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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 1, 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, 40,684,442 shares as of November 28, 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 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

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

ITEM 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

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 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024		Notes
Merchandise sales	$	1,206.2	$	1,176.6	$	3,899.3	$	3,814.2
Service sales	185.6		172.8		569.2		537.0
Total sales	1,391.8		1,349.4		4,468.5		4,351.2		3
Cost of sales	(873.0)		(864.1)		(2,759.0)		(2,727.2)
Gross margin	518.8		485.3		1,709.5		1,624.0
Selling, general and administrative expenses	(485.3)		(469.6)		(1,516.6)		(1,483.4)
Asset impairments, net	(1.5)		(0.7)		(84.9)		(169.3)		12
Other operating expense, net	(8.1)		(5.8)		(33.2)		(13.2)		17
Operating income (loss)	23.9		9.2		74.8		(41.9)		4
Interest (expense) income, net	(0.1)		(1.0)		0.6		10.0
Other non-operating income, net	1.4		0.2		0.5		2.0
Income (loss) before income taxes	25.2		8.4		75.9		(29.9)
Income taxes	(5.2)		(1.4)		(31.5)		(9.5)		9
Net income (loss)	$	20.0	$	7.0	$	44.4	$	(39.4)
Dividends on redeemable convertible preferred shares	—		(1.6)		—		(96.8)		5, 6
Net income (loss) attributable to common shareholders	$	20.0	$	5.4	$	44.4	$	(136.2)

Earnings (loss) per common share:
Basic	$	0.49	$	0.12	$	1.07	$	(3.07)	7
Diluted	$	0.49	$	0.12	$	1.06	$	(3.07)	7
Weighted average common shares outstanding:
Basic	40.8		43.9		41.5		44.3		7
Diluted	41.2		44.7		41.8		44.3		7

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

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SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	13 weeks ended
	November 1, 2025						November 2, 2024
(in millions)	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net income					$	20.0					$	7.0
Other comprehensive income (loss):
Foreign currency translation adjustments	$	(4.1)	$	—	$	(4.1)	$	1.0	$	—	$	1.0
Available-for-sale securities:
Unrealized gain	—		—		—		0.2		—		0.2

Cash flow hedges:
Unrealized gain (loss)	14.3		(3.6)		10.7		(0.1)		0.1		—
Reclassification adjustment for losses to earnings	0.1		—		0.1		—		—		—





Total other comprehensive income	$	10.3	$	(3.6)	$	6.7	$	1.1	$	0.1	$	1.2
Total comprehensive income					$	26.7					$	8.2

	39 weeks ended
	November 1, 2025						November 2, 2024
(in millions)	Pre-tax amount		Tax (expense) benefit		After-tax amount		Pre-tax amount		Tax (expense) benefit		After-tax amount
Net income (loss)					$	44.4					$	(39.4)
Other comprehensive income (loss):
Foreign currency translation adjustments	$	18.5	$	—	$	18.5	$	0.7	$	—	$	0.7
Available-for-sale securities:
Unrealized gain	0.1		—		0.1		0.2		—		0.2

Cash flow hedges:
Unrealized gain (loss)	13.6		(3.5)		10.1		(0.3)		0.1		(0.2)
Reclassification adjustment for losses (gains) to earnings	0.1		—		0.1		(0.1)		—		(0.1)





Total other comprehensive income	$	32.3	$	(3.5)	$	28.8	$	0.5	$	0.1	$	0.6
Total comprehensive income (loss)					$	73.2					$	(38.8)

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

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SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in millions, except par value per share amounts)	November 1, 2025		February 1, 2025		November 2, 2024		Notes
Assets
Current assets:
Cash and cash equivalents	$	234.7	$	604.0	$	157.7

Inventories	2,111.7		1,937.3		2,136.2		10
Income taxes	42.4		14.3		70.7
Other current assets	177.0		156.6		174.2
Total current assets	2,565.8		2,712.2		2,538.8
Non-current assets:
Property, plant and equipment, net of accumulated depreciation and amortization of $1,537.7 (February 1, 2025 and November 2, 2024: $1,461.5 and $1,526.5, respectively)	473.0		506.5		501.0
Operating lease right-of-use assets	1,079.1		1,102.4		1,034.2		11
Goodwill	428.4		482.0		631.5		12
Intangible assets, net	291.2		307.2		358.7		12
Other assets	287.1		314.8		320.3
Deferred tax assets	286.2		301.5		300.8
Total assets	$	5,410.8	$	5,726.6	$	5,685.3
Liabilities and Shareholders’ equity
Current liabilities:

Accounts payable	$	656.3	$	767.0	$	642.5
Accrued expenses and other current liabilities	365.6		366.8		351.6
Deferred revenue	350.4		362.5		337.7		3
Operating lease liabilities	293.8		279.9		263.8		11
Income taxes	46.1		55.3		38.6
Total current liabilities	1,712.2		1,831.5		1,634.2
Non-current liabilities:
Long-term debt	—		—		253.0		15
Operating lease liabilities	858.5		900.0		851.6		11
Other liabilities	79.6		85.1		88.1
Deferred revenue	878.4		885.1		864.3		3
Deferred tax liabilities	161.3		173.1		195.1
Total liabilities	3,690.0		3,874.8		3,886.3
Commitments and contingencies							20

Shareholders’ equity:
Common shares of $0.18 par value: authorized 500 shares, 40.7 shares outstanding (February 1, 2025 and November 2, 2024: 43.2 and 43.5 outstanding, respectively)	12.6		12.6		12.6
Additional paid-in capital	116.4		120.1		118.7
Other reserves	0.4		0.4		0.4
Treasury shares at cost: 29.3 shares (February 1, 2025 and November 2, 2024: 26.8 and 26.5 shares, respectively)	(1,909.8)		(1,749.3)		(1,725.5)
Retained earnings	3,749.9		3,745.5		3,657.5
Accumulated other comprehensive loss	(248.7)		(277.5)		(264.7)		8
Total shareholders’ equity	1,720.8		1,851.8		1,799.0
Total liabilities and shareholders’ equity	$	5,410.8	$	5,726.6	$	5,685.3

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

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SIGNET JEWELERS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	39 weeks ended
(in millions)	November 1, 2025		November 2, 2024
Operating activities
Net income (loss)	$	44.4	$	(39.4)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	110.9		110.6
Amortization of unfavorable contracts	(1.4)		(1.4)
Share-based compensation	20.9		20.4
Deferred taxation	(1.7)		(6.5)
Asset impairments, net	84.9		169.3


Other non-cash movements	2.5		4.3
Changes in operating assets and liabilities:

Inventories	(155.0)		(189.5)
Other assets	17.0		38.0
Accounts payable	(105.3)		(101.5)
Accrued expenses and other liabilities	(11.3)		(45.9)
Change in operating lease assets and liabilities	(6.4)		(14.0)
Deferred revenue	(20.0)		(41.8)
Income tax receivable and payable	(37.5)		(92.4)
Net cash used in operating activities	(58.0)		(189.8)
Investing activities
Capital expenditures	(93.1)		(114.4)




Other investing activities, net	(2.0)		(6.6)
Net cash used in investing activities	(95.1)		(121.0)
Financing activities
Dividends paid on common shares	(38.9)		(36.0)
Dividends paid on redeemable convertible preferred shares	—		(18.5)
Repurchase of common shares	(178.2)		(113.8)
Repurchase of redeemable convertible preferred shares	—		(812.9)


Repayment of Senior Notes	—		(147.8)
Proceeds from asset-based credit facility	—		253.0

Payment of debt issuance costs	—		(4.3)

Other financing activities, net	(7.0)		(28.2)
Net cash used in financing activities	(224.1)		(908.5)
Cash and cash equivalents at beginning of period	604.0		1,378.7
Decrease in cash and cash equivalents	(377.2)		(1,219.3)
Effect of exchange rate changes on cash and cash equivalents	7.9		(1.7)
Cash and cash equivalents at end of period	$	234.7	$	157.7

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

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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 1, 2025	$	12.6	$	120.1	$	0.4	$	(1,749.3)	$	3,745.5	$	(277.5)	$	1,851.8

Net income	—		—		—		—		33.5		—		33.5
Other comprehensive income	—		—		—		—		—		21.6		21.6
Common share dividends declared, $0.32/share	—		—		—		—		(13.4)		—		(13.4)
Repurchase of common shares	—		—		—		(117.4)		—		—		(117.4)
Net settlement of equity-based awards	—		(21.8)		—		14.5		(0.1)		—		(7.4)
Share-based compensation expense	—		7.0		—		—		—		—		7.0
Balance at May 3, 2025	$	12.6	$	105.3	$	0.4	$	(1,852.2)	$	3,765.5	$	(255.9)	$	1,775.7

Net loss	—		—		—		—		(9.1)		—		(9.1)
Other comprehensive income	—		—		—		—		—		0.5		0.5
Common share dividends declared, $0.32/share	—		—		—		—		(13.3)		—		(13.3)
Repurchase of common shares	—		—		—		(32.3)		—		—		(32.3)
Net settlement of equity-based awards	—		(2.0)		—		2.1		—		—		0.1

Share-based compensation expense	—		6.7		—		—		—		—		6.7
Balance at August 2, 2025	$	12.6	$	110.0	$	0.4	$	(1,882.4)	$	3,743.1	$	(255.4)	$	1,728.3

Net income	—		—		—		—		20.0		—		20.0
Other comprehensive income	—		—		—		—		—		6.7		6.7
Common share dividends declared, $0.32/share	—		—		—		—		(13.2)		—		(13.2)
Repurchase of common shares	—		—		—		(28.5)		—		—		(28.5)
Net settlement of equity-based awards	—		(0.8)		—		1.1		—		—		0.3

Share-based compensation expense	—		7.2		—		—		—		—		7.2
Balance at November 1, 2025	$	12.6	$	116.4	$	0.4	$	(1,909.8)	$	3,749.9	$	(248.7)	$	1,720.8


(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

Net income	—		—		—		—		52.1		—		52.1
Other comprehensive loss	—		—		—		—		—		(4.3)		(4.3)
Dividends declared:
Common shares, $0.29/share	—		—		—		—		(12.9)		—		(12.9)
Preferred shares, $13.14/share	—		—		—		—		(5.0)		—		(5.0)
Redemption of preferred shares	—		—		—		—		(87.2)		—		(87.2)
Repurchase of common shares	—		—		—		(7.4)		—		—		(7.4)
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

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

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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 a jewelry retailer operating 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.

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.

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 1, 2025 filed with the SEC on March 19, 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 2026 and Fiscal 2025 refer to the 52-week periods ending January 31, 2026 and ended February 1, 2025, respectively. Within these condensed consolidated financial statements, the third quarter and year-to-date period of the fiscal years 2026 and 2025 refer to the 13 and 39 weeks ended November 1, 2025 and November 2, 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 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.

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 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

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 by nature and 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 annual 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.

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 annual reporting periods beginning after December 15, 2026, and interim reporting periods 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.

Internal-Use Software (Topic 350-40) (“ASU 2025-06”)

In September 2025, the FASB issued ASU 2025-06. This ASU requires entities to start capitalizing software costs once management has authorized and committed to funding the software project, it is probable the project will be completed and the software will be used to perform the function intended. This ASU removes the prescriptive software development stages referenced in prior guidance. The amendments in this ASU specify the disclosures for internal-use software costs follow the same disclosure requirements as property, plant, and equipment, regardless of how these costs are presented in the consolidated financial statements.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods, with early adoption permitted, and may be applied on a prospective or retrospective basis. The Company is evaluating the impact of this ASU on its consolidated financial statements.

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3. Revenue recognition

The following table provides the Company’s total sales, disaggregated by brand, for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:


	13 weeks ended November 1, 2025								13 weeks ended November 2, 2024
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by brand:
Kay	$	507.9	$	—	$	—	$	507.9	$	483.7	$	—	$	—	$	483.7
Zales	243.4		—		—		243.4		225.4		—		—		225.4
Jared	242.8		—		—		242.8		226.5		—		—		226.5
Blue Nile	74.3		—		—		74.3		77.0		—		—		77.0
James Allen	27.8		—		—		27.8		42.8		—		—		42.8

Diamonds Direct	87.9		—		—		87.9		93.7		—		—		93.7
Banter by Piercing Pagoda	69.2		—		—		69.2		69.6		—		—		69.6
Peoples	42.2		—		—		42.2		39.7		—		—		39.7
International segment brands	—		87.0		—		87.0		—		83.3		—		83.3
Other (1)	3.9		—		5.4		9.3		3.6		—		4.1		7.7
Total sales	$	1,299.4	$	87.0	$	5.4	$	1,391.8	$	1,262.0	$	83.3	$	4.1	$	1,349.4

	39 weeks ended November 1, 2025								39 weeks ended November 2, 2024
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by brands:
Kay	$	1,656.5	$	—	$	—	$	1,656.5	$	1,593.8	$	—	$	—	$	1,593.8
Zales	796.6		—		—		796.6		737.6		—		—		737.6
Jared	765.0		—		—		765.0		727.6		—		—		727.6
Blue Nile	226.6		—		—		226.6		231.3		—		—		231.3
James Allen	104.1		—		—		104.1		153.5		—		—		153.5

Diamonds Direct	259.1		—		—		259.1		265.6		—		—		265.6
Banter by Piercing Pagoda	227.0		—		—		227.0		230.8		—		—		230.8
Peoples	130.8		—		—		130.8		122.5		—		—		122.5
International segment brands	—		258.9		—		258.9		—		247.0		—		247.0
Other (1)	10.9		—		33.0		43.9		16.9		—		24.6		41.5
Total sales	$	4,176.6	$	258.9	$	33.0	$	4,468.5	$	4,079.6	$	247.0	$	24.6	$	4,351.2

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

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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 1, 2025 and November 2, 2024:


	13 weeks ended November 1, 2025								13 weeks ended November 2, 2024
(in millions)	North America		International		Other		Consolidated		North America (3)		International		Other		Consolidated
Sales by product:
Bridal	$	611.3	$	37.1	$	—	$	648.4	$	599.4	$	37.0	$	—	$	636.4
Fashion	433.0		18.6		—		451.6		430.0		17.1		—		447.1
Watches	48.7		25.2		—		73.9		43.7		23.3		—		67.0
Services (1)	179.5		6.1		—		185.6		166.9		5.9		—		172.8
Other (2)	26.9		—		5.4		32.3		22.0		—		4.1		26.1
Total sales	$	1,299.4	$	87.0	$	5.4	$	1,391.8	$	1,262.0	$	83.3	$	4.1	$	1,349.4

	39 weeks ended November 1, 2025								39 weeks ended November 2, 2024
(in millions)	North America		International		Other		Consolidated		North America (3)		International		Other		Consolidated
Sales by product:
Bridal	$	1,900.9	$	114.4	$	—	$	2,015.3	$	1,876.6	$	112.2	$	—	$	1,988.8
Fashion	1,489.9		54.0		—		1,543.9		1,477.3		50.0		—		1,527.3
Watches	152.0		72.1		—		224.1		135.1		67.1		—		202.2
Services (1)	550.8		18.4		—		569.2		519.3		17.7		—		537.0
Other (2)	83.0		—		33.0		116.0		71.3		—		24.6		95.9
Total sales	$	4,176.6	$	258.9	$	33.0	$	4,468.5	$	4,079.6	$	247.0	$	24.6	$	4,351.2

(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 sales.

(3) Certain amounts have been reclassified between bridal and fashion to conform to the Company’s current product categorizations.

The following table provides the Company’s total sales, disaggregated by channel, for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:


	13 weeks ended November 1, 2025								13 weeks ended November 2, 2024
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	1,034.1	$	67.9	$	—	$	1,102.0	$	988.1	$	64.8	$	—	$	1,052.9
E-commerce	261.6		19.1		—		280.7		270.7		18.5		—		289.2
Other (1)	3.7		—		5.4		9.1		3.2		—		4.1		7.3
Total sales	$	1,299.4	$	87.0	$	5.4	$	1,391.8	$	1,262.0	$	83.3	$	4.1	$	1,349.4

	39 weeks ended November 1, 2025								39 weeks ended November 2, 2024
(in millions)	North America		International		Other		Consolidated		North America		International		Other		Consolidated
Sales by channel:
Store	$	3,285.0	$	203.4	$	—	$	3,488.4	$	3,162.6	$	193.2	$	—	$	3,355.8
E-commerce	881.5		55.5		—		937.0		905.6		53.8		—		959.4
Other (1)	10.1		—		33.0		43.1		11.4		—		24.6		36.0
Total sales	$	4,176.6	$	258.9	$	33.0	$	4,468.5	$	4,079.6	$	247.0	$	24.6	$	4,351.2

(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 historical patterns of actual claims costs, as well as estimates of future claims costs expected to be incurred. Management regularly 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 ESP could result in a material change to revenues.

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Deferred ESP selling costs

All direct costs associated with the sale of the ESP are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Amortization of deferred ESP selling costs is included within SG&A in the condensed consolidated statements of operations. Amortization of deferred ESP selling costs was $11.0 million and $33.8 million during the 13 and 39 weeks ended November 1, 2025, respectively, and $10.6 million and $32.7 million during the 13 and 39 weeks ended November 2, 2024, respectively.

Unamortized deferred ESP selling costs as of November 1, 2025, February 1, 2025 and November 2, 2024 were as follows:


(in millions)	November 1, 2025		February 1, 2025		November 2, 2024
Other current assets	$	27.3	$	28.4	$	27.2
Other assets	79.0		81.3		80.0
Total deferred ESP selling costs	$	106.3	$	109.7	$	107.2

Deferred revenue

Deferred revenue as of November 1, 2025, February 1, 2025 and November 2, 2024 was as follows:


(in millions)	November 1, 2025		February 1, 2025		November 2, 2024
ESP deferred revenue	$	1,160.6	$	1,170.8	$	1,132.7
Other deferred revenue (1)	68.2		76.8		69.3
Total deferred revenue	$	1,228.8	$	1,247.6	$	1,202.0

Disclosed as:
Current liabilities	$	350.4	$	362.5	$	337.7
Non-current liabilities	878.4		885.1		864.3
Total deferred revenue	$	1,228.8	$	1,247.6	$	1,202.0

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


	13 weeks ended				39 weeks ended
(in millions)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
ESP deferred revenue, beginning of period	$	1,170.5	$	1,146.1	$	1,170.8	$	1,158.7
Plans sold (1)	119.7		106.7		387.1		345.6
Revenue recognized (2)	(129.6)		(120.1)		(397.3)		(371.6)
ESP deferred revenue, end of period	$	1,160.6	$	1,132.7	$	1,160.6	$	1,132.7

(1) Includes impact of foreign exchange translation.

(2) The Company recognized sales of $69.9 million and $235.0 million during the 13 and 39 weeks ended November 1, 2025, respectively, and $67.6 million and $227.8 million during the 13 and 39 weeks ended November 2, 2024, respectively, related to deferred revenue that existed at the beginning of the periods.

4. Segment information

Signet’s chief executive officer (“CEO”) is the Company’s chief operating decision maker (“CODM”). The CODM regularly reviews segment sales and segment operating income, after the elimination of any inter-segment transactions, to determine resource allocations between segments. Signet’s sales are primarily derived from the retailing of jewelry, watches, services and other products as generated through the management of its segments. Segment operating income, which excludes the impact of certain items management believes are not necessarily reflective of normal operating performance, is utilized by the CODM to assess segment profitability. Segment operating income is also used by the CODM to monitor and assess segment results compared to prior periods, forecasted results, and Signet’s annual operating plan.

The Company aggregates operating segments with similar economic and operating characteristics. Signet manages its business as three reportable segments: North America, International, and Other. The Company allocates certain support center costs between operating segments, and the remainder of the unallocated costs are included with the corporate and unallocated expenses presented.

The North America reportable segment operates across the US and Canada. Its US stores operate nationally in malls and off-mall locations, as well as online, principally as Kay (Kay Jewelers and Kay Outlet), Zales (Zales Jewelers and Zales Outlet), Jared (Jared Jewelers and Jared Vault), 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.

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

Financial information for each of Signet’s reportable segments for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024 is presented in the tables below.


	13 weeks ended November 1, 2025
(in millions)	North America		International		Other		Corporate and Unallocated		Consolidated
Sales	$	1,299.4	$	87.0	$	5.4	$	—	$	1,391.8

Merchandise expense	(497.9)		(37.4)		(4.6)
Services expense	(42.6)		(2.3)
Other cost of sales	(263.8)		(23.6)		(0.8)
SG&A	(444.9)		(27.4)				(13.0)
Other segment operating (expense) income, net	(1.3)		(0.3)		—		0.1
Total segment operating income (loss)	$	48.9	$	(4.0)	$	—	$	(12.9)	$	32.0

Asset impairments (1)									(1.7)
Restructuring and related charges (2)									(4.3)
Loss on divestitures (3)									(2.1)
Interest expense, net									(0.1)
Other non-operating income, net									1.4
Income before income taxes									$	25.2


	39 weeks ended November 1, 2025
(in millions)	North America		International		Other		Corporate and Unallocated		Consolidated
Sales	$	4,176.6	$	258.9	$	33.0	$	—	$	4,468.5

Merchandise expense	(1,602.9)		(111.6)		(34.1)
Services expense	(128.9)		(7.0)
Other cost of sales	(801.5)		(70.1)		(2.9)
SG&A	(1,390.6)		(82.7)				(43.3)
Other segment operating expense, net	(2.9)		(0.6)		(0.3)		(1.4)
Total segment operating income (loss)	$	249.8	$	(13.1)	$	(4.3)	$	(44.7)	$	187.7

Asset impairments (1)									(84.7)
Restructuring and related charges (2)									(26.1)
Loss on divestitures (3)									(2.1)
Interest income, net									0.6
Other non-operating income, net									0.5
Income before income taxes									$	75.9

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	13 weeks ended November 2, 2024
(in millions)	North America		International		Other		Corporate and Unallocated		Consolidated
Sales	$	1,262.0	$	83.3	$	4.1	$	—	$	1,349.4

Merchandise expense	(493.9)		(35.7)		(5.2)
Services expense	(41.0)		(2.4)
Other cost of sales	(261.8)		(23.1)		(0.4)
SG&A	(434.8)		(25.4)				(8.6)
Other segment operating expense, net	(0.6)		—		(0.1)		(0.2)
Total segment operating income (loss)	$	29.9	$	(3.3)	$	(1.6)	$	(8.8)	$	16.2

Asset impairments (1)									(0.4)
Restructuring and related charges (2)									(5.8)


Leadership transition costs (4)									(0.8)
Interest expense, net									(1.0)
Other non-operating income, net									0.2
Income before income taxes									$	8.4


	39 weeks ended November 2, 2024
(in millions)	North America		International		Other		Corporate and Unallocated		Consolidated
Sales	$	4,079.6	$	247.0	$	24.6	$	—	$	4,351.2

Merchandise expense	(1,592.5)		(103.7)		(29.4)
Services expense	(124.0)		(7.4)
Other cost of sales	(796.0)		(71.2)		(2.4)
SG&A	(1,361.5)		(77.4)				(42.6)
Other segment operating (expense) income, net	(0.4)		0.4		(0.1)		(0.4)
Total segment operating income (loss)	$	205.2	$	(12.3)	$	(7.3)	$	(43.0)	$	142.6

Asset impairments (1)									(168.5)
Restructuring and related charges (2)									(11.6)
Loss on divestitures, net (3)									(2.5)
Integration-related expenses (5)									(1.1)
Leadership transition costs (4)									(0.8)
Interest income, net									10.0
Other non-operating income, net									2.0
Loss before income taxes									$	(29.9)

(1) Asset impairment charges during the 13 and 39 weeks ended November 1, 2025 and November 2, 2024 were primarily related to goodwill and indefinite-lived intangibles assets.

See Note 12 for additional information.

(2) Restructuring and related charges during the 13 and 39 weeks ended November 1, 2025 were incurred primarily as a result of the Company’s Grow Brand Love strategy initiatives. Restructuring and related charges during the 13 and 39 weeks ended November 2, 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.

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

(4) Primarily includes professional fees incurred for the search for the Company’s CEO.

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

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The following tables provide the Company’s total depreciation and amortization and total capital expenditures, by reportable segment, for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:


	13 weeks ended				39 weeks ended
(in millions)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Depreciation and amortization:
North America segment	$	34.3	$	33.9	$	103.2	$	102.2
International segment	2.4		2.1		7.3		8.1
Other segment	0.2		0.1		0.4		0.3
Total depreciation and amortization	$	36.9	$	36.1	$	110.9	$	110.6

Capital expenditures:
North America segment	$	27.0	$	58.5	$	84.6	$	108.0
International segment	5.4		4.4		8.4		5.7
Other segment	0.1		0.2		0.1		0.7
Total capital expenditures	$	32.5	$	63.1	$	93.1	$	114.4

The following tables provide the Company’s total assets and total long-lived assets, by reportable segment, as of November 1, 2025, February 1, 2025 and November 2, 2024:


(in millions)	November 1, 2025		February 1, 2025		November 2, 2024
Total assets:
North America segment	$	4,768.2	$	5,045.8	$	5,115.9
International segment	374.5		381.0		373.0
Other segment	89.6		93.2		92.2
Corporate and unallocated	178.5		206.6		104.2
Total assets	$	5,410.8	$	5,726.6	$	5,685.3

Total long-lived assets (1):
North America segment	$	1,151.9	$	1,258.0	$	1,453.1
International segment	37.9		34.7		35.0
Other segment	2.8		3.0		3.1
Total long-lived assets	$	1,192.6	$	1,295.7	$	1,491.2

(1) Includes property, plant and equipment, net; goodwill; and intangible assets, net.

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)

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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 2, 2024.

During the second and third quarters of Fiscal 2025, the Preferred Holders elected to convert the additional 312,500 Preferred Shares, with the final conversion occurring on October 8, 2024. Upon notice of conversions, the Company elected to settle each of the full conversion amounts in cash totaling $401.5 million. The excess of the aggregate settlement amounts over the stated value of the converted Preferred Shares was $71.8 million 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.

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 possible known redemption date in November 2024. Upon final conversion, all direct and incremental expenses have been fully accreted.

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

6. Shareholders’ equity

Dividends on common shares

Dividends declared on the common shares during the 39 weeks ended November 1, 2025 and November 2, 2024 were as follows:


	Fiscal 2026				Fiscal 2025
(in millions, except per share amounts)	Dividends per share		Total dividends		Dividends per share		Total dividends
First quarter	$	0.32	$	13.4	$	0.29	$	12.9
Second quarter	0.32		13.3		0.29		12.9
Third quarter (1)	0.32		13.2		0.29		12.6
Total	$	0.96	$	39.9	$	0.87	$	38.4

(1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of November 1, 2025 and November 2, 2024, there was $13.2 million and $12.6 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the third quarter of Fiscal 2026 and Fiscal 2025, respectively.

Dividends on Preferred Shares

Dividends declared on the Preferred Shares during the 39 weeks ended November 2, 2024 were as follows:


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

(1) Dividends on the Preferred Shares during the first and third quarter of Fiscal 2025 included $2.1 million and $1.3 million, respectively, of accrued dividends paid in connection with the redemptions 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.

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Since inception of the 2017 Program, the Company has repurchased approximately $1.6 billion of shares, with $544.9 million of shares authorized for repurchase remaining as of November 1, 2025.

The share repurchase activity during the 39 weeks ended November 1, 2025 and November 2, 2024 was as follows:


	39 weeks ended November 1, 2025					39 weeks ended November 2, 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	2.8	$	178.2	$	63.46	1.3	$	113.8	$	90.50

(1) Includes amounts paid for commissions.

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

Basic EPS is computed by dividing net income (loss) 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 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Numerator:
Net income (loss) attributable to common shareholders	$	20.0	$	5.4	$	44.4	$	(136.2)
Denominator:
Weighted average common shares outstanding	40.8		43.9		41.5		44.3
EPS – basic	$	0.49	$	0.12	$	1.07	$	(3.07)

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.

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


	13 weeks ended				39 weeks ended
(in millions, except per share amounts)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Numerator:
Net income (loss) attributable to common shareholders	$	20.0	$	5.4	$	44.4	$	(136.2)


Denominator:
Basic weighted average common shares outstanding	40.8		43.9		41.5		44.3
Plus: Dilutive effect of share awards	0.4		0.4		0.3		—
Plus: Dilutive effect of Preferred Shares	—		0.4		—		—
Diluted weighted average common shares outstanding	41.2		44.7		41.8		44.3
EPS – diluted	$	0.49	$	0.12	$	1.06	$	(3.07)

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 1, 2025	November 2, 2024	November 1, 2025	November 2, 2024
Share awards	—	—	0.1	0.4
Potential impact of Preferred Shares	—	—	—	2.1
Total antidilutive shares	—	—	0.1	2.5

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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 1, 2025	$	(277.7)	$	(0.2)	$	0.4	$	(277.5)
Other comprehensive income (loss) (“OCI”) before reclassifications	18.5		0.1		10.1		28.7
Amounts reclassified from AOCI to earnings	—		—		0.1		0.1

Net current period OCI	18.5		0.1		10.2		28.8
Balance at November 1, 2025	$	(259.2)	$	(0.1)	$	10.6	$	(248.7)

The amounts reclassified from AOCI to earnings were as follows:


	Amounts reclassified from AOCI
	13 weeks ended				39 weeks ended
(in millions)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024		Statement of operations caption
Losses (gains) on cash flow hedges:
Foreign currency contracts	$	0.2	$	—	$	0.2	$	(0.1)	Cost of sales (see Note 13)

Commodity contracts	(0.1)		—		(0.1)		—		Cost of sales (see Note 13)
Total before income tax	0.1		—		0.1		(0.1)




Income taxes	—		—		—		—
Net of tax	0.1		—		0.1		(0.1)















Total reclassifications, net of tax	$	0.1	$	—	$	0.1	$	(0.1)

9. Income taxes


	39 weeks ended
	November 1, 2025		November 2, 2024
Estimated annual effective tax rate before discrete items	22.5	%	16.6	%
Discrete items recognized	19.0	%	(48.4)	%
Effective tax rate recognized in statements of operations	41.5	%	(31.8)	%

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 is effective for the Company beginning with Fiscal 2026.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted in the US. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of tax treatment for certain business provisions. There was no material impact from the Act upon enactment during the second quarter of Fiscal 2026, nor does the Company expect any material impact on its Fiscal 2026 effective tax rate, consolidated financial condition or results of operations.

During the 39 weeks ended November 1, 2025, the Company’s effective tax rate was higher than the Bermuda corporate 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 39 weeks ended November 1, 2025, including non-deductible goodwill impairment charges of $53.6 million and the tax shortfall for share-based compensation which vested during the year of $0.6 million.

The Company’s effective tax rate for the same period during the prior year was different than the US federal corporate income tax rate, primarily as a result of discrete tax items recognized in the 39 weeks ended November 2, 2024, including impairment charges of $166 million, of which $123 million related to non-deductible goodwill, and the excess tax benefit for share-based compensation which vested during the year of $5.0 million. These discrete impacts were partially offset by the favorable impact of foreign rate differences and benefits from global reinsurance arrangements.

As of November 1, 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.

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10. Inventories

The following table provides the components of the Company’s inventories as of November 1, 2025, February 1, 2025 and November 2, 2024:


(in millions)	November 1, 2025		February 1, 2025		November 2, 2024
Raw materials	$	58.1	$	56.3	$	62.7
Merchandise inventories	2,053.6		1,881.0		2,073.5
Total inventories	$	2,111.7	$	1,937.3	$	2,136.2

11. Leases

The following table provides the components of the Company’s total lease costs for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:


	13 weeks ended				39 weeks ended
(in millions)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Operating lease cost	$	98.7	$	101.0	$	290.5	$	282.9
Short-term lease cost	8.6		8.5		32.5		44.9
Variable lease cost	24.6		24.3		74.3		75.1
Sublease income	(0.3)		(0.3)		(0.9)		(0.6)
Total lease costs	$	131.6	$	133.5	$	396.4	$	402.3

12. Goodwill and intangibles

The following summarizes the activity of the Company’s goodwill and intangible assets during the periods presented:

Fiscal 2025

During 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 brands and Diamonds Direct reporting units and the Diamonds Direct and Blue Nile trade names, for which quantitative assessments were 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.

As part of the quantitative assessments, management reevaluated its long-term cash flow projections, primarily related to sales growth in the Digital brands and Diamonds Direct. Both 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 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 brands 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. 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 brands reporting unit, and the Blue Nile trade name of $7 million, $123 million and $36 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 brands goodwill, and Blue Nile trade name were reduced to their estimated fair values of $119 million, $203.1 million, and $60 million, respectively.

The Company completed its quarterly triggering event assessments and determined that no triggering events had occurred through the end of the third quarter of Fiscal 2025 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets.

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Fiscal 2026

During the 13 weeks ended August 2, 2025, the Company completed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names. The Company utilized the quantitative assessment for all reporting units and indefinite-lived trade names. Through the quantitative assessments, management reevaluated its long-term cash flow projections, primarily related to sales growth and potential effects of tariffs.

Based on the results of these quantitative impairment assessments, the Company determined that no impairment was required for the Sterling, Zales and Diamonds Direct reporting units, nor was any impairment required for the Zales Jewelry, Zales Outlet, Piercing Pagoda, Peoples or Blue Nile indefinite-lived trade names, as the estimated fair values exceeded the carrying values.

During the second quarter of Fiscal 2026, the Company recognized total pre-tax impairment charges in the condensed consolidated statement of operations within its North America reportable segment of $69.6 million for the Digital brands reporting unit and the James Allen and Diamonds Direct trade names. The impairment charges consisted of $53.6 million for Digital brands goodwill, $13 million for the James Allen trade name, and $3 million for the Diamonds Direct trade name. These impairment charges were driven primarily by the decline in long-term cash flow projections of this business, particularly in the James Allen brand due to continued challenges with assortment and its competitive position in the market. Management also determined an increase in discount rates was required to reflect the current interest rate environment at the valuation date, additional forecast risk for the Digital brands due to the challenges at James Allen noted above, and additional uncertainty related to potential tariff impacts on the business.

The Company completed its quarterly triggering event assessments and determined that no triggering events had occurred through the end of the third quarter of Fiscal 2026 requiring an interim impairment assessment for any reporting units with goodwill and indefinite-lived intangible assets.

Management noted uncertainties exist related to the macroeconomic environment in the US and abroad, including tariffs, economic and tax policy, inflation and interest rates. These factors could unfavorably impact the cost of the Company’s products, 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.

Goodwill

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


(in millions)	North America




Balance at February 1, 2025 (1)	$	482.0

Impairment	(53.6)

Balance at November 1, 2025 (1)	$	428.4

(1) The carrying amount of goodwill is presented net of accumulated impairment losses of $902.1 million and $848.5 million as of November 1, 2025 and February 1, 2025, respectively.

Intangibles

Definite-lived and indefinite-lived intangible assets consist of trade names and 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 1, 2025						February 1, 2025						November 2, 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	$	8.8	$	(6.3)	$	2.5	$	11.2	$	(8.4)	$	2.8	$	11.2	$	(8.2)	$	3.0
Indefinite-lived intangible assets (1)	288.7		—		288.7		304.4		—		304.4		355.7		—		355.7
Total intangible assets, net	$	297.5	$	(6.3)	$	291.2	$	315.6	$	(8.4)	$	307.2	$	366.9	$	(8.2)	$	358.7

Intangible liabilities, net	$	(38.0)	$	37.6	$	(0.4)	$	(38.0)	$	36.2	$	(1.8)	$	(38.0)	$	35.8	$	(2.2)

(1) The change in the indefinite-lived intangible asset balances during the periods presented was primarily due to the trade name impairment charges recorded during the second quarter of Fiscal 2026 as described above, as well as the fourth quarter 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 Company is currently utilizing financial derivatives to mitigate foreign currency and commodity price risks. 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 and commodity prices:

Foreign currency exchange forward contracts (designated) — These contracts 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 November 1, 2025 was $18.1 million (February 1, 2025 and November 2, 2024: $13.3 million and $17.3 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (February 1, 2025 and November 2, 2024: 11 months and 11 months, respectively).

Foreign currency exchange forward contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of November 1, 2025 was $116.6 million (February 1, 2025 and November 2, 2024: $86.6 million and $76.5 million, respectively).

Commodity forward contracts (designated) — The Company has exposure to movements in the price of the underlying precious metal raw material components of the products sold by Signet. Signet’s policy is to reduce the impact of precious metal commodity price volatility, such as gold, on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Company’s Chief Operating and Financial Officer. In particular, when price and volume warrant such actions, Signet undertakes hedging of its requirements for gold through the use of forward purchase contracts or option contracts. Signet began hedging its exposure to gold prices during the second quarter of Fiscal 2026. The total notional amount of these forward contracts as of November 1, 2025 was approximately 38,000 ounces of gold. These contracts have been designated as cash flow hedges and will be settled over the next 11 months.

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 1, 2025, the Company believes that this credit risk did not materially change the fair value of the derivative instruments.

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets as of November 1, 2025, February 1, 2025 and November 2, 2024:


	Fair value of derivative assets
(in millions)	Balance sheet location	November 1, 2025		February 1, 2025		November 2, 2024
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.4	$	0.4	$	0.2

Commodity contracts	Other current assets	11.2		—		—





Total derivative assets		$	11.6	$	0.4	$	0.2

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	Fair value of derivative liabilities
(in millions)	Balance sheet location	November 1, 2025		February 1, 2025		November 2, 2024
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	(0.1)	$	—	$	(0.2)

Commodity contracts	Other current liabilities	(2.7)		—		—


		(2.8)		—		(0.2)
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(0.8)		(0.7)		(0.3)
Total derivative liabilities		$	(3.6)	$	(0.7)	$	(0.5)

Derivatives designated as cash flow hedges

The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships as of November 1, 2025, February 1, 2025 and November 2, 2024:


(in millions)	November 1, 2025		February 1, 2025		November 2, 2024
Foreign currency contracts	$	—	$	0.4	$	(0.3)
Commodity contracts	14.1		—		—

Gains (losses) recorded in AOCI	$	14.1	$	0.4	$	(0.3)

The following tables summarize the effect of derivative instruments designated as cash flow hedges on OCI and the condensed consolidated statements of operations for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:

Foreign currency contracts


		13 weeks ended				39 weeks ended
(in millions)	Statement of operations caption	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Gains (losses) recorded in AOCI, beginning of period		$	(0.3)	$	(0.2)	$	0.4	$	(0.1)
Current period gains (losses) recognized in OCI		0.1		(0.1)		(0.6)		(0.3)
Losses reclassified from AOCI to net income	Cost of sales (1)	0.2		—		0.2		0.1

Losses recorded in AOCI, end of period		$	—	$	(0.3)	$	—	$	(0.3)

Commodity contracts


		13 weeks ended				39 weeks ended
(in millions)	Statement of operations caption	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Gains recorded in AOCI, beginning of period		$	—	$	—	$	—	$	—
Current period gains recognized in OCI		14.2		—		14.2		—
Gains reclassified from AOCI to net income	Cost of sales (1)	(0.1)		—		(0.1)		—

Gains recorded in AOCI, end of period		$	14.1	$	—	$	14.1	$	—

(1) Refer to the condensed consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges.

There were no discontinued cash flow hedges during the 39 weeks ended November 1, 2025 and November 2, 2024 as all forecasted transactions are expected to occur as originally planned. As of November 1, 2025, based on current valuations, the Company expects approximately $9.3 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months.

Derivatives not designated as cash flow hedges

The following table summarizes the gains (losses) recognized from the Company’s derivatives instruments not designated as cash flow hedges within other operating expense, net in the condensed consolidated statements of operations for the 13 and 39 weeks ended November 1, 2025 and November 2, 2024:


	13 weeks ended				39 weeks ended
(in millions)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Foreign currency contracts	$	(1.7)	$	(0.5)	$	2.7	$	(2.3)

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14. Fair value measurement

The estimated fair value of Signet’s financial instruments held or issued to finance 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 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

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:


	November 1, 2025						February 1, 2025						November 2, 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	$	5.4	$	5.4	$	—	$	5.2	$	5.2	$	—	$	5.9	$	5.9	$	—

Foreign currency contracts	0.4		—		0.4		0.4		—		0.4		0.2		—		0.2
Commodity contracts	11.2		—		11.2		—		—		—		—		—		—



Total assets	$	17.0	$	5.4	$	11.6	$	5.6	$	5.2	$	0.4	$	6.1	$	5.9	$	0.2

Liabilities:
Foreign currency contracts	$	(0.9)	$	—	$	(0.9)	$	(0.7)	$	—	$	(0.7)	$	(0.5)	$	—	$	(0.5)
Commodity contracts	(2.7)		—		(2.7)		—		—		—		—		—		—

Total liabilities	$	(3.6)	$	—	$	(3.6)	$	(0.7)	$	—	$	(0.7)	$	(0.5)	$	—	$	(0.5)

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. 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 or commodity 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, during the second quarters of Fiscal 2026 and Fiscal 2025, the Company performed annual impairment assessments on a quantitative basis for certain reporting units and indefinite-lived intangible assets as of May 31, 2025 and June 1, 2024, respectively. 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 carrying value of the ABL (as defined in Note 15) approximated fair value as of November 2, 2024 based on the market rates at which the Company could have borrowed with similar terms (Level 2).

15. Long-term debt

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

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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.

The Company had no outstanding borrowings on the ABL as of November 1, 2025 and February 1, 2025 and outstanding borrowings of $253.0 million as of November 2, 2024. Available borrowing capacity on the ABL was $1.2 billion as of November 1, 2025.

16. Warranty reserve

Certain 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. 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 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Warranty reserve, beginning of period	$	35.5	$	42.3	$	39.0	$	43.7
Warranty expense	0.9		1.6		2.0		5.7
Utilized (1)	(2.3)		(2.8)		(6.9)		(8.3)
Warranty reserve, end of period	$	34.1

SIGNET JEWELERS LTD 10-Q