FinancialsMay 26, 2022
Movado Posts Record Q1 Sales Despite ‘Challenging’ US MarketFinancialsJun 10, 2022
Signet’s Bridal Strong in Q1 as ‘Year of the Wedding’ Continues
From its bridal offerings to a major lawsuit settlement, here are five things to know about the company’s first quarter results.
A lab-grown diamond engagement ring by designer Pnina Tornai from her most recent collaboration with Signet-owned Jared. Here are five things to know about Signet’s recent first quarter results.
Akron, Ohio—Signet Jewelers Ltd. started its fiscal year on high note.
Signet is the parent company of several large jewelry store chains, including Zales, Jared and Kay Jewelers.
The jewelry giant’s bridal jewelry did especially well, and the company is maintaining its fiscal 2023 outlook in light of inflationary pressures, among other issues impacting consumers.
Here are five things to know about its recent earnings report, released Thursday.
Signet had a good first quarter.
For the quarter ending April 30, Signet’s sales totaled $1.8 billion, up 9 percent year-over-year, with same-store sales climbing 3 percent.
“Signet’s strong performance this quarter reflects our team’s successful execution and agility amidst retail headwinds,” said CEO Virginia C. Drosos in a press release.
“We generated nearly 9 percent top-line growth, including 2.6 percent organic sales growth, enabled by our healthy inventory position, connected commerce capabilities and data-driven marketing.”
The company has also been giving more attention to its services segment in recent years, including repairs.
Its services division reported a 15 percent year-over-year increase in revenue.
North American sales were strong while international sales surged.
Signet’s North American banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s first-quarter sales in the region totaled $1.7 billion, with same-store sales down 5 percent year-over-year.
The lower same-store sales were attributed to a higher average transaction value but fewer transactions. The average transaction value was up more than 19 percent year-over-year and up 30 percent compared with pre-pandemic fiscal 2020.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $110 million, nearly doubling year-over-year, up 92 percent.
Same-store sales more than doubled, up 103 percent, which Signet said reflected higher average transaction values and number of transactions. There were also more operating restrictions last year than in the current fiscal year.
Related stories will be right here …
Signet is the parent company of several large jewelry store chains, including Zales, Jared and Kay Jewelers.
The jewelry giant’s bridal jewelry did especially well, and the company is maintaining its fiscal 2023 outlook in light of inflationary pressures, among other issues impacting consumers.
Here are five things to know about its recent earnings report, released Thursday.
Signet had a good first quarter.
For the quarter ending April 30, Signet’s sales totaled $1.8 billion, up 9 percent year-over-year, with same-store sales climbing 3 percent.
“Signet’s strong performance this quarter reflects our team’s successful execution and agility amidst retail headwinds,” said CEO Virginia C. Drosos in a press release.
“We generated nearly 9 percent top-line growth, including 2.6 percent organic sales growth, enabled by our healthy inventory position, connected commerce capabilities and data-driven marketing.”
The company has also been giving more attention to its services segment in recent years, including repairs.
Its services division reported a 15 percent year-over-year increase in revenue.
North American sales were strong while international sales surged.
Signet’s North American banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s first-quarter sales in the region totaled $1.7 billion, with same-store sales down 5 percent year-over-year.
The lower same-store sales were attributed to a higher average transaction value but fewer transactions. The average transaction value was up more than 19 percent year-over-year and up 30 percent compared with pre-pandemic fiscal 2020.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $110 million, nearly doubling year-over-year, up 92 percent.
Same-store sales more than doubled, up 103 percent, which Signet said reflected higher average transaction values and number of transactions. There were also more operating restrictions last year than in the current fiscal year.
Signet is maintaining its fiscal outlook.
Signet is expecting a good year ahead, but remains cautious in light of inflationary pressures and a return to travel.
Revenue for fiscal 2023 is expected to be in the range of $8.03 billion to $8.25 billion, above last year’s total of $7.8 billion.
“To be very clear, our fiscal 2023 outlook factors in a level of pressure on the consumer similar to what we’re currently experiencing. Our outlook does not anticipate a material worsening of macroeconomic factors, which could impact consumer spending patterns and have [an] associated impact on our business performance,” said Chief Financial Officer Joan Hilson on the company’s earnings call Thursday morning.
“That said, we are committed to controlling what we can, such as our merchandise assortment, tailored marketing, and cost disciplines,” she added.
Drosos is confident in the company’s ability to weather any headwinds it might encounter.
“We believe no other company in the jewelry industry has this same ability to adjust dynamically to market conditions across its banner portfolio, and continue to grow even in the face of challenges to a particular part of the business,” she said.
The bridal category put on an impressive performance.
This year is expected to be the “year of the wedding,” with about 2.5 million ceremonies expected to take place.
“In our big businesses, we delivered more than $80 million more in total bridal sales than in Q1 last year,” Drosos said on the call.
The company has seen an increase in sales of wedding bands, anniversary bands, bridal party jewelry, and gifts for the bride and groom, she said.
“Weddings are revenue drivers for Signet and an opportunity to establish lifetime relationships, not only with brides and grooms, but entire wedding parties. They are a critical point of entry, which we are capitalizing on.”
Signet has settled a long-standing legal battle.
For years, the company’s Sterling Jewelers division has been in a contentious legal battle with a group of women who say when they worked for Sterling, they were paid less than their male colleagues and passed over for promotions in favor of less qualified men.
After 15 years of legal back-and-forth, Signet announced it has reached a $175 million settlement in the case.
Drosos made a point of highlighting how the company has altered its management practices in recent years.
She noted the company’s $15 minimum wage, employee benefits, leadership development, and training.
“And now, we've settled this nearly 15-year-old legal matter, so we can continue our focus on an inclusive and highly engaged culture that will allow our company to truly shine,” she said.
Editors' Picks
Sponsored by
More on Financials
The Latest
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
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.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
CrimeOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
