FinancialsMay 31, 2024
Movado’s Q1 Sales Fall 6%FinancialsJun 13, 2024
Signet Awaits Engagement Recovery as Q1 Sales Sink 9%
The company is expecting to see a 5 to 10 percent increase in engagements this year.
A lab-grown diamond engagement ring by the Vera Wang Love brand at Signet Jewelers-owned banner Zales. Signet posted declining revenue and same-store sales in its first quarter.
Akron, Ohio—Signet Jewelers Ltd. posted declining sales in the first quarter but is expecting an engagement recovery ahead.
The jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, also reaffirmed its recent guidance boost.
"Our results reflect notable acceleration from a sluggish February to the top half of expectations, with an even stronger May," Signet Jewelers CEO Virginia C. Drosos said in a company press release.
The May momentum showed up just in time for Mother’s Day sales.
Drosos noted a 4 percent increase in engagement ring sales in North America in the quarter, not including sales at its digital banners, James Allen and Blue Nile.
The company is still working to resolve the integration issues at its digital banners, which have led to fulfillment issues.
Drosos added, “Further, customers continue to respond well to our new product offerings and loyalty program, reflected in a meaningful improvement in comparable sales for fashion since February.”
Signet’s services category was once again a highlight, said Drosos, outperforming its merchandise in the quarter.
“We expect continued momentum in the second quarter, leading to a positive same-store sales inflection in the second half of fiscal 2025."
For the quarter ending May 4, Signet’s overall sales totaled $1.5 billion, down 9 percent year-over-year (10 percent on a constant currency basis.)
Same-store sales fell 9 percent.
In North America, Signet’s banners include Zales and Kay Jewelers, as well as Peoples in Canada.
Signet’s first-quarter sales in the region totaled $1.4 billion, down 9 percent year-over-year, due to a 2 percent decrease in total average transaction value (ATV) on a lower number of transactions.
Same-store sales were down 9 percent.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $77.2 million, down 17 percent year-over-year (20 percent on a constant currency basis) due to a 15 percent drop in ATV and a lower number of transactions.
International same-store sales were down 3 percent in the quarter.
The ATV drop is in part related to the sale of 15 watch locations to Watches of Switzerland.
The company is looking to improve its U.K. business, closing 23 stores overall in the quarter, mainly Ernest Jones locations.
Signet is looking to close 20 to 30 stores and renovate 300 existing locations this year, said Chief Financial Officer Joan Hilson on an earnings call Thursday morning.
Related stories will be right here …
The jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, also reaffirmed its recent guidance boost.
"Our results reflect notable acceleration from a sluggish February to the top half of expectations, with an even stronger May," Signet Jewelers CEO Virginia C. Drosos said in a company press release.
The May momentum showed up just in time for Mother’s Day sales.
Drosos noted a 4 percent increase in engagement ring sales in North America in the quarter, not including sales at its digital banners, James Allen and Blue Nile.
The company is still working to resolve the integration issues at its digital banners, which have led to fulfillment issues.
Drosos added, “Further, customers continue to respond well to our new product offerings and loyalty program, reflected in a meaningful improvement in comparable sales for fashion since February.”
Signet’s services category was once again a highlight, said Drosos, outperforming its merchandise in the quarter.
“We expect continued momentum in the second quarter, leading to a positive same-store sales inflection in the second half of fiscal 2025."
For the quarter ending May 4, Signet’s overall sales totaled $1.5 billion, down 9 percent year-over-year (10 percent on a constant currency basis.)
Same-store sales fell 9 percent.
In North America, Signet’s banners include Zales and Kay Jewelers, as well as Peoples in Canada.
Signet’s first-quarter sales in the region totaled $1.4 billion, down 9 percent year-over-year, due to a 2 percent decrease in total average transaction value (ATV) on a lower number of transactions.
Same-store sales were down 9 percent.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $77.2 million, down 17 percent year-over-year (20 percent on a constant currency basis) due to a 15 percent drop in ATV and a lower number of transactions.
International same-store sales were down 3 percent in the quarter.
The ATV drop is in part related to the sale of 15 watch locations to Watches of Switzerland.
The company is looking to improve its U.K. business, closing 23 stores overall in the quarter, mainly Ernest Jones locations.
Signet is looking to close 20 to 30 stores and renovate 300 existing locations this year, said Chief Financial Officer Joan Hilson on an earnings call Thursday morning.
On the call, Drosos also spoke about the role of lab-grown diamonds in the company, which it refers to as lab-created diamonds.
“Over the past five years, LCD production has grown more efficient and has allowed LCD cost in retail to come down, providing attractive options for many price-conscious customers that are looking for larger carat options than they can afford in a natural diamond engagement ring,” she said.
“Our merchandise strategy and trade-up selling have been effective at largely maintaining our ATV while many engagement ring consumers looking to maintain a long-term value continue to be attracted to natural diamonds for their rarity and uniqueness.”
She noted the popularity of LGDs in fashion and the room for expansion in that category.
An increased number of lab-grown diamond fashion jewelry options led to a 14 percent increase year-over-year in lab-grown diamond fashion revenue in Q1, she said.
In an effort to bolster natural diamonds, Signet recently announced a partnership with De Beers Group.
The two are working together on a strategy to promote natural diamonds ahead of the expected uptick in engagements in the coming years.
Signet’s data shows engagements typically occur within three years of a couple dating, so recovery was said to begin later in fiscal 2024 and rebound in fiscal 2025.
Hilson said the company expects to see engagements up 5 to 10 percent this year.
Citing its own research, Signet said it expects to see a 25 percent increase in engagements, particularly for zillennial (the name given to those individuals born on the cusp of the millennial and Gen Z generations) couples, over the next three years as the effects of pandemic lockdowns fade.
Looking to the year ahead, Signet reaffirmed its guidance, expecting fiscal 2025 sales of $6.66 billion to $7 billion, with same-store sales ranging from down 5 percent to up 1 percent.
The guidance was updated April 3 following a preferred shares repurchase transaction, which increased its non-GAAP diluted earnings per share outlook to a range of $9.90 to $11.52 per diluted share from its previous range of $9.08 to $10.48 per diluted share.
In the second quarter, the company expects sales between $1.46 billion to $1.52 billion, with same-store sales down between 2 and 6 percent.
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
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.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
