Signet(SIG) - 2025 Q2 - Quarterly Results

Executive Summary and Q2 FY25 Highlights Signet reported Q2 FY25 sales of $1.5 billion, down 7.6%, with sequential comparable store sales improvement and raised cost savings targets - The company achieved its fifth consecutive quarter of sequential comparable store sales improvement, growing over 5 percentage points from Q1, with Q3-to-date turning positive[2] - Merchandise gross margin expanded by 120 basis points, and Average Transaction Value (ATV) increased year-over-year, driven by new merchandise strategies, competitive pricing, and procurement cost savings[2] - The FY25 cost savings target was raised to $200 million, exceeding the previous expectation of $150 million to $180 million[2] Q2 FY25 Financial Highlights | Metric | Q2 FY25 | Q2 FY24 | Change (Millions USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales | $1,491.0 Million | $1,613.6 Million | ($122.6) | -7.6% | | Comparable Store Sales (SSS) Change | -3.4% | -12.0% | - | - | | GAAP Operating (Loss) Income | ($100.9) Million | $90.2 Million | ($191.1) | -211.9% | | Adjusted Operating Income | $68.6 Million | $102.7 Million | ($34.1) | -33.2% | | GAAP Diluted (Loss) Per Share | ($2.28) | $1.38 | ($3.66) | -265.2% | | Adjusted Diluted EPS | $1.25 | $1.55 | ($0.30) | -19.4% | | Cash and Cash Equivalents, End of Period | $403.1 Million | $690.2 Million | ($287.1) | -41.6% | | Share Repurchases | $39.8 Million | - | - | - | | Non-cash Impairment Charges | $166.0 Million | - | - | - | | Non-cash Impairment Charges Included in Diluted Loss Per Share | $3.73 | - | - | - | Consolidated Financial Performance Signet's Q2 FY25 consolidated sales were $1.491 billion, down 3.4% in comparable store sales, with gross margin up 10 bps, but a $100.9 million GAAP operating loss due to impairment Consolidated Financial Performance Overview | Metric | Q2 FY25 | Q2 FY24 | YTD FY25 | YTD FY24 | | :--- | :--- | :--- | :--- | :--- | | Sales (Millions USD) | $1,491.0 | $1,613.6 | $3,001.8 | $3,281.6 | | Comparable Store Sales (SSS) Change | (3.4)% | (12.0)% | (6.2)% | (13.0)% | | GAAP Operating (Loss) Income (Millions USD) | ($100.9) | $90.2 | ($51.1) | $191.9 | | GAAP Operating Margin | (6.8)% | 5.6% | (1.7)% | 5.8% | | GAAP Diluted (Loss) Per Share | ($2.28) | $1.38 | ($3.17) | $3.17 | | Adjusted Operating Income (Millions USD) | $68.6 | $102.7 | $126.4 | $209.2 | | Adjusted Operating Margin | 4.6% | 6.4% | 4.2% | 6.4% | | Adjusted Diluted EPS | $1.25 | $1.55 | $2.35 | $3.33 | - Gross margin was $566.3 million, or 38.0% of sales, an increase of 10 basis points from Q2 FY24, primarily due to a 120 basis point merchandise gross margin improvement from an increased mix of services and fashion revenue, partially offset by deleverage on fixed costs like store rent[7] - Selling, General and Administrative (SG&A) expenses were $498.4 million, or 33.4% of sales, an increase of 170 basis points from Q2 FY24, primarily due to deleverage on fixed costs[7] - GAAP operating loss was $100.9 million, primarily due to impairment charges for Digital Banners, reflecting ongoing challenges with Blue Nile integration, slower-than-expected engagement recovery, and market declines in lab-created diamond prices[8] Segment Performance Overview Q2 FY25 saw North America sales down 6.9% (SSS -3.7%) and International sales down 15.2% (SSS +1.7%) Segment Performance | Segment | Comparable Store Sales Change | Non-Comparable Store Sales Net Change | Total Sales Change at Constant Exchange Rates | Foreign Currency Translation Impact | Reported Total Sales Change | Total Sales (Millions USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | North America Segment | (3.7)% | (3.1)% | (6.8)% | (0.1)% | (6.9)% | $1,397.6 | | International Segment | 1.7% | (17.5)% | (15.8)% | 0.6% | (15.2)% | $86.5 | | Other Segments | nm | nm | nm | nm | nm | $6.9 | | Signet Total | (3.4)% | (4.2)% | (7.6)% | —% | (7.6)% | $1,491.0 | North America Segment Performance North America segment sales were $1.4 billion, down 6.9% (SSS -3.7%), with a $77.2 million GAAP operating loss and $90.1 million adjusted operating income - North America segment total sales were $1.4 billion, a decrease of $103.5 million or 6.9% year-over-year, reflecting a 1.6% increase in total Average Transaction Value (ATV) but fewer transactions[6] - North America segment comparable store sales decreased by 3.7% year-over-year[6] North America Segment Operating Income | Metric | Q2 FY25 (Millions USD) | Q2 FY25 (% of sales) | Q2 FY24 (Millions USD) | Q2 FY24 (% of sales) | | :--- | :--- | :--- | :--- | :--- | | North America Segment Operating (Loss) Income | ($77.2) | (5.5)% | $117.1 | 7.8% | | North America Segment Adjusted Operating Income | $90.1 | 6.4% | $129.6 | 8.6% | International Segment Performance International segment sales were $86.5 million, down 15.2%, impacted by luxury watch sale and ATV decline, but SSS grew 1.7%, with a $2.0 million adjusted operating loss - International segment total sales were $86.5 million, a decrease of $15.5 million or 15.2% year-over-year (15.8% at constant exchange rates), reflecting a 13.4% decline in total Average Transaction Value (ATV), primarily due to the previously announced sale of the luxury watch business and fewer transactions[7] - International segment comparable store sales increased by 1.7% year-over-year[7] International Segment Operating Loss | Metric | Q2 FY25 (Millions USD) | Q2 FY25 (% of sales) | Q2 FY24 (Millions USD) | Q2 FY24 (% of sales) | | :--- | :--- | :--- | :--- | :--- | | International Segment Operating Loss | ($4.2) | (4.9)% | ($7.0) | (6.9)% | | International Segment Adjusted Operating Loss | ($2.0) | (2.3)% | ($7.0) | (6.9)% | Balance Sheet and Cash Flow Highlights Q2 FY25 cash was $403.1 million, down due to $689 million outflows; inventory decreased 5.6% to $2.0 billion, with adjusted debt to EBITDAR at 2.0x - Cash and cash equivalents at quarter-end were $403.1 million, down from $690.2 million in Q2 FY24, primarily due to $689 million in cash outflows over the past 12 months for preferred stock redemption and unsecured note repayment[12] - Inventory was $2.0 billion, a decrease of $116.7 million or 5.6% from Q2 FY24, benefiting from Signet's demand planning and lifecycle management[12] - The company ended the quarter with an adjusted debt to adjusted EBITDAR ratio of 2.0x, well below its 2.5x target, and an adjusted net debt ratio of 1.7x[12] - Post-quarter, the company completed a three-year extension of its Asset-Based Lending (ABL) facility, now maturing on August 23, 2029, and adjusted the total facility size to $1.2 billion to align with Signet's lower inventory base[12] Capital Returns to Shareholders Signet's Board declared a Q3 FY25 dividend of $0.29 per share and repurchased $39.8 million in Q2, with $813.8 million remaining in share repurchase authorization - Signet's Board of Directors declared a Q3 FY25 quarterly cash dividend of $0.29 per common share, payable on November 22, 2024, to shareholders of record as of October 25, 2024[14] - In Q2, the company repurchased approximately 441,000 common shares at an average cost of $90.35 per share, totaling $39.8 million[14] - As of the end of Q2, approximately $813.8 million remained under the company's share repurchase authorization[14] Fiscal 2025 Guidance and Outlook Signet reaffirmed FY25 guidance, projecting Q3 sales of $1.345-$1.380 billion (SSS -1.0% to +1.5%) and full-year sales of $6.66-$7.02 billion (adjusted diluted EPS $9.90-$11.52), anticipating increased engagement and stronger fashion sales Q3 FY25 Guidance | Metric | Range | | :--- | :--- | | Total Sales | $1.345 Billion - $1.380 Billion | | Comparable Store Sales | (1.0%) - +1.5% | | Adjusted Operating Income | $8 Million - $25 Million | | Adjusted EBITDA | $55 Million - $72 Million | FY25 Full-Year Guidance | Metric | Range | | :--- | :--- | | Total Sales | $6.66 Billion - $7.02 Billion | | Comparable Store Sales | (4.5%) - +0.5% | | Adjusted Operating Income | $590 Million - $675 Million | | Adjusted EBITDA | $780 Million - $865 Million | | Adjusted Diluted EPS | $9.90 - $11.52 | - FY25 engagement rates are projected to increase by up to 5%, with company guidance covering a range from (5%) to +5%, and Q3-to-date engagement units are positive year-over-year[18] - Fashion sales are expected to be stronger, with modest improvement in Digital Banners offsetting the impact of slower-than-anticipated engagement recovery[18] - FY25 cost savings initiatives are up to $200 million, exceeding the previous expectation of $150 million to $180 million[18] - Capital expenditures are projected to be approximately $160 million to $180 million[18] - Up to $1.1 billion is expected to be used for debt repayment, preferred stock redemption, and open market common share repurchases[18] Corporate Social Responsibility and Investor Relations Zales partners with BCFHOF as official jeweler, supporting HBCUs and creating custom rings for inductees, with Q2 FY25 earnings call details provided - The Zales brand continues its partnership with the Black College Football Hall of Fame (BCFHOF) as the official jeweler, exclusively crafting ceremonial rings for inductees and participating in the Hall of Fame Classic Kickoff Reception and Career Fair to strengthen support for HBCUs and commitment to being an inclusive employer[19] - The company held a conference call on September 12, 2024, at 8:30 AM ET, with a simultaneous audio webcast available[20] About Signet and Safe Harbor Statement Signet Jewelers, the world's largest diamond jewelry retailer with ~2,700 stores and a UN Global Compact participant, includes forward-looking statements subject to various risks - Signet Jewelers Limited is the world's largest diamond jewelry retailer, a purpose-driven and sustainability-focused company, and a participant in the United Nations Global Compact[21] - Signet operates approximately 2,700 stores under key brands including Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, James Allen, Rocksbox, Peoples Jewellers, H. Samuel, and Ernest Jones[21] - Forward-looking statements are subject to various risks and uncertainties, including but not limited to acquisition integration difficulties, macroeconomic or market conditions, decreased consumer spending, supply chain disruptions, ability to attract and retain labor, credit-related risks, asset impairment, stock price volatility, regulatory changes, foreign currency fluctuations, cost and demand for diamonds and precious metals, geopolitical conflict impacts, seasonality, competition, marketing strategies, real estate optimization, information technology system disruptions, cybersecurity breaches, legal or regulatory proceedings, and climate change-related requirements[21][22] Non-GAAP Financial Measures This section defines Signet's non-GAAP financial measures, including sales change at constant exchange rates, free cash flow, adjusted operating income, adjusted diluted EPS, adjusted EBITDA, EBITDAR, and debt leverage ratios, with GAAP reconciliations - The company reports non-GAAP financial measures including sales change at constant exchange rates, free cash flow, adjusted operating income, adjusted operating margin, adjusted diluted EPS, adjusted EBITDA and adjusted EBITDAR, and debt and net debt leverage ratios (including on an adjusted basis)[23] - Free cash flow is defined as net cash provided by (or used in) operating activities less purchases of property, plant, and equipment, measuring the business's ability to generate cash from operations and investing activities[23] - Adjusted operating income is defined as operating income excluding the impact of certain items management believes do not necessarily reflect the normal operating performance for the period[23] - Adjusted diluted EPS is defined as diluted EPS excluding the impact of certain items management believes do not necessarily reflect the normal operating performance for the period[23] - Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for share-based compensation expense, net other non-operating (income) expense, and certain non-GAAP accounting adjustments; Adjusted EBITDAR further excludes minimum fixed rental expense under operating leases[23] - Debt and net debt leverage ratios are calculated by dividing Signet's debt or net debt by Adjusted EBITDA, while adjusted debt and adjusted net debt leverage ratios are calculated by dividing Signet's adjusted debt or adjusted net debt by Adjusted EBITDAR[23][24] Free Cash Flow Reconciliation For the 26 weeks ended August 3, 2024, Signet's free cash flow was negative $165.7 million, an improvement from negative $308.7 million last year, driven by improved operating cash flow Free Cash Flow Reconciliation | (Millions USD) | 26 Weeks Ended August 3, 2024 | 26 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | | Net Cash Provided by (Used in) Operating Activities | ($114.4) | ($253.3) | | Purchases of Property, Plant and Equipment | ($51.3) | ($55.4) | | Free Cash Flow | ($165.7) | ($308.7) | Adjusted Operating Income Reconciliation Q2 FY25 GAAP operating loss was $100.9 million, adjusted to $68.6 million operating income after asset impairment, restructuring, divestiture losses, and integration costs Adjusted Operating Income Reconciliation | (Millions USD) | 13 Weeks Ended August 3, 2024 | 13 Weeks Ended July 29, 2023 | 26 Weeks Ended August 3, 2024 | 26 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Operating (Loss) Income | ($100.9) | $90.2 | ($51.1) | $191.9 | | Asset Impairment | 166.2 | 3.5 | 168.1 | 3.5 | | Restructuring Charges | 1.2 | 4.2 | 5.8 | 4.2 | | Net Loss on Divestitures | 1.2 | — | 2.5 | — | | Integration-Related Costs | 0.9 | 4.8 | 1.1 | 12.6 | | Litigation Costs | — | — | — | (3.0) | | Total Adjusted Operating Income | $68.6 | $102.7 | $126.4 | $209.2 | Segment Adjusted Operating Income/Loss Reconciliation Q2 FY25 North America adjusted operating income was $90.1 million, while International had a $2.0 million adjusted operating loss, reflecting performance after non-recurring items North America Segment Adjusted Operating Income (Millions USD) | Metric | 13 Weeks Ended August 3, 2024 | 13 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | | North America Segment Operating (Loss) Income | ($77.2) | $117.1 | | Asset Impairment | 166.2 | 3.5 | | Restructuring Charges | 0.2 | 4.2 | | Integration-Related Costs | 0.9 | 4.8 | | Litigation Costs | — | — | | North America Segment Adjusted Operating Income | $90.1 | $129.6 | International Segment Adjusted Operating Loss (Millions USD) | Metric | 13 Weeks Ended August 3, 2024 | 13 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | | International Segment Operating Loss | ($4.2) | ($7.0) | | Restructuring Charges | 1.0 | — | | Asset Impairment | — | — | | Net Loss on Divestitures | 1.2 | — | | International Segment Adjusted Operating Loss | ($2.0) | ($7.0) | Adjusted Income Tax Expense and Effective Tax Rate Reconciliation Q2 FY25 GAAP income tax expense was $1.6 million, adjusted to $13.3 million, with an adjusted effective tax rate of 18.3% vs. GAAP's -1.7%, due to non-recurring items Adjusted Income Tax Expense (Millions USD) | Metric | 13 Weeks Ended August 3, 2024 | 13 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | | Income Tax Expense | $1.6 | $17.2 | | Asset Impairment | 10.8 | 0.9 | | Restructuring Charges | 0.4 | 1.1 | | Net Loss on Divestitures | 0.3 | — | | Integration-Related Costs | 0.2 | 1.2 | | Pension Settlement Loss | — | — | | Litigation Costs | — | — | | Adjusted Income Tax Expense | $13.3 | $20.4 | Adjusted Effective Tax Rate | Metric | 13 Weeks Ended August 3, 2024 | 13 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | | Effective Tax Rate | (1.7)% | 18.6% | | Asset Impairment | 18.5% | 0.2% | | Restructuring Charges | 0.7% | 0.3% | | Net Loss on Divestitures | 0.5% | —% | | Integration-Related Costs | 0.3% | 0.4% | | Adjusted Effective Tax Rate | 18.3% | 19.5% | Adjusted Diluted EPS Reconciliation Q2 FY25 GAAP diluted loss per share was $2.28, adjusted to $1.25 EPS after asset impairment, restructuring, divestiture losses, integration costs, and related tax impacts Adjusted Diluted EPS Reconciliation | Metric | 13 Weeks Ended August 3, 2024 | 13 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | | Diluted EPS | ($2.28) | $1.38 | | Asset Impairment | 3.73 | 0.06 | | Restructuring Charges | 0.03 | 0.08 | | Net Loss on Divestitures | 0.03 | — | | Integration-Related Costs | 0.02 | 0.09 | | Litigation Costs | — | — | | Tax Impact of Above Items | (0.26) | (0.06) | | Deemed Dividend on Redemption of Preferred Stock | — | — | | Dilutive Effect | (0.02) | — | | Adjusted Diluted EPS | $1.25 | $1.55 | Adjusted EBITDA and EBITDAR Reconciliation Trailing 12-month adjusted EBITDA was $742.1 million and adjusted EBITDAR was $1.1797 billion, used to evaluate operating performance excluding financing and investing activities Adjusted EBITDA and EBITDAR (Millions USD) | Metric | Trailing 12 Months Ended August 3, 2024 | Trailing 12 Months Ended July 29, 2023 | | :--- | :--- | :--- | | Net (Loss) Income | $591.5 | $487.3 | | Income Tax | ($189.2) | $120.8 | | Net Interest (Income) Expense | ($22.3) | ($1.7) | | Depreciation and Amortization | 149.7 | 171.4 | | Amortization of Unfavorable Contracts | ($1.8) | ($1.8) | | Net Other Non-Operating (Income) Expense | ($1.5) | 3.4 | | Share-Based Compensation | 34.2 | 44.3 | | Other Accounting Adjustments | 181.5 | 62.0 | | Adjusted EBITDA | $742.1 | $885.7 | | Rent Expense | 437.6 | 446.4 | | Adjusted EBITDAR | $1,179.7 | $1,332.1 | Debt and Net Debt Leverage Ratios Reconciliation As of August 3, 2024, Signet's debt leverage ratio was 0.3x (net debt -0.2x), and adjusted debt leverage was 2.0x (net debt 1.7x), all below targets, indicating a healthy capital structure Debt and Net Debt (Millions USD) | Metric | As of August 3, 2024 | As of July 29, 2023 | | :--- | :--- | :--- | | Current Portion of Long-Term Debt | $— | $147.5 | | Redeemable Series A Convertible Preferred Stock | 223.1 | 654.7 | | Debt | $223.1 | $802.2 | | Less: Cash and Cash Equivalents | 403.1 | 690.2 | | Net Debt | ($180.0) | $112.0 | | Adjusted EBITDA for Trailing 12 Months | $742.1 | $885.7 | | Debt Leverage Ratio | 0.3x | 0.9x | | Net Debt Leverage Ratio | -0.2x | 0.1x | Adjusted Debt and Adjusted Net Debt (Millions USD) | Metric | As of August 3, 2024 | As of July 29, 2023 | | :--- | :--- | :--- | | Current Portion of Long-Term Debt | $— | $147.5 | | Redeemable Series A Convertible Preferred Stock | 223.1 | 654.7 | | Adjustment: 5x Rent Expense for Trailing 12 Months | 2,188.0 | 2,232.0 | | Adjusted Debt | $2,411.1 | $3,034.2 | | Less: Cash and Cash Equivalents | 403.1 | 690.2 | | Adjusted Net Debt | $2,008.0 | $2,344.0 | | Adjusted EBITDAR for Trailing 12 Months | $1,179.7 | $1,332.1 | | Adjusted Debt Leverage Ratio | 2.0x | 2.3x | | Adjusted Net Debt Leverage Ratio | 1.7x | 1.8x | Condensed Consolidated Financial Statements (Unaudited) This section presents Signet's unaudited condensed consolidated financial statements, including statements of operations, balance sheets, and cash flow statements for Q2 FY25 and year-to-date, offering detailed financial insights Statements of Operations Q2 FY25 sales were $1.491 billion, gross margin $566.3 million, GAAP operating loss $100.9 million, net loss $98.5 million, and diluted loss per share $2.28, primarily due to asset impairment Condensed Consolidated Statements of Operations (Millions USD, except per share amounts) | Metric | 13 Weeks Ended August 3, 2024 | 13 Weeks Ended July 29, 2023 | 26 Weeks Ended August 3, 2024 | 26 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | :--- | :--- | | Sales | $1,491.0 | $1,613.6 | $3,001.8 | $3,281.6 | | Cost of Sales | (924.7) | (1,002.8) | (1,863.1) | (2,038.8) | | Gross Margin | 566.3 | 610.8 | 1,138.7 | 1,242.8 | | Selling, General and Administrative Expenses | (498.4) | (511.2) | (1,013.8) | (1,041.6) | | Net Asset Impairment | (166.2) | (3.8) | (168.6) | (5.6) | | Net Other Operating Expenses | (2.6) | (5.6) | (7.4) | (3.7) | | Operating (Loss) Income | (100.9) | 90.2 | (51.1) | 191.9 | | Net Interest Income | 2.4 | 1.8 | 11.0 | 7.4 | | Net Other Non-Operating Income (Expense) | 1.6 | 0.3 | 1.8 | (0.1) | | (Loss) Income Before Income Taxes | (96.9) | 92.3 | (38.3) | 199.2 | | Income Tax Expense | (1.6) | (17.2) | (8.1) | (26.7) | | Net (Loss) Income | ($98.5) | $75.1 | ($46.4) | $172.5 | | Dividends on Redeemable Convertible Preferred Stock | (3.0) | (8.6) | (95.2) | (17.2) | | Net (Loss) Income Attributable to Common Shareholders | ($101.5) | $66.5 | ($141.6) | $155.3 | | Earnings (Loss) Per Common Share: Basic | ($2.28) | $1.47 | ($3.17) | $3.43 | | Diluted | ($2.28) | $1.38 | ($3.17) | $3.17 | | Dividends Declared Per Common Share | $0.29 | $0.23 | $0.58 | $0.46 | Balance Sheets As of August 3, 2024, total assets were $5.6138 billion, including $403.1 million cash and $1.9772 billion inventory; total liabilities were $3.4735 billion, with $223.1 million preferred stock and $1.9172 billion equity Condensed Consolidated Balance Sheets (Millions USD) | Metric | As of August 3, 2024 | As of February 3, 2024 | As of July 29, 2023 | | :--- | :--- | :--- | :--- | | Assets: | | | | | Cash and Cash Equivalents | $403.1 | $1,378.7 | $690.2 | | Inventory | 1,977.2 | 1,936.6 | 2,093.9 | | Other Current Assets | 195.4 | 221.3 | 203.3 | | Total Current Assets | 2,575.7 | 3,536.6 | 2,987.4 | | Property, Plant and Equipment, Net | 470.5 | 497.7 | 553.5 | | Operating Lease Right-of-Use Assets | 956.2 | 1,001.8 | 1,060.2 | | Goodwill | 631.5 | 754.5 | 754.1 | | Intangible Assets, Net | 358.9 | 402.8 | 406.5 | | Other Assets | 320.3 | 319.3 | 287.9 | | Deferred Tax Assets | 300.7 | 300.5 | 37.8 | | Total Assets | $5,613.8 | $6,813.2 | $6,087.4 | | Liabilities, Redeemable Convertible Preferred Stock and Shareholders' Equity: | | | | | Current Portion of Long-Term Debt | $— | $147.7 | $147.5 | | Accounts Payable | 547.6 | 735.1 | 570.7 | | Accrued Expenses and Other Current Liabilities | 363.1 | 400.2 | 386.7 | | Deferred Revenue | 347.8 | 362.9 | 358.3 | | Operating Lease Liabilities | 250.9 | 260.3 | 332.2 | | Income Tax Payable | 17.6 | 69.8 | 56.9 | | Total Current Liabilities | 1,527.0 | 1,976.0 | 1,852.3 | | Non-Current Liabilities | 1,856.0 | 2,015.2 | 1,998.0 | | Total Liabilities | 3,473.5 | 3,991.2 | 3,818.6 | | Redeemable Series A Convertible Preferred Stock | 223.1 | 655.5 | 654.7 | | Shareholders' Equity | 1,917.2 | 2,166.5 | 1,614.1 | | Total Liabilities, Redeemable Convertible Preferred Stock and Shareholders' Equity | $5,613.8 | $6,813.2 | $6,087.4 | Statements of Cash Flows For the 26 weeks ended August 3, 2024, net cash used in operating activities was $114.4 million, investing $57.2 million, and financing $801.9 million, resulting in period-end cash of $403.1 million Condensed Consolidated Statements of Cash Flows (Millions USD) | Metric | 26 Weeks Ended August 3, 2024 | 26 Weeks Ended July 29, 2023 | | :--- | :--- | :--- | | Operating Activities: | | | | Net (Loss) Income | ($46.4) | $172.5 | | Total Adjustments | 207.1 | 166.4 | | Total Changes in Operating Assets and Liabilities | (299.1) | (600.2) | | Net Cash Used in Operating Activities | ($114.4) | ($253.3) | | Investing Activities: | | | | Purchases of Property, Plant and Equipment | ($51.3) | ($55.4) | | Net Other Investing Activities | ($5.9) | ($5.5) | | Net Cash Used in Investing Activities | ($57.2) | ($60.9) | | Financing Activities: | | | | Payments of Common Stock Dividends | ($23.1) | ($19.4) | | Payments of Redeemable Convertible Preferred Stock Dividends | ($14.4) | ($16.4) | | Repurchases of Common Stock | ($47.2) | ($82.4) | | Repurchases of Redeemable Convertible Preferred Stock | ($541.0) | — | | Repayment of Senior Notes | ($147.8) | — | | Net Other Financing Activities | ($28.4) | ($45.6) | | Net Cash Used in Financing Activities | ($801.9) | ($163.8) | | Cash and Cash Equivalents, Beginning of Period | $1,378.7 | $1,166.8 | | Decrease in Cash and Cash Equivalents | ($973.5) | ($478.0) | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | ($2.1) | $1.4 | | Cash and Cash Equivalents, End of Period | $403.1 | $690.2 | Real Estate Portfolio As of August 3, 2024, Signet operated 2,668 stores with 4.1 million selling square feet, a decrease of 30 stores and 0.6% in selling square footage from FY24-end - As of August 3, 2024, Signet operated 2,668 stores with a total selling square footage of 4.1 million square feet[41] - Compared to the end of FY24, the store count decreased by 30 stores, and selling square footage decreased by 0.6%[41] Store Count by Segment | Segment | February 3, 2024 | Opened | Closed | August 3, 2024 | | :--- | :--- | :--- | :--- | :--- | | North America Segment | 2,411 | 3 | (13) | 2,401 | | International Segment | 287 | — | (20) | 267 | | Signet Total | 2,698 | 3 | (33) | 2,668 |