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.
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
SourcingJan 13, 2026
Rio Grande To Offer Calibrated Diamond MeleeThe supplier’s online program allows customers to search and buy calibrated natural and lab-grown diamond melee, including in fancy shapes.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
