Inventories

12 Months Ended

Jan. 28, 2023

The following table summarizes the details of the Company’s inventory:


(in millions)	January 28, 2023		January 29, 2022
Raw materials	$	89.2	$	75.8
Merchandise inventories	2,061.1		1,984.6
Total inventories	$	2,150.3	$	2,060.4

Signet held $623.0 million of consignment inventory at January 28, 2023 (January 29, 2022: $533.2 million), which is not recorded on the consolidated balance sheets. 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 adjust the inventory prices prior to sale.

Inventory reserves


(in millions)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Inventory reserve, beginning of period	$	46.8	$	52.9	$	67.0
Charged to income (1)	63.6		101.8		78.1
Utilization (2)	(82.7)		(107.9)		(92.2)
Inventory reserve, end of period (3)	$	27.7	$	46.8	$	52.9

(1) Includes $1.4 million in Fiscal 2021 for inventory charges associated with the Company’s restructuring plan. The charges were primarily associated with discontinued brands and collections within the restructuring - cost of sales line item on the consolidated statements of operations. As the Plan was substantially completed in Fiscal 2021, no additional charges were recorded in Fiscal 2023 or Fiscal 2022. See Note 6 for additional information.

(2) Includes the impact of foreign exchange translation, as well as $2.2 million in Fiscal 2022 and $20.0 million in Fiscal 2021 utilized for inventory identified as part of the Company’s restructuring plan. As the Plan was substantially completed in Fiscal 2021, there were no additional amounts utilized in Fiscal 2023. See Note 6 for additional information.

(3) Includes $2.2 million in Fiscal 2021 for inventory identified as part of the Company’s restructuring plan. See Note 6 for additional information.