Sri is both a goddess (i.e. Sri-Lakshmi) and a quality – often interpreted as an honorific. Sri has associations to beauty, glory, and high rank. It has a very old association (from the Vedic period onwards) with the power of kingship and can generally be understood as an auspicious quality associated with prosperity, well-being, and majesty – and authority both temporal and spiritual.
Moreover, (and particularly in relation to goddesses) sri as a quality has a transactional aspect to it – as something which can be bestowed (and taken away). Sri as a goddess, can be understood as the embodiment or personification of these qualities.
“Sri Lakshmi Devi” for example, could be rendered as -she who is/bestows auspicious[ness and fortune.