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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended ~~November~~May 23, ~~2024~~2025 or


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission file number 1-32349

SIGNET JEWELERS LIMITED


(Exact name of Registrant as specified in its charter)


Bermuda						Not Applicable
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Clarendon House

2 Church Street

Hamilton HM11

Bermuda

(441) 296 5872

(Address and telephone number including area code of principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on which Registered

Common Shares of $0.18 each

SIG

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Shares, $0.18 par value, 4341,~~491~~150,~~397~~235 shares as of ~~November~~May 2930, ~~2024~~2025

Table of Contents

SIGNET JEWELERS LIMITED

TABLE OF CONTENTS

PAGE

PART I

FINANCIAL INFORMATION

ITEM 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Comprehensive Income (Loss)

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Shareholders’ Equity

Notes to the Condensed Consolidated Financial Statements

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

2422

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

3833

ITEM 4.

Controls and Procedures

3833

PART II

OTHER INFORMATION

ITEM 1.

Legal Proceedings

3934

ITEM 1A.

Risk Factors

3934

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

3934

ITEM 5.

Other Information

3934

ITEM 6.

Exhibits

4036

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	13 weeks ended				~~39 weeks ended~~
(in millions, except per share amounts)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024		~~November 2, 2024~~		~~October 28, 2023~~		Notes
Sales	$	1,349.4	$	1,391.9	$	4,351.2	$	4,673.5	3
Merchandise sales	$	1,350.3	$	1,326.3
Cost of sales	(864.1)		(890.6)		(2,727.2)		(2,929.4)
Service sales	191.3		184.5
Gross margin	485.3		501.3		1,624.0		1,744.1
Total sales	1,541.6		1,510.8						3
Selling, general and administrative expenses	(469.6)		(484.2)		(1,483.4)		(1,525.8)
Cost of sales	(942.8)		(938.4)
Asset impairments, net	(0.7)		(0.1)		(169.3)		(5.7)		12
Gross margin	598.8		572.4
Other operating expense, net	(5.8)		(3.7)		(13.2)		(7.4)		17
Selling, general and administrative expenses	(526.0)		(515.4)
Operating income (loss)	9.2		13.3		(41.9)		205.2		4
Other operating expense, net	(24.7)		(7.2)						17
Interest (expense) income, net	(1.0)		2.6		10.0		10.0
Operating income	48.1		49.8						4
Other non-operating income (expense), net	0.2		(2.3)		2.0		(2.4)
Interest income, net	0.8		8.6
Income (loss) before income taxes	8.4		13.6		(29.9)		212.8
Other non-operating (expense) income, net	(3.3)		0.2
Income taxes	(1.4)		(1.9)		(9.5)		(28.6)		9
Income before income taxes	45.6		58.6
Net income (loss)	$	7.0	$	11.7	$	(39.4)	$	184.2
Income taxes	(12.1)		(6.5)						9
Dividends on redeemable convertible preferred shares	(1.6)		(8.7)		(96.8)		(25.9)		5, 6
Net income	$	33.5	$	52.1
Net income (loss) attributable to common shareholders	$	5.4	$	3.0	$	(136.2)	$	158.3
Dividends on redeemable convertible preferred shares	—		(92.2)						5, 6
Net income (loss) attributable to common shareholders	$	33.5	$	(40.1)
Earnings (loss) per common share:
Basic	$	0.1279	$	(0.0790)	$	~~(3.07)~~	$	~~3.51~~	7
Diluted	$	0.1278	$	(0.0790)	$	~~(3.07)~~	$	~~3.39~~	7
Weighted average common shares outstanding:
Basic	4342.95		44.76		~~44.3~~		~~45.1~~		7
Diluted	4442.7		4544.6		~~44.3~~		~~54.3~~		7

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ~~(LOSS)~~

(Unaudited)

	13 weeks ended
	November 2, 2024						October 28, 2023
	May 3, 2025						May 4, 2024
(in millions)	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net income					$	733.05					$	1152.71
Other comprehensive income (loss):
Foreign currency translation adjustments	$	122.01	$	—	$	122.01	$	(9.4.1)	$	—	$	(9.4.1)
Available-for-sale securities:
Unrealized gain (loss)	0.2		—		0.2		(0.1)		—		(0.1)
Unrealized gain	0.1		—		0.1		—		—		—
Cash flow hedges:
Unrealized gain	(0.1)		0.1		—		1.2		(0.2)		1.0
Unrealized loss	(0.9)		0.2		(0.7)		—		—		—
Reclassification adjustment for gains to earnings	—		—		—		(0.1)		—		(0.1)
Reclassification adjustment for losses (gains) to earnings	0.1		—		0.1		(0.2)		—		(0.2)
Total other comprehensive income (loss)	$	121.14	$	0.12	$	121.26	$	(8.4.3)	$	~~(0.2)~~—	$	(84.63)
Total comprehensive income					$	855.21					$	347.18
	39 weeks ended
	November 2, 2024						October 28, 2023
(in millions)	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net (loss) income					$	(39.4)					$	184.2
Other comprehensive (loss) income:
Foreign currency translation adjustments	$	0.7	$	—	$	0.7	$	(0.4)	$	—	$	(0.4)
Available-for-sale securities:
Unrealized gain (loss)	0.2		—		0.2		(0.2)		—		(0.2)
Cash flow hedges:
Unrealized (loss) gain	(0.3)		0.1		(0.2)		0.4		(0.1)		0.3
Reclassification adjustment for gains to earnings	(0.1)		—		(0.1)		(0.9)		0.2		(0.7)
Pension plan:
Reclassification adjustment for pension settlement loss to earnings	—		—		—		0.2		(4.1)		(3.9)
Total other comprehensive income (loss)	$	0.5	$	0.1	$	0.6	$	(0.9)	$	(4.0)	$	(4.9)
Total comprehensive (loss) income					$	(38.8)					$	179.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions, except par value per share amount)	~~November~~May 23, ~~2024~~2025		February 31, ~~2024~~2025		~~October~~May 284, ~~2023~~2024		Notes
Assets
Current assets:
Cash and cash equivalents	$	~~157~~264.71	$	~~1,378~~604.70	$	~~643~~729.83
Inventories	2,~~136~~006.25		1,~~936~~937.63		21,~~095~~983.76		10
Income taxes	7016.70		914.43		9.13
Other current assets	~~174~~180.25		~~211~~156.96		~~269~~202.74
Total current assets	2,~~538~~467.81		32,~~536~~712.62		32,~~018~~924.36
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,526.5 (February 3, 2024 and October 28, 2023: $1,441.2 and $1,402.3, respectively)	501.0		497.7		509.8
Property, plant and equipment, net of accumulated depreciation and amortization of $1,495.7 (February 1, 2025 and May 4, 2024: $1,461.5 and $1,469.5, respectively)	492.5		506.5		475.1
Operating lease right-of-use assets	1,~~034~~103.29		1,~~001~~102.84		~~1,023~~979.14		11
Goodwill	~~631~~482.50		~~754~~482.50		754.5		12
Intangible assets, net	~~358~~307.76		~~402~~307.82		~~405~~402.62		12
Other assets	~~320~~301.30		~~319~~314.38		~~316~~315.32
Deferred tax assets	~~300~~297.8		~~300~~301.5		37300.32
Total assets	$	5,~~685~~451.39	$	65,~~813~~726.26	$	6,~~064~~151.92
Liabilities, Redeemable convertible preferred shares, and Shareholders’ equity
Current liabilities:
Current portion of long-term debt	$	—	$	~~147.7~~—	$	147.68	15
Accounts payable	~~642~~572.51		~~735~~767.10		~~644~~599.93
Accrued expenses and other current liabilities	~~351~~371.63		~~400~~366.28		~~412~~356.10
Deferred revenue	~~337~~366.7		362.95		~~346~~360.26		3
Operating lease liabilities	~~263~~286.89		~~260~~279.39		~~267~~253.70		11
Income taxes	3849.65		6955.83		5231.64
Total current liabilities	1,~~634~~646.25		1,~~976~~831.05		1,~~871~~748.1
Non-current liabilities:
Long-term debt	253.0		—		—		15
Operating lease liabilities	894.5		900.0		818.5		11
Operating lease liabilities	851.6		835.7		855.1		11
Other liabilities	77.9		85.1		93.9
Other liabilities	88.1		96.0		94.6
Deferred revenue	886.1		885.1		878.9		3
Deferred revenue	864.3		881.8		856.5		3
Deferred tax liabilities	171.2		173.1		202.0
Deferred tax liabilities	195.1		201.7		160.3
Total liabilities	3,676.2		3,874.8		3,741.4
Total liabilities	3,886.3		3,991.2		3,837.6
Commitments and contingencies							20
Redeemable Series A Convertible Preference Shares $0.01 par value: authorized 500 shares, 0 shares outstanding (February 3, 2024 and October 28, 2023: 0.625 shares outstanding, respectively)	—		655.5		655.1		5
Redeemable Series A Convertible Preference Shares $0.01 par value: authorized 500 shares, 0 shares outstanding (February 1, 2025 and May 4, 2024: 0 and 0.313 shares outstanding, respectively)	—		—		328.0		5
Shareholders’ equity:
Common shares of $0.18 par value: authorized 500 shares, 43.5 shares outstanding (February 3, 2024 and October 28, 2023: 44.2 and 44.4 outstanding, respectively)	12.6		12.6		12.6
Common shares of $0.18 par value: authorized 500 shares, 41.4 shares outstanding (February 1, 2025 and May 4, 2024: 43.2 and 44.7 outstanding, respectively)	12.6		12.6		12.6
Additional paid-in capital	~~118~~105.73		~~230~~120.71		~~227~~181.16
Other reserves	0.4		0.4		0.4
Treasury shares at cost: 26.5 shares (February 3, 2024 and October 28, 2023: 25.8 and 25.6 shares, respectively)	(1,725.5)		(1,646.9)		(1,626.5)
Treasury shares at cost: 28.6 shares (February 1, 2025 and May 4, 2024: 26.8 and 25.3 shares, respectively)	(1,852.2)		(1,749.3)		(1,622.9)
Retained earnings	3,~~657~~765.5		3,~~835~~745.05		3,~~227~~779.7
Accumulated other comprehensive loss	(~~264~~255.79)		(~~265~~277.35)		(269.16)		8
Total shareholders’ equity	1,~~799~~775.07		21,~~166~~851.58		12,~~572~~081.28
Total liabilities, redeemable convertible preferred shares and shareholders’ equity	$	5,~~685~~451.39	$	65,~~813~~726.26	$	6,~~064~~151.92

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	39 weeks ended
	13 weeks ended
(in millions)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024
Operating activities
Net (loss) income	$	(39.4)	$	184.2
Net income	$	33.5	$	52.1
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	~~110~~37.60		~~129~~36.46
Amortization of unfavorable contracts	(10.45)		(10.45)
Share-based compensation	207.40		367.46
Deferred taxation	(63.5)6		400.25
Asset impairments, net	169.3		5.7
Other non-cash movements	7.0		5.7
Other non-cash movements	4.3		4.3
Changes in operating assets and liabilities:
Inventories	(~~189~~56.51)		14(48.89)
Other assets	38(9.02)		~~(41~~12.7)3
Accounts payable	(~~101~~187.5)		(~~221~~136.57)
Accrued expenses and other liabilities	(455.94)		(~~253~~40.28)
Change in operating lease assets and liabilities	(~~14.~~0.8)		(342.58)
Deferred revenue	~~(41~~3.8)6		(484.07)
Income tax receivable and payable	(927.45)		(2038.06)
Net cash used in operating activities	(~~189~~175.83)		(~~205~~158.32)
Investing activities
Purchase of property, plant and equipment	(114.4)		(89.4)
Capital expenditures	(36.6)		(23.3)
Other investing activities, net	~~(6.6)~~—		(41.5)8
Net cash used in investing activities	(~~121~~36.06)		(9321.95)
Financing activities
Dividends paid on common shares	(3612.06)		(2910.72)
Dividends paid on redeemable convertible preferred shares	~~(18.5)~~—		(2410.63)
Repurchase of common shares	(~~113~~117.84)		(~~117~~7.54)
Repurchase of redeemable convertible preferred shares	~~(812.9)~~—		—(412.0)
Repayment of Senior Notes	(147.8)		—
Other financing activities, net	(7.3)		(27.6)
Proceeds from ABL	253.0		—
Net cash used in financing activities	(137.3)		(467.5)
Payment of debt issuance costs	(4.3)		—
Cash and cash equivalents at beginning of period	604.0		1,378.7
Other financing activities, net	(28.2)		(47.9)
Decrease in cash and cash equivalents	(349.2)		(647.2)
Net cash used in financing activities	(908.5)		(219.7)
Effect of exchange rate changes on cash and cash equivalents	9.3		(2.2)
Cash and cash equivalents at beginning of period	1,378.7		1,166.8
Cash and cash equivalents at end of period	$	264.1	$	729.3
Decrease in cash and cash equivalents	(1,219.3)		(518.9)
Effect of exchange rate changes on cash and cash equivalents	(1.7)		(4.1)
Cash and cash equivalents at end of period	$	157.7	$	643.8

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in millions)	Common shares at par value		Additional paid-in capital		Other reserves		Treasury shares		Retained earnings		Accumulated other comprehensive loss		Total shareholders’ equity
Balance at February 3, 2024	$	12.6	$	230.7	$	0.4	$	(1,646.9)	$	3,835.0	$	(265.3)	$	2,166.5
Balance at February 1, 2025	$	12.6	$	120.1	$	0.4	$	(1,749.3)	$	3,745.5	$	(277.5)	$	1,851.8
Net income	—		—		—		—		5233.15		—		5233.15
Other comprehensive loss	—		—		—		—		—		(4.3)		(4.3)
Other comprehensive income	—		—		—		—		—		21.6		21.6
Dividends declared:
Common share dividends declared, $0.32/share	—		—		—		—		(13.4)		—		(13.4)
Common shares, $0.29/share	—		—		—		—		(12.9)		—		(12.9)
Repurchase of common shares	—		—		—		(117.4)		—		—		(117.4)
Preferred shares, $13.14/share	—		—		—		—		(5.0)		—		(5.0)
Net settlement of equity-based awards	—		(21.8)		—		14.5		(0.1)		—		(7.4)
Redemption of preferred shares	—		—		—		—		(87.2)		—		(87.2)
Share-based compensation expense	—		7.0		—		—		—		—		7.0
Repurchase of common shares	—		—		—		(7.4)		—		—		(7.4)
Balance at May 3, 2025	$	12.6	$	105.3	$	0.4	$	(1,852.2)	$	3,765.5	$	(255.9)	$	1,775.7
Net settlement of equity-based awards	—		(56.7)		—		31.4		(2.3)		—		(27.6)
Share-based compensation expense	—		7.6		—		—		—		—		7.6
Balance at May 4, 2024	$	12.6	$	181.6	$	0.4	$	(1,622.9)	$	3,779.7	$	(269.6)	$	2,081.8
Net loss	—		—		—		—		(98.5)		—		(98.5)
Other comprehensive income	—		—		—		—		—		3.7		3.7
Dividends declared:
Common shares, $0.29/share	—		—		—		—		(12.9)		—		(12.9)
Preferred shares, $13.14/share	—		—		—		—		(3.0)		—		(3.0)
Redemption of preferred shares	—		(23.9)		—		—		—		—		(23.9)
Repurchase of common shares	—		—		—		(39.8)		—		—		(39.8)
Net settlement of equity-based awards	—		(3.2)		—		3.0		(0.7)		—		(0.9)
Share-based compensation expense	—		10.7		—		—		—		—		10.7
Balance at August 3, 2024	$	12.6	$	165.2	$	0.4	$	(1,659.7)	$	3,664.6	$	(265.9)	$	1,917.2
Net income	—		—		—		—		7.0		—		7.0
Other comprehensive income	—		—		—		—		—		1.2		1.2
Dividends declared:
Common shares, $0.29/share	—		—		—		—		(12.6)		—		(12.6)
Preferred shares, $13.14/share	—		—		—		—		(0.2)		—		(0.2)
Redemption of preferred shares	—		(47.9)		—		—		(1.3)		—		(49.2)
Repurchase of common shares	—		—		—		(66.6)		—		—		(66.6)
Net settlement of equity-based awards	—		(0.7)		—		0.8		—		—		0.1
Share-based compensation expense	—		2.1		—		—		—		—		2.1
Balance at November 2, 2024	$	12.6	$	118.7	$	0.4	$	(1,725.5)	$	3,657.5	$	(264.7)	$	1,799.0

(in millions)	Common shares at par value		Additional paid-in capital		Other reserves		Treasury shares		Retained earnings		Accumulated other comprehensive loss		Total shareholders’ equity
Balance at January 28, 2023	$	12.6	$	259.7	$	0.4	$	(1,574.7)	$	3,144.8	$	(264.2)	$	1,578.6
Balance at February 3, 2024	$	12.6	$	230.7	$	0.4	$	(1,646.9)	$	3,835.0	$	(265.3)	$	2,166.5
Net income	—		—		—		—		9752.41		—		9752.41
Other comprehensive loss	—		—		—		—		—		(34.3)		(34.3)
Dividends declared:
Common shares, $0.23/share	—		—		—		—		(10.4)		—		(10.4)
Common shares, $0.29/share	—		—		—		—		(12.9)		—		(12.9)
Preferred shares, $13.14/share	—		—		—		—		(85.60)		—		(85.60)
Repurchase of common shares	—		—		—		(39.1)		—		—		(39.1)
Redemption of preferred shares	—		—		—		—		(87.2)		—		(87.2)
Net settlement of equity-based awards	—		(60.5)		—		57.3		(41.2)		—		(44.4)
Repurchase of common shares	—		—		—		(7.4)		—		—		(7.4)
Share-based compensation expense	—		11.3		—		—		—		—		11.3
Net settlement of equity-based awards	—		(56.7)		—		31.4		(2.3)		—		(27.6)
Balance at April 29, 2023	$	12.6	$	210.5	$	0.4	$	(1,556.5)	$	3,182.0	$	(267.5)	$	1,581.5
Share-based compensation expense	—		7.6		—		—		—		—		7.6
Net income	—		—		—		—		75.1		—		75.1
Balance at May 4, 2024	$	12.6	$	181.6	$	0.4	$	(1,622.9)	$	3,779.7	$	(269.6)	$	2,081.8
Other comprehensive income	—		—		—		—		—		7.0		7.0
Dividends declared:
Common shares, $0.23/share	—		—		—		—		(10.3)		—		(10.3)
Preferred shares, $13.14/share	—		—		—		—		(8.6)		—		(8.6)
Repurchase of common shares	—		—		—		(43.3)		—		—		(43.3)
Net settlement of equity-based awards	—		(4.4)		—		3.4		(0.2)		—		(1.2)
Share-based compensation expense	—		13.9		—		—		—		—		13.9
Balance at July 29, 2023	$	12.6	$	220.0	$	0.4	$	(1,596.4)	$	3,238.0	$	(260.5)	$	1,614.1
Net income	—		—		—		—		11.7		—		11.7
Other comprehensive loss	—		—		—		—		—		(8.6)		(8.6)
Dividends declared:
Common shares, $0.23/share	—		—		—		—		(10.2)		—		(10.2)
Preferred shares, $13.14/share	—		—		—		—		(8.7)		—		(8.7)
Repurchase of common shares	—		—		—		(35.1)		—		—		(35.1)
Net settlement of equity based awards	—		(4.1)		—		5.0		(3.1)		—		(2.2)
Share-based compensation expense	—		11.2		—		—		—		—		11.2
Balance at October 28, 2023	$	12.6	$	227.1	$	0.4	$	(1,626.5)	$	3,227.7	$	(269.1)	$	1,572.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

SIGNET JEWELERS LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Organization and principal accounting policies

Signet Jewelers Limited (“Signet” or the “Company”), a holding company incorporated in Bermuda, is the world’s largest retailer of diamond jewelry. The Company operates through its 100% owned subsidiaries with sales primarily in the United States (“US”), United Kingdom (“UK”) and Canada. Signet manages its business as three reportable segments: North America, International, and Other. The “Other” reportable segment consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. See Note 4 for information regarding the Company’s reportable segments.

Basis of preparation

The condensed consolidated financial statements of the Company are prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles (“US GAAP” or “GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Intercompany transactions and balances have been eliminated in consolidation. The Company has reclassified certain prior year amounts to conform to the current year presentation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of the results to be expected for the full fiscal year or for any other interim period. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the fiscal year ended February 31, ~~2024~~2025 filed with the SEC on March 2119, ~~2024~~2025.

Use of estimates

The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, employee compensation, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets.

Fiscal year

The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal ~~2025~~2026 and Fiscal ~~2024~~2025 refer to the 52-week ~~period~~periods ending ~~February~~January 131, ~~2025~~2026 and ~~the 53-week period~~ ended February 31, ~~2024~~2025, respectively. Within these condensed consolidated financial statements, the ~~third~~first quarter ~~and year-to-date period~~ of the relevant fiscal years ~~2025~~2026 and ~~2024~~2025 refer to the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024, respectively.

Foreign currency translation

The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International reportable segment and Canada as part of the North America reportable segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the condensed consolidated balance sheet dates, and revenues and expenses are translated at the monthly average rates of exchange during the ~~period~~reported periods. Resulting translation gains or losses are included in the accompanying condensed consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within other operating expense, net within the condensed consolidated statements of operations.

See Note 8 for additional information regarding the Company’s foreign currency translation.

Divestitures

On October 18, 2023, the Company entered into an agreement to sell the operations and certain assets of the Company’s UK prestige watch business in the International reportable segment, including 21 retail locations. The sale of these locations was substantially completed in the fourth quarter of Fiscal 2024, for proceeds of $53.8 million and resulted in a pre-tax gain of $12.3 million. In addition, during Fiscal 2025, the Company recorded $2.5 million of losses related to the completion of the divestiture.

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Based on the above sale, during the third quarter of Fiscal 2024, the Company determined the UK prestige watch business met the criteria to be classified as held for sale. The business did not meet the criteria to be classified as discontinued operations as the disposal did not represent a strategic shift that would have a major effect on the Company's operations. The related assets and liabilities that were expected to be disposed of were presented as held for sale as of October 28, 2023, recorded within other current assets and other current liabilities in the condensed consolidated balance sheet and consisted of the following:

(in millions)
Inventories	$	33.4
Property, plant and equipment	9.6
Operating lease right-of-use assets	19.8
Assets held for sale	$	62.8
Operating lease liabilities	$	21.4
Liabilities held for sale	$	21.4

2. New accounting pronouncements

The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company.

New accounting pronouncements recently adopted

There were no new accounting pronouncements adopted during Fiscal ~~2025~~2026 that have a material impact on the Company’s consolidated financial position or results of operations.

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New accounting pronouncements issued but not yet adopted

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”)

In November 2023, the FASB issued ASU 2023-07. This ASU requires the following disclosures on an annual and interim basis:

•Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included with each reported measure of segment profit/loss.

•Other segment items by reportable segment not already disclosed, consisting of differences between segment revenue and segment profit/loss.

•Other information by reportable segment, including total assets, depreciation and amortization, and capital expenditures.

•The title of the CODM and an explanation of how the CODM uses the reported measures of segment profit/loss in assessing segment performance and deciding how to allocate resources.

The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a retrospective basis. This ASU will have no impact on the Company’s consolidated financial condition or results of operations. The Company expects to revise its disclosures related to segment reporting within the Fiscal 2025 Form 10-K to incorporate the enhanced disclosure requirements described above.

Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”)

In December 2023, the FASB issued ASU 2023-09. This ASU modifies the annual disclosure requirements for income taxes in the following ways:

•The effective tax rate reconciliation must be disclosed using both percentages and dollars (currently only one is required). The reconciliation must contain several prescriptive categories, including disaggregating material impacts ~~from~~by ~~foreign,~~nature ~~state,~~ and ~~local taxes~~ by jurisdiction. Qualitative information regarding material reconciling items is also required to be disclosed.

•The amount of income taxes paid must be disclosed and disaggregated by jurisdiction.

The amendments in this ASU are effective for ~~fiscal~~annual ~~years~~reporting periods beginning after December 15, 2024, with early adoption permitted, and may be applied on a prospective or retrospective basis. This ASU will have no impact on the Company’s consolidated financial condition or results of operations. The Company is evaluating the impact of this ASU on its income tax disclosures.

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Income Statement Expense Disaggregation Disclosures (Topic 220-40) (“ASU 2024-03”)

In November 2024, the FASB issued ASU 2024-03. This ASU requires disclosure of additional information about certain income statement expense line items, such as cost of sales and selling, general and administrative expenses (“SG&A”). Prescribed expense categories within each line item will be required to be disaggregated in tabular format. Prescribed expense categories include purchases of inventory, employee compensation, depreciation, and intangible asset amortization. Other material expense categories identified within each income statement expense line item may also require disclosure. Total selling expenses and a definition of selling expenses is required to be disclosed.

The amendments in this ASU are effective for ~~fiscal~~annual ~~years~~reporting periods beginning after December 15, 2026, and interim reporting periods ~~within fiscal years~~ beginning after December 15, 2027, with early adoption permitted, and may be applied on a prospective or retrospective basis. This ASU will have no impact on the Company’s consolidated financial condition or results of operations. The Company is evaluating the impact of this ASU on its financial statement disclosures.

3. Revenue recognition

The following table provides the Company’s total sales, disaggregated by ~~banner~~brand, for the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024:

	13 weeks ended November 2, 2024								13 weeks ended October 28, 2023
	13 weeks ended May 3, 2025								13 weeks ended May 4, 2024
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Sales by brand:
Kay	$	~~483~~579.71	$	—	$	—	$	~~483~~579.71	$	~~489~~567.95	$	—	$	—	$	~~489~~567.95
Zales	~~225~~283.42		—		—		~~225~~283.42		~~224~~256.17		—		—		~~224~~256.17
Jared	~~226~~260.50		—		—		~~226~~260.50		~~237~~249.45		—		—		~~237~~249.45
Digital banners (1)	119.8		—		—		119.8		134.9						134.9
Blue Nile	77.6		—		—		77.6		75.8		—		—		75.8
Diamonds Direct	93.7		—		—		93.7		93.3		—		—		93.3
James Allen	39.4		—		—		39.4		57.9		—		—		57.9
Banter by Piercing Pagoda	69.6		—		—		69.6		69.4		—		—		69.4
Diamonds Direct	84.1		—		—		84.1		82.6		—		—		82.6
Peoples	39.7		—		—		39.7		36.2		—		—		36.2
Banter by Piercing Pagoda	82.2		—		—		82.2		83.6		—		—		83.6
International segment banners	—		83.3		—		83.3		—		94.0		—		94.0
Peoples	40.8		—		—		40.8		39.2		—		—		39.2
Other (2)	3.6		—		4.1		7.7		5.9		—		6.8		12.7
International segment brands	—		80.1		—		80.1		—		77.2		—		77.2
Total sales	$	1,262.0	$	83.3	$	4.1	$	1,349.4	$	1,291.1	$	94.0	$	6.8	$	1,391.9
Other (1)	4.1		—		11.0		15.1		7.2		—		13.6		20.8
	39 weeks ended November 2, 2024								39 weeks ended October 28, 2023
Total sales	$	1,450.5	$	80.1	$	11.0	$	1,541.6	$	1,420.0	$	77.2	$	13.6	$	1,510.8
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by banner:
Kay	$	1,593.8	$	—	$	—	$	1,593.8	$	1,659.2	$	—	$	—	$	1,659.2
Zales	737.6		—		—		737.6		798.9		—		—		798.9
Jared	727.6		—		—		727.6		776.6		—		—		776.6
Digital banners (1)	384.8						384.8		467.3						467.3
Diamonds Direct	265.6		—		—		265.6		274.6		—		—		274.6
Banter by Piercing Pagoda	230.8		—		—		230.8		234.2		—		—		234.2
Peoples	122.5		—		—		122.5		117.9		—		—		117.9
International segment banners	—		247.0		—		247.0		—		289.0		—		289.0
Other (2)	16.9		—		24.6		41.5		24.7		—		31.1		55.8
Total sales	$	4,079.6	$	247.0	$	24.6	$	4,351.2	$	4,353.4	$	289.0	$	31.1	$	4,673.5

(1) ~~Includes~~Other primarily includes sales from the Company’s ~~digital~~diamond ~~banners~~sourcing operation, ~~James~~loose ~~Allen~~diamonds and ~~Blue Nile~~Rocksbox.

~~(2) Other primarily includes sales from the Company’s diamond sourcing operation, loose diamonds and Rocksbox.~~9

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The following table provides the Company’s total sales, disaggregated by major product, for the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024:

	13 weeks ended November 2, 2024								13 weeks ended October 28, 2023
	13 weeks ended May 3, 2025								13 weeks ended May 4, 2024
(in millions)	North America		International		Other		Consolidated		North America (3)		International		Other		Consolidated
Sales by product:
Bridal	$	~~594~~656.36	$	3736.01	$	—	$	~~631~~692.37	$	~~625~~646.90	$	3835.73	$	—	$	~~664~~681.63
Fashion	~~435~~533.10		1716.14		—		~~452~~549.24		~~431~~530.81		1615.42		—		~~448~~545.23
Watches	4347.78		2321.37		—		6769.05		3942.57		3220.58		—		7263.05
Services (1)	~~166~~185.94		5.9		—		~~172~~191.83		~~163~~178.56		65.49		—		~~169~~184.95
Other (2)	2227.07		—		411.10		2638.17		3022.46		—		613.86		3736.2
Total sales	$	1,~~262~~450.05	$	8380.31	$	411.10	$	1,~~349~~541.46	$	1,~~291~~420.10	$	9477.02	$	613.86	$	1,~~391~~510.98
	39 weeks ended November 2, 2024								39 weeks ended October 28, 2023
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by product:
Bridal	$	1,859.5	$	112.2	$	—	$	1,971.7	$	2,044.6	$	124.2	$	—	$	2,168.8
Fashion	1,494.4		50.0		—		1,544.4		1,555.5		49.4		—		1,604.9
Watches	135.1		67.1		—		202.2		132.7		96.1		—		228.8
Services (1)	519.3		17.7		—		537.0		509.9		19.3		—		529.2
Other (2)	71.3		—		24.6		95.9		110.7		—		31.1		141.8
Total sales	$	4,079.6	$	247.0	$	24.6	$	4,351.2	$	4,353.4	$	289.0	$	31.1	$	4,673.5

(1) Services primarily includes sales from service plans, repairs and subscriptions.

(2) Other primarily includes sales from the Company’s diamond sourcing operation and other miscellaneous non-jewelry ~~revenue~~sales.

~~The~~(3) ~~following~~Certain ~~table~~amounts ~~provides~~have ~~the~~been ~~Company’s~~reclassified ~~total~~between ~~sales,~~bridal ~~disaggregated by channel, for the 13~~ and 39fashion ~~weeks~~to ~~ended~~conform ~~November 2,~~to ~~2024~~the ~~and~~Company’s ~~October 28,~~current ~~2023:~~product categorizations.

	13 weeks ended November 2, 2024								13 weeks ended October 28, 2023
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	988.1	$	64.8	$	—	$	1,052.9	$	1,003.6	$	77.8	$	—	$	1,081.4
eCommerce	270.7		18.5		—		289.2		284.7		16.2		—		300.9
Other (1)	3.2		—		4.1		7.3		2.8		—		6.8		9.6
Total sales	$	1,262.0	$	83.3	$	4.1	$	1,349.4	$	1,291.1	$	94.0	$	6.8	$	1,391.9
	39 weeks ended November 2, 2024								39 weeks ended October 28, 2023
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	3,162.6	$	193.2	$	—	$	3,355.8	$	3,341.7	$	239.4	$	—	$	3,581.1
eCommerce	905.6		53.8		—		959.4		997.4		49.6		—		1,047.0
Other (1)	11.4		—		24.6		36.0		14.3		—		31.1		45.4
Total sales	$	4,079.6	$	247.0	$	24.6	$	4,351.2	$	4,353.4	$	289.0	$	31.1	$	4,673.5

The following table provides the Company’s total sales, disaggregated by channel, for the 13 weeks ended May 3, 2025 and May 4, 2024:


	13 weeks ended May 3, 2025								13 weeks ended May 4, 2024
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	1,125.3	$	62.8	$	—	$	1,188.1	$	1,094.3	$	60.8	$	—	$	1,155.1
E-commerce	321.4		17.3		—		338.7		321.5		16.4		—		337.9
Other (1)	3.8		—		11.0		14.8		4.2		—		13.6		17.8
Total sales	$	1,450.5	$	80.1	$	11.0	$	1,541.6	$	1,420.0	$	77.2	$	13.6	$	1,510.8

(1) Other primarily includes sales from the Company’s diamond sourcing operation and loose diamonds.

Extended service plans (“ESP”)

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 from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in historical claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in either the overall claims pattern or the life over which the Company is expected to fulfill its obligations under the ~~warranty~~ESP, could result in a material change to revenues. ~~All direct costs associated with the sale of the ESP are~~

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deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees.

Deferred ESP selling costs

~~Unamortized~~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 condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Amortization of deferred ESP selling costs asis included within SG&A in the condensed consolidated statements of ~~November~~ operations. Amortization of deferred ESP selling costs was $11.5 million and $11.2, ~~2024,~~million ~~February~~during the 13 weeks ended May 3, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024, ~~were as follows:~~respectively.

(in millions)	November 2, 2024		February 3, 2024		October 28, 2023
Other current assets	$	27.2	$	28.2	$	27.4
Other assets	80.0		83.0		81.3
Total deferred ESP selling costs	$	107.2	$	111.2	$	108.7

Unamortized deferred ESP selling costs as of May 3, 2025, February 1, 2025 and May 4, 2024 were as follows:

Amortization of deferred ESP selling costs is included within SG&A in the condensed consolidated statements of operations. Amortization of deferred ESP selling costs was $10.6 million and $32.7 million during the 13 and 39 weeks ended November 2, 2024, respectively, and $10.1 million and $31.8 million during the 13 and 39 weeks ended October 28, 2023, respectively.


(in millions)	May 3, 2025		February 1, 2025		May 4, 2024
Other current assets	$	28.1	$	28.4	$	27.8
Other assets	80.8		81.3		82.2
Total deferred ESP selling costs	$	108.9	$	109.7	$	110.0

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Deferred revenue

Deferred revenue as of ~~November~~May 23, ~~2024~~2025, February 31, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024 was as follows:

(in millions)

~~November~~May 23, ~~2024~~2025

February 31, ~~2024~~2025

~~October~~May 284, ~~2023~~2024

ESP deferred revenue

1,~~132~~171.79

1,~~158~~170.78

1,~~120~~153.27

Other deferred revenue (1)

6980.39

8676.08

8285.58

Total deferred revenue

1,~~202~~252.08

1,~~244~~247.76

1,~~202~~239.75

Disclosed as:

Current liabilities

~~337~~366.7

362.95

~~346~~360.26

Non-current liabilities

~~864~~886.31

~~881~~885.81

~~856~~878.59

Total deferred revenue

1,~~202~~252.08

1,~~244~~247.76

1,~~202~~239.75

(1) Other deferred revenue primarily includes revenue collected from customers for custom orders and ~~eCommerce~~e-commerce orders, for which control has not yet transferred to the customer.

13 weeks ended

~~39 weeks ended~~

(in millions)

~~November~~May 23, ~~2024~~2025

~~October~~May 284, ~~2023~~2024

~~November 2, 2024~~

~~October 28, 2023~~

ESP deferred revenue, beginning of period

1,~~146~~170.18

1,~~138~~158.97

~~1,158.7~~

~~1,159.5~~

Plans sold (1)

~~106~~135.70

95121.79

~~345.6~~

~~318.8~~

Revenue recognized (2)

(~~120~~133.19)

(~~114~~126.49)

~~(371.6)~~

~~(358.1)~~

ESP deferred revenue, end of period

1,~~132~~171.79

1,~~120~~153.27

~~1,132.7~~

~~1,120.2~~

(1) Includes impact of foreign exchange translation.

(2) The Company recognized sales of $6787.6 million and $~~227~~85.82 million during the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024,~~2025 ~~respectively,~~ and ~~$67.7~~May ~~million and $230.2 million during the 13 and 39 weeks ended October 28~~4, ~~2023~~2024, respectively, related to deferred revenue that existed at the beginning of the ~~period in respect to ESP~~periods.

4. Segment information

~~Financial information for each of~~ Signet’s ~~reportable~~chief ~~segments~~executive isofficer ~~presented~~(“CEO”) inis the ~~tables~~Company’s ~~below~~chief operating decision maker (“CODM”). ~~Signet’s~~The CODM ~~utilizes~~regularly reviews segment sales and segment operating income, after the elimination of any inter-segment transactions, to determine resource allocations ~~and~~between ~~performance assessment measures. Signet aggregates operating~~ segments ~~with similar economic and operating characteristics~~. Signet ~~manages its business as three reportable segments: North America, International, and Other. Signet~~’s sales are primarily derived from the retailing of jewelry, watches, ~~other~~services ~~products~~ and ~~services~~other products as generated through the management of its ~~reportable~~ segments. ~~The~~Segment ~~Company~~operating ~~allocates~~income, which excludes the impact of certain ~~support~~items ~~center~~management ~~costs~~believes ~~between~~are not necessarily reflective of normal operating ~~segments~~performance, ~~and~~is utilized by the ~~remainder~~CODM ofto ~~the~~assess ~~unallocated~~segment ~~costs~~profitability. ~~are~~Segment ~~included~~operating ~~with~~income is used by the ~~corporate~~CODM to monitor and ~~unallocated~~assess ~~expenses~~segment ~~presented~~results compared to prior periods, forecasted results, and our annual operating plan.

The ~~North~~Company ~~America~~aggregates ~~reportable~~operating ~~segment~~segments ~~operates~~with ~~across~~similar ~~the~~economic US and ~~Canada~~operating characteristics. ~~Its~~Signet USmanages ~~stores~~its ~~operate~~business ~~nationally~~as inthree reportable ~~malls~~segments: ~~and~~North ~~off-mall locations~~America, ~~as well as online~~International, ~~principally~~and asOther. ~~Kay~~The ~~(Kay~~Company ~~Jewelers~~allocates ~~and~~certain ~~Kay~~support ~~Outlet),~~center ~~Zales~~costs ~~(Zales~~between ~~Jewelers~~operating ~~and Zales Outlet)~~segments, ~~Jared (Jared Jewelers~~ and ~~Jared~~the ~~Vault),~~remainder ~~Diamonds~~of ~~Direct,~~the ~~Banter~~unallocated bycosts ~~Piercing~~are ~~Pagoda,~~included ~~Rocksbox,~~with ~~and~~the ~~digital~~corporate ~~banners, James Allen~~ and ~~Blue~~unallocated ~~Nile.~~expenses ~~Its Canadian stores operate as Peoples Jewellers~~presented.

The ~~International~~North America reportable segment operates ~~stores~~across in the UKUS and ~~Republic of Ireland as well as online~~Canada. Its US stores operate nationally in malls and off-mall locations, as well as online, principally as Kay (~~i.e.~~Kay ~~high~~Jewelers ~~street~~and Kay Outlet), ~~principally~~Zales ~~under~~(Zales ~~the~~Jewelers H.and ~~Samuel~~Zales Outlet), Jared (Jared Jewelers and ~~Ernest~~Jared ~~Jones~~Vault), ~~banners~~Diamonds Direct, Banter by Piercing Pagoda, Rocksbox, and Digital brands, James Allen and Blue Nile. Its Canadian stores operate as Peoples Jewellers.

The International reportable segment operates stores in the UK and Republic of Ireland as well as online. Its stores operate in shopping malls and off-mall locations (i.e. high street) principally under the H.Samuel and Ernest Jones brands.

The Other reportable segment primarily consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones.

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Financial information for each of Signet’s reportable segments for the 13 weeks ended May 3, 2025 and May 4, 2024 is presented in the tables below.


	13 weeks ended May 3, 2025
(in millions)	North America		International		Other		Corporate and Unallocated		Consolidated
Sales	$	1,450.5	$	80.1	$	11.0	$	—	$	1,541.6

Merchandise expense	(557.4)		(34.4)		(13.8)
Services expense	(43.4)		(2.3)
Other cost of sales	(267.3)		(23.3)		(0.9)
SG&A	(484.2)		(26.3)				(15.5)
Other segment operating expense, net	(1.1)		(0.8)		(0.2)		(0.4)
Total segment operating income (loss)	$	97.1	$	(7.0)	$	(3.9)	$	(15.9)	$	70.3

Restructuring charges (1)									(19.0)
Asset impairments (1)									(3.2)
Interest income, net									0.8
Other non-operating expense, net									(3.3)
Income before taxes									$	45.6


	13 weeks ended May 4, 2024
(in millions)	North America		International		Other		Corporate and Unallocated		Consolidated
Sales	$	1,420.0	$	77.2	$	13.6	$	—	$	1,510.8

Merchandise expense	(553.6)		(30.7)		(15.8)
Services expense	(42.3)		(2.6)
Other cost of sales	(267.8)		(24.7)		(0.9)
SG&A	(471.6)		(26.5)				(17.1)
Other segment operating income (expense), net	0.5		0.3		—		(0.2)
Total segment operating income (loss)	$	85.2	$	(7.0)	$	(3.1)	$	(17.3)	$	57.8

Asset impairments (1)									(1.9)
Restructuring charges (1)									(4.6)
Loss on divestitures, net (2)									(1.3)
Integration-related charges (3)									(0.2)

Interest income, net									8.6
Other non-operating income, net									0.2
Income before taxes									$	58.6

(1) Restructuring and asset impairment charges during the 13 weeks ended May 3, 2025 were incurred primarily as a result of the Company’s Grow Brand Love strategy initiatives. Restructuring and asset impairment charges during the 13 weeks ended May 4, 2024 were incurred primarily as a result of the Company’s rationalization of its store footprint and reorganization of certain centralized functions.

See Note 18 for additional information.

(2) Includes charges associated with the previously announced divestiture of the UK prestige watch business.

(3) Includes severance and retention expenses related to the integration of Blue Nile.

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	13 weeks ended				39 weeks ended
(in millions)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Sales:
North America segment	$	1,262.0	$	1,291.1	$	4,079.6	$	4,353.4
International segment	83.3		94.0		247.0		289.0
Other segment	4.1		6.8		24.6		31.1
Total sales	$	1,349.4	$	1,391.9	$	4,351.2	$	4,673.5
Operating income (loss):
North America segment (1)	$	24.1	$	39.2	$	30.1	$	281.0
International segment (2)	(3.7)		(9.0)		(20.9)		(22.9)
Other segment	(1.6)		(3.1)		(7.3)		(4.8)
Corporate and unallocated expenses (3)	(9.6)		(13.8)		(43.8)		(48.1)
Total operating income (loss)	9.2		13.3		(41.9)		205.2
Interest (expense) income, net	(1.0)		2.6		10.0		10.0
Other non-operating income (expense), net	0.2		(2.3)		2.0		(2.4)
Income (loss) before income taxes	$	8.4	$	13.6	$	(29.9)	$	212.8

The following tables provide the Company’s total depreciation and amortization and total capital expenditures, by reportable segment, for the 13 weeks ended May 3, 2025 and May 4, 2024:

(1) Operating income during the 13 and 39 weeks ended November 2, 2024 includes $0.8 million and $169.0 million, respectively, of asset impairment charges primarily related to goodwill and indefinite-lived intangible assets recognized in the second quarter; and $5.4 million and $6.2 million, respectively, of restructuring and related charges. Operating income during the 39 weeks ended November 2, 2024 includes $1.1 million of integration-related expenses, primarily severance and retention, incurred for the integration of Blue Nile.


	13 weeks ended
(in millions)	May 3, 2025		May 4, 2024
Depreciation and amortization:
North America segment	$	34.5	$	34.0
International segment	2.4		2.5
Other segment	0.1		0.1
Total depreciation and amortization	$	37.0	$	36.6

Capital expenditures:
North America segment	$	35.2	$	22.7
International segment	1.4		0.5
Other segment	—		0.1
Total capital expenditures	$	36.6	$	23.3

~~Operating~~The ~~income~~following ~~during~~tables provide the 13Company’s ~~and~~total 39assets ~~weeks ended October 28, 2023 includes $7.5 million~~ and ~~$20.1 million,~~total ~~respectively, of integration~~long-~~related~~lived ~~expenses~~assets, ~~primarily~~by ~~severance~~reportable ~~and retention~~segment, ~~and~~as ~~exit and disposal costs, and system decommissioning costs incurred for the integration~~ of ~~Blue Nile; and $0.2~~May ~~million and $4.4 million~~3, ~~respectively~~2025, ~~of restructuring charges. Operating income during the 39 weeks ended October~~February 281, ~~2023~~2025 ~~includes a $3.0 million credit to income related to the adjustment of a prior litigation accrual~~ and ~~$5.6~~May ~~million~~4, ~~of net asset impairment charges primarily related to restructuring and integration.~~2024:

See Note 12, Note 18 and Note 20 for additional information.


(in millions)	May 3, 2025		February 1, 2025		May 4, 2024
Total assets:
North America segment	$	4,871.1	$	5,045.8	$	5,380.3
International segment	385.8		381.0		406.9
Other segment	92.0		93.2		91.9
Corporate and unallocated	103.0		206.6		272.1
Total assets	$	5,451.9	$	5,726.6	$	6,151.2

Total long-lived assets (1):
North America segment	$	1,243.0	$	1,258.0	$	1,594.5
International segment	36.2		34.7		34.6
Other segment	2.9		3.0		2.7
Total long-lived assets	$	1,282.1	$	1,295.7	$	1,631.8

(21) ~~Operating~~Includes ~~loss during the 13 and 39 weeks ended November 2~~property, ~~2024~~plant ~~includes $0.4 million~~ and ~~$5.4 million~~equipment, ~~respectively, of restructuring charges. Operating loss during the 39 weeks ended November 2, 2024 includes $2.5 million of~~ net; ~~losses~~goodwill; ~~from the previously announced divestiture of the UK prestige watch business~~ and ~~$0.3 million~~intangible ofassets, net ~~asset impairment charges primarily related to planned store closures~~.

Operating loss during the 13 and 39 weeks ended October 28, 2023 includes restructuring charges of $1.4 million and costs related to the divestiture of the UK prestige watch business of $1.3 million.

See Note 1 and Note 18 for additional information.

(3) Operating loss during the 13 and 39 weeks ended November 2, 2024 includes $0.8 million of Chief Executive Officer (“CEO”) transition costs, primarily related to professional fees incurred for the search for the Company’s recently appointed CEO.

5. Redeemable preferred shares

On October 5, 2016, the Company issued 625,000 redeemable Series A Convertible Preference Shares (the “Preferred Shares”) to Green Equity Investors VI, L.P., Green Equity Investors Side VI, L.P., LGP Associates VI-A LLC and LGP Associates VI-B LLC, all affiliates of Leonard Green & Partners, L.P., (together, the “Preferred Holders”), for an aggregate purchase price of $625.0 million, or $1,000 per share (the “Stated Value”) pursuant to the investment agreement dated August 24, 2016. The Preferred Shares were classified as temporary equity within the condensed consolidated balance sheets.

On March 30, 2024, Signet’s Board of Directors (the “Board”) approved amendments to the Certificate of Designation effective as of April 1, 2024, including to provide for net share settlement upon conversion of the Preferred Shares. Under the terms of the net share settlement, upon a conversion at the option of a Preferred Holder, in exchange for each Preferred Share, Signet was required to deliver cash for the stated value of the Preferred Shares, and could elect to deliver any net settlement amount in excess of stated value in cash, shares or a combination of cash and shares. The stated value of the Preferred Shares as of the date of the amendment was $1,050.94 per share. The amended Certificate of Designation also included certain restrictions on the Preferred Holders’ rights to convert the Preferred Shares prior to November 15, 2024. No other modifications to the terms of the Certificate of Designation were made.

On April 1, 2024, following the effectiveness of the amended Certificate of Designation, the Preferred Holders delivered notice to the Company of a conversion of 312,500 Preferred Shares (in the aggregate). In accordance with the terms of the amended Certificate of Designation, the conversion was settled in cash by the Company for $414.1 million on April 15, 2024, which included $2.1 million of accrued and unpaid dividends as of the date of conversion. The excess of the settlement amount (excluding dividends) over the stated value of the Preferred Shares was $83.6 million, which was recorded as a deemed dividend and a charge to net income (loss) attributable to common shareholders in the condensed consolidated statement of operations. The Company also incurred $1.6 million of expenses directly related to the redemption and recorded this as an additional deemed dividend charged to net income (loss)

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attributable to common shareholders in the condensed consolidated statement of operations. The Company also incurred $1.6 million of expenses directly related to the redemption and recorded this as an additional deemed dividend charged to net income (loss) attributable to common shareholders, of which $0.9 million was included in accrued expenses and other current liabilities in the condensed consolidated balance sheet as of ~~November~~May 24, 2024.

OnDuring ~~May~~the 6,second ~~September~~and ~~16,~~third ~~and~~quarters ~~October~~of 8,Fiscal ~~2024~~2025, the Preferred Holders elected to convert anthe additional ~~100~~312,~~000,~~500 ~~110~~Preferred Shares,~~000,~~ ~~and~~with ~~102,500~~the ~~Preferred~~final ~~Shares~~conversion occurring on October 8, ~~respectively~~2024. Upon notice of ~~conversion~~conversions, the Company elected to settle each of the full conversion amounts in cash totaling $~~129~~401.05 million~~, $135~~.~~8 million~~ ~~and $136.7 million, respectively.~~ The excess of the aggregate settlement ~~amount~~amounts over the stated value of the converted Preferred Shares was $2371.98 million, ~~$19.7 million~~ and ~~$28.2 million, respectively, and~~ was recorded as a direct reduction to additional paid-in capital in the condensed consolidated balance sheet. Upon the final conversion, the Company has satisfied all requirements under the Certificate of Designation.

~~The~~In ~~following~~connection ~~table~~with ~~presents~~the ~~certain~~issuance ~~conversion~~of ~~measures~~the Preferred Shares, the Company incurred direct and incremental expenses of $13.7 million, including financial advisory fees, closing costs, legal expenses and other offering-related expenses. These direct and incremental expenses originally reduced the carrying value of the Preferred Shares and were accreted through retained earnings as a deemed dividend from the date of ~~February~~issuance through the then first possible known redemption date in November 2024. Accumulated accretion recorded in the condensed consolidated balance sheet as of May 34, 2024 ~~and~~was ~~October~~$13.2 28million. Upon final conversion, ~~2023:~~all direct and incremental expenses have been fully accreted.

(in millions, except conversion rate and conversion price)	February 3, 2024		October 28, 2023
Conversion rate	12.5406		12.5406
Conversion price	$	79.7410	$	79.7410
Potential impact of Preferred Shares if-converted to common shares	8.2		8.2
Liquidation preference (1)	$	665.1	$	665.1

Accretion of $0.9 million was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 weeks ended May 4, 2024.

(1) Includes the Stated Value of the Preferred Shares plus any declared but unpaid dividends.

In connection with the issuance of the Preferred Shares, the Company incurred direct and incremental expenses of $13.7 million, including financial advisory fees, closing costs, legal expenses and other offering-related expenses. These direct and incremental expenses originally reduced the carrying value of the Preferred Shares and were accreted through retained earnings as a deemed dividend from the date of issuance through the then first known redemption date in November 2024. Upon final conversion, all direct and incremental expenses have been fully accreted. Accumulated accretion as of February 3, 2024 and October 28, 2023 was $12.4 million and $12.0 million, respectively.

Accretion of $0.2 million and $1.3 million, respectively, was recorded to Preferred Shares in the condensed consolidated balance sheets during the 13 and 39 weeks ended November 2, 2024 and $0.5 million and $1.3 million, respectively, for the 13 and 39 weeks ended October 28, 2023.

6. Shareholders’ equity

Dividends on ~~Common~~common ~~Shares~~shares

Dividends declared on the common shares during the 3913 weeks ended ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024 were as follows:

	Fiscal 2025				Fiscal 2024
	Fiscal 2026				Fiscal 2025
(in millions, except per share amounts)	Dividends per share		Total dividends		Dividends per share		Total dividends
First quarter	$	0.29	$	12.9	$	0.23	$	10.4
First quarter (1)	$	0.32	$	13.4	$	0.29	$	12.9
Second quarter	0.29		12.9		0.23		10.3
Third quarter (1)	0.29		12.6		0.23		10.2
Total	$	0.87	$	38.4	$	0.69	$	30.9

(1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024, there was $1213.64 million and $1012.29 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the ~~third~~first quarter of Fiscal ~~2025~~2026 and Fiscal ~~2024~~2025, respectively.

Dividends on Preferred Shares

Dividends declared on the Preferred Shares during the 3913 weeks ended ~~November~~May 24, 2024 ~~and October 28, 2023~~ were as follows:

	~~Fiscal 2025~~		Fiscal 2025		~~Fiscal 2024~~
(in millions, except per share amounts)	~~Dividends per share~~		~~Total dividends (2)~~		Dividends per share		Total dividends (2)
First quarter	$	13.14	$	6.2	$	13.14	$	8.2
First quarter (1)					$	13.14	$	6.2
Second quarter	13.14		2.8		13.14		8.2
Third quarter (1)	13.14		1.3		13.14		8.2
Total	$	39.42	$	10.3	$	39.42	$	24.6

(1) Signet’s dividend policy ~~results~~resulted in the Preferred Share dividend payment date being a quarter in arrears from the declaration date. As a result, as of ~~October~~May 284, ~~2023~~2024, ~~there was~~ $84.21 million was recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the ~~cash~~ dividends on ~~the~~ Preferred Shares declared for the ~~third~~first quarter of Fiscal ~~2024~~2025. ~~There were no dividends declared or accrued for the Preferred Shares as of November 2, 2024.~~

(2) Dividends on the Preferred Shares during the first ~~and third~~ quarter of Fiscal 2025 ~~includes~~included $2.1 million ~~and $1.3 million, respectively,~~ of accrued dividends paid in connection with the ~~redemptions~~redemption further described in Note 5.

Share repurchases

Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board. Repurchases may be made in the open market through 10b5-1 trading plans, through block trades, through accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares are held as treasury shares and used by Signet primarily for issuance of share-based compensation awards, or for general corporate purposes.

The Board authorized repurchases to be made under the 2017 Share Repurchase Program (the “2017 Program”). During Fiscal 2025, the Board authorized an increase in the remaining amount of shares authorized for repurchase under the 2017 Program by $200.0 million, bringing the total authorization to approximately $2.1 billion, with $723.0 million remaining as of February 1, 2025. Since inception of the 2017 Program, the Company has repurchased approximately $1.5 billion of shares, with $605.6 million of shares authorized for repurchase remaining as of May 3, 2025.

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~~There~~The ~~were~~share norepurchase ~~cumulative~~activity ~~undeclared dividends on the Preferred Shares that reduced net (loss) income attributable to common shareholders~~ during the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 orand ~~October~~May 284, ~~2023.~~2024 ~~See~~was ~~Note~~as ~~5 for additional discussion of the Company’s Preferred Shares.~~follows:

Share repurchases


	13 weeks ended May 3, 2025					13 weeks ended May 4, 2024
(in millions, except per share amounts)	Shares repurchased	Amount repurchased (1)		Average repurchase price per share (1)		Shares repurchased	Amount repurchased (1)		Average repurchase price per share (1)
2017 Program	2.1	$	117.4	$	57.00	0.1	$	7.4	$	101.10

Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board. Repurchases may be made in the open market, through block trades, through accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares are held as treasury shares and used by Signet primarily for issuance of share-based compensation awards, or for general corporate purposes.

The Board authorized repurchases to be made under the 2017 Share Repurchase Program (the “2017 Program”). Through the end of Fiscal 2024, the total authorization under the 2017 Program had been increased to approximately $1.9 billion, with $661.0 million remaining as of February 3, 2024. In March 2024, the Board approved a further $200.0 million increase to the multi-year authorization under the 2017 Program. Since inception of the 2017 Program, the Company has repurchased approximately $1.4 billion of shares, with $747.3 million of shares authorized for repurchase remaining as of November 2, 2024.

The share repurchase activity during the 39 weeks ended November 2, 2024 and October 28, 2023 was as follows:

	39 weeks ended November 2, 2024					39 weeks ended October 28, 2023
(in millions, except per share amounts)	Shares repurchased	Amount repurchased (1)		Average repurchase price per share (1)		Shares repurchased	Amount repurchased (1)		Average repurchase price per share (1)
2017 Program	1.3	$	113.8	$	90.50	1.7	$	117.5	$	70.76

(1) Includes amounts paid for commissions.

7. Earnings (loss) per common share (“EPS”)

Basic EPS is computed by dividing net income (loss) ~~income~~ attributable to common shareholders by the weighted average number of common shares outstanding for the period. The computation of basic EPS for the periods presented is outlined in the table below:

	13 weeks ended				~~39 weeks ended~~
(in millions, except per share amounts)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024		~~November 2, 2024~~		~~October 28, 2023~~
Numerator:
Net income (loss) attributable to common shareholders	$	533.45	$	3(40.01)	$	~~(136.2)~~	$	~~158.3~~
Denominator:
Weighted average common shares outstanding	4342.95		44.76		~~44.3~~		~~45.1~~
EPS – basic	$	0.1279	$	(0.0790)	$	~~(3.07)~~	$	~~3.51~~

The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including time-based restricted shares, time-based restricted stock units, performance-based restricted stock units, and stock options issued under the Omnibus Plan and stock options issued under the Share Saving Plans. The dilutive effect of performance-based restricted stock units represents the number of contingently issuable shares that would be issuable if the end of the period was the end of the contingency period and is based on the actual achievement of performance metrics through the end of the current interim periods. The dilutive effect of the Preferred Shares, ~~represents~~prior to their retirement, represented the potential impact for common shares that would be issued upon conversion. Potential common share dilution related to share awards and Preferred Shares is determined using the treasury stock and if-converted methods, respectively. Prior to modifications of the Preferred Shares described in Note 5, under the if-converted method, the Preferred Shares were assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted EPS calculation for the entire period being presented, only in the periods in which such effect is dilutive. Following the modifications, for any conversions, the denominator includes the weighted average of the potential common shares for the period that the related Preferred Shares were outstanding prior to such conversion. Additionally, in periods in which the Preferred Shares ~~are~~were dilutive, cumulative dividends and accretion for issuance costs associated with the Preferred Shares ~~are~~were added back to net income (loss) attributable to common shareholders. Following the modifications, a modified if-converted method iswas used to determine potential common share dilution related to the remaining outstanding Preferred Shares. Under this method, dividends and accretion of issuance costs ~~are~~were no longer added back to net income (loss) attributable to common shareholders. See Note 5 for additional discussion of the Company’s Preferred Shares.

The computation of diluted EPS for the periods presented is outlined in the table below:


	13 weeks ended
(in millions, except per share amounts)	May 3, 2025		May 4, 2024
Numerator:
Net income (loss) attributable to common shareholders	$	33.5	$	(40.1)


Denominator:
Basic weighted average common shares outstanding	42.5		44.6
Plus: Dilutive effect of share awards	0.2		—

Diluted weighted average common shares outstanding	42.7		44.6
EPS – diluted	$	0.78	$	(0.90)

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The computation of diluted EPS is outlined in the table below:

	13 weeks ended				39 weeks ended
(in millions, except per share amounts)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Numerator:
Net income (loss) attributable to common shareholders	$	5.4	$	3.0	$	(136.2)	$	158.3
Add: Dividends on Preferred Shares	—		—		—		25.9
Numerator for diluted EPS	$	5.4	$	3.0	$	(136.2)	$	184.2
Denominator:
Basic weighted average common shares outstanding	43.9		44.7		44.3		45.1
Plus: Dilutive effect of share awards	0.4		0.9		—		1.0
Plus: Dilutive effect of Preferred Shares	0.4		—		—		8.2
Diluted weighted average common shares outstanding	44.7		45.6		44.3		54.3
EPS – diluted	$	0.12	$	0.07	$	(3.07)	$	3.39

The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be antidilutive:

	13 weeks ended		~~39 weeks ended~~
(in millions)	~~November~~May 23, ~~2024~~2025	~~October~~May 284, ~~2023~~2024	~~November 2, 2024~~	~~October 28, 2023~~
Share awards	—0.3	—0.5	~~0.4~~	—
Potential impact of Preferred Shares	—	8.2.9	~~2.1~~	—
Total antidilutive shares	—0.3	83.24	~~2.5~~	—

8. Accumulated other comprehensive income (loss)

The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax:

(in millions)	Foreign currency translation		Losses on available-for-sale securities, net		Gains (losses) on cash flow hedges		Accumulated other comprehensive loss
Balance at February 3, 2024	$	(265.2)	$	(0.2)	$	0.1	$	(265.3)
Balance at February 1, 2025	$	(277.7)	$	(0.2)	$	0.4	$	(277.5)
Other comprehensive income (loss) (“OCI”) before reclassifications	022.71		0.21		(0.27)		021.75
Amounts reclassified from AOCI to earnings	—		—		(0.1)		(0.1)
Net current period OCI	022.71		0.21		(0.36)		021.6
Balance at November 2, 2024	$	(264.5)	$	—	$	(0.2)	$	(264.7)
Balance at May 3, 2025	$	(255.6)	$	(0.1)	$	(0.2)	$	(255.9)

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The amounts reclassified from AOCI to earnings were as follows:

	Amounts reclassified from AOCI
	13 weeks ended				~~39 weeks ended~~
(in millions)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024		~~November 2, 2024~~		~~October 28, 2023~~		Statement of operations caption
Gains on cash flow hedges:
Foreign currency contracts	$	—0.1	$	(0.12)	$	~~(0.1)~~	$	~~(0.9)~~	Cost of sales (see Note 13)
Total before income tax	—0.1		(0.12)		~~(0.1)~~		~~(0.9)~~
Income taxes	—		—		—		~~0.2~~
Net of tax	—0.1		(0.12)		~~(0.1)~~		~~(0.7)~~
Defined benefit pension plan items:
Pension settlement loss	—		—		—		0.2		Other non-operating income (expense), net
Total before income tax	—		—		—		0.2
Income taxes	—		—		—		(4.1)
Net of tax	—		—		—		(3.9)
Total reclassifications, net of tax	$	—	$	(0.1)	$	(0.1)	$	(4.6)

9. Income taxes

	39 weeks ended
	13 weeks ended
	November 2, 2024		October 28, 2023
	May 3, 2025		May 4, 2024
Estimated annual effective tax rate before discrete items	1622.63	%	1917.14	%
Discrete items recognized	~~(48.~~4).2	%	(56.73)	%
Effective tax rate recognized in statements of operations	~~(31~~26.8)5	%	1311.41	%

~~During~~Signet ~~the 39 weeks ended November 2, 2024, the Company’s effective tax rate~~ was ~~different~~not ~~than~~subject ~~the~~to ~~US federal~~ income tax ~~rate,~~in ~~primarily~~Bermuda asprior ato ~~result~~Fiscal of2026. ~~discrete~~On ~~tax~~December ~~items recognized in the 39 weeks ended November 2~~27, ~~2024~~2023, ~~including~~Bermuda ~~impairment~~enacted ~~charges~~a of15% ~~$166 million,~~corporate ofincome ~~which~~tax ~~$123 million~~that ~~relates~~was toeffective ~~non-deductible goodwill, and the excess tax benefit~~ for ~~share-based compensation which vested during~~ the ~~year~~Company ofbeginning ~~$5.0 million.~~with ~~These~~Fiscal ~~discrete impacts were partially offset by the favorable impact of foreign rate differences and benefits from global reinsurance arrangements~~2026.

~~The~~During ~~Company’s~~the ~~effective~~13 ~~tax~~weeks ~~rate~~ended ~~for~~May 3, 2025, the ~~same~~Company’s ~~period~~effective ~~during~~tax ~~the~~rate ~~prior year~~ was ~~lower~~higher than the USBermuda ~~federal~~corporate income tax rate, primarily as a result of the ~~favorable~~unfavorable impact of foreign rate differences ~~and~~(primarily ~~benefits~~in ~~from~~the ~~global~~US) ~~reinsurance~~and ~~arrangements,~~unfavorable ~~as well as the~~ discrete tax ~~benefits~~items ~~related~~recognized toin the ~~reclassification~~13 ofweeks ~~the~~ended ~~remaining pension settlement loss out of AOCI of $4.1~~May ~~million~~3, ~~and~~2025, including the ~~excess~~ tax ~~benefit~~shortfall for share-based compensation which vested during the year of $90.48 million.

AsThe ofCompany’s ~~November 2,~~effective ~~2024,~~tax ~~there~~rate ~~has~~for ~~been~~the nosame ~~material~~period ~~change~~during inthe prior year was lower than the ~~amounts~~US offederal ~~unrecognized~~corporate income tax ~~benefits~~rate, orprimarily as a result of the ~~related~~favorable ~~accrued~~impact ~~interest~~of foreign rate differences and ~~penalties~~benefits ~~(where~~from ~~appropriate)~~global reinsurance arrangements, inas ~~respect~~well ofas ~~uncertain~~the discrete tax ~~positions~~benefits ~~identified~~related ~~and~~to ~~recorded~~the asexcess tax benefit for share-based compensation which vested during the quarter of ~~February~~$4.7 ~~3, 2024~~million.

~~10.~~As ~~Inventories~~of May 3, 2025, there has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified and recorded as of February 1, 2025.

~~The following table summarizes the details of the Company’s inventories as of November 2, 2024, February 3, 2024 and October 28, 2023:~~16

(in millions)	November 2, 2024		February 3, 2024		October 28, 2023
Raw materials	$	62.7	$	49.4	$	60.1
Merchandise inventories	2,073.5		1,887.2		2,035.6
Total inventories	$	2,136.2	$	1,936.6	$	2,095.7

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10. Inventories

The following table provides the components of the Company’s inventories as of May 3, 2025, February 1, 2025 and May 4, 2024:


(in millions)	May 3, 2025		February 1, 2025		May 4, 2024
Raw materials	$	56.5	$	56.3	$	59.7
Merchandise inventories	1,950.0		1,881.0		1,923.9
Total inventories	$	2,006.5	$	1,937.3	$	1,983.6

11. Leases

~~Total~~The following table provides the components of total lease costs for the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023 consist of the following~~2024:

13 weeks ended

~~39 weeks ended~~

(in millions)

~~November~~May 23, ~~2024~~2025

~~October~~May 284, ~~2023~~2024

~~November 2, 2024~~

~~October 28, 2023~~

Operating lease cost

~~101~~95.04

9790.51

~~282.9~~

~~293.3~~

Short-term lease cost

812.56

1219.72

~~44.9~~

~~37.4~~

Variable lease cost

24.38

25.06

~~75.1~~

~~77.8~~

Sublease income

(0.3)

(0.12)

~~(0.6)~~

~~(0.5)~~

Total lease costs

~~133~~132.5

~~135~~134.17

~~402.3~~

~~408.0~~

12. Goodwill and intangibles

~~Goodwill~~The ~~and~~following ~~other~~summarizes ~~indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually. Additionally, if events or conditions indicate~~ the ~~carrying~~activity ~~value~~ of ~~a reporting unit or an indefinite-lived intangible asset may be greater than its fair value,~~ the Company’s ~~would~~goodwill ~~evaluate~~and ~~the asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other indefinite-lived~~ intangible ~~asset~~assets ~~with~~during ~~its fair value. When~~ the ~~carrying~~periods ~~amount of the reporting unit or other indefinite-lived intangible asset exceeds its fair value, an impairment charge is recorded.~~presented:

Fiscal 2024

During the 13 weeks ended April 29, 2023, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the first quarter of Fiscal 2024 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets.

During the 13 weeks ended July 29, 2023, the Company completed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names. The Company utilized the qualitative assessment for all reporting units and trade names, except the Digital Banners and Diamonds Direct reporting units and trade names, for which the quantitative assessment was utilized. Through the qualitative assessment, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceeded their fair values.

The Company noted no impairment through the quantitative assessments based on the estimated fair values of the reporting units and trade names exceeding their carrying values. Additionally, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the second quarter of Fiscal 2024 requiring interim impairment assessments for any reporting units with goodwill and indefinite-lived intangible assets.

During the 13 weeks ended October 28, 2023, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the third quarter of Fiscal 2024 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets.

Fiscal 2025

During the 13 weeks ended May 4, 2024, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the first quarter of Fiscal 2025 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets.

~~During~~Fiscal the 13 weeks ended August 3, 2024, the Company completed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names. The Company utilized the qualitative assessment for all reporting units and trade names, except the Digital Banners and Diamonds Direct reporting units and the Diamonds Direct and Blue Nile trade names, for which the quantitative assessment was utilized. Through the qualitative assessment, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceeded their fair values.2026

AsDuring ~~part of~~ the ~~quantitative~~13 ~~assessments,~~weeks ~~management~~ended ~~reevaluated~~May ~~its~~3, ~~long-term cash flow projections~~2025, ~~primarily related to sales growth in~~ the ~~Digital~~Company ~~Banners~~completed ~~and~~its ~~Diamonds~~quarterly ~~Direct.~~triggering ~~Both~~event ~~banners~~assessment ~~have a higher bridal mix compared to the rest of Signet,~~ and ~~thus~~determined ~~the~~that ~~slower~~no ~~than~~triggering ~~expected~~events ~~engagement recovery and continued pressure on consumer discretionary spending have~~ had aoccurred ~~disproportionate impact on these businesses as compared to the other Signet banners. In addition, to a lesser degree, the Digital Banners sales have been impacted by market declines~~ in ~~lab created diamond pricing over~~ the ~~past~~first ~~year.~~quarter Management also determined an increase in discount rates was required to reflect the current interest rate environment at the valuation date, as well as to reflect additional forecast risk related to the Digital Banners due to the previously discussed challenges related to the integration of ~~Blue~~Fiscal ~~Nile.~~2026 ~~Therefore,~~requiring ~~these~~an ~~higher~~interim ~~discount~~impairment ~~rates,~~assessment ~~in conjunction with the revised cash flow projections, resulted in lower than previously projected discounted cash flows~~ for ~~the~~any reporting units ~~and~~with ~~trade~~goodwill ~~names~~and ~~which~~indefinite-lived ~~negatively~~intangible ~~affected the valuations compared to previous valuations~~assets. ~~Based on the results of the quantitative impairment assessments, the Company determined that no impairment was required for the Diamonds Direct~~

18Management noted uncertainties exist related to the post-election macroeconomic environment in the US and abroad, including tariffs, economic and tax policy, inflation and interest rates. These factors could unfavorably impact consumer confidence and discretionary spending, and thus may impact the key assumptions used to estimate fair value, such as sales trends, margin trends, long-term growth rates and discount rates. These factors could also negatively affect the share price of the Company’s common stock. An increase in the discount rate and/or a further softening of sales and operating income trends for any of the Company’s reporting units and related trade names, particularly during peak selling seasons, could result in a decline in the estimated fair values of the indefinite-lived intangible assets, including goodwill, which could result in future material impairment charges, particularly for Diamonds Direct and Digital brands.

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reporting unit, as its estimated fair value exceeded its carrying value. However, during the second quarter of Fiscal 2025, the Company recognized pre-tax impairment charges in the condensed consolidated statement of operations within its North America reportable segment related to the Diamonds Direct trade name, the Digital Banners reporting unit, and the Blue Nile trade name of $7.0 million, $123.0 million and $36.0 million, respectively, as their respective carrying values exceeded their fair values. As a result of these impairments, as of the annual valuation date of June 1, 2024, the carrying values of the Diamonds Direct trade name, Digital Banners goodwill, and Blue Nile trade name were reduced to their estimated fair values of $119 million, $203.1 million, and $60 million, respectively.

Additionally, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the second quarter of Fiscal 2025 requiring interim impairment assessments for any reporting units with goodwill and indefinite-lived intangible assets.

During the 13 weeks ended November 2, 2024, the Company completed its quarterly triggering event assessment and determined that no triggering events had occurred in the third quarter of Fiscal 2025 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets.

The uncertainty related to the current macroeconomic environment and potential impacts on consumers’ discretionary spending could negatively affect the share price of the Company’s common stock, as well as key assumptions used to estimate fair value, such as sales trends, margin trends, long-term growth rates and discount rates. An increase in the discount rate and/or a further softening of sales and operating income trends for any of the Company’s reporting units and related trade names, particularly during the Holiday Season, could result in a further decline in the estimated fair values of the indefinite-lived intangible assets, including goodwill, which could result in future material impairment charges, particularly for Diamonds Direct and Digital Banners as described above.

Goodwill

The following table summarizes the Company’s goodwill by reportable segment:

(in millions)	North America
Balance at February 3, 2024 (1)	$	754.5
Balance at February 1, 2025 (1)	$	482.0
Impairment	(123.0)
Balance at May 3, 2025 (1)	$	482.0
Balance at November 2, 2024 (1)	$	631.5

(1) The carrying amount of goodwill is presented net of accumulated impairment losses of $~~699~~848.05 million ~~and $576.0 million~~ as of ~~November~~May 23, ~~2024~~2025 and February 31, ~~2024~~2025, respectively.

Intangibles

Definite-lived ~~intangible assets include trade names, technology~~ and ~~customer relationship assets. Indefinite~~indefinite-lived intangible assets consist of trade names. ~~Both definite~~ and ~~indefinite-lived assets~~ are recorded within intangible assets, net, on the condensed consolidated balance sheets. Intangible liabilities, net consists of unfavorable contracts and is recorded within accrued expenses and other current liabilities and other liabilities - non-current on the condensed consolidated balance sheets.

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The following table provides additional detail regarding the composition of intangible assets and liabilities:

	November 2, 2024						February 3, 2024						October 28, 2023
	May 3, 2025						February 1, 2025						May 4, 2024
(in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets, net:
Definite-lived intangible assets	$	118.28	$	(86.21)	$	32.07	$	11.2	$	(78.54)	$	32.78	$	1511.82	$	(97.09)	$	63.83
Indefinite-lived intangible assets (1)	~~355~~304.79		—		~~355~~304.79		~~399~~304.14		—		~~399~~304.14		398.89		—		398.89
Total intangible assets, net	$	~~366~~313.97	$	(86.21)	$	~~358~~307.76	$	~~410~~315.36	$	(78.54)	$	~~402~~307.82	$	~~414~~410.61	$	(97.09)	$	~~405~~402.62
Intangible liabilities, net	$	(38.0)	$	3536.87	$	(21.23)	$	(38.0)	$	3436.42	$	(31.68)	$	(38.0)	$	34.09	$	(43.01)

(1) The change in the indefinite-lived intangible asset balances during the periods presented was primarily due to the trade name impairment charges asrecorded ~~described~~in ~~above~~the second and fourth quarters of Fiscal 2025.

13. 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 only risk that the Company is currently utilizing financial derivatives to mitigate is foreign currency risk. 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:

19Forward foreign currency exchange contracts (designated) — These contracts, which are principally in US dollars, 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 May 3, 2025 was $11.4 million (February 1, 2025 and May 4, 2024: $13.3 million and $9.5 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (February 1, 2025 and May 4, 2024: 11 months and 12 months, respectively). The fair value of outstanding contracts as well as related activity were not material for the periods presented.

~~Table~~There were no discontinued cash flow hedges during the 13 weeks ended May 3, 2025 and May 4, 2024 as all forecasted transactions are expected to occur as originally planned. As of ~~Contents~~May 3, 2025, based on current valuations, the Company expects approximately $0.4 million of net pre-tax derivative losses to be reclassified out of AOCI into earnings within the next 12 months.

Forward foreign currency exchange contracts (~~designated~~undesignated) — ~~These~~Foreign currency contracts, ~~which~~not ~~are~~designated ~~principally~~as incash USflow ~~dollars,~~hedges are ~~entered~~used ~~into~~ to limit the impact of movements in foreign exchange rates on ~~forecasted~~recognized foreign currency ~~purchases.~~payables ~~The~~and ~~total~~to ~~notional~~hedge ~~amount~~currency offlows ~~these~~through ~~foreign~~Signet’s ~~currency~~bank ~~contracts~~accounts ~~outstanding~~to asmitigate ofSignet’s ~~November 2,~~exposure ~~2024~~to ~~was~~foreign ~~$17.3~~currency ~~million~~exchange ~~(February 3,~~risk ~~2024~~in ~~and~~its ~~October 28,~~cash ~~2023: $5.1 million~~ and ~~$16~~borrowings.7 ~~million,~~The ~~respectively).~~total ~~These~~notional ~~contracts~~amount ~~have~~of ~~been~~these ~~designated~~foreign ascurrency ~~cash~~contracts ~~flow~~outstanding ~~hedges~~as ~~and~~of ~~will~~May 3, be2025 ~~settled~~was ~~over~~$114.3 ~~the~~million ~~next 11 months~~ (February 31, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024: $86.6 ~~months~~million and 9$69.4 ~~months~~million, respectively). ~~The fair value of outstanding contracts as well as related activity were not material for the periods presented.~~

~~There~~The ~~were~~Company norecognizes ~~discontinued~~activity ~~cash~~related ~~flow~~to ~~hedges~~these ~~during~~derivative ~~the~~instruments 39within ~~weeks~~other ~~ended~~operating ~~November 2~~expense, ~~2024~~net ~~and~~in ~~October 28,~~the ~~2023~~condensed asconsolidated ~~all~~statements ~~forecasted~~of ~~transactions are expected to occur as originally planned~~operations. AsGains ofwere ~~November~~ $5.2, ~~2024,~~million ~~based~~and onlosses ~~current~~were ~~valuations, the Company expects approximately~~ $01.3 5 million ofduring ~~net~~the ~~pre-tax~~13 ~~derivative~~weeks ~~losses~~ended toMay 3, be2025 ~~reclassified~~and ~~out~~May 4, of2024, ~~AOCI into earnings within the next 12 months~~respectively.

~~Forward~~The ~~foreign~~bank ~~currency~~counterparties ~~exchange~~to ~~contracts~~the ~~(undesignated)~~derivative —instruments ~~Foreign~~expose ~~currency~~the ~~contracts~~Company ~~not~~to ~~designated~~credit-related aslosses ~~cash~~in ~~flow hedges are used to limit~~ the ~~impact~~event of ~~movements~~their innon-performance. ~~foreign~~However, ~~exchange rates on recognized foreign currency payables and~~ to ~~hedge~~mitigate ~~currency~~that ~~flows~~risk, ~~through~~the ~~Signet’s~~Company ~~bank~~only ~~accounts~~contracts towith ~~mitigate~~counterparties ~~Signet’s~~that ~~exposure~~meet tocertain ~~foreign~~minimum ~~currency~~requirements ~~exchange~~under ~~risk in~~ its ~~cash~~counterparty ~~and~~risk ~~borrowings~~assessment process. ~~The~~As ~~total notional amount~~ of ~~these~~May 3, ~~foreign~~2025, ~~currency~~the ~~contracts~~Company ~~outstanding~~believes asthat ofthis ~~November 2,~~credit ~~2024~~risk ~~was~~did ~~$76.5~~not ~~million~~materially ~~(February 3,~~change ~~2024~~the ~~and~~fair ~~October 28,~~value ~~2023:~~of ~~$57.2~~the ~~million~~foreign ~~and~~currency ~~$55~~contracts.~~4 million, respectively).~~

The Company recognizes activity related to these derivative instruments within other operating expense, net in the condensed consolidated statements of operations. Losses were $0.5 million and $2.3 million during the 13 and 39 weeks ended November 2, 2024, respectively, and losses were $2.4 million and $1.9 million during the 13 and 39 weeks ended October 28, 2023, respectively.

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 2, 2024, the Company believes that this credit risk did not materially change the fair value of the foreign currency contracts.

14. Fair value measurement

The estimated fair value of Signet’s financial instruments held or issued to finance ~~Signet~~the Company’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that ~~Signet~~the Company would realize upon disposition nor do they indicate Signet’s intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories:

Level 1—quoted market prices in active markets for identical assets and liabilities

Level 2—observable market based inputs or unobservable inputs that are corroborated by market data

Level 3—unobservable inputs that are not corroborated by market data

Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:18

	November 2, 2024						February 3, 2024						October 28, 2023
(in millions)	Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2
Assets:
US Treasury securities	$	5.9	$	5.9	$	—	$	5.3	$	5.3	$	—	$	4.6	$	4.6	$	—
Foreign currency contracts	0.2		—		0.2		0.1		—		0.1		0.4		—		0.4
US government agency securities	—		—		—		0.5		—		0.5		0.5		—		0.5
Corporate bonds and notes	—		—		—		2.0		—		2.0		2.9		—		2.9
Total assets	$	6.1	$	5.9	$	0.2	$	7.9	$	5.3	$	2.6	$	8.4	$	4.6	$	3.8
Liabilities:
Foreign currency contracts	$	(0.5)	$	—	$	(0.5)	$	(0.3)	$	—	$	(0.3)	$	(0.6)	$	—	$	(0.6)
Total liabilities	$	(0.5)	$	—	$	(0.5)	$	(0.3)	$	—	$	(0.3)	$	(0.6)	$	—	$	(0.6)

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The Company determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods used by the Company to determine fair value on an instrument-specific basis are detailed below:


	May 3, 2025						February 1, 2025						May 4, 2024
(in millions)	Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2		Carrying Value		Level 1		Level 2
Assets:
US Treasury securities	$	5.3	$	5.3	$	—	$	5.2	$	5.2	$	—	$	5.2	$	5.2	$	—

Foreign currency contracts	—		—		—		0.4		—		0.4		0.1		—		0.1


US government agency securities	—		—		—		—		—		—		0.5		—		0.5
Corporate bonds and notes	—		—		—		—		—		—		0.5		—		0.5
Total assets	$	5.3	$	5.3	$	—	$	5.6	$	5.2	$	0.4	$	6.3	$	5.2	$	1.1

Liabilities:
Foreign currency contracts	$	(0.6)	$	—	$	(0.6)	$	(0.7)	$	—	$	(0.7)	$	(0.3)	$	—	$	(0.3)


Total liabilities	$	(0.6)	$	—	$	(0.6)	$	(0.7)	$	—	$	(0.7)	$	(0.3)	$	—	$	(0.3)

Investments in US Treasury securities are based on quoted market prices for identical instruments in active markets, and therefore were classified as Level 1 measurements in the fair value hierarchy. Investments in US government agency securities and corporate bonds and notes are based on quoted prices for similar instruments in active markets, and therefore were classified as Level 2 measurements in the fair value hierarchy. The fair value of derivative financial instruments has been determined based on market value equivalents on the balance sheet dates, taking into account the current interest rate environment and foreign currency forward rates, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 13 for additional information related to the Company’s derivatives.

Goodwill and other indefinite-lived intangible assets are evaluated for impairment annually or more frequently if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value. As described in Note 12, the Company performed its annual impairment assessment on a quantitative basis for certain reporting units and indefinite-lived intangible assets as of June 1, 2024. The fair values used in these assessments were calculated using a combination of the income and market approaches for the reporting units and the relief from royalty method for the indefinite-lived intangible assets. The fair values are Level 3 valuations based on certain unobservable inputs, including estimated sales growth, projected cash flows, discount rates, comparable company earnings multiples, and royalty rates, aligned with market-based assumptions. These unobservable inputs would be utilized by market participants in valuing these assets or prices of similar assets. See Note 12 for additional information.

The carrying amounts of cash and cash equivalents, other current assets, accounts payable, accrued expenses and other current liabilities, and income taxes approximate fair value because of the short-term maturity of these amounts.

The fair value of the Senior Notes (as defined in Note 15) was determined using quoted market prices in inactive markets based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. The ~~carrying value of the ABL (as defined in Note 15) approximates fair value based on current market rates at which the Company could borrow with similar terms (Level 2). The~~ following table provides a summary of the carrying amount and fair value of outstanding debt:

February 3, 2024

October 28, 2023

May 4, 2024

(in millions)

~~Carrying Value~~

~~Fair Value~~

Carrying Value

Fair Value

4.70% Senior unsecured notes due in June 2024 (Level 2) (1)

~~147.7~~

~~146.3~~

147.68

~~144~~147.4

(1) The Senior Notes were repaid during the second quarter of Fiscal 2025. See Note 15 for additional information.

15. Long-term debt

(in millions)	November 2, 2024		February 3, 2024		October 28, 2023
Debt:
4.70% Senior unsecured notes due in June 2024, net of unamortized discount	$	—	$	147.8	$	147.8
ABL	253.0		—		—
Gross debt	253.0		147.8		147.8
Less: Current portion of long-term debt	—		(147.7)		(147.6)
Less: Unamortized debt issuance costs	—		(0.1)		(0.2)
Total long-term debt	$	253.0	$	—	$	—

The following table summarizes the details of the Company’s long-term debt as of May 3, 2025, February 1, 2025 and May 4, 2024:


(in millions)	May 3, 2025		February 1, 2025		May 4, 2024
Debt:
4.70% Senior unsecured notes due in June 2024, net of unamortized discount	$	—	$	—	$	147.8





Gross debt	—		—		147.8
Less: Current portion of long-term debt	—		—		(147.8)

Total long-term debt	$	—	$	—	$	—

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Senior unsecured notes due 2024

On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.70% senior unsecured notes due in June 2024 (the “Senior Notes”). The Senior Notes were jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries. On September 5, 2019, Signet UK Finance announced the commencement of a tender offer to purchase any and all of its outstanding Senior Notes (the “Tender Offer”). Signet UK Finance tendered $239.6 million of the Senior Notes, representing a purchase price of $950.00 per $1,000.00 in principal, leaving $147.8 million of the Senior Notes outstanding after the Tender Offer.

The Company fully repaid the Senior Notes upon maturity during the second quarter of Fiscal 2025.

Asset-based credit facility

On September 27, 2019, the Company entered into a senior secured asset-based revolving credit facility in an aggregate committed amount of $1.5 billion (the “ABL”). The Company has the option to increase the size of the ABL by up to an additional $600 million. On August 23, 2024, the Company entered into the Fourth Amendment to the Credit Agreement (the “Fourth Amendment”) to amend the ABL. The Fourth Amendment extended the maturity of the ABL from July 28, 2026 to August 23, 2029, and reduced the ABL aggregate commitment to $1.2 billion. In addition, the Fourth Amendment expands the assets counted in the calculation of the borrowing base applicable to the ABL to include all specified assets of borrower and guarantor entities. The Company incurred additional debt issuance costs of $4.3 million relating to the Fourth Amendment of the ABL during Fiscal 2025.

21The Company had no outstanding borrowings on the ABL for the periods presented and its available borrowing capacity was $1.1 billion as of May 3, 2025.

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borrowing base applicable to the ABL to include all specified assets of borrower and guarantor entities. The Company incurred additional debt issuance costs of $4.3 million relating to the Fourth Amendment of the ABL during Fiscal 2025.

As of November 2, 2024, the Company had outstanding borrowings of $253.0 million on the ABL and its available borrowing capacity was $929 million. The Company had no outstanding borrowings on the ABL as of February 3, 2024 and October 28, 2023.

16. Warranty reserve

Certain ~~banners~~brands within the North America reportable segment provide a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. ~~Management~~The Company estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. A similar product lifetime guarantee is also provided on color gemstones. The warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities and other liabilities - non-current, is as follows:

	13 weeks ended				~~39 weeks ended~~
(in millions)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024		~~November 2, 2024~~		~~October 28, 2023~~
Warranty reserve, beginning of period	$	4239.30	$	4243.97	$	~~43.7~~	$	~~40.8~~
Warranty expense	1.6		3.5		5.7		11.6
Warranty (credit) expense	(0.6)		2.3
Utilized (1)	(2.82)		(32.18)		~~(8.3)~~		~~(9.1)~~
Warranty reserve, end of period	$	4136.12	$	43.32	$	~~41.1~~	$	~~43.3~~

(1) Includes impact of foreign exchange translation.

(in millions)	~~November~~May 23, ~~2024~~2025		February 31, ~~2024~~2025		~~October~~May 284, ~~2023~~2024
Disclosed as:
Accrued expenses and other current liabilities	$	~~10.~~9.5	$	1110.83	$	11.86
Other liabilities - non-current	3026.27		3128.97		31.56
Total warranty reserve	$	4136.12	$	4339.70	$	43.32

17. Other operating expense, net

The following table provides the components of other operating expense, net for the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024:

	13 weeks ended				~~39 weeks ended~~
(in millions)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024		~~November 2, 2024~~		~~October 28, 2023~~
Litigation charges (1)	$	—	$	—	$	—	$	3.0
Restructuring charges (1)	$	(19.0)	$	(4.6)
Restructuring charges (2)	(5.2)		(1.6)		(11.0)		(5.8)
Asset impairments, net (1)	(3.2)		(2.4)
Other	(02.65)		(20.12)		~~(2.2)~~		~~(4.6)~~
Other operating expense, net	$	(524.87)	$	(3.7.2)	$	~~(13.2)~~	$	~~(7.4)~~

(1) ~~Fiscal 2024 includes a credit to income related to the adjustment of a prior litigation accrual recognized in Fiscal 2023.~~ See Note 2018 for additional information.

~~(2) See Note 18 for additional information.~~20

18. Restructuring

During the second quarter of Fiscal 2024, the Company initiated a plan to rationalize its store footprint across the Company, as well as to reorganize certain centralized functions within its North America and UK support centers (collectively, the “Plan”). During the first quarter of Fiscal 2025, as a result of the continued strategic review of the UK business, the Company expanded the Plan in order to further redesign the operating model of the UK business aimed at improving profitability, with margins in line with the rest of the business within the next three years. The store footprint reduction is expected to include the closure of up to 150 underperforming stores across both the North America and International reportable segments through the end of Fiscal 2025 and will result in costs primarily for severance and asset disposals or impairment. The reorganization of certain support functions includes the elimination of certain roles resulting in expenses primarily related to severance and other employee-related costs. Actions related to the Plan are expected to be completed by the end of Fiscal 2025.

During the 13 and 39 weeks ended November 2, 2024, the Company recorded charges related to the Plan of $5.6 million and $13.5 million, respectively, consisting of the following: $3.9 million and $6.6 million, respectively, for employee-related costs; $1.3 million and $4.4 million, respectively, for store closure costs; and $0.4 million and $2.5 million, respectively, related to asset impairments. Employee-related and store closure costs are recorded within other operating expense, net and asset impairments are recorded within asset impairments, net within the condensed consolidated statements of operations.

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~~During the 13 and 39 weeks ended October 28, 2023, the Company recorded charges related to the Plan of $1~~18.~~6 million~~ and $9.3 million, respectively, consisting of the following: $1.5 million and $5.1 million, respectively, for employee-related costs; $0.1 million and $0.7 million, respectively, for store closure costs; and $3.5 million for asset impairments during the 39 weeks ended October 28, 2023.Restructuring

~~Cumulative~~Grow ~~costs~~Brand toLove ~~date related to the~~ Plan are $24.8 million, consisting of the following: $12.0 million for employee-related costs; $6.0 million for store closure costs; and $6.8 million related to asset impairments. Total estimated costs related to the Plan are expected to range from $25 million to $30 million, including $10 million to $15 million of estimated charges for asset disposals and impairments.

During the first quarter of Fiscal 2026, the Company announced its new corporate strategy, Grow Brand Love. In connection with this strategic transformation, the Company has reorganized its brand structure and certain functional areas primarily within its North America reportable segment, and the Company is optimizing its store fleet by exiting underperforming stores and repositioning stores from declining venues (the “Plan”). As a result of the Plan, the Company expects to incur severance and other employee-related costs, contract termination costs, and store closure costs.

During the 13 weeks ended May 3, 2025, the Company recorded charges related to the Plan of $22.2 million, consisting of the following: $18.2 million for severance and other employee-related costs; $0.8 million for store closure costs; and $3.2 million related to asset impairments. These costs are recorded within other operating expense, net within the condensed consolidated statements of operations. As of May 3, 2025, the Company has $18.2 million of accrued restructuring charges related to the Plan, which are included in accrued expenses and other current liabilities in the condensed consolidated balance sheet.

Total estimated costs related to the Plan are expected to range from $30 million to $45 million, including $10 million to $15 million of estimated non-cash charges primarily for asset disposals and impairments. The Company expects the Plan will be substantially completed by the end of Fiscal 2026, except the store fleet optimization which is expected to be executed over the next two to three years.

Fiscal 2024 Reorganization Plan

During the second quarter of Fiscal 2024, the Company initiated a plan to rationalize its store footprint across the Company, as well as to reorganize certain centralized functions within its North America and UK support centers (collectively, the “Fiscal 2024 Plan”). During the first quarter of Fiscal 2025, as a result of the continued strategic review of the UK business, the Company expanded the Fiscal 2024 Plan in order to further redesign the operating model of the UK business aimed at improving profitability, with margins in line with the rest of the business within the next three years. The store footprint reduction included the closure of approximately 150 underperforming stores across both the North America and International reportable segments through the end of Fiscal 2025 and resulted in costs primarily for severance and asset disposals or impairment. The reorganization of certain support functions included the elimination of certain roles resulting in expenses primarily related to severance and other employee-related costs. Restructuring activities related to the Fiscal 2024 Plan were substantially completed in Fiscal 2025.

During the 13 weeks ended May 4, 2024, the Company recorded charges related to the Fiscal 2024 Plan of $6.5 million, consisting of the following: $2.2 million for employee-related costs; $2.4 million for store closure costs; and $1.9 million related to asset impairments. These costs are recorded within other operating expense, net within the condensed consolidated statements of operations. There are no significant liabilities related to the Fiscal 2024 Plan remaining as of May 3, 2025.

Cumulative costs related to the Fiscal 2024 Plan were $25.5 million, consisting of the following: $11.8 million for employee-related costs; $6.7 million for store closure costs; and $7.0 million related to asset impairments.

19. Supplier finance program

The Company entered into a supplier finance program during Fiscal 2024. Under this program, a financial intermediary acts as the Company’s paying agent with respect to accounts payable due to certain suppliers. The Company agrees to pay the financial intermediary the stated amount of the confirmed invoices from the designated suppliers on the original maturity dates of the invoices. The supplier finance program enables Company suppliers to be paid by the financial intermediary earlier than the due date on the applicable invoice. The Company negotiates payment terms directly with its suppliers for the purchase of goods and services. No guarantees or collateral are provided by the Company under the supplier finance program. As of ~~November~~May 23, ~~2024~~2025, the Company had $138.36 million of confirmed invoices outstanding under the supplier finance program (February 31, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024: $712.89 million and ~~zero~~$17.9 million, respectively). All activity related to the supplier finance program is included in accounts payable in the condensed consolidated balance sheets and within operating activities in the condensed consolidated statements of cash flows.

20. Commitments and contingencies

Legal proceedings

The Company is routinely a party to various legal proceedings arising in the ordinary course of business. These legal proceedings primarily include employment-related and commercial claims. The Company does not believe that the outcome of any such legal proceedings pending against the Company would have a material adverse effect on the Company’s consolidated financial position, liquidity, or results of operations.

~~Previously settled matters~~21

Employment practices

As previously disclosed, on June 8, 2022, the Company, through its subsidiary Sterling Jewelers Inc., reached a settlement agreement on a collective class arbitration proceeding associated with certain store-level employment practices. As a result of the settlement, the Company recorded a pre-tax charge of $188 million within other operating expense, net in the statement of operations during Fiscal 2023. This settlement charge included the payments to the class of approximately $175 million, as well as estimated employer payroll taxes, class administration fees and class counsel attorneys’ fees and costs. Based on the final assessment of employer payroll taxes due, the total settlement charge was reduced to approximately $185 million, which was fully funded by the Company in the first quarter of Fiscal 2024.

Other matters

As previously disclosed, in February 2023, the Company received an unfavorable ruling under a private arbitration involving a dispute with a vendor alleging breach of contract. As a result of this ruling, during the fourth quarter of Fiscal 2023, the Company recorded a pre-tax charge of $15.9 million within other operating expense, net in the consolidated statement of operations. This was paid in the first quarter of Fiscal 2024.

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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 ~~2024~~2025 Annual Report on Form 10-K filed with the SEC on March 2119, ~~2024~~2025.

This management's discussion and analysis provides comparisons of material changes in the condensed consolidated financial statements for the 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 and ~~October~~May 284, ~~2023~~2024.

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," or"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 ~~new~~ 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 our recent appointment of a new CEO and other recent changes in 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; difficulty or delay in executing or integrating an acquisition; the impact of the ~~Israel-Hamas~~conflicts ~~conflict~~in the Middle East on the 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,; ~~including without limitation~~ risks relating to shifts in consumer spending away from the jewelry category, ~~trends~~or ~~toward~~away ~~more experiential purchases such as travel, the pace at which engagements are expected to recover~~ from the ~~disruption~~cultural incustoms ~~the~~of ~~dating~~expressing ~~cycle~~commitments onthrough engagements ~~caused by COVID-19,~~ and ~~the~~weddings; ~~Company’s~~trends ~~ability~~toward tomore ~~capture~~experiential ~~market~~purchases ~~share~~such ofas ~~the bridal category upon the recovery of engagements~~travel; general economic or market conditions, including impacts of inflation or other pricing environment factors on our commodity costs (including diamonds) 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; ~~our ability to optimize our transformation strategies;~~ 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 ~~our~~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 recently issued in the state of California ~~or adopted by the SEC~~; 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 ~~Israel-Hamas~~conflicts ~~conflict~~in the Middle East, the potential sale or divestiture of the De Beers Diamond Company and its 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 failure to adequately address 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; 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; ~~changes in consumer attitudes regarding jewelry and~~ 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-~~created~~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 accounting for 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 ~~and key executive talent during periods of leadership transition, such as the recent appointment of a new Chief Executive Officer~~; 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 ~~banners~~brands; inadequacy in and disruptions to internal controls and systems, including related to the migration to new information technology systems which impact financial reporting; risks associated with the Company’s use of artificial intelligence; security breaches and other disruptions to our or

2422

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~~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, 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 a Bermuda corporation; 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 ~~Israel-Hamas~~ 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 ~~2024~~2025 Annual Report on Form 10-K filed with the SEC on March 2119, ~~2024~~2025, 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 the world’s largest retailer of diamond jewelry. ~~Signet~~and is incorporated in Bermuda. The Company operated 2,~~655~~633 retail locations as of ~~November~~May 23, ~~2024~~2025, which when combined with the Company’s digital capabilities under its Connected Commerce strategy, 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 nine ~~banners~~brands, with the majority operating through both online and brick and mortar retail operations. The segment had 2,~~298~~280 locations in the US and 91 locations in Canada as of ~~November~~May 23, ~~2024~~2025.

◦In the US, the segment operates under the following ~~banners~~brands: Kay (Kay Jewelers and Kay Outlet); Zales (Zales Jewelers and Zales Outlet); Jared (Jared Jewelers and Jared Vault); Banter by Piercing Pagoda; Diamonds Direct; Rocksbox; and ~~digital~~Digital ~~banners~~brands, James Allen and Blue Nile.

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

•The International reportable segment had ~~266~~262 locations in the UK and Republic of Ireland as of ~~November~~May 23, ~~2024~~2025, and maintains an online retail presence for its principal ~~banners~~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 its 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 ~~2024~~2025 Annual Report on Form 10-K for further background and description of the Company’s business.

~~Inspiring~~Grow ~~Brilliance~~Brand Love strategy

~~The~~In ~~Company~~Fiscal ~~continues~~2026, ~~to execute~~ the ~~initiatives~~Company ~~under~~launched its ~~Inspiring~~Grow ~~Brilliance~~Brand Love strategy,. ~~which~~This istransformative ~~focused~~strategy focuses on ~~the~~driving ~~achievement of~~ sustainable ~~industry-leading~~ growth ~~toward~~and ~~its~~builds ~~previously~~on ~~announced~~a ~~mid-term~~strong ~~goals~~core offoundation ~~growing revenue~~ to $9create toshareholder ~~$10~~value. ~~billion~~In addition, ~~with~~this anstrategy ~~annual~~emphasizes ~~double~~style ~~digit~~and ~~adjusted~~product ~~operating~~innovation, ~~margin~~captivating ~~(see~~experiences, ~~Non-GAAP~~and ~~Measures~~brand ~~section~~loyalty ~~for~~while ~~further~~harnessing ~~information)~~centralized core capabilities. The ~~Inspiring~~Company ~~Brilliance~~has ~~strategy~~identified ~~focuses~~three onstrategic ~~sustainable~~imperatives ~~enhancements~~as topart of the ~~differentiation~~Grow ofBrand ~~Signet’s~~Love ~~banners,~~framework: ~~including~~shifting ~~the~~from ~~expansion~~banners ofto ~~its~~brand ~~accessible~~mindset; ~~luxury~~growing ~~portfolio,~~our ~~its~~core ~~connected~~business ~~commerce~~ and ~~digital~~expanding ~~capabilities~~into adjacent categories; and ~~its~~organizational ~~initiatives~~realignment to accelerate ~~services~~strategy ~~and~~execution. ~~optimize~~The ~~its~~Grow ~~real~~Brand ~~estate~~Love ~~footprint.~~strategy Asis further described in the Purpose and Strategy section within Item 1 of Signet’s Fiscal ~~2024~~2025 Annual Report on Form 10-K filed with the SEC on March 2119, ~~2024, through its Inspiring Brilliance strategy, the Company is focused on leveraging the core strengths that it has developed since the beginning of its transformation six years ago~~2025. Signet aims to be the innovation and market share leader of the jewelry category with opportunity for additional market share expansion and profitable growth as the Company leverages its flexible operating model, strong cash flows, scale and core strengths while investing to widen its competitive advantages.

Overall performance - ~~Third~~First quarter Fiscal ~~2025~~2026

Signet’s sales ~~decreased~~increased by 32.10% during the ~~third~~first quarter of Fiscal ~~2025~~2026 compared to the same period in Fiscal ~~2024~~2025. During the ~~third~~first quarter, the Company saw positive ~~factors~~same instores sales growth of 2.5% driven by ~~new~~increased ~~fashion~~merchandise ~~assortments,~~average ~~sequential~~unit ~~improvements~~retail (“AUR”) in ~~overall~~both ~~same~~bridal ~~store~~and ~~sales~~fashion, ~~moderate~~unit ~~bridal~~growth ~~improvement~~ in ~~our~~engagements, ~~core~~closing ~~banners~~gaps ~~and~~in ~~continued~~key ~~strong~~price ~~performance~~points inand ~~services~~expanding our assortment. ~~However,~~This ~~these~~overall ~~favorable~~year ~~impacts~~over ~~were~~year ~~more~~improvement ~~than~~was ~~offset~~softened by ~~store~~an ~~closures~~approximate ~~and~~140 ~~the~~basis ~~prestige~~point ~~watch~~drag ~~business~~from ~~divestiture~~underperformance in the ~~UK,~~James ~~the~~Allen ~~impacts~~brand ofin the ~~hurricanes~~first inquarter. During the ~~southern~~first USquarter of Fiscal 2026, aAUR ~~slower~~increased ~~than~~by ~~expected~~8.9% ~~engagement~~in ~~recovery,~~the ~~continued~~North ~~uncertainties~~America reportable segment and 2.8% in ~~consumer~~the ~~spending~~International ~~patterns,~~reportable ~~and~~segment ~~competitive~~compared ~~pricing~~to ~~pressure~~the first quarter of Fiscal 2025. ~~The~~AUR ~~third~~in ~~quarter~~North America was ~~also~~bolstered ~~unfavorably~~by ~~impacted~~a byfocus ~~the~~on ~~integration~~key ~~and~~price ~~re-platforming~~points ~~challenges~~in ~~that~~both ~~persist~~bridal atand ~~the~~fashion, ~~digital~~as ~~banners~~noted ~~which~~above, ~~began~~specifically in ~~the~~our ~~second~~Kay, ~~half~~Zales ofand ~~Fiscal~~Jared ~~2024~~brands. ~~During~~Same store sales in the ~~third~~International ~~quarter~~reportable ofsegment ~~Fiscal~~were ~~2025,~~up 4.5% in the ~~Company’s~~first quarter.

25Refer to the “Results of Operations” section below for additional information on performance during the first quarter of Fiscal 2026.

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average merchandise transaction values (“ATV”) were flat in the North America reportable segment and decreased by 13.4% in the International reportable segment. The ATV in North America was bolstered by the newness in Signet’s product assortment, particularly in fashion, which was able to offset the impacts of competitive pricing pressure noted above, particularly in bridal. Same store sales in the International reportable segment were up 1.6% in the third quarter; however, overall reported sales and ATV were down year over year due to unfavorable impact of the previously disclosed divestiture of the UK prestige watch business in the fourth quarter of Fiscal ~~2024,~~2026 ~~which carried products at high price points.~~Outlook

~~Refer~~The Company anticipates same store sales to ~~the~~be ~~“Results~~down of2.0% ~~Operations”~~to ~~section~~up ~~below~~1.5% for ~~further~~Fiscal ~~information~~2026 onproviding ~~performance~~for ~~during~~some variability in an uncertain consumer spending environment. The Company believes it can continue the ~~third~~first quarter oftrends ~~Fiscal~~on ~~2025~~fashion and bridal at key price points and expand margins as our assortment and promotional flexibility should more than offset impacts from existing tariffs. The Company believes that under its new Grow Brand Love strategy it can deliver long term sustainable growth by better aligning our brands to their unique customer expectations, as well as offering a balanced assortment in both bridal and fashion. In addition, concentrating on our three largest brands - Kay, Zales and Jared - creates the most meaningful impact on growth, most immediately through assortment architecture, promotion management, and maximizing the investments in our e-commerce channel.

The Company continues to evaluate the impacts of certain macroeconomic factors on its business, such as tariffs, inflation and the Russia-Ukraine and Middle East conflicts. The Company is closely monitoring ongoing activities related to changes to US economic policy, including potential impacts from both taxes and tariffs. Signet looks to navigate tariffs through a combination of vendor negotiations, value engineering of new merchandise to avoid retail increases where possible, as well as promotion and lifecycle management. 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 lab-grown diamonds, continued inflationary impacts to the Company (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 of Signet’s Fiscal 2025 ~~Outlook~~Annual Report on Form 10-K.

The Company anticipates same store sales down in the range of 2% to 3% for full year Fiscal 2025, including flat to up 3% in the fourth quarter. The Company believes it is positioned to deliver a positive holiday performance this year, driven by our comprehensive go-to-market strategy which will lean into our strengths in fashion newness and services, as well as capitalize on the moderate increase in engagement units expected in the fourth quarter. We believe that the Company’s competitive strengths such as targeted marketing, focused operations, service offerings and product newness will position us to serve our value-oriented customers well at holiday. In our digital banners, while certain integration issues have moderated, challenges in re-platforming of the James Allen and Blue Nile websites in the third quarter significantly impacted traffic and search placement, and sales are expected to be unfavorably impacted through the rest of the year.24

The Company plans to continue strategic investments that differentiate Signet from its competitors, in particular investments in its banner value propositions, including the renovation of its fleet, its services business, increase the flow of newness of its product offerings, and personalized marketing. Furthermore, the Company will maintain its diligent and effective efforts to drive cost savings and leverage its flexible operating model, scale and fleet optimization. As part of its efforts to focus on its strategic business in the UK, the Company completed the divestiture of the Company’s UK prestige watch business during the fourth quarter of Fiscal 2024 and closed 21 stores to date in Fiscal 2025, primarily at the Ernest Jones banner. These actions, as well as further streamlining overhead in the UK support center, are aimed at improving profitability in this segment, with margins in line with the rest of the business within the next three years.

The Company continues to monitor the impacts of certain macroeconomic factors on its business, such as inflation and the Russia-Ukraine and Israel-Hamas conflicts. 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 lab-created diamonds, continued inflationary impacts to the Company (including, but not limited to, materials, labor, fulfillment and advertising costs) or 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, or organized retail crime and its impact to mall traffic. In addition, the Company will monitor potential impacts of changes to regulations, taxes and tariffs as a result of the incoming US administration. See “Forward-Looking Statements” above as well as the “Risk Factors” included in Item 1A of Signet’s Fiscal 2024 Annual Report on Form 10-K.

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RESULTS OF OPERATIONS

Comparison of ~~Third~~First Quarter Fiscal ~~2025~~2026 to ~~Third~~First Quarter Fiscal ~~2024~~2025

	Third Quarter								Year to Date
	First Quarter
	Fiscal 2025				Fiscal 2024				Fiscal 2025				Fiscal 2024
	Fiscal 2026				Fiscal 2025
(in millions)	$		% of sales		$		% of sales		$		~~% of sales~~		$		~~% of sales~~
Sales	$	1,~~349~~541.46	100.0	%	$	1,~~391~~510.98	100.0	%	$	~~4,351.2~~	~~100.0~~	%	$	~~4,673.5~~	~~100.0~~	%
Cost of sales	(~~864~~942.18)		(6461.02)		(~~890~~938.64)		(6462.01)		~~(2,727.2)~~		~~(62.7)~~		~~(2,929.4)~~		~~(62.7)~~
Gross margin	~~485~~598.38		3638.08		~~501~~572.34		3637.09		~~1,624.0~~		~~37.3~~		~~1,744.1~~		~~37.3~~
Selling, general and administrative expenses	(~~469~~526.60)		(34.81)		(~~484~~515.24)		(34.81)		~~(1,483.4)~~		~~(34.1)~~		~~(1,525.8)~~		~~(32.6)~~
Asset impairments, net	(0.7)		(0.1)		(0.1)		—		(169.3)		(3.9)		(5.7)		(0.1)
Other operating expense, net	(24.7)		(1.6)		(7.2)		(0.5)
Other operating expense, net	(5.8)		(0.4)		(3.7)		(0.3)		(13.2)		(0.3)		(7.4)		(0.2)
Operating income	48.1		3.1		49.8		3.3
Operating income (loss)	9.2		0.7		13.3		1.0		(41.9)		(1.0)		205.2		4.4
Interest income, net	0.8		0.1		8.6		0.6
Interest (expense) income, net	(1.0)		(0.1)		2.6		0.2		10.0		0.2		10.0		0.2
Other non-operating (expense) income, net	(3.3)		(0.2)		0.2		—
Other non-operating income (expense), net	0.2		—		(2.3)		(0.2)		2.0		—		(2.4)		(0.1)
Income before income taxes	45.6		3.0		58.6		3.9
Income (loss) before income taxes	8.4		0.6		13.6		1.0		(29.9)		(0.7)		212.8		4.6
Income taxes	(12.1)		(0.8)		(6.5)		(0.4)
Income taxes	(1.4)		(0.1)		(1.9)		(0.1)		(9.5)		(0.2)		(28.6)		(0.6)
Net income	$	33.5	2.2	%	$	52.1	3.4	%
Net income (loss)	$	7.0	0.5	%	$	11.7	0.8	%	$	(39.4)	(0.9)	%	$	184.2	3.9	%
Dividends on redeemable convertible preferred shares	—		nm		(92.2)		nm
Dividends on Preferred Shares	(1.6)		nm		(8.7)		nm		(96.8)		nm		(25.9)		nm
Net income (loss) attributable to common shareholders	$	33.5	2.2	%	$	(40.1)	(2.7)	%
Net income (loss) attributable to common shareholders	$	5.4	0.4	%	$	3.0	0.2	%	$	(136.2)	(3.1)	%	$	158.3	3.4	%

nm Not meaningful.

~~Third~~First quarter sales

Signet's total sales ~~decreased~~increased 32.10% year over year to $1.3554 billion in the 13 weeks ended ~~November~~May 23, ~~2024~~2025. Same store sales ~~decreased~~increased 02.75%, compared to a decrease of ~~11.~~8.9% in the prior year quarter. These ~~decreases~~increases were ~~the~~primarily ~~result~~from ofclosing ~~decreased~~merchandise ~~traffic~~assortment ~~and~~gaps ~~operational challenges~~ at ~~the~~key ~~digital~~gifting ~~banners,~~price ~~the~~points ~~impact~~both ofin ~~the~~fashion ~~hurricanes~~and in ~~the~~bridal, ~~Southern~~as USwell ~~and~~as ~~the~~increased ~~slower~~AUR ~~than~~in ~~expected~~both ~~engagement recovery~~categories, ~~which~~however were ~~partially~~softened ~~offset~~ by ~~growth~~an inapproximate ~~fashion~~140 ~~and~~basis ~~new~~point ~~merchandise.~~drag ~~Additionally,~~from ~~the~~underperformance ~~decrease~~ in ~~total reported sales was also impacted by store closures and divestiture of~~ the ~~prestige~~James ~~watch~~Allen ~~business~~brand in the UKfirst ~~year over year~~quarter.

~~eCommerce~~E-commerce sales in the ~~third~~first quarter of Fiscal ~~2025~~2026 were $~~289~~338.27 million, ~~down~~up $110.78 million or 30.92%, compared to $~~300~~337.9 million in the prior year ~~third~~first quarter~~, primarily due to challenges in the digital banners noted above~~. ~~eCommerce~~E-commerce sales accounted for 2122.40% of ~~third~~first quarter sales, ~~relatively~~a ~~flat~~slight decrease compared to 2122.64% of total sales in the prior year ~~third~~first quarter. Brick and mortar same store sales ~~were~~increased ~~flat~~2.9% from the prior year ~~third~~first quarter.

The breakdown of the ~~third~~first quarter sales performance by reportable segment is set out in the table below:

	Change from previous year
Third Quarter of Fiscal 2025	Same store sales (1)		Non-same store sales, net		Total sales at constant exchange rate (2)		Exchange translation impact		Total salesas reported		Total sales (in millions)
First Quarter of Fiscal 2026	Same store sales		Non-same store sales, net		Total sales at constant exchange rate (1)		Exchange translation impact		Total salesas reported		Total reported sales (in millions)
North America reportable segment	(02.8)3	%	~~(1.4)~~—	%	(2.2)3	%	(0.12)	%	(2.3)1	%	$	1,~~262~~450.05
International reportable segment	14.65	%	(173.10)	%	~~(15~~1.5)	%	42.13	%	~~(11~~3.4)8	%	$80.1	~~83.3~~
Other reportable segment (3)	nm		nm		nm		nm		nm		$	4.1
Other reportable segment (2)	nm		nm		nm		nm		nm		11.0
Signet	(02.7)5	%	(20.75)	%	(32.4)0	%	~~0.3~~—	%	(32.1)0	%	$	1,~~349~~541.46

(1) The ~~53rd~~Company ~~week~~provides inthe ~~Fiscal~~period-over-period ~~2024~~change ~~has resulted~~ in atotal ~~shift~~sales asexcluding the ~~current~~impact ~~fiscal~~of ~~year~~foreign ~~began~~currency afluctuations, ~~week~~which ~~later~~is ~~than~~a ~~the~~non-GAAP ~~previous~~measure, ~~fiscal~~to ~~year.~~provide Astransparency ~~such,~~to ~~same~~performance ~~store~~and ~~sales~~enhance ~~for~~investors’ ~~Fiscal~~understanding ~~2025~~of ~~have~~underlying ~~been~~business ~~calculated~~trends. byThe ~~aligning~~effect ~~the~~from ~~sales~~foreign ~~weeks~~currency, ofcalculated ~~the~~on ~~current~~a ~~quarter~~constant tocurrency ~~the~~basis, ~~equivalent~~is ~~sales~~determined ~~weeks~~by inapplying ~~the~~current ~~prior fiscal~~ year ~~quarter.~~average ~~Total~~exchange ~~reported~~rates ~~sales continue~~ to beprior ~~calculated~~year ~~based~~sales onin ~~the~~local ~~reported fiscal periods~~currency.

(2) ~~The~~Includes ~~Company provides the period-over-period change in total~~ sales ~~excluding~~from ~~the impact of foreign currency fluctuations, which is a non-GAAP measure, to provide transparency to performance and enhance investors~~Signet’s ~~understanding~~diamond ofsourcing ~~underlying business trends~~operation. ~~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.~~

(3) Includes sales from Signet’s diamond sourcing operation.

nm Not meaningful.

27As described above, AUR is an additional operating metric defined as merchandise sales divided by merchandise units. AUR is measured each period based on reported sales for the corresponding period presented.

Table of Contents

ATV is an operating metric defined as net merchandise sales divided by the total number of customer transactions. The ATV is measured each period based on the reported merchandise sales for the corresponding period presented.

	Average Merchandise Transaction Value(1)(2)								Merchandise Transactions
	Average Value				Change from previous year				Change from previous year
Third Quarter	Fiscal 2025		Fiscal 2024		Fiscal 2025		Fiscal 2024		Fiscal 2025		Fiscal 2024
North America reportable segment	$	622	$	622	—	%	1.1	%	(2.1)	%	(15.1)	%
International reportable segment (3)	£	162	£	187	(13.4)	%	2.7	%	(3.2)	%	(11.5)	%

(1) Net merchandise sales within the North America reportable segment include all merchandise product sales, net of discounts and returns. In addition, excluded from net merchandise sales are sales tax in the US, repairs, extended service plans, insurance, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to the change in reported sales.

(2) Net merchandise sales within the International reportable segment include all merchandise product sales, including value added tax (“VAT”), net of discounts and returns. In addition, excluded from net merchandise sales are repairs, warranty, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to the change in reported sales.

(3) International reportable segment amounts are denominated in British pounds.

North America sales

The North America reportable segment’s total sales were $1.2645 billion compared to $1.2942 billion in the prior year quarter, or aan ~~decrease~~increase of 2.31%. This ~~decrease~~increase was ~~the~~primarily ~~result~~from ofclosing amerchandise ~~slower~~assortment ~~than~~gaps ~~expected~~at ~~engagement~~key ~~recovery,~~gifting ~~operational~~price ~~challenges~~points ~~and~~both ~~decreased~~in ~~traffic~~fashion atand ~~the~~in ~~digital banners~~bridal, ~~the~~as ~~impact~~well ofas ~~the~~increased ~~hurricanes~~AUR in ~~the~~fashion. ~~Southern~~This ~~US,~~increase ~~and~~was ~~the~~softened ~~continued~~by ~~uncertainties~~the inunderperformance ~~consumer~~of ~~spending.~~the ~~These~~James ~~decreases~~Allen ~~were~~brand ~~partially~~noted ~~offset~~above. byThe ~~the~~number ~~Company’s higher penetration~~ of ~~new~~units ~~merchandise~~sold ~~which~~decreased ~~drove~~6.6% ~~growth~~year inover ~~fashion during the quarter~~year. Same store sales ~~decreased~~increased 02.83% compared to a decrease of 129.32% in the prior year quarter ~~due to the decline in the number of transactions by 2~~.~~1% year over year.~~

~~International sales~~25

The International reportable segment’s total sales decreased 11.4%, or 15.5% at constant exchange rates, to $83.3 million compared to $94.0 million in the prior year quarter, primarily due to the divestiture of the prestige watch business in the fourth quarter of Fiscal 2024, as well as the impact of store closures. The number of transactions decreased 3.2% and ATV decreased 13.4% year over year. Same store sales increased 1.6% compared to a decrease of 4.6% in the prior year quarter.

Year to date sales

Signet’s total sales decreased 6.9% to $4.35 billion compared to $4.67 billion in the prior year. Signet’s same store sales decreased 4.6%, compared to a decrease of 12.6% in the prior year. As further described above, these declines were driven primarily by a slower than expected engagement recovery, store closures and the prestige watch divestiture in the UK, operational challenges at the digital banners, and the impact of the macro environment on consumer spending, particularly earlier in the year.

eCommerce sales year to date were $959.4 million, down $87.6 million or 8.4%, compared to $1.05 billion in the prior year. eCommerce sales accounted for 22.0% of year to date sales, down slightly from 22.4% of total sales in the prior year. The decrease in total eCommerce sales was driven by the challenges in the digital banners noted above. Brick and mortar same store sales decreased 3.7% from the prior period.

The breakdown of the year to date sales performance by reportable segment is set out in the table below:

	Change from previous year
Year to date Fiscal 2025	Same storesales (1)		Non-same store sales, net		Total sales at constantexchange rate (2)		Exchange translation impact		Total salesas reported		Total sales (in millions)
North America reportable segment	(4.9)	%	(1.4)	%	(6.3)	%	—	%	(6.3)	%	$	4,079.6
International reportable segment	0.1	%	(17.0)	%	(16.9)	%	2.4	%	(14.5)	%	$	247.0
Other reportable segment (3)	nm		nm		nm		nm		nm		$	24.6
Signet	(4.6)	%	(2.4)	%	(7.0)	%	0.1	%	(6.9)	%	$	4,351.2

(1) The 53rd week in Fiscal 2024 has resulted in a shift as the current fiscal year began a week later than the previous fiscal year. As such, same store sales for Fiscal 2025 have been calculated by aligning the sales weeks of the current year to date period to the equivalent sales weeks in the prior fiscal year. Total reported sales continue to be calculated based on the reported fiscal periods.

(2) The Company provides the period-over-period change in total sales excluding the impact of foreign currency fluctuations, which is a non-GAAP measure, to provide transparency to performance and enhance investors’ 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.

(3) Includes sales from Signet’s diamond sourcing operation.

nm Not meaningful.

Table of Contents

	Average Merchandise Transaction Value(1)(2)								Merchandise Transactions
	Average Value				Change from previous year				Change from previous year
Year to date Fiscal 2025	Fiscal 2025		Fiscal 2024		Fiscal 2025		Fiscal 2024		Fiscal 2025		Fiscal 2024
North America reportable segment (3)	$	581	$	581	—	%	3.8	%	(6.4)	%	(13.9)	%
International reportable segment (4)	£	161	£	187	(13.9)	%	5.1	%	(4.2)	%	(15.0)	%

(2) Net merchandise sales within the International reportable segment include all merchandise product sales, including VAT, net of discounts and returns. In addition, excluded from net merchandise sales are repairs, warranty, employee and other miscellaneous sales. As a result, the sum of the changes will not agree to the change in reported sales.

(3) Includes a correction to the previously presented year to date Fiscal 2024 ATV and merchandise transaction amounts. The Company has corrected the sales and transaction base of the North America reportable segment calculation, which resulted in a correction of ATV from $587 to $581, ATV` change from previous year of 4.8% to 3.8%, and merchandise transaction change from previous year of (14.3%) to (13.9)%.

(4) International reportable segment amounts are denominated in British pounds.

North America sales

The North America reportable segment’s total sales were $4.08 billion compared to $4.35 billion in the prior year, down 6.3%. This decrease was primarily driven by the impact of the macro environment on consumer spending, operational challenges at the digital banners, and the decline in the bridal category, driven by the slower than expected engagement recovery. Same store sales decreased 4.9% compared to a decrease of 13.0% in the prior year. North America’s ATV remained flat when compared with the prior year, while the number of transactions decreased 6.4%.

International sales

The International reportable segment’s total sales ~~decreased~~increased 143.8%, or 1.5% at constant exchange rates, to $~~247~~80.01 million compared to $~~289~~77.02 million in the prior year, ~~primarily~~quarter. ~~due~~The tonumber ~~the impact~~ of ~~the~~units ~~divestiture~~sold ofdecreased ~~the~~1.1% ~~prestige~~and ~~watch~~AUR ~~business~~increased in2.8% ~~the~~year ~~fourth~~over ~~quarter~~year. ofSame ~~Fiscal 2024 and the impact of~~ store ~~closures. Total~~ sales atincreased ~~constant exchange rates decreased 16~~4.95%. ~~The~~compared ~~number~~to ofa ~~transactions~~decrease ~~decreased~~of 43.2% ~~and~~in ~~ATV~~the ~~decreased 13.9% over~~ prior year quarter. The ~~decline~~total inreported ~~ATV~~sales increase was ~~driven~~slightly bylower ~~the~~than ~~divestiture~~same ofstore ~~the~~sales ~~prestige~~due ~~watch~~to ~~business,~~store ~~which carried products at high price points~~closures.

Gross margin

In the ~~third~~first quarter of Fiscal ~~2025~~2026, gross margin was $~~485~~598.38 million or 3638.08% of sales compared to $~~501~~572.34 million or 3637.09% of sales in the prior year quarter. ~~For~~Gross ~~the~~margin 39in ~~weeks~~total ~~ended~~dollars ~~November 2,~~and ~~2024,~~as ~~gross~~a ~~margin~~percentage ~~was $1.62 billion or 37.3%~~ of sales increased compared to ~~$1.74 billion or 37.3% of sales in~~ the prior year ~~comparable~~quarter ~~period.~~reflecting ~~The~~merchandise ~~Company~~margin ~~maintained~~expansion ~~flat~~driven ~~gross~~by ~~margins~~higher ~~for~~AUR in both ~~the~~fashion 13 and ~~39 weeks ended November 2~~bridal, ~~2024~~as ~~reflecting~~discussed ~~growth in services~~above, ~~product newness~~ and ~~higher~~a ~~fashion~~balanced ~~penetration~~promotional strategy, ~~which~~as ~~offset~~well ~~the~~as ~~deleveraging~~leveraging of fixed costs onsuch ~~lower~~as ~~sales volume~~occupancy.

Selling, general and administrative expenses (“SG&A”)

In the ~~third~~first quarter of Fiscal ~~2025~~2026, SG&A was $~~469~~526.60 million or 34.81% of sales compared to $~~484~~515.24 million or 34.81% of sales in the prior year quarter. ~~For~~The ~~the~~increase 39in ~~weeks ended November 2, 2024,~~ SG&A ~~was $1.48 billion or 34.1% of sales~~ compared to ~~$1.53 billion or 32.6% of sales in~~ the prior year ~~comparable~~quarter ~~period. The increase in SG&A as a percentage of sales for both the 13 and 39 weeks ended November 2, 2024~~ was primarily driven by ~~higher~~increases ~~advertising~~in ~~expense~~store payroll and ~~deleverage~~marketing ~~of fixed costs, primarily the fixed portion of labor~~expenses. ~~In addition, the third quarter of Fiscal 2025 included approximately $2.0 million of leadership transition costs.~~

Asset impairments, net

For the 13 and 39 weeks ended November 2, 2024, the Company recorded pre-tax impairment charges of $0.7 million and $169.3 million, respectively, compared to charges of $0.1 million and $5.7 million in the 13 and 39 weeks ended October 28, 2023, respectively. For the 13 weeks ended November 2, 2024, asset impairments were related to the impairment of long-lived assets. For the 39 weeks ended November 2, 2024, $166.0 million of the charges related to impairment of goodwill and indefinite-lived trade names for Diamonds Direct and the Digital Banners, and $3.3 million related to the impairment of long-lived assets. For the 13 and 39 weeks ended October 28, 2023, all charges were related to impairment of long-lived assets. See Note 12 and Note 18 for additional information.

Other operating expense, net

In the ~~third~~first quarter of Fiscal ~~2025~~2026, other operating expense was $524.87 million, compared to $3.7 ~~million in the prior year quarter~~. ~~For the 39 weeks ended November~~ 2~~, 2024, other operating expense was $13.2~~ million ~~compared to $7.4 million~~ in the prior year ~~comparable period~~quarter. The 13 ~~and 39~~ weeks ended ~~November~~May 23, ~~2024~~2025 primarily included restructuring and ~~related~~asset impairment charges of $522.2 million ~~and~~related ~~$11.0 million,~~to ~~respectively,~~the ~~and~~actions ~~foreign~~under ~~exchange~~the ~~losses~~Company’s ofnew ~~$0.2 million~~corporate ~~and $1.4 million~~strategy, ~~respectively~~Grow Brand Love. The 13 ~~and 39~~ weeks ended ~~October~~May 284, ~~2023~~2024 primarily included restructuring ~~charges of $1.6 million~~ and ~~$5.8 million,~~asset ~~respectively,~~impairment ~~and~~charges ~~foreign exchange losses~~ of $0.7 ~~million and $2~~.50 million~~, respectively, partially offset by a credit to income of $3~~.0 ~~million related to an adjustment of a prior litigation accrual.~~ See Note 17, ~~Note 18,~~ and Note 2018 for additional information.

29Operating income

~~Table~~For the first quarter of ~~Contents~~Fiscal 2026, operating income was $48.1 million, or 3.1% of sales, compared to operating income of $49.8 million or 3.3% of sales in the prior year quarter. The decrease in operating income for the 13 weeks ended May 3, 2025 was primarily driven by restructuring costs, partially offset by stronger sales performance and gross margin as described above.

~~Operating~~North ~~income~~America ~~(loss)~~operating income

~~For~~In the ~~third~~first quarter ~~of Fiscal 2025~~, operating income ~~was~~in ~~$9.2 million~~the orNorth ~~0.7%~~America ofreportable ~~sales,~~segment ~~compared~~was ~~to operating income of~~ $1383.3 0 million, or 15.07% of ~~sales~~segment ~~in the prior year quarter. For the 39 weeks ended November 2~~sales, ~~2024,~~and ~~operating~~includes ~~loss was~~ $4110.9 million ~~or (1.0)%~~ of ~~sales~~restructuring ~~compared~~charges toand $~~205~~3.2 million ~~or 4.4%~~ of ~~sales~~asset inimpairment ~~the~~charges ~~prior~~primarily ~~year~~related ~~comparable~~to ~~period~~long-lived assets. ~~The~~In ~~decrease~~the inprior year quarter, operating income ~~for~~in the 13North ~~weeks~~America ~~ended~~reportable ~~November 2,~~segment ~~2024~~ was ~~primarily~~$83.2 ~~driven~~million, byor ~~lower sales volume and higher advertising expense noted above~~5.9% ~~The~~of ~~decrease~~segment insales, ~~operating~~and ~~income~~included ~~for the 39 weeks ended November~~ $2,.0 ~~2024~~million ~~was primarily driven by the impact~~ of ~~goodwill~~asset ~~and indefinite-lived intangible~~ impairment charges, ~~lower~~primarily ~~sales~~related ~~volume~~to ~~and~~planned ~~higher~~store ~~advertising~~closures ~~expense~~and ~~noted~~$0.6 ~~above,~~million ~~partially~~of ~~offset~~restructuring ~~by cost savings initiatives~~charges.

~~Signet’s~~International operating income ~~(loss) by reportable segment for the third quarter is as follows:~~

	Fiscal 2025				Fiscal 2024
(in millions)	$		% of segment sales		$		% of segment sales
North America reportable segment (1)	$	24.1	1.9	%	$	39.2	3.0	%
International reportable segment (2)	(3.7)		(4.4)	%	(9.0)		(9.6)	%
Other reportable segment	(1.6)		nm		(3.1)		nm
Corporate and unallocated expenses (3)	(9.6)		nm		(13.8)		nm
Operating income	$	9.2	0.7	%	$	13.3	1.0	%

In the first quarter, operating loss in the International reportable segment was $7.0 million, or (8.7)% of segment sales. In the prior year quarter, operating loss in the International reportable segment was $13.0 million, or (16.8)% of segment sales, and included $4.0 million of restructuring charges and $1.3 million of net losses from the previously announced divestiture of the UK prestige watch business.

~~Signet’s~~Corporate ~~operating~~and ~~income~~unallocated ~~(loss)~~expenses ~~by reportable segment for the year to date period is as follows:~~

	Fiscal 2025				Fiscal 2024
(in millions)	$		% of segment sales		$		% of segment sales
North America reportable segment (1)	$	30.1	0.7	%	$	281.0	6.5	%
International reportable segment (2)	(20.9)		(8.5)	%	(22.9)		(7.9)	%
Other reportable segment	(7.3)		nm		(4.8)		nm
Corporate and unallocated expenses (3)	(43.8)		nm		(48.1)		nm
Operating (loss) income	$	(41.9)	(1.0)	%	$	205.2	4.4	%

In the first quarter, corporate and unallocated expenses were $24.0 million and includes $8.1 million of restructuring charges. In the prior year quarter, corporate and unallocated expenses were $17.3 million.

~~(1) Operating~~Interest income ~~during the 13 and 39 weeks ended November 2~~, 2024 includes $0.8 million and $169.0 million, respectively, of asset impairment charges primarily related to goodwill and indefinite-lived intangible assets recognized in the second quarter; and $5.4 million and $6.2 million, respectively, of restructuring and related charges. Operating income during the 39 weeks ended November 2, 2024 includes $1.1 million of integration-related expenses, primarily severance and retention, incurred for the integration of Blue Nile.net

~~Operating~~For ~~income during~~ the 13 ~~and 39~~ weeks ended ~~October~~May 283, ~~2023~~2025, ~~includes~~net interest income was $70.5 8 million, ~~and~~compared to $208.16 million, ~~respectively,~~in ofthe ~~integration-related~~13 ~~expenses,~~weeks ~~primarily~~ended ~~severance and retention~~May 4, ~~and~~2024. ~~exit~~The ~~and~~decrease ~~disposal~~in ~~costs,~~the ~~and~~current ~~system~~year ~~decommissioning~~quarter ~~costs~~was ~~incurred for~~ the ~~integration~~result of ~~Blue~~lower ~~Nile;~~cash ~~and~~balances ~~$0.2 million~~earning ~~and~~interest ~~$4.4 million,~~as ~~respectively,~~compared ofwith ~~restructuring charges. Operating income during~~ the 39prior ~~weeks~~year ~~ended October 28~~quarter, ~~2023~~primarily ~~includes~~due ~~a $3.0 million credit~~ to ~~income~~cash ~~related~~used toover the ~~adjustment~~past ofyear arelated ~~prior~~to ~~litigation~~the ~~accrual~~Preferred ~~and~~Shares ~~$5.6 million~~retirement, repayment of ~~net~~the ~~asset~~Senior ~~impairment~~Notes ~~charges~~and ~~primarily~~common ~~related~~share ~~to restructuring and integration~~repurchases.

See Note 12, Note 18 and Note 20 for additional information.

(2) Operating loss during the 13 and 39 weeks ended November 2, 2024 includes $0.4 million and $5.4 million, respectively, of restructuring charges. Operating loss during the 39 weeks ended November 2, 2024 includes $2.5 million of net losses from the previously announced divestiture of the UK prestige watch business and $0.3 million of net asset impairment charges primarily related to planned store closures.

Operating loss during the 13 and 39 weeks ended October 28, 2023 includes restructuring charges of $1.4 million and costs related to the divestiture of the UK prestige watch business of $1.3 million.

See Note 1 and Note 18 for additional information.

(3) Operating loss during the 13 and 39 weeks ended November 2, 2024 includes $0.8 million of CEO transition costs, primarily related to professional fees incurred for the search for the Company’s recently appointed CEO.

Interest (expense) income, net

For the 13 and 39 weeks ended November 2, 2024, net interest expense was $1.0 million and net interest income was $10.0 million, respectively, compared to net interest income of $2.6 million and $10.0 million in the 13 and 39 weeks ended October 28, 2023, respectively. The change in the 13 weeks ended November 2, 2024 compared to the prior year comparable period was the result of lower cash balances earning interest due to the redemptions of Preferred Shares, repayment of the Senior Notes and share repurchases, as well as interest expense incurred from borrowings on the ABL. Net interest income remained flat in the 39 weeks ended November 2, 2024 compared to the prior year comparable period due to higher invested cash balances in the beginning of the current year period compared to the prior year period, higher interest rates and lower interest expense incurred as a result of the repayment of the Senior Notes as previously noted, offsetting interest expense incurred on borrowings on the ABL.

Income taxes

In the ~~third~~first quarter of Fiscal ~~2025~~2026, income tax expense was $112.41 million, with an effective tax rate (“ETR”) of 1626.75%, compared to income tax expense of $16.95 million, with an ETR of 1411.01%, in the prior year comparable period. Signet was not subject to income tax in Bermuda prior to Fiscal 2026. On December 27, 2023, Bermuda enacted a 15% corporate income tax that was effective for the Company beginning with Fiscal 2026. The ~~ETRs~~ETR for the ~~third~~first quarter of Fiscal 2026 was higher than the Bermuda income tax rate, primarily as a result of the unfavorable impact of foreign rate differences (primarily in the US) and unfavorable discrete tax items recognized in the 13 weeks ended May 3, 2025, including the tax shortfall for share-based compensation which vested during the year of $0.8 million.

3026

Table of Contents

~~Fiscal~~The ~~2025~~ETR ~~and~~for the ~~third~~first quarter of Fiscal ~~2024~~2025 ~~were~~was lower than the US federal income tax rate, primarily due to the favorable ~~impacts~~impact of foreign rate differences and benefits from global reinsurance arrangements, as well as the discrete tax benefit related to share-based compensation which vested during the prior year quarter of $4.7 million.

In the year to date period of Fiscal 2025, income tax expense was $9.5 million, with an ETR of (31.8)%, compared to income tax expense of $28.6 million, with an ETR of 13.4% in the prior year comparable period.

The ETR for the 39 weeks ended November 2, 2024 was different than the US federal income tax rate, primarily due to the favorable impact of foreign rate differences and benefits from global reinsurance arrangements, as well as discrete tax impacts during Fiscal 2025, including the non-deductible impairment charges described above and the excess tax benefit for share-based compensation which vested during the year of $5.0 million. The year to date ETR in the prior year comparable period was lower than the US federal income tax rate primarily due to the favorable impact of foreign rate differences and benefits from global reinsurance arrangements, as well as the discrete tax benefits recognized through the third quarter of Fiscal 2024. The Fiscal 2024 discrete tax benefits relate to the reclassification of the remaining pension settlement loss out of AOCI of $4.1 million and the excess tax benefit for share-based compensation which vested during the year of $9.4 million.

Refer to Note 9 for additional information.

NON-GAAP MEASURES

The discussion and analysis of Signet’s results of operations, financial condition and liquidity contained in this Quarterly Report on Form 10-Q are based upon the condensed consolidated financial statements of Signet which are prepared in accordance with GAAP and should be read in conjunction with Signet’s condensed consolidated financial statements and the related notes included in Item 1. Signet provides certain non-GAAP information in reporting its financial results to give investors additional data to evaluate its operations. The Company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating historical trends and current period performance and liquidity. For these reasons, internal management reporting also includes these non-GAAP measures.

These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, the GAAP financial measures presented in the Company’s condensed consolidated financial statements and other publicly filed reports. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.

~~The Company previously referred to certain non-GAAP measures as non-GAAP operating income, non-GAAP operating margin and non-GAAP diluted EPS~~1. ~~Beginning~~Net in Fiscal 2025, these non-GAAP measures are now referred to as adjusted operating income, adjusted operating margin and adjusted diluted EPS, respectively. There have been no changes to how these non-GAAP measures are defined or reconciled to the most directly comparable GAAP measures.cash

1. Net (cash is a non-GAAP measure defined as the total of cash and cash equivalents less debt). Management considers this metric to be helpful to understand the total indebtedness of the Company after consideration of cash balances on-hand.

Net (debt) cash is a non-GAAP measure defined as the total of cash and cash equivalents less debt. Management considers this metric to be helpful to understand the total indebtedness of the Company after consideration of cash balances on-hand.


(in millions)	May 3, 2025		February 1, 2025		May 4, 2024
Cash and cash equivalents	$	264.1	$	604.0	$	729.3
Less: Current portion of long-term debt	—		—		(147.8)

Net cash	$	264.1	$	604.0	$	581.5

(in millions)	November 2, 2024		February 3, 2024		October 28, 2023
Cash and cash equivalents	$	157.7	$	1,378.7	$	643.8
Less: Current portion of long-term debt	—		(147.7)		(147.6)
Less: Long-term debt	(253.0)		—		—
Net (debt) cash	$	(95.3)	$	1,231.0	$	496.2

2. Free cash flow

Free cash flow is a non-GAAP measure defined as the net cash (used in) ~~provided by~~ operating activities less ~~purchases~~capital ~~of property, plant and equipment~~expenditures. Management considers this metric to be helpful in understanding how the business is generating cash from its operating and investing activities that can be used to meet the financing needs of the business. Free cash flow is an indicator frequently used by management to evaluate its overall liquidity needs and determine appropriate capital allocation strategies. Free cash flow does not represent the residual cash flow available for discretionary purposes.

	13 weeks ended				~~39 weeks ended~~
(in millions)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024		~~November 2, 2024~~		~~October 28, 2023~~
Net cash (used in) provided by operating activities	$	(75.4)	$	48.0	$	(189.8)	$	(205.3)
Net cash used in by operating activities	$	(175.3)	$	(158.2)
Purchase of property, plant and equipment	(63.1)		(34.0)		(114.4)		(89.4)
Capital expenditures	(36.6)		(23.3)
Free cash flow	$	(~~138~~211.59)	$	14(181.05)	$	~~(304.2)~~	$	~~(294.7)~~

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3. Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA

EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. EBITDA is an important indicator of operating performance as it excludes the effects of financing and investing activities by eliminating the effects of interest, income taxes, depreciation and amortization costs. Adjusted EBITDA is a non-GAAP measure, defined as earnings before interest, income taxes, depreciation and amortization, share-based compensation expense, non-operating expense, net and certain non-GAAP accounting adjustments. Reviewed in conjunction with net income and operating income, management believes that EBITDA and adjusted EBITDA ~~helps~~help enhance management’s and investors’ ability to evaluate and analyze trends regarding Signet’s business and performance based on its current operations. ~~EBITDA~~These ~~and~~measures ~~adjusted EBITDA~~ are also inputs into the Company’s leverage ratios, which are non-GAAP measures disclosed periodically in investor materials and other Company filings with the SEC, including annually in the Company’s Form 10-K.

	13 weeks ended				39 weeks ended
(in millions)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Net income (loss)	$	7.0	$	11.7	$	(39.4)	$	184.2
Income taxes	1.4		1.9		9.5		28.6
Interest expense (income), net	1.0		(2.6)		(10.0)		(10.0)
Depreciation and amortization	36.1		42.7		110.6		129.4
Amortization of unfavorable contracts	(0.5)		(0.5)		(1.4)		(1.4)
EBITDA	$	45.0	$	53.2	$	69.3	$	330.8
Other non-operating (income) expense, net	(0.2)		2.3		(2.0)		2.4
Share-based compensation	2.1		11.2		20.4		36.4
Other accounting adjustments
Asset impairments (1)	0.4		0.2		168.5		3.7
Restructuring and related charges (2)	5.8		1.6		11.6		5.8
Loss on divestitures, net (3)	—		1.3		2.5		1.3
Integration-related expenses (4)	—		7.5		1.1		20.1
CEO transition costs (5)	0.8		—		0.8		—
Litigation charges (6)	—		—		—		(3.0)
Adjusted EBITDA	$	53.9	$	77.3	$	272.2	$	397.5

~~(1) Primarily~~Table ~~includes~~of ~~asset impairment charges related to goodwill and indefinite-lived intangible assets recognized in the second quarter. Refer to Note 12 for additional information.~~Contents

(2) Restructuring and related charges were incurred primarily as a result of the Company’s rationalization of its store footprint and reorganization of certain centralized functions. Refer to Note 18 for additional information.


	13 weeks ended
(in millions)	May 3, 2025		May 4, 2024
Net income	$	33.5	$	52.1
Income taxes	12.1		6.5
Interest income, net	(0.8)		(8.6)
Depreciation and amortization	37.0		36.6
Amortization of unfavorable contracts	(0.5)		(0.5)
EBITDA	$	81.3	$	86.1
Other non-operating expense (income), net	3.3		(0.2)
Share-based compensation	7.0		7.6
Other accounting adjustments
Restructuring charges (1)	19.0		4.6
Asset impairments (1)	3.2		1.9
Loss on divestitures, net (2)	—		1.3
Integration-related expenses (3)	—		0.2


Adjusted EBITDA	$	113.8	$	101.5

(31) ~~Includes~~Restructuring ~~net~~and ~~losses~~asset ~~from~~impairment charges during the ~~previously~~13 ~~announced~~weeks ~~divestiture~~ended May 3, 2025 were incurred primarily as a result of the UKCompany’s ~~prestige~~Grow ~~watch~~Brand ~~business~~Love strategy initiatives. ~~Refer~~Restructuring toand ~~Note~~asset 1impairment ~~for~~charges ~~additional~~during ~~information~~the 13 weeks ended May 4, 2024 were incurred primarily as a result of the Company’s rationalization of its store footprint and reorganization of certain centralized functions.

~~(4) Fiscal~~See ~~2025~~Note ~~includes~~18 ~~severance~~for ~~and~~additional retention expenses related to the integration of Blue Nile; Fiscal 2024 includes expenses related to the integration of Blue Nile, primarily severance and retention, exit and disposal costs and system decommissioning costs.information

(52) ~~Primarily~~Includes ~~includes~~net ~~professional~~losses ~~fees~~from ~~incurred~~the ~~for~~previously ~~the~~announced ~~search~~divestiture ~~for~~of the ~~Company’s~~UK ~~recently~~prestige ~~appointed~~watch ~~CEO~~business.

(63) Includes aseverance ~~credit~~and toretention ~~income~~expenses related to the ~~adjustment~~integration of aBlue ~~prior litigation accrual recognized in Fiscal 2023~~Nile. ~~Refer to Note 20 for additional information.~~

4. Adjusted operating income and adjusted operating margin

Adjusted operating income is a non-GAAP measure defined as operating income excluding the impact of certain items which management believes are not necessarily reflective of normal operational performance during a period. Management finds the information useful when analyzing operating results to appropriately evaluate the performance of the business without the impact of these certain items. Management believes the consideration of measures that exclude such items can assist in the comparison of operational performance in different periods which may or may not include such items. Management also utilizes adjusted operating margin, defined as adjusted operating income as a percentage of total sales, to further evaluate the effectiveness and efficiency of the Company’s flexible operating model.


	13 weeks ended
(in millions)	May 3, 2025			May 4, 2024
Operating income	$	48.1		$	49.8
Restructuring charges (1)	19.0			4.6
Asset impairments (1)	3.2			1.9
Loss on divestitures, net (2)	—			1.3
Integration-related expenses (3)	—			0.2


Adjusted operating income	$	70.3		$	57.8

Operating margin	3.1		%	3.3		%
Adjusted operating margin	4.6		%	3.8		%

See Note 18 for additional information.

(2) Includes net losses from the previously announced divestiture of the UK prestige watch business.

(3) Includes severance and retention expenses related to the integration of Blue Nile.

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	13 weeks ended						39 weeks ended
(in millions)	November 2, 2024			October 28, 2023			November 2, 2024			October 28, 2023
Operating income (loss)	$	9.2		$	13.3		$	(41.9)		$	205.2
Asset impairments (1)	0.4			0.2			168.5			3.7
Restructuring and related charges (2)	5.8			1.6			11.6			5.8
Loss on divestitures, net (3)	—			1.3			2.5			1.3
Integration-related expenses (4)	—			7.5			1.1			20.1
CEO transition costs (5)	0.8			—			0.8			—
Litigation charges (6)	—			—			—			(3.0)
Adjusted operating income	$	16.2		$	23.9		$	142.6		$	233.1
Operating margin	0.7		%	1.0		%	(1.0)		%	4.4		%
Adjusted operating margin	1.2		%	1.7		%	3.3		%	5.0		%

(1) Primarily includes asset impairment charges related to goodwill and indefinite-lived intangible assets recognized in the second quarter. Refer to Note 12 for additional information.

(3) Includes net losses from the previously announced divestiture of the UK prestige watch business. Refer to Note 1 for additional information.

(4) Fiscal 2025 includes severance and retention expenses related to the integration of Blue Nile; Fiscal 2024 includes expenses related to the integration of Blue Nile, primarily severance and retention, exit and disposal costs and system decommissioning costs.

(5) Primarily includes professional fees incurred for the search for the Company’s recently appointed CEO.

(6) Includes a credit to income related to the adjustment of a prior litigation accrual recognized in Fiscal 2023. Refer to Note 20 for additional information.

5. Adjusted diluted EPS

Adjusted diluted EPS is a non-GAAP measure defined as diluted EPS excluding the impact of certain items which management believes are not necessarily reflective of normal operational performance during a period. Management finds the information useful when analyzing financial results in order to appropriately evaluate the performance of the business without the impact of these certain items. In particular, management believes the consideration of measures that exclude such items can assist in the comparison of performance in different periods which may or may not include such items. The Company estimates the tax effect of all non-GAAP adjustments by applying a statutory tax rate to each item. The income tax items represent the discrete amount that affected the diluted EPS during the period.

	13 weeks ended				~~39 weeks ended~~
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	May 3, 2025		May 4, 2024
Diluted EPS	$	0.1278	$	(0.0790)	$	~~(3.07)~~	$	~~3.39~~
Asset impairments (1)	0.01		—		3.80		0.07
Restructuring charges (1)	0.46		0.10
Restructuring and related charges (2)	0.13		0.04		0.26		0.11
Asset impairments (1)	0.07		0.04
Loss on divestitures, net (3)	—		0.03		0.06		0.02
Loss on divestitures, net (2)	—		0.03
Integration-related expenses (4)	—		0.16		0.02		0.38
Tax impact of items above	(0.13)		(0.04)
CEO transition costs (5)	0.02		—		0.02		—
Deemed dividend on redemption of Preferred Shares (3)	—		1.91
Litigation charges (6)	—		—		—		(0.06)
Dilution effect (4)	—		(0.03)
Tax impact of items above	(0.04)		(0.06)		(0.35)		(0.20)
Adjusted diluted EPS	$	1.18	$	1.11
Deemed dividend on redemption of Preferred Shares (7)	—		—		1.92		—
Dilution effect (8)	—		—		(0.04)		—
Adjusted diluted EPS	$	0.24	$	0.24	$	2.62	$	3.71

(1) ~~Primarily~~Restructuring ~~includes~~and asset impairment charges ~~related~~during tothe ~~goodwill~~13 ~~and~~weeks ~~indefinite-lived~~ended ~~intangible~~May 3, ~~assets~~2025 ~~recognized~~were inincurred primarily as a result of the ~~second~~Company’s ~~quarter~~Grow Brand Love strategy initiatives. ~~Refer~~Restructuring toand ~~Note~~asset 12impairment ~~for~~charges ~~additional~~during ~~information~~the 13 weeks ended May 4, 2024 were incurred primarily as a result of the Company’s rationalization of its store footprint and reorganization of certain centralized functions.

~~(2) Restructuring~~See ~~and related charges were incurred primarily as a result of the Company’s rationalization of its store footprint and reorganization of certain centralized functions. Refer to~~ Note 18 for additional information.

(32) Includes net losses from the previously announced divestiture of the UK prestige watch business. ~~Refer to Note 1 for additional information.~~

(43) ~~Fiscal~~As ~~2025~~described ~~includes~~in ~~severance~~Note ~~and~~5, ~~retention~~the ~~expenses~~Company ~~related~~recorded a deemed dividend to ~~the~~net ~~integration~~income (loss) attributable to common shareholders of ~~Blue~~$85.2 ~~Nile;~~million in the first quarter of Fiscal ~~2024~~2025, ~~includes~~which ~~expenses~~represents ~~related~~the toexcess of the ~~integration~~conversion value of ~~Blue~~the ~~Nile,~~Preferred ~~primarily~~Shares ~~severance~~over ~~and~~their ~~retention,~~carrying ~~exit~~value upon redemption and ~~disposal~~includes ~~costs~~$1.6 ~~and~~million ~~system~~of ~~decommissioning~~related ~~costs~~expenses.

(54) ~~Primarily~~Adjusted ~~includes~~diluted ~~professional~~EPS ~~fees incurred~~ for the ~~search~~13 ~~for~~weeks ended May 4, 2024 was calculated using 48.0 million diluted weighted average common shares outstanding. The additional dilutive shares were excluded from the ~~Company’s~~calculation ~~recently~~of ~~appointed~~GAAP ~~CEO~~diluted EPS as their effect was antidilutive. Refer to Note 7 for additional information.

(6) Includes a credit to income related to the adjustment of a prior litigation accrual recognized in Fiscal 2023. Refer to Note 20 for additional information.

(7) As described in Note 5, the Company recorded a deemed dividend to net income (loss) attributable to common shareholders of $85.2 million in of Fiscal 2025, which represents the excess of the conversion value of the Preferred Shares over their carrying value upon redemption and includes $1.6 million of related expenses.

(8) Adjusted diluted EPS for the 39 weeks ended November 2, 2024 was calculated using 45.9 million diluted weighted average common shares outstanding. The additional dilutive shares were excluded from the calculation of GAAP diluted EPS as their effect was antidilutive. Refer to Note 7 for additional information.

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LIQUIDITY AND CAPITAL RESOURCES

Overview

The Company’s primary sources of liquidity are cash on hand, cash provided by operations and availability under its senior secured asset-based revolving credit facility (the “ABL”). As of ~~November~~May 23, ~~2024~~2025, the Company had $~~157~~264.71 million of cash and cash equivalents and ~~$253.0 million~~no of outstanding borrowings on the ABL. The available borrowing capacity on the ABL was $~~929~~1.1 ~~million~~billion as of ~~November~~May 23, ~~2024~~2025.

The Company ~~has~~maintains a disciplined approach to capital allocation, utilizing the following ~~capital~~ priorities: 1) ~~drive~~Invest ~~growth~~in ~~through both~~ organic ~~investments and acquisitions~~growth; 2) ~~optimize~~maintain ~~its~~conservative ~~capital~~balance ~~structure~~sheet, ~~and~~including ~~maintain~~ an adjusted leverage ratio (a non-GAAP measure as defined in Item 7 of the Signet’s Fiscal ~~2024~~2025 Annual Report on Form 10-K) of at or below ~~2.5x~~our stated goal; and 3) return ~~cash~~capital to shareholders through share repurchases and dividends.

~~Investing~~Invest in organic growth

~~Since~~The ~~the~~strategic ~~Company’s~~imperatives ~~transformation~~of ~~strategies began in Fiscal 2019,~~ the Company’s ~~has~~Grow ~~delivered~~Brand ~~substantially~~Love ~~against~~transformation ~~its~~strategy ~~strategic~~have ~~priorities~~been designed to ~~establish~~accelerate ~~the~~growth ~~Company~~by asbuilding ~~the~~on ~~OmniChannel~~a ~~jewelry~~strong ~~category~~core ~~leader~~foundation ~~and~~to ~~position~~create ~~its~~shareholder ~~business for sustainable long-term growth~~value. The ~~investments~~Company inwill ~~acquisitions~~focus ~~and~~on ~~new~~increasing ~~capabilities~~market ~~built~~share ~~during~~in ~~the~~core ~~past~~areas ~~few~~such ~~years~~as ~~laid the foundation for the Company’s accelerated growth~~Bridal, ~~including~~while ~~prioritizing~~expanding ~~investments~~into incategories ~~digital~~like ~~technology~~self-purchase and ~~data~~gifting. ~~analytics,~~In ~~and~~order ~~enhancing~~to ~~and~~achieve ~~optimizing~~these agoals, ~~connected~~the ~~commerce~~Company ~~shopping~~is ~~journey~~in ~~for~~the ~~customers,~~process ~~all~~ of ~~which~~restructuring ~~has~~to ~~been~~streamline ~~funded~~operations, ~~through~~increase ~~cost~~efficiencies, ~~reductions~~improve accountability and ~~structural~~reduce ~~improvements~~costs. inStreamlining the ~~Company’s~~organization ~~operations.~~is ~~The~~expected ~~Company’s~~to ~~cash~~enable ~~discipline~~our ~~has~~new ~~led~~ go-to-market ~~more~~strategies ~~efficient~~and ~~working~~contribute ~~capital,~~towards ~~through~~our ~~both~~efforts ~~the~~to ~~extension~~strengthen ofour ~~payment~~brand ~~days~~portfolio. ~~with~~We ~~the~~are ~~Company’s~~also ~~vendor~~optimizing ~~base,~~our asreal ~~well~~estate asfootprint ~~through~~to ~~improvement~~support inthe ~~productivity~~positioning ~~and~~of ~~the~~our ~~overall~~brands ~~health~~ and ~~newness~~modernizing ofour ~~the~~stores ~~Company’s~~through ~~inventory~~capital improvements. The Company ~~also~~ invested $~~125~~153.50 million for capital expenditures in Fiscal ~~2024~~2025 and has planned for capital expenditures of up to $~~170~~160 million in Fiscal ~~2025~~2026, reflecting primarily investments in new stores and renovations, as well as additional digital and technology advancements.

~~The~~Maintain ~~Company~~conservative ~~has~~balance also made strategic acquisitions in line with its Inspiring Brilliance growth strategy over the past three years, investing nearly $900 million for the acquisitions of Diamonds Direct in Fiscal 2022, Blue Nile in Fiscal 2023 and Services Jewelry Repair (“SJR”) in Fiscal 2024. The acquisitions of Diamonds Direct and Blue Nile have accelerated the Company’s growth in accessible luxury and bridal by allowing Signet to reach into new markets and new customers, through Diamonds Direct’s continued store expansion and through Blue Nile’s broadening of Signet's digital leadership across the jewelry category. In addition, the acquisition of certain assets of SJR in the second quarter of Fiscal 2024, as well as the transition of the former Blue Nile Seattle fulfillment center to a new enterprise-wide repair facility has expanded the Company’s services capacity and capabilities.sheet

The Company has no outstanding debt after fully repaying the Senior Notes at maturity in the second quarter of Fiscal 2025 using cash on hand. In addition, toin ~~the~~Fiscal ~~acquisitions~~2025, the Company ~~divested~~completed the ~~operations~~extension ~~and~~of ~~certain~~the ~~assets~~ABL ~~related~~ to August 2029 at substantially the ~~prestige~~same ~~watch~~terms, ~~business~~as further described in ~~the~~Note UK15. ~~during~~In ~~the~~connection ~~fourth~~with ~~quarter~~this ofextension, ~~Fiscal~~the ~~2024~~ABL ~~for~~aggregate ~~approximately~~commitment ~~$54~~was ~~million.~~reduced ~~The~~to ~~Company~~$1.2 billion ~~believes~~to ~~the~~better ~~divestiture~~align ofwith ~~this~~our ~~non-strategic~~reduced ~~business~~inventory ~~will~~base ~~enable~~over the UKpast tofew ~~accelerate~~years, ~~key~~as ~~elements~~well ofas ~~its~~provide ~~transformation~~cost savings on unused commitment fees.

~~Optimized~~On ~~capital~~April ~~structure~~1, 2024, in accordance with the terms of the amended Certificate of Designation for the Preferred Shares, the Preferred Holders converted half of the then outstanding Preferred Shares and the Company elected to settle such conversions in cash totaling

The Company has made significant progress over the past few years in line with its priority to build a strong cash and overall liquidity position, including fully outsourcing credit and eliminating the UK Pension Scheme. Additionally, over that period, the Company has repaid all outstanding debt, culminating in the full repayment of the Senior Notes at maturity in the second quarter of Fiscal 2025 using cash on hand. In addition, the Company has recently completed the extension of the ABL to August 2029 at substantially the same terms, as further described in Note 15. The ABL aggregate commitment has been reduced to $1.2 billion to better align with our reduced inventory base over the past few years, as well as provide cost savings on unused commitment fees.29

On April 1, 2024, in accordance with the terms of the amended Certificate of Designation for the Preferred Shares, the Preferred Holders converted half of the then outstanding Preferred Shares and the Company elected to settle such conversions in cash totaling $414.1 million, including accrued and unpaid dividends. During the second and third quarters, the Preferred Holders have now converted all of the remaining Preferred Shares, and the Company elected to settle all the remaining Preferred Shares in cash totaling $401.5 million. The ability of the Company to settle the Preferred Shares in cash highlights the effectiveness of the Company’s flexible operating model and working capital efficiency, which has generated significant free cash flow and liquidity over the past few years. Refer to Note 5 for additional information.

The Company uses leverage ratios to assess the effectiveness of its capital allocation strategy. In Fiscal 2024, the Company reduced the stated goal for the adjusted leverage ratio (a non-GAAP measure as defined in Item 7 of the Signet’s Fiscal 2024 Annual Report on Form 10-K) by 0.25 turns to be at or below 2.5x and maintained a 2.3x adjusted leverage ratio through the end of Fiscal 2024. The Company continues to be confident in its ability to generate free cash flow while maintaining this leverage ratio target.

Returning cash to shareholders

The Company remains committed to its goal to return cash to shareholders, which includes being a dividend growth company. For the third year in a row, Signet has increased its quarterly common dividend from $0.23 per share in Fiscal 2024 to $0.29 per share beginning in Fiscal 2025. The Company also remains focused on share repurchases under its 2017 Program. In March 2024, the Board

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~~approved~~$414.1 amillion, ~~further~~including ~~$200~~accrued ~~million~~and ~~increase~~unpaid todividends. During the ~~multi-year~~second ~~authorization~~and ~~under~~third quarters of Fiscal 2025, the ~~2017~~Preferred ~~Program.~~Holders ~~The~~converted all of the remaining Preferred Shares, and the Company ~~repurchased~~elected to settle all the remaining Preferred Shares in cash totaling $~~113~~401.8 5 million. The ability of ~~common~~the ~~shares~~Company ~~during~~to settle the 39Preferred ~~weeks~~Shares ~~ended~~in ~~November 2,~~cash ~~2024~~highlights ~~with~~the ~~$747.3 million~~effectiveness of ~~shares~~the ~~authorized~~Company’s ~~for~~flexible ~~repurchase~~operating ~~remaining~~model asand ofworking ~~November 2~~capital efficiency, ~~2024.~~which ~~See~~has ~~Note~~generated 6significant ~~for~~free ~~additional~~cash ~~information~~flow ~~related~~and toliquidity over the ~~common~~past ~~share~~few ~~repurchases~~years. Refer to Note 5 for additional information.

The Company uses leverage ratios to assess the effectiveness of its capital allocation strategy. The Company maintained a 1.1x adjusted leverage ratio through the end of Fiscal 2025 (see non-GAAP measures as defined in Item 7 of the Signet’s Fiscal 2025 Annual Report on Form 10-K). During Fiscal 2025, the Company reduced its adjusted leverage ratio goal from 2.5x or less to 1.75x or less to reflect the retirement of all funded debt in Fiscal 2025, capital allocation strategies, and replacing the operating lease adjustment within the calculation with lease liabilities from the previous 5x rent adjustment. The Company continues to be confident in its ability to generate free cash flow while maintaining this leverage ratio target.

Returning capital to shareholders

The Company remains committed to its goal of returning cash to shareholders, which includes being a dividend growth company. For the fourth year in a row, Signet has increased its quarterly common dividend from $0.29 per share in Fiscal 2025 to $0.32 per share beginning in Fiscal 2026. The Company also remains focused on common share repurchases under its 2017 Program. In March 2024, the Board approved a further $200 million increase to the multi-year authorization under the 2017 Program. The Company repurchased $117.4 million of common shares during the 13 weeks ended May 3, 2025 with $605.6 million of shares authorized for repurchase remaining as of May 3, 2025. See Note 6 for additional information related to the common share repurchases.

The Company believes that cash on hand, cash flows from operations and available borrowings under the ABL will be sufficient to meet its ongoing business requirements for at least the 12 months following the date of this report, including funding working capital needs, projected investments in the business (including capital expenditures), and returns to shareholders through dividends and common share repurchases.

Primary sources and uses of operating cash flows

Operating activities provide the primary source of cash for the Company and are influenced by a number of factors, the most significant of which are operating income and changes in working capital items, such as:

•changes in the level of inventory as a result of sales and other strategic initiatives; and

•changes and timing of accounts payable and accrued expenses, including variable compensation.

Signet derives most of its operating cash flows through the sale of merchandise and extended service plans. As a retail business, Signet receives cash when it makes a sale to a customer or when the payment has been processed by Signet or the relevant bank if the payment is made by third-party credit or debit card. The Company has outsourced its entire credit card portfolio, and it receives cash from its outsourced financing partners (net of applicable fees) generally within two days of the customer sale. Offsetting these receipts, the Company’s largest operating expenses are the purchase of inventory, payroll and payroll-related benefits, store occupancy costs (including rent) and advertising.

Summary cash flow

The following table provides a summary of Signet’s cash flow activity for Fiscal ~~2025~~2026 and Fiscal ~~2024~~2025:

	39 weeks ended
	13 weeks ended
(in millions)	~~November~~May 23, ~~2024~~2025		~~October~~May 284, ~~2023~~2024
Net cash used in operating activities	$	(~~189~~175.83)	$	(~~205~~158.32)
Net cash used in investing activities	(~~121~~36.06)		(9321.95)
Net cash used in financing activities	(~~908~~137.53)		(~~219~~467.75)
Decrease in cash and cash equivalents	$	(~~1,219~~349.32)	$	(~~518~~647.92)
Cash and cash equivalents at beginning of period	$	~~1,378~~604.70	$	1,~~166~~378.87
Decrease in cash and cash equivalents	(~~1,219~~349.32)		(~~518~~647.92)
Effect of exchange rate changes on cash and cash equivalents	(19.7)3		(42.12)
Cash and cash equivalents at end of period	$	~~157~~264.71	$	~~643~~729.83

Operating activities

Net cash used in operating activities was $~~189~~175.83 million during the 3913 weeks ended ~~November~~May 23, ~~2024~~2025 compared to $~~205~~158.32 million in the prior year comparable period. The change in operating cash flows compared to prior year was primarily driven by ~~the~~higher ~~payment~~paydowns of ~~litigation~~accounts ~~settlements~~payable ~~in the prior~~ year ~~noted below, mostly offset by the impact of lower sales on cash flows year~~ over year. The significant movements in operating cash flows are further described below:

•Net loss was $39.4 million compared to net income of $184.2 million in the prior year period, a decrease of $223.6 million. This decrease was primarily the result of non-cash asset impairment charges of $169.3 million taken during Fiscal 2025, as well as lower sales and gross profit compared to prior year. Refer to Note 12 for additional information.30

•The change in current income taxes was a use of $92.4 million in the current period compared to a use of $20.0 million in the prior year. The current year use was primarily the result of net income tax payments of $100.0 million, compared to net income tax payments of $11.7 million in the prior year period.

•Cash used by inventory was $189.5 million compared to a source of $14.8 million in the prior year period driven by replenishment of inventories to healthier in-stock levels, including new assortments, in the current year.

•Cash used by accounts payable was $101.5 million compared to a use of $221.5 million in the prior year period. Accounts payable decreased in the current year as a result of normal pay down of invoices due from Holiday Season merchandise purchases. The change compared to prior year is due to the above noted higher replenishment of inventory in the current year.

•Cash used by accrued expenses and other liabilities was $45.9 million, compared to a use of $253.2 million in the prior year period. This difference is driven primarily by litigation settlements which were accrued in Fiscal 2023 and paid during the first quarter of Fiscal 2024. See Note 20 for additional information.

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•Net income was $33.5 million compared to net income of $52.1 million in the prior year period, a decrease of $18.6 million. This decrease was primarily the result of restructuring charges of $19.0 million and higher SG&A in Fiscal 2026, partially offset by higher gross profit.

•The change in current income taxes was a use of $7.5 million in the current period compared to a use of $38.6 million in the prior year. The current year use was primarily the result of net income tax payments of $16.2 million, compared to net income tax payments of $45.3 million in the prior year period.

•Cash used by inventory was $56.1 million, consistent with a use of $48.9 million in the prior year, reflecting seasonal replenishment of inventories following the fourth quarter.

•Cash used by accounts payable was $187.5 million compared to a use of $136.7 million in the prior year period. Accounts payable is historically a use of cash in the first quarter, as the Company pays down invoices due from Holiday Season merchandise purchases. The increased use compared to the prior first quarter is due to timing and mix of payables.

•Cash used by accrued expenses and other liabilities was $5.4 million, compared to a use of $40.8 million in the prior year period. The difference compared to the prior year comparable period is primarily due to timing of advertising payments.

Investing activities

Net cash used in investing activities for the 3913 weeks ended ~~November~~May 23, ~~2024~~2025 was $~~121~~36.06 million compared to a use of $9321.95 million in the prior year period. Cash used in Fiscal ~~2025~~2026 was ~~primarily~~ related to capital expenditures of $~~114~~36.46 million. Capital expenditures are associated with new stores, remodels of existing stores, and capital investments in digital and IT. Signet has planned Fiscal ~~2025~~2026 capital expenditures of up to $~~170~~160 million. In Fiscal ~~2024~~2025, net cash used in investing activities was primarily related to capital expenditures of $8923.43 million.

Stores opened and closed in the 3913 weeks ended ~~November~~May 23, ~~2024~~2025:

Store count by segment

February 3, 2024

Openings

Closures

November 2, 2024

February 1, 2025

Openings

Closures

May 3, 2025

North America segment (1)

2,~~411~~379

(3013)

2,~~389~~371

International segment (1)

~~287~~263

—

(211)

~~266~~262

Signet

2,~~698~~642

(5114)

2,~~655~~633

(1) The net change in selling square footage for Fiscal ~~2025~~2026 for the North America and International segments was (0.21%) and (50.94%), respectively.

Financing activities

Net cash used in financing activities for the 3913 weeks ended ~~November~~May 23, ~~2024~~2025 was $~~908~~137.53 million, ~~primarily~~ consisting of the repurchase of ~~the Preferred Shares of~~ $~~812~~117.9 4 million, ~~the~~of ~~repayment~~common ofshares, ~~the~~common ~~Senior~~share ~~Notes~~dividends paid of $~~147~~12.8 6 million ~~upon maturity~~, and payments for withholding taxes related to the settlement of the Company’s share-based compensation awards of $287.23 million~~, preferred and common share dividends paid of $54~~.~~5 million, and the repurchase of $113.8 million of common shares, partially offset by ABL borrowings of $253.0 million.~~

Net cash used in financing activities for the 3913 weeks ended ~~October~~May 284, ~~2023~~2024 was $~~219~~467.75 million, consisting of the repurchase of the Preferred Shares of $~~117~~412.50 million, the repurchase of $7.4 million of common shares, payments for withholding taxes related to the settlement of the Company’s share-based compensation awards of $4727.96 million, and preferred and common share dividends paid of $5420.35 million.

Movement in cash and indebtedness

Cash and cash equivalents at ~~November~~May 23, ~~2024~~2025 were $~~157~~264.71 million compared to $~~643~~729.83 million as of ~~October~~May 284, ~~2023~~2024. The decrease year over year was primarily driven by the retirement of ~~the~~ Preferred Shares in Fiscal 2025, the repayment of the Senior Notes upon maturity, in the second quarter of Fiscal 2025 and common share repurchases, as described above, partially offset by ~~borrowings on the ABL and~~ cash flow from operations. Signet holds cash and cash equivalents at a number of large, highly-rated financial institutions. The amount held at each financial institution takes into account the credit rating and size of the financial institution and is held for short-term durations.

As further described in Note 15, the Company entered into an agreement to amend the ABL on August 23, 2024. The amendment extended the maturity of the ABL from July 28, 2026 to August 23, 2029 and reduced the size of the ABL to $1.2 billion to better reflect current business needs based primarily on ~~the~~ lower inventory levels maintained over the past few years. The Company continues to have an option to increase the size of the ABL by up to an additional $600 million.

There were ~~$253.0 million~~no of borrowings under the ABL during the 3913 weeks ended ~~November~~May 23, ~~2024.~~2025 ~~There~~and ~~were~~May 4, ~~no borrowings under the ABL in the prior year comparable period~~2024. Available borrowing capacity under the ABL was $~~929~~1.1 ~~million~~billion as of ~~November~~May 23, ~~2024~~2025.

The Company had ~~$253.0~~no ~~million of~~ outstanding debt as of ~~November~~May 23, ~~2024, consisting entirely of borrowings on the ABL~~2025. As further described in Note 15, the Company fully repaid the Senior Notes upon maturity in the second quarter of Fiscal 2025 using cash on hand. At ~~October~~May 284, ~~2023~~2024, Signet had $147.8 million of outstanding debt, consisting entirely of the Senior Notes.

~~Net~~As ~~debt~~of ~~was $95.~~May 3, ~~million~~2025, ~~as of November~~February 21, ~~2024~~2025 ~~compared~~and ~~to net cash of $496.2 million as of October~~May 284, ~~2023.~~2024, ~~Refer to~~ the ~~non-GAAP~~Company ~~measures~~was ~~discussed~~in ~~above~~compliance ~~for~~with ~~the~~all ~~definition of net (~~debt) ~~cash and reconciliation to its most comparable financial measure presented in accordance with GAAP~~covenants.

~~As of November 2, 2024, February 3, 2024 and October 28, 2023, the Company was in compliance with all debt covenants.~~31

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SEASONALITY

Signet’s business is seasonal, with the fourth quarter historically accounting for approximately 35-40% of annual sales as well as for a substantial portion of the annual operating income and cash flows. The “Holiday Season” consists of results for the months of November and December, with December being the highest volume month of the year.

CRITICAL ACCOUNTING ESTIMATES

The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reported periods. On an ongoing basis, management evaluates its accounting policies, estimates and judgments. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, employee compensation, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets. Management bases the estimates and judgments on historical experience and various other factors believed to be reasonable under the circumstances. Actual results may differ from these estimates.

36While there have been no material changes to the critical accounting policies and estimates disclosed in Signet’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 filed with the SEC on March 19, 2025, the Company continues to monitor the risk of impairment related to the Digital brands and Diamonds Direct reporting units as well as the Blue Nile, James Allen, and Diamonds Direct trade names. During Fiscal 2025, the Company determined that quantitative impairment assessments were required for the Digital brands and Diamonds Direct reporting units as well as the related Blue Nile, James Allen, and Diamonds Direct trade names. In addition to the general macroeconomic impacts over the past year, these brands have a higher bridal mix compared to the rest of Signet, and thus the slower than expected engagement recovery and continued pressure on consumer discretionary spending have had a disproportionate impact on these businesses as compared to the other Signet brands. In addition, to a lesser degree, the Digital brands sales have been impacted by market declines in lab-grown diamond pricing in recent years, as well as the previously discussed challenges related to the integration of Blue Nile and lower traffic post re-platforming due to search engine optimization issues unique to their business.

Based on the most recent quantitative assessments, the fair value of the Diamonds Direct reporting unit exceeded its carrying value of $251.2 million by approximately 11%, while the carrying values of the Digital brands goodwill and the Blue Nile, James Allen and Diamonds Direct trade names approximate their estimated fair values of $53.6 million, $19.0 million, $15.0 million and $112.0 million, respectively.

Management noted uncertainties exist related to the post-election macroeconomic environment in the US and abroad, including tariffs, economic and tax policy, inflation and interest rates. These factors could unfavorably impact consumer confidence and discretionary spending, and thus may impact the key assumptions used to estimate fair value, such as sales trends, margin trends, long-term growth rates and discount rates. These factors could also negatively affect the share price of the Company’s common stock. An increase in the discount rate and/or a further softening of sales and operating income trends for any of the Company’s reporting units and related trade names, particularly during peak selling seasons, could result in a further decline in the estimated fair values of the indefinite-lived intangible assets, including goodwill, which could result in future material impairment charges, particularly for Diamonds Direct and Digital brands as described above. For example, an increase in the discount rate of 0.5% to all of the aforementioned impaired trade names and reporting unit, assuming no other changes to assumptions, would have resulted in additional impairment charges of approximately $8 million.

The Company will continue to monitor events or circumstances that could trigger the need for an interim impairment test. The Company believes that the estimates and assumptions related to sales and operating income trends, discount rates, royalty rates and other assumptions are reasonable, but they are subject to change from period to period. Future economic conditions or operating performance, such as declines in sales or increases in discount rates, could differ from those projected by management in its most recent impairment tests for indefinite-lived intangible assets, including goodwill. This could impact our estimates of fair values and may result in future material impairment charges. See Note 12 of Item 1 for additional information.

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of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reported periods. On an ongoing basis, management evaluates its accounting policies, estimates and judgments. Estimates and assumptions are primarily made in relation to the valuation of inventories, deferred revenue, employee compensation, income taxes, contingencies, leases, asset impairments for goodwill, indefinite-lived intangible and long-lived assets and the depreciation and amortization of long-lived assets. Management bases the estimates and judgments on historical experience and various other factors believed to be reasonable under the circumstances. Actual results may differ from these estimates. There have been no material changes to the critical accounting policies and estimates disclosed in Signet’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 filed with the SEC on March 21, 2024, except for goodwill and intangible assets noted below.

Goodwill and intangibles

In a business combination, the Company estimates and records the fair value of all assets acquired and liabilities assumed, including identifiable intangible assets and liabilities. The fair value of these intangible assets and liabilities is estimated based on management’s assessment, including selection of appropriate valuation techniques, inputs and assumptions in the determination of fair value. Significant estimates in valuing intangible assets and liabilities acquired include, but are not limited to, future expected cash flows associated with the acquired asset or liability, expected life and discount rates. The excess purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is recorded by the Company’s reporting units based on the acquisitions made by each.

Goodwill and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually as of the end of the fourth reporting period. Additionally, if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value, the Company would evaluate the reporting unit or asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. When the carrying amount of the reporting unit or other intangible assets exceeds its fair value, an impairment charge is recorded.

The impairment test for goodwill involves estimating the fair value of the reporting unit through either estimated discounted future cash flows, market-based methodologies, or a combination of both. The impairment test for other indefinite-lived intangible assets involves estimating the fair value of the asset, which is typically performed using the relief from royalty method for indefinite-lived trade names.

Due to various impacts of the current market conditions on key inputs and assumptions, such as rising interest rates and the macroeconomic impact on consumers’ discretionary spending, the Company determined that quantitative impairment assessments were required for the Diamonds Direct and Digital Banners reporting units as well as the Blue Nile and Diamonds Direct trade names as of the annual impairment testing date during the second quarter of Fiscal 2025.

As part of the quantitative assessments, management reevaluated its long-term cash flow projections, primarily related to sales growth in the Digital Banners and Diamonds Direct. Both banners have a higher bridal mix compared to the rest of Signet, and thus the slower than expected engagement recovery and continued pressure on consumer discretionary spending have had a disproportionate impact on these businesses as compared to the other Signet banners. In addition, to a lesser degree, the Digital Banners sales have been impacted by market declines in lab created diamond pricing over the past year. Management also determined an increase in discount rates was required to reflect the current interest rate environment at the valuation date, as well as to reflect additional forecast risk related to the Digital Banners due to the previously discussed challenges related to the integration of Blue Nile. Therefore, these higher discount rates, in conjunction with the revised cash flow projections, resulted in lower than previously projected discounted cash flows for the reporting units and trade names which negatively affected the valuations compared to previous valuations. Based on the results of the quantitative impairment assessments, the Company determined that no impairment was required for the Diamonds Direct reporting unit, as its estimated fair value exceeded its carrying value by 11%. However, during the second quarter of Fiscal 2025, the Company recognized pre-tax impairment charges related to the Diamonds Direct trade name, the Digital Banners reporting unit, and the Blue Nile trade name of $7.0 million, $123.0 million and $36.0 million, respectively, as their respective carrying values exceeded their fair values.

The Company noted that an increase in the discount rate and/or a further softening of sales and operating income trends for any of these reporting units and related trade names, particularly during the Holiday Season, could result in a further decline in the estimated fair values of the indefinite-lived intangible assets, including goodwill, which could result in future material impairment charges.

As a result of the impairments noted above, the carrying values of the Diamonds Direct trade name, the Digital Banners goodwill, and the Blue Nile trade name were $119 million, $203.1 million, and $60 million, respectively, as of the impairment testing date during the second quarter of Fiscal 2025, and continue to approximate their fair values as of November 2, 2024. The Company will continue to monitor events or circumstances that could trigger the need for an interim impairment test. The Company believes that the estimates and assumptions related to sales and operating income trends, discount rates, royalty rates and other assumptions are reasonable, but they are subject to change from period to period. Future economic conditions or operating performance, such as declines in sales or increases in discount rates, could differ from those projected by management in its most recent impairment tests for indefinite-lived

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intangible assets, including goodwill. This could impact our estimates of fair values and may result in future material impairment charges. See Note 12 of Item 1 for additional information.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Signet is exposed to market risk arising from fluctuations in foreign currency exchange rates, interest rates and precious metal prices, which could affect its consolidated financial position, earnings and cash flows. Signet monitors and manages these market exposures as a fundamental part of its overall risk management program, which recognizes the volatility of financial markets and seeks to reduce the potentially adverse effects of this volatility on Signet’s operating results. Signet manages its exposure to market risk through its regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Signet uses derivative financial instruments as risk management tools and not for trading purposes.

As a portion of the International reportable segment’s purchases are denominated in US dollars and its net cash flows are in British pounds, Signet’s policy is to enter into forward foreign currency exchange contracts and foreign currency swaps to manage the exposure to the US dollar. Signet may enter into derivative transactions to hedge a significant portion of forecasted merchandise purchases using commodity forward purchase contracts, options, net zero premium collar arrangements, or some combination thereof. Additionally, the North America reportable segment enters into forward foreign currency exchange contracts to manage the currency fluctuations associated with the Company’s Canadian operations. These contracts are entered into with large, reputable financial institutions, thereby minimizing the credit exposure from the Company’s counterparties.

Signet has significant amounts of cash and cash equivalents held at several financial institutions. The amounts held at each financial institution takes into account the long-term credit rating and size of the financial institution. The interest rates earned on cash and cash equivalents will fluctuate in line with short-term interest rates.

Signet’s market risk profile as of ~~November~~May 23, ~~2024~~2025 has not materially changed since February 31, ~~2024~~2025. The market risk profile as of February 31, ~~2024~~2025 is disclosed in Signet’s Annual Report on Form 10-K, filed with the SEC on March 2119, ~~2024~~2025.

ITEM 4. CONTROLS AND PROCEDURES

~~Evaluation~~Management’s evaluation of ~~Disclosure~~disclosure ~~Controls~~controls and ~~Procedures~~procedures

~~The~~Signet’s ~~Company maintains~~ disclosure controls and procedures ~~(as~~are ~~defined~~designed to provide reasonable assurance that information required to be disclosed by Signet in ~~Rule~~the ~~13a-15(e))~~reports ~~promulgated~~that it files or submits under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) ~~that are designed to ensure that information required to be disclosed in Exchange Act reports~~ is recorded, processed, summarized and reported within the time periods specified in the ~~Securities and Exchange Commission~~SEC’s rules and forms. The procedures are also designed to ensure that information is accumulated and communicated to management, including the Chief Executive Officer (principal executive officer) and Chief ~~Financial~~Operating and ~~Operating~~Financial Officer (principal financial officer), as appropriate to allow timely decisions to be made regarding required disclosure.

Management, ~~including~~with the ~~Chief~~participation ~~Executive~~of ~~Officer~~our ~~and~~principal ~~Chief~~executive ~~Financial~~officer and ~~Operating~~principal ~~Officer~~financial officer, has evaluated the effectiveness of ~~the~~our ~~Company’s~~ disclosure controls and procedures asin ~~defined~~accordance inwith Rules 13a-15(e) and 15d-15(e) ofunder the Exchange Act~~, as amended~~. Based on ~~this~~such ~~review~~evaluation, the ~~Chief~~principal ~~Executive~~executive ~~Officer~~officer and ~~Chief~~principal ~~Financial~~financial ~~and~~officer ~~Operating~~have ~~Officer~~ concluded that ~~the~~such disclosure controls and procedures were effective as of ~~November~~May 23, ~~2024~~2025.

Changes in ~~Internal~~internal ~~Control~~control over ~~Financial~~financial ~~Reporting~~reporting

There were no changes to the Company’s internal control over financial reporting during the ~~third~~first quarter of Fiscal ~~2025~~2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information regarding legal proceedings is incorporated by reference from Note 20 of the Condensed Consolidated Financial Statements set forth in Part I of this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the fiscal year ended February 31, ~~2024~~2025 that was filed with the SEC on March 2119, ~~2024~~2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Repurchases of equity securities

The following table contains the Company’s repurchases of common shares in the ~~third~~first quarter of Fiscal ~~2025~~2026:

Period	Total number ofshares purchased	Average price paidper share (1)		Total number of shares purchased as part of publicly announced plans or programs	Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs
August 4, 2024 to August 31, 2024	150,147	$	81.79	150,147	$	801,502,836
February 2, 2025 to March 1, 2025(2)	282,546	$	55.32	282,546	$	707,405,002
September 1, 2024 to September 28, 2024	303,484	$	86.73	303,484	$	775,182,947
March 2, 2025 to March 29, 2025	397,401	$	59.77	397,401	$	683,658,030
September 29, 2024 to November 2, 2024	289,230	$	96.48	289,230	$	747,278,351
March 30, 2025 to May 3, 2025(3)	1,380,206	$	56.53	1,380,206	$	605,631,688
Total	~~742~~2,~~861~~060,153	$	8956.5299	~~742~~2,~~861~~060,153	$	~~747~~605,~~278~~631,~~351~~688

(1) The average price paid per share excludes commissions paid of $1130,~~076~~888 in connection with the repurchases made under the 2017 Share Repurchase Program.

(2) Includes shares repurchased under a 10b5-1 Trading Plan adopted by the Company under the 2017 Share Repurchase Program entered into for the period between January 6, 2025 - March 18, 2025 to repurchase up to $35 million of common shares pursuant to a trading grid at prices ranging from $65 to $120 per share.

(3) Includes shares repurchased under a 10b5-1 Trading Plan adopted by the Company under the 2017 Share Repurchase Program entered into for the period between April 21, 2025 - June 2, 2025 to repurchase up to $25 million of common shares pursuant to a trading grid at prices ranging from $50 to $85 per share.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

During the ~~third~~first quarter of Fiscal ~~2025~~2026, the following ~~director~~officer ~~and officers~~ of the Company, as defined in Rule 1616a-1(f), ~~adopted~~terminated a Rule 10b5-1 Trading Arrangement (as defined in Item 408(a) of Regulation S-K) to sell common shares:

Name

Title

~~Adoption~~Termination Date

Expiration Date ~~(1)~~

Maximum aggregate number of shares to be sold

André V. Branch

Director

October 22, 2024

July 10, 2025

5,679

Joan M. Hilson

Chief Operating and Financial Officer

March 24, 2025

July 3, 2025

49,956

Mary Elizabeth Finn

Chief People Officer

October 21, 2024

July 5, 2025

15,000

Joan M. Hilson

Chief Financial and Operating Officer

October 22, 2024

July 3, 2025

49,956

Jamie L. Singleton

Chief Consumer Officer

October 22, 2024

May 21, 2025

19,931

Rebecca Wooters

Chief Digital Officer

October 10, 2024

January 30, 2026

13,984

~~(1) The~~No ~~plan~~other ~~will~~directors ~~expire~~or onofficers of the ~~date~~Company ~~represented~~have inadopted, ~~the~~modified, ~~table~~or terminated a Rule 10b5-1 Trading Arrangement or ~~upon~~Non-Rule ~~the~~10b5-1 ~~earlier~~Trading ~~completion~~Arrangement of(as ~~all~~each ~~transactions~~term ~~contemplated~~is ~~under~~defined in Item 408(a) of Regulation S-K) during the ~~arrangement~~first quarter of Fiscal 2026.

~~The~~Executive ~~trading~~Retention arrangement noted above is intended to satisfy the affirmative defense in Rule 10b5-1(c). No other directors or officers of the Company have adopted, modified, or terminated a Rule 10b5-1 Trading Arrangement or Non-Rule 10b5-1 Trading Arrangement (as each term is defined in Item 408 of Regulation S-K) during the third quarter of Fiscal 2025.Awards

39To incentivize the retention of key leadership through the execution of the Grow Brand Love strategic plan and ongoing leadership transitions, on June 1, 2025, the Human Capital Management & Compensation Committee of the Board approved special restricted stock unit (“RSU”) and performance-based restricted stock unit (“PSU”) awards to Joan M. Hilson, the Company’s Chief Operating and Financial Officer, in each case granted on June 2, 2025.

Ms. Hilson received a special retention RSU award, make-whole RSU award and make-whole PSU award. The special retention RSU award had a grant date value of $2,500,000, which is approximately equivalent to Ms. Hilson’s annual Long-Term Incentive Plan (“LTIP”) award for Fiscal 2026. The retention award is eligible to vest in full on the third anniversary of the grant date, subject to Ms. Hilson’s continued employment in good standing through such vesting date. The award will terminate without vesting if Ms. Hilson fails to be in good standing, retires or is terminated for cause prior to the vesting date and will vest in full if she is terminated without cause prior to the vesting date.

The make-whole RSU and PSU awards were granted to align Ms. Hilson’s Fiscal 2026 awards with a recent increase to her annual LTIP target opportunity from 280% to 330%. Each make-whole award has substantially the same terms as the Company’s current

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standard form of RSU and PSU award agreements, except that these make-whole awards expressly exclude any special vesting treatment upon retirement. Each such award will terminate without vesting if Ms. Hilson fails to be in good standing, retires or is terminated for cause prior to the vesting date and, in accordance with the terms of her amended and restated termination protection agreement, a pro-rated portion of such award will vest if she is terminated without cause while in good standing prior to the vesting date.

Beginning in April 2025, the Company’s RSU awards entitle award holders to receive dividend equivalent rights in the form of additional RSUs that vest on the same terms as the underlying RSUs. The current standard form of RSU award agreement, which includes these dividend equivalent provisions, is filed as Exhibit 10.1 to this Form 10-Q. Ms. Hilson’s special retention RSU award was granted in accordance with the form of Time-Based Restricted Stock Retention Award Agreement filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q for the quarter ended November 2, 2024 filed on December 5, 2024, with the addition of the dividend equivalent rights and other terms noted above.

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ITEM 6. EXHIBITS

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Number						Description of Exhibits
10.1*†						Transition Agreement dated September 30, 2024 between Signet Jewelers Limited and Gina Drosos.
10.1* †						Form of Signet Jewelers Limited 2018 Omnibus Incentive Plan Time-Based Restricted Stock Unit Award Notice and Agreement (Post April 1, 2025 Awards).
10.2*†						Termination Protection Agreement dated September 30, 2024 between Sterling Jewelers Inc. and J.K. Symancyk.
10.3*†						Form of Signet Jewelers Limited 2018 Omnibus Incentive Plan Time-Based Restricted Stock Retention Award Agreement.
10.4*†						Transition and Separation Agreement dated October 20, 2024 between R2Net Israel Ltd. and Oded Edelman.
10.5						Fourth Amendment to Credit Agreement, dated as of August 23, 2024, among Signet Jewelers Limited, as holdings; Signet Group Limited, as the lead administrative borrower; the resigning borrowers party thereto; Signet Ireland Treasury Services Designated Activity Company, as the new additional borrower; the other borrowers party thereto; the lenders party thereto; and Bank of America, N.A., as administrative agent and collateral agent (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed September 12, 2024).
10.6†						Signet Jewelers Limited Second Amended and Restated 2018 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 2, 2024).
31.1*						Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*						Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*						Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*						Inline XBRL Taxonomy Extension Schema Document.
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith. ** Furnished herewith. † Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the ~~Securities~~ Exchange Act ~~of 1934~~, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Signet Jewelers Limited

Date:

~~December~~June 53, ~~2024~~2025

By:

/s/ Joan M. Hilson

Name:

Joan M. Hilson

Title:

Chief ~~Financial~~Operating and ~~Operating~~Financial Officer(Principal Financial Officer)

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