Financial Analysis

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 currently pending against the Company would have a material adverse effect on the Companys consolidated financial position, liquidity or results of operations. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table provides the Companys total sales, disaggregated by brand, for the 13 and 26 weeks ended August 1, 2026 and August 2, 2025: 13 weeks ended August 1, 2026 13 weeks ended August 2, 2025 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by brand: Kay $ 585.2 $ $ $ 585.2 $ 569.5 $ $ $ 569.5 Zales 275.1 275.1 270.0 270.0 Jared 262.1 262.1 262.2 262.2 Blue Nile 83.6 83.6 74.7 74.7 James Allen 7.1 7.1 36.9 36.9 Diamonds Direct 88.0 88.0 87.1 87.1 Banter by Piercing Pagoda 70.2 70.2 75.6 75.6 Peoples 47.8 47.8 47.8 47.8 International segment brands 96.6 96.6 91.8 91.8 Other (1) 9.2 3.2 12.4 2.9 16.6 19.5 Total sales $ 1,428.3 $ 96.6 $ 3.2 $ 1,528.1 $ 1,426.7 $ 91.8 $ 16.6 $ 1,535.1 26 weeks ended August 1, 2026 26 weeks ended August 2, 2025 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by brand: Kay $ 1,183.6 $ $ $ 1,183.6 $ 1,148.6 $ $ $ 1,148.6 Zales 564.2 564.2 553.2 553.2 Jared 522.4 522.4 522.2 522.2 Blue Nile 158.4 158.4 152.3 152.3 James Allen 31.2 31.2 76.3 76.3 Diamonds Direct 173.0 173.0 171.2 171.2 Banter by Piercing Pagoda 151.7 151.7 157.8 157.8 Peoples 95.4 95.4 88.6 88.6 International segment brands 184.1 184.1 171.9 171.9 Other (1) 11.4 6.3 17.7 7.0 27.6 34.6 Total sales $ 2,891.3 $ 184.1 $ 6.3 $ 3,081.7 $ 2,877.2 $ 171.9 $ 27.6 $ 3,076.7 (1) Other primarily includes sales from the Companys diamond sourcing operation a …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair value measurement The estimated fair value of Signets financial instruments held or issued to finance the Companys 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 Signets 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 1quoted market prices in active markets for identical assets and liabilities Level 2observable market based inputs or unobservable inputs that are corroborated by market data Level 3unobservable 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 as of August 1, 2026, January 31, 2026 and August 2, 2025 are detailed below: August 1, 2026 January 31, 2026 August 2, 2025 (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 $ $ 5.4 $ 5.4 $ $ 5.4 $ 5.4 $ Foreign …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and intangibles The following summarizes the activity of the Companys goodwill and intangible assets during the periods presented: 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 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income taxes 26 weeks ended August 1, 2026 August 2, 2025 Estimated annual effective tax rate before discrete items 22.1 % 22.6 % Discrete items recognized 4.2 % 29.3 % Effective tax rate recognized in statements of operations 26.3 % 51.9 % During the 26 weeks ended August 1, 2026, the Co m panys 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). The Companys effective tax rate for the same period during the prior y ear 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 26 weeks ended August 2, 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 $0.7 million. As of August 1, 2026, 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 January 31, 2026. The Companys income tax positions are based upon interpretation of the tax laws in effect in the various countries in which Signet operates at the time the position was recognized. If these tax laws, treaties or regulations were to change, or any tax authority were to successfully challenge Sign …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The following table provides the components of the Companys total lease cost for the 13 and 26 weeks ended August 1, 2026 and August 2, 2025: 13 weeks ended 26 weeks ended (in millions) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Operating lease cost $ 101.7 $ 96.4 $ 203.2 $ 191.8 Short-term lease cost 4.7 11.3 9.8 23.9 Variable lease cost 25.5 24.9 50.7 49.7 Sublease income (0.4) (0.3) (0.7) (0.6) Total lease cost $ 131.5 $ 132.3 $ 263.0 $ 264.8 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New accounting pronouncements recently adopted There were no new accounting pronouncements adopted to date during Fiscal 2027 that have a material impact on the Companys consolidated financial position or results of operations. New accounting pronouncements issued but not yet adopted 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 are 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 Companys consolidated financial condition or results of operations. The Company is evaluating the impact of this ASU on its consolidated financial s …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Restructuring 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 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 restructuring and related costs, primarily consisting of severance and other employee-related costs, contract termination costs, and store closure costs, including inventory write-downs, asset disposals and asset impairment charges. Restructuring and related charges of $1.8 million and $9.3 million were recognized during the 13 and 26 weeks ended August 1, 2026, respectively, and $2.8 million and $21.8 million was recognized during the 13 and 26 weeks ended August 2, 2025, respectively. Charges primarily related to severance and other employee-related costs, as well as store closure costs. The Company had accrued restructuring charges related to the Plan of $4.3 million as of August 1, 2026 (January 31, 2026 and August 2, 2025: $10.2 million and $14.5 million, respectively), primarily for severance, which are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. The following table summarizes the restructuring and related charges incurred fo …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue recognition The following table provides the Companys total sales, disaggregated by brand, for the 13 and 26 weeks ended August 1, 2026 and August 2, 2025: 13 weeks ended August 1, 2026 13 weeks ended August 2, 2025 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by brand: Kay $ 585.2 $ $ $ 585.2 $ 569.5 $ $ $ 569.5 Zales 275.1 275.1 270.0 270.0 Jared 262.1 262.1 262.2 262.2 Blue Nile 83.6 83.6 74.7 74.7 James Allen 7.1 7.1 36.9 36.9 Diamonds Direct 88.0 88.0 87.1 87.1 Banter by Piercing Pagoda 70.2 70.2 75.6 75.6 Peoples 47.8 47.8 47.8 47.8 International segment brands 96.6 96.6 91.8 91.8 Other (1) 9.2 3.2 12.4 2.9 16.6 19.5 Total sales $ 1,428.3 $ 96.6 $ 3.2 $ 1,528.1 $ 1,426.7 $ 91.8 $ 16.6 $ 1,535.1 26 weeks ended August 1, 2026 26 weeks ended August 2, 2025 (in millions) North America International Other Consolidated North America International Other Consolidated Sales by brand: Kay $ 1,183.6 $ $ $ 1,183.6 $ 1,148.6 $ $ $ 1,148.6 Zales 564.2 564.2 553.2 553.2 Jared 522.4 522.4 522.2 522.2 Blue Nile 158.4 158.4 152.3 152.3 James Allen 31.2 31.2 76.3 76.3 Diamonds Direct 173.0 173.0 171.2 171.2 Banter by Piercing Pagoda 151.7 151.7 157.8 157.8 Peoples 95.4 95.4 88.6 88.6 International segment brands 184.1 184.1 171.9 171.9 Other (1) 11.4 6.3 17.7 7.0 27.6 34.6 Total sales $ 2,891.3 $ 184.1 $ 6.3 $ 3,081.7 $ 2,877.2 $ 171.9 $ 27.6 $ 3,076.7 (1) Other primarily includes sales from the Companys diamond …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment information Signets chief executive officer (CEO) is the Companys 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. Signets 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 Signets 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) …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders equity Dividends on common shares Dividends declared on the common shares during the 26 weeks ended August 1, 2026 and August 2, 2025 were as follows: Fiscal 2027 Fiscal 2026 (in millions, except per share amounts) Dividends per share Total dividends Dividends per share Total dividends First quarter $ 0.35 $ 14.1 $ 0.32 $ 13.4 Second quarter (1) 0.35 13.8 0.32 13.3 Total $ 0.70 $ 27.9 $ 0.64 $ 26.7 (1) Signets common dividend policy results in the quarterly dividend payment date being a quarter in arrears from the declaration date. As of August 1, 2026 and August 2, 2025, there was $13.8 million and $13.3 million, respectively, of accrued dividends recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets. Accrued dividends as of August 1, 2026 and August 2, 2025 included $0.8 million and $0.3 million, respectively, related to time-based restricted stock units. Share repurchases Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signets Board of Directors (the 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 pro …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing