FinancialsNov 16, 2021
Brilliant Earth’s Q3 Sales Climb 33%FinancialsDec 02, 2021
Signet Raises Guidance Again, Expands Selection of Lab-Grown Diamonds
Its additions include an exclusive lab-grown diamond cut for Zales’ “Vera Wang True” line and a lab-grown option for Kay’s “Leo” cut.
An 18-karat white gold 1 3/8-carat emerald-cut diamond engagement ring from the Monique Lhuillier Bliss collection at Signet Jewelers’ banner Kay Jewelers. The collection has performed well since its launch, according to the company’s recent quarterly results.
Akron, Ohio—Signet Jewelers Ltd.’s third-quarter sales climbed double digits, encouraging the jeweler to up its guidance for the fiscal year once again.
In the third quarter ending Oct. 31, total sales were up 18 percent to $1.54 billion with same-store sales climbing 19 percent.
Compared to the third quarter of fiscal 2020, pre-pandemic, total sales were up 29 percent with same-store sales rising 37 percent.
Year-to-date, Signet’s sales have totaled $5.01 billion, up 65 percent year-over-year.
Quarterly brick-and-mortar same-store sales rose 20 percent year-over-year in the third quarter and were up 29 percent compared with pre-pandemic levels.
Online sales increased 14 percent year-over-year to $273.1 million. When compared with pre-pandemic levels, online sales have nearly doubled, jumping 96 percent.
“While uncertainties remain in the macro environment, our strategies are working, as evidenced by strong conversion rates and higher average transaction value,” Signet Jewelers CEO Gina Drosos said in a press release on the Q3 results.
“We have built a healthy operating structure enabling transformative investments that are attracting new customers and driving loyalty. Our data-driven customer insights and planning helped us secure earlier receipt of our holiday assortment and ensure no significant disruptions to our supply chain or labor needs.”
Signet Jewelers is cutting costs, expecting to see a four-year cumulative saving of $400 million through the end of fiscal 2022, but it’s also investing in technology to bolster its efficiency.
During an earnings call Thursday morning, Drosos described its data-driven labor model that plans out staffing needs, noting productivity is up 75 percent.
The company is also using a digital simulation of its supply chain to cut back on shipping delays and other logistical issues.
Signet is upping its distribution capacity by 25 percent, said Drosos, including adding local distribution points via its ship-from-store option.
After introducing a buy online, pick-up in store service last year, the jeweler has since expanded the program to 2,100 locations, Drosos said.
The investments have extended to its employees via a raise in wages, expanded benefits, training and development opportunities, and career growth, she said.
In North America, where Signet’s banners include Kay, Jared and Zales, same-store sales rose 20 percent year-over-year, and were up 39 percent compared with pre-COVID levels.
Brick-and-mortar same-store sales climbed 22 percent compared with last year and were up 31 percent compared with pre-pandemic levels.
Online sales in the region rose 15 percent compared with last year and nearly doubled, up 98 percent, when compared with before COVID.
The average transaction value increased 15 percent year-over-year, with the number of transactions up 4 percent.
In the U.K., same-store sales were up 9 percent compared with last year and up 18 percent compared with pre-pandemic levels.
Brick-and-mortar U.K. sales rose 9 percent year-over-year, and were up 18 percent when compared with before COVID. E-commerce sales increased 9 percent year-over-year and were up 72 percent compared with pre-pandemic levels.
Average transaction value dipped 4 percent while the number of transactions rose 13 percent year-over-year.
In the third quarter ending Oct. 31, total sales were up 18 percent to $1.54 billion with same-store sales climbing 19 percent.
Compared to the third quarter of fiscal 2020, pre-pandemic, total sales were up 29 percent with same-store sales rising 37 percent.
Year-to-date, Signet’s sales have totaled $5.01 billion, up 65 percent year-over-year.
Quarterly brick-and-mortar same-store sales rose 20 percent year-over-year in the third quarter and were up 29 percent compared with pre-pandemic levels.
Online sales increased 14 percent year-over-year to $273.1 million. When compared with pre-pandemic levels, online sales have nearly doubled, jumping 96 percent.
“While uncertainties remain in the macro environment, our strategies are working, as evidenced by strong conversion rates and higher average transaction value,” Signet Jewelers CEO Gina Drosos said in a press release on the Q3 results.
“We have built a healthy operating structure enabling transformative investments that are attracting new customers and driving loyalty. Our data-driven customer insights and planning helped us secure earlier receipt of our holiday assortment and ensure no significant disruptions to our supply chain or labor needs.”
Signet Jewelers is cutting costs, expecting to see a four-year cumulative saving of $400 million through the end of fiscal 2022, but it’s also investing in technology to bolster its efficiency.
During an earnings call Thursday morning, Drosos described its data-driven labor model that plans out staffing needs, noting productivity is up 75 percent.
The company is also using a digital simulation of its supply chain to cut back on shipping delays and other logistical issues.
Signet is upping its distribution capacity by 25 percent, said Drosos, including adding local distribution points via its ship-from-store option.
After introducing a buy online, pick-up in store service last year, the jeweler has since expanded the program to 2,100 locations, Drosos said.
The investments have extended to its employees via a raise in wages, expanded benefits, training and development opportunities, and career growth, she said.
In North America, where Signet’s banners include Kay, Jared and Zales, same-store sales rose 20 percent year-over-year, and were up 39 percent compared with pre-COVID levels.
Brick-and-mortar same-store sales climbed 22 percent compared with last year and were up 31 percent compared with pre-pandemic levels.
Online sales in the region rose 15 percent compared with last year and nearly doubled, up 98 percent, when compared with before COVID.
The average transaction value increased 15 percent year-over-year, with the number of transactions up 4 percent.
In the U.K., same-store sales were up 9 percent compared with last year and up 18 percent compared with pre-pandemic levels.
Brick-and-mortar U.K. sales rose 9 percent year-over-year, and were up 18 percent when compared with before COVID. E-commerce sales increased 9 percent year-over-year and were up 72 percent compared with pre-pandemic levels.
Average transaction value dipped 4 percent while the number of transactions rose 13 percent year-over-year.
“Our merchandising teams have used our data to build and tier our [lab-grown diamond] assortment in a way that doesn’t compete with natural stones.” — Signet CEO Gina Drosos
Looking at sales by category, Signet’s bridal sales climbed 14 percent year-over-year in the quarter and are up 58 percent in the first nine months of the year.
Fashion jewelry sales were up 30 percent in the quarter and 85 percent in the nine-month period. Watch sales rose 38 percent in the quarter and 65 percent in the nine-month period.
Sales in the “others” category, which includes repairs, gifts, and other non-jewelry items, dipped 1 percent year-over-year, but were up 40 percent in the nine-month period.
Signet has expanded its assortment of lab-grown diamonds, Drosos said on the call.
“Our merchandising teams have used our data to build and tier our [lab-grown diamond] assortment in a way that doesn’t compete with natural stones,” she said.
For select styles, customers can choose a lab-grown stone with higher carat weight or clarity.
In addition, there will be an exclusive lab-grown diamond cut introduced into Zales’ “Vera Wang True” line and a lab-grown diamond option for Kay’s “Leo” cut through its “Leo Legacy” line.
Breaking down Signet’s Q3 performance by banner, Kay Jewelers posted quarterly sales of $573.4 million, up 17 percent year-over-year and up 67 percent in the first nine months of the year.
Zales posted quarterly sales of $291.9 million, up 16 percent year-over-year and up 66 percent in the nine-month period.
“Kay and Zales are appealing to increasingly differentiated consumer segments,” said Drosos.
While both banners attract bridal customers, almost 30 percent of new Zales customers are looking to buy jewelry for themselves, up 4 percent compared with two years ago.
At Kay, 65 percent of new customers are making a milestone purchase or buying a gift, 7 percent higher than two years ago.
“We plan our assortments with these journeys as our compass. We’re able to introduce newness with much better success rates because our customers are more precisely defined and because our assortments are relevant to the journey our customers are on,” said Drosos.
The new Monique Lhuillier x Kay Jewelers collection, launched at the end of September, has generated $2 million in sales.
At Jared, quarterly sales were up 19 percent to $277.1 million and up 60 percent in the nine-month period.
A new loyalty program, Vault Rewards, is being tested out at select Jared stores and is expected to roll out to all Signet banners, said Drosos.
The program gives customers exclusive discounts, a trial membership to newly acquired jewelry rental subscription service Rocksbox, and unlimited jewelry cleaning while Signet learns more about its customers.
Piercing Pagoda saw sales increase 19 percent in the quarter and nearly double in the nine-month period, up 95 percent.
The kiosk-centric brand recently underwent a name change, now called Banter by Piercing Pagoda.
E-tailer James Allen posted quarterly sales of $90.4 million, up 18 percent year-over-year and up 63 percent in the nine-month period.
Signet recently acquired Diamonds Direct but said it will include its results within the company’s North America segment rather than reporting it as a separate banner.
As for the possibility of new acquisitions, Chief Financial Officer Joan Hilson said the company’s main priority is growth investments.
“We always stay open-minded to what might be another way to bring new capabilities, especially new opportunities to learn,” she said on the call.
Looking at its store count, Hilson said the company expects to close 75 stores across its banners in fiscal 2022 and open 85 stores.
Most of the openings will be Banter by Piercing Pagoda locations, due to its strong-than-expected performance in select locations and favorable leases.
For the fiscal year ahead, Signet upped its financial guidance again, noting that the company’s sales momentum continued through Black Friday and Cyber Monday.
Signet is expecting revenue to reach $7.41-$7.49 billion, compared with its prior guidance of $7.04- $7.19 billion.
Same-store sales are expected to grow 41 to 43 percent, up from its prior guidance of 35 to 38 percent.
Looking to the fourth quarter, revenue is expected to reach $2.40-$2.48 billion with same-store sales growth in the range of 6 to 9 percent.
Signet’s updated guidance depends on a variety of factors, including the “magnitude and duration of COVID-19,” particularly the Omicron variant, and the degree of the shift of consumer discretionary spending away from jewelry to more experience-based purchases, it said.
More on Financials
The Latest
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
Weekly QuizSep 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 18, 2026
Noonans To Auction Medieval Gold Seal Ring Recovered By 2 FriendsTwo metal detectorists discovered the ring, which may have belonged to English noblewoman Matilda of Lancaster, in Suffolk.
Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s DeskThe bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsSep 17, 2026
This Is the Winner of the 2026 Robert M. Shipley AwardThe American Gem Society presented the annual award to a former president of its board.
CollectionsSep 17, 2026
Cynthia Erivo, Zoë Chicco’s Jewelry Collab Is an Ode to TransformationThe “Chrysalis” capsule centers butterfly motifs representing growth, transformation, and the unfolding of who you are.
Events & AwardsSep 17, 2026
Louisiana Retailer Kevin Patton Wins Lifetime Achievement AwardJewelers of Louisiana presented Patton, the third-generation president of Pattons Fine Jewelry, with the award at its annual convention.
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
EditorsSep 15, 2026
Q&A: Signet Jewelers’ Joan Hilson on Diamond Demand, the HolidaysHilson, Signet’s chief operating and financial officer, discussed Q2, resurgent natural diamond demand, and why Blue Nile is a standout.
ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
SourcingSep 14, 2026
Gemfields Sells All Lots at First Emerald Auction in 9 MonthsThe company’s managing director of sales said the results demonstrate “continued strong demand for commercial-quality emeralds.”
SourcingSep 14, 2026
Diamonds Do Good Pledges Support for Eye Care ProgramThe nonprofit awarded a grant to the Gift of Sight initiative spearheaded by South African musician Black Coffee.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
