11. Inventories

Signet held $312.6 million of consignment inventory at February 1, 2014 (February 2, 2013: $227.7 million) which is not recorded on the balance sheet. The principal terms of the consignment agreements, which can generally be terminated by either party, are such that Signet can return any or all of the inventory to the relevant suppliers without financial or commercial penalties and the supplier can vary the inventory prices prior to sale.

Inventories


	February 1, 2014		February 2, 2013
(in millions)
Raw materials	$	41.8	$	41.2
Finished goods		1,446.2		1,355.8

Total inventories	$	1,488.0	$	1,397.0

Inventory reserves


	Balance at beginning of period		Charged to profit		Utilized⁽¹⁾			Balance at end of period
(in millions)
Fiscal 2012	$	27.8	$	18.4	$	(16.9	)	$	29.3
Fiscal 2013		29.3		23.6		(29.5	)		23.4
Fiscal 2014		23.4		33.3		(40.4	)		16.3

(1)	Including the impact of foreign exchange translation between opening and closing balance sheet dates.