Signet Jewelers reported a solid start to fiscal 2026 (QQ1) with revenue of $1.5416 billion and a GAAP net income of $33.5 million, translating to diluted EPS of $0.78. The quarter featured meaningful progress on the Grow Brand Love strategy, highlighted by strong momentum in the three largest brands (Kay, Zales, Jared) and a 2.5% same-store sales (SSS) growth driven by balanced category expansion, including an 8% merchandise AUR uplift and a notable 60% increase in LGD fashion within the fashion category. Management framed the quarter as the early innings of a multi-year growth trajectory, with Brand Marketing realigned under a centralized function and a reorganization largely complete, supporting more efficient decision-making and accountability. Adjusted operating income of $70 million and adjusted EPS of $1.18 exceeded expectations, reflecting improved margin discipline and cost actions from the reorganization, despite a higher tax rate and non-operating investments. Signet also reported inventory at $2.0 billion and a cash balance of $264 million, with total liquidity around $1.4 billion, and a continued program of share repurchases (approximately 2.3 million shares year-to-date). The company reiterates its full-year guidance, which embeds tariff-related cost management, ongoing gross margin expansion, and a multi-quarter path to deleveraging cash flow. Near-term risks include tariff volatility, volatility in the lab-grown diamond (LGD) and natural diamond mix, and the performance of James Allen. Overall, Signet’s path rests on advancing the Grow Brand Love initiative, expanding fashion via LGD, optimizing real estate, and sustaining disciplined promotional and inventory management to capture higher AUR and category margins.