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Shareholders' equity
 3 Months Ended
Apr. 29, 2023
Equity [Abstract]  
Shareholders' equity Shareholders’ equity
Dividends on Common Shares
Dividends declared on the common shares during the 13 weeks ended April 29, 2023 and April 30, 2022 were as follows:
Fiscal 2024Fiscal 2023
(in millions, except per share amounts)Dividends
per share		Total dividendsDividends
per share		Total dividends
First quarter (1)
$0.23 $10.4 $0.20 $9.3 
(1)    Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of April 29, 2023 and April 30, 2022, there was $10.4 million and $9.3 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the first quarter of Fiscal 2024 and Fiscal 2023, respectively.
Dividends on Preferred Shares
Dividends declared on the Preferred Shares during the 13 weeks ended April 29, 2023 and April 30, 2022 were as follows:
Fiscal 2024Fiscal 2023
(in millions, except per share amounts)Dividends
per share		Total dividendsDividends
per share		Total dividends
First quarter (1)
$13.14 $8.2 $13.14 $8.2 
(1)    Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of April 29, 2023 and April 30, 2022, there was $8.2 million and $8.2 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on the Preferred Shares declared for the first quarter of Fiscal 2024 and Fiscal 2023, respectively.
There were no cumulative undeclared dividends on the Preferred Shares that reduced net income (loss) attributable to common shareholders during the 13 weeks ended April 29, 2023 or April 30, 2022. See Note 6 for additional discussion of the Company’s Preferred Shares.
Share repurchases
Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board. Repurchases may be made in the open market, through block trades, through accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares are held as treasury shares and used by Signet primarily for issuance of share based awards, or for general corporate purposes.
Signet’s Board of Directors (the “Board”) authorized repurchases to be made under the 2017 Share Repurchase Program (the “2017 Program”). Through the end of Fiscal 2023, the total authorization under the 2017 Program had been increased to $1.7 billion, with $537.3 million remaining as of January 28, 2023. In March 2023, the Board approved a further increase to the multi-year authorization under the 2017 Program bringing the total remaining authorization to approximately $775 million. Since inception of the 2017 Program, the Company has repurchased approximately $1.2 billion of shares, with an additional $761.2 million of shares authorized for repurchase remaining as of April 29, 2023.
On January 21, 2022, the Company entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution to repurchase the Company’s common shares for an aggregate amount of $250 million. On January 24, 2022, the Company made a prepayment of $250 million and took delivery of 2.5 million shares based on a price of $80 per share, which is 80% of the total prepayment amount. On March 14, 2022, the Company received an additional 0.8 million shares, representing the remaining 20% of the total prepayment and final settlement of the ASR. The number of shares received at final settlement was based on the average of the daily volume-weighted average prices of the Company’s common stock during the term of the ASR. The ASR was accounted for as a purchase of common shares and a forward purchase contract.
The share repurchase activity during the 13 weeks ended April 29, 2023 and April 30, 2022 was as follows:
13 weeks ended April 29, 2023
13 weeks ended April 30, 2022
(in millions, except per share amountsShares repurchased
Amount repurchased (2)
Average repurchase price per share (2)
Shares repurchased
Amount repurchased (1)(2)
Average repurchase price per share(2)
2017 Program0.5$39.1 $74.95 4.3$318.2 $73.42 
(1)    The amount repurchased in Fiscal 2023 includes $50 million related to the forward purchase contract in the ASR.
(2)    Includes amounts paid for commissions.