# SIGNET JEWELERS LTD (SIG)

Informational only - not investment advice.

CIK: 0000832988
SIC: 5944 Retail-Jewelry Stores
SIC breadcrumb: [Retail Trade](/division/G/) > [Miscellaneous Retail](/major-group/59/) > [SIC 5944 Retail-Jewelry Stores](/industry/5944/)
Latest 10-K filed: 2026-03-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=832988
Filing source: https://www.sec.gov/Archives/edgar/data/832988/000083298826000055/sig-20260131.htm

## At a glance

FY2026 · period end 2026-01-31 · filed 2026-03-19 · accession 0000832988-26-000055 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832988.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,813,600,000 USD | 2026 | verified |
| Net income | 294,400,000 USD | 2026 | verified |
| Assets | 5,952,100,000 USD | 2026 | verified |
| Free cash flow | 525,300,000 USD | 2026 | computed |
| Net margin | 4.32% | 2026 | computed |
| Operating margin | 5.77% | 2026 | computed |
| Revenue YoY | +1.64% | 2026 | computed |
| ROE | 14.97% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SIG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 4.3% | 2.7% | 55 | 32 |
| Operating margin | 5.8% | 4.5% | 55 | 30 |
| Revenue growth | 1.6% | 6.6% | 32 | 32 |
| FCF margin | 7.7% | 3.7% | 80 | 31 |
| ROE | 15.0% | 11.4% | 59 | 28 |
| ROA | 4.9% | 4.9% | 52 | 32 |
| Liabilities / equity | 2.03 | 1.50 | 67 | 28 |
| Current ratio | 1.60 | 1.41 | 61 | 32 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 59 Miscellaneous Retail, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6813600000 | USD | 2026 | 2026-03-19 |
| Net income | 294400000 | USD | 2026 | 2026-03-19 |
| Assets | 5952100000 | USD | 2026 | 2026-03-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832988.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 6,408,400,000 | 6,253,000,000 | 6,247,100,000 | 6,137,100,000 | 5,226,900,000 | 7,826,000,000 | 7,842,100,000 | 7,171,100,000 | 6,703,800,000 | 6,813,600,000 |
| Net income | 543,200,000 | 519,300,000 | -657,400,000 | 105,500,000 | -15,200,000 | 769,900,000 | 376,700,000 | 810,400,000 | 61,200,000 | 294,400,000 |
| Operating income | 763,200,000 | 579,900,000 | -764,600,000 | 158,300,000 | -57,700,000 | 903,400,000 | 604,900,000 | 621,500,000 | 110,700,000 | 393,100,000 |
| Gross profit | 2,360,800,000 | 2,190,000,000 | 2,160,800,000 | 2,223,700,000 | 1,732,500,000 | 3,124,000,000 | 3,052,100,000 | 2,825,400,000 | 2,625,600,000 | 2,694,600,000 |
| Diluted EPS | 7.08 | 7.44 | -12.62 | 1.40 | -0.94 | 12.22 | 6.64 | 15.01 | -0.81 | 7.08 |
| Operating cash flow | 678,300,000 | 1,940,500,000 | 697,700,000 | 555,700,000 | 1,372,300,000 | 1,257,300,000 | 797,900,000 | 546,900,000 | 590,900,000 | 678,800,000 |
| Capital expenditures | 278,000,000 | 237,400,000 | 133,500,000 | 136,300,000 | 83,000,000 | 129,600,000 | 138,900,000 | 125,500,000 | 153,000,000 | 153,500,000 |
| Dividends paid | 75,600,000 | 76,500,000 | 79,000,000 | 77,400,000 | 19,400,000 | 19,000,000 | 36,600,000 | 39,900,000 | 48,600,000 | 51,900,000 |
| Share buybacks | 1,000,000,000 | 460,000,000 | 485,000,000 | 0.00 | 0.00 | 311,800,000 | 376,100,000 | 139,300,000 | 138,000,000 | 205,200,000 |
| Assets | 6,597,800,000 | 5,839,600,000 | 4,420,100,000 | 6,299,100,000 | 6,178,900,000 | 6,575,100,000 | 6,620,400,000 | 6,813,200,000 | 5,726,600,000 | 5,952,100,000 |
| Liabilities | 3,495,700,000 | 2,726,200,000 | 2,603,200,000 | 4,459,500,000 | 4,346,300,000 | 4,359,000,000 | 4,388,000,000 | 3,991,200,000 | 3,874,800,000 | 3,985,900,000 |
| Stockholders' equity | 2,490,200,000 | 2,499,800,000 | 1,201,600,000 | 1,222,600,000 | 1,190,300,000 | 1,564,000,000 | 1,578,600,000 | 2,166,500,000 | 1,851,800,000 | 1,966,200,000 |
| Cash and cash equivalents | 98,700,000 | 225,100,000 | 195,400,000 | 374,500,000 | 1,172,500,000 | 1,418,300,000 | 1,166,800,000 | 1,378,700,000 | 604,000,000 | 874,800,000 |
| Free cash flow | 400,300,000 | 1,703,100,000 | 564,200,000 | 419,400,000 | 1,289,300,000 | 1,127,700,000 | 659,000,000 | 421,400,000 | 437,900,000 | 525,300,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 8.48% | 8.30% | -10.52% | 1.72% | -0.29% | 9.84% | 4.80% | 11.30% | 0.91% | 4.32% |
| Operating margin | 11.91% | 9.27% | -12.24% | 2.58% | -1.10% | 11.54% | 7.71% | 8.67% | 1.65% | 5.77% |
| Return on equity | 21.81% | 20.77% | -54.71% | 8.63% | -1.28% | 49.23% | 23.86% | 37.41% | 3.30% | 14.97% |
| Return on assets | 8.23% | 8.89% | -14.87% | 1.67% | -0.25% | 11.71% | 5.69% | 11.89% | 1.07% | 4.95% |
| Liabilities / equity | 1.40 | 1.09 | 2.17 | 3.65 | 3.65 | 2.79 | 2.78 | 1.84 | 2.09 | 2.03 |
| Current ratio | 3.86 | 3.32 | 2.76 | 1.91 | 1.79 | 1.80 | 1.56 | 1.79 | 1.48 | 1.60 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832988.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q2 | 2022-07-30 |  |  | 2.58 | reported discrete quarter |
| 2023-Q3 | 2022-10-29 |  |  | 0.60 | reported discrete quarter |
| 2024-Q1 | 2023-04-29 |  |  | 1.79 | reported discrete quarter |
| 2024-Q2 | 2023-04-29 |  | 97,400,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-07-29 | 1,613,600,000 |  | 1.38 | reported discrete quarter |
| 2024-Q3 | 2023-07-29 |  | 75,100,000 |  | reported discrete quarter |
| 2024-Q3 | 2023-10-28 | 1,391,900,000 |  | 0.07 | reported discrete quarter |
| 2024-Q4 | 2024-02-03 | 2,497,600,000 | 626,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-05-04 | 1,510,800,000 | 52,100,000 | -0.90 | reported discrete quarter |
| 2025-Q2 | 2024-05-04 |  | 52,100,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-08-03 | 1,491,000,000 |  | -2.28 | reported discrete quarter |
| 2025-Q3 | 2024-08-03 |  | -98,500,000 |  | reported discrete quarter |
| 2025-Q3 | 2024-11-02 | 1,349,400,000 |  | 0.12 | reported discrete quarter |
| 2025-Q4 | 2025-02-01 | 2,352,600,000 | 100,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-05-03 | 1,541,600,000 | 33,500,000 | 0.78 | reported discrete quarter |
| 2026-Q2 | 2025-05-03 |  | 33,500,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-08-02 | 1,535,100,000 |  | -0.22 | reported discrete quarter |
| 2026-Q3 | 2025-08-02 |  | -9,100,000 |  | reported discrete quarter |
| 2026-Q3 | 2025-11-01 | 1,391,800,000 |  | 0.49 | reported discrete quarter |
| 2026-Q4 | 2026-01-31 | 2,345,100,000 | 250,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-05-02 | 1,553,600,000 | 31,700,000 | 0.78 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SIG's latest 10-K: [/company/SIG/business/](/company/SIG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SIG's latest 10-K: [/company/SIG/risk-factors/](/company/SIG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/832988/000083298826000159/sig-20260502.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-06-02
Report date: 2026-05-02

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion and analysis in this Item 2 is intended to provide the reader with information that will assist in understanding the significant factors affecting the Company’s condensed consolidated operating results, financial condition, liquidity and capital resources. This discussion should be read in conjunction with our condensed consolidated financial statements and the notes to the condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q, as well as the financial and other information included in Signet’s Fiscal 2026 Annual Report on Form 10-K filed with the SEC on March 19, 2026.

This management's discussion and analysis provides comparisons of material changes in the condensed consolidated financial statements for the 13 weeks ended May 2, 2026 and May 3, 2025.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains statements which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of the words “guidance,” “expects,” “continue,” “intends,” “anticipates,” “enhance,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “preliminary,” “forecast,” “objective,” “opportunity,” “plan,” “progress,” “strategy,” “target,” or “will” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties which could cause the actual results to not be realized, including, but not limited to: executing or optimizing major business or strategic initiatives, such as expansion of the services business or realizing the benefits of our restructuring plans or transformation strategies, including those that the Company may develop in the future; attracting and retaining key executive talent during periods of leadership transition, such as the recent changes in our senior leadership from the reorganization under our Grow Brand Love strategy; the failure to adequately mitigate the impact of existing tariffs and/or the imposition of additional duties, tariffs, taxes and other charges or other barriers to trade or impacts from trade relations; impacts of US government shutdowns on consumer spending; difficulty or delay in executing or integrating an acquisition; the impact of the conflicts in the Middle East on financial markets and consumer spending, such as from the impact of higher oil and gas prices, as well as on our operations of our quality control and technology centers in Israel; the negative impacts that public health crisis, disease outbreak, epidemic or pandemic has had, and could have in the future, on our business, financial condition, profitability and cash flows; risks relating to shifts in consumer spending away from the jewelry category or away from the cultural customs of expressing commitments through engagements and weddings; trends toward more experiential purchases such as travel; general economic or market conditions, including impacts of inflation or other pricing environment factors on our merchandise costs or other operating costs; a prolonged slowdown in the growth of the jewelry market or a recession in the overall economy; financial market risks; a decline in consumer discretionary spending or deterioration in consumer financial position; disruptions in our supply chain; our ability to attract and retain labor; changes to regulations relating to customer credit; disruption in the availability of credit for customers and customer inability to meet credit payment obligations, which has occurred and may continue to deteriorate; our ability to achieve the benefits related to the outsourcing of the credit portfolio, including due to technology disruptions and/or disruptions arising from changes to or termination of the relevant outsourcing agreements, as well as a potential increase in credit costs due to the current interest rate environment; deterioration in the performance of individual businesses or of the Company’s market value relative to its book value, resulting in further impairments of long-lived assets or intangible assets or other adverse financial consequences; the volatility of our stock price; the impact of financial covenants, credit ratings or interest volatility on our ability to borrow; our ability to maintain adequate levels of liquidity for our cash needs, including debt obligations, payment of dividends, planned share repurchases (including execution of accelerated share repurchases and the payment of related excise taxes) and capital expenditures as well as the ability of our customers, suppliers and lenders to access sources of liquidity to provide for their own cash needs; potential regulatory changes; future legislative and regulatory requirements in the US and globally relating to climate change, including any new climate related disclosure or compliance requirements, such as those issued in the state of California; exchange rate fluctuations; the cost, availability of and demand for diamonds, gold and other precious metals, including any impact on the global market supply of diamonds due to the ongoing conflicts in the Middle East, the potential sale or divestiture of the De Beers Diamond Company and its natural diamond mining operations by parent company Anglo-American plc, and the ongoing Russia-Ukraine conflict or related sanctions; stakeholder reactions to disclosure regarding the source and use of certain minerals; scrutiny or detention of goods produced in certain territories resulting from trade restrictions; seasonality of our business; the merchandising, pricing and inventory policies followed by us and our ability to manage inventory levels; our relationships with suppliers including the ability to continue to utilize extended payment terms and the ability to obtain merchandise that customers wish to purchase; the level of competition and promotional activity in the jewelry sector; our ability to optimize our multi-year strategy to gain market share, expand and improve existing services, innovate and achieve sustainable, long-term growth; the maintenance and continued innovation of our OmniChannel retailing and ability to increase digital sales, as well as management of digital marketing costs; failure to anticipate and keep pace with changing fashion trends; changes in the costs, retail prices, supply and consumer acceptance of, and demand for gem quality lab-grown diamonds and adequate identification of the use of substitute products in our jewelry; ability to execute successful marketing programs and manage social media; the ability to optimize our real estate footprint, including operating in attractive trade areas and effectively monitoring changes in consumer traffic in mall locations; the performance of and ability to recruit, train, motivate and retain qualified team members - particularly store associates in regions experiencing low unemployment rates; management of social, ethical and environmental risks; ability to deliver on our corporate sustainability goals or our environmental, social and governance goals; the reputation of Signet and its brands; inadequacy in and disruptions to internal controls and systems, including related to the migration to new information technology systems which impact

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financial reporting; risks associated with the Company’s and its third-party service providers’ use of artificial intelligence; security breaches and other disruptions to our or our third-party providers’ information technology infrastructure and databases; an adverse development in legal or regulatory proceedings or tax matters, including any new claims or litigation brought by employees, suppliers, consumers or shareholders, regulatory initiatives or investigations, assessments or penalties levied by tax authorities, and ongoing compliance with regulations and any consent orders or other legal or regulatory decisions; failure to comply with labor regulations; collective bargaining activity; changes in corporate taxation rates, laws, rules or practices in the US and other jurisdictions in which our subsidiaries are incorporated, including developments related to the tax treatment of companies engaged in internet commerce or deductions associated with payments to foreign related parties that are subject to a low effective tax rate; risks related to international laws and Signet being domiciled in Bermuda; risks relating to the outcome of pending litigation; our ability to protect our intellectual property or assets including cash which could be affected by failure of a financial institution or conditions affecting the banking system and financial markets as a whole; changes in assumptions used in making accounting estimates relating to items such as extended service plans or asset impairments; or the impact of weather-related incidents, natural disasters, organized crime or theft, increased security costs, strikes, protests, riots or terrorism, or acts of war (including the ongoing Russia-Ukraine and conflicts in the Middle East).

For a discussion of these and other risks and uncertainties which could cause actual results to differ materially from those expressed in any forward looking statement, see the “Risk Factors” and “Forward-Looking Statements” sections of Signet’s Fiscal 2026 Annual Report on Form 10-K filed with the SEC on March 19, 2026, and quarterly reports on Form 10-Q and the “Safe Harbor Statements” in current reports on Form 8-K filed with the SEC. Signet undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

OVERVIEW

Signet Jewelers Limited (“Signet” or the “Company”) is a specialty jewelry retailer incorporated in Bermuda. The Company operated 2,559 retail locations as of May 2, 2026, which when combined with the Company’s digital capabilities, provides customers the opportunity to use both online and in-store experiences as part of their shopping journey. Signet manages its business by geography, a description of which follows:

•The North America reportable segment operates seven brands, with the majority operating through both online and brick and mortar retail operations. As previously announced, the James Allen brand transitioned to a proprietary collection within the Blue Nile website during May 2026. The segment had 2,217 locations in the US and 91 locations in Canada as of May 2, 2026.

◦In the US, the segment primarily operates under the following brands: Kay (Kay Jewelers and Kay Outlet); Zales (Zales Jewelers and Zales Outlet); Jared (Jared Jewelers and Jared Vault); Blue Nile; Diamonds Direct; and Banter by Piercing Pagoda.

◦In Canada, the segment operates under the Peoples brand (Peoples Jewellers).

•The International reportable segment had 251 locations in the UK and Republic of Ireland as of May 2, 2026, and maintains an online retail presence for its brands, H.Samuel and Ernest Jones.

Certain Company activities are managed in the “Other” reportable segment for financial reporting purposes, primarily the Company’s diamond sourcing operation and diamond polishing factory in Botswana. See Note 4 of Item 1 for additional information regarding the Company’s reportable segments and see Item 1 of Signet’s Fiscal 2026 Annual Report on Form 10-K for further background and description of the Company’s business.

Grow Brand Love strat

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/832988/000083298826000055/sig-20260131.htm
Complete FY 2026 MD&A: /company/SIG/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-19
Report date: 2026-01-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion and analysis in this Item 7 is intended to provide the reader with information that will assist in understanding the significant factors affecting the Company’s consolidated operating results, financial condition, liquidity and capital resources. This discussion should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements included in Item 8. This discussion contains forward-looking statements and information. The Company's actual results could materially differ from those discussed in these forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those discussed below and elsewhere in this report, particularly in “Forward-Looking Statements” above as well as the “Risk Factors” section within Item 1A.

This management's discussion and analysis provides comparisons of material changes in the consolidated financial statements for Fiscal 2026 and Fiscal 2025. For a comparison of Fiscal 2025 and Fiscal 2024, refer to Item 7 included in our Annual Report on Form 10-K for the year ended February 1, 2025 filed with the SEC on March 19, 2025.

OVERVIEW

Overall performance

Signet’s total sales decreased by 0.3% during the fourth quarter of Fiscal 2026 compared to the same period in Fiscal 2025. The Company saw same store sales decline of 0.7% during the quarter, with low single-digit declines in bridal and fashion, while services grew mid-single-digits in the North America segment compared to prior year quarter on the strength of the extended service plan offerings. Despite the overall decline in the quarter, we delivered positive performance during the 10 peak selling days of the Holiday Season, which continued for the balance of fourth quarter. Merchandise average unit retail (“AUR”) increased overall and in all categories, which offset an overall decline in units period over period. During the fourth quarter of Fiscal 2026, AUR was up 5.6% in the North America reportable segment and up 4.0% in the International reportable segment compared to the fourth quarter of Fiscal 2025. AUR in North America was bolstered by a focus on our assortment strategy, particularly in LGD fashion, as well as the impact of higher gold prices. Same store sales in the International reportable segment were up 2.1% in the fourth quarter.

Refer to the “Results of Operations” section below for additional information on performance during Fiscal 2026.

Grow Brand Love strategy

In Fiscal 2026, the Company launched its transformative Grow Brand Love strategy, which focuses on driving sustainable growth and builds on a strong core foundation to create shareholder value. In addition, this strategy emphasizes style and product innovation, captivating customer experiences, and brand loyalty while harnessing centralized core capabilities. In Fiscal 2027, we will be applying the learnings from year one to refine each of the strategy’s imperatives. The three strategic imperatives of the Grow Brand Love framework have evolved into: shaping distinct and coveted brands; unlocking portfolio value; and strengthening our operating model.

See the Purpose & Strategy section within Item 1 of this Annual Report on Form 10-K for additional information.

Fiscal 2027 Outlook

The Company anticipates same store sales in the range of down 1.25% to up 2.5% for Fiscal 2027. This range is driven by the positive momentum and traction going into Fiscal 2027 in our core brands, while allowing for flexibility in consumer spending. The Company has also excluded the Digital brands from this estimate of same store sales beginning in the second quarter of Fiscal 2027, following the transition and repositioning of the James Allen brand into Blue Nile. The Company believes that it can build on its imperatives under the Grow Brand Love strategy in year two by shaping distinct and coveted brands, unlocking additional portfolio model and optimizing the operating model. The Company is sharpening its go-to-market strategy for each of its three largest brands, and we will be taking actions to improve the customer experience, both in-store and online. This includes accelerating our store renovation schedule to ensure brand relevance and consistency as we implement relevant marketing campaigns to enhance the shopping experience. The Company’s online focus will be on storytelling and curation for customers, with marketing spend targeted at fueling engagement in channels that customers interact with the most.

The Company continues to closely monitor ongoing activities related to changes to US economic policy, including impacts from both taxes and tariffs. The second quarter of Fiscal 2026 saw significant activity on new tariff announcements on countries such as India and Italy, where the Company purchases significant amounts of merchandise and diamonds. We believe that we are now able to mitigate the majority of the higher tariffs through strategic sourcing initiatives by working with vendors to maximize production timing and country of origin, as well as by value engineering merchandise at the right price points. The Company believes that its well-balanced assortment and promotional cadence for the Holiday Season discussed above will continue to mitigate the impacts of the tariff environment and higher gold prices. In February 2026, the US Supreme Court struck down certain tariffs implemented in April 2025 under the International Emergency Economic Powers Act (“IEEPA”). Management has not currently forecasted any impacts from the recent ruling, including potential refunds of tariffs paid under IEEPA or alternative tariff structures that may be implemented by the current administration, as the timing and amount of such impacts remain highly uncertain.

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The Company also continues to evaluate other macroeconomic factors on its business, such as inflation and potential impacts of the conflicts in the Middle East. As previously discussed, Signet operates quality control and technology centers in Israel, and to date, these operations have not been impacted by the geopolitical conflict in the Middle East. While the Company currently does not expect disruptions to its operations in Israel to have a material impact on the Company’s results of operations, the Company will continue to closely monitor this conflict and any impacts on its business, as well as its team members in Israel. Uncertainties exist that could impact the Company’s results of operations or cash flows in the future, such as competitive pricing pressure, including on lab-grown diamonds, impacts of the US government shut down on consumer spending, continued inflationary impacts (including, but not limited to, materials, labor, fulfillment and advertising costs), adverse shifts in consumer discretionary spending, slower than anticipated recovery of engagements, deterioration of consumer credit, supply chain disruptions to the Company’s business, the Company’s ability to recruit and retain qualified team members, and organized retail crime and its impact to mall traffic. See “Forward-Looking Statements” above as well as the “Risk Factors” section within Item 1A.

Market and operating conditions

The Company operates in the highly competitive jewelry industry and faces a dynamic retail landscape and challenging global macro-economic environment throughout the geographies where it does business as described above. Refer to Item 1 for additional information on the Company’s business, markets and strategy.

RESULTS OF OPERATIONS

Fiscal 2026 Overview

Similar to many other retailers, Signet follows the retail 4-4-5 reporting calendar. Both Fiscal 2026 and Fiscal 2025 were 52-week reporting periods.

Same store sales

Management considers same store sales useful as it is a major benchmark used by investors to judge performance within the retail industry. Same store sales is calculated by comparison of sales in stores that were open in both the current and the prior fiscal year, excluding the impacts of changes in foreign exchanges rates, as further described below. Sales from stores that have been open for less than 12 months are excluded from the comparison until their 12-month anniversary. Similarly, sales from acquired businesses made within the last 12 months are excluded from the comparison until their 12-month anniversary. Sales from stores that were acquired during the period and have not been included in the Company’s results for both the current and prior period presented are also excluded from same store sales. Sales after the 12-month anniversary are compared against the equivalent prior period sales within the comparable store sales comparison. Stores closed in the current financial period are included up to the date of closure and the comparative period is correspondingly adjusted. Stores that have been relocated or expanded, but remain within the same local geographic area, are included within the comparison with no adjustment to either the current or comparative period. Stores that have been refurbished are also included within the comparison except for the period when the refurbishment was taking place, when those stores are excluded from the comparison both for the current year and for the comparative period. Same store sales are also impacted by certain accounting adjustments to sales, primarily related to the deferral of revenue from the Company’s extended service plans.

E-commerce sales include all sales with customers that originate online, including direct to customer, ship to store, and BOPIS. E-commerce sales are included in the calculation of same store sales for the period and the comparative figures from the 12-month anniversary of the launch of the relevant website. Brick and mortar same store sales are calculated by removing the e-commerce sales from the same store sales calculation described above.

In a 53-week reporting period, the 14th week in the fourth quarter and 53rd week for the full year are excluded from same store sales in the fiscal year in which they occur. In the subsequent fiscal year, same store sales is calculated by aligning the sales weeks of the current period to the equivalent sales weeks in the prior fiscal year period.

Foreign currency impact on sales

The Company provides the year-over-year change in total sales excluding the impact of foreign currency fluctuations, which is a non-GAAP measure, to provide transparency to performance and enhance investor’s understanding of underlying business trends. The effect from foreign currency, calculated on a constant currency basis, is determined by applying current year average exchange rates to prior year sales in local currency.

Merchandise average unit retail (“AUR”)

AUR is defined as merchandise product sales on a constant currency basis, net of discounts and promotions, divided by merchandise units. AUR is measured each period based on reported sales for the corresponding period presented.

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Cost of sales and gross margin

Cost of sales consists primarily of the following expense categories:

•Merchandise costs, net of discounts and allowances;

•Cost of services, including the cost of replacement components, repair supplies and related compensation and benefits for employees directly associated with performing the service;

•Store operating and occupancy costs such as rent, utilities, real estate taxes, repairs and maintenance (including common area maintenance), depreciation and amortization; and

•Distribution and inventory-related costs, including freight, processing, inventory scrap, shrinkage and related compensation and benefits.

As the classification of cost of sales or selling, general and administrative expenses varies from retailer to retailer, Signet’s gross margin percentage may not be directly compar

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/SIG/mda/fy2026/
All MD&A years: /company/SIG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/SIG/mda/fy2025/): filed 2025-03-19; accession 0000832988-25-000018 (https://www.sec.gov/Archives/edgar/data/832988/000083298825000018/sig-20250201.htm)
- [FY 2024 MD&A](/company/SIG/mda/fy2024/): filed 2024-03-21; accession 0000832988-24-000083 (https://www.sec.gov/Archives/edgar/data/832988/000083298824000083/sig-20240203.htm)
- [FY 2023 MD&A](/company/SIG/mda/fy2023/): filed 2023-03-16; accession 0000832988-23-000032 (https://www.sec.gov/Archives/edgar/data/832988/000083298823000032/sig-20230128.htm)
- [FY 2022 MD&A](/company/SIG/mda/fy2022/): filed 2022-03-17; accession 0000832988-22-000019 (https://www.sec.gov/Archives/edgar/data/832988/000083298822000019/sig-20220129.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5944 Retail-Jewelry Stores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SIG.md · JSON record: /company/SIG.json · verified financials: /company/SIG/financials.json / /company/SIG/financials.csv · machine TOC for the whole site: /llms.txt