Signet Jewelers reported Q3 FY2025 revenue of $1.3494 billion, down 3% year over year, with same-store sales down 0.7% and a 6th consecutive quarter of sequential SSS improvement when excluding digital banner and hurricane effects. Management highlighted resilience in core banners, with North America fashion ATV up mid-single digits and lab-grown diamond fashion growth exceeding 30%, supporting margin expansion driven by higher newness penetration. However, the quarter was pressured by digital banners (James Allen and Blue Nile) delivering a roughly 120 basis point drag to comp, ongoing API/replatforming challenges, and leadership-transition costs. Adjusted operating income was $16.2 million (1.2% of sales) and adjusted EPS was $0.24, roughly flat versus the prior year. Management updated full-year guidance to reflect digital-banner drag, leadership costs (~$7 million in Q4), and the accretive impact from the early redemption of preferred shares, guiding for flat-to-up 3% comps in Q4 and full-year adjusted EPS of $9.62–$10.08. Net cash from operations remained negative in the quarter (-$75.4 million) with working capital dynamics, elevated inventory, and a disciplined capital return program (common stock repurchases of ~$118 million YTD; end-of-year diluted shares ~43.5 million). The balance sheet remains leveraged, with total debt of $1.368 billion and net debt of ~$1.210 billion, against total assets of ~$5.685 billion. Investors should weigh the near-term cash-generation headwinds against Signet’s product-led margin expansion, catalog of growth initiatives, and the potential for digital-banners to re-accelerate over the next several quarters.