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Shareholders' equity | 3 Months Ended
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May 04, 2024
Equity [Abstract] |
Shareholders' equity | Shareholders’ equity Dividends on Common Shares Dividends declared on common shares during the 13 weeks ended May 4, 2024 and April 29, 2023 were as follows:
| Fiscal 2025 |  | Fiscal 2024
(in millions, except per share amounts) | Dividends per share |  | Total dividends |  | Dividends per share |  | Total dividends
First quarter (1) | $ | 0.29 |  |  | $ | 12.9 |  |  | $ | 0.23 |  |  | $ | 10.4 |
(1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of May 4, 2024 and April 29, 2023, there was $12.9 million and $10.4 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 2025 and Fiscal 2024, respectively. Dividends on Preferred Shares Dividends declared on the Preferred Shares during the 13 weeks ended May 4, 2024 and April 29, 2023 were as follows:
| Fiscal 2025 |  | Fiscal 2024
(in millions, except per share amounts) | Dividends per share |  | Total dividends(2) |  | Dividends per share |  | Total dividends
First quarter (1) | $ | 13.14 |  |  | $ | 6.2 |  |  | $ | 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 May 4, 2024 and April 29, 2023, there was $4.1 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 2025 and Fiscal 2024, respectively. (2) Dividends on the Preferred Shares during the first quarter of Fiscal 2025 includes $2.1 million of dividends paid in April 2024 in connection with the redemption further described in Note 5. There were no cumulative undeclared dividends on the Preferred Shares that reduced net (loss) income attributable to common shareholders during the 13 weeks ended May 4, 2024 or April 29, 2023. See Note 5 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 compensation awards, or for general corporate purposes. The Board authorized repurchases to be made under the 2017 Share Repurchase Program (the “2017 Program”). Through the end of Fiscal 2024, the total authorization under the 2017 Program had been increased to approximately $1.9 billion, with $661.0 million remaining as of February 3, 2024. In March 2024, the Board approved a further $200.0 million increase to the multi-year authorization under the 2017 Program. Since inception of the 2017 Program, the Company has repurchased approximately $1.2 billion of shares, with $853.6 million of shares authorized for repurchase remaining as of May 4, 2024. The share repurchase activity during the 13 weeks ended May 4, 2024 and April 29, 2023 was as follows:
|  |  | 13 weeks ended May 4, 2024 |  | 13 weeks ended April 29, 2023
(in millions, except per share amounts) |  |  | Shares repurchased |  | Amount repurchased (1) |  | Average repurchase price per share (1) |  | Shares repurchased |  | Amount repurchased (1) |  | Average repurchase price per share (1)
2017 Program |  |  | 0.1 |  | $ | 7.4 |  |  | $ | 101.10 |  |  | 0.5 |  | $ | 39.1 |  |  | $ | 74.95 |
(1) Includes amounts paid for commissions.

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