Warranty reserve

3 Months Ended

May 04, 2024

Other Liabilities Disclosure [Abstract]

Warranty reserve

Warranty reserve

Certain banners within the North America reportable segment provide a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. Management estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. A similar product lifetime guarantee is also provided on color gemstones. The warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities and other liabilities - non-current, is as follows:

	13 weeks ended
(in millions)	May 4, 2024		April 29, 2023
Warranty reserve, beginning of period	$	43.7	$	40.8
Warranty expense	2.3		3.5
Utilized (1)	(2.8)		(3.0)
Warranty reserve, end of period	$	43.2	$	41.3

(1)     Includes impact of foreign exchange translation.

(in millions)	May 4, 2024		February 3, 2024		April 29, 2023
Disclosed as:
Accrued expenses and other current liabilities	$	11.6	$	11.8	$	11.4
Other liabilities - non-current	31.6		31.9		29.9
Total warranty reserve	$	43.2	$	43.7	$	41.3