SIGNET JEWELERS LTD [SIG] Filings

10-Q 1 sig-20231028.htm 10-Q sig-20231028

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended October 28, 2023 or


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission file number 1-32349

SIGNET JEWELERS LIMITED


(Exact name of Registrant as specified in its charter)


Bermuda						Not Applicable
(State or other jurisdiction of incorporation)						(I.R.S. Employer Identification No.)

Clarendon House

2 Church Street

Hamilton HM11

Bermuda

(441) 296 5872

(Address and telephone number including area code of principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on which Registered

Common Shares of $0.18 each

SIG

The New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

Common Shares, $0.18 par value, 44,317,262 shares as of December 1, 2023

Table of Contents

SIGNET JEWELERS LIMITED

TABLE OF CONTENTS

PAGE

PART I

FINANCIAL INFORMATION

ITEM 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Shareholders’ Equity

Notes to the Condensed Consolidated Financial Statements

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

ITEM 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	13 weeks ended				39 weeks ended
(in millions, except per share amounts)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022		Notes
Sales	$	1,391.9	$	1,582.7	$	4,673.5	$	5,175.9	3
Cost of sales	(890.6)		(1,030.1)		(2,929.4)		(3,234.9)
Gross margin	501.3		552.6		1,744.1		1,941.0
Selling, general and administrative expenses	(484.2)		(501.7)		(1,525.8)		(1,512.1)
Other operating expense, net	(3.8)		(2.5)		(13.1)		(193.5)		19
Operating income	13.3		48.4		205.2		235.4		5
Interest income (expense), net	2.6		(3.6)		10.0		(11.4)
Other non-operating expense, net	(2.3)		(2.7)		(2.4)		(139.6)		19
Income before income taxes	13.6		42.1		212.8		84.4
Income taxes	(1.9)		(4.6)		(28.6)		15.0		10
Net income	$	11.7	$	37.5	$	184.2	$	99.4
Dividends on redeemable convertible preferred shares	(8.7)		(8.7)		(25.9)		(25.9)		7
Net income attributable to common shareholders	$	3.0	$	28.8	$	158.3	$	73.5

Earnings per common share:
Basic	$	0.07	$	0.62	$	3.51	$	1.56	8
Diluted	$	0.07	$	0.60	$	3.39	$	1.49	8
Weighted average common shares outstanding:
Basic	44.7		46.1		45.1		47.1		8
Diluted	45.6		48.1		54.3		49.2		8

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	13 weeks ended
	October 28, 2023						October 29, 2022
(in millions)	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net income					$	11.7					$	37.5
Other comprehensive loss:
Foreign currency translation adjustments	(9.4)		—		(9.4)		(18.6)		—		(18.6)
Available-for-sale securities:
Unrealized loss	(0.1)		—		(0.1)		(0.3)		—		(0.3)

Cash flow hedges:
Unrealized gain	1.2		(0.2)		1.0		0.8		(0.2)		0.6
Reclassification adjustment for gains to earnings	(0.1)		—		(0.1)		(0.4)		0.2		(0.2)
Pension plan:

Reclassification adjustment for amortization of actuarial losses to earnings	—		—		—		1.0		(0.2)		0.8
Reclassification adjustment for amortization of net prior service costs to earnings	—		—		—		0.1		—		0.1

Total other comprehensive loss	$	(8.4)	$	(0.2)	$	(8.6)	$	(17.4)	$	(0.2)	$	(17.6)
Total comprehensive income					$	3.1					$	19.9

	39 weeks ended
	October 28, 2023						October 29, 2022
(in millions)	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net income					$	184.2					$	99.4
Other comprehensive (loss) income:
Foreign currency translation adjustments	(0.4)		—		(0.4)		(42.5)		—		(42.5)
Available-for-sale securities:
Unrealized loss	(0.2)		—		(0.2)		(0.6)		—		(0.6)

Cash flow hedges:
Unrealized gain	0.4		(0.1)		0.3		2.6		(0.4)		2.2
Reclassification adjustment for gains to earnings	(0.9)		0.2		(0.7)		(0.7)		0.2		(0.5)
Pension plan:
Actuarial loss	—		—		—		(0.5)		0.1		(0.4)
Reclassification adjustment for amortization of actuarial losses to earnings	—		—		—		3.0		(0.4)		2.6
Reclassification adjustment for amortization of net prior service costs to earnings	—		—		—		0.3		—		0.3
Reclassification adjustment for pension settlement loss to earnings	0.2		(4.1)		(3.9)		132.8		(25.2)		107.6
Total other comprehensive (loss) income	$	(0.9)	$	(4.0)	$	(4.9)	$	94.4	$	(25.7)	$	68.7
Total comprehensive income					$	179.3					$	168.1

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in millions, except par value per share amount)	October 28, 2023		January 28, 2023		October 29, 2022		Notes
Assets
Current assets:
Cash and cash equivalents	$	643.8	$	1,166.8	$	327.3
Accounts receivable	10.9		14.5		29.8
Other current assets	258.8		165.9		180.1
Income taxes	9.1		9.6		222.0
Inventories	2,095.7		2,150.3		2,429.0		12
Total current assets	3,018.3		3,507.1		3,188.2
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,402.3 (January 28, 2023 and October 29, 2022: $1,352.7 and $1,313.0, respectively)	509.8		586.5		591.6
Operating lease right-of-use assets	1,023.1		1,049.3		1,091.5		13
Goodwill	754.5		751.7		752.3		14
Intangible assets, net	405.6		407.4		413.5		14
Other assets	316.3		281.7		275.8
Deferred tax assets	37.3		36.7		33.1
Total assets	$	6,064.9	$	6,620.4	$	6,346.0
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:
Current portion of long-term debt	$	147.6	$	—	$	—	17
Accounts payable	644.9		879.0		800.2
Accrued expenses and other current liabilities	412.1		638.7		623.2
Deferred revenue	346.2		369.5		335.3		3
Operating lease liabilities	267.7		288.2		266.1		13
Income taxes	52.6		72.7		22.7
Total current liabilities	1,871.1		2,248.1		2,047.5
Non-current liabilities:
Long-term debt	—		147.4		147.3		17
Operating lease liabilities	855.1		894.7		917.0		13
Other liabilities	94.6		100.1		98.8
Deferred revenue	856.5		880.1		878.1		3
Deferred tax liabilities	160.3		117.6		245.8
Total liabilities	3,837.6		4,388.0		4,334.5
Commitments and contingencies							21
Redeemable Series A Convertible Preference Shares $0.01 par value: authorized 500 shares, 0.625 shares outstanding (January 28, 2023 and October 29, 2022: 0.625 shares outstanding, respectively)	655.1		653.8		653.4		6
Shareholders’ equity:
Common shares of $0.18 par value: authorized 500 shares, 44.4 shares outstanding (January 28, 2023 and October 29, 2022: 44.9 and 45.9 outstanding, respectively)	12.6		12.6		12.6
Additional paid-in capital	227.1		259.7		252.3
Other reserves	0.4		0.4		0.4
Treasury shares at cost: 25.6 shares (January 28, 2023 and October 29, 2022: 25.1 and 24.1 shares, respectively)	(1,626.5)		(1,574.7)		(1,510.2)
Retained earnings	3,227.7		3,144.8		2,885.2
Accumulated other comprehensive loss	(269.1)		(264.2)		(282.2)		9
Total shareholders’ equity	1,572.2		1,578.6		1,358.1
Total liabilities, redeemable convertible preferred shares and shareholders’ equity	$	6,064.9	$	6,620.4	$	6,346.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	39 weeks ended
(in millions)	October 28, 2023		October 29, 2022
Operating activities
Net income	$	184.2	$	99.4
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	129.4		123.5
Amortization of unfavorable contracts	(1.4)		(1.4)
Share-based compensation	36.4		34.3
Deferred taxation	40.2		63.2

Pension settlement loss	0.2		132.8

Other non-cash movements	9.8		7.8
Changes in operating assets and liabilities, net of acquisitions:
Decrease (increase) in accounts receivable	3.5		(9.9)

(Increase) decrease in other assets	(45.2)		0.6
Decrease (increase) in inventories	14.8		(305.6)
Decrease in accounts payable	(221.5)		(177.6)
(Decrease) increase in accrued expenses and other liabilities	(253.2)		105.6
Change in operating lease assets and liabilities	(34.5)		(5.9)
Decrease in deferred revenue	(48.0)		(7.0)
Change in income tax receivable and payable	(20.0)		(206.1)
Pension plan contributions	—		(9.2)
Net cash used in operating activities	(205.3)		(155.5)
Investing activities
Purchase of property, plant and equipment	(89.4)		(94.3)


Acquisitions	(6.0)		(397.8)
Other investing activities, net	1.5		(16.3)
Net cash used in investing activities	(93.9)		(508.4)
Financing activities
Dividends paid on common shares	(29.7)		(27.4)
Dividends paid on redeemable convertible preferred shares	(24.6)		(24.6)

Repurchase of common shares	(117.5)		(311.2)







Other financing activities, net	(47.9)		(44.3)
Net cash used in financing activities	(219.7)		(407.5)
Cash and cash equivalents at beginning of period	1,166.8		1,418.3
Decrease in cash and cash equivalents	(518.9)		(1,071.4)
Effect of exchange rate changes on cash and cash equivalents	(4.1)		(19.6)
Cash and cash equivalents at end of period	$	643.8	$	327.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)


(in millions)	Common shares at par value		Additional paid-in capital		Other reserves		Treasury shares		Retained earnings		Accumulated other comprehensive loss		Total shareholders’ equity
Balance at January 28, 2023	$	12.6	$	259.7	$	0.4	$	(1,574.7)	$	3,144.8	$	(264.2)	$	1,578.6

Net income	—		—		—		—		97.4		—		97.4
Other comprehensive loss	—		—		—		—		—		(3.3)		(3.3)
Dividends declared:
Common shares, $0.23/share	—		—		—		—		(10.4)		—		(10.4)
Preferred shares, $13.14/share	—		—		—		—		(8.6)		—		(8.6)
Repurchase of common shares	—		—		—		(39.1)		—		—		(39.1)
Net settlement of equity-based awards	—		(60.5)		—		57.3		(41.2)		—		(44.4)
Share-based compensation expense	—		11.3		—		—		—		—		11.3
Balance at April 29, 2023	$	12.6	$	210.5	$	0.4	$	(1,556.5)	$	3,182.0	$	(267.5)	$	1,581.5

Net income	—		—		—		—		75.1		—		75.1
Other comprehensive income	—		—		—		—		—		7.0		7.0
Dividends declared:
Common shares, $0.23/share	—		—		—		—		(10.3)		—		(10.3)
Preferred shares, $13.14/share	—		—		—		—		(8.6)		—		(8.6)
Repurchase of common shares	—		—		—		(43.3)		—		—		(43.3)

Net settlement of equity-based awards	—		(4.4)		—		3.4		(0.2)		—		(1.2)

Share-based compensation expense	—		13.9		—		—		—		—		13.9
Balance at July 29, 2023	$	12.6	$	220.0	$	0.4	$	(1,596.4)	$	3,238.0	$	(260.5)	$	1,614.1

Net income	—		—		—		—		11.7		—		11.7
Other comprehensive loss	—		—		—		—		—		(8.6)		(8.6)
Dividends declared:
Common shares, $0.23/share	—		—		—		—		(10.2)		—		(10.2)
Preferred shares, $13.14/share	—		—		—		—		(8.7)		—		(8.7)
Repurchase of common shares	—		—		—		(35.1)		—		—		(35.1)

Net settlement of equity-based awards	—		(4.1)		—		5.0		(3.1)		—		(2.2)

Share-based compensation expense	—		11.2		—		—		—		—		11.2
Balance at October 28, 2023	$	12.6	$	227.1	$	0.4	$	(1,626.5)	$	3,227.7	$	(269.1)	$	1,572.2


(in millions)	Common shares at par value		Additional paid-in capital		Other reserves		Treasury shares		Retained earnings		Accumulated other comprehensive loss		Total shareholders’ equity
Balance at January 29, 2022	$	12.6	$	231.2	$	0.4	$	(1,206.7)	$	2,877.4	$	(350.9)	$	1,564.0

Net loss	—		—		—		—		(83.5)		—		(83.5)
Other comprehensive income	—		—		—		—		—		91.2		91.2
Dividends declared:
Common shares, $0.20/share	—		—		—		—		(9.3)		—		(9.3)
Preferred shares, $13.14/share	—		—		—		—		(8.6)		—		(8.6)
Repurchase of common shares	—		50.0		—		(318.2)		—		—		(268.2)
Net settlement of equity-based awards	—		(54.9)		—		50.7		(35.1)		—		(39.3)

Share-based compensation expense	—		10.5		—		—		—		—		10.5
Balance at April 30, 2022	$	12.6	$	236.8	$	0.4	$	(1,474.2)	$	2,740.9	$	(259.7)	$	1,256.8

Net income	—		—		—		—		145.4		—		145.4
Other comprehensive loss	—		—		—		—		—		(4.9)		(4.9)
Dividends declared:
Common shares, $0.20/share	—		—		—		—		(9.2)		—		(9.2)
Preferred shares, $13.14/share	—		—		—		—		(8.6)		—		(8.6)
Repurchase of common shares	—		—		—		(22.8)		—		—		(22.8)
Net settlement of equity based awards	—		(3.6)		—		2.6		(0.2)		—		(1.2)

Share-based compensation expense	—		12.4		—		—		—		—		12.4
Balance at July 30, 2022	$	12.6	$	245.6	$	0.4	$	(1,494.4)	$	2,868.3	$	(264.6)	$	1,367.9

Net income	—		—		—		—		37.5		—		37.5
Other comprehensive loss	—		—		—		—		—		(17.6)		(17.6)
Dividends declared:
Common shares, $0.20/share	—		—		—		—		(9.2)		—		(9.2)
Preferred shares, $13.14/share	—		—		—		—		(8.7)		—		(8.7)
Repurchase of common shares	—		—		—		(20.2)		—		—		(20.2)

Net settlement of equity based awards	—		(4.7)		—		4.4		(2.7)		—		(3.0)

Share-based compensation expense	—		11.4		—		—		—		—		11.4
Balance at October 29, 2022	$	12.6	$	252.3	$	0.4	$	(1,510.2)	$	2,885.2	$	(282.2)	$	1,358.1

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Organization and principal accounting policies

Signet Jewelers Limited (“Signet” or the “Company”), a holding company incorporated in Bermuda, is the world’s largest retailer of diamond jewelry. The Company operates through its 100% owned subsidiaries with sales primarily in the United States (“US”), United Kingdom (“UK”) and Canada. Signet manages its business as three reportable segments: North America, International, and Other. The “Other” reportable segment primarily consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. See Note 5 for additional discussion of the Company’s reportable segments.

Signet’s business is seasonal, with the fourth quarter historically accounting for approximately 35-40% of annual sales as well as for a substantial portion of the annual operating profit.

Basis of preparation

The condensed consolidated financial statements of Signet are prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles (“US GAAP” or “GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Intercompany transactions and balances have been eliminated in consolidation. Signet has reclassified certain prior year amounts to conform to the current year presentation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of the results to be expected for the full fiscal year or for any other interim period. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023 filed with the SEC on March 16, 2023.

Use of estimates

The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, employee compensation, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets.

Fiscal year

The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2024 and Fiscal 2023 refer to the 53-week period ending February 3, 2024 and the 52-week period ended January 28, 2023, respectively. Within these condensed consolidated financial statements, the third quarter and year to date periods of the relevant fiscal years 2024 and 2023 refer to the 13 and 39 weeks ended October 28, 2023 and October 29, 2022, respectively.

Foreign currency translation

The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International reportable segment and Canada as part of the North America reportable segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the condensed consolidated balance sheet dates, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying condensed consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within other operating income (expense) within the condensed consolidated statements of operations.

See Note 9 for additional information regarding the Company’s foreign currency translation.

2. New accounting pronouncements

The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company.

New accounting pronouncements recently adopted

In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs. This ASU was adopted by the Company as of January 29, 2023 and requires annual and interim disclosure of the key terms of outstanding supplier finance programs. In addition, this ASU requires disclosure of the related obligations outstanding at each interim reporting period and where those

Table of Contents

obligations are presented on the balance sheet. This ASU also includes a prospective annual requirement to disclose a rollforward of the amount of the obligations during the annual reporting period. This ASU does not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023.

The Company entered into a supplier finance program during Fiscal 2024. Under this program, a financial intermediary acts as the Company’s paying agent with respect to accounts payable due to certain suppliers. The Company agrees to pay the financial intermediary the stated amount of the confirmed invoices from the designated suppliers on the original maturity dates of the invoices. The supplier finance program enables Company suppliers to be paid by the financial intermediary earlier than the due date on the applicable invoice. The Company negotiates payment terms directly with its suppliers for the purchase of goods and services. No guarantees or collateral are provided by the Company under the supplier finance program. As of October 28, 2023, the Company had no confirmed invoices outstanding under the supplier finance program. All activity related to the supplier finance program will be presented within operating activities in the condensed consolidated statements of cash flows.

New accounting pronouncements issued but not yet adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting. This ASU requires the following disclosures on an annual and interim basis:

•Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included with each reported measure of segment profit/loss.

•Other segment items by reportable segment, consisting of differences between segment revenue and segment profit/loss not already disclosed above.

•Other information by reportable segment, including total assets, depreciation and amortization, and capital expenditures.

•The title of the CODM and an explanation of how the CODM uses the reported measures of segment profit/loss in assessing segment performance and deciding how to allocate resources.

The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a retrospective basis. This ASU will have no impact on the Company’s financial condition or results of operations. The Company is evaluating the impact to the related segment reporting disclosures.

Table of Contents

3. Revenue recognition

The following table provides the Company’s total sales, disaggregated by banner, for the 13 and 39 weeks ended October 28, 2023 and October 29, 2022:


	13 weeks ended October 28, 2023								13 weeks ended October 29, 2022
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	489.9	$	—	$	—	$	489.9	$	535.6	$	—	$	—	$	535.6
Zales	224.1		—		—		224.1		263.2		—		—		263.2
Jared	237.4		—		—		237.4		267.7		—		—		267.7
Digital banners (1) (2)	134.9		—		—		134.9		156.6						156.6
Diamonds Direct	93.3		—		—		93.3		106.4		—		—		106.4
Banter by Piercing Pagoda	69.4		—		—		69.4		82.9		—		—		82.9
Peoples	36.2		—		—		36.2		40.0		—		—		40.0
International segment banners	—		94.0		—		94.0		—		95.3		—		95.3
Other (3)	5.9		—		6.8		12.7		12.4		—		22.6		35.0
Total sales	$	1,291.1	$	94.0	$	6.8	$	1,391.9	$	1,464.8	$	95.3	$	22.6	$	1,582.7

	39 weeks ended October 28, 2023								39 weeks ended October 29, 2022
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	1,659.2	$	—	$	—	$	1,659.2	$	1,820.4	$	—	$	—	$	1,820.4
Zales	798.9		—		—		798.9		929.0		—		—		929.0
Jared	776.6		—		—		776.6		885.3		—		—		885.3
Digital banners (1) (2)	467.3						467.3		338.5						338.5
Diamonds Direct	274.6		—		—		274.6		325.7		—		—		325.7
Banter by Piercing Pagoda	234.2		—		—