Financials

Signet’s Bridal Strong in Q1 as ‘Year of the Wedding’ Continues

FinancialsJun 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.

20220610_Signet header.jpg
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 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.

The Latest

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Cover of the book “Flawless: Inside the Largest Diamond Heist in History”
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy