On this page of StockholderLetter.com we present the latest annual shareholder letter from SIGNET JEWELERS LTD — ticker symbol SIG. Reading current and past SIG letters to shareholders can bring important insights into the investment thesis.

 •  5/19/2025 Letter Continued (Full PDF)
 •  5/4/2023 SIG Stockholder Letter
 •  5/16/2024 SIG Stockholder Letter
 •  More "Specialty Retail" Category Stockholder Letters
 •  SIG Benford's Law Stock Score = 94

SIG Shareholder/Stockholder Letter Transcript:

FISCAL 2025
Annual Report

About Us
Signet Jewelers Limited is the world   s largest retailer of diamond jewelry. As a Purpose-driven and sustainabilityfocused Company, Signet is a participant in the United Nations Global Compact and adheres to its principlesbased approach to responsible business. Signet operates eCommerce sites and approximately 2,600 stores under
the name brands KAY Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, James Allen,
Rocksbox, Peoples Jewellers, H.Samuel, and Ernest Jones. Our sales derive from the retailing of jewelry, watches,
and associated services. Signet   s shares are listed on the New York Stock Exchange (SIG).
Core Milestone and
Romantic Gifting Jewelry
Inspired Luxury
Luxury is now personal with
this leading full-service jeweler
offering accessible high-quality
pieces, expert customization, and
remarkable guest experiences.
America   s #1 jewelry destination for
engagement rings and romantic
gifts at great value to help you
celebrate and express love as
personal and unique as it feels for
over 100 years.
Direct importers of high-quality
natural diamonds offering an
array of selection at extraordinary
value, all in a luxurious guestcentric environment.
Style and Trend
Largest specialty jewellery
brand in Canada catering to the
Sentimental Gifter serving as
love   s advocate and gifting expert,
trusted for over 100 years.
100 years of high-quality jewelry
designed to help you express and
explore your personal style on any
occasion, or no occasion at all.
Empowers fashion lovers to
creatively express themselves with
affordable jewelry and more than
50 years of piercing expertise.
The original online jeweler, with more
than two decades of experience,
remains the trusted source for classic,
timeless jewelry, offering accessible
luxury for life   s celebrations.
The go-to online source for
diamond enthusiasts who
demand exceptional value and a
transparent shopping experience.
The fashion jewelry destination
with a wide selection of on-trend
styles at a range of price points,
helping jewelry lovers make every
day shine.
Best jewelry values on UK High Street
with style and design at heart for the
fun-loving fashion follower.
A contemporary UK jeweler
offering unrivaled diamond
selection and Swiss timepieces.
Providing expert jewelry services such
as care, repair, and bespoke custom
design, as well as payment options,
warranty, and insurance products.
Digital Pure Play
SIGNET JEWELERS FISCAL 2025 ANNUAL REPORT

Where We Operate
B
A
C
D
A
G
F
E
A UNITED STATES
2,288
ISRAEL
Technology
Centers
C
CANADA
91
Stores
D
B
263
Stores
E
BOTSWANA
Diamond Polishing
Factory
UK AND REPUBLIC
OF IRELAND
Stores
F
INDIA
Diamond Liaison
Center
G
UAE
Distribution
Center
GLOBALLY
$6.7B
Total Sales
22.7%
eCommerce Sales
27,595
Total Team Members
This Report contains certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and
uncertainties, and actual results may differ materially. We urge you to read the risk factors, cautionary language, and other disclosures in our Annual
Report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Except as required by law, we undertake no obligation to revise
or publicly update forward-looking statements in light of new information or future events.
This Report also discusses certain non-GAAP financial measures. For further discussion of the non-GAAP financial measures, as well as reconciliations
of the non-GAAP financial measures to the most directly comparable GAAP measures, see Item 7 of the Company   s Annual Report on Form 10-K.
SIGNET JEWELERS FISCAL 2025 ANNUAL REPORT

Letter from the
Chair of the Board
Helen
McCluskey
DEAR SHAREHOLDERS,
It is an honor to address you as Chair of Signet   s
Board of Directors (the    Board   ), after serving as an
Independent Director since August 2013. Fiscal 2025
was a period of profound change for Signet. Our
Company transitioned smoothly to a new CEO, J.K.
Symancyk, who hit the ground running to position
Signet for sustainable long-term growth. I took over as
Chair of Signet   s Board from Todd Stitzer, who retired
after 12 years of providing trusted guidance and valued
counsel in an era of rapid evolution in our industry.
I have been reflecting on Signet   s evolution and
strengths during the time I   ve served on the Board
with great admiration. We built and fortified our
balance sheet, ending Fiscal 2025 with no debt
and $604 million in cash. We developed a major
eCommerce operation to serve our customers
through digital channels, while rationalizing
significant portions of our brick-and-mortar
footprint. We further reduced our risk and freed up
capital to return to shareholders by transitioning to
a fully outsourced consumer credit structure that
maintained financing and lease options for our
customers. Our portfolio expanded from four to
eleven brands, positioning us to serve approximately
The Grow Brand Love
strategy unveiled in March
is further testament to
J.K.   s deep insights into
our business, as well as our
team   s ability to respond
to the evolving needs and
aspirations of consumers.
80% of US category spend. Our values have been
codified into clear principles that attract the loyalty of
our customers and give purpose to our team members.
For the last seven of these years, these
accomplishments were spearheaded by J.K.   s
predecessor Gina Drosos, who I would like to thank
for her years of hard work and service to Signet.
AN ACCOMPLISHED CEO TO LEAD OUR
NEXT PHASE OF GROWTH
J.K.   s short time with Signet has reinforced the Board   s
assessment of him as the perfect leader to steer the
Company forward in these dynamic times. Raised
in a household of retailers, J.K. is a merchant at his
core, with a deep intuition for what it takes to run a
successful retail enterprise. He brings more than 30
years of industry experience to the business, including
six years as CEO of PetSmart     another retailer
whose brand is based on love and affection, deeply
connecting the business to consumers. J.K. is an
exceptional leader who has wholeheartedly applied
his passion to Signet   s mission to celebrate life and
express love, and I   m privileged to work alongside him.
The Grow Brand Love strategy unveiled in March
is further testament to J.K.   s deep insights into our
business, as well as our team   s ability to respond to
the evolving needs and aspirations of consumers.
Our Board believes that this transformative strategy
will allow Signet to accelerate growth and build on
the strong core foundation we have in place to create
shareholder value.
EXPERIENCED, DIVERSE, AND
REFRESHED BOARD
The Directors on this Board command impressive
sector expertise and a range of diverse experiences
that deliver valuable oversight and advice to Signet   s
management across a range of areas, including
the retail industry; capital allocation and financial
markets; mergers and acquisitions; risk oversight;
SIGNET JEWELERS FISCAL 2025 ANNUAL REPORT

operations, procurement, supply chain management;
information technology and digital; and marketing
and brand management.
The Board is committed to strong corporate
governance and continuous refreshment, with nine
of our twelve Directors having served on our Board for
less than eight years. Excluding J.K., our most recent
addition to our Board was Sandra Cochran, the former
chief executive officer of Cracker Barrel Old Country
Store Inc., who joined in February 2024. Sandra, who
is a Director of Lowe   s Companies as well, brings to
Signet more than 30 years of retail experience and we
are delighted to have her.
UPHOLDING CORPORATE GOVERNANCE
Thanks to the leadership of the Board   s Corporate
Citizenship & Sustainability Committee, we have
reviewed and optimized our series of ambitious 2030
Corporate Sustainability Goals (   CSGs   ) to ensure they
are aligned with our business strategy. As the world   s
largest retailer of diamond jewelry, with deep expertise
in systems analysis, we have an opportunity     and a
responsibility     to facilitate a more sustainable future
for the entire sector, catalyzing a global network of
merchandising and supply chain partners who are
committed to operating with integrity, transparency,
and consistency.
As I look at Fiscal 2026, the rate of change, both in our
industry and the broader environment, will no doubt
continue to accelerate. I have confidence that our
new strategy positions us well to tackle the challenges
ahead and continue to lead the industry with agility
and innovation. Thank you for your support and the
valuable input you provide as shareholders.
Helen McCluskey
Chair of the Board
SIGNET JEWELERS FISCAL 2025 ANNUAL REPORT



 5/19/2025 Letter Continued (Full PDF)