Engagements also improved in the second quarter by approximately 400 basis points on a same-store sales basis.
— Gina Drosos
03Detailed Report
SIG
Company SIG
Period
Q2 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 22, 2026
Swipe to view all report sections
Executive Summary
Signet Jewelers delivered a challenging QQ2 2025 from a GAAP earnings perspective, with revenue of $1.491 billion and a reported net loss of $98.5 million, driven by impairment charges and deleveraging costs. On a non-GAAP basis, adjusted operating income was $68.6 million and adjusted earnings per share (EPS) was $1.25, reflecting operational discipline offset by non-cash impairment charges related to Digital Banners and ongoing macro headwinds. The quarter underscored a continuing recovery in engagement-driven demand, led by Fashion and Services, and the company reaffirmed its full-year fiscal 2025 guidance while lifting cost-savings targets. Management highlighted a resilient merchandising strategy, acceleration in Fashion newness, robust ATV improvements in Fashion, and a growing Services attachment, all supported by ongoing store and digital investments.
Key Performance Indicators
Revenue
Decreasing
1.49B
QoQ: -1.31% | YoY: -7.60%
Gross Profit
Decreasing
566.30M
37.98% margin
QoQ: -1.07% | YoY: -7.29%
Operating Income
Decreasing
-100.90M
QoQ: -302.61% | YoY: -211.86%
Net Income
Decreasing
-98.50M
QoQ: -289.06% | YoY: -231.16%
EPS
Decreasing
-2.28
QoQ: -153.33% | YoY: -255.10%
Revenue Trend
Margin Analysis
Financial Highlights
Overview of critical QQ2 2025 metrics and trend signals:
- Revenue: $1.491B, down 7.6% YoY; QoQ decline of 1.31% (Q2 vs Q1). YoY decline largely reflects lower total revenue versus prior-year 53rd-week timing and weaker Digital Banners contribution.
- Gross Margin: 38.0% (gross profit $566.3m), up 10 basis points YoY, aided by higher margin mix from new products and stronger Fashion/Services contributions.
- Operating Income: GAAP operating loss of $100.9m; Adjusted operating income of $68.6m (4.6% of sales).
- Net Income / EPS: GAAP net income of -$98.5m; GAAP EPS of -$2.28; Adjusted EPS of $1.25.
- Cash Flow: Operating cash flow of $43.8m; free cash flow $15.8m; capital expenditures $28.0m; net change in cash negative by $326.2m for the quarter; cash at end of period $403.1m.
- Balance Sheet: Total assets $5.6138B; total liabilities $3.4735B; total stockholders’ equity $2.1403B; cash & equivalents $403.1m; total debt $1.0444B; net debt $641.3m; inventory ~$1.977B; goodwill $631.5m; intangible assets $358.9m.
- Guidance highlights: Q3 revenue guidance $1.345B–$1.38B; adjusted operating income $8m–$25m; adjusted EBITDA $55m–$72m; full-year guidance reaffirmed with inventory flexibility to support engagements; Digital Banner headwind reduced to roughly -1% of sales (vs. prior ~-2%).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.49B
-7.60%
-1.31%
Gross Profit
566.30M
-7.29%
-1.07%
Operating Income
-100.90M
-211.86%
-302.61%
Net Income
-98.50M
-231.16%
-289.06%
EPS
-2.28
-255.10%
-153.33%
Key Financial Ratios
Gross Profit Margin
Fair
38.00%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Weak
-0.07%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.07%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.02%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.05%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.69
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Moderate
0.49
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-8.83x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.63x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Movado Group Inc (MOV) QQ2 2025 Earnings Review: Brand-driven Growth Amid a Challenging Luxury Watch Market with Modest Margin Expansion and Path to P...