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

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Weekly QuizApr 18, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

gia-topimage 0325.jpg
Brought to you by
A Brilliant Future Is Here

Get online education from GIA experts.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Cartier Exhibition Installation at Victoria & Albert Museum
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Tiffany & Co. Strong Like Mom campaign
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day Campaign

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Athena Calderone x John Hardy Collection
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired Collection

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

Natural Diamond Council Diamond Learning Center Graphic
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning Center

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

Jewelers of America logo
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from Members

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

Technology Therapy Group logo
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry Retailers

The online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.

Catbird Chicago
IndependentsApr 16, 2025
Catbird Expands to Chicago

The opening marks the jewelry retailer’s first location in the Midwest.

Foundrae United in Love Campaign
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through Love

The “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.

Robert and Rose-Marie Goodman outside Robert Goodman Jewelers
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-Up

Robert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.

Womens Jewelry Association WJA logo
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter President

The announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.

×

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