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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 29, 2022 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)
BermudaNot 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 ClassTrading Symbol(s)Name of Each Exchange on which Registered
Common Shares of $0.18 eachSIGThe 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 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, 45,437,156 shares as of December 2, 2022


SIGNET JEWELERS LIMITED
TABLE OF CONTENTS
 


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 weeks ended39 weeks ended
(in millions, except per share amounts)October 29, 2022October 30, 2021October 29, 2022October 30, 2021Notes
Sales
$1,582.7 $1,537.8 $5,175.9 $5,014.7 3
Cost of sales
(1,030.1)(962.2)(3,234.9)(3,043.1)
Gross margin
552.6 575.6 1,941.0 1,971.6 
Selling, general and administrative expenses
(501.7)(470.5)(1,512.1)(1,485.1)
Other operating income (expense)
(2.5)1.8 (193.5)14.5 20
Operating income48.4 106.9 235.4 501.0 5
Interest expense, net
(3.6)(4.1)(11.4)(12.4)
Other non-operating expense, net
(2.7)(1.1)(139.6)(0.9)20
Income before income taxes42.1 101.7 84.4 487.7 
Income taxes
(4.6)(9.1)15.0 (32.1)10
Net income$37.5 $92.6 $99.4 $455.6 
Dividends on redeemable convertible preferred shares
(8.7)(8.7)(25.9)(25.9)7
Net income attributable to common shareholders$28.8 $83.9 $73.5 $429.7 
Earnings per common share:
Basic
$0.62 $1.59 $1.56 $8.17 8
Diluted
$0.60 $1.45 $1.49 $7.27 8
Weighted average common shares outstanding:
Basic
46.1 52.9 47.1 52.6 8
Diluted
48.1 63.7 49.2 62.7 8
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
13 weeks ended
October 29, 2022October 30, 2021
(in millions)Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Net income$37.5 $92.6 
Other comprehensive income (loss):
Foreign currency translation adjustments
(18.6) (18.6)(4.3) (4.3)
Available-for-sale securities:
Unrealized loss(0.3) (0.3)(0.1) (0.1)
Cash flow hedges:
Unrealized gain0.8 (0.2)0.6 0.4  0.4 
Reclassification adjustment for (gains) losses to earnings
(0.4)0.2 (0.2)0.1  0.1 
Pension plan:
Actuarial loss   (72.9)14.0 (58.9)
Reclassification adjustment for amortization of actuarial losses to earnings
1.0 (0.2)0.8 1.0 (0.2)0.8 
Reclassification adjustment for amortization of net prior service costs to earnings
0.1  0.1    
Total other comprehensive loss$(17.4)$(0.2)$(17.6)$(75.8)$13.8 $(62.0)
Total comprehensive income$19.9 $30.6 
39 weeks ended
October 29, 2022October 30, 2021
(in millions)Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Net income$99.4 $455.6 
Other comprehensive income (loss):
Foreign currency translation adjustments
(42.5) (42.5)3.1  3.1 
Available-for-sale securities:
Unrealized loss(0.6) (0.6)(0.2) (0.2)
Cash flow hedges:
Unrealized gain2.6 (0.4)2.2 0.2  0.2 
Reclassification adjustment for (gains) losses to earnings
(0.7)0.2 (0.5)0.6 (0.1)0.5 
Pension plan:
Actuarial loss
(0.5)0.1 (0.4)(72.9)14.0 (58.9)
Reclassification adjustment for amortization of actuarial losses to earnings
3.0 (0.4)2.6 1.4 (0.3)1.1 
Reclassification adjustment for amortization of net prior service costs to earnings
0.3  0.3 0.1  0.1 
Reclassification adjustment for pension settlement loss to earnings
132.8 (25.2)107.6    
Total other comprehensive income (loss)$94.4 $(25.7)$68.7 $(67.7)$13.6 $(54.1)
Total comprehensive income$168.1 $401.5 
    
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except par value per share amount)October 29, 2022January 29, 2022October 30, 2021Notes
Assets
Current assets:
Cash and cash equivalents
$327.3 $1,418.3 $1,516.9 
Accounts receivable
29.8 19.9 19.3 12
Other current assets
180.1 208.6 194.9 
Income taxes
222.0 23.2 115.4 
Inventories
2,429.0 2,060.4 2,148.3 13
Total current assets
3,188.2 3,730.4 3,994.8 
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,313.0 (January 29, 2022 and October 30, 2021: $1,248.9 and $1,275.1, respectively)
591.6 575.9 513.2 
Operating lease right-of-use assets
1,091.5 1,206.6 1,195.3 14
Goodwill
752.3 484.6 245.0 15
Intangible assets, net
413.5 314.2 189.2 15
Other assets
275.8 226.1 215.0 
Deferred tax assets
33.1 37.3 35.0 
Total assets
$6,346.0 $6,575.1 $6,387.5 
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:
Loans and overdrafts
$ $ $0.3 18
Accounts payable
800.2 899.8 868.2 
Accrued expenses and other current liabilities
623.2 501.6 469.2 
Deferred revenue
335.3 341.3 307.0 3
Operating lease liabilities
266.1 300.0 304.4 14
Income taxes
22.7 28.0 22.7 
Total current liabilities
2,047.5 2,070.7 1,971.8 
Non-current liabilities:
Long-term debt
147.3 147.1 147.0 18
Operating lease liabilities
917.0 1,005.1 994.0 14
Other liabilities
98.8 117.6 129.1 
Deferred revenue
878.1 857.6 813.2 3
Deferred tax liabilities
245.8 160.9 146.1 
Total liabilities
4,334.5 4,359.0 4,201.2 
Commitments and contingencies
21
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (January 29, 2022 and October 30, 2021: 0.625 shares outstanding, respectively)
653.4 652.1 651.7 6
Shareholders’ equity:
Common shares of $.18 par value: authorized 500 shares, 45.9 shares outstanding (January 29, 2022 and October 30, 2021: 49.9 and 52.6 outstanding, respectively)
12.6 12.6 12.6 
Additional paid-in capital
252.3 231.2 271.8 
Other reserves
0.4 0.4 0.4 
Treasury shares at cost: 24.1 shares (January 29, 2022 and October 30, 2021: 20.1 and 17.4 shares, respectively)
(1,510.2)(1,206.7)(986.3)
Retained earnings
2,885.2 2,877.4 2,580.7 
Accumulated other comprehensive loss
(282.2)(350.9)(344.6)9
Total shareholders’ equity
1,358.1 1,564.0 1,534.6 
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
$6,346.0 $6,575.1 $6,387.5 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
39 weeks ended
(in millions)October 29, 2022October 30, 2021
Cash flows from operating activities
Net income$99.4 $455.6 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization
123.5 122.9 
Amortization of unfavorable contracts
(1.4)(2.9)
Share-based compensation
34.3 36.4 
Deferred taxation
63.2 (20.1)
Pension settlement loss132.8  
Other non-cash movements
7.8 4.0 
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable(9.9)13.0 
Proceeds from sale of in-house finance receivables 81.3 
Decrease (increase) in other assets and other receivables0.6 (12.9)
Increase in inventories(305.6)(112.1)
(Decrease) increase in accounts payable(177.6)36.8 
Increase (decrease) in accrued expenses and other liabilities105.6 (25.6)
Change in operating lease assets and liabilities
(5.9)(59.9)
(Decrease) increase in deferred revenue(7.0)47.1 
Change in income tax receivable and payable(206.1)(67.3)
Pension plan contributions
(9.2)(12.4)
Net cash (used in) provided by operating activities(155.5)483.9 
Investing activities
Purchase of property, plant and equipment
(94.3)(50.5)
Acquisitions, net of cash acquired(397.8)(14.6)
Other investing activities, net(16.3)2.1 
Net cash used in investing activities(508.4)(63.0)
Financing activities
Dividends paid on common shares
(27.4)(9.5)
Dividends paid on redeemable convertible preferred shares
(24.6)(16.4)
Repurchase of common shares
(311.2)(41.1)
Payment of debt issuance costs
 (3.9)
Increase of bank overdrafts
 0.3 
Other financing activities, net
(44.3)(7.5)
Net cash used in financing activities(407.5)(78.1)
Cash and cash equivalents at beginning of period
1,418.3 1,172.5 
(Decrease) increase in cash and cash equivalents(1,071.4)342.8 
Effect of exchange rate changes on cash and cash equivalents
(19.6)1.6 
Cash and cash equivalents at end of period
$327.3 $1,516.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

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 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)