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- **Revenue Momentum**: 3% same-store sales growth, 7% AUR expansion, $1.4B revenue beat expectations.
- **Margin Expansion**: 130bps gross margin improvement, 80bps from merch margin, offsetting 50%+ gold price increases.
- **Holiday Strength**: 5x-8x inventory in key sub-$1,000 LGD fashion, 70%+ marketing spend on streaming platforms.
- **Tariff Mitigation**: >50% India tariff impact offset via sourcing, pricing, and promotion strategy.
- **Cautious Guidance**: Q4 same-store sales -0.5% to -5%, reflecting external macro uncertainty.

**【CEO Summary Section】**
- Delivered 3rd consecutive quarter of positive same-store sales growth (+3% YoY) and adjusted operating income doubling Q3 2025.
- Merchandise margin expanded 80bps YoY in Q3, offsetting tariff and commodity pressures.
- Holiday positioning: 5x-8x inventory in sub-$1,000 LGD fashion vs. last year, 70%+ marketing spend on streaming platforms.
- Key category growth: Bridal +6% (Neil Lane, Vera Wang collections), Fashion +10% (Italia D'Oro), LGD penetration 15% of fashion sales (double 2025 rate).
- Services business growing faster than merchandise, with ESA attachment rates +1.5pts.

**【CFO Financial Commentary】**
- Q3 revenue: $1.4B (3% comp growth), AUR +7% (Fashion +8%, Bridal +6%).
- Gross margin expanded 130bps YoY: 80bps from merch margin, 30bps occupancy leverage, 20bps distribution efficiency.
- Adjusted operating income: $32M (vs. $16M last year), +$100M free cash flow YoY, $28M share buybacks.
- Q4 guidance: Same-store sales -0.5% to -5%, operating income $277M-$327M, cautious due to late-Oct traffic softness.
- Full year: Adjusted EPS $8.43-$9.59, +$20M operating income guide to $465M-$515M.

**【Q&A Highlights】**
- **Holiday Execution**: 70% of Q4 remaining, well within guidance range. 10-day pre-Christmas period critical, 5-8x inventory in key sub-$1,000 price points.
- **Tariffs**: Mitigated >50% India tariff impact via sourcing shifts, supplier collaboration, and pricing strategy.
- **Promotions**: Reduced discounting (Jared -25% YoY), focusing on digital-first campaigns (10x impressions vs. spend growth).
- **Consumer Confidence**: Lower-income exposure brands softer, but high-income brands stable. 2026 holiday guide reflects cautious approach to external disruptions.
- **Real Estate**: Store refreshes driving mid-single-digit sales lift, SK repositioning >2-year payback period.

Signet Jewelers Limited(SIG)-20251202-2026 Q3 Earnings call transcript

Bridal

Fashion

Watches

Other

Services

North America

International

SIG

SIG fundamentals

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