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Revenue recognition | 6 Months Ended
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Jul. 31, 2021
Revenue from Contract with Customer [Abstract] |
Revenue recognition | Revenue recognition The following tables provide the Company’s revenue, disaggregated by banner, major product and channel, for the 13 and 26 weeks ended July 31, 2021 and August 1, 2020:
| 13 weeks ended July 31, 2021 |  | 13 weeks ended August 1, 2020
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by banner: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kay | $ | 673.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 673.7 |  |  | $ | 325.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 325.0 |
Zales | 367.3 |  |  | — |  |  | — |  |  | 367.3 |  |  | 185.1 |  |  | — |  |  | — |  |  | 185.1 |
Jared | 311.9 |  |  | — |  |  | — |  |  | 311.9 |  |  | 168.5 |  |  | — |  |  | — |  |  | 168.5 |
Piercing Pagoda | 138.7 |  |  | — |  |  | — |  |  | 138.7 |  |  | 59.3 |  |  | — |  |  | — |  |  | 59.3 |
James Allen | 108.8 |  |  | — |  |  | — |  |  | 108.8 |  |  | 64.3 |  |  | — |  |  | — |  |  | 64.3 |
Peoples | 41.4 |  |  | — |  |  | — |  |  | 41.4 |  |  | 20.8 |  |  | — |  |  | — |  |  | 20.8 |
International segment banners | — |  |  | 130.7 |  |  | — |  |  | 130.7 |  |  | — |  |  | 61.0 |  |  | — |  |  | 61.0 |
Other (1) | 3.9 |  |  | — |  |  | 11.7 |  |  | 15.6 |  |  | — |  |  | — |  |  | 4.0 |  |  | 4.0 |
Total sales | $ | 1,645.7 |  |  | $ | 130.7 |  |  | $ | 11.7 |  |  | $ | 1,788.1 |  |  | $ | 823.0 |  |  | $ | 61.0 |  |  | $ | 4.0 |  |  | $ | 888.0 |
| 26 weeks ended July 31, 2021 |  | 26 weeks ended August 1, 2020
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by banner: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kay | $ | 1,350.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,350.4 |  |  | $ | 658.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 658.5 |
Zales | 738.1 |  |  | — |  |  | — |  |  | 738.1 |  |  | 367.4 |  |  | — |  |  | — |  |  | 367.4 |
Jared | 596.0 |  |  | — |  |  | — |  |  | 596.0 |  |  | 313.9 |  |  | — |  |  | — |  |  | 313.9 |
Piercing Pagoda | 287.6 |  |  | — |  |  | — |  |  | 287.6 |  |  | 110.7 |  |  | — |  |  | — |  |  | 110.7 |
James Allen | 210.3 |  |  | — |  |  | — |  |  | 210.3 |  |  | 108.1 |  |  | — |  |  | — |  |  | 108.1 |
Peoples | 76.0 |  |  | — |  |  | — |  |  | 76.0 |  |  | 45.5 |  |  | — |  |  | — |  |  | 45.5 |
International segment banners | — |  |  | 188.1 |  |  | — |  |  | 188.1 |  |  | — |  |  | 125.9 |  |  | — |  |  | 125.9 |
Other (1) | 5.3 |  |  | — |  |  | 25.1 |  |  | 30.4 |  |  | — |  |  | — |  |  | 10.1 |  |  | 10.1 |
Total sales | $ | 3,263.7 |  |  | $ | 188.1 |  |  | $ | 25.1 |  |  | $ | 3,476.9 |  |  | $ | 1,604.1 |  |  | $ | 125.9 |  |  | $ | 10.1 |  |  | $ | 1,740.1 |
(1) Includes sales from Signet’s diamond sourcing initiative and Rocksbox.
| 13 weeks ended July 31, 2021 |  | 13 weeks ended August 1, 2020
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by product: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bridal | $ | 696.9 |  |  | $ | 60.7 |  |  | $ | — |  |  | $ | 757.6 |  |  | $ | 417.1 |  |  | $ | 28.8 |  |  | $ | — |  |  | $ | 445.9 |
Fashion | 680.7 |  |  | 20.7 |  |  | — |  |  | 701.4 |  |  | 294.5 |  |  | 12.7 |  |  | — |  |  | 307.2 |
Watches | 58.6 |  |  | 41.0 |  |  | — |  |  | 99.6 |  |  | 23.7 |  |  | 22.4 |  |  | — |  |  | 46.1 |
Other (1) | 209.5 |  |  | 8.3 |  |  | 11.7 |  |  | 229.5 |  |  | 87.7 |  |  | (2.9) |  |  | 4.0 |  |  | 88.8 |
Total sales | $ | 1,645.7 |  |  | $ | 130.7 |  |  | $ | 11.7 |  |  | $ | 1,788.1 |  |  | $ | 823.0 |  |  | $ | 61.0 |  |  | $ | 4.0 |  |  | $ | 888.0 |
| 26 weeks ended July 31, 2021 |  | 26 weeks ended August 1, 2020
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by product: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bridal | $ | 1,423.6 |  |  | $ | 89.5 |  |  | $ | — |  |  | $ | 1,513.1 |  |  | $ | 731.2 |  |  | $ | 56.9 |  |  | $ | — |  |  | $ | 788.1 |
Fashion | 1,342.1 |  |  | 30.4 |  |  | — |  |  | 1,372.5 |  |  | 592.4 |  |  | 25.3 |  |  | — |  |  | 617.7 |
Watches | 105.5 |  |  | 58.2 |  |  | — |  |  | 163.7 |  |  | 48.3 |  |  | 39.9 |  |  | — |  |  | 88.2 |
Other (1) | 392.5 |  |  | 10.0 |  |  | 25.1 |  |  | 427.6 |  |  | 232.2 |  |  | 3.8 |  |  | 10.1 |  |  | 246.1 |
Total sales | $ | 3,263.7 |  |  | $ | 188.1 |  |  | $ | 25.1 |  |  | $ | 3,476.9 |  |  | $ | 1,604.1 |  |  | $ | 125.9 |  |  | $ | 10.1 |  |  | $ | 1,740.1 |
(1) Other revenue primarily includes gift, beads and other miscellaneous jewelry sales, repairs, subscriptions, service plan and other miscellaneous non-jewelry sales.
| 13 weeks ended July 31, 2021 |  | 13 weeks ended August 1, 2020
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Store | $ | 1,333.3 |  |  | $ | 106.9 |  |  | $ | — |  |  | $ | 1,440.2 |  |  | $ | 574.6 |  |  | $ | 39.3 |  |  | $ | — |  |  | $ | 613.9 |
E-commerce | 312.4 |  |  | 23.8 |  |  | — |  |  | 336.2 |  |  | 248.4 |  |  | 21.7 |  |  | — |  |  | 270.1 |
Other | — |  |  | — |  |  | 11.7 |  |  | 11.7 |  |  | — |  |  | — |  |  | 4.0 |  |  | 4.0 |
Total sales | $ | 1,645.7 |  |  | $ | 130.7 |  |  | $ | 11.7 |  |  | $ | 1,788.1 |  |  | $ | 823.0 |  |  | $ | 61.0 |  |  | $ | 4.0 |  |  | $ | 888.0 |
| 26 weeks ended July 31, 2021 |  | 26 weeks ended August 1, 2020
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Store | $ | 2,632.9 |  |  | $ | 136.4 |  |  | $ | — |  |  | $ | 2,769.3 |  |  | $ | 1,206.5 |  |  | $ | 88.7 |  |  | $ | — |  |  | $ | 1,295.2 |
E-commerce | 630.8 |  |  | 51.7 |  |  | — |  |  | 682.5 |  |  | 397.6 |  |  | 37.2 |  |  | — |  |  | 434.8 |
Other | — |  |  | — |  |  | 25.1 |  |  | 25.1 |  |  | — |  |  | — |  |  | 10.1 |  |  | 10.1 |
Total sales | $ | 3,263.7 |  |  | $ | 188.1 |  |  | $ | 25.1 |  |  | $ | 3,476.9 |  |  | $ | 1,604.1 |  |  | $ | 125.9 |  |  | $ | 10.1 |  |  | $ | 1,740.1 |
Extended service plans and lifetime warranty agreements (“ESP”) The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral period for ESP sales is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in estimates related to the time period or pattern in which warranty-related costs are expected to be incurred could materially impact revenues. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Deferred selling costs Unamortized deferred selling costs as of July 31, 2021, January 30, 2021 and August 1, 2020 were as follows:
(in millions) | July 31, 2021 |  | January 30, 2021 |  | August 1, 2020
Other current assets | $ | 25.4 |  |  | $ | 26.2 |  |  | $ | 30.2 |
Other assets | 87.1 |  |  | 85.1 |  |  | 76.4 |
Total deferred selling costs | $ | 112.5 |  |  | $ | 111.3 |  |  | $ | 106.6 |
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 $7.1 million and $17.0 million during the 13 and 26 weeks ended July 31, 2021, respectively, and $3.3 million and $7.6 million during the 13 and 26 weeks ended August 1, 2020, respectively. Deferred revenue Deferred revenue consists of the following:
(in millions) | July 31, 2021 |  | January 30, 2021 |  | August 1, 2020
ESP deferred revenue | $ | 1,063.8 |  |  | $ | 1,028.9 |  |  | $ | 990.5 |
Other deferred revenue (1) | 43.5 |  |  | 43.1 |  |  | 39.7 |
Total deferred revenue | $ | 1,107.3 |  |  | $ | 1,072.0 |  |  | $ | 1,030.2 |
Disclosed as: |  |  |  |  |
Current liabilities | $ | 297.9 |  |  | $ | 288.7 |  |  | $ | 330.9 |
Non-current liabilities | 809.4 |  |  | 783.3 |  |  | 699.3 |
Total deferred revenue | $ | 1,107.3 |  |  | $ | 1,072.0 |  |  | $ | 1,030.2 |
(1) Other deferred revenue includes primarily 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 31, 2021 |  | August 1, 2020 |  | July 31, 2021 |  | August 1, 2020
ESP deferred revenue, beginning of period | $ | 1,049.4 |  |  | $ | 961.0 |  |  | $ | 1,028.9 |  |  | $ | 960.0 |
Plans sold (1) | 118.6 |  |  | 55.7 |  |  | 242.7 |  |  | 109.4 |
Revenue recognized (2) | (104.2) |  |  | (26.2) |  |  | (207.8) |  |  | (78.9) |
ESP deferred revenue, end of period | $ | 1,063.8 |  |  | $ | 990.5 |  |  | $ | 1,063.8 |  |  | $ | 990.5 |
(1) Includes impact of foreign exchange translation. (2) The Company recognized sales of $63.9 million and $136.5 million during the 13 and 26 weeks ended July 31, 2021, respectively, and $9.7 million and $54.2 million during the 13 and 26 weeks ended August 1, 2020, respectively, related to deferred revenue that existed at the beginning of the period in respect to ESP. In Fiscal 2021, no ESP revenue was recognized beginning on March 23, 2020 due to the temporary closure of the Company’s stores and service centers as a result of COVID-19. As the Company began reopening stores and service centers during the second quarter of Fiscal 2021, the Company resumed recognizing service revenue as it fulfilled its performance obligations under the ESP.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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