
the Guarantor entity was engaged in a business or transaction for which its remaining assets constituted unreasonably small capital; or
|
•
|
the Guarantor entity intended to incur or believed (or reasonably should have believed) that it would incur, debts beyond its ability to pay as those debts matured.
|
|
|
Summarized Balance Sheets
|
||||||
(in millions)
|
|
May 2, 2020
|
|
February 1, 2020
|
||||
Total current assets
|
|
$
|
4,389.5
|
|
|
$
|
3,421.6
|
|
Total non-current assets
|
|
2,735.1
|
|
|
3,009.7
|
|
||
Total current liabilities
|
|
2,245.4
|
|
|
2,119.2
|
|
||
Total non-current liabilities
|
|
4,852.3
|
|
|
4,054.9
|
|
||
Redeemable preferred stock
|
|
617.4
|
|
|
617.0
|
|
||
Total due from Non-Guarantors (1)
|
|
600.5
|
|
|
573.2
|
|
||
Total due to Non-Guarantors (1)
|
|
1,902.2
|
|
|
1,825.8
|
|
(1)
|
Amounts included in asset and liability subtotals above.
|
|
|
Summarized Statements of Operations
|
||||||
|
|
13 weeks ended
|
|
Year Ended
|
||||
(in millions)
|
|
May 2, 2020
|
|
February 1, 2020
|
||||
Sales
|
|
$
|
800.5
|
|
|
$
|
5,656.3
|
|
Gross margin
|
|
193.1
|
|
|
2,061.2
|
|
||
Income (loss) before income taxes (2)
|
|
(318.1
|
)
|
|
1,437.8
|
|
||
Net income (2)
|
|
(209.0
|
)
|
|
1,416.2
|
|
(2)
|
Includes expense from intercompany transactions with Non-Guarantors of $21.1 million for the 13 weeks ended May 2, 2020, and income of $1.4 billion for the year ended February 1, 2020. Intercompany transactions primarily include intercompany dividends and interest.
|
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 2, 2020 to February 29, 2020
|
126
|
|
|
$
|
24.68
|
|
|
—
|
|
|
$
|
165,586,651
|
|
March 1, 2020 to March 28, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
165,586,651
|
|
March 29, 2020 to May 2, 2020
|
53,282
|
|
|
$
|
7.42
|
|
|
—
|
|
|
$
|
165,586,651
|
|
Total
|
53,408
|
|
|
$
|
7.46
|
|
|
—
|
|
|
$
|
165,586,651
|
|
(1)
|
Includes 53,408 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)
|
|
|
|
22.1*
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
32.2*
|
|
|
|
|
|
101.INS*
|
|
Inline XBRL Instance Document.
|
|
|
|
101.SCH*
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL*
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF*
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB*
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE*
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
(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:
|
|
June 30, 2020
|
|
By:
|
|
/s/ Joan Hilson
|
|
|
|
|
Name:
|
|
Joan Hilson
|
|
|
|
|
Title:
|
|
Chief Financial Officer (Principal Financial Officer)
|
1 Year Signet Jewelers Chart |
1 Month Signet Jewelers Chart |
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