Shareholders' equity

9 Months Ended

Oct. 30, 2021

Equity [Abstract]

Shareholders' equity

Shareholders’ equity

Dividends on Common Shares

As a result of COVID-19, Signet’s Board of Directors (the “Board”) elected to temporarily suspend the dividend program on common shares, effective in the first quarter of Fiscal 2021. The Board elected to reinstate the dividend program on common shares beginning in second quarter of Fiscal 2022. Dividends declared on the common shares during the 39 weeks ended October 30, 2021 and October 31, 2020 were as follows:

	Fiscal 2022				Fiscal 2021
(in millions, except per share amounts)	Dividends per share		Total dividends		Dividends per share		Total dividends
First quarter	$	—	$	—	$	—	$	—
Second quarter	0.18		9.5		—		—
Third quarter (1)	0.18		9.5		—		—
Total	$	0.36	$	19.0	$	—	$	—

(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 October 30, 2021, $9.5 million was recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheet reflecting the cash dividends on common shares declared for the third quarter of Fiscal 2022.

Dividends on Preferred Shares

Dividends declared on the Preferred Shares during the 39 weeks ended October 30, 2021 and October 31, 2020 were as follows:

	Fiscal 2022				Fiscal 2021
(in millions, except per share amounts)	Dividends per share		Total dividends		Dividends per share		Total dividends
First quarter	$	13.14	$	8.2	$	12.50	$	7.8
Second quarter	13.14		8.2		12.66		7.9
Third quarter (1)	13.14		8.2		12.81		8.0
Total	$	39.42	$	24.6	$	37.97	$	23.7

(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 30, 2021, January 30, 2021, and October 31, 2020, $8.2 million, $8.1 million, and $8.0 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 2022, fourth quarter of Fiscal 2021, and third quarter of Fiscal 2021, respectively.

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 30, 2021 or October 31, 2020. See Note 6 for additional discussion of the Company’s Preferred Shares.

Share repurchases

Common shares repurchased during the 39 weeks ended October 30, 2021 and October 31, 2020 were as follows:

			39 weeks ended October 30, 2021					39 weeks ended October 31, 2020
(in millions, except per share amounts	Amount authorized		Shares repurchased	Amount repurchased (1)		Average repurchase price per share (1)		Shares repurchased	Amount repurchased		Average repurchase price per share
2017 Program	$	659.4	0.5	$	41.1	$	88.04	—	$	—	N/A

(1)    Includes amounts paid for commissions.

On August 23, 2021, the Board authorized a reinstatement of repurchases under the 2017 Share Repurchase Program (the “2017 Program”), as well as an increase in the remaining amount of shares authorized for repurchase under the 2017 Program, from $165.6 million to $225 million. The 2017 Program had $183.9 million of shares authorized for repurchase remaining as of October 30, 2021.