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.
2024
FISCAL
Annual Report
2
About Us
Signet Jewelers Limited is the world   s largest retailer of diamond jewelry. As a Purpose-driven
and sustainability-focused company, Signet is a participant in the United Nations Global
Compact and adheres to its principles-based approach to responsible business. Signet operates
eCommerce sites and approximately 2,700 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).
America   s #1 jewelry destination
for engagement rings and
romantic gifts at great value to
help you express your love in
ways as personal as it feels.
Creating beautifully designed
and crafted jewelry empowering
style lovers to bring their wow to
every moment for 100 years.
Leading full-service jeweler
offering high-quality
accessible luxury and
customized designs.
Empowers fashion lovers to
creatively express themselves
with affordable jewelry
and more than 50 years of
piercing expertise.
Direct diamond importer
offering extraordinary value
and selection in a luxurious,
customer-centric experience.
Pioneering diamond retailer
offering premium New York
City craftsmanship in bridal and
fashion, both online and in our
interactive showcase stores.
Innovative digitally-native
diamond company on the
leading edge of custom bridal
design and diamond jewelry.
Making the joy of jewelry
accessible and convenient
through our circular
shopping platforms.
Largest specialty jewelry
brand in Canada catering to
the Sentimental Gifter and
mid-market bridal customer.
Best jewelry values on UK
High Street with style and
design at heart for the funloving 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 warranty and
insurance products.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT
3
Where We Operate
A
B
C
D
A
G
F
E
A
B
C
UNITED STATES
CANADA
2,319
92
UK AND REPUBLIC
OF IRELAND
Stores
287
Stores
Stores
D
E
F
G
ISRAEL
Technology Centers
BOTSWANA
Diamond Polishing Factory
INDIA
Diamond Liaison Center
UAE
Distribution Center
GLOBALLY
$ 7.2 B
Total Sales
22.9%
eCommerce Sales
27,991
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 and the Appendix to this Annual Report.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT
4
Letter from the Chairman
DEAR SHAREHOLDERS,
Pursuant to the Company   s Board tenure requirements,
I will retire as Chair of Signet   s Board of Directors (the
   Board   ) at the upcoming Annual General Meeting of
Shareholders in June (the    Annual Meeting   ).
Elected first as a Director in January 2012 and then
as Chair in June of that year, it has been my privilege
to serve this Board and you as shareholders for the
past 12 years. I sincerely appreciate your investment,
patience, and support as the Company has been
transformed into a jewelry industry leader.
In this, my final letter to you, I   d like to briefly highlight
the results of Signet   s continuing transformation.
A MUCH STRONGER COMPANY
Commencing in June 2012, the Board established a
vision for the Company and for the role that the Board
would play in reaching its potential. We committed
to expanding the Board   s diversity with a broader
mix of backgrounds and experiences to strengthen
its capability, not only to provide oversight but
also to partner with management in a supportive,
collaborative way.
   Today, we have the most diverse
Board in Signet   s history and are
among the most diverse boards
in the jewelry industry.   
At that time, the Company was growing and had
established itself as the specialty jewelry leader in
both the US and the UK. Still, it was clear that Signet
had significant potential for growth. We strongly
encouraged the management team to accelerate
growth both organically and through acquisition, and
consistently supported investment in their strategies
to accomplish this goal.
Today, Signet ranks as the world   s largest diamond
jewelry retailer with an estimated 9% of the highly
fragmented US jewelry market and nearly one-third
of US bridal market share. We   ve nearly doubled sales
since 2012 through organic growth and a series
of acquisitions.
As a result, we have a diverse portfolio of 11 banners
that are strategically positioned to serve approximately
80% of US category spend. Over time, we have
developed an operating model designed to enable
the Company to deliver annual double-digit nonGAAP operating margins. Since 2012, total shareholder
return expanded by almost 200%, with nearly $4 billion
returned to shareholders through share repurchases
and dividends. Our financial profile ranks us highly
among peers, with low levels of debt and more than
$2.5 billion in liquidity.
Beyond these financial metrics, Signet is now a
Connected Commerce leader within the jewelry
industry with an integrated shopping experience
that combines mobile, online, and brick-and-mortar
shopping options, enabling us to serve customers
whenever, wherever, and however they want to
engage with us. Our data-driven customer and
operational insights set us apart in the industry.
Our agile, innovative, and Purpose-driven culture
has earned us recognition as a Great Place to WorkCertified    company for four consecutive years based
on survey responses from our team members. Quite
simply, Signet is a transformed company.
Much credit for this transformation goes to our CEO,
Gina Drosos, her leadership team, and the greater
Signet organization. Gina was appointed CEO in
2017 following five years of service on our Board.
Signet employees, customers, and shareholders are
benefiting from her strategic clarity, consumer savvy,
disciplined decision-making, and persistence in the
face of adversity, particularly during the pandemic.
She is a driven and empathetic leader to the Signet
team and a valued colleague and partner to the Board
and me.
My colleagues on the Board also deserve recognition
for their contributions to Signet   s transformation. In
this regard, three significant changes to the Board   s
composition and capabilities deserve highlighting:
diversity, structure, and collaboration and engagement.
These changes tie back to our Board   s vision from 12
years ago and clearly reflect its current DNA.
BOARD DIVERSITY
The Board   s diversity has improved dramatically
since June 2012. This stems from our commitment
to increasing the diversity of our Board so that it
represents the customers we serve and provides a
diverse range of experiences and insights in critical
areas to drive Signet   s success.
Today, we have the most diverse Board in Signet   s
history and are among the most diverse boards in
the jewelry industry. With the addition of Sandra
Cochran to our Board in February of this year, women
represent half of the 12 Board nominees at the 2024
Annual Meeting, and African Americans represent
one-sixth of the nominees.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT
5
Racial and gender diversity represent just one
dimension of the Board   s increased strength today.
Our Directors bring a much broader mix of industry
experience and personal expertise, including
marketing, finance, digital, innovation, human
resources, and IT/information security. They have
experience across a broad mix of industries, including
retail, beauty, fashion, financial services, food and
beverage, food service, and consumer goods.
Board diversity catalyzes effective governance. A
highly diverse Board asks better questions, makes
more insightful decisions, and provides more
collaborative support to management. The quality,
diversity, and strength of our Board today should
make you proud as a shareholder and give you strong
confidence in Signet   s future.
BOARD STRUCTURE
The second significant change in our Board since 2012
is its structure. To ensure that we optimize our Board   s
effectiveness, we studied and embraced governance
best practices across a wide range of industries and in
many parts of the world. This has informed our efforts
to evolve the structure of our Board.
Our committee structure stands out as a prime example
of our structural improvements. Committees enable us
to align the experience and expertise of Board members
with the governance needs of the business.
To encourage greater Purpose to our business,
we added the Corporate Social Responsibility
Committee in 2014. More recently, we evolved the
scope and work of this Committee in 2021 when we
rechartered it to become the Corporate Citizenship &
Sustainability Committee.
This evolution has helped us grow the Company in
highly responsible ways, and lead change within and
beyond our industry. With the oversight and support
of the Committee, we have strengthened our ability
to elevate responsible sourcing and labor practices,
introduce Corporate Sustainability Goals that align
with the United Nations Sustainable Development
Goals, and improve transparency in corporate
disclosures and reporting.
We created the Finance Committee in 2020. This
Committee provides strategic direction and oversees
corporate financing or refinancing transactions,
budget planning activities, the Company   s credit and
finance program and portfolio, treasury and capital
allocation strategies, and mergers and acquisitions.
These committee changes deliver two important
capabilities. First, they ensure the Board   s focus
is sufficiently robust, reflecting the markets and
macroeconomic environments in which we operate.
Second, they enable us to leverage the tremendous
talent and expertise of the Board.
BOARD COLLABORATION AND ENGAGEMENT
The third way our Board is stronger today is evident in
how we work with one another and with Gina and her
leadership team. We stay consistently engaged during
and between our Board meetings with functional
leaders on Gina   s leadership team having direct and
frequent access to functional experts on the Board. We
provide stewardship, access, and collaboration as we
use our expertise, insights, and external relationships
to provide a broad aray of support to the Signet
Leadership Team.
Our Board is deeply committed to the Company   s
success. We are accountable to our shareholders,
who place their trust in us as stewards. We care about
the customers we serve, and we support our team
members. We respect and challenge each other and
Gina and her leaders with whom we partner collegially.
These are hallmarks of effective governance.
A BRILLIANT FUTURE
As I prepare to conclude my tenure as a Director and
Chair, I proudly recall the many ways in which this
Company has transformed     with leadership from
our Board, Gina and the Signet Leadership Team, and
at every level of the organization. Signet operates as a
Purpose-driven, consumer-led company that inspires
love. We help to lead the change we want to see in our
industry and the world. I am proud of all that we   ve
accomplished together.
I conclude my tenure with confidence in the
Company   s future, in Helen McCluskey as she steps
into the role of Chair, and in the clear-headed
leadership from Gina, the Signet Leadership Team,
and the entire Signet organization.
This outstanding team remains well-positioned to
deliver long-term sustainable growth rooted in our
ambitions and commitments. I look forward, as a
continuing shareholder, to watching them win in
the marketplace.
Sincerely,
In 2021, we added technology to the scope of our
Nomination and Corporate Governance Committee
and rechartered that Committee as the Governance &
Technology Committee. This Committee now provides
expanded oversight of cybersecurity, data privacy,
technology, and digital matters and risks relating to
the Company   s Connected Commerce strategies.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT
H. Todd Stitzer
Chairman of the Board,
Signet Jewelers
 • shareholder letter icon 5/16/2024 Letter Continued (Full PDF)
 • stockholder letter icon 5/4/2023 SIG Stockholder Letter
 • stockholder letter icon More "Specialty Retail" Category Stockholder Letters
 • Benford's Law Stocks icon SIG Benford's Law Stock Score = 93


SIG Shareholder/Stockholder Letter Transcript:

2024
FISCAL
Annual Report

2
About Us
Signet Jewelers Limited is the world   s largest retailer of diamond jewelry. As a Purpose-driven
and sustainability-focused company, Signet is a participant in the United Nations Global
Compact and adheres to its principles-based approach to responsible business. Signet operates
eCommerce sites and approximately 2,700 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).
America   s #1 jewelry destination
for engagement rings and
romantic gifts at great value to
help you express your love in
ways as personal as it feels.
Creating beautifully designed
and crafted jewelry empowering
style lovers to bring their wow to
every moment for 100 years.
Leading full-service jeweler
offering high-quality
accessible luxury and
customized designs.
Empowers fashion lovers to
creatively express themselves
with affordable jewelry
and more than 50 years of
piercing expertise.
Direct diamond importer
offering extraordinary value
and selection in a luxurious,
customer-centric experience.
Pioneering diamond retailer
offering premium New York
City craftsmanship in bridal and
fashion, both online and in our
interactive showcase stores.
Innovative digitally-native
diamond company on the
leading edge of custom bridal
design and diamond jewelry.
Making the joy of jewelry
accessible and convenient
through our circular
shopping platforms.
Largest specialty jewelry
brand in Canada catering to
the Sentimental Gifter and
mid-market bridal customer.
Best jewelry values on UK
High Street with style and
design at heart for the funloving 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 warranty and
insurance products.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

3
Where We Operate
A
B
C
D
A
G
F
E
A
B
C
UNITED STATES
CANADA
2,319
92
UK AND REPUBLIC
OF IRELAND
Stores
287
Stores
Stores
D
E
F
G
ISRAEL
Technology Centers
BOTSWANA
Diamond Polishing Factory
INDIA
Diamond Liaison Center
UAE
Distribution Center
GLOBALLY
$ 7.2 B
Total Sales
22.9%
eCommerce Sales
27,991
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 and the Appendix to this Annual Report.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

4
Letter from the Chairman
DEAR SHAREHOLDERS,
Pursuant to the Company   s Board tenure requirements,
I will retire as Chair of Signet   s Board of Directors (the
   Board   ) at the upcoming Annual General Meeting of
Shareholders in June (the    Annual Meeting   ).
Elected first as a Director in January 2012 and then
as Chair in June of that year, it has been my privilege
to serve this Board and you as shareholders for the
past 12 years. I sincerely appreciate your investment,
patience, and support as the Company has been
transformed into a jewelry industry leader.
In this, my final letter to you, I   d like to briefly highlight
the results of Signet   s continuing transformation.
A MUCH STRONGER COMPANY
Commencing in June 2012, the Board established a
vision for the Company and for the role that the Board
would play in reaching its potential. We committed
to expanding the Board   s diversity with a broader
mix of backgrounds and experiences to strengthen
its capability, not only to provide oversight but
also to partner with management in a supportive,
collaborative way.
   Today, we have the most diverse
Board in Signet   s history and are
among the most diverse boards
in the jewelry industry.   
At that time, the Company was growing and had
established itself as the specialty jewelry leader in
both the US and the UK. Still, it was clear that Signet
had significant potential for growth. We strongly
encouraged the management team to accelerate
growth both organically and through acquisition, and
consistently supported investment in their strategies
to accomplish this goal.
Today, Signet ranks as the world   s largest diamond
jewelry retailer with an estimated 9% of the highly
fragmented US jewelry market and nearly one-third
of US bridal market share. We   ve nearly doubled sales
since 2012 through organic growth and a series
of acquisitions.
As a result, we have a diverse portfolio of 11 banners
that are strategically positioned to serve approximately
80% of US category spend. Over time, we have
developed an operating model designed to enable
the Company to deliver annual double-digit nonGAAP operating margins. Since 2012, total shareholder
return expanded by almost 200%, with nearly $4 billion
returned to shareholders through share repurchases
and dividends. Our financial profile ranks us highly
among peers, with low levels of debt and more than
$2.5 billion in liquidity.
Beyond these financial metrics, Signet is now a
Connected Commerce leader within the jewelry
industry with an integrated shopping experience
that combines mobile, online, and brick-and-mortar
shopping options, enabling us to serve customers
whenever, wherever, and however they want to
engage with us. Our data-driven customer and
operational insights set us apart in the industry.
Our agile, innovative, and Purpose-driven culture
has earned us recognition as a Great Place to WorkCertified    company for four consecutive years based
on survey responses from our team members. Quite
simply, Signet is a transformed company.
Much credit for this transformation goes to our CEO,
Gina Drosos, her leadership team, and the greater
Signet organization. Gina was appointed CEO in
2017 following five years of service on our Board.
Signet employees, customers, and shareholders are
benefiting from her strategic clarity, consumer savvy,
disciplined decision-making, and persistence in the
face of adversity, particularly during the pandemic.
She is a driven and empathetic leader to the Signet
team and a valued colleague and partner to the Board
and me.
My colleagues on the Board also deserve recognition
for their contributions to Signet   s transformation. In
this regard, three significant changes to the Board   s
composition and capabilities deserve highlighting:
diversity, structure, and collaboration and engagement.
These changes tie back to our Board   s vision from 12
years ago and clearly reflect its current DNA.
BOARD DIVERSITY
The Board   s diversity has improved dramatically
since June 2012. This stems from our commitment
to increasing the diversity of our Board so that it
represents the customers we serve and provides a
diverse range of experiences and insights in critical
areas to drive Signet   s success.
Today, we have the most diverse Board in Signet   s
history and are among the most diverse boards in
the jewelry industry. With the addition of Sandra
Cochran to our Board in February of this year, women
represent half of the 12 Board nominees at the 2024
Annual Meeting, and African Americans represent
one-sixth of the nominees.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT

5
Racial and gender diversity represent just one
dimension of the Board   s increased strength today.
Our Directors bring a much broader mix of industry
experience and personal expertise, including
marketing, finance, digital, innovation, human
resources, and IT/information security. They have
experience across a broad mix of industries, including
retail, beauty, fashion, financial services, food and
beverage, food service, and consumer goods.
Board diversity catalyzes effective governance. A
highly diverse Board asks better questions, makes
more insightful decisions, and provides more
collaborative support to management. The quality,
diversity, and strength of our Board today should
make you proud as a shareholder and give you strong
confidence in Signet   s future.
BOARD STRUCTURE
The second significant change in our Board since 2012
is its structure. To ensure that we optimize our Board   s
effectiveness, we studied and embraced governance
best practices across a wide range of industries and in
many parts of the world. This has informed our efforts
to evolve the structure of our Board.
Our committee structure stands out as a prime example
of our structural improvements. Committees enable us
to align the experience and expertise of Board members
with the governance needs of the business.
To encourage greater Purpose to our business,
we added the Corporate Social Responsibility
Committee in 2014. More recently, we evolved the
scope and work of this Committee in 2021 when we
rechartered it to become the Corporate Citizenship &
Sustainability Committee.
This evolution has helped us grow the Company in
highly responsible ways, and lead change within and
beyond our industry. With the oversight and support
of the Committee, we have strengthened our ability
to elevate responsible sourcing and labor practices,
introduce Corporate Sustainability Goals that align
with the United Nations Sustainable Development
Goals, and improve transparency in corporate
disclosures and reporting.
We created the Finance Committee in 2020. This
Committee provides strategic direction and oversees
corporate financing or refinancing transactions,
budget planning activities, the Company   s credit and
finance program and portfolio, treasury and capital
allocation strategies, and mergers and acquisitions.
These committee changes deliver two important
capabilities. First, they ensure the Board   s focus
is sufficiently robust, reflecting the markets and
macroeconomic environments in which we operate.
Second, they enable us to leverage the tremendous
talent and expertise of the Board.
BOARD COLLABORATION AND ENGAGEMENT
The third way our Board is stronger today is evident in
how we work with one another and with Gina and her
leadership team. We stay consistently engaged during
and between our Board meetings with functional
leaders on Gina   s leadership team having direct and
frequent access to functional experts on the Board. We
provide stewardship, access, and collaboration as we
use our expertise, insights, and external relationships
to provide a broad aray of support to the Signet
Leadership Team.
Our Board is deeply committed to the Company   s
success. We are accountable to our shareholders,
who place their trust in us as stewards. We care about
the customers we serve, and we support our team
members. We respect and challenge each other and
Gina and her leaders with whom we partner collegially.
These are hallmarks of effective governance.
A BRILLIANT FUTURE
As I prepare to conclude my tenure as a Director and
Chair, I proudly recall the many ways in which this
Company has transformed     with leadership from
our Board, Gina and the Signet Leadership Team, and
at every level of the organization. Signet operates as a
Purpose-driven, consumer-led company that inspires
love. We help to lead the change we want to see in our
industry and the world. I am proud of all that we   ve
accomplished together.
I conclude my tenure with confidence in the
Company   s future, in Helen McCluskey as she steps
into the role of Chair, and in the clear-headed
leadership from Gina, the Signet Leadership Team,
and the entire Signet organization.
This outstanding team remains well-positioned to
deliver long-term sustainable growth rooted in our
ambitions and commitments. I look forward, as a
continuing shareholder, to watching them win in
the marketplace.
Sincerely,
In 2021, we added technology to the scope of our
Nomination and Corporate Governance Committee
and rechartered that Committee as the Governance &
Technology Committee. This Committee now provides
expanded oversight of cybersecurity, data privacy,
technology, and digital matters and risks relating to
the Company   s Connected Commerce strategies.
SIGNET JEWELERS FISCAL 2024 ANNUAL REPORT
H. Todd Stitzer
Chairman of the Board,
Signet Jewelers



shareholder letter icon 5/16/2024 Letter Continued (Full PDF)
 

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