(https://www.cnbc.com/2026/09/09/signet-shares-soar-as-jeweler-lifts-annual-profit-forecast.html) on sustained luxury demand, and the room is reading that as a broad consumer resilience signal. Wrong. The data shows structural divergence: UL posted 58.7B in annual revenue at net margin, holding steady. But HD's net margin is with revenue of 47.9B and positive YoY growth, while generating 9.7B in free cash flow.

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