Shareholders' equity

3 Months Ended

Apr. 29, 2017

Equity [Abstract]

Shareholders' equity

Shareholders’ equity

Share repurchases

In February 2016, the Board of Directors authorized the repurchase of Signet’s common shares up to $750.0 million (the “2016 Program”). In August 2016, the Board of Directors increased its authorized share repurchase program by $625.0 million, bringing the total authorization for the 2016 Program to $1,375.0 million. The 2016 Program may be suspended or discontinued at any time without notice.

Common shares repurchased during the 13 weeks ended April 29, 2017 and April 30, 2016 were as follows:

			13 weeks ended April 29, 2017					13 weeks ended April 30, 2016
(in millions, except per share amounts)	Amount authorized		Shares repurchased	Amount repurchased		Average repurchase price per share		Shares repurchased	Amount repurchased		Average repurchase price per share
2016 Program(1)	$	1,375.0	—	$	—	$	—	—	$	—	$	—
2013 Program(2)	$	350.0	n/a	n/a		n/a		1.1	$	125.0	$	111.45
Total			—	$	—	$	—	1.1	$	125.0	$	111.45

⁽¹⁾  The 2016 Program had $510.6 million remaining as of April 29, 2017.

⁽²⁾  The 2013 Program was completed in May 2016.

n/a Not applicable.

Dividends on common shares

	Fiscal 2018				Fiscal 2017
(in millions, except per share amounts)	Cash dividend per share		Total dividends		Cash dividend per share		Total dividends
First quarter	$	0.31	$	21.3	$	0.26	$	20.4

⁽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 April 29, 2017 and April 30, 2016, $21.3 million and $20.4 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on common shares declared for the first quarter of Fiscal 2018 and Fiscal 2017, respectively.

In addition, on May 25, 2017, Signet’s Board declared a quarterly dividend of $0.31 per share on its common shares. This dividend will be payable on August 30, 2017 to shareholders of record on July 28, 2017, with an ex-dividend date of July 26, 2017.

Dividends on preferred shares

As of April 29, 2017, dividends on preferred shares totaling $7.8 million were declared and accrued for by the Company. As disclosed in the condensed consolidated income statements, there were no cumulative undeclared dividends on the preferred shares that reduced net income attributable to common shareholders. In addition, a $0.4 million deemed dividend related to accretion of issuance costs associated with the preferred shares was recognized during the 13 weeks ended April 29, 2017. See Note 4 for additional information.