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Income taxes | 3 Months Ended
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May 03, 2025
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes
| 13 weeks ended
| May 3, 2025 |  | May 4, 2024
Estimated annual effective tax rate before discrete items | 22.3 | % |  | 17.4 | %
Discrete items recognized | 4.2 | % |  | (6.3) | %
Effective tax rate recognized in statements of operations | 26.5 | % |  | 11.1 | %
Signet was not subject to income tax in Bermuda prior to Fiscal 2026. On December 27, 2023, Bermuda enacted a 15% corporate income tax that was effective for the Company beginning with Fiscal 2026. During the 13 weeks ended May 3, 2025, the Company’s effective tax rate was higher than the Bermuda corporate income tax rate, primarily as a result of the unfavorable impact of foreign rate differences (primarily in the US) and unfavorable discrete tax items recognized in the 13 weeks ended May 3, 2025, including the tax shortfall for share-based compensation which vested during the year of $0.8 million. The Company’s effective tax rate for the same period during the prior year was lower than the US federal corporate income tax rate, primarily as a result of the favorable impact of foreign rate differences and benefits from global reinsurance arrangements, as well as the discrete tax benefits related to the excess tax benefit for share-based compensation which vested during the quarter of $4.7 million. As of May 3, 2025, there has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified and recorded as of February 1, 2025.

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