Company Quick10K Filing
Signet Jewelers
Price17.47 EPS-4
Shares52 P/E-5
MCap914 P/FCF8
Net Debt607 EBIT-174
TEV1,521 TEV/EBIT-9
TTM 2019-11-02, in MM, except price, ratios
10-K 2020-02-01 Filed 2020-03-26
10-Q 2019-11-02 Filed 2019-12-05
10-Q 2019-08-03 Filed 2019-09-05
10-Q 2019-05-04 Filed 2019-06-06
10-K 2019-02-02 Filed 2019-04-03
10-Q 2018-11-03 Filed 2018-12-07
10-Q 2018-08-04 Filed 2018-09-06
10-Q 2018-05-05 Filed 2018-06-12
10-K 2018-02-03 Filed 2018-04-02
10-Q 2017-10-28 Filed 2017-12-01
10-Q 2017-07-29 Filed 2017-08-29
10-Q 2017-04-29 Filed 2017-06-01
10-K 2017-01-28 Filed 2017-03-16
10-Q 2016-10-29 Filed 2016-11-29
10-Q 2016-07-30 Filed 2016-08-31
10-Q 2016-04-30 Filed 2016-06-03
10-K 2016-01-30 Filed 2016-03-24
10-Q 2015-10-31 Filed 2015-12-04
10-Q 2015-08-01 Filed 2015-09-03
10-Q 2015-05-02 Filed 2015-06-03
10-K 2015-01-31 Filed 2015-03-26
10-Q 2014-11-01 Filed 2014-12-08
10-Q 2014-08-02 Filed 2014-09-10
10-Q 2014-05-03 Filed 2014-06-03
10-K 2014-02-01 Filed 2014-03-27
10-Q 2013-08-03 Filed 2013-08-29
10-Q 2013-05-04 Filed 2013-05-23
10-K 2013-02-02 Filed 2013-03-28
10-Q 2012-10-27 Filed 2012-11-20
10-Q 2012-07-28 Filed 2012-08-23
10-Q 2012-04-28 Filed 2012-05-24
10-K 2012-01-28 Filed 2012-03-22
10-Q 2011-10-29 Filed 2011-11-22
10-Q 2011-07-30 Filed 2011-08-25
10-Q 2011-04-30 Filed 2011-05-26
10-K 2011-01-29 Filed 2011-03-30
10-Q 2010-10-30 Filed 2010-11-30
10-Q 2010-07-31 Filed 2010-08-27
10-Q 2010-05-01 Filed 2010-06-01
10-K 2010-01-30 Filed 2010-03-30
8-K 2020-03-28 Officers
8-K 2020-03-26 Earnings, Exhibits
8-K 2020-03-19 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-01-16 Regulation FD, Exhibits
8-K 2019-12-05 Earnings, Exhibits
8-K 2019-09-25 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-19 Other Events, Exhibits
8-K 2019-09-05 Earnings, Exhibits
8-K 2019-09-05 Other Events, Exhibits
8-K 2019-06-14 Shareholder Vote
8-K 2019-06-06 Earnings, Exhibits
8-K 2019-04-03 Earnings, Exhibits
8-K 2019-04-03 Officers, Exhibits
8-K 2019-03-13 Officers, Exhibits
8-K 2019-03-12 Officers, Exhibits
8-K 2019-02-07 Regulation FD, Exhibits
8-K 2019-01-17 Earnings, Exhibits
8-K 2019-01-16 Enter Agreement, Exhibits
8-K 2018-12-06 Earnings, Exhibits
8-K 2018-10-24 Officers, Exhibits
8-K 2018-08-30 Earnings, Exhibits
8-K 2018-08-28 Officers, Exhibits
8-K 2018-07-02 Other Events, Exhibits
8-K 2018-06-15 Shareholder Vote
8-K 2018-06-06 Regulation FD, Exhibits
8-K 2018-06-06 Earnings, Exhibits
8-K 2018-04-30 Enter Agreement, Exhibits
8-K 2018-04-02 Regulation FD
8-K 2018-03-14 Earnings, Exhibits
8-K 2018-03-13 Officers, Exhibits
8-K 2018-03-12 Enter Agreement, Exhibits
8-K 2018-02-05 Officers
8-K 2018-01-10 Earnings, Exhibits

SIG 10K Annual Report

Part I
Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosure
Part II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Selected Consolidated Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Part III
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Part IV
Item 15. Exhibits, Financial Statement Schedules
Item 16. Form 10 - K Summary
EX-4.4 fy20q410kexhibit44.htm
EX-10.31 fy20q410kexhibit1031.htm
EX-10.32 fy20q410kexhibit1032.htm
EX-21.1 fy20q410kexhibit211.htm
EX-23.1 fy20q410kexhibit231.htm
EX-31.1 fy20q410kexhibit311.htm
EX-31.2 fy20q410kexhibit312.htm
EX-32.1 fy20q410kexhibit321.htm
EX-32.2 fy20q410kexhibit322.htm

Signet Jewelers Earnings 2020-02-01

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
10.07.95.83.71.6-0.52012201420172020
Rev, G Profit, Net Income
1.51.10.60.2-0.3-0.72012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 10-K
 

Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended February 1, 2020
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
Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes       No  
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes       No  
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       No  
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 shorter period that the registrant was required to submit such files).    Yes       No  
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer                            Accelerated filer           
Non-accelerated filer                                       Smaller reporting company  
Emerging growth company
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes       No  
The aggregate market value of voting common shares held by non-affiliates of the Registrant (based upon the closing sales price quoted on the New York Stock Exchange) as of August 3, 2019 was $893,811,751.
Number of common shares outstanding on March 20, 2020: 52,346,157
DOCUMENTS INCORPORATED BY REFERENCE
The Registrant will incorporate by reference information required in response to Part III, Items 10-14, from its definitive proxy statement for its annual meeting of shareholders which will be filed with the Securities and Exchange Commission within 120 days after February 1, 2020.
 

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SIGNET JEWELERS LIMITED
FISCAL 2020 ANNUAL REPORT ON FORM 10-K
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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REFERENCES
Unless the context otherwise requires, references to “Signet” or the “Company,” refer to Signet Jewelers Limited (and before September 11, 2008 to Signet Group plc) and its consolidated subsidiaries. References to the “Parent Company” are to Signet Jewelers Limited.
PRESENTATION OF FINANCIAL INFORMATION
All references to “dollars,” “US dollars” and “$” are to the lawful currency of the United States of America (“US”). Signet prepares its financial statements in US dollars. All references to “British pound(s),” “pounds,” and “£” are to the lawful currency of the United Kingdom (“UK”). All references to “Canadian dollar” or “C$” are to the lawful currency of Canada.
Percentages in tables have been rounded and accordingly may not add up to 100%. Certain financial data may have been rounded. As a result of such rounding, the totals of data presented in this document may vary slightly from the actual arithmetical totals of such data.
Throughout this Annual Report on Form 10-K, financial data has been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). However, Signet provides certain additional non-GAAP measures in order to provide increased insight into the underlying or relative performance of the business. An explanation of each non-GAAP measure used can be found in Item 6.
Fiscal year, fourth quarter and Holiday Season
Signet’s fiscal year ends on the Saturday nearest to January 31. As used herein, “Fiscal 2021,” “Fiscal 2020,” “Fiscal 2019,” “Fiscal 2018,” “Fiscal 2017” and “Fiscal 2016” refer to the 52 week periods ending January 30, 2021, February 1, 2020 and February 2, 2019, the 53 week period ending February 3, 2018, and the 52 week periods ending January 28, 2017 and January 30, 2016, respectively. Fourth quarter references the 13 weeks ended February 1, 2020 (“fourth quarter”) and February 2, 2019 (“prior year fourth quarter”).
As used herein, the “Holiday Season” consists of results for the months of November and December.
FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains statements which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, based upon management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, among other things, Signet’s results of operation, financial condition, liquidity, prospects, growth, strategies and the industry in which Signet operates. The use of the words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “forecast,” “objective,” “plan,” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties which could cause the actual results to not be realized, including, but not limited to: the impact of a public health crisis or disease outbreak, epidemic or pandemic, such as the recent novel coronavirus on Signet’s business; general economic or market conditions, financial market risks, or other factors that relate to us, including our ability to optimize Signet's transformation initiative; a decline in consumer spending or deterioration in consumer financial position; changes to regulations relating to customer credit, disruption in the availability of credit for customers and customer inability to meet credit payment obligations; our ability to achieve the benefits related to the outsourcing of the credit portfolio sale due to technology disruptions, future financial results and operating results and/or disruptions arising from changes to or termination of the non-prime outsourcing agreement requiring transition to alternative arrangements through other providers or alternative payment options; deterioration in the performance of individual businesses or of the Company's market value relative to its book value, resulting in impairments of fixed assets or intangible assets or other adverse financial consequences; the volatility of our stock price; the impact of financial covenants, credit ratings or interest volatility on our ability to borrow; changes in our credit rating; potential regulatory changes, global economic conditions or other developments related to the United Kingdom’s exit from the European Union; exchange rate fluctuations; the cost, availability of and demand for diamonds, gold and other precious metals; stakeholder reactions to disclosure regarding the source and use of certain minerals; seasonality of Signet’s business; the merchandising, pricing and inventory policies followed by Signet and failure to manage inventory levels; Signet’s relationships with suppliers and ability to obtain merchandise that customers wish to purchase; the failure to adequately address the impact of existing tariffs and/or the imposition of additional duties, tariffs, taxes and other charges or other barriers to trade or impacts from trade relations; the level of competition and promotional activity in the jewelry sector; the development and maintenance of Signet’s OmniChannel retailing and ability to increase digital sales; changes in consumer attitudes regarding jewelry and failure to anticipate and keep pace with changing fashion trends; changes in the supply and consumer acceptance of and demand for gem quality lab created diamonds and adequate identification of the use of substitute products in our jewelry; ability to execute successful marketing programs and manage social media; the ability to optimize Signet’s real estate footprint; the ability to satisfy the accounting requirements for “hedge accounting,” or the default or insolvency of a counterparty to a hedging contract; the performance of and ability to recruit, train, motivate and retain qualified sales associates; management of social, ethical and environmental risks; the reputation of Signet and its banners; inadequacy in and disruptions to internal controls and systems, including related to the migration to a new financial reporting information technology system; security breaches and other disruptions to Signet’s information technology infrastructure and databases; and an adverse development in legal or regulatory proceedings or tax matters, any new regulatory initiatives or investigations, and ongoing compliance with regulations and any consent orders or other legal or regulatory decisions; failure to comply with labor regulations; collective bargaining activity; changes in taxation laws, rules or practices

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in the US and jurisdictions in which Signet’s subsidiaries are incorporated, including developments related to the tax treatment of companies engaged in Internet commerce; risks related to international laws and Signet being a Bermuda corporation; difficulty or delay in executing or integrating an acquisition, business combination, major business or strategic initiative; risks relating to the outcome of pending litigation, including risks related to satisfaction of the conditions precedent for our pending securities class action settlement and timing and precise amount of the liability funding and related insurance reimbursement; our ability to protect our intellectual property or physical assets; changes in assumptions used in making accounting estimates relating to items such as extended service plans and pensions; the success of recent changes in Signet’s executive management team; or the impact of weather-related incidents, natural disasters or terrorism and acts of war on Signet’s business.
For a discussion of these and other risks and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statement, see Item 1A, Risk Factors, and elsewhere in this Annual Report on Form 10-K. Signet undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

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PART I
ITEM 1. BUSINESS
OVERVIEW
Signet Jewelers Limited (“Signet” or the “Company”) is the world’s largest retailer of diamond jewelry. Signet is incorporated in Bermuda and its address and telephone number are shown on the cover of this document. The Company operated 3,208 stores and kiosks as of February 1, 2020, and manages its business by geography, a description of which follows:
The North America segment operated 2,639 locations in the US and 118 locations in Canada as of February 1, 2020.
In the US, the segment primarily operated 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); a variety of mall-based regional banners; and JamesAllen.com. Additionally, in the US, the segment operated mall-based kiosks under the Piercing Pagoda banner.
In Canada, the segment primarily operated under the Peoples banner (Peoples Jewellers), as well as the Mappins Jewellers regional banner.
The International segment operated 451 stores in the UK, Republic of Ireland and Channel Islands as of February 1, 2020. The segment primarily operates in shopping malls and off-mall locations under the H.Samuel and Ernest Jones banners.
Certain company activities (e.g. diamond sourcing) are managed as a separate operating segment and are aggregated with unallocated corporate administrative functions in the segment “Other” for financial reporting purposes. Signet’s diamond sourcing function includes a diamond polishing factory in Botswana. See Note 6 of Item 8 for additional information regarding the Company’s reportable segments.
MISSION & STRATEGY
Signet’s mission is to help customers “Celebrate Life and Express Love.” The Company’s vision is to lead the industry and be the world’s premier jeweler by providing customers with superior shopping and ownership experiences, connecting with them seamlessly across channels, earning their trust, and providing superior expertise, value, products, and services to meet their lifetime jewelry needs and desires.
Signet continues to be the market share leader in North America in a large, growing and fragmented category, with the opportunity for additional growth as the Company leverages its strengths and competitive advantages. Signet believes that to realize this opportunity, it must transform its business from that of a legacy mall retailer to a modern OmniChannel category leader.
Impact of COVID-19 on Signet’s mission and strategy
The Company's mission and strategy discussed herein does not take into account the developing impacts of the novel coronavirus (“COVID-19”) pandemic. Beginning in late February 2020, this outbreak has had multiple impacts to the Company’s business, including, but not limited to, the temporary closure of all stores and other physical locations in North America and in the UK, and temporary disruption of the Company’s global supply chain. These impacts are expected to result in lower sales, lower liquidity and higher leverage than previously anticipated when establishing the Company’s plans for the Path to Brilliance. As the Company continues to assess the full impact of COVID-19 on its business, it may ultimately decide to modify, delay or otherwise defer certain actions under the Path to Brilliance plan. Refer to Item 1A, Risk Factors, for further potential impacts and risks associated with COVID-19.
Signet Path to Brilliance
In Fiscal 2019, Signet launched a three-year comprehensive transformation plan, “Signet’s Path to Brilliance,” to reposition the Company to be the OmniChannel jewelry category leader. The goal of the transformation plan is to drive growth by delivering inspiring products and ideal online and in-store shopping experiences to customers. Funding for the improvements needed in systems, capabilities, product, stores and growth opportunities is expected to come from cost savings - driving out costs customers don’t see or care about, in order to invest in what they do. Signet believes this plan will enable the Company to deliver long-term sustainable, profitable sales growth and create value for shareholders.
To achieve its Path to Brilliance goals, the Company must relentlessly focus on the following three strategic pillars which define key priorities and investment focus areas:
Customer First: A resolute focus on customer in all aspects of the business, including product assortment, targeted and personalized marketing, promotions and communications, through consumer‐inspired innovation and advanced data analytics.
OmniChannel: Become a leading OmniChannel retailer creating a seamless shopping experience by enhancing digital and in-store capabilities, towards the vision of a seamless experience across all points of customer engagement.

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Culture of Efficiency & Agility: Unleash the capabilities of Signet’s diverse workplace to be agile, innovative, deliver operational excellence and efficiency with increased resource productivity.
The initial focus of Path to Brilliance was to stabilize the business and fix foundational issues. Signet has made significant progress to date in addressing these challenges by refreshing its leadership team, investing in OmniChannel and digital platforms, developing more modern marketing capabilities, and building a culture of agility, efficiency, and cost consciousness, among others. Signet believes that Path to Brilliance is the right strategy, and the learnings from the last two years have been incorporated into the Company’s future plans to improve both operational and financial performance.
With the stabilization and foundational work well underway and yielding benefits, Signet’s plan is to continue to build on the capabilities developed during Years 1 and 2, and invest in transformative innovation initiatives in order to accelerate value creation and solidify the Company’s position as the OmniChannel jewelry category leader.
Signet plans to build on the capabilities developed during Years 1 and 2, including continuing initiatives to differentiate its store banners, accelerate growth initiatives to enhance the customer OmniChannel experience, grow the Company’s portfolio of service offerings, and continue to aggressively address the Company’s cost structure and bolster the balance sheet. Signet has plans under each of its three strategic pillars to deliver sustainable same store sales growth, expand margins and improve cash generation over the long-term.
Key components of the transformation plan include:
Leading innovation and customer value. In early Fiscal 2019, Signet launched its innovation engine, with a goal of developing new solutions to customers’ jewelry needs to become an innovative disruptor in its category. In addition, Signet believes investments in data analytics and consumer insights including a system to track customer net promoter score, Signet’s “Voice of Customer” program, will allow it to better service customers. The Company has begun reinvigorating its merchandise and value proposition focusing on 1) inspiring flagship brands, 2) right value and 3) on-trend product. Signet will continue to build on Fiscal 2019 and Fiscal 2020 key learnings and implement new programs designed to delight customers during their four key journeys (bridal, gifting, self-purchasing and care & repair). Combined with customer-inspired banner repositioning work, this is expected to allow the Company to make further progress in tailoring new product, marketing and promotional strategies unique to each store banner. In addition, investments will also focus on creating an in-store environment that resonates with today’s customer, better integrating technology to create a compelling, seamless OmniChannel experience.
Enhancing Signet's eCommerce and OmniChannel capabilities. Signet will continue to invest in platforms and become the leading jewelry retailer across channels. Building a best in class mobile experience and driving digital innovation is an important component of the Path to Brilliance. In Fiscal 2020, Signet invested in a dynamic platform for Jared and Kay to drive increased digital traffic and improve conversion that was designed to enable better customer experience through faster speeds and high-quality imagery. In addition, the Company expects that investments in flexible fulfillment and new product delivery models, on-line jewelry customization tools, enhanced mobile experience, and continued greater personalization of content and product offering utilizing behavioral data management and machine learning will drive a better customer experience. This is also expected to enable and enhance digital marketing return on investments through greater visibility of a customer's multi-touch journey.
Optimizing real estate footprint. Following an evaluation of its real estate footprint, utilization, and cost structure, Signet intends to optimize its portfolio to drive greater store productivity. The Company is working toward a smaller, higher growth potential store base that delivers a fully connected OmniChannel experience. Signet’s objective is to ensure its store base is located optimally, providing sufficient returns to justify investment and most importantly providing a delightful customer experience. Efforts include development and implementation of innovative store concepts and formats to improve the in-store shopping experience, execution of opportunistic store relocations and store closures aimed at exiting under-performing stores, reducing the Company’s mall-based exposure and exiting regional brands. Store closing decisions are informed by strategic considerations and data analytics, including store performance, sales transference potential, mall grade and trend. Over the last three years, the store footprint was reduced by 13%, largely by exiting regional banners and closing less attractive locations. The Company expects the net store count will continue to decline in future years through a disciplined approach of reducing our presence in declining malls, while relocating certain stores in highly productive locations and selectively expanding the growing Piercing Pagoda concept. These initiatives are expected to provide Signet with a leaner, more diversified footprint and more compelling and connected store experiences that the Company believes will be better aligned to its strategic banner positionings.

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Reducing non-customer facing costs. In line with Signet’s goal of creating a Culture of Agility and Efficiency, the Company implemented initiatives across its operations, including strategic sourcing, distribution and warehousing, and corporate and support functions to drive cost savings and operational efficiencies. These include procurement savings with respect to merchandise and indirect spend, consolidating facilities and payroll savings as a result of implementing simplified organization structures with wider spans of control and fewer layers of management. In Fiscal 2019 and Fiscal 2020, Signet realized $85 million and $100 million of net costs savings, respectively, for a cumulative two-year net cost savings of $185 million. As a result of the business disruption from COVID-19, the Company is currently unable to estimate additional future net cost savings under the Plan. The gross savings from these initiatives are being used to fund needed investments in technology, capabilities, store experience and high growth market opportunities.
Strengthening employee engagement and building capabilities. Signet’s team and organization are key to accomplishing the Company's transformation goals. Signet has hired and promoted several executives to fill key leadership roles, is investing in building e-commerce, analytics and innovation capabilities, and is focusing on reigniting employee engagement in store operations and throughout the entire organization through cultural initiatives, new communication platforms, leadership and skills training, and enhanced career development opportunities.
Competition and Signet competitive strengths
Jewelry retailing is highly fragmented and competitive. Signet competes against other specialty jewelers, as well as other retailers that sell jewelry, including department stores, mass merchandisers, discount stores, apparel and accessory fashion stores, brand retailers, online retail and auction sites, shopping clubs, home shopping television channels and direct home sellers. The jewelry category competes for customers’ share-of-wallet with other consumer sectors such as electronics, clothing and furniture, as well as travel and restaurants. This competition for consumers’ discretionary spending is particularly relevant to gift giving.
Signet believes its competitive strengths include strong store banner recognition, outstanding customer experience, branded differentiated and exclusive merchandise, sector-leading marketing and advertising, diversified real estate portfolio, supply chain leadership, and a full spectrum of services including financing and lease purchase options, extended service plans, repair and customer design, and piercing.
Capital strategy
The tenets of Signet’s capital strategy are to: 1) invest in its business to drive growth; 2) protect its business from economic downturns by ensuring adequate liquidity; and 3) return excess cash to shareholders. As a result of the business disruption created by COVID-19, including temporary broadscale store closures, the Company is aggressively reducing overall capital expenditures, prioritizing digital investments to enhance its new and modernized eCommerce platform and provide a frictionless shopping experience for customers. This will include flexible fulfillment which unlocks store level inventory and enables buy online pick up in store. Inventory management will continue to be a strategic focus for the Company. Transformational cost reductions include using data and analytics to drive marketing efficiencies, significantly reducing discretionary spend, implementing temporary reduced work hours and furloughs across store and support center teams, and lowering cash compensation for executives and the Company’s Board of Directors.
In addition, as a prudent measure to increase the Company’s financial flexibility and bolster its cash position, on March 19, 2020, the Company elected to access an additional $900 million on the ABL Revolving Facility. Refer to Management’s Discussion & Analysis within Item 7 for further information on the Company’s liquidity and capital resources.
BACKGROUND
Operating segments
The business is currently managed as three reportable segments: the North America segment, the International segment and the Other segment. The Other reportable segment consists of all non-reportable segments, including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones and unallocated corporate administrative functions. All segments are managed by an executive committee, which is chaired by Signet’s Chief Executive Officer (“CEO”), who reports to the Board of Directors of Signet (the “Board”). The executive committee is responsible for operating decisions within parameters established by the CEO and Board. See Note 6 of Item 8 for additional information regarding the Company’s segments as well as disclosure detailing and reconciling the components of key segment operating metrics.
Trademarks and trade names
Signet is not dependent on any material patents or licenses in any of its segments. Signet has several well-established trademarks and trade names which are significant in maintaining its reputation and competitive position in the jewelry retailing industry. Some of these registered trademarks and trade names include the following:
Kay Jewelers®; Kay Jewelers Outlet®; Jared The Galleria Of Jewelry®; Jared Vault®; Jared Jewelry Boutique®; JB Robinson®; Marks & Morgan®; Every Kiss Begins with Kay®; Jared Eternity®; Celebrate Life Express Love®; the Leo Diamond® ;

7


Hearts Desire®; Radiant Reflections®; Chosen by Jared®; Now and Forever®; Ever Us®; James Allen®; Tolkowsky®; Long Live LoveTM; Dare to be Devoted®; Love + Be Loved®; and Brilliant Moments®.
Zales®; Zales JewelersTM; Zales the Diamond Store®; Zales Outlet®; Gordon’s Jewelers®; Peoples Jewellers®; Peoples the Diamond Store®; Peoples Outlet the Diamond Store®; Mappins®; Piercing Pagoda®; Arctic Brilliance Canadian Diamonds®; Brilliant Buy®; Brilliant Value®; Celebration Diamond®; Expressionist®; From This Moment®; Let Love Shine®; The Celebration Diamond Collection®; Unstoppable Love®; and Endless Brilliance®.
H.Samuel®; Ernest Jones®; Ernest Jones Outlet CollectionTM; Commitment®; Forever Diamonds®; Kiss Collection®; Princessa Collection®; Radiance®; Secrets of the Sea®; Viva Colour®; and Helps You Say It Better®; and It Feels Good To GiftTM.
Store locations
Signet operates retail jewelry stores in a variety of real estate formats including mall-based, free-standing, strip center and outlet store locations. As of February 1, 2020, Signet operated 2,653 stores and 555 kiosks across 4.6 million square feet of retail space in the US, UK and Canada. This represented a decrease of 3.8% and a decrease of 2.7% in locations and retail space, respectively, from Fiscal 2019. Store locations by country and territory as of February 1, 2020 are disclosed in Item 2.
Customer experience
Signet is committed to delivering an inspiring, full service, seamlessly connected customer experience. The Company considers this an essential element in the success of its business. The ability to recruit, develop and retain qualified jewelry consultants is an important capability to deliver customer satisfaction. Signet has a comprehensive recruitment, training and incentive programs in place, including an annual flagship training conference in advance of the Holiday Season.
Signet continues to invest in capabilities to enhance the customer experience to make it more personalized and journey focused. In Fiscal 2019, Signet implemented a multi-phase Voice of the Customer program utilizing the Net Promoter System as a component of its Path to Brilliance and customer first strategies. The first phase focused on setting up the technology, establishing stable measurements throughout the shopping ecosystem for key customer journeys, and discovering how to effectively operationalize customer feedback. In Fiscal 2020, Signet expanded into phase two by providing all stores and digital properties localized access to Voice of the Customer data to manage the customer experience real-time as performance feedback is received. To further strengthen its engagement with customers, Signet also implemented a closed-loop program whereby field and customer care teams rapidly respond to customers directly about their feedback to ensure the Company is delivering the best possible experience. In Fiscal 2021, Signet will continue to optimize the program through expanded measurements and listening posts, integrating Voice of the Customer with additional operational data-sources to drive greater sophistication in its customer and employee experience management, and developing additional tools to infuse the stories its customers share into the culture and their daily activities.
OmniChannel
As a specialty jeweler, Signet’s business differs from many other retailers such that a purchase of merchandise from any of Signet’s stores is not only viewed as an important experience, but is also personal and intimate. Due to this dynamic, customers often invest time on Signet websites and social media to experience the merchandise assortments prior to visiting brick-and-mortar stores to execute a purchase transaction. Particularly related to high value transactions, customers will supplement their online experience with an in-store visit prior to finalizing a purchase.
Through Signet’s websites, the Company educates customers about the jewelry category, and provides them with a source of information on products, brands, and available merchandise, as well as the ability to buy online. Signet’s websites are integrated with a customer’s local store, so that merchandise ordered online may be delivered to their store or at home. Banner websites continue to make an important and growing contribution to the customer experience, as well as to each Segment’s marketing programs. Signet’s OmniChannel strategy will continue to focus on:
Investments in technology to enhance the customer journey. These include adding user generated content, enhanced personalization / behavioral targeting, creative execution and brand differentiation. In addition, Signet will continue to focus on customer first delivery options (such as buy online, pick up in store, “BOPIS”), creating a seamless customer experience between online (mobile in particular) and in stores, making it easier for customers to search and browse Signet’s extensive range of products, enhanced mobile checkout capability, bridal configuration and much more.
Increased use of powerful customer-based data analytics to achieve a more comprehensive view of the customer, which will allow the Company to follow up on previous purchases as well as anticipate their needs.
Adding new capability to Signet’s digital clienteling program, which enables the Company’s jewelry consultants to build a direct relationship with their customers to create a more personalized customer experience.

8


Signet’s supplier relationships allows it to display suppliers’ inventories on the banner websites for sale to customers without holding the items in its inventory until the products are ordered by customers, which are referred to as “virtual inventory.” Virtual inventory expands the choice of merchandise available to customers both online and in-store.
Raw materials
The Company’s costs, as with the jewelry industry as a whole, are generally affected by fluctuations in the price and supply of diamonds, gold and, to a much lesser extent, other precious and semi-precious metals and stones. The cost of raw materials is only part of the costs involved in determining the retail selling price of jewelry, with labor costs and assembly costs from third party vendors also being significant factors.
Diamond sourcing
Signet procures its diamonds mostly as finished jewelry and, to a smaller extent, as loose polished diamonds and rough diamonds which are in turn polished, primarily in Signet’s Botswana factory.
Finished jewelry
Signet purchases finished product where management has identified compelling value based on product design, cost and availability, among other factors. Under certain types of arrangements, this method of purchasing also provides the Company with the opportunity to reserve inventory held by vendors and to make returns or exchanges with suppliers, which reduces the risk of over- or under-purchasing. Signet’s scale, balance sheet and robust procurement systems enable it to purchase merchandise at advantageous prices and on favorable terms.
Loose diamonds
Signet purchases loose polished diamonds in global markets (e.g. India, Israel) from a variety of sources (e.g. polishers, traders). Signet mounts stones in settings purchased from manufacturers using third parties and in-house resources. By using these approaches, the cost of merchandise is reduced and the consistency of quality is maintained enabling Signet to provide better value to customers. Buying loose diamonds helps allow Signet’s buyers to gain a detailed understanding of the manufacturing cost structures and, in turn, leverage that knowledge with regard to negotiating better prices for the supply of finished products.
Rough diamonds
Signet continues to take steps to advance its vertical integration, which includes rough diamond sourcing and processing. Signet’s objective with this initiative is to secure additional, reliable and consistent supplies of diamonds for customers worldwide while achieving further efficiencies in the supply chain. Signet owns a diamond polishing factory in Gaborone, Botswana. The Company is a DeBeers sightholder, and receives contracted allocations of rough diamonds from Rio Tinto, DeBeers and Alrosa. Signet has also established a diamond liaison office in India and a diamond trading office in New York to further support its sourcing initiative.
Rough diamonds are purchased directly from the miners and then the stones are marked, cut and polished in Signet’s own polishing facility. Any stones deemed unsuitable for Signet’s needs are sold to third parties with the objective of recovering the original cost of the stones.
Merchandising
Signet believes that a competitive strength is its industry-leading merchandising. Merchandise selection, innovation, availability and value are all critical success factors. The range of merchandise offered and the high level of inventory availability are supported centrally by extensive and continuous research and testing. Signet’s jewelry merchant teams are constantly evaluating global design trends, innovating, and developing new jewelry collections,including through strategic partnerships, that resonate with customers.

9


Merchandise
Merchandise Mix
Details of merchandise mix (excluding repairs, warranty and other miscellaneous sales) are shown below:
 
North America
 
International
 
Consolidated
Fiscal 2020
 
 
 
 
 
Bridal
51
%
 
34
%
 
49
%
Fashion
43
%
 
26
%
 
42
%
Watches
4
%
 
37
%
 
7
%
Other
2
%
 
3
%
 
2
%
 
100
%
 
100
%
 
100
%
Fiscal 2019
 
 
 
 
 
Bridal
49
%
 
42
%
 
48
%
Fashion
44
%
 
21
%
 
42
%
Watches
5
%
 
35
%
 
8
%
Other
2
%
 
2
%
 
2
%
 
100
%
 
100
%
 
100
%
The bridal category, which includes engagement, wedding and anniversary purchases, is predominantly diamond jewelry. Like fashion jewelry and watches, bridal is to an extent dependent on the economic environment as customers can trade up or down price points depending on their available budget. Bridal represented approximately 50% of Signet’s total merchandise sales.
The fashion category is significantly impacted by gift giving in the Holiday Season, Valentine’s Day and Mother’s Day time periods and represented 42% of Signet’s total merchandise sales.
Merchandise is categorized as non-branded, third party branded, and branded differentiated and exclusive. Non-branded merchandise includes items and styles such as bracelets, gold necklaces, solitaire diamond rings, and diamond stud earrings. Third party branded merchandise includes mostly watches, but also includes ranges of charm bracelets. Branded differentiated and exclusive merchandise are items that are branded and exclusive to Signet within its marketplaces, or that are not widely available from other jewelry retailers (e.g Vera Wang Love®, Neil Lane®, Disney Enchanted®).
Branded differentiated and exclusive ranges
Signet believes that the development of branded differentiated and exclusive merchandise raises the profile of its banners, helps to drive sales and provides its well-trained sales associates with a powerful selling proposition. Digital marketing and national television advertisements include elements that drive brand awareness and purchase intent of these ranges. Signet’s scale and proven record of success in developing branded differentiated and exclusive merchandise attracts offers of such programs from jewelry manufacturers, designers and others ahead of competing retailers, and enables it to leverage its supply chain strengths.
Merchandise held on consignment
Merchandise held on consignment is used to enhance product selection and test new designs. This minimizes exposure to changes in fashion trends and provides the flexibility to return non-performing merchandise. Virtually all of Signet’s consignment inventory is held in the US.
Suppliers
In Fiscal 2020, the five largest suppliers collectively accounted for 21.4% of total purchases, with the largest supplier comprising 7.0%. Signet transacts business with suppliers on a worldwide basis at various stages of the supply chain with third party diamond cutting and jewelry manufacturing being predominantly carried out in Asia.
Marketing and advertising
Marketing is one of Signet’s most critical investments. It generates customer awareness and purchase considerations, and over time strengthens its brands and drives share growth. Effective and efficient marketing investment is a competitive advantage in the jewelry industry, which involves a discretionary purchase where the majority of the merchandise is not branded and the purchase cycle can stretch to years.

10


Signet’s marketing allocations between the various investment options (broadcast television and radio, direct mail, digital marketing, social media, and in store materials) have evolved over time as consumer habits and business needs change. Spend decisions are driven by the best available facts, which now use some of the most sophisticated tools on the market. In particular, marketing spend is evaluated on return-on-investment (“ROI”) wherever possible. In the past three years, Signet has invested in external Market Mix Modeling, which separates out the ROI of individual marketing elements using multi-variant regression analysis.
As marketing activities are undertaken throughout the year, digital capabilities provide close to real-time insight into customer journeys enabling personalized journey-based communications at the most appropriate moment through social media and digital marketing. In Fiscal 2020, Signet made a step-change in transforming its marketing model by re-balancing the timing and mix of its media investments, leveraging a more personalized journey-based approach, and modernizing its content and messaging. Fiscal 2020 was the first year that Signet spent more on digital and social marketing than on television advertising, and significant media efficiencies enabled it to drive more total customer impressions with less spend per impression. While the Company will maintain its strong presence in the traditional time-based holidays (Valentine’s Day, Mother’s Day, and the Holiday Season), Fiscal 2020 also paved the way for it to use complex customer data to grow its share of personal gifting occasions such as birthdays and anniversaries, as well as continue its emphasis in “always on” bridal messaging.
Signet aims to optimize the effectiveness of its creative campaigns, building on the banner differentiation work launched in Fiscal 2019. Within the past year, the Company has brought on new creative agencies for every North America banner as well as a new data savvy media agency. Content across all platforms improved, which resulted in stronger brand health over the year. Through collaboration with these agencies, Signet continues to evolve its campaigns with more sophisticated, journey specific content based on in depth customer insight.
Details of gross advertising, advertising before vendor contributions, by segment is shown below:
 
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
(in millions)
 
Gross advertising spending
as a % of segment
sales
 
Gross advertising spending
as a % of segment
sales
 
Gross advertising spending
as a % of segment
sales
North America
 
$
370.0

6.6
%
 
$
368.5

6.5
%
 
$
340.4

6.1
%
International
 
18.9

3.6
%
 
19.3

3.3
%
 
20.1

3.3
%
Signet
 
$
388.9

6.3
%
 
$
387.8

6.2
%
 
$
360.5

5.8
%
Customer finance
Through Signet’s partnerships, the Company is able to offer a range of financing, leasing, and payment opportunities across its banners. The Company continues to find and develop new options to meet its customer’s needs across the various merchandise price points. These offerings and partnerships allow the Company to focus on its core business of being the premier jewelry partner for its customers.
In our North American markets, Signet sells products for cash and for payment through major credit cards, online payment systems and a lease purchase option provided by Progressive Lease. In addition, the Company has partnerships with third-party providers who directly extend credit to its customers, and who also manage and service the customers’ accounts.

Comenity Bank provides credit and services to the Zales and Piercing Pagoda banners and to prime-only credit quality customers for Kay and Jared banners. Genesis Financial Solutions (“Genesis”) provides a second look program for applicants declined by Comenity Bank. For Kay and Jared banners, Signet originates non-prime receivables and sells them subject to a contractually agreed upon discount rate to funds managed by CarVal Investors (“CarVal”), the majority investor and Castlelake, L.P. (“Castlelake”), the minority investor. Servicing of the non-prime receivables prior to sale to the investors, including operational interfaces and customer servicing, is provided by Genesis. On March 23, 2020, CarVal provided notice to the Company that it was terminating the agreement effective the same day. Refer to Note 29 in Item 8 for additional information related to this termination and related transactions.
Real estate
Signet has specific operating and financial criteria that must be satisfied before investing in new stores or renewing leases on existing stores. Substantially all of the stores operated by Signet are leased. Signet continues to reposition its portfolio in a manner that it believes will drive greater store productivity. These efforts include development and implementation of innovative store concepts to improve the in-store shopping experience, execution of opportunistic store relocations and store closures aimed at exiting under-performing stores, reducing the Company’s mall-based exposure and exiting regional brands.

11


Recent investment in the store portfolio is set out below:
(in millions)
North America
 
International
 
Total
Signet
Fiscal 2020
 
 
 
 
 
New store capital investment
$
9.2

 
$
0.0

 
$
9.2

Remodels and other store capital investment
39.9

 
0.9

 
40.8

Total store capital investment
$
49.1

 
$
0.9

 
$
50.0

 
 
 
 
 
 
Fiscal 2019
 
 
 
 
 
New store capital investment
$
15.3

 
$
1.8

 
$
17.1

Remodels and other store capital investment
50.1

 
3.0

 
53.1

Total store capital investment
$
65.4

 
$
4.8

 
$
70.2

 
 
 
 
 
 
Fiscal 2018
 
 
 
 
 
New store capital investment
$
47.1

 
$
1.4

 
$
48.5

Remodels and other store capital investment
63.8

 
10.7

 
$
74.5

Total store capital investment
$
110.9

 
$
12.1

 
$
123.0

Seasonality
Signet’s sales are seasonal, with the fourth quarter typically accounting for approximately 35-40% of annual sales, with December being by far the highest volume month of the year. The Holiday Season consists of results for the months of November and December. As a result of the Company’s seasonality, it anticipates operating income will be almost entirely generated in the fourth quarter.
Employees
In Fiscal 2020, the average number of full-time equivalent persons employed was 26,126. In addition, Signet usually employs a limited number of temporary employees during its fourth quarter. None of Signet’s employees in the UK and less than 1% of Signet’s employees in the US and Canada are covered by collective bargaining agreements.
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Average number of employees:(1)
 
 
 
 
 
North America(2)
22,976

 
19,689

 
21,440

International
2,988

 
3,125

 
3,265

Other(3)
162

 
175

 
183

Total
26,126

 
22,989

 
24,888

(1) 
Full-time equivalents (“FTEs”).
(2) 
Includes 889 FTEs, 844 FTEs and 821 FTEs employed in Canada in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.
(3) 
Includes corporate employees and employees at the diamond polishing plant located in Botswana.
Regulation
Signet is required to comply with numerous laws and regulations covering areas such as consumer protection, consumer privacy, data protection, consumer credit, consumer credit insurance, health and safety, waste disposal, supply chain integrity, truth in advertising and employment. Signet monitors changes in these laws to maintain compliance with applicable requirements.
Markets
Signet operates in the US, Canada and UK markets.
US
According to the US Bureau of Economic Analysis, the total jewelry and watch market was approximately $78 billion at the end of 2019, an increase of 1% from the prior year. This implies a Signet jewelry market share of approximately 7%. Since 2009, the industry average annual growth rate is 2.7%. Around 82% of the market is represented by jewelry, with the balance being attributable to watches. According to the latest data from the US Labor Department, there were 19,800 jewelry stores in the country, down 2.0% from the prior year.

12


Canada
The jewelry market in Canada, according to the latest data available to Signet from Euromonitor, has grown steadily over the past five years, rising to an estimated C$8.2 billion in 2018. This represents an increase of 2.9% from the prior year.
UK
In the UK, the jewelry and watch market was estimated at about £5.9 billion in 2019, up approximately 3.5% from the prior year, according to Mintel. Growth, per Mintel, was driven by demand for luxury watches and demi-fine jewelry. Self-purchasing among young women and gifting among men represent the largest parts of the precious jewelry market.

13


NORTH AMERICA SEGMENT
The North America segment operates jewelry stores in malls, mall-based kiosks and off-mall locations throughout the US and Canada under national banners including Kay, Zales, Jared and Piercing Pagoda, as well as a variety of mall-based regional banners. Additionally, the Company operates online through JamesAllen.com, which was acquired in the R2Net acquisition in Fiscal 2018, as well as individual banner websites.
North America store banner reviews
Store activity by banner
 
 
February 1, 2020
 
Openings(4)
 
Closures(4)
 
February 2, 2019
 
Openings(4)
 
Closures(4)
 
February 3, 2018
Mall