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Signet Jewelers Limited FY2020 ANNUAL REPORT SIGNET SNAPSHOT FOR YEAR ENDED FEBRUARY 1, 2020 STRONG Q4 SALES GROWTH Same store eCommerce sales growth sales growth +2.3% +15.1% STRONGER AND MORE FOCUSED PRODUCT AND MARKETING INNOVATION New product percentage Marketing efficiency of Q4 sales FY20 Media ROI 31.8% +12% CUMULATIVE FIRST TWO-YEARS PATH TO BRILLIANCE PROGRESS Net cost savings Footprint reduction $185M 13% CASH FLOW/LIQUIDITY IMPROVEMENT Adjusted free cash flow* Total liquidity** increased increased $300 million to $650 million to $419M $1.5B Signet Jewelers is the world’s largest retailer of diamond jewelry and the largest specialty jewelry retailer with #1 market share in the US, UK, and Canada. Signet operates approximately 3,200 stores primarily under the name brands of Kay Jewelers, Zales, Jared, H.Samuel, Ernest Jones, Peoples Jewellers, Piercing Pagoda and JamesAllen.com. The company’s annual sales of $6.14 billion derive from the retailing of jewelry, watches and associated services. As a result of COVID-19, historical results are not indicative of future performance. * FY19 adjusted free cash flow excluded proceeds from the sale of in-house finance receivables. **Total liquidity includes cash, cash equivalents, and revolver availability. Dear Shareholders As Theodore Roosevelt famously said, “The credit belongs to those who are actually in the arena.” Consistent with our mission of Celebrating Life and Expressing Love, we want to begin this letter by expressing our heartfelt thanks to all who are “in the arena” fighting the spread and business disruption of COVID-19 – our team members, for their courage, compassion and creativity during this time, and all of Virginia “Gina” C. Drosos, the heroes on the front lines: health professionals, first Chief Executive Officer, Signet Jewelers responders, grocery workers, delivery professionals, and other essential workers. They are an inspiration and remind us that our world is filled with indomitable spirit and unbreakable heart. We are seeing that spirit inside our company as well. At Signet, we find ourselves in a rapidly evolving environment, one in which we have been making decisions in real-time — prioritizing the health and safety of our team members and customers and taking bold actions to ensure sufficient liquidity to support the long-term growth and sustainability of our business. At the same time, we are executing on our Path to Brilliance transformation, pivoting further and faster towards eCommerce and OmniChannel experiences, and strengthening our competitive advantages to be relevant for customers now and in the future recovery. COVID-19 Response This crisis has made it clear that all our hard work to execute Signet’s Path to Brilliance transformation strategy over the past two years is both well timed and strategically critical. It has put the company in a much stronger financial position with an operating platform to better face the economic volatility caused by COVID-19. We have acted quickly and decisively to safeguard team members, customers, and our company — pivoting to operate in a highly dynamic environment. H. Todd Stitzer Chairman of the Board, Signet Jewelers Photo of Virginia “Gina” C. Drosos by Phil Masturzo. Reprinted with permission of Akron Beacon Journal and Ohio.com. Signet 2020 Annual Report 1 As this situation emerged, to ensure company liquidity, we made show and are planning other virtual events across banners, immediate decisions to reduce expenses, temporarily furlough including Mother’s Day and others. valued employees, lower cash compensation for executives and We are connecting to our customers through clientelling outreach the Board of Directors, defer payments, and conserve cash. We emails and calls, social outreach, live chat and virtual appointment suspended our common dividend and drew on our credit line to bookings, and are currently averaging thousands of appointments make sure we have ample liquidity to manage the phased timing a day. We’ve reached over 11 million customers to date, and our of store re-openings and ramp up of customer demand. outreach is continuing. We also moved quickly to drive transformational cost reductions We created visibility of in-store inventory to enable new low-tech focusing on marketing efficiencies, optimizing our store footprint, ship-from-store fulfillment capabilities, providing broader customer introducing new selling and retail models, renegotiating contracts, selection and more efficient use of inventory. enhancing strategic vendor partnerships, and significantly reducing discretionary spend. We believe this approach will position us to Where safe to do so, we have activated curbside service offers for achieve an improved cost structure over time. select services to our existing customers while our stores remain closed to the public, and plan to continue as stores open to the While COVID-19 has negatively impacted our business as a result of public. Services offered for curbside pickup include purchases, our store closures, the agility and efficiency we now have hard-wired returns, exchanges, repair pick-up and banner credit card or into our business has bolstered organizational resilience and nimble layaway payments. responsiveness to enhance our eCommerce business. While historically a small part of our business, we have grown eCommerce We have made our marketing programs more efficient and effective double-digits in each of the past two fiscal years to 12.2% of total sales. by better leveraging our customer data to more precisely target During the pandemic, we accelerated OmniChannel capabilities customers and serve them more personalized content. We have which we believe will strengthen our sustainable competitive advantage activated closed-loop performance measurement with purchase in customer experience. For example, in just the past two months: data to dynamically optimize investment and content. We have brought the best of our stores to our customers’ homes We’ve also learned that there has never been a more important time via virtual selling and concierge services, co-browsing capability, than right now to live Signet’s mission of helping people Celebrate Life and technology that showcases our products. and Express Love. This pandemic has made it clear how interconnected we are as humans, and how vital it is to remain close and express our We have enabled almost 2,000 Signet team members as social love — even as we keep our distance. For example, campaigns like media brand ambassadors, targeting 5 million potential customers Kay’s #loveisunstoppable and Jared’s #lovecantwait are driving with pre-approved professional content, personalized by our team. deeper brand connection as we use new tools and capabilities to help We have converted our in-store events to Virtual Events, which — our customers plan and celebrate virtual weddings. due to higher than anticipated demand — we extended our first CORE VALUES People First Lead Bravely Own It CUSTOMERS! Straight Talk __ __ __ __ __ Appreciation • Team • Innovative • Agile Accountable • Integrity • Exceed Expectations • Honest • Respectful • Inclusion • Joy Continuous Improvement Earn Trust • Collaborative Build Relationships Signet 2020 Annual Report 2 In the meantime, we continue to rapidly innovate and strategically invest in our Path to Brilliance transformation plan, specifically our digital experiences — enhancing our online selling with personalization and mobile technologies, using advanced data and analytic capabilities. We also are investing in flexible fulfillment initiatives to optimize product assortment and inventory management across our network. All of these actions are taken to create a better customer OmniChannel shopping experience to serve customers wherever and however they prefer. While our digital advances can only in small part mitigate the adverse impact the pandemic has had on the retail industry, we believe we are positioning Signet to emerge from these challenging times as a strong, innovative and trusted OmniChannel jewelry market leader — one that delivers richer customer experiences and creates sustainable value for our shareholders and stakeholders. Fiscal Year 2020: Strong Momentum on Signet’s Path to Brilliance Transformation We have been positioning Signet to adapt and grow in the most eCommerce sales including a 15.1% increase year over year during challenging circumstances. We operate in an intense, dynamic and the critical fourth quarter holiday season. fiercely competitive industry, and that required revitalizing the Driven by efficiencies in procurement, workforce optimization, and company to make it “future fit.” To accomplish this, we embarked lowering of corporate costs, we achieved net cost savings of on a three-year transformation plan, beginning in Fiscal Year 2019, approximately $100 million. This helped drive solid increases in GAAP called Signet’s Path to Brilliance transformation. and non-GAAP operating income of $922.9 million and $43.2 million During the second year of our three-year transformation plan, (increase of 16%), respectively, compared to the prior year, resulting in our Signet team delivered results ahead of expectations. Our margin improvement of 80 basis points, to 5.2%, up from 4.4% in the team members executed relentlessly on our Path to Brilliance prior year. In addition, net cash flow provided by operating activities was priorities: putting the customer first, driving OmniChannel growth $555.7 million and free cash flow was $419 million, up $300 million opportunities, and thriving
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