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Derivatives
 9 Months Ended
Nov. 01, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Derivative transactions are used by Signet for risk management purposes to address risks inherent in the Company’s business operations and sources of financing. The Company is currently utilizing financial derivatives to mitigate foreign currency and commodity price risks. Signet does not enter into derivative transactions for speculative purposes.
The following types of derivative financial instruments are utilized by the Company to mitigate certain risk exposures related to changes in foreign exchange rates and commodity prices:
Foreign currency exchange forward contracts (designated) — These contracts are entered into to limit the impact of movements in foreign exchange rates on forecasted foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of November 1, 2025 was $18.1 million (February 1, 2025 and November 2, 2024: $13.3 million and $17.3 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (February 1, 2025 and November 2, 2024: 11 months and 11 months, respectively).
Foreign currency exchange forward contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of November 1, 2025 was $116.6 million (February 1, 2025 and November 2, 2024: $86.6 million and $76.5 million, respectively).
Commodity forward contracts (designated) — The Company has exposure to movements in the price of the underlying precious metal raw material components of the products sold by Signet. Signet’s policy is to reduce the impact of precious metal commodity price volatility, such as gold, on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Company’s Chief Operating and Financial Officer. In particular, when price and volume warrant such actions, Signet undertakes hedging of its requirements for gold through the use of forward purchase contracts or option contracts. Signet began hedging its exposure to gold prices during the second quarter of Fiscal 2026. The total notional amount of these forward contracts as of November 1, 2025 was approximately 38,000 ounces of gold. These contracts have been designated as cash flow hedges and will be settled over the next 11 months.
The bank counterparties to the derivative instruments expose the Company to credit-related losses in the event of their non-performance. However, to mitigate that risk, the Company only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of November 1, 2025, the Company believes that this credit risk did not materially change the fair value of the derivative instruments.
The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets as of November 1, 2025, February 1, 2025 and November 2, 2024:
Fair value of derivative assets
(in millions)Balance sheet locationNovember 1, 2025February 1, 2025November 2, 2024
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$0.4 $0.4 $0.2 
Commodity contractsOther current assets11.2 — — 
Total derivative assets
$11.6 $0.4 $0.2 
Fair value of derivative liabilities
(in millions)Balance sheet locationNovember 1, 2025February 1, 2025November 2, 2024
Derivatives designated as hedging instruments:
Foreign currency contractsOther current liabilities$(0.1)$— $(0.2)
Commodity contractsOther current liabilities(2.7)— — 
(2.8)— (0.2)
Derivatives not designated as hedging instruments:
Foreign currency contractsOther current liabilities(0.8)(0.7)(0.3)
Total derivative liabilities
$(3.6)$(0.7)$(0.5)
Derivatives designated as cash flow hedges
The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships as of November 1, 2025, February 1, 2025 and November 2, 2024:
(in millions)November 1, 2025February 1, 2025November 2, 2024
Foreign currency contracts$— $0.4 $(0.3)
Commodity contracts14.1 — — 
Gains (losses) recorded in AOCI
$14.1 $0.4 $(0.3)
The following tables summarize the effect of derivative instruments designated as cash flow hedges on OCI and the condensed consolidated statements of operations for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:
Foreign currency contracts
13 weeks ended39 weeks ended
(in millions)Statement of operations captionNovember 1, 2025November 2, 2024November 1, 2025November 2, 2024
Gains (losses) recorded in AOCI, beginning of period$(0.3)$(0.2)$0.4 $(0.1)
Current period gains (losses) recognized in OCI0.1 (0.1)(0.6)(0.3)
Losses reclassified from AOCI to net income
Cost of sales (1)
0.2 — 0.2 0.1 
Losses recorded in AOCI, end of period$— $(0.3)$— $(0.3)
Commodity contracts
13 weeks ended39 weeks ended
(in millions)Statement of operations captionNovember 1, 2025November 2, 2024November 1, 2025November 2, 2024
Gains recorded in AOCI, beginning of period$— $— $— $— 
Current period gains recognized in OCI14.2 — 14.2 — 
Gains reclassified from AOCI to net income
Cost of sales (1)
(0.1)— (0.1)— 
Gains recorded in AOCI, end of period$14.1 $— $14.1 $— 
(1)    Refer to the condensed consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges.
There were no discontinued cash flow hedges during the 39 weeks ended November 1, 2025 and November 2, 2024 as all forecasted transactions are expected to occur as originally planned. As of November 1, 2025, based on current valuations, the Company expects approximately $9.3 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months.
Derivatives not designated as cash flow hedges
The following table summarizes the gains (losses) recognized from the Company’s derivatives instruments not designated as cash flow hedges within other operating expense, net in the condensed consolidated statements of operations for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:
13 weeks ended39 weeks ended
(in millions)November 1, 2025November 2, 2024November 1, 2025November 2, 2024
Foreign currency contracts
$(1.7)$(0.5)$2.7 $(2.3)