v3.26.1
Revenue recognition
 12 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
The following tables provide the Company’s total sales, disaggregated by brand, for Fiscal 2026, Fiscal 2025 and Fiscal 2024:
Fiscal 2026
(in millions)North
America		InternationalOtherConsolidated
Sales by brand:
Kay
$2,572.6 $— $— $2,572.6 
Zales
1,235.5 — — 1,235.5 
Jared
1,143.0 — — 1,143.0 
Blue Nile339.0 — — 339.0 
James Allen142.5 — — 142.5 
Diamonds Direct374.1 — — 374.1 
Banter by Piercing Pagoda
330.1 — — 330.1 
Peoples
213.2 — — 213.2 
International segment brands— 410.4 — 410.4 
Other (1)
13.6 — 39.6 53.2 
Total sales
$6,363.6 $410.4 $39.6 $6,813.6 
Fiscal 2025
(in millions)North
America		InternationalOtherConsolidated
Sales by brand:
Kay
$2,495.0 $— $— $2,495.0 
Zales
1,191.0 — — 1,191.0 
Jared
1,102.7 — — 1,102.7 
Blue Nile346.5 — — 346.5 
James Allen213.7 — — 213.7 
Diamonds Direct392.2 — — 392.2 
Banter by Piercing Pagoda
339.2 — — 339.2 
Peoples
197.8 — — 197.8 
International segment brands— 373.2 — 373.2 
Other (1)
21.0 — 31.5 52.5 
Total sales
$6,299.1 $373.2 $31.5 $6,703.8 
Fiscal 2024
(in millions)North
America		InternationalOtherConsolidated
Sales by brand:
Kay
$2,600.0 $— $— $2,600.0 
Zales
1,266.9 — — 1,266.9 
Jared
1,189.6 — — 1,189.6 
Blue Nile384.4 — — 384.4 
James Allen278.4 — — 278.4 
Diamonds Direct408.1 — — 408.1 
Banter by Piercing Pagoda
347.1 — — 347.1 
Peoples
196.0 — — 196.0 
International segment brands— 430.7 — 430.7 
Other (1)
33.3 — 36.6 69.9 
Total sales
$6,703.8 $430.7 $36.6 $7,171.1 
(1)    Other primarily includes sales from the Company’s diamond sourcing operation, loose diamonds and Rocksbox.
The following tables provide the Company’s total sales, disaggregated by major product, for Fiscal 2026, Fiscal 2025 and Fiscal 2024:
Fiscal 2026
(in millions)North
America		InternationalOtherConsolidated
Sales by product:
Bridal
$2,731.5 $132.1 $— $2,863.6 
Fashion
2,506.7 123.8 — 2,630.5 
Watches
240.3 110.1 — 350.4 
Services (1)
763.4 40.1 — 803.5 
Other (2)
121.7 4.3 39.6 165.6 
Total sales
$6,363.6 $410.4 $39.6 $6,813.6 
Fiscal 2025
(in millions)
North
America (3)
International (3)
OtherConsolidated
Sales by product:
Bridal
$2,733.2 $127.2 $— $2,860.4 
Fashion
2,521.0 117.6 — 2,638.6 
Watches
217.3 100.9 — 318.2 
Services (1)
721.3 23.9 — 745.2 
Other (2)
106.3 3.6 31.5 141.4 
Total sales
$6,299.1 $373.2 $31.5 $6,703.8 
Fiscal 2024
(in millions)
North
America (3)
International (3)
OtherConsolidated
Sales by product:
Bridal
$2,981.8 $141.9 $— $3,123.7 
Fashion
2,637.5 124.4 — 2,761.9 
Watches
212.0 133.7 — 345.7 
Services (1)
715.2 26.3 — 741.5 
Other (2)
157.3 4.4 36.6 198.3 
Total sales
$6,703.8 $430.7 $36.6 $7,171.1 
(1)    Services primarily includes revenue recognized from service plans, repairs and subscriptions.
(2)    Other primarily includes sales from the Company’s diamond sourcing operation and other miscellaneous non-jewelry sales.
(3)    Certain amounts have been reclassified, primarily between bridal and fashion, to conform to the Company’s current product categorizations, including harmonization of similar products across the North America and International segments.
The following tables provide the Company’s total sales, disaggregated by channel, for Fiscal 2026, Fiscal 2025 and Fiscal 2024:
Fiscal 2026
(in millions)North
America		InternationalOtherConsolidated
Sales by channel:
Store
$4,952.4 $323.5 $— $5,275.9 
E-commerce1,398.8 86.9 — 1,485.7 
Other (1)
12.4 — 39.6 52.0 
Total sales
$6,363.6 $410.4 $39.6 $6,813.6 
Fiscal 2025
(in millions)North
America		InternationalOtherConsolidated
Sales by channel:
Store
$4,846.3 $289.1 $— $5,135.4 
E-commerce1,437.6 84.1 — 1,521.7 
Other (1)
15.2 — 31.5 46.7 
Total sales
$6,299.1 $373.2 $31.5 $6,703.8 
Fiscal 2024
(in millions)North
America		InternationalOtherConsolidated
Sales by channel:
Store
$5,125.1 $349.3 $— $5,474.4 
E-commerce1,559.0 81.4 — 1,640.4 
Other (1)
19.7 — 36.6 56.3 
Total sales
$6,703.8 $430.7 $36.6 $7,171.1 
(1)    Other primarily includes sales from the Company’s diamond sourcing operation and loose diamonds.
The Company recognizes revenue when control of the promised goods and services is transferred to customers, in an amount that reflects the consideration expected to be received in exchange for those goods and services. Transfer of control generally occurs at the time merchandise is taken from a store, or upon receipt of the merchandise by a customer for an e-commerce shipment. The Company excludes all taxes assessed by government authorities and collected from a customer from its reported sales. The Company’s revenue streams and their respective accounting treatments are further discussed below.
Merchandise sales and repairs
Store sales are recognized when the customer receives and pays for the merchandise at the store with cash, a private label credit card, a third-party credit card or a lease purchase option. For online sales shipped to customers, sales are recognized at the estimated time the customer has received the merchandise. Amounts related to shipping and handling that are billed to customers are reflected in sales and the related costs are reflected in cost of sales. Revenues on the sale of merchandise are reported net of anticipated returns and sales tax collected. Returns are estimated based on previous return rates experienced. Any deposits collected from a customer for merchandise are deferred and recognized as revenue when the customer receives the merchandise. Revenues derived from providing replacement merchandise on behalf of insurance organizations are recognized upon receipt of the merchandise by the customer. Revenues on repair of merchandise are recognized when the service is complete and the customer picks up the merchandise at the store.
Consignment inventory sales
Sales of consignment inventory are accounted for on a gross sales basis as the Company maintains control of the merchandise through the point of sale as well as provides independent advice, guidance and after-sales service to customers. Supplier products are selected at the discretion of the Company, and the Company is responsible for determining the selling price and for physical security of the products. The products sold from consignment inventory are similar in nature to other products that are sold to customers and are sold on the same terms.
Product protection plans - UK
Under the Company’s arrangement with a third-party insurance provider, through its UK subsidiary in the International reportable segment, the Company receives commissions in relation to its role as an agent selling product protection plans on behalf of the insurance provider. After the initial sale of the product protection plan to the customer, the Company has no future obligations under the arrangement and the Company collects additional commissions as the customer renews the policy. Prior to Fiscal 2026, the Company recognized revenue for policy renewals as commissions were collected. In Fiscal 2026, based upon the maturity of this program and the available contract data from the insurance provider, the Company began to recognize estimated future commissions at the point of the product protection plan sale to the customer. A discounted cash flow methodology using various assumptions is used to measure the estimated value of the contract asset, such as the estimated length of policy renewals, commissions earned on those policies, and the attrition rate at which policies are cancelled. As of January 31, 2026, the Company recognized a contract asset and related revenue of $14.9 million.
Extended service plans (“ESP”)
Certain brands within the North America reportable segment sell ESP, subject to certain conditions, to perform repair work and other services over the lifetime the product is owned by the customer. Customers generally pay for ESP at the store or online at the time of merchandise sale. The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral periods for ESP sales are determined using estimates of future claims costs expected to be incurred, which are derived primarily from historical patterns of actual claims costs. This estimate of future claims costs includes decay factors related to monthly forecasted changes in claims activity over the expected lifetime of our obligations. Management regularly reviews the trends in historical claims and, beginning in Fiscal 2026, considers a range of potential outcomes from the estimated claims based on a +/- 5% variation on the decay factors used in the forecast to determine whether a change in its recognition rates or periods is required. This change more appropriately considers the inherent variability in claims over the lifetime of the ESP contracts. As a result of the consideration of this range of potential outcomes, management determined no changes in the recognition rates or periods were necessary in Fiscal 2026.

The Company refreshes its analysis of the claims patterns and related recognition periods, including the estimated range of potential outcomes, on at least an annual basis, or more often if circumstances dictate such a review is required. Should the recognition rates or periods fall outside of the tolerable range of potential outcomes, management will adjust the recognition patterns and periods accordingly, which would result in a change in revenue recognized in the period of the change. A significant change in the Company’s estimated future claims cost could impact either the overall claims patterns or the recognition periods over which the Company is expected to fulfill its obligations under the ESP, either of which could result in a material change to revenues in future periods. The changes in estimates of future claims costs, as well as the change in Fiscal 2026 described above, have not had a material impact on revenues during Fiscal 2026, Fiscal 2025 or Fiscal 2024.
Lifetime ESP revenue is deferred and recognized over a maximum of 13 years after the sale of the ESP contract. Although actual historical claims experience varies between the Company’s national brands, thereby resulting in different recognition rates, approximately 60% to 70% of revenue is recognized within the first two years on a weighted average basis.
Deferred ESP selling costs
All direct costs associated with the sale of the ESP are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Amortization of deferred ESP selling costs is included within SG&A in the consolidated statements of operations. Amortization of deferred ESP selling costs was $46.9 million, $45.7 million and $44.4 million in Fiscal 2026, and Fiscal 2025 and Fiscal 2024, respectively.
Unamortized deferred ESP selling costs as of January 31, 2026 and February 1, 2025 were as follows:
(in millions)January 31, 2026February 1, 2025
Other current assets$28.6 $28.4 
Other assets80.8 81.3 
Total deferred ESP selling costs$109.4 $109.7 
Deferred revenue
Deferred revenue as of January 31, 2026 and February 1, 2025 was as follows:
(in millions)January 31, 2026February 1, 2025
ESP deferred revenue$1,204.4 $1,170.8 
Other deferred revenue (1)
81.3 76.8 
Total deferred revenue
$1,285.7 $1,247.6 
Disclosed as:
Current liabilities
$377.1 $362.5 
Non-current liabilities
908.6 885.1 
Total deferred revenue$1,285.7 $1,247.6 
(1)    Other deferred revenue primarily includes revenue collected from customers for custom orders and e-commerce orders, for which control has not yet transferred to the customer.
(in millions)Fiscal 2026Fiscal 2025Fiscal 2024
ESP deferred revenue, beginning of period$1,170.8 $1,158.7 $1,159.5 
Plans sold (1)
588.4 534.6 504.8 
Revenue recognized (2)
(554.8)(522.5)(505.6)
ESP deferred revenue, end of period
$1,204.4 $1,170.8 $1,158.7 
(1)    Includes impact of foreign exchange translation.
(2)    The Company recognized sales of $298.1 million, $289.9 million and $291.5 million during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, related to deferred revenue that existed at the beginning of the periods.