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
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsJun 01, 2026
Design Atelier Brands Have a Big Night at Emotional Couture Design AwardsThe show started by honoring Mildred Marcano, ended with a tearful Beth Anne Bonanno, and recognized a dozen-plus designers in between.
SourcingJun 01, 2026
RapNet Rebranding as Rapaport TradeThe revamped online diamond marketplace will feature pricing intelligence and data-driven tools for more efficient buying and selling.
SourcingJun 01, 2026
Gemfields’ Higher-Quality Emerald Auction Achieves $26.8MThe miner said demand for higher-quality emeralds is stable, but there is notable caution in the market.
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
MajorsMay 28, 2026
Signet Jewelers to Buy The Clear Cut Signet will integrate the online-only, natural diamond-focused jeweler into Blue Nile, which it wants to position as a higher-end retailer.
