FinancialsAug 26, 2022
Movado Sees ‘Continued Weakness’ in U.S. After Q2 Sales SlowFinancialsSep 01, 2022
Signet Sets Sights on Bridal Market as Q2 Sales Slip
Pre-wedding events, like a bridal shower, represent a $1.9 billion gifting opportunity, said the jewelry giant.
A 14-karat two-tone gold and lab-grown diamond anniversary band ($16,999) from the new Pnina Tornai collection at Signet Jewelers-owned banner Jared. Signet’s sales were down 2 percent year-over-year in the second quarter.
Akron, Ohio—Sales slipped in the second quarter for Signet Jewelers Ltd., with both total revenue and same-store sales down slightly.
The company already had lowered its full-year outlook last month following softening sales in July.
Still, the jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared and Kay Jewelers, is approaching the holiday season with confidence
Here are five things to know about its recent earnings report, released Thursday morning.
Signet had a muted second quarter.
For the quarter ending July 30, Signet’s sales totaled $1.8 billion, down 2 percent year-over-year against a record-setting second quarter in 2021.
Sales were up 29 percent compared with pre-pandemic fiscal 2020.
Same-store sales were down 8 percent year-over-year.
“Signet’s Q2 results are a strong reason to believe our core message,” said CEO Virginia Drosos on the company’s earnings call Thursday.
“We have the strategic clarity, structural advantages, financial flexibility, and winning culture to deliver consistent, reliable, and sustainable growth and meaningful shareholder value. Signet is strong and growing stronger.”
In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s second-quarter sales in the region totaled $1.6 billion, down 2 percent year-over-year.
Same-store sales were down 9 percent, which Signet attributed to a higher average transaction value but a lower number of transactions.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $111.6 million, down 15 percent year over-year, with same-store sales down 2 percent.
Signet lowered its fiscal outlook.
Signet announced last month alongside its Blue Nile acquisition news that it has lowered its fiscal guidance in response to sales trends.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said last month.
The company said it now expects fiscal year sales to be in the range of $7.60 billion to $7.70 billion, down from $8.03 billion to $8.25 billion.
Signet noted that its revised outlook does not account for the potential worsening of the macroeconomic environment or its pending acquisition of Blue Nile.
Looking to the third quarter, Signet expects revenue in the range of $1.46 billion to $1.49 billion, down slightly from last year’s Q3 total of $1.54 billion.
Related stories will be right here …
The company already had lowered its full-year outlook last month following softening sales in July.
Still, the jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared and Kay Jewelers, is approaching the holiday season with confidence
Here are five things to know about its recent earnings report, released Thursday morning.
Signet had a muted second quarter.
For the quarter ending July 30, Signet’s sales totaled $1.8 billion, down 2 percent year-over-year against a record-setting second quarter in 2021.
Sales were up 29 percent compared with pre-pandemic fiscal 2020.
Same-store sales were down 8 percent year-over-year.
“Signet’s Q2 results are a strong reason to believe our core message,” said CEO Virginia Drosos on the company’s earnings call Thursday.
“We have the strategic clarity, structural advantages, financial flexibility, and winning culture to deliver consistent, reliable, and sustainable growth and meaningful shareholder value. Signet is strong and growing stronger.”
In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s second-quarter sales in the region totaled $1.6 billion, down 2 percent year-over-year.
Same-store sales were down 9 percent, which Signet attributed to a higher average transaction value but a lower number of transactions.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $111.6 million, down 15 percent year over-year, with same-store sales down 2 percent.
Signet lowered its fiscal outlook.
Signet announced last month alongside its Blue Nile acquisition news that it has lowered its fiscal guidance in response to sales trends.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said last month.
The company said it now expects fiscal year sales to be in the range of $7.60 billion to $7.70 billion, down from $8.03 billion to $8.25 billion.
Signet noted that its revised outlook does not account for the potential worsening of the macroeconomic environment or its pending acquisition of Blue Nile.
Looking to the third quarter, Signet expects revenue in the range of $1.46 billion to $1.49 billion, down slightly from last year’s Q3 total of $1.54 billion.
Signet is all in on services.
Growing services revenue is a major goal of Signet’s “Inspiring Brilliance” growth plan.
“Warranty and repair services were drivers in the quarter and delivered nearly 7 percent growth [in the services category],” Chief Financial Officer Joan Hilson said on the call.
Its services, which boost in-store traffic, include Rocksbox, the jewelry subscription business Signet acquired last spring.
Rocksbox’s subscriber base increased 15 percent in the second quarter
The company is also offering some new services, including appraisals at select Kay Jewelers stores, a new insurance program at Jared, Kay and Zales, and the continued rollout of its Vault Rewards program.
At Jared, transaction values for reward program customers have increased by nearly $600 and repeat transactions are up 7 percent.
The program will expand to e-commerce and 1,800 Jared, Kay, and Zales stores by the holidays.
Signet is cornering the bridal market.
This year has been dubbed “the year of the wedding,” with 2.5 million weddings expected to take place in the United States in 2022.
The company saw growth in its bridal category, particularly in the $4,000 to $5,000 range, which saw revenue up 11 percent year-over-year, said Drosos.
Across all banners, purchases in the $10,000-plus range grew 15 percent in aggregate.
“Bridal is a big part of the story this quarter,” said Drosos, estimating the company’s bridal market share is at 30 percent.
Signet is looking to capitalize on the pre-wedding events that surround the big day, which it sees as a $1.9 billion opportunity in the U.S., noting these events are great for gifting.
Its in-house data shows that 43 percent of gifts given surrounding the wedding are jewelry gifts. The company is focused on making the most of all wedding opportunities, Drosos said.
Signet is planning targeted media campaigns and online gift guides as a way to appeal to this segment.
It also has launched Bridal by Rocksbox, a subscription box tailored specifically to brides and their wedding parties.
Signet is catering to both high-end and budget-strapped customers.
Signet is aiming to expand its customer base by catering to a wide spectrum of income levels.
“In this economic environment, we are both leaning into accessible luxury while also increasing our value equation for more economically challenged customers,” said Drosos.
For wealthier customers, Signet has added more higher price-point items and expanded its concierge and personalization services, like Jared Foundry.
As lower-income consumers feel the toll of inflation, the company is offering more affordable, value-focused options.
“A great example is how we’re leveraging lab-created diamonds for a bigger look for less in our fashion pieces,” she said.
More on Financials
The Latest
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand AmbassadorThe Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.
Weekly QuizSep 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink DiamondThe Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsSep 04, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in NovemberNYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé SaleU.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to CloseA new court filing details the locations of the stores that will close, as well as the 830 that will remain open.
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”
TrendsSep 03, 2025
Amanda’s Style File: A Perfect BirthstoneSapphire’s variety of colors make it the perfect birthstone for September.
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ CollabThe collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and CoachingSponsored by Clientbook
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales SlumpPresident Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.
MajorsAug 28, 2025
Borsheims Names New Jewelry BuyerFormer Free People buyer Afton Robertson-Kanne recently joined the retailer.
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis StudentsThe jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem MineDubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.
