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Segment information
 12 Months Ended
Jan. 28, 2023
Segment Reporting [Abstract]  
Segment information Segment information
Financial information for each of Signet’s reportable segments is presented in the tables below. Signet’s chief operating decision maker utilizes segment sales and operating income, after the elimination of any inter-segment transactions, to determine resource allocations and performance assessment measures. Signet aggregates operating segments with similar economic and operating characteristics. Signet manages its business as three reportable segments: North America, International, and Other. Signet’s sales are derived from the retailing of jewelry, watches, other products and services as generated through the management of its reportable segments. The Company allocates certain support center costs between operating segments, and the remainder of the unallocated costs are included with the corporate and unallocated expenses presented.
The North America reportable segment operates across the US and Canada. Its US stores operate nationally in malls and off-mall locations, as well as online, principally as Kay (Kay Jewelers and Kay Outlet), Zales (Zales Jewelers and Zales Outlet), Jared (Jared The Galleria Of Jewelry and Jared Vault), Diamonds Direct, Banter by Piercing Pagoda, Rocksbox, and digital banners, James Allen and Blue Nile. Its Canadian stores operate as Peoples Jewellers.
The International reportable segment operates stores in the UK, Republic of Ireland and Channel Islands, as well as online. Its stores operate in shopping malls and off-mall locations (i.e. high street) principally as H.Samuel and Ernest Jones.
The Other reportable segment primarily consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones.
(in millions)Fiscal 2023Fiscal 2022Fiscal 2021
Sales:
North America segment (1)
$7,289.5 $7,264.8 $4,840.9 
International segment
470.1 492.4 355.9 
Other segment
82.5 68.8 30.1 
Total sales
$7,842.1 $7,826.0 $5,226.9 
Operating income (loss):
North America segment (2)
$673.2 $981.4 $57.9 
International segment (3)
(0.2)14.4 (43.3)
Other segment (4)
2.4 (0.2)(0.3)
Corporate and unallocated expenses (5)
(70.5)(92.2)(72.0)
Total operating income (loss)
604.9 903.4 (57.7)
Interest expense, net
(13.5)(16.9)(32.0)
Other non-operating expense, net
(140.2)(2.1)— 
Income (loss) before income taxes$451.2 $884.4 $(89.7)
Depreciation and amortization:
North America segment
$153.8 $149.2 $163.7 
International segment
10.3 14.0 12.0 
Other segment
0.4 0.3 0.3 
Total depreciation and amortization
$164.5 $163.5 $176.0 
Capital additions:
North America segment
$127.6 $112.6 $79.0 
International segment
10.9 16.6 4.0 
Other segment
0.4 0.4 — 
Total capital additions
$138.9 $129.6 $83.0 
(1)        Includes sales of $209.1 million, $206.2 million and $150.9 million generated by Canadian operations in Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.
(2)    Fiscal 2023 includes: 1) $13.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct and Blue Nile acquisitions; 2) $14.7 million of acquisition and integration-related expenses in connection with the Blue Nile acquisition, primarily related to professional fees and severance costs; 3) $203.8 million related to pre-tax litigation charges; and 4) net asset impairment charges of $20.0 million.
Fiscal 2022 includes: 1) $5.4 million of cost of sales associated with the fair value step-up of inventory acquired in the Diamonds Direct acquisition; 2) $6.4 million of acquisition-related expenses related to Diamonds Direct and Rocksbox; 3) net asset impairment charges of $2.0 million; 4) $1.4 million of gains associated with the sale of customer in-house finance receivables; and 5) $1.0 million credit to restructuring expense, primarily related to adjustments to previously recognized restructuring liabilities.
Fiscal 2021 includes: 1) $1.6 million related to inventory charges recorded in conjunction with the Company’s restructuring activities; 2) $36.0 million primarily related to severance, professional fees and store closure costs recorded in conjunction with the Company’s restructuring activities; and 3) asset impairment charges of $136.7 million.
See Note 4, Note 6, Note 13, Note 17, Note 19 and Note 28 for additional information.
(3)    Fiscal 2023 includes net asset impairment charges of $2.7 million.
Fiscal 2022 includes net asset impairment gains of $0.5 million.
Fiscal 2021 includes: 1) $9.7 million primarily related to severance and store closure costs recorded in conjunction with the Company’s restructuring activities; and 2) asset impairment charges of $22.3 million.
See Note 6 and Note 17 for additional information.
(4)    Fiscal 2021 includes $0.2 million benefit recognized due to a change in inventory reserves previously recognized as part of the Company’s restructuring activities.
See Note 6 for additional information.
(5)    Fiscal 2022 includes: 1) a charge of $1.7 million related to the settlement of previously disclosed shareholder litigation matters; and 2) $2.3 million credit to restructuring expense primarily related to adjustments to previously recognized restructuring liabilities.
Fiscal 2021 includes: 1) a charge of $7.5 million related to the settlement of previously disclosed shareholder litigation matters, net of expected insurance proceeds; and 2) $0.5 million related to charges recorded in conjunction with the Company’s restructuring activities.
See Note 6 and Note 28 for additional information.
(in millions)January 28, 2023January 29, 2022
Total assets:
North America segment
$5,901.5 $5,540.1 
International segment
405.9 438.2 
Other segment
122.3 81.2 
Corporate and unallocated190.7 515.6 
Total assets
$6,620.4 $6,575.1 
Total long-lived assets (1):
North America segment
$1,702.5 $1,328.4 
International segment
40.2 43.4 
Other segment
2.9 2.9 
Total long-lived assets
$1,745.6 $1,374.7 
(1)        Includes property, plant and equipment; goodwill; and other intangible assets.