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Revenue recognition
 3 Months Ended
May 01, 2021
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
The following tables provide the Company’s revenue, disaggregated by banner, major product and channel, for the 13 weeks ended May 1, 2021 and May 2, 2020:
13 weeks ended May 1, 202113 weeks ended May 2, 2020
(in millions)North AmericaInternationalOtherConsolidatedNorth AmericaInternationalOtherConsolidated
Sales by banner:
Kay
$676.8 $— $— $676.8 $333.5 $— $— $333.5 
Zales
370.8 — — 370.8 182.3 — — 182.3 
Jared
284.1 — — 284.1 145.4 — — 145.4 
Piercing Pagoda
148.8 — — 148.8 51.4 — — 51.4 
James Allen
101.5 — — 101.5 43.8 — — 43.8 
Peoples
34.6 — — 34.6 24.7 — — 24.7 
International segment banners
— 57.4 — 57.4 — 64.9 — 64.9 
Other
1.4 — 13.4 14.8 — — 6.1 6.1 
Total sales
$1,618.0 $57.4 $13.4 $1,688.8 $781.1 $64.9 $6.1 $852.1 
13 weeks ended May 1, 202113 weeks ended May 2, 2020
(in millions)North AmericaInternationalOtherConsolidatedNorth AmericaInternationalOtherConsolidated
Sales by product:
Bridal
$726.7 $28.8 $— $755.5 $314.1 $28.1 $— $342.2 
Fashion
661.4 9.7 — 671.1 297.9 12.6 — 310.5 
Watches
46.9 17.2 — 64.1 24.6 17.5 — 42.1 
Other (1)
183.0 1.7 13.4 198.1 144.5 6.7 6.1 157.3 
Total sales
$1,618.0 $57.4 $13.4 $1,688.8 $781.1 $64.9 $6.1 $852.1 
(1)     Other revenue primarily includes gift, beads and other miscellaneous jewelry sales, repairs, subscriptions, service plan and other miscellaneous non-jewelry sales.
13 weeks ended May 1, 202113 weeks ended May 2, 2020
(in millions)North AmericaInternationalOtherConsolidatedNorth AmericaInternationalOtherConsolidated
Sales by channel:
Store
$1,299.6 $29.5 $— $1,329.1 $631.9 $49.4 $— $681.3 
E-commerce
318.4 27.9 — 346.3 149.2 15.5 — 164.7 
Other
— — 13.4 13.4 — — 6.1 6.1 
Total sales
$1,618.0 $57.4 $13.4 $1,688.8 $781.1 $64.9 $6.1 $852.1 

The Company recognizes revenues when control of the promised goods and services are transferred to customers, in an amount that reflects the consideration expected to be received in exchange for those goods. Transfer of control generally occurs at the time merchandise is taken from a store, or upon receipt of the merchandise by a customer for an e-commerce shipment. The Company excludes all taxes assessed by government authorities and collected from a customer from its reported sales. The Company’s revenue streams and their respective accounting treatments are further discussed below.
Merchandise sales and repairs
Store sales are recognized when the customer receives and pays for the merchandise at the store with cash, in-house customer finance, private label credit card programs, a third-party credit card or a lease purchase option. For online sales shipped to customers, sales are recognized at the estimated time the customer has received the merchandise. Amounts related to shipping and handling that are billed to customers are reflected in sales and the related costs are reflected in cost of sales. Revenues on the sale of merchandise are reported net of anticipated returns and sales tax collected. Returns are estimated based on previous return rates experienced. Any deposits received from a customer for merchandise are deferred and recognized as revenue when the customer receives the merchandise. Revenues derived from providing replacement merchandise on behalf of insurance organizations are recognized upon receipt of the merchandise by the customer. Revenues on repair of merchandise are recognized when the service is complete and the customer collects the merchandise at the store.
Extended service plans and lifetime warranty agreements (“ESP”)
The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral period for ESP sales is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in estimates related to the time period or pattern in which warranty-related costs are expected to be incurred could materially impact revenues. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Amortization of deferred ESP selling costs is included within selling, general and administrative expenses in the condensed consolidated statements of operations. Amortization of deferred ESP selling costs was $9.9 million and $4.3 million during the 13 weeks ended May 1, 2021 and May 2, 2020, respectively.
Unamortized deferred selling costs as of May 1, 2021, January 30, 2021 and May 2, 2020 were as follows:
(in millions)May 1, 2021January 30, 2021May 2, 2020
Other current assets$26.4 $26.2 $23.6 
Other assets86.1 85.1 79.5 
Total deferred selling costs$112.5 $111.3 $103.1 
The North America segment sells ESP, subject to certain conditions, to perform repair work over the life of the product. Customers generally pay for ESP at the store at the time of merchandise sale. Revenue from the sale of the lifetime ESP is recognized consistent with the estimated pattern of claim costs expected to be incurred by the Company in connection with performing under the ESP obligations. Lifetime ESP revenue is deferred and recognized over a maximum period of 17 years after the sale of the warranty contract. Although claims experience varies between the Company’s national banners, thereby resulting in different recognition rates, approximately 55% of revenue is recognized within the first two years on a weighted average basis.
The North America segment also sells a Jewelry Replacement Plan (“JRP”). The JRP is designed to protect customers from damage or defects of purchased merchandise for a period of three years. If the purchased merchandise is defective or becomes damaged under normal use in that time period, the item will be replaced. JRP revenue is deferred and recognized on a straight-line basis over the period of expected claims costs.
Signet also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that Signet receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience.
Consignment inventory sales
Sales of consignment inventory are accounted for on a gross sales basis as the Company maintains control of the merchandise through the point of sale and provides independent advice, guidance and after-sales services to customers. Supplier products are selected at the discretion of the Company, and the Company is responsible for determining the selling price and for physical security of the products. The products sold from consignment inventory are similar in nature to other products that are sold to customers and are sold on the same terms.
Deferred revenue
Deferred revenue consists primarily of ESP and voucher promotions as follows:
(in millions)May 1, 2021January 30, 2021May 2, 2020
ESP deferred revenue$1,049.4 $1,028.9 $961.0 
Other deferred revenue (1)
58.3 43.1 30.0 
Total deferred revenue
$1,107.7 $1,072.0 $991.0 
Disclosed as:
Current liabilities$310.0 $288.7 $271.2 
Non-current liabilities797.7 783.3 719.8 
Total deferred revenue$1,107.7 $1,072.0 $991.0 
(1) Other deferred revenue includes primarily revenue collected from customers for custom orders and eCommerce orders, for which control has not yet transferred to the customer.
13 weeks ended
(in millions)May 1, 2021May 2, 2020
ESP deferred revenue, beginning of period$1,028.9 $960.0 
Plans sold (1)
124.1 55.0 
Revenue recognized (2)
(103.6)(54.0)
ESP deferred revenue, end of period$1,049.4 $961.0 
(1)    Includes impact of foreign exchange translation.
(2)    During the 13 weeks ended May 1, 2021 and May 2, 2020, the Company recognized sales of $72.6 million and $44.5 million, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP. In Fiscal 2021, no ESP revenue was recognized beginning on March 23, 2020 due to the temporary closure of the Company’s stores and service centers as a result of COVID-19. As the Company began reopening stores and service centers during the second quarter of Fiscal 2021, the Company resumed recognizing service revenue as it fulfilled its performance obligations under the ESP.