Revenue Recognition (Tables)

6 Months Ended

Jul. 30, 2022

Revenue from Contract with Customer [Abstract]

The following table provides the Company’s total sales, disaggregated by banner, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:


	13 weeks ended July 30, 2022								13 weeks ended July 31, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	617.5	$	—	$	—	$	617.5	$	673.7	$	—	$	—	$	673.7
Zales	318.1		—		—		318.1		367.3		—		—		367.3
Jared	303.5		—		—		303.5		311.9		—		—		311.9
Diamonds Direct	113.0		—		—		113.0		—						—
Banter by Piercing Pagoda	100.2		—		—		100.2		138.7		—		—		138.7
James Allen	88.6		—		—		88.6		108.8		—		—		108.8
Peoples	47.8		—		—		47.8		41.4		—		—		41.4
International segment banners	—		111.6		—		111.6		—		130.7		—		130.7
Other (1)	27.7		—		26.9		54.6		3.9		—		11.7		15.6
Total sales	$	1,616.4	$	111.6	$	26.9	$	1,754.9	$	1,645.7	$	130.7	$	11.7	$	1,788.1

	26 weeks ended July 30, 2022								26 weeks ended July 31, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	1,284.8	$	—	$	—	$	1,284.8	$	1,350.4	$	—	$	—	$	1,350.4
Zales	665.8		—		—		665.8		738.1		—		—		738.1
Jared	617.6		—		—		617.6		596.0		—		—		596.0
Diamonds Direct	219.3						219.3		—						—
Banter by Piercing Pagoda	219.2		—		—		219.2		287.6		—		—		287.6
James Allen	181.9		—		—		181.9		210.3		—		—		210.3
Peoples	93.2		—		—		93.2		76.0		—		—		76.0
International segment banners	—		221.6		—		221.6		—		188.1		—		188.1
Other (1)	39.6		—		50.2		89.8		5.3		—		25.1		30.4
Total sales	$	3,321.4	$	221.6	$	50.2	$	3,593.2	$	3,263.7	$	188.1	$	25.1	$	3,476.9

(1) Other primarily includes sales from Signet’s diamond sourcing initiative, loose diamonds and Rocksbox.

The following table provides the Company’s total sales, disaggregated by major product, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:


	13 weeks ended July 30, 2022								13 weeks ended July 31, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by product:
Bridal	$	730.6	$	49.2	$	—	$	779.8	$	696.9	$	60.7	$	—	$	757.6
Fashion	609.6		17.9		—		627.5		680.7		20.7		—		701.4
Watches	53.5		37.9		—		91.4		58.6		41.0		—		99.6
Services (1)	163.5		6.6		—		170.1		151.1		8.3		—		159.4
Other (2)	59.2		—		26.9		86.1		58.4		—		11.7		70.1
Total sales	$	1,616.4	$	111.6	$	26.9	$	1,754.9	$	1,645.7	$	130.7	$	11.7	$	1,788.1

	26 weeks ended July 30, 2022								26 weeks ended July 31, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by product:
Bridal	$	1,517.9	$	99.3	$	—	$	1,617.2	$	1,423.6	$	89.5	$	—	$	1,513.1
Fashion	1,267.8		35.6		—		1,303.4		1,342.1		30.4		—		1,372.5
Watches	105.0		73.1		—		178.1		105.5		58.2		—		163.7
Services (1)	329.5		13.6		—		343.1		297.0		10.0		—		307.0
Other (2)	101.2		—		50.2		151.4		95.5		—		25.1		120.6
Total sales	$	3,321.4	$	221.6	$	50.2	$	3,593.2	$	3,263.7	$	188.1	$	25.1	$	3,476.9

(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 and 26 weeks ended July 30, 2022 and July 31, 2021:


	13 weeks ended July 30, 2022								13 weeks ended July 31, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	1,314.6	$	91.9	$	—	$	1,406.5	$	1,333.3	$	106.9	$	—	$	1,440.2
E-commerce	278.1		19.7		—		297.8		312.4		23.8		—		336.2
Other (1)	23.7		—		26.9		50.6		—		—		11.7		11.7
Total sales	$	1,616.4	$	111.6	$	26.9	$	1,754.9	$	1,645.7	$	130.7	$	11.7	$	1,788.1

	26 weeks ended July 30, 2022								26 weeks ended July 31, 2021
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	2,711.1	$	181.8	$	—	$	2,892.9	$	2,632.9	$	136.4	$	—	$	2,769.3
E-commerce	578.5		39.8		—		618.3		630.8		51.7		—		682.5
Other (1)	31.8		—		50.2		82.0		—		—		25.1		25.1
Total sales	$	3,321.4	$	221.6	$	50.2	$	3,593.2	$	3,263.7	$	188.1	$	25.1	$	3,476.9

(1) Other primarily includes sales from Signet’s diamond sourcing initiative and loose diamonds.

Schedule of Deferred Selling Costs

Unamortized deferred selling costs as of July 30, 2022, January 29, 2022 and July 31, 2021 were as follows:


(in millions)	July 30, 2022		January 29, 2022		July 31, 2021
Other current assets	$	27.4	$	28.4	$	25.4
Other assets	86.8		87.8		87.1
Total deferred selling costs	$	114.2	$	116.2	$	112.5

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 $10.3 million and $21.1 million during the 13 and 26 weeks ended July 30, 2022, respectively, and $7.1 million and $17.0 million during the 13 and 26 weeks ended July 31, 2021.

Deferred Revenue

Deferred revenue as of July 30, 2022, January 29, 2022 and July 31, 2021 was as follows:


(in millions)	July 30, 2022		January 29, 2022		July 31, 2021
ESP deferred revenue	$	1,131.5	$	1,116.5	$	1,063.8
Other deferred revenue (1)	69.3		82.4		43.5
Total deferred revenue	$	1,200.8	$	1,198.9	$	1,107.3

Disclosed as:
Current liabilities	$	326.9	$	341.3	$	297.9
Non-current liabilities	873.9		857.6		809.4
Total deferred revenue	$	1,200.8	$	1,198.9	$	1,107.3

(1) Other deferred revenue primarily includes revenue collected from customers for custom orders and eCommerce orders, for which control has not yet transferred to the customer.


	13 weeks ended				26 weeks ended
(in millions)	July 30, 2022		July 31, 2021		July 30, 2022		July 31, 2021
ESP deferred revenue, beginning of period	$	1,125.9	$	1,049.4	$	1,116.5	$	1,028.9
Plans sold (1)	120.3		118.6		244.1		242.7
Revenue recognized (2)	(114.7)		(104.2)		(229.1)		(207.8)
ESP deferred revenue, end of period	$	1,131.5	$	1,063.8	$	1,131.5	$	1,063.8

(1) Includes impact of foreign exchange translation.

(2) The Company recognized sales of $68.6 million and $147.8 million during the 13 and 26 weeks ended July 30, 2022, respectively, and $63.9 million and $136.5 million during the 13 and 26 weeks ended July 31, 2021, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP.