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Income taxes | 6 Months Ended
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Aug. 02, 2025
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes
| 26 weeks ended
| August 2, 2025 |  | August 3, 2024
Estimated annual effective tax rate before discrete items | 22.6 | % |  | 17.1 | %
Discrete items recognized | 29.3 | % |  | (38.2) | %
Effective tax rate recognized in statements of operations | 51.9 | % |  | (21.1) | %
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 is effective for the Company beginning with Fiscal 2026. On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted in the US. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of tax treatment for certain business provisions. There was no material impact from the Act upon enactment during the second quarter of Fiscal 2026, nor does the Company expect any material impact on its Fiscal 2026 effective tax rate, consolidated financial condition or results of operations. During the 26 weeks ended August 2, 2025, the Co m pany’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 26 weeks ended August 2, 2025, including non-deductible goodwill impairment charges of $53.6 million and the tax shortfall for share-based compensation which vested during the year of $0.7 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 items recognized in the 26 weeks ended August 3, 2024, including impairment charges of $166 million, of which $123 million relates to non-deductible goodwill, and the excess tax benefit for share-based compensation which vested during the year of $5.0 million. As of August 2, 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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