FinancialsSep 06, 2024
Movado Lowers Guidance as Q2 Sales SlipFinancialsSep 12, 2024
Signet Jewelers’ Q2 Sales Fall 8%
The jewelry giant said it expects to see an uptick in engagements in the second half of the year.
An image from Signet Jewelers-owned Zales’ new marketing campaign, launched in celebration of its 100th anniversary. Signet Jewelers’ sales declined in the second quarter, but it said an engagement recovery is on the way.
Akron, Ohio—Signet Jewelers Ltd. sales continued to decline in the second quarter, but it’s seeing brighter days ahead.
The jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, reiterated its prediction that the number of engagements will rise in the near future, following a post-pandemic slump.
“Both the internal and external metrics we track indicate increasing engagements as we head into the back-half of the year,” said Signet Jewelers CEO Virginia C. Drosos in a statement.
Signet’s previously shared data showed engagements occur within three years of a couple dating, but they have been happening less frequently in the wake of the COVID-19 pandemic, which limited people’s ability to connect.
The company previously forecast a rebound in engagements in fiscal 2025, Signet’s current fiscal year. Its current guidance assumes engagements will rise up to 5 percent this year.
On a Q1 earnings call, the company forecast a rise of 5 to 10 percent in engagements.
For the quarter ending Aug. 3, Signet’s overall sales totaled $1.5 billion, down 8 percent year-over-year. Same-store sales fell 3 percent, in line with its prior guidance for the quarter.
Drosos noted the company reported its fifth consecutive quarter of sequential same-store sales improvement.
On an earnings call Thursday morning, Drosos said, “same-store sales improved to a low-single-digit decline in the second quarter led by an acceleration in fashion but also with improvement in bridal and continued strength in services.”
“We continue to focus on new, innovative, and on-trend pieces. This is a proven strategy for us in tougher macroenvironments and there's been a strong response from customers.”
In the first half, sales totaled $3 billion, down 9 percent year-over-year. Same-store sales fell 6 percent.
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 $1.4 billion, down 7 percent year-over-year, due to a 2 percent increase in average transaction value (ATV) on a lower number of transactions. Same-store sales in the region were down 4 percent.
Signet’s international banners include Ernest Jones and H. Samuel.
International quarterly sales totaled $86.5 million, down 15 percent year-over-year (16 percent on a constant currency basis), due to a 14 percent decrease in ATV on a lower number of transactions.
International same-store sales were up 2 percent in the quarter.
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, reiterated its prediction that the number of engagements will rise in the near future, following a post-pandemic slump.
“Both the internal and external metrics we track indicate increasing engagements as we head into the back-half of the year,” said Signet Jewelers CEO Virginia C. Drosos in a statement.
Signet’s previously shared data showed engagements occur within three years of a couple dating, but they have been happening less frequently in the wake of the COVID-19 pandemic, which limited people’s ability to connect.
The company previously forecast a rebound in engagements in fiscal 2025, Signet’s current fiscal year. Its current guidance assumes engagements will rise up to 5 percent this year.
On a Q1 earnings call, the company forecast a rise of 5 to 10 percent in engagements.
For the quarter ending Aug. 3, Signet’s overall sales totaled $1.5 billion, down 8 percent year-over-year. Same-store sales fell 3 percent, in line with its prior guidance for the quarter.
Drosos noted the company reported its fifth consecutive quarter of sequential same-store sales improvement.
On an earnings call Thursday morning, Drosos said, “same-store sales improved to a low-single-digit decline in the second quarter led by an acceleration in fashion but also with improvement in bridal and continued strength in services.”
“We continue to focus on new, innovative, and on-trend pieces. This is a proven strategy for us in tougher macroenvironments and there's been a strong response from customers.”
In the first half, sales totaled $3 billion, down 9 percent year-over-year. Same-store sales fell 6 percent.
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 $1.4 billion, down 7 percent year-over-year, due to a 2 percent increase in average transaction value (ATV) on a lower number of transactions. Same-store sales in the region were down 4 percent.
Signet’s international banners include Ernest Jones and H. Samuel.
International quarterly sales totaled $86.5 million, down 15 percent year-over-year (16 percent on a constant currency basis), due to a 14 percent decrease in ATV on a lower number of transactions.
International same-store sales were up 2 percent in the quarter.
In recent quarters, the company noted integration issues at its digital banners, which had led to fulfillment issues, but said it was working to resolve them.
In Q2, the issues contributed to an operating loss of $100.9 million, or 7 percent of sales.
“The impairment of the digital banners was substantially caused by the ongoing challenges from the Blue Nile integration, the lag in engagement recovery, and to a much lesser degree, impacts from market declines in lab-created diamond pricing,” said the company.
Chief Financial, Strategy, and Services Officer Joan Hilson shared insight on the quarter and the year ahead.
“Our strategy of balancing new merchandise, competitive pricing, and sourcing savings drove merchandise margin expansion of 120 basis points and an increase in average transaction value compared to this time last year,” said Hilson.
“In addition to continuing this strategy, our fiscal year guidance includes an increase in cost savings, now up to $200 million for the year, which we believe provides for flexibility in a competitive environment in the back-half."
Looking to the year ahead, Signet reaffirmed its guidance, expecting fiscal 2025 sales of $6.66 billion to $7.02 billion, with same-store sales ranging from down 5 percent to up 1 percent.
In the third quarter, the company expects sales between $1.35 billion and $1.38 billion, with same-store sales between a 1 percent dip and a 2 percent increase.
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Weekly QuizSep 24, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
MajorsSep 23, 2026
Kay Jewelers’ New Campaign Goes ‘All In’ on LovePart of its brand relaunch, the marketing around the campaign includes a contest involving a jacket set with 550 diamonds.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
IndependentsSep 23, 2026
Sissy’s Log Cabin’s ‘Back to School and Bling’ Event ReturnsThe jeweler donated school supplies to Memphis, Tennessee, students during the event combining basketball and mentorship.
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
MajorsSep 21, 2026
Longtime Industry Executive Pamela Bernstein-Gulla to RetireBernstein-Gulla has been working in the jewelry industry for 40 years, most recently as chief engagement officer for Hill & Co.
IndependentsSep 21, 2026
Bhindi Jewelers Moves Into New, Larger California StoreThe relocated Glendale store, now at The Americana at Brand, was designed to be a contemporary “timepiece haven” inspired by luxury resorts.
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
