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Revenue Recognition | 6 Months Ended
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Jul. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue recognition The following table provides the Company’s total sales, disaggregated by banner, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:
| 13 weeks ended July 30, 2022 |  | 13 weeks ended July 31, 2021
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by banner: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kay | $ | 617.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 617.5 |  |  | $ | 673.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 673.7 |
Zales | 318.1 |  |  | — |  |  | — |  |  | 318.1 |  |  | 367.3 |  |  | — |  |  | — |  |  | 367.3 |
Jared | 303.5 |  |  | — |  |  | — |  |  | 303.5 |  |  | 311.9 |  |  | — |  |  | — |  |  | 311.9 |
Diamonds Direct | 113.0 |  |  | — |  |  | — |  |  | 113.0 |  |  | — |  |  |  |  |  |  | — |
Banter by Piercing Pagoda | 100.2 |  |  | — |  |  | — |  |  | 100.2 |  |  | 138.7 |  |  | — |  |  | — |  |  | 138.7 |
James Allen | 88.6 |  |  | — |  |  | — |  |  | 88.6 |  |  | 108.8 |  |  | — |  |  | — |  |  | 108.8 |
Peoples | 47.8 |  |  | — |  |  | — |  |  | 47.8 |  |  | 41.4 |  |  | — |  |  | — |  |  | 41.4 |
International segment banners | — |  |  | 111.6 |  |  | — |  |  | 111.6 |  |  | — |  |  | 130.7 |  |  | — |  |  | 130.7 |
Other (1) | 27.7 |  |  | — |  |  | 26.9 |  |  | 54.6 |  |  | 3.9 |  |  | — |  |  | 11.7 |  |  | 15.6 |
Total sales | $ | 1,616.4 |  |  | $ | 111.6 |  |  | $ | 26.9 |  |  | $ | 1,754.9 |  |  | $ | 1,645.7 |  |  | $ | 130.7 |  |  | $ | 11.7 |  |  | $ | 1,788.1 |
| 26 weeks ended July 30, 2022 |  | 26 weeks ended July 31, 2021
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by banner: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kay | $ | 1,284.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,284.8 |  |  | $ | 1,350.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,350.4 |
Zales | 665.8 |  |  | — |  |  | — |  |  | 665.8 |  |  | 738.1 |  |  | — |  |  | — |  |  | 738.1 |
Jared | 617.6 |  |  | — |  |  | — |  |  | 617.6 |  |  | 596.0 |  |  | — |  |  | — |  |  | 596.0 |
Diamonds Direct | 219.3 |  |  |  |  |  |  | 219.3 |  |  | — |  |  |  |  |  |  | — |
Banter by Piercing Pagoda | 219.2 |  |  | — |  |  | — |  |  | 219.2 |  |  | 287.6 |  |  | — |  |  | — |  |  | 287.6 |
James Allen | 181.9 |  |  | — |  |  | — |  |  | 181.9 |  |  | 210.3 |  |  | — |  |  | — |  |  | 210.3 |
Peoples | 93.2 |  |  | — |  |  | — |  |  | 93.2 |  |  | 76.0 |  |  | — |  |  | — |  |  | 76.0 |
International segment banners | — |  |  | 221.6 |  |  | — |  |  | 221.6 |  |  | — |  |  | 188.1 |  |  | — |  |  | 188.1 |
Other (1) | 39.6 |  |  | — |  |  | 50.2 |  |  | 89.8 |  |  | 5.3 |  |  | — |  |  | 25.1 |  |  | 30.4 |
Total sales | $ | 3,321.4 |  |  | $ | 221.6 |  |  | $ | 50.2 |  |  | $ | 3,593.2 |  |  | $ | 3,263.7 |  |  | $ | 188.1 |  |  | $ | 25.1 |  |  | $ | 3,476.9 |
(1) Other primarily includes sales from Signet’s diamond sourcing initiative, loose diamonds and Rocksbox. The following table provides the Company’s total sales, disaggregated by major product, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:
| 13 weeks ended July 30, 2022 |  | 13 weeks ended July 31, 2021
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by product: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bridal | $ | 730.6 |  |  | $ | 49.2 |  |  | $ | — |  |  | $ | 779.8 |  |  | $ | 696.9 |  |  | $ | 60.7 |  |  | $ | — |  |  | $ | 757.6 |
Fashion | 609.6 |  |  | 17.9 |  |  | — |  |  | 627.5 |  |  | 680.7 |  |  | 20.7 |  |  | — |  |  | 701.4 |
Watches | 53.5 |  |  | 37.9 |  |  | — |  |  | 91.4 |  |  | 58.6 |  |  | 41.0 |  |  | — |  |  | 99.6 |
Services (1) | 163.5 |  |  | 6.6 |  |  | — |  |  | 170.1 |  |  | 151.1 |  |  | 8.3 |  |  | — |  |  | 159.4 |
Other (2) | 59.2 |  |  | — |  |  | 26.9 |  |  | 86.1 |  |  | 58.4 |  |  | — |  |  | 11.7 |  |  | 70.1 |
Total sales | $ | 1,616.4 |  |  | $ | 111.6 |  |  | $ | 26.9 |  |  | $ | 1,754.9 |  |  | $ | 1,645.7 |  |  | $ | 130.7 |  |  | $ | 11.7 |  |  | $ | 1,788.1 |
| 26 weeks ended July 30, 2022 |  | 26 weeks ended July 31, 2021
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by product: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bridal | $ | 1,517.9 |  |  | $ | 99.3 |  |  | $ | — |  |  | $ | 1,617.2 |  |  | $ | 1,423.6 |  |  | $ | 89.5 |  |  | $ | — |  |  | $ | 1,513.1 |
Fashion | 1,267.8 |  |  | 35.6 |  |  | — |  |  | 1,303.4 |  |  | 1,342.1 |  |  | 30.4 |  |  | — |  |  | 1,372.5 |
Watches | 105.0 |  |  | 73.1 |  |  | — |  |  | 178.1 |  |  | 105.5 |  |  | 58.2 |  |  | — |  |  | 163.7 |
Services (1) | 329.5 |  |  | 13.6 |  |  | — |  |  | 343.1 |  |  | 297.0 |  |  | 10.0 |  |  | — |  |  | 307.0 |
Other (2) | 101.2 |  |  | — |  |  | 50.2 |  |  | 151.4 |  |  | 95.5 |  |  | — |  |  | 25.1 |  |  | 120.6 |
Total sales | $ | 3,321.4 |  |  | $ | 221.6 |  |  | $ | 50.2 |  |  | $ | 3,593.2 |  |  | $ | 3,263.7 |  |  | $ | 188.1 |  |  | $ | 25.1 |  |  | $ | 3,476.9 |
(1) Services primarily includes sales from service plans, repairs and subscriptions. (2) Other primarily includes sales from Signet’s diamond sourcing initiative and other miscellaneous non-jewelry sales. The following table provides the Company’s total sales, disaggregated by channel, for the 13 and 26 weeks ended July 30, 2022 and July 31, 2021:
| 13 weeks ended July 30, 2022 |  | 13 weeks ended July 31, 2021
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Store | $ | 1,314.6 |  |  | $ | 91.9 |  |  | $ | — |  |  | $ | 1,406.5 |  |  | $ | 1,333.3 |  |  | $ | 106.9 |  |  | $ | — |  |  | $ | 1,440.2 |
E-commerce | 278.1 |  |  | 19.7 |  |  | — |  |  | 297.8 |  |  | 312.4 |  |  | 23.8 |  |  | — |  |  | 336.2 |
Other (1) | 23.7 |  |  | — |  |  | 26.9 |  |  | 50.6 |  |  | — |  |  | — |  |  | 11.7 |  |  | 11.7 |
Total sales | $ | 1,616.4 |  |  | $ | 111.6 |  |  | $ | 26.9 |  |  | $ | 1,754.9 |  |  | $ | 1,645.7 |  |  | $ | 130.7 |  |  | $ | 11.7 |  |  | $ | 1,788.1 |
| 26 weeks ended July 30, 2022 |  | 26 weeks ended July 31, 2021
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Store | $ | 2,711.1 |  |  | $ | 181.8 |  |  | $ | — |  |  | $ | 2,892.9 |  |  | $ | 2,632.9 |  |  | $ | 136.4 |  |  | $ | — |  |  | $ | 2,769.3 |
E-commerce | 578.5 |  |  | 39.8 |  |  | — |  |  | 618.3 |  |  | 630.8 |  |  | 51.7 |  |  | — |  |  | 682.5 |
Other (1) | 31.8 |  |  | — |  |  | 50.2 |  |  | 82.0 |  |  | — |  |  | — |  |  | 25.1 |  |  | 25.1 |
Total sales | $ | 3,321.4 |  |  | $ | 221.6 |  |  | $ | 50.2 |  |  | $ | 3,593.2 |  |  | $ | 3,263.7 |  |  | $ | 188.1 |  |  | $ | 25.1 |  |  | $ | 3,476.9 |
(1) Other primarily includes sales from Signet’s diamond sourcing initiative and loose diamonds. Extended service plans (“ESP”) The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral periods for ESP sales are 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 30, 2022, January 29, 2022 and July 31, 2021 were as follows:
(in millions) | July 30, 2022 |  | January 29, 2022 |  | July 31, 2021
Other current assets | $ | 27.4 |  |  | $ | 28.4 |  |  | $ | 25.4 |
Other assets | 86.8 |  |  | 87.8 |  |  | 87.1 |
Total deferred selling costs | $ | 114.2 |  |  | $ | 116.2 |  |  | $ | 112.5 |
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 w as $10.3 million and $21.1 million d uring the 13 and 26 weeks ended July 30, 2022, respectively, and $7.1 million and $17.0 million during the 13 and 26 weeks ended July 31, 2021. Deferred revenue Deferred revenue as of July 30, 2022, January 29, 2022 and July 31, 2021 was as follows:
(in millions) | July 30, 2022 |  | January 29, 2022 |  | July 31, 2021
ESP deferred revenue | $ | 1,131.5 |  |  | $ | 1,116.5 |  |  | $ | 1,063.8 |
Other deferred revenue (1) | 69.3 |  |  | 82.4 |  |  | 43.5 |
Total deferred revenue | $ | 1,200.8 |  |  | $ | 1,198.9 |  |  | $ | 1,107.3 |
Disclosed as: |  |  |  |  |
Current liabilities | $ | 326.9 |  |  | $ | 341.3 |  |  | $ | 297.9 |
Non-current liabilities | 873.9 |  |  | 857.6 |  |  | 809.4 |
Total deferred revenue | $ | 1,200.8 |  |  | $ | 1,198.9 |  |  | $ | 1,107.3 |
(1) Other deferred revenue primarily includes 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 30, 2022 |  | July 31, 2021 |  | July 30, 2022 |  | July 31, 2021
ESP deferred revenue, beginning of period | $ | 1,125.9 |  |  | $ | 1,049.4 |  |  | $ | 1,116.5 |  |  | $ | 1,028.9 |
Plans sold (1) | 120.3 |  |  | 118.6 |  |  | 244.1 |  |  | 242.7 |
Revenue recognized (2) | (114.7) |  |  | (104.2) |  |  | (229.1) |  |  | (207.8) |
ESP deferred revenue, end of period | $ | 1,131.5 |  |  | $ | 1,063.8 |  |  | $ | 1,131.5 |  |  | $ | 1,063.8 |
(1) Includes impact of foreign exchange translation. (2) The Company recognized sale s o f $68.6 million and $147.8 million during the 13 and 26 weeks ended July 30, 2022, respectively, and $63.9 million and $136.5 million during the 13 and 26 weeks ended July 31, 2021, respectively, related to deferred revenue that existed at the beginning of the period in respect to 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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