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As Of Filer Filing For·On·As Docs:Size 12/03/20 Signet Jewelers Ltd. 10-Q 10/31/20 115:13M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.55M 2: EX-22.1 Published Report re: Matters Submitted to a Vote HTML 33K of Security Holders 3: EX-31.1 Certification -- §302 - SOA'02 HTML 33K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 33K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 30K 6: EX-32.2 Certification -- §906 - SOA'02 HTML 30K 13: R1 Document and Entity Information HTML 82K 14: R2 Condensed Consolidated Statements of Operations HTML 107K (Unaudited) 15: R3 Condensed Consolidated Statements Of Comprehensive HTML 137K Income (Loss) (Unaudited) 16: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 139K 17: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 50K (Parenthetical) 18: R6 Condensed Consolidated Statements Of Cash Flows HTML 127K (Unaudited) 19: R7 Condensed Consolidated Statements Of Shareholders' HTML 88K Equity (Unaudited) 20: R8 Condensed Consolidated Statements Of Shareholders' HTML 34K Equity (Unaudited) - Parenthetical 21: R9 Organization and principal accounting policies HTML 44K 22: R10 New accounting pronouncements HTML 46K 23: R11 Revenue recognition HTML 278K 24: R12 Segment information HTML 80K 25: R13 Restructuring Plans HTML 67K 26: R14 Redeemable preferred shares HTML 42K 27: R15 Shareholders' equity HTML 63K 28: R16 Earnings (Loss) Per Common Share (Eps) HTML 75K 29: R17 Accumulated other comprehensive income (Loss) HTML 106K 30: R18 Income taxes HTML 41K 31: R19 Accounts receivable HTML 70K 32: R20 Inventories HTML 39K 33: R21 Asset Impairment HTML 54K 34: R22 Leases HTML 73K 35: R23 Goodwill and intangibles HTML 81K 36: R24 Derivatives HTML 151K 37: R25 Fair value measurement HTML 114K 38: R26 Loans, overdrafts and long-term debt HTML 57K 39: R27 Warranty reserve HTML 53K 40: R28 Share-based compensation HTML 31K 41: R29 Commitments and contingencies HTML 54K 42: R30 Organization and principal accounting policies HTML 55K (Policies) 43: R31 Revenue recognition (Tables) HTML 271K 44: R32 Segment information (Tables) HTML 75K 45: R33 Restructuring Plans (Tables) HTML 68K 46: R34 Redeemable preferred shares (Tables) HTML 41K 47: R35 Shareholders' equity (Tables) HTML 63K 48: R36 Earnings (Loss) Per Common Share (Eps) (Tables) HTML 78K 49: R37 Accumulated other comprehensive income (Loss) HTML 107K (Tables) 50: R38 Income taxes (Tables) HTML 37K 51: R39 Accounts receivable (Tables) HTML 65K 52: R40 Inventories (Tables) HTML 40K 53: R41 Asset Impairment (Tables) HTML 47K 54: R42 Leases (Tables) HTML 73K 55: R43 Goodwill and intangibles (Tables) HTML 76K 56: R44 Derivatives (Tables) HTML 143K 57: R45 Fair value measurement (Tables) HTML 107K 58: R46 Loans, overdrafts and long-term debt (Tables) HTML 47K 59: R47 Warranty reserve (Tables) HTML 53K 60: R48 Organization and principal accounting policies - HTML 37K Additional information (Details) 61: R49 Revenue recognition - Disaggregation of Revenue HTML 134K (Details) 62: R50 Revenue recognition - Narrative (Details) HTML 33K 63: R51 Revenue recognition - Performance Obligation HTML 43K Narrative (Details) 64: R52 Revenue recognition - Unamortized Deferred Selling HTML 36K Costs (Details) 65: R53 Revenue recognition - ESP and Voucher Promotions HTML 43K (Details) 66: R54 Revenue recognition - ESP Deferred Revenue HTML 42K Rollforward (Details) 67: R55 Segment information - Additional Information HTML 31K (Details) 68: R56 Segment information - Summary of Activity by HTML 85K Segment (Details) 69: R57 Restructuring Plans - Narrative (Details) HTML 57K 70: R58 Restructuring Plans - Restructuring and Related HTML 49K Costs (Details) 71: R59 Restructuring Plans - Schedule of Plan Liabilities HTML 48K (Details) 72: R60 Redeemable preferred shares - Additional HTML 51K Information (Details) 73: R61 Redeemable preferred shares - Redeemable Preferred HTML 40K Shares (Details) 74: R62 Shareholders' equity - Dividends (Details) HTML 48K 75: R63 Shareholders' equity - Share Repurchase (Details) HTML 31K 76: R64 Earnings (Loss) Per Common Share (EPS) - Schedule HTML 60K of Earnings per Share (Details) 77: R65 Earnings (Loss) Per Common Share (EPS) - Schedule HTML 38K of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) 78: R66 Accumulated other comprehensive income (loss) - HTML 63K Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Details) 79: R67 Accumulated other comprehensive income (loss) - HTML 97K Reclassifications out of AOCI (Details) 80: R68 Income taxes - Reconciliation of Statutory Tax HTML 35K Rate to Effective Tax Rate (Details) 81: R69 Income taxes - Narrative (Details) HTML 35K 82: R70 Accounts receivable - Portfolio of Accounts HTML 41K Receivable (Details) 83: R71 Accounts receivable - Additional Information HTML 39K (Details) 84: R72 Accounts receivable - Credit Quality of Finance HTML 38K Receivables (Details) 85: R73 Accounts receivable - Rollforward of Allowance for HTML 40K Credit Losses (Details) 86: R74 Accounts receivable - Past Due Status (Details) HTML 45K 87: R75 Inventories - Summary of Inventory Components HTML 36K (Details) 88: R76 Inventories - Narrative (Details) HTML 32K 89: R77 Asset Impairment - Schedule of Asset Impairment HTML 45K (Details) 90: R78 Asset Impairment - Narrative (Details) HTML 34K 91: R79 Leases - Narrative (Details) HTML 32K 92: R80 Leases - Lease Term and Discount Rate (Details) HTML 34K 93: R81 Leases - Total Lease Costs For Operating Leases HTML 41K (Details) 94: R82 Leases - Schedule of Supplementary Cash Flow HTML 39K Information (Details) 95: R83 Leases - Future Minimum Payments For Operating HTML 48K Leases (Details) 96: R84 Goodwill and intangibles - Additional Information HTML 46K (Details) 97: R85 Goodwill and intangibles - Summary of Goodwill HTML 43K (Details) 98: R86 Goodwill and intangibles - Composition of HTML 55K Finite-Lived Intangibles (Details) 99: R87 Derivatives - 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Additional HTML 62K information (Details) 113: XML IDEA XML File -- Filing Summary XML 212K 12: XML XBRL Instance -- sig-20201031_htm XML 4.72M 112: EXCEL IDEA Workbook of Financial Reports XLSX 148K 8: EX-101.CAL XBRL Calculations -- sig-20201031_cal XML 343K 9: EX-101.DEF XBRL Definitions -- sig-20201031_def XML 768K 10: EX-101.LAB XBRL Labels -- sig-20201031_lab XML 1.84M 11: EX-101.PRE XBRL Presentations -- sig-20201031_pre XML 1.20M 7: EX-101.SCH XBRL Schema -- sig-20201031 XSD 203K 114: JSON XBRL Instance as JSON Data -- MetaLinks 476± 698K 115: ZIP XBRL Zipped Folder -- 0000832988-20-000292-xbrl Zip 426K
sig-20201031 |
i ☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
i ☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(Exact name of Registrant as specified in its charter) |
i Bermuda | Not Applicable | |||||||
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | ||||||||||||
i Common Shares of $0.18 each | i SIG | i The New York Stock Exchange |
PAGE | ||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||
(in millions, except per share amounts) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | Notes | ||||||||||||||||||||||||
Sales | $ | i 1,300.3 | $ | i 1,187.7 | $ | i 3,040.4 | $ | i 3,983.8 | 3 | ||||||||||||||||||||
Cost
of sales | ( i 863.8) | ( i 818.6) | ( i 2,176.0) | ( i 2,652.2) | |||||||||||||||||||||||||
Restructuring
charges - cost of sales | ( i 2.0) | ( i 1.4) | ( i 1.4) | ( i 5.8) | 5 | ||||||||||||||||||||||||
Gross
margin | i 434.5 | i 367.7 | i 863.0 | i 1,325.8 | |||||||||||||||||||||||||
Selling,
general and administrative expenses | ( i 389.3) | ( i 398.4) | ( i 1,013.6) | ( i 1,285.0) | |||||||||||||||||||||||||
Restructuring
charges | ( i 3.6) | ( i 9.2) | ( i 45.2) | ( i 59.4) | 5 | ||||||||||||||||||||||||
Asset
impairments | ( i 1.5) | i — | ( i 158.1) | ( i 47.7) | 13 | ||||||||||||||||||||||||
Other
operating income (loss) | ( i 0.4) | i — | i 4.3 | i 1.4 | |||||||||||||||||||||||||
Operating income (loss) | i 39.7 | ( i 39.9) | ( i 349.6) | ( i 64.9) | 4 | ||||||||||||||||||||||||
Interest
expense, net | ( i 9.1) | ( i 8.6) | ( i 25.6) | ( i 27.9) | |||||||||||||||||||||||||
Other
non-operating income, net | i — | i 7.0 | i 0.3 | i 7.5 | |||||||||||||||||||||||||
Income (loss) before income taxes | i 30.6 | ( i 41.5) | ( i 374.9) | ( i 85.3) | |||||||||||||||||||||||||
Income
taxes | ( i 21.3) | i 6.0 | i 105.4 | i 3.7 | 10 | ||||||||||||||||||||||||
Net income (loss) | $ | i 9.3 | $ | ( i 35.5) | $ | ( i 269.5) | $ | ( i 81.6) | |||||||||||||||||||||
Dividends
on redeemable convertible preferred shares | ( i 8.4) | ( i 8.2) | ( i 24.9) | ( i 24.6) | 7 | ||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | i 0.9 | $ | ( i 43.7) | $ | ( i 294.4) | $ | ( i 106.2) | |||||||||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||||||||||||
Basic | $ | i 0.02 | $ | ( i 0.84) | $ | ( i 5.67) | $ | ( i 2.05) | 8 | ||||||||||||||||||||
Diluted | $ | i 0.02 | $ | ( i 0.84) | $ | ( i 5.67) | $ | ( i 2.05) | 8 | ||||||||||||||||||||
Weighted
average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | i 52.1 | i 51.8 | i 51.9 | i 51.7 | 8 | ||||||||||||||||||||||||
Diluted | i 53.4 | i 51.8 | i 51.9 | i 51.7 | 8 |
13 weeks ended | ||||||||||||||||||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax
amount | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | i 9.3 | $ | ( i 35.5) | ||||||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( i 2.8) | i — | ( i 2.8) | i 19.9 | i — | i 19.9 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) | ( i 0.1) | i — | ( i 0.1) | ( i 0.6) | i 0.2 | ( i 0.4) | ||||||||||||||||||||||||||||||||||||||
Reclassification
adjustment for (gains) losses to net income | i — | i — | i — | i 1.0 | i — | i 1.0 | ||||||||||||||||||||||||||||||||||||||
Cash
flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) | i — | i — | i — | i 3.4 | ( i 1.0) | i 2.4 | ||||||||||||||||||||||||||||||||||||||
Reclassification
adjustment for (gains) losses to net income | ( i 1.8) | ( i 0.1) | ( i 1.9) | ( i 0.5) | i 0.1 | ( i 0.4) | ||||||||||||||||||||||||||||||||||||||
Pension
plan: | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial (gains) losses | i 0.1 | i — | i 0.1 | i 0.3 | i — | i 0.3 | ||||||||||||||||||||||||||||||||||||||
Reclassification
adjustment to net income for amortization of net prior service credits | i 0.4 | ( i 0.1) | i 0.3 | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | ( i 4.2) | $ | ( i 0.2) | $ | ( i 4.4) | $ | i 23.5 | $ | ( i 0.7) | $ | i 22.8 | ||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | i 4.9 | $ | ( i 12.7) | ||||||||||||||||||||||||||||||||||||||||
39 weeks ended | ||||||||||||||||||||||||||||||||||||||||||||
October 31, 2020 | November 2, 2019 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax
amount | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | ( i 269.5) | $ | ( i 81.6) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( i 11.1) | i — | ( i 11.1) | ( i 6.1) | i — | ( i 6.1) | ||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) | i 0.3 | i — | i 0.3 | ( i 0.3) | i 0.1 | ( i 0.2) | ||||||||||||||||||||||||||||||||||||||
Reclassification
adjustment for (gains) losses to net income | i — | i — | i — | i 1.0 | i — | i 1.0 | ||||||||||||||||||||||||||||||||||||||
Cash
flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) | i 0.2 | i — | i 0.2 | i 11.5 | ( i 2.9) | i 8.6 | ||||||||||||||||||||||||||||||||||||||
Reclassification
adjustment for (gains) losses to net income | ( i 13.4) | i 2.6 | ( i 10.8) | ( i 1.0) | i 0.2 | ( i 0.8) | ||||||||||||||||||||||||||||||||||||||
Pension
plan: | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial (gains) losses | i 0.2 | i — | i 0.2 | i 0.9 | ( i 0.1) | i 0.8 | ||||||||||||||||||||||||||||||||||||||
Reclassification
adjustment to net income for amortization of net prior service credits | i 0.7 | ( i 0.1) | i 0.6 | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | ( i 23.1) | $ | i 2.5 | $ | ( i 20.6) | $ | i 6.0 | $ | ( i 2.7) | $ | i 3.3 | ||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | ( i 290.1) | $ | ( i 78.3) |
(in millions, except par value per share amount) | October 31, 2020 | February 1, 2020 | November 2, 2019 | Notes | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash
and cash equivalents | $ | i 1,332.6 | $ | i 374.5 | $ | i 188.6 | |||||||||||||||||
Accounts
receivable, net | i 58.3 | i 38.8 | i 20.8 | 11 | |||||||||||||||||||
Other
current assets | i 228.6 | i 403.5 | i 207.2 | ||||||||||||||||||||
Income
taxes | i 111.1 | i 6.3 | i 2.7 | ||||||||||||||||||||
Inventories,
net | i 2,174.0 | i 2,331.7 | i 2,519.4 | 12 | |||||||||||||||||||
Total
current assets | i 3,904.6 | i 3,154.8 | i 2,938.7 | ||||||||||||||||||||
Non-current
assets: | |||||||||||||||||||||||
Property, plant and equipment, net of accumulated depreciation of $ i 1,167.7, $ i 1,064.7
and $ i 1,337.1, respectively | i 612.6 | i 741.9 | i 751.2 | ||||||||||||||||||||
Operating
lease right-of-use assets | i 1,395.4 | i 1,683.3 | i 1,684.0 | 14 | |||||||||||||||||||
Goodwill | i 238.0 | i 248.8 | i 248.8 | 15 | |||||||||||||||||||
Intangible
assets, net | i 178.8 | i 263.8 | i 264.2 | 15 | |||||||||||||||||||
Other
assets | i 189.5 | i 201.8 | i 196.4 | ||||||||||||||||||||
Deferred
tax assets | i 13.6 | i 4.7 | i 18.3 | ||||||||||||||||||||
Total
assets | $ | i 6,532.5 | $ | i 6,299.1 | $ | i 6,101.6 | |||||||||||||||||
Liabilities,
Redeemable convertible preferred shares, and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | i 3.6 | $ | i 95.6 | $ | i 5.0 | 18 | ||||||||||||||||
Accounts
payable | i 558.4 | i 227.9 | i 333.9 | ||||||||||||||||||||
Accrued
expenses and other current liabilities | i 500.0 | i 697.0 | i 434.6 | ||||||||||||||||||||
Deferred
revenue | i 258.5 | i 266.2 | i 267.3 | 3 | |||||||||||||||||||
Operating
lease liabilities | i 379.0 | i 338.2 | i 324.9 | 14 | |||||||||||||||||||
Income
taxes | i 32.0 | i 27.7 | i 17.4 | ||||||||||||||||||||
Total
current liabilities | i 1,731.5 | i 1,652.6 | i 1,383.1 | ||||||||||||||||||||
Non-current
liabilities: | |||||||||||||||||||||||
Long-term debt | i 1,036.2 | i 515.9 | i 788.8 | 18 | |||||||||||||||||||
Operating
lease liabilities | i 1,190.3 | i 1,437.7 | i 1,448.9 | 14 | |||||||||||||||||||
Other
liabilities | i 97.3 | i 116.6 | i 120.4 | ||||||||||||||||||||
Deferred
revenue | i 764.3 | i 731.5 | i 693.2 | 3 | |||||||||||||||||||
Deferred
tax liabilities | i 163.1 | i 5.2 | i — | ||||||||||||||||||||
Total
liabilities | i 4,982.7 | i 4,459.5 | i 4,434.4 | ||||||||||||||||||||
Commitments
and contingencies | i | i | i | 21 | |||||||||||||||||||
Series
A redeemable convertible preferred shares of $ i i i .01 / /
par value: authorized i i i 500 / /
shares, i 0.625 shares outstanding (February 1, 2020 and November 2, 2019: i i 0.625 /
shares outstanding) | i 633.9 | i 617.0 | i 616.5 | 6 | |||||||||||||||||||
Shareholders’
equity: | |||||||||||||||||||||||
Common shares of $ i i i .18 / /
par value: authorized i i i 500 / /
shares, i 52.3 shares outstanding (February 1, 2020 and November 2, 2019: i i 52.3 /
outstanding) | i 12.6 | i 12.6 | i 12.6 | ||||||||||||||||||||
Additional
paid-in capital | i 254.1 | i 245.4 | i 242.3 | ||||||||||||||||||||
Other
reserves | i 0.4 | i 0.4 | i 0.4 | ||||||||||||||||||||
Treasury
shares at cost: i 17.7 shares (February 1, 2020 and November 2, 2019: i i 17.7 /
shares) | ( i 980.4) | ( i 984.9) | ( i 984.8) | ||||||||||||||||||||
Retained
earnings | i 1,943.6 | i 2,242.9 | i 2,079.7 | ||||||||||||||||||||
Accumulated
other comprehensive loss | ( i 314.4) | ( i 293.8) | ( i 299.5) | 9 | |||||||||||||||||||
Total
shareholders’ equity | i 915.9 | i 1,222.6 | i 1,050.7 | ||||||||||||||||||||
Total
liabilities, redeemable convertible preferred shares and shareholders’ equity | $ | i 6,532.5 | $ | i 6,299.1 | $ | i 6,101.6 |
39 weeks ended | ||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | ( i 269.5) | $ | ( i 81.6) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | i 130.3 | i 129.5 | ||||||||||||
Amortization
of unfavorable leases and contracts | ( i 4.1) | ( i 4.1) | ||||||||||||
Share-based
compensation | i 9.6 | i 13.0 | ||||||||||||
Deferred
taxation | i 149.1 | ( i 0.4) | ||||||||||||
Asset
impairments | i 158.1 | i 47.7 | ||||||||||||
Restructuring
charges | i 13.2 | i 17.9 | ||||||||||||
Other
non-cash movements | i 1.7 | ( i 9.4) | ||||||||||||
Changes
in operating assets and liabilities: | ||||||||||||||
(Increase) decrease in accounts receivable | ( i 19.9) | i 2.7 | ||||||||||||
Decrease in other assets and other receivables | i 188.2 | i 4.0 | ||||||||||||
Decrease (increase) in inventories | i 151.1 | ( i 133.0) | ||||||||||||
Increase in accounts payable | i 325.2 | i 183.7 | ||||||||||||
Decrease in accrued expenses and other liabilities | ( i 192.5) | ( i 30.5) | ||||||||||||
Change
in operating lease assets and liabilities | i 43.9 | ( i 8.0) | ||||||||||||
Increase (decrease) in deferred revenue | i 25.2 | ( i 6.3) | ||||||||||||
Changes in income tax receivable and payable | ( i 99.7) | ( i 7.6) | ||||||||||||
Pension
plan contributions | ( i 3.2) | ( i 4.1) | ||||||||||||
Net cash provided by operating activities | i 606.7 | i 113.5 | ||||||||||||
Investing
activities | ||||||||||||||
Purchase of property, plant and equipment | ( i 41.1) | ( i 95.3) | ||||||||||||
Purchase
of available-for-sale securities | i — | ( i 11.7) | ||||||||||||
Proceeds
from sale of available-for-sale securities | i 3.4 | i 7.1 | ||||||||||||
Net cash used in investing activities | ( i 37.7) | ( i 99.9) | ||||||||||||
Financing
activities | ||||||||||||||
Dividends paid on common shares | ( i 19.3) | ( i 58.0) | ||||||||||||
Dividends
paid on redeemable convertible preferred shares | ( i 7.8) | ( i 23.4) | ||||||||||||
Proceeds
from term loans | i — | i 100.0 | ||||||||||||
Repayments
of term loans | i — | ( i 294.9) | ||||||||||||
Settlement
of senior notes, including third party fees | i — | ( i 240.9) | ||||||||||||
Proceeds
from revolving credit facilities | i 900.0 | i 562.0 | ||||||||||||
Repayments
of revolving credit facilities | ( i 380.0) | ( i 19.0) | ||||||||||||
Payment
of debt issuance costs | i — | ( i 7.3) | ||||||||||||
Decrease
of bank overdrafts | ( i 84.2) | ( i 35.0) | ||||||||||||
Other
financing activities | ( i 13.6) | i 1.0 | ||||||||||||
Net cash provided by (used in) financing activities | i 395.1 | ( i 15.5) | ||||||||||||
Cash
and cash equivalents at beginning of period | i 374.5 | i 195.4 | ||||||||||||
Increase (decrease) in cash and cash equivalents | i 964.1 | ( i 1.9) | ||||||||||||
Effect
of exchange rate changes on cash and cash equivalents | ( i 6.0) | ( i 4.9) | ||||||||||||
Cash
and cash equivalents at end of period | $ | i 1,332.6 | $ | i 188.6 |
(in millions) | Common shares at par value | Additional paid-in capital | Other reserves | Treasury shares | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||
Balance at February 1, 2020 | $ | i 12.6 | $ | i 245.4 | $ | i 0.4 | $ | ( i 984.9) | $ | i 2,242.9 | $ | ( i 293.8) | $ | i 1,222.6 | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( i 197.1) | — | ( i 197.1) | ||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | — | — | — | — | — | ( i 34.0) | ( i 34.0) | ||||||||||||||||||||||||||||||||||
Dividends
declared: | |||||||||||||||||||||||||||||||||||||||||
Preferred shares, $ i 12.50/share | — | — | — | — | ( i 8.2) | — | ( i 8.2) | ||||||||||||||||||||||||||||||||||
Net
settlement of equity-based awards | — | ( i 0.4) | — | ( i 0.3) | ( i 0.2) | — | ( i 0.9) | ||||||||||||||||||||||||||||||||||
Share-based
compensation expense | — | i 1.4 | — | — | — | — | i 1.4 | ||||||||||||||||||||||||||||||||||
Balance at May 2, 2020 | $ | i 12.6 | $ | i 246.4 | $ | i 0.4 | $ | ( i 985.2) | $ | i 2,037.4 | $ | ( i 327.8) | $ | i 983.8 | |||||||||||||||||||||||||||
Net
income (loss) | — | — | — | — | ( i 81.7) | — | ( i 81.7) | ||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | — | — | — | — | — | i 17.8 | i 17.8 | ||||||||||||||||||||||||||||||||||
Dividends
declared: | |||||||||||||||||||||||||||||||||||||||||
Preferred shares, $ i 12.66/share | — | — | — | — | ( i 8.3) | — | ( i 8.3) | ||||||||||||||||||||||||||||||||||
Net
settlement of equity based awards | — | ( i 0.5) | — | i 4.1 | ( i 3.7) | — | ( i 0.1) | ||||||||||||||||||||||||||||||||||
Share-based
compensation expense | — | i 4.9 | — | — | — | — | i 4.9 | ||||||||||||||||||||||||||||||||||
Balance at August 1, 2020 | $ | i 12.6 | $ | i 250.8 | $ | i 0.4 | $ | ( i 981.1) | $ | i 1,943.7 | $ | ( i 310.0) | $ | i 916.4 | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | i 9.3 | — | i 9.3 | ||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | — | — | — | — | — | ( i 4.4) | ( i 4.4) | ||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Preferred shares, $ i 12.81/share | — | — | — | — | ( i 8.4) | — | ( i 8.4) | ||||||||||||||||||||||||||||||||||
Net settlement of equity based awards | — | i — | — | i 0.7 | ( i 1.0) | — | ( i 0.3) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | i 3.3 | — | — | — | — | i 3.3 | ||||||||||||||||||||||||||||||||||
Balance at October 31, 2020 | $ | i 12.6 | $ | i 254.1 | $ | i 0.4 | $ | ( i 980.4) | $ | i 1,943.6 | $ | ( i 314.4) | $ | i 915.9 |
(in millions) | Common shares at par value | Additional paid-in capital | Other reserves | Treasury shares | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||
Balance at February 2, 2019 | $ | i 12.6 | $ | i 236.5 | $ | i 0.4 | $ | ( i 1,027.3) | $ | i 2,282.2 | $ | ( i 302.8) | $ | i 1,201.6 | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( i 10.0) | — | ( i 10.0) | ||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | — | — | — | — | — | ( i 5.1) | ( i 5.1) | ||||||||||||||||||||||||||||||||||
Dividends
declared: | |||||||||||||||||||||||||||||||||||||||||
Common shares, $ i 0.37/share | — | — | — | — | ( i 19.3) | — | ( i 19.3) | ||||||||||||||||||||||||||||||||||
Preferred
shares, $ i 12.50/share | — | — | — | — | ( i 8.2) | — | ( i 8.2) | ||||||||||||||||||||||||||||||||||
Net
settlement of equity-based awards | — | ( i 7.8) | — | i 27.5 | ( i 21.3) | — | ( i 1.6) | ||||||||||||||||||||||||||||||||||
Share-based
compensation expense | — | i 4.0 | — | — | — | — | i 4.0 | ||||||||||||||||||||||||||||||||||
Balance at May 4, 2019 | $ | i 12.6 | $ | i 232.7 | $ | i 0.4 | $ | ( i 999.8) | $ | i 2,223.4 | $ | ( i 307.9) | $ | i 1,161.4 | |||||||||||||||||||||||||||
Net
income (loss) | — | — | — | — | ( i 36.1) | — | ( i 36.1) | ||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) | — | — | — | — | — | ( i 14.4) | ( i 14.4) | ||||||||||||||||||||||||||||||||||
Dividends
declared: | |||||||||||||||||||||||||||||||||||||||||
Common shares, $ i 0.37/share | — | — | — | — | ( i 19.3) | — | ( i 19.3) | ||||||||||||||||||||||||||||||||||
Preferred
shares, $ i 12.50/share | — | — | — | — | ( i 8.2) | — | ( i 8.2) | ||||||||||||||||||||||||||||||||||
Net
settlement of equity based awards | — | ( i 0.7) | — | i 6.8 | ( i 5.6) | — | i 0.5 | ||||||||||||||||||||||||||||||||||
Share-based
compensation expense | — | i 4.3 | — | — | — | — | i 4.3 | ||||||||||||||||||||||||||||||||||
Balance at August 3, 2019 | $ | i 12.6 | $ | i 236.3 | $ | i 0.4 | $ | ( i 993.0) | $ | i 2,154.2 | $ | ( i 322.3) | $ | i 1,088.2 | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( i 35.5) | — | ( i 35.5) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | i 22.8 | i 22.8 | ||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Common shares, $ i 0.37/share | — | — | — | — | ( i 19.4) | — | ( i 19.4) | ||||||||||||||||||||||||||||||||||
Preferred
shares, $ i 12.50/share | — | — | — | — | ( i 8.2) | — | ( i 8.2) | ||||||||||||||||||||||||||||||||||
Net settlement of equity based awards | — | i 1.3 | — | i 8.2 | ( i 11.4) | — | ( i 1.9) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | i 4.7 | — | — | — | — | i 4.7 | ||||||||||||||||||||||||||||||||||
Balance at November 2, 2019 | $ | i 12.6 | $ | i 242.3 | $ | i 0.4 | $ | ( i 984.8) | $ | i 2,079.7 | $ | ( i 299.5) | $ | i 1,050.7 |
Standard | Description | |||||||
ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, issued
July 2018. | Aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations. | |||||||
ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, issued August 2018. | Modifies the disclosure requirements for employers that sponsor defined benefit pension or other
post-retirement plans and clarifies the disclosure requirements regarding projected benefit obligations and accumulated benefit obligations. The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted. The new guidance does not affect the existing recognition or measurement guidance, and therefore had no impact on the Company’s financial condition or results of operations. | |||||||
ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, issued August 2018. | Modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at
a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations. | |||||||
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued June 2016. | Requires entities to measure and recognize expected credit losses for financial assets measured at amortized cost basis. The estimate of expected credit losses should consider historical information,
current information, and reasonable and supportable forecasts of expected losses over the remaining contractual life that affect collectability. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations upon adoption; however, this ASU impacts the accounting for expected credit losses on the Company’s non-prime customer in-house finance receivables (as discussed in Note 11). |
13 weeks ended October 31, 2020 | 13 weeks ended November 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | North America | International | Other | Consolidated | North America | International | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||
Sales
by banner: | |||||||||||||||||||||||||||||||||||||||||||||||
Kay | $ | i 490.5 | $ | i — | $ | i — | $ | i 490.5 | $ | i 469.5 | $ | i — | $ | i — | $ | i 469.5 | |||||||||||||||||||||||||||||||
Zales | i 251.4 | i — | i — | i 251.4 | i 223.0 | i — | i — | i 223.0 | |||||||||||||||||||||||||||||||||||||||
Jared | i 232.7 | i — | i — | i 232.7 | i 211.3 | i — | i — | i 211.3 | |||||||||||||||||||||||||||||||||||||||
Piercing
Pagoda | i 93.7 | i — | i — | i 93.7 | i 68.3 | i — | i — | i 68.3 | |||||||||||||||||||||||||||||||||||||||
James
Allen | i 76.6 | i — | i — | i 76.6 | i 60.8 | i — | i — | i 60.8 | |||||||||||||||||||||||||||||||||||||||
Peoples | i 37.8 | i — | i — | i 37.8 | i 37.8 | i — | i — | i 37.8 | |||||||||||||||||||||||||||||||||||||||
International
segment | i — | i 106.9 | i — | i 106.9 | i — | i 106.4 | i — | i 106.4 | |||||||||||||||||||||||||||||||||||||||
Other(1) | i — | i — | i 10.7 | i 10.7 | i — | i — | i 10.6 | i 10.6 | |||||||||||||||||||||||||||||||||||||||
Total
sales | $ | i 1,182.7 | $ | i 106.9 | $ | i 10.7 | $ | i 1,300.3 | $ | i 1,070.7 | $ | i 106.4 | $ | i 10.6 | $ | i 1,187.7 | |||||||||||||||||||||||||||||||
39 weeks ended October 31, 2020 | 39 weeks ended November 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | North America | International | Other | Consolidated | North America | International | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||
Sales
by banner: | |||||||||||||||||||||||||||||||||||||||||||||||
Kay | $ | i 1,149.0 | $ | i — | $ | i — | $ | i 1,149.0 | $ | i 1,581.3 | $ | i — | $ | i — | $ | i 1,581.3 | |||||||||||||||||||||||||||||||
Zales | i 618.8 | i — | i — | i 618.8 | i 791.5 | i — | i — | i 791.5 | |||||||||||||||||||||||||||||||||||||||
Jared | i 546.6 | i — | i — | i 546.6 | i 720.9 | i — | i — | i 720.9 | |||||||||||||||||||||||||||||||||||||||
Piercing
Pagoda | i 204.4 | i — | i — | i 204.4 | i 225.1 | i — | i — | i 225.1 | |||||||||||||||||||||||||||||||||||||||
James
Allen | i 184.7 | i — | i — | i 184.7 | i 166.4 | i — | i — | i 166.4 | |||||||||||||||||||||||||||||||||||||||
Peoples | i 83.3 | i — | i — | i 83.3 | i 126.8 | i — | i — | i 126.8 | |||||||||||||||||||||||||||||||||||||||
International
segment | i — | i 232.8 | i — | i 232.8 | i — | i 331.8 | i — | i 331.8 | |||||||||||||||||||||||||||||||||||||||
Other(1) | i — | i — | i 20.8 | i 20.8 | i — | i — | i 40.0 | i 40.0 | |||||||||||||||||||||||||||||||||||||||
Total
sales | $ | i 2,786.8 | $ | i 232.8 | $ | i 20.8 | $ | i 3,040.4 | $ | i 3,612.0 | $ | i 331.8 | $ | i 40.0 | $ | i 3,983.8 |
13 weeks ended October 31, 2020 | 13 weeks ended November 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | North America | International | Other | Consolidated | North America | International | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||
Sales
by product: | |||||||||||||||||||||||||||||||||||||||||||||||
Bridal | $ | i 564.5 | $ | i 48.0 | $ | i — | $ | i 612.5 | $ | i 499.3 | $ | i 43.9 | $ | i — | $ | i 543.2 | |||||||||||||||||||||||||||||||
Fashion | i 400.7 | i 19.5 | i — | i 420.2 | i 342.4 | i 21.3 | i — | i 363.7 | |||||||||||||||||||||||||||||||||||||||
Watches | i 33.6 | i 33.4 | i — | i 67.0 | i 41.2 | i 35.5 | i — | i 76.7 | |||||||||||||||||||||||||||||||||||||||
Other(1) | i 183.9 | i 6.0 | i 10.7 | i 200.6 | i 187.8 | i 5.7 | i 10.6 | i 204.1 | |||||||||||||||||||||||||||||||||||||||
Total
sales | $ | i 1,182.7 | $ | i 106.9 | $ | i 10.7 | $ | i 1,300.3 | $ | i 1,070.7 | $ | i 106.4 | $ | i 10.6 | $ | i 1,187.7 | |||||||||||||||||||||||||||||||
39 weeks ended October 31, 2020 | 39 weeks ended November 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | North America | International | Other | Consolidated | North America | International | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||
Sales
by product: | |||||||||||||||||||||||||||||||||||||||||||||||
Bridal | $ | i 1,295.7 | $ | i 104.9 | $ | i — | $ | i 1,400.6 | $ | i 1,654.3 | $ | i 139.8 | $ | i — | $ | i 1,794.1 | |||||||||||||||||||||||||||||||
Fashion | i 993.1 | i 44.8 | i — | i 1,037.9 | i 1,245.2 | i 64.9 | i — | i 1,310.1 | |||||||||||||||||||||||||||||||||||||||
Watches | i 81.9 | i 73.3 | i — | i 155.2 | i 142.4 | i 108.8 | i — | i 251.2 | |||||||||||||||||||||||||||||||||||||||
Other(1) | i 416.1 | i 9.8 | i 20.8 | i 446.7 | i 570.1 | i 18.3 | i 40.0 | i 628.4 | |||||||||||||||||||||||||||||||||||||||
Total
sales | $ | i 2,786.8 | $ | i 232.8 | $ | i 20.8 | $ | i 3,040.4 | $ | i 3,612.0 | $ | i 331.8 | $ | i 40.0 | $ | i 3,983.8 |
13 weeks ended October 31, 2020 | 13 weeks ended November 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | North America | International | Other | Consolidated | North America | International | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||
Sales
by channel: | |||||||||||||||||||||||||||||||||||||||||||||||
Store | $ | i 963.7 | $ | i 87.1 | $ | i — | $ | i 1,050.8 | $ | i 943.9 | $ | i 93.9 | $ | i — | $ | i 1,037.8 | |||||||||||||||||||||||||||||||
E-commerce | i 219.0 | i 19.8 | i — | i 238.8 | i 126.8 | i 12.5 | i — | i 139.3 | |||||||||||||||||||||||||||||||||||||||
Other
(1) | i — | i — | i 10.7 | i 10.7 | i — | i — | i 10.6 | i 10.6 | |||||||||||||||||||||||||||||||||||||||
Total
sales | $ | i 1,182.7 | $ | i 106.9 | $ | i 10.7 | $ | i 1,300.3 | $ | i 1,070.7 | $ | i 106.4 | $ | i 10.6 | $ | i 1,187.7 | |||||||||||||||||||||||||||||||
39 weeks ended October 31, 2020 | 39 weeks ended November 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | North America | International | Other | Consolidated | North America | International | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||
Sales
by channel: | |||||||||||||||||||||||||||||||||||||||||||||||
Store | $ | i 2,170.2 | $ | i 175.8 | $ | i — | $ | i 2,346.0 | $ | i 3,198.4 | $ | i 294.9 | $ | i — | $ | i 3,493.3 | |||||||||||||||||||||||||||||||
E-commerce | i 616.6 | i 57.0 | i — | i 673.6 | i 413.6 | i 36.9 | i — | i 450.5 | |||||||||||||||||||||||||||||||||||||||
Other
(1) | i — | i — | i 20.8 | i 20.8 | i — | i — | i 40.0 | i 40.0 | |||||||||||||||||||||||||||||||||||||||
Total
sales | $ | i 2,786.8 | $ | i 232.8 | $ | i 20.8 | $ | i 3,040.4 | $ | i 3,612.0 | $ | i 331.8 | $ | i 40.0 | $ | i 3,983.8 |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Other current assets | $ | i 24.0 | $ | i 23.6 | $ | i 23.5 | |||||||||||
Other assets | i 81.7 | i 80.0 | i 76.1 | ||||||||||||||
Total deferred selling costs | $ | i 105.7 | $ | i 103.6 | $ | i 99.6 |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
ESP deferred revenue | $ | i 983.2 | $ | i 960.0 | $ | i 919.5 | |||||||||||
Voucher promotions and other | i 39.6 | i 37.7 | i 41.0 | ||||||||||||||
Total
deferred revenue | $ | i 1,022.8 | $ | i 997.7 | $ | i 960.5 | |||||||||||
Disclosed as: | |||||||||||||||||
Current liabilities | $ | i 258.5 | $ | i 266.2 | $ | i 267.3 | |||||||||||
Non-current liabilities | i 764.3 | i 731.5 | i 693.2 | ||||||||||||||
Total deferred revenue | $ | i 1,022.8 | $ | i 997.7 | $ | i 960.5 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
ESP deferred revenue, beginning of period | $ | i 990.5 | $ | i 930.2 | $ | i 960.0 | $ | i 927.6 | |||||||||||||||
Plans
sold(1) | i 83.8 | i 78.0 | i 193.2 | i 264.5 | |||||||||||||||||||
Revenue
recognized(2) | ( i 91.1) | ( i 88.7) | ( i 170.0) | ( i 272.6) | |||||||||||||||||||
ESP deferred revenue, end of period | $ | i 983.2 | $ | i 919.5 | $ | i 983.2 | $ | i 919.5 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Sales: | |||||||||||||||||||||||
North America segment | $ | i 1,182.7 | $ | i 1,070.7 | $ | i 2,786.8 | $ | i 3,612.0 | |||||||||||||||
International
segment | i 106.9 | i 106.4 | i 232.8 | i 331.8 | |||||||||||||||||||
Other
segment | i 10.7 | i 10.6 | i 20.8 | i 40.0 | |||||||||||||||||||
Total
sales | $ | i 1,300.3 | $ | i 1,187.7 | $ | i 3,040.4 | $ | i 3,983.8 | |||||||||||||||
Operating
income (loss): | |||||||||||||||||||||||
North America segment (1) | $ | i 52.9 | $ | ( i 10.7) | $ | ( i 238.3) | $ | i 29.4 | |||||||||||||||
International
segment (2) | i 1.6 | ( i 5.9) | ( i 52.6) | ( i 16.5) | |||||||||||||||||||
Other
segment (3) | i 1.3 | ( i 1.5) | i 0.8 | ( i 14.4) | |||||||||||||||||||
Corporate
and unallocated expenses (4) | ( i 16.1) | ( i 21.8) | ( i 59.5) | ( i 63.4) | |||||||||||||||||||
Total
operating income (loss) | i 39.7 | ( i 39.9) | ( i 349.6) | ( i 64.9) | |||||||||||||||||||
Interest
expense | ( i 9.1) | ( i 8.6) | ( i 25.6) | ( i 27.9) | |||||||||||||||||||
Other
non-operating income, net | i — | i 7.0 | i 0.3 | i 7.5 | |||||||||||||||||||
Income
(loss) before income taxes | $ | i 30.6 | $ | ( i 41.5) | $ | ( i 374.9) | $ | ( i 85.3) |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||
Inventory charges | Restructuring
charges - cost of sales | $ | i 2.0 | $ | i 1.4 | $ | i 1.4 | $ | i 5.8 | ||||||||||||||||||||
Other Plan related expenses | Restructuring charges | i 3.6 | i 9.2 | i 45.2 | i 59.4 | ||||||||||||||||||||||||
Total Signet Path to Brilliance Plan expenses | $ | i 5.6 | $ | i 10.6 | $ | i 46.6 | $ | i 65.2 |
13 weeks ended | 39 weeks ended | Cumulative amount | ||||||||||||||||||
(in millions) | October 31, 2020 | October 31, 2020 | October 31, 2020 | |||||||||||||||||
Inventory charges | $ | i 2.0 | $ | i 1.4 | $ | i 72.8 | ||||||||||||||
Termination benefits | i 2.3 | i 25.4 | i 51.2 | |||||||||||||||||
Store closure and other costs | i 1.3 | i 19.8 | i 127.6 | |||||||||||||||||
Total Signet Path to Brilliance Plan expenses | $ | i 5.6 | $ | i 46.6 | $ | i 251.6 |
(in millions) | Termination benefits | Store closure and other costs | Consolidated | |||||||||||||||||
Balance at February 1, 2020 | $ | i 2.0 | $ | i 10.4 | $ | i 12.4 | ||||||||||||||
Payments
and other adjustments | ( i 19.2) | ( i 24.6) | ( i 43.8) | |||||||||||||||||
Charged
to expense | i 25.4 | i 21.2 | i 46.6 | |||||||||||||||||
Balance at October 31, 2020 | $ | i 8.2 | $ | i 7.0 | $ | i 15.2 |
(in millions, except conversion rate and conversion price) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Conversion rate | i 12.2297 | i 12.2297 | i 12.0578 | ||||||||||||||
Conversion
price | $ | i 81.7682 | $ | i 81.7682 | $ | i 82.9339 | |||||||||||
Potential
impact of preferred shares if-converted to common shares | i 7.8 | i 7.6 | i 7.5 | ||||||||||||||
Liquidation
preference | $ | i 648.7 | $ | i 632.8 | $ | i 632.8 |
Fiscal 2021 | Fiscal 2020 | ||||||||||||||||||||||
(in millions, except per share amounts) | Cash dividend per share | Total dividends | Cash dividend
per share | Total dividends | |||||||||||||||||||
First quarter | $ | i 0.00 | $ | i — | $ | i 0.37 | $ | i 19.3 | |||||||||||||||
Second
quarter | i 0.00 | i — | i 0.37 | i 19.3 | |||||||||||||||||||
Third
quarter (1) | i 0.00 | i — | i 0.37 | i 19.4 | |||||||||||||||||||
Total | $ | i 0.00 | $ | i — | $ | i 1.11 | $ | i 58.0 |
Fiscal 2021 | Fiscal 2020 | ||||||||||||||||||||||
(in millions, except per share amounts) | Dividends per share | Total dividends | Dividends per share | Total dividends | |||||||||||||||||||
First quarter | $ | i 12.50 | $ | i 7.8 | $ | i 12.50 | $ | i 7.8 | |||||||||||||||
Second
quarter | i 12.66 | i 7.9 | i 12.50 | i 7.8 | |||||||||||||||||||
Third
quarter (1) | i 12.81 | i 8.0 | i 12.50 | i 7.8 | |||||||||||||||||||
Total | $ | i 37.97 | $ | i 23.7 | $ | i 37.50 | $ | i 23.4 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions, except per share amounts) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | i 0.9 | $ | ( i 43.7) | $ | ( i 294.4) | $ | ( i 106.2) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted
average common shares outstanding | i 52.1 | i 51.8 | i 51.9 | i 51.7 | |||||||||||||||||||
EPS
– basic | $ | i 0.02 | $ | ( i 0.84) | $ | ( i 5.67) | $ | ( i 2.05) |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions, except per share amounts) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | i 0.9 | $ | ( i 43.7) | $ | ( i 294.4) | $ | ( i 106.2) | |||||||||||||||
Numerator for diluted EPS | $ | i 0.9 | $ | ( i 43.7) | $ | ( i 294.4) | $ | ( i 106.2) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic
weighted average common shares outstanding | i 52.1 | i 51.8 | i 51.9 | i 51.7 | |||||||||||||||||||
Plus:
Dilutive effect of share awards | i 1.3 | i — | i — | i — | |||||||||||||||||||
Diluted
weighted average common shares outstanding | i 53.4 | i 51.8 | i 51.9 | i 51.7 | |||||||||||||||||||
EPS
– diluted | $ | i 0.02 | $ | ( i 0.84) | $ | ( i 5.67) | $ | ( i 2.05) |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Share awards | i 0.7 | i 1.3 | i 1.6 | i 1.3 | |||||||||||||||||||
Potential impact of preferred shares | i 7.8 | i 7.4 | i 7.7 | i 7.2 | |||||||||||||||||||
Total
anti-dilutive shares | i 8.5 | i 8.7 | i 9.3 | i 8.5 |
Pension plan | |||||||||||||||||||||||||||||||||||
(in millions) | Foreign currency translation | Gains (losses) on available-for-sale securities, net | Gains (losses) on cash flow hedges | Actuarial gains (losses) | Prior service credits (costs) | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||
Balance at February 1, 2020 | $ | ( i 250.1) | $ | i 0.3 | $ | i 12.5 | $ | ( i 52.4) | $ | ( i 4.1) | $ | ( i 293.8) | |||||||||||||||||||||||
Other
comprehensive income (loss) (“OCI”) before reclassifications | ( i 11.1) | i 0.3 | i 0.2 | i — | i — | ( i 10.6) | |||||||||||||||||||||||||||||
Amounts
reclassified from AOCI to net income | i — | i — | ( i 10.8) | i 0.2 | i 0.6 | ( i 10.0) | |||||||||||||||||||||||||||||
Net
current period OCI | ( i 11.1) | i 0.3 | ( i 10.6) | i 0.2 | i 0.6 | ( i 20.6) | |||||||||||||||||||||||||||||
Balance at October 31, 2020 | $ | ( i 261.2) | $ | i 0.6 | $ | i 1.9 | $ | ( i 52.2) | $ | ( i 3.5) | $ | ( i 314.4) |
Amounts reclassified from AOCI | ||||||||||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | |||||||||||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | Statement of operations caption | |||||||||||||||||||||||||||
Losses (gains) on cash flow hedges: | ||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | i — | $ | ( i 0.3) | $ | i — | $ | ( i 0.9) | Cost of sales (see Note 16) | |||||||||||||||||||||||
Interest rate swaps | i — | i — | i — | ( i 0.6) | Interest expense, net (see Note 16) | |||||||||||||||||||||||||||
Commodity contracts | ( i 1.8) | ( i 0.2) | ( i 3.5) | i 0.5 | Cost of sales (see Note 16) | |||||||||||||||||||||||||||
Total before income tax | ( i 1.8) | ( i 0.5) | ( i 3.5) | ( i 1.0) | ||||||||||||||||||||||||||||
Losses
(gains) on dedesignating cash flow hedges: | ||||||||||||||||||||||||||||||||
Foreign currency contracts | i — | i — | ( i 0.6) | i — | Other operating income (loss) (see Note 16) | |||||||||||||||||||||||||||
Commodity contracts | i — | i — | ( i 9.3) | i — | Other operating income (loss) (see Note 16) | |||||||||||||||||||||||||||
Total before income tax | i — | i — | ( i 9.9) | i — | ||||||||||||||||||||||||||||
Income
taxes | ( i 0.1) | i 0.1 | i 2.6 | i 0.2 | ||||||||||||||||||||||||||||
Net
of tax | ( i 1.9) | ( i 0.4) | ( i 10.8) | ( i 0.8) | ||||||||||||||||||||||||||||
Defined
benefit pension plan items: | ||||||||||||||||||||||||||||||||
Amortization of unrecognized actuarial losses | i 0.1 | i 0.2 | i 0.2 | i 0.8 | Other
non-operating income, net | |||||||||||||||||||||||||||
Amortization of unrecognized net prior service credits | i 0.4 | i 0.1 | i 0.7 | i 0.1 | Other
non-operating income, net | |||||||||||||||||||||||||||
Total before income tax | i 0.5 | i 0.3 | i 0.9 | i 0.9 | ||||||||||||||||||||||||||||
Income
taxes | ( i 0.1) | i — | ( i 0.1) | ( i 0.1) | ||||||||||||||||||||||||||||
Net
of tax | i 0.4 | i 0.3 | i 0.8 | i 0.8 | ||||||||||||||||||||||||||||
Available-for-sale
securities items: | ||||||||||||||||||||||||||||||||
Corporate equity securities, before income tax | i — | i 1.0 | i — | i 1.0 | Other operating income (loss) (see Note 16) | |||||||||||||||||||||||||||
Income taxes | i — | i — | i — | i — | ||||||||||||||||||||||||||||
Net
of tax | i — | i 1.0 | i — | i 1.0 | ||||||||||||||||||||||||||||
Total
reclassifications, net of tax | $ | ( i 1.5) | $ | i 0.9 | $ | ( i 10.0) | $ | i 1.0 |
39 weeks ended | |||||||||||
October 31, 2020 | November 2, 2019 | ||||||||||
Estimated annual effective tax rate before discrete items | i 19.5 | % | i 13.6 | % | |||||||
Discrete
items recognized | i 8.6 | % | ( i 9.3) | % | |||||||
Effective
tax rate recognized in statement of operations | i 28.1 | % | i 4.3 | % |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Customer in-house finance receivables, net | $ | i 39.6 | $ | i — | $ | i — | |||||||||||
Accounts
receivable, trade | i 13.2 | i 34.4 | i 16.4 | ||||||||||||||
Accounts
receivable, held for sale | i 5.5 | i 4.4 | i 4.4 | ||||||||||||||
Accounts
receivable, net | $ | i 58.3 | $ | i 38.8 | $ | i 20.8 |
(in millions) | Year of origination | |||||||||||||||||||||||||
Credit quality | Fiscal 2021 | |||||||||||||||||||||||||
Near Prime | $ | i 26.4 | ||||||||||||||||||||||||
Subprime | i 21.8 | |||||||||||||||||||||||||
Deep Subprime | i 6.0 | |||||||||||||||||||||||||
Total at amortized cost | $ | i 54.2 |
(in millions) | ||||||||
Balance at February 1, 2020 | $ | i — | ||||||
Provision for credit losses | i 14.6 | |||||||
Write-offs | i — | |||||||
Recoveries | i — | |||||||
Balance
at October 31, 2020 | $ | i 14.6 |
(in millions) | ||||||||
Current | $ | i 47.6 | ||||||
1 - 30 days past due | i 4.0 | |||||||
31 - 60 days past due | i 1.5 | |||||||
61 - 90 days past due | i 0.7 | |||||||
Greater than 90 days past due | i 0.4 | |||||||
Total at amortized cost | $ | i 54.2 |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Raw materials | $ | i 84.2 | $ | i 56.2 | $ | i 65.5 | |||||||||||
Finished
goods | i 2,089.8 | i 2,275.5 | i 2,453.9 | ||||||||||||||
Total
inventories | $ | i 2,174.0 | $ | i 2,331.7 | $ | i 2,519.4 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Goodwill impairment (1) | $ | i — | $ | i — | $ | i 10.7 | $ | i 47.7 | |||||||||||||||
Indefinite-lived
intangible asset impairment (1) | i — | i — | i 83.3 | i — | |||||||||||||||||||
Property and equipment impairment | i 1.5 | i — | i 27.2 | i — | |||||||||||||||||||
Operating
lease ROU asset impairment (2) | i — | i — | i 36.9 | i — | |||||||||||||||||||
Total impairment | $ | i 1.5 | $ | i — | $ | i 158.1 | $ | i 47.7 |
October 31, 2020 | |||||||||||||||||||||||
Weighted average remaining lease term | i 6.4 years | ||||||||||||||||||||||
Weighted average discount rate | i 5.6 | % |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Operating lease cost | $ | i 108.9 | $ | i 115.3 | $ | i 325.8 | $ | i 342.4 | |||||||||||||||
Short-term lease cost | i 2.1 | i 4.0 | i 12.8 | i 15.2 | |||||||||||||||||||
Variable lease cost | i 27.8 | i 10.0 | i 79.7 | i 64.0 | |||||||||||||||||||
Sublease income | ( i 0.5) | ( i 0.3) | ( i 1.3) | ( i 1.2) | |||||||||||||||||||
Total lease cost | $ | i 138.3 | $ | i 129.0 | $ | i 417.0 | $ | i 420.4 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | i 122.1 | $ | i 83.4 | $ | i 274.5 | $ | i 313.3 | |||||||||||||||
Operating lease right-of-use assets obtained in exchange for lease obligations | i 15.0 | i 29.6 | i 42.0 | i 70.4 | |||||||||||||||||||
Reduction
in the carrying amount of right-of-use assets (1) | i 86.8 | i 87.7 | i 258.9 | i 262.9 |
(in millions) | October 31, 2020 | |||||||
Remainder of Fiscal 2021 | $ | i 110.1 | ||||||
Fiscal 2022 | i 487.0 | |||||||
Fiscal 2023 | i 334.5 | |||||||
Fiscal 2024 | i 263.6 | |||||||
Fiscal 2025 | i 207.4 | |||||||
Thereafter | i 551.1 | |||||||
Total minimum lease payments | i 1,953.7 | |||||||
Less: Imputed interest | ( i 384.4) | |||||||
Present value of lease liabilities | $ | i 1,569.3 |
(in millions) | North America | |||||||||||||||||||||||||
Balance at February 2, 2019 | $ | i 296.6 | ||||||||||||||||||||||||
Impairment(1) | ( i 47.7) | |||||||||||||||||||||||||
Impact of foreign exchange and other adjustments | ( i 0.1) | |||||||||||||||||||||||||
Balance at February 1, 2020 | i 248.8 | |||||||||||||||||||||||||
Impairment | ( i 10.7) | |||||||||||||||||||||||||
Impact of foreign exchange | ( i 0.1) | |||||||||||||||||||||||||
Balance at October 31, 2020 | $ | i 238.0 |
October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross carrying amount | Accumulated amortization(1) | Net carrying amount | Gross carrying amount | Accumulated
amortization(1) | Net carrying amount | Gross carrying amount | Accumulated amortization(1) | Net carrying amount | |||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Definite-lived
intangible assets | $ | i 53.1 | $ | ( i 51.5) | $ | i 1.6 | $ | i 53.2 | $ | ( i 50.9) | $ | i 2.3 | $ | i 53.2 | $ | ( i 50.7) | $ | i 2.5 | ||||||||||||||||||||||||||||||||||||||
Indefinite-lived
intangible assets | i 474.7 | ( i 297.5) | i 177.2 | i 475.4 | ( i 213.9) | i 261.5 | i 475.8 | ( i 214.1) | i 261.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Total
intangible assets, net | $ | i 527.8 | $ | ( i 349.0) | $ | i 178.8 | $ | i 528.6 | $ | ( i 264.8) | $ | i 263.8 | $ | i 529.0 | $ | ( i 264.8) | $ | i 264.2 | ||||||||||||||||||||||||||||||||||||||
Intangible
liabilities, net | $ | ( i 113.8) | $ | i 102.0 | $ | ( i 11.8) | $ | ( i 113.9) | $ | i 98.0 | $ | ( i 15.9) | $ | ( i 113.9) | $ | i 96.7 | $ | ( i 17.2) |
Fair
value of derivative assets | |||||||||||||||||||||||
(in millions) | Balance sheet location | October 31, 2020 | February 1, 2020 | November 2, 2019 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Foreign
currency contracts | Other current assets | $ | i — | $ | i — | $ | i 0.1 | ||||||||||||||||
Commodity
contracts | Other current assets | i — | i 11.8 | i 9.8 | |||||||||||||||||||
Commodity
contracts | Other assets | i — | i — | i 0.6 | |||||||||||||||||||
Total
derivative assets | i — | i 11.8 | i 10.5 | ||||||||||||||||||||
Derivatives
not designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts | Other current assets | i — | i 0.6 | i 0.3 | |||||||||||||||||||
Total
derivative assets | $ | i — | $ | i 12.4 | $ | i 10.8 |
Fair
value of derivative liabilities | |||||||||||||||||||||||
(in millions) | Balance sheet location | October 31, 2020 | February 1, 2020 | November 2, 2019 | |||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Foreign
currency contracts | Other current liabilities | $ | i — | $ | ( i 0.8) | $ | ( i 0.9) | ||||||||||||||||
Commodity
contracts | Other current liabilities | i — | i — | ( i 0.2) | |||||||||||||||||||
i — | ( i 0.8) | ( i 1.1) | |||||||||||||||||||||
Derivatives
not designated as hedging instruments: | |||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | ( i 0.5) | ( i 0.1) | i — | |||||||||||||||||||
Total
derivative liabilities | $ | ( i 0.5) | $ | ( i 0.9) | $ | ( i 1.1) |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Foreign currency contracts | $ | i — | $ | ( i 1.0) | $ | ( i 0.3) | |||||||||||
Commodity
contracts | i 3.5 | i 17.7 | i 16.1 | ||||||||||||||
Gains
(losses) recorded in AOCI | $ | i 3.5 | $ | i 16.7 | $ | i 15.8 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||
Gains (losses) recorded in AOCI, beginning
of period | $ | i — | $ | i 1.7 | $ | ( i 1.0) | $ | i 0.7 | |||||||||||||||||||||
Current
period gains (losses) recognized in OCI | i — | ( i 1.7) | i 1.6 | ( i 0.1) | |||||||||||||||||||||||||
Losses
(gains) reclassified from AOCI to net income | Cost of sales (1) | i — | ( i 0.3) | i — | ( i 0.9) | ||||||||||||||||||||||||
Gains from ineffective hedges reclassified from AOCI to net income | Other operating income (loss) (1) | i — | i — | ( i 0.6) | i — | ||||||||||||||||||||||||
Gains
(losses) recorded in AOCI, end of period | $ | i — | $ | ( i 0.3) | $ | i — | $ | ( i 0.3) |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | i 5.3 | $ | i 11.2 | $ | i 17.7 | $ | i 4.0 | |||||||||||||||||||||
Current
period gains (losses) recognized in OCI | i — | i 5.1 | ( i 1.4) | i 11.6 | |||||||||||||||||||||||||
Losses
(gains) reclassified from AOCI to net income | Cost of sales (1) | ( i 1.8) | ( i 0.2) | ( i 3.5) | i 0.5 | ||||||||||||||||||||||||
Gains
from ineffective hedges reclassified from AOCI to net income | Other operating income (loss) (1) | i — | i — | ( i 9.3) | i — | ||||||||||||||||||||||||
Gains
(losses) recorded in AOCI, end of period | $ | i 3.5 | $ | i 16.1 | $ | i 3.5 | $ | i 16.1 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||
Gains recorded in AOCI, beginning of period | $ | i — | $ | i — | $ | i — | $ | i 0.6 | |||||||||||||||||||||
(Gains)
losses reclassified from AOCI to net income | Interest expense, net (1) | i — | i — | i — | ( i 0.6) | ||||||||||||||||||||||||
Gains
recorded in AOCI, end of period | $ | i — | $ | i — | $ | i — | $ | i — |
13 weeks ended | 39 weeks ended | |||||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||
Cost of sales | $ | ( i 863.8) | $ | ( i 818.6) | $ | ( i 2,176.0) | $ | ( i 2,652.2) | ||||||||||||||||||
Other operating income (loss) | ( i 0.4) | i — | $ | i 4.3 | i 1.4 | |||||||||||||||||||||
Interest expense, net | $ | ( i 9.1) | $ | ( i 8.6) | $ | ( i 25.6) | $ | ( i 27.9) |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | ||||||||||||||||||||||||
Foreign currency contracts | Other operating income (loss) | $ | ( i 1.1) | $ | i 3.4 | $ | ( i 2.1) | $ | ( i 1.8) |
October 31, 2020 | February 1, 2020 | November 2, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Level 1 | Level 2 | Carrying Value | Level 1 | Level 2 | Carrying Value | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
US Treasury securities | $ | i 6.3 | $ | i 6.3 | $ | i — | $ | i 7.2 | $ | i 7.2 | $ | i — | $ | i 7.2 | $ | i 7.2 | $ | i — | |||||||||||||||||||||||||||||||||||
Foreign
currency contracts | i — | i — | i — | i 0.6 | i — | i 0.6 | i 0.4 | i — | i 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Commodity
contracts | i — | i — | i — | i 11.8 | i — | i 11.8 | i 10.4 | i — | i 10.4 | ||||||||||||||||||||||||||||||||||||||||||||
US
government agency securities | i 3.7 | i — | i 3.7 | i 4.7 | i — | i 4.7 | i 4.9 | i — | i 4.9 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate
bonds and notes | i 7.3 | i — | i 7.3 | i 8.5 | i — | i 8.5 | i 8.5 | i — | i 8.5 | ||||||||||||||||||||||||||||||||||||||||||||
Total
assets | $ | i 17.3 | $ | i 6.3 | $ | i 11.0 | $ | i 32.8 | $ | i 7.2 | $ | i 25.6 | $ | i 31.4 | $ | i 7.2 | $ | i 24.2 | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign
currency contracts | $ | ( i 0.5) | $ | i — | $ | ( i 0.5) | $ | ( i 0.9) | $ | i — | $ | ( i 0.9) | $ | ( i 0.9) | $ | i — | $ | ( i 0.9) | |||||||||||||||||||||||||||||||||||
Commodity
contracts | i — | i — | i — | i — | i — | i — | ( i 0.2) | i — | ( i 0.2) | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | ( i 0.5) | $ | i — | $ | ( i 0.5) | $ | ( i 0.9) | $ | i — | $ | ( i 0.9) | $ | ( i 1.1) | $ | i — | $ | ( i 1.1) |
October 31, 2020 | February 1, 2020 | November 2, 2019 | |||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
Long-term
debt: | |||||||||||||||||||||||||||||||||||
Senior notes (Level 2) | $ | i 146.7 | $ | i 130.8 | $ | i 146.4 | $ | i 144.8 | $ | i 146.3 | $ | i 139.3 | |||||||||||||||||||||||
Term
loans (Level 2) | i 99.5 | i 100.0 | i 99.5 | i 100.0 | i 99.4 | i 100.0 | |||||||||||||||||||||||||||||
Total | $ | i 246.2 | $ | i 230.8 | $ | i 245.9 | $ | i 244.8 | $ | i 245.7 | $ | i 239.3 |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Debt: | |||||||||||||||||
Senior unsecured notes due 2024, net of unamortized discount | $ | i 147.6 | $ | i 147.5 | $ | i 147.5 | |||||||||||
ABL revolving facility | i 790.0 | i 270.0 | i 543.0 | ||||||||||||||
FILO term loan facility | i 100.0 | i 100.0 | i 100.0 | ||||||||||||||
Other loans and bank overdrafts | i 3.6 | i 95.6 | i 5.0 | ||||||||||||||
Gross debt | $ | i 1,041.2 | $ | i 613.1 | $ | i 795.5 | |||||||||||
Less: Current portion of loans and overdrafts | ( i 3.6) | ( i 95.6) | ( i 5.0) | ||||||||||||||
Less: Unamortized debt issuance costs | ( i 1.4) | ( i 1.6) | ( i 1.7) | ||||||||||||||
Total long-term debt | $ | i 1,036.2 | $ | i 515.9 | $ | i 788.8 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Warranty reserve, beginning of period | $ | i 37.3 | $ | i 34.1 | $ | i 36.3 | $ | i 33.2 | |||||||||||||||
Warranty expense | i 1.5 | i 5.4 | i 5.5 | i 11.4 | |||||||||||||||||||
Utilized
(1) | ( i 2.2) | ( i 3.0) | ( i 5.2) | ( i 8.1) | |||||||||||||||||||
Warranty
reserve, end of period | $ | i 36.6 | $ | i 36.5 | $ | i 36.6 | $ | i 36.5 |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Disclosed as: | |||||||||||||||||
Current liabilities | $ | i 10.6 | $ | i 10.6 | $ | i 10.8 | |||||||||||
Non-current liabilities | i 26.0 | i 25.7 | i 25.7 | ||||||||||||||
Total
warranty reserve | $ | i 36.6 | $ | i 36.3 | $ | i 36.5 |
(in millions) | October 31, 2020 | February 1, 2020 | November 2, 2019 | ||||||||||||||
Cash and cash equivalents | $ | 1,332.6 | $ | 374.5 | $ | 188.6 | |||||||||||
Less: Loans and overdrafts | (3.6) | (95.6) | (5.0) | ||||||||||||||
Less:
Long-term debt | (1,036.2) | (515.9) | (788.8) | ||||||||||||||
Net cash (debt) | $ | 292.8 | $ | (237.0) | $ | (605.2) |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Net cash provided by operating activities | $ | 450.6 | $ | (133.1) | $ | 606.7 | $ | 113.5 | |||||||||||||||
Purchase
of property, plant and equipment | (17.5) | (43.1) | (41.1) | (95.3) | |||||||||||||||||||
Free cash flow | $ | 433.1 | $ | (176.2) | $ | 565.6 | $ | 18.2 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Net income (loss) | $ | 9.3 | $ | (35.5) | $ | (269.5) | $ | (81.6) | |||||||||||||||
Income
tax expense (benefit) | 21.3 | (6.0) | (105.4) | (3.7) | |||||||||||||||||||
Other non-operating income, net | — | (7.0) | (0.3) | (7.5) | |||||||||||||||||||
Interest
expense, net | 9.1 | 8.6 | 25.6 | 27.9 | |||||||||||||||||||
Depreciation and amortization | 45.5 | 43.7 | 130.3 | 129.5 | |||||||||||||||||||
Amortization
of unfavorable leases and contracts | (1.4) | (1.4) | (4.1) | (4.1) | |||||||||||||||||||
EBITDA | $ | 83.8 | $ | 2.4 | $ | (223.4) | $ | 60.5 | |||||||||||||||
Restructuring
charges - cost of sales | 2.0 | 1.4 | 1.4 | 5.8 | |||||||||||||||||||
Restructuring charges | 3.6 | 9.2 | 45.2 | 59.4 | |||||||||||||||||||
Asset impairments | 1.5 | — | 158.1 | 47.7 | |||||||||||||||||||
Shareholder settlement | — | — | 7.5 | — | |||||||||||||||||||
Adjusted
EBITDA | $ | 90.9 | $ | 13.0 | $ | (11.2) | $ | 173.4 |
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | October 31, 2020 | November 2, 2019 | |||||||||||||||||||
Operating income (loss) | $ | 39.7 | $ | (39.9) | $ | (349.6) | $ | (64.9) | |||||||||||||||
Restructuring
charges - cost of sales | 2.0 | 1.4 | 1.4 | 5.8 | |||||||||||||||||||
Restructuring charges | 3.6 | 9.2 | 45.2 | 59.4 | |||||||||||||||||||
Asset
impairments | 1.5 | — | 158.1 | 47.7 | |||||||||||||||||||
Shareholder settlement | — | — | 7.5 | — | |||||||||||||||||||
Non-GAAP
operating income (loss) | $ | 46.8 | $ | (29.3) | $ | (137.4) | $ | 48.0 |
Third Quarter | Year to Date | ||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2021 | Fiscal 2020 | Fiscal 2021 | Fiscal 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | $ | % of sales | $ | % of sales | $ | % of sales | $ | % of sales | |||||||||||||||||||||||||||||||||||||||
Sales | $ | 1,300.3 | 100.0 | % | $ | 1,187.7 | 100.0 | % | $ | 3,040.4 | 100.0 | % | $ | 3,983.8 | 100.0 | % | |||||||||||||||||||||||||||||||
Cost
of sales | (863.8) | (66.4) | (818.6) | (68.9) | (2,176.0) | (71.6) | (2,652.2) | (66.6) | |||||||||||||||||||||||||||||||||||||||
Restructuring charges - cost of
sales | (2.0) | (0.2) | (1.4) | (0.1) | (1.4) | — | (5.8) | (0.1) | |||||||||||||||||||||||||||||||||||||||
Gross margin | 434.5 | 33.4 | 367.7 | 31.0 | 863.0 | 28.4 | 1,325.8 | 33.3 | |||||||||||||||||||||||||||||||||||||||
Selling,
general and administrative expenses | (389.3) | (29.9) | (398.4) | (33.5) | (1,013.6) | (33.3) | (1,285.0) | (32.3) | |||||||||||||||||||||||||||||||||||||||
Restructuring
charges | (3.6) | (0.3) | (9.2) | (0.8) | (45.2) | (1.5) | (59.4) | (1.5) | |||||||||||||||||||||||||||||||||||||||
Asset impairments | (1.5) | (0.1) | — | — | (158.1) | (5.2) | (47.7) | (1.2) | |||||||||||||||||||||||||||||||||||||||
Other
operating income (loss) | (0.4) | — | — | — | 4.3 | 0.1 | 1.4 | — | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 39.7 | 3.1 | (39.9) | (3.4) | (349.6) | (11.5) | (64.9) | (1.6) | |||||||||||||||||||||||||||||||||||||||
Interest
expense, net | (9.1) | (0.7) | (8.6) | (0.7) | (25.6) | (0.8) | (27.9) | (0.7) | |||||||||||||||||||||||||||||||||||||||
Other non-operating income, net | — | — | 7.0 | 0.6 | 0.3 | — | 7.5 | 0.2 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 30.6 | 2.4 | (41.5) | (3.5) | (374.9) | (12.3) | (85.3) | (2.1) | |||||||||||||||||||||||||||||||||||||||
Income
tax benefit (expense) | (21.3) | (1.6) | 6.0 | 0.5 | 105.4 | 3.5 | 3.7 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 9.3 | 0.7 | % | $ | (35.5) | (3.0) | % | $ | (269.5) | (8.9) | % | $ | (81.6) | (2.0) | % | |||||||||||||||||||||||||||||||
Dividends
on redeemable convertible preferred shares | (8.4) | nm | (8.2) | nm | (24.9) | nm | (24.6) | nm | |||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.9 | 0.1 | % | $ | (43.7) | (3.7) | % | $ | (294.4) | (9.7) | % | $ | (106.2) | (2.7) | % |
Change
from previous year | |||||||||||||||||||||||||||||||||||
Third Quarter of Fiscal 2021 | Same store sales | Non-same store sales, net | Total sales at constant exchange rate | Exchange translation impact | Total sales as reported | Total sales (in millions) | |||||||||||||||||||||||||||||
North
America segment | 15.8 | % | (5.3) | % | 10.5 | % | — | % | 10.5 | % | $ | 1,182.7 | |||||||||||||||||||||||
International
segment | 7.8 | % | (11.8) | % | (4.0) | % | 4.6 | % | 0.6 | % | $ | 106.9 | |||||||||||||||||||||||
Other segment (1) | nm | nm | nm | nm | nm | $ | 10.7 | ||||||||||||||||||||||||||||
Signet | 15.1 | % | (6.1) | % | 9.0 | % | 0.5 | % | 9.5 | % | $ | 1,300.3 |
Average
Merchandise Transaction Value(1)(2) | Merchandise Transactions | ||||||||||||||||||||||||||||||||||
Average Value | Change from previous year | Change from previous year | |||||||||||||||||||||||||||||||||
Third Quarter of Fiscal 2021 | Fiscal 2021 | Fiscal 2020 | Fiscal 2021 | Fiscal 2020 | Fiscal 2021 | Fiscal 2020 | |||||||||||||||||||||||||||||
North
America segment | $ | 427 | $ | 414 | 0.5 | % | 0.5 | % | 14.3 | % | 2.8 | % | |||||||||||||||||||||||
International
segment(3) | £ | 173 | £ | 144 | 17.7 | % | (1.4) | % | (7.6) | % | (4.3) | % |
Change
from previous year | |||||||||||||||||||||||||||||||||||
Year to date Fiscal 2021 | Same store sales | Non-same store sales, net | Total sales at constant exchange rate | Exchange translation impact | Total sales as reported | Total sales (in millions) | |||||||||||||||||||||||||||||
North
America segment | (20.2) | % | (2.6) | % | (22.8) | % | — | % | (22.8) | % | $ | 2,786.8 | |||||||||||||||||||||||
International
segment | (23.1) | % | (6.8) | % | (29.9) | % | 0.1 | % | (29.8) | % | $ | 232.8 | |||||||||||||||||||||||
Other segment (1) | nm | nm | nm | nm | nm | $ | 20.8 | ||||||||||||||||||||||||||||
Signet | (20.4) | % | (3.2) | % | (23.6) | % | (0.1) | % | (23.7) | % | $ | 3,040.4 |
Average
Merchandise Transaction Value(1)(2) | Merchandise Transactions | ||||||||||||||||||||||||||||||||||
Average Value | Change from previous year | Change from previous year | |||||||||||||||||||||||||||||||||
Year to date Fiscal 2021 | Fiscal 2021 | Fiscal 2020 | Fiscal 2021 | Fiscal 2020 | Fiscal 2021 | Fiscal 2020 | |||||||||||||||||||||||||||||
North
America segment | $ | 390 | $ | 396 | (1.3) | % | 0.8 | % | (18.9) | % | (0.3) | % | |||||||||||||||||||||||
International
segment (3) | £ | 167 | £ | 146 | 11.3 | % | (0.7) | % | (30.8) | % | (5.5) | % |
Fiscal 2021 | Fiscal 2020 | ||||||||||||||||||||||
(in millions) | $ | % of segment sales | $ | % of segment sales | |||||||||||||||||||
North America segment(1) | $ | 52.9 | 4.5 | % | $ | (10.7) | (1.0) | % | |||||||||||||||
International segment(2) | 1.6 | 1.5 | % | (5.9) | (5.5) | % | |||||||||||||||||
Other
segment (3) | 1.3 | nm | (1.5) | nm | |||||||||||||||||||
Corporate and unallocated expenses (4) | (16.1) | nm | (21.8) | nm | |||||||||||||||||||
Operating income (loss) | $ | 39.7 | 3.1 | % | $ | (39.9) | (3.4) | % |
Fiscal 2021 | Fiscal 2020 | ||||||||||||||||||||||
(in millions) | $ | % of segment sales | $ | % of segment sales | |||||||||||||||||||
North America segment(1) | $ | (238.3) | (8.6) | % | $ | 29.4 | 0.8 | % | |||||||||||||||
International
segment(2) | (52.6) | (22.6) | % | (16.5) | (5.0) | % | |||||||||||||||||
Other segment (3) | 0.8 | nm | (14.4) | nm | |||||||||||||||||||
Corporate
and unallocated expenses (4) | (59.5) | nm | (63.4) | nm | |||||||||||||||||||
Operating income (loss) | $ | (349.6) | (11.5) | % | $ | (64.9) | (1.6) | % |
39 weeks ended | |||||||||||
(in millions) | October 31, 2020 | November 2, 2019 | |||||||||
Net cash provided by operating activities | $ | 606.7 | $ | 113.5 | |||||||
Net cash used in investing activities | (37.7) | (99.9) | |||||||||
Net cash provided by (used in) financing activities | 395.1 | (15.5) | |||||||||
Increase (decrease) in cash and cash equivalents | $ | 964.1 | $ | (1.9) | |||||||
Cash
and cash equivalents at beginning of period | $ | 374.5 | $ | 195.4 | |||||||
Increase (decrease) in cash and cash equivalents | 964.1 | (1.9) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (6.0) | (4.9) | |||||||||
Cash
and cash equivalents at end of period | $ | 1,332.6 | $ | 188.6 |
Store count by segment | February 1, 2020 | Openings | Closures | October 31, 2020 | |||||||||||||||||||
North America segment(1) | 2,757 | 1 | (219) | 2,539 | |||||||||||||||||||
International segment(1) | 451 | — | (97) | 354 | |||||||||||||||||||
Signet | 3,208 | 1 | (316) | 2,893 |
Summarized Balance Sheets | ||||||||||||||
(in millions) | October 31, 2020 | February 1, 2020 | ||||||||||||
Total current assets | $ | 3,999.7 | $ | 3,421.6 | ||||||||||
Total non-current assets | 2,505.1 | 3,009.7 | ||||||||||||
Total current liabilities | 2,022.8 | 2,119.2 | ||||||||||||
Total non-current liabilities | 4,496.6 | 4,054.9 | ||||||||||||
Redeemable preferred stock | 633.9 | 617.0 | ||||||||||||
Total due from Non-Guarantors (1) | 323.6 | 573.2 | ||||||||||||
Total
due to Non-Guarantors (1) | 1,677.3 | 1,825.8 |
Summarized Statements of Operations | ||||||||||||||
39 weeks ended | Year Ended | |||||||||||||
(in millions) | October 31, 2020 | February 1, 2020 | ||||||||||||
Sales | $ | 2,834.4 | $ | 5,656.3 | ||||||||||
Gross margin | 829.9 | 2,061.2 | ||||||||||||
Income (loss) before income taxes (2) | (230.6) | 1,437.8 | ||||||||||||
Net income (loss) (2) | (126.2) | 1,416.2 |
Period | Total
number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs(2) | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs | |||||||||||||||||||
August 2, 2020 to August 29, 2020 | 806 | $ | 12.35 | — | $ | 165,586,651 | |||||||||||||||||
9,102 | $ | 17.79 | — | $ | 165,586,651 | ||||||||||||||||||
552 | $ | 21.95 | — | $ | 165,586,651 | ||||||||||||||||||
Total | 10,460 | $ | 17.59 | — | $ | 165,586,651 |
Number | Description of Exhibits(1) | |||||||
22.1* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS* | Inline XBRL Instance Document. | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
(1) | Signet hereby agrees to furnish to the U.S. Securities and Exchange Commission, upon request, a copy of each instrument that defines the rights of holders of long-term debt under which the total amount of securities authorized does not exceed 10% of the total assets of Signet and its subsidiaries on a consolidated basis that is not filed or incorporated by reference as an exhibit to our annual and quarterly reports. | ||||
* | Filed herewith. | ||||
Signet
Jewelers Limited | ||||||||||||||||||||
Date: | December 3, 2020 | By: | /s/ Joan Hilson | |||||||||||||||||
Name: | Joan Hilson | |||||||||||||||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
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9/27/24 | ||||
11/4/21 | ||||
1/30/21 | 10-K | |||
12/15/20 | ||||
Filed on: | 12/3/20 | 8-K | ||
11/27/20 | ||||
For Period end: | 10/31/20 | |||
9/27/20 | ||||
9/26/20 | ||||
8/30/20 | ||||
8/29/20 | ||||
8/4/20 | ||||
8/3/20 | 4 | |||
8/2/20 | ||||
8/1/20 | 10-Q, 4 | |||
7/21/20 | ||||
7/10/20 | ||||
6/27/20 | ||||
6/17/20 | 4, 8-K | |||
5/2/20 | 10-Q | |||
3/27/20 | 3, 4, 4/A | |||
3/26/20 | 10-K, 8-K | |||
3/24/20 | ||||
3/23/20 | 8-K | |||
3/19/20 | 8-K | |||
3/16/20 | ||||
3/11/20 | ||||
3/6/20 | ||||
2/2/20 | ||||
2/1/20 | 10-K, 3, DEF 14A | |||
1/22/20 | ||||
1/21/20 | ||||
1/15/20 | ||||
12/2/19 | CORRESP | |||
11/18/19 | ||||
11/2/19 | 10-Q | |||
9/27/19 | 8-K | |||
9/5/19 | 10-Q, 8-K | |||
8/3/19 | 10-Q | |||
7/24/19 | ||||
7/10/19 | ||||
5/17/19 | ||||
5/4/19 | 10-Q | |||
4/24/19 | ||||
3/15/19 | 8-K | |||
2/28/19 | ||||
2/2/19 | 10-K, DEF 14A | |||
1/16/19 | 8-K | |||
5/14/18 | ||||
5/7/18 | ||||
3/19/18 | ||||
3/13/18 | 3, 8-K | |||
3/12/18 | 8-K | |||
1/30/18 | SC 13G/A | |||
1/26/18 | ||||
1/18/18 | ||||
1/15/18 | ||||
11/10/17 | ||||
11/2/17 | ||||
10/16/17 | 4 | |||
9/1/17 | ||||
8/17/17 | ||||
8/7/17 | ||||
7/24/17 | ||||
6/1/17 | 10-Q, 4, SC 13D/A | |||
5/25/17 | 8-K | |||
5/5/17 | 8-K | |||
3/6/17 | 4 | |||
1/27/17 | SC 13G/A | |||
11/2/16 | 8-K | |||
10/5/16 | 3, 4, 8-K | |||
8/24/16 | 8-K | |||
8/1/16 | ||||
7/22/16 | 4 | |||
5/31/16 | ||||
5/22/16 | ||||
5/3/16 | ||||
5/2/16 | ||||
4/7/16 | ||||
4/5/16 | 4 | |||
3/31/16 | ||||
3/23/16 | ||||
3/16/16 | ||||
3/10/16 | ||||
2/29/16 | 8-K | |||
2/22/16 | ||||
12/18/15 | ||||
12/3/15 | ||||
11/25/15 | ||||
11/18/15 | ||||
11/16/15 | ||||
6/15/15 | ||||
4/27/15 | 4 | |||
4/6/15 | ||||
3/16/15 | ||||
3/3/15 | ||||
2/18/15 | ||||
2/17/15 | ||||
2/11/15 | SC 13G/A | |||
2/9/15 | SC 13G/A | |||
2/2/15 | ||||
5/19/14 | 8-K, 8-K/A | |||
8/29/13 | 10-Q, 8-K | |||
12/7/04 | ||||
7/22/04 | ||||
10/16/03 | ||||
1/1/03 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 12/07/20 Signet Jewelers Ltd. S-3ASR 12/07/20 3:513K |