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Revenue recognition | 6 Months Ended
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Aug. 03, 2024
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 August 3, 2024 and July 29, 2023:
| 13 weeks ended August 3, 2024 |  | 13 weeks ended July 29, 2023
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by banner: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kay | $ | 542.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 542.6 |  |  | $ | 567.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 567.1 |
Zales | 255.5 |  |  | — |  |  | — |  |  | 255.5 |  |  | 279.4 |  |  | — |  |  | — |  |  | 279.4 |
Jared | 251.6 |  |  | — |  |  | — |  |  | 251.6 |  |  | 265.2 |  |  | — |  |  | — |  |  | 265.2 |
Digital banners (1) | 131.3 |  |  | — |  |  | — |  |  | 131.3 |  |  | 164.2 |  |  |  |  |  |  | 164.2 |
Diamonds Direct | 89.3 |  |  | — |  |  | — |  |  | 89.3 |  |  | 93.1 |  |  | — |  |  | — |  |  | 93.1 |
Banter by Piercing Pagoda | 77.6 |  |  | — |  |  | — |  |  | 77.6 |  |  | 79.3 |  |  | — |  |  | — |  |  | 79.3 |
Peoples | 43.6 |  |  | — |  |  | — |  |  | 43.6 |  |  | 43.5 |  |  | — |  |  | — |  |  | 43.5 |
International segment banners | — |  |  | 86.5 |  |  | — |  |  | 86.5 |  |  | — |  |  | 102.0 |  |  | — |  |  | 102.0 |
Other (2) | 6.1 |  |  | — |  |  | 6.9 |  |  | 13.0 |  |  | 9.3 |  |  | — |  |  | 10.5 |  |  | 19.8 |
Total sales | $ | 1,397.6 |  |  | $ | 86.5 |  |  | $ | 6.9 |  |  | $ | 1,491.0 |  |  | $ | 1,501.1 |  |  | $ | 102.0 |  |  | $ | 10.5 |  |  | $ | 1,613.6 |
| 26 weeks ended August 3, 2024 |  | 26 weeks ended July 29, 2023
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by banner: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kay | $ | 1,110.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,110.1 |  |  | $ | 1,169.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,169.3 |
Zales | 512.2 |  |  | — |  |  | — |  |  | 512.2 |  |  | 574.8 |  |  | — |  |  | — |  |  | 574.8 |
Jared | 501.1 |  |  | — |  |  | — |  |  | 501.1 |  |  | 539.2 |  |  | — |  |  | — |  |  | 539.2 |
Digital banners (1) | 265.0 |  |  |  |  |  |  | 265.0 |  |  | 332.4 |  |  |  |  |  |  | 332.4 |
Diamonds Direct | 171.9 |  |  | — |  |  | — |  |  | 171.9 |  |  | 181.3 |  |  | — |  |  | — |  |  | 181.3 |
Banter by Piercing Pagoda | 161.2 |  |  | — |  |  | — |  |  | 161.2 |  |  | 164.8 |  |  | — |  |  | — |  |  | 164.8 |
Peoples | 82.8 |  |  | — |  |  | — |  |  | 82.8 |  |  | 81.7 |  |  | — |  |  | — |  |  | 81.7 |
International segment banners | — |  |  | 163.7 |  |  | — |  |  | 163.7 |  |  | — |  |  | 195.0 |  |  | — |  |  | 195.0 |
Other (2) | 13.3 |  |  | — |  |  | 20.5 |  |  | 33.8 |  |  | 18.8 |  |  | — |  |  | 24.3 |  |  | 43.1 |
Total sales | $ | 2,817.6 |  |  | $ | 163.7 |  |  | $ | 20.5 |  |  | $ | 3,001.8 |  |  | $ | 3,062.3 |  |  | $ | 195.0 |  |  | $ | 24.3 |  |  | $ | 3,281.6 |
(1) Includes sales from the Company’s digital banners, James Allen and Blue Nile. (2) Other primarily includes sales from the Company’s diamond sourcing operation, loose diamonds and Rocksbox. The following table provides the Company’s total sales, disaggregated by major product, for the 13 and 26 weeks ended August 3, 2024 and July 29, 2023:
| 13 weeks ended August 3, 2024 |  | 13 weeks ended July 29, 2023
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by product: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bridal | $ | 625.9 |  |  | $ | 39.9 |  |  | $ | — |  |  | $ | 665.8 |  |  | $ | 691.0 |  |  | $ | 44.5 |  |  | $ | — |  |  | $ | 735.5 |
Fashion | 522.5 |  |  | 17.7 |  |  | — |  |  | 540.2 |  |  | 552.3 |  |  | 17.4 |  |  | — |  |  | 569.7 |
Watches | 48.7 |  |  | 23.0 |  |  | — |  |  | 71.7 |  |  | 48.4 |  |  | 33.5 |  |  | — |  |  | 81.9 |
Services (1) | 173.8 |  |  | 5.9 |  |  | — |  |  | 179.7 |  |  | 170.6 |  |  | 6.6 |  |  | — |  |  | 177.2 |
Other (2) | 26.7 |  |  | — |  |  | 6.9 |  |  | 33.6 |  |  | 38.8 |  |  | — |  |  | 10.5 |  |  | 49.3 |
Total sales | $ | 1,397.6 |  |  | $ | 86.5 |  |  | $ | 6.9 |  |  | $ | 1,491.0 |  |  | $ | 1,501.1 |  |  | $ | 102.0 |  |  | $ | 10.5 |  |  | $ | 1,613.6 |
| 26 weeks ended August 3, 2024 |  | 26 weeks ended July 29, 2023
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by product: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bridal | $ | 1,265.2 |  |  | $ | 75.2 |  |  | $ | — |  |  | $ | 1,340.4 |  |  | $ | 1,418.7 |  |  | $ | 85.5 |  |  | $ | — |  |  | $ | 1,504.2 |
Fashion | 1,059.3 |  |  | 32.9 |  |  | — |  |  | 1,092.2 |  |  | 1,123.7 |  |  | 33.0 |  |  | — |  |  | 1,156.7 |
Watches | 91.4 |  |  | 43.8 |  |  | — |  |  | 135.2 |  |  | 93.2 |  |  | 63.6 |  |  | — |  |  | 156.8 |
Services (1) | 352.4 |  |  | 11.8 |  |  | — |  |  | 364.2 |  |  | 346.4 |  |  | 12.9 |  |  | — |  |  | 359.3 |
Other (2) | 49.3 |  |  | — |  |  | 20.5 |  |  | 69.8 |  |  | 80.3 |  |  | — |  |  | 24.3 |  |  | 104.6 |
Total sales | $ | 2,817.6 |  |  | $ | 163.7 |  |  | $ | 20.5 |  |  | $ | 3,001.8 |  |  | $ | 3,062.3 |  |  | $ | 195.0 |  |  | $ | 24.3 |  |  | $ | 3,281.6 |
(1) Services primarily includes sales from service plans, repairs and subscriptions. (2) Other primarily includes sales from the Company’s diamond sourcing operation 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 August 3, 2024 and July 29, 2023:
| 13 weeks ended August 3, 2024 |  | 13 weeks ended July 29, 2023
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Store | $ | 1,080.2 |  |  | $ | 67.6 |  |  | $ | — |  |  | $ | 1,147.8 |  |  | $ | 1,147.1 |  |  | $ | 84.8 |  |  | $ | — |  |  | $ | 1,231.9 |
eCommerce | 313.4 |  |  | 18.9 |  |  | — |  |  | 332.3 |  |  | 348.3 |  |  | 17.2 |  |  | — |  |  | 365.5 |
Other (1) | 4.0 |  |  | — |  |  | 6.9 |  |  | 10.9 |  |  | 5.7 |  |  | — |  |  | 10.5 |  |  | 16.2 |
Total sales | $ | 1,397.6 |  |  | $ | 86.5 |  |  | $ | 6.9 |  |  | $ | 1,491.0 |  |  | $ | 1,501.1 |  |  | $ | 102.0 |  |  | $ | 10.5 |  |  | $ | 1,613.6 |
| 26 weeks ended August 3, 2024 |  | 26 weeks ended July 29, 2023
(in millions) | North America |  | International |  | Other |  | Consolidated |  | North America |  | International |  | Other |  | Consolidated
Sales by channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Store | $ | 2,174.5 |  |  | $ | 128.4 |  |  | $ | — |  |  | $ | 2,302.9 |  |  | $ | 2,338.1 |  |  | $ | 161.6 |  |  | $ | — |  |  | $ | 2,499.7 |
eCommerce | 634.9 |  |  | 35.3 |  |  | — |  |  | 670.2 |  |  | 712.7 |  |  | 33.4 |  |  | — |  |  | 746.1 |
Other (1) | 8.2 |  |  | — |  |  | 20.5 |  |  | 28.7 |  |  | 11.5 |  |  | — |  |  | 24.3 |  |  | 35.8 |
Total sales | $ | 2,817.6 |  |  | $ | 163.7 |  |  | $ | 20.5 |  |  | $ | 3,001.8 |  |  | $ | 3,062.3 |  |  | $ | 195.0 |  |  | $ | 24.3 |  |  | $ | 3,281.6 |
(1) Other primarily includes sales from the Company’s diamond sourcing operation 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 historical claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in either the overall claims pattern or the life over which the Company is expected to fulfill its obligations under the warranty, could result in material change to revenues. All direct costs associated with the sale of the ESP 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 ESP selling costs Unamortized deferred ESP selling costs as of August 3, 2024, February 3, 2024 and July 29, 2023 were as follows:
(in millions) | August 3, 2024 |  | February 3, 2024 |  | July 29, 2023
Other current assets | $ | 27.5 |  |  | $ | 28.2 |  |  | $ | 28.0 |
Other assets | 81.2 |  |  | 83.0 |  |  | 83.0 |
Total deferred ESP selling costs | $ | 108.7 |  |  | $ | 111.2 |  |  | $ | 111.0 |
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 $10.9 million and $22.1 million during the 13 and 26 weeks ended August 3, 2024, respectively, and $10.8 million and $21.7 million during the 13 and 26 weeks ended July 29, 2023, respectively. Deferred revenue Deferred revenue as of August 3, 2024, February 3, 2024 and July 29, 2023 was as follows:
(in millions) | August 3, 2024 |  | February 3, 2024 |  | July 29, 2023
ESP deferred revenue | $ | 1,146.1 |  |  | $ | 1,158.7 |  |  | $ | 1,138.9 |
Other deferred revenue (1) | 75.7 |  |  | 86.0 |  |  | 88.4 |
Total deferred revenue | $ | 1,221.8 |  |  | $ | 1,244.7 |  |  | $ | 1,227.3 |
Disclosed as: |  |  |  |  |
Current liabilities | $ | 347.8 |  |  | $ | 362.9 |  |  | $ | 358.3 |
Non-current liabilities | 874.0 |  |  | 881.8 |  |  | 869.0 |
Total deferred revenue | $ | 1,221.8 |  |  | $ | 1,244.7 |  |  | $ | 1,227.3 |
(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) | August 3, 2024 |  | July 29, 2023 |  | August 3, 2024 |  | July 29, 2023
ESP deferred revenue, beginning of period | $ | 1,153.7 |  |  | $ | 1,149.4 |  |  | $ | 1,158.7 |  |  | $ | 1,159.5 |
Plans sold (1) | 117.0 |  |  | 109.7 |  |  | 238.9 |  |  | 223.1 |
Revenue recognized (2) | (124.6) |  |  | (120.2) |  |  | (251.5) |  |  | (243.7) |
ESP deferred revenue, end of period | $ | 1,146.1 |  |  | $ | 1,138.9 |  |  | $ | 1,146.1 |  |  | $ | 1,138.9 |
(1) Includes impact of foreign exchange translation. (2) The Company recognized sales of $75.0 million and $160.2 million during the 13 and 26 weeks ended August 3, 2024, respectively, and $75.8 million and $162.5 million during the 13 and 26 weeks ended July 29, 2023, 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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