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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 April 30, 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, 46,514,362 shares as of June 3, 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 ended
(in millions, except per share amounts)April 30, 2022May 1, 2021Notes
Sales
$1,838.3 $1,688.8 3
Cost of sales
(1,114.6)(1,010.4)
Gross margin
723.7 678.4 
Selling, general and administrative expenses
(533.1)(512.0)
Other operating income (expense)
(190.4)2.3 20
Operating income0.2 168.7 5
Interest expense, net
(4.4)(3.9)
Other non-operating income (expense)
(134.5)0.1 20
Income (loss) before income taxes(138.7)164.9 
Income taxes
55.2 (26.5)10
Net income (loss)$(83.5)$138.4 
Dividends on redeemable convertible preferred shares
(8.6)(8.6)7
Net income (loss) attributable to common shareholders$(92.1)$129.8 
Earnings (loss) per common share:
Basic
$(1.89)$2.49 8
Diluted
$(1.89)$2.23 8
Weighted average common shares outstanding:
Basic
48.8 52.1 8
Diluted
48.8 62.0 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
April 30, 2022May 1, 2021
(in millions)Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Pre-tax
amount
Tax
(expense)
benefit
After-tax
amount
Net income (loss)$(83.5)$138.4 
Other comprehensive income (loss):
Foreign currency translation adjustments
(16.8) (16.8)6.7  6.7 
Available-for-sale securities:
Unrealized loss(0.3) (0.3)(0.1) (0.1)
Cash flow hedges:
Unrealized gain (loss)1.2 (0.2)1.0 (0.1) (0.1)
Reclassification adjustment for losses to earnings
   0.2  0.2 
Pension plan:
Actuarial gain (loss)(0.5)0.1 (0.4)   
Reclassification adjustment for amortization of actuarial losses to earnings
0.9 (0.2)0.7 0.2  0.2 
Reclassification adjustment for amortization of net prior service costs to earnings
0.1  0.1    
Reclassification adjustment for pension settlement loss to earnings
131.9 (25.0)106.9    
Total other comprehensive income $116.5 $(25.3)$91.2 $6.9 $ $6.9 
Total comprehensive income$7.7 $145.3 
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)April 30, 2022January 29, 2022May 1, 2021Notes
Assets
Current assets:
Cash and cash equivalents
$927.6 $1,418.3 $1,298.4 
Accounts receivable, net
17.1 19.9 78.9 12
Other current assets
209.9 208.6 187.1 
Income taxes
144.7 23.2 58.4 
Inventories
2,216.2 2,060.4 2,019.0 13
Total current assets
3,515.5 3,730.4 3,641.8 
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,265.9 (January 29, 2022 and May 1, 2021: $1,248.9 and $1,208.7, respectively)
561.1 575.9 544.5 
Operating lease right-of-use assets
1,141.8 1,206.6 1,301.2 14
Goodwill
486.4 484.6 244.9 15
Intangible assets, net
313.5 314.2 190.6 15
Other assets
232.4 226.1 241.0 
Deferred tax assets
35.6 37.3 16.8 
Total assets
$6,286.3 $6,575.1 $6,180.8 
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:
Accounts payable
$880.7 $899.8 $700.1 
Accrued expenses and other current liabilities
610.6 501.6 517.2 
Deferred revenue
336.9 341.3 310.0 3
Operating lease liabilities
287.2 300.0 345.7 14
Income taxes
24.4 28.0 24.5 
Total current liabilities
2,139.8 2,070.7 1,897.5 
Non-current liabilities:
Long-term debt
147.1 147.1 146.8 18
Operating lease liabilities
948.1 1,005.1 1,087.3 14
Other liabilities
103.7 117.6 108.9 
Deferred revenue
867.1 857.6 797.7 3
Deferred tax liabilities
171.1 160.9 171.1 
Total liabilities
4,376.9 4,359.0 4,209.3 
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 May 1, 2021: 0.625 shares outstanding, respectively)
652.6 652.1 650.9 6
Shareholders’ equity:
Common shares of $.18 par value: authorized 500 shares, 46.5 shares outstanding (January 29, 2022 and May 1, 2021: 49.9 and 52.7 outstanding, respectively)
12.6 12.6 12.6 
Additional paid-in capital
236.8 231.2 252.2 
Other reserves
0.4 0.4 0.4 
Treasury shares at cost: 23.5 shares (January 29, 2022 and May 1, 2021: 20.1 and 17.3 shares, respectively)
(1,474.2)(1,206.7)(965.2)
Retained earnings
2,740.9 2,877.4 2,304.2 
Accumulated other comprehensive loss
(259.7)(350.9)(283.6)9
Total shareholders’ equity
1,256.8 1,564.0 1,320.6 
Total liabilities, redeemable convertible preferred shares and shareholders’ equity
$6,286.3 $6,575.1 $6,180.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

SIGNET JEWELERS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
13 weeks ended
(in millions)April 30, 2022May 1, 2021
Cash flows from operating activities
Net income (loss)$(83.5)$138.4 
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization
40.0 42.1 
Amortization of unfavorable contracts
(0.5)(1.4)
Share-based compensation
10.5 8.0 
Deferred taxation
(14.9)9.5 
Pension settlement loss131.9  
Other non-cash movements
5.1 2.0 
Changes in operating assets and liabilities, net of acquisitions:
Decrease in accounts receivable2.8 9.8 
(Increase) decrease in other assets and other receivables(7.3)44.0 
(Increase) decrease in inventories(167.3)19.3 
Decrease in accounts payable(23.6)(122.2)
Increase in accrued expenses and other liabilities105.1 18.0 
Change in operating lease assets and liabilities
(4.4)(31.2)
Increase in deferred revenue5.4 34.4 
Change in income tax receivable and payable(125.6)(8.4)
Pension plan contributions
(9.2)(1.2)
Net cash (used in) provided by operating activities(135.5)161.1 
Investing activities
Purchase of property, plant and equipment
(20.8)(11.3)
Purchase of available-for-sale securities
 (1.0)
Proceeds from sale of available-for-sale securities
0.5 1.9 
Acquisitions, net of cash acquired(1.9)(14.4)
Net cash used in investing activities(22.2)(24.8)
Financing activities
Dividends paid on common shares
(9.0) 
Dividends paid on redeemable convertible preferred shares
(8.2) 
Repurchase of common shares
(268.2) 
Other financing activities
(40.2)(13.7)
Net cash used in financing activities(325.6)(13.7)
Cash and cash equivalents at beginning of period
1,418.3 1,172.5 
(Decrease) increase in cash and cash equivalents(483.3)122.6 
Effect of exchange rate changes on cash and cash equivalents
(7.4)3.3 
Cash and cash equivalents at end of period
$927.6 $1,298.4 
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 
(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 30, 2021$12.6 $258.8 $0.4 $(980.2)$2,189.2 $(290.5)$1,190.3 
Net income— — — — 138.4 — 138.4 
Other comprehensive income
— — — — — 6.9 6.9 
Dividends declared:
Preferred shares, $13.14/share
— — — — (8.6)— (8.6)
Net settlement of equity-based awards
— (14.6)— 15.0 (14.8)— (14.4)
Share-based compensation expense
— 8.0 — — — — 8.0 
Balance at May 1, 2021$12.6 $252.2 $0.4 $(965.2)$2,304.2 $(283.6)$1,320.6 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

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 accounts for a substantial portion of the annual operating profit.
Risks and Uncertainties - COVID-19
In December 2019, a novel coronavirus (“COVID-19”) was identified in Wuhan, China. During Fiscal 2021, the Company experienced significant disruption to its business, specifically in its retail store operations through temporary closures during the first half of the year. By the end of the third quarter of Fiscal 2021, the Company had re-opened substantially all of its stores. However, during the fourth quarter of Fiscal 2021, both the UK and certain Canadian provinces re-established mandated temporary closure of non-essential businesses. The UK stores began to reopen in April 2021, while the Canadian stores began reopening in the second quarter of Fiscal 2022.
The full extent and duration of the impact of COVID-19 on the Company’s operations and financial performance remains unknown and depends on future developments that are uncertain and unpredictable, including the duration and possible resurgence of COVID-19 (including through variants), the success of the vaccine rollout globally, its impact on the Company’s global supply chain, and the uncertainty of customer behavior and potential shifts in discretionary spending. The Company will continue to evaluate the impact of COVID-19 on its business, results of operations and cash flows throughout Fiscal 2023, including the potential impacts on various estimates and assumptions inherent in the preparation of the condensed consolidated financial statements.
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”) 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. It is suggested that these condensed consolidated financial statements 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 29, 2022 filed with the SEC on March 17, 2022.
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 reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, derivatives, employee benefits, 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 2023 and Fiscal 2022 refer to the 52 week periods ending January 28, 2023 and ended January 29, 2022, respectively. Within these condensed consolidated financial statements, the first quarter of the relevant fiscal years 2023 and 2022 refer to the 13 weeks ended April 30, 2022 and May 1, 2021, respectively.
8

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 segment and Canada as part of the North America segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the balance sheet date, 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 in other operating income, net 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
There were no new accounting pronouncements adopted during Fiscal 2023 that have a material impact on the Company’s financial position or results of operations.
New accounting pronouncements issued but not yet adopted
There are no new accounting pronouncements issued that are expected to have a material impact to the Company in future periods.
3. Revenue recognition
The following table provides the Company’s total sales, disaggregated by banner, for the 13 weeks ended April 30, 2022 and May 1, 2021:
13 weeks ended April 30, 202213 weeks ended May 1, 2021
(in millions)North AmericaInternationalOtherConsolidatedNorth AmericaInternationalOtherConsolidated
Sales by banner:
Kay
$667.3 $ $ $667.3 $676.8 $ $ $676.8 
Zales
347.7   347.7 370.8   370.8 
Jared
314.1   314.1 284.1   284.1 
Banter by Piercing Pagoda
119.0   119.0 148.8   148.8 
Diamonds Direct106.3   106.3     
James Allen
93.3   93.3 101.5   101.5 
Peoples
45.4   45.4 34.6   34.6 
International segment banners
 110.0  110.0  57.4  57.4 
Other (1)
11.9  23.3 35.2 1.4  13.4 14.8 
Total sales
$1,705.0 $110.0 $23.3 $1,838.3 $1,618.0 $57.4 $13.4 $1,688.8 
(1) Other includes primarily sales from Signet’s diamond sourcing initiative and Rocksbox.

9

The following table provides the Company’s total sales, disaggregated by major product, for the 13 weeks ended April 30, 2022 and May 1, 2021:
13 weeks ended April 30, 202213 weeks ended May 1, 2021
(in millions)North AmericaInternationalOtherConsolidatedNorth AmericaInternationalOtherConsolidated
Sales by product:
Bridal
$787.3 $50.1 $ $837.4 $726.7 $28.8 $ $755.5 
Fashion
658.2 17.7  675.9 661.4 9.7  671.1 
Watches
51.5 35.2  86.7 46.9 17.2  64.1 
Services (1)
166.0 7.0  173.0 145.9 1.7  147.6 
Other (2)
42.0  23.3 65.3 37.1  13.4 50.5 
Total sales
$1,705.0 $110.0 $23.3 $1,838.3 $1,618.0 $57.4 $13.4 $1,688.8 
(1)     Services primarily includes sales from service plans, repairs and subscriptions.
(2)     Other primarily includes sales from Signet’s diamond sourcing initiative and other miscellaneous non-jewelry sales.
The following table provides the Company’s total sales, disaggregated by channel, for the 13 weeks ended April 30, 2022 and May 1, 2021:
13 weeks ended April 30, 202213 weeks ended May 1, 2021
(in millions)North AmericaInternationalOtherConsolidatedNorth AmericaInternationalOtherConsolidated
Sales by channel:
Store
$1,396.5 $89.9 $ $1,486.4 $1,299.6 $29.5 $ $1,329.1 
E-commerce
300.4 20.1  320.5 318.4 27.9  346.3 
Other (1)
8.1  23.3 31.4   13.4 13.4 
Total sales
$1,705.0 $110.0 $23.3 $1,838.3 $1,618.0 $57.4 $13.4 $1,688.8