Shareholders' equity

9 Months Ended

Oct. 31, 2020

Shareholders’ equity

As a result of COVID-19, Signet’s Board of Directors has elected to temporarily suspend the dividend program on common shares and has elected to pay the quarterly dividend declared on its Preferred Shares “in-kind” for the first three quarters of Fiscal 2021.

Dividends on common shares

Dividends declared on common shares during the 39 weeks ended October 31, 2020 and November 2, 2019 were as follows:


	Fiscal 2021				Fiscal 2020
(in millions, except per share amounts)	Cash dividend per share		Total dividends		Cash dividend per share		Total dividends
First quarter	$	0.00	$	—	$	0.37	$	19.3
Second quarter	0.00		—		0.37		19.3
Third quarter (1)	0.00		—		0.37		19.4
Total	$	0.00	$	—	$	1.11	$	58.0

(1) Signet’s dividend policy for common shares results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of November 2, 2019, $19.4 million, was recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on common shares declared for the third quarter of Fiscal 2020.

Dividends on Preferred Shares

Dividends declared on the Preferred Shares during the 39 weeks ended October 31, 2020 and November 2, 2019 were as follows:


	Fiscal 2021				Fiscal 2020
(in millions, except per share amounts)	Dividends per share		Total dividends		Dividends per share		Total dividends
First quarter	$	12.50	$	7.8	$	12.50	$	7.8
Second quarter	12.66		7.9		12.50		7.8
Third quarter (1)	12.81		8.0		12.50		7.8
Total	$	37.97	$	23.7	$	37.50	$	23.4

(1) Signet’s Preferred Shares dividends result in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of October 31, 2020 and November 2, 2019, $8.0 million and $7.8 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the dividends on the Preferred Shares declared for the third quarter of Fiscal 2021 and Fiscal 2020, respectively. As disclosed in Note 6, the first, second and third quarter Fiscal 2021 dividends were paid “in-kind”.

There were no cumulative undeclared dividends on the Preferred Shares that reduced net income (loss) attributable to common shareholders during the 13 and 39 weeks ended October 31, 2020 or November 2, 2019. See Note 6 for additional discussion of the Company’s Preferred Shares.

Share repurchases

There were no share repurchases executed during the 39 weeks ended October 31, 2020 and November 2, 2019. The 2017 Program had $165.6 million remaining as of October 31, 2020.